• Report: #574498
Complaint Review:

Citi Financial Auto

  • Submitted: Wed, February 24, 2010
  • Updated: Wed, February 24, 2010

  • Reported By: Cindy M — Wakefield Massachusetts United States of America
Citi Financial Auto
P.O box 9575 Coppell, Texas United States of America

Citi Financial Auto Desiptive interest payments without any cosistancy or explanaintion as to why Coppell, Texas

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On 06/30 2006- I purchaced a Used Huyndia for 10,000.00- after putting 1,000.00 down I am noticing that the actual loan was for 12,303,40+ my 1,000.00 down makes it 14,303.40- I have no idea how this happened? - but thats alot odf taxes.I first requested a copy of my payment history from City Financial because it seemed I was making my payments but my balance was not going down at all.The first copy yhry sent my was not readible without a magnifying glass- However the second copy states that my origonal loan was for $12,303.40 in 06/2006. My payments for the past 3 3/4th years have been 295.20 per mnth. I was under the impression this loan was at 18% but apperntly jumped to 23% ??? no idea how? So as of today I have paid Citi financial $13,570 over almost 4 years at 295.10 per mnth and my pay off today would be (without interest) $8,463. Keeping in mind the used huyndia was only $10,000 to begin with- and I have given them $13.570 to reduce my origonal loan down by only 4,000.00- I don't care what anyone says but this is not 18% or even if they did trick me into 23% it is not that either.As I am reviewing my payment history with them the amount applied to intrest and principal is outragous- example-(regular payment 08/31/2009-amount $295.19 pd toward principal-$23.26-Interest/late charges-$271.91plus $5.00 late fee and plus $14.95- for unschedulded payment-what ever that is???? all together my interest is greater than my payment. I also have a friend who works at the poast office-because since 2006 I may have been late a couple of times but not as many as they have charged for. So we did an experiment- I went to the Posat Office 15 days prior to my due date and handed her the payment personally and I still got late charges-We did this for 3 mnths in a row and the same results everytime. After calling Citi financial they said I should pay by phone to insure my payment is posted on time - this must be due to the poast office (this is also a 14.95 extra charge). I also notice when looking at my payment history there is no consistancy or explanations as to the interest charges or principal applied- they are all over the bordbut I due notice alot of $295.19 charges for interst. At this rate I will never get this payed off at least this mnth says $155.00 will be applied to my princial and 139.91 to interest- so thant's a little better I think- However if I was able to pay this off to get out of this scam I was just informed that there would be fee.I really need to talk to a lawyer or someone who can help me. If I continue to pay this bill in the end I will have paid $27.000 for a used huyndia- How stupid is that? Not to mention the engine siezed last summer just before the warrenty ran out- that cost 5,000.00 alone.(It funny at the top of my Citi financial bill it says we are looking out for your health!) I wonder what kind of doctors they have been talking to?. [continued below]....


This report was posted on Ripoff Report on 02/24/2010 05:23 PM and is a permanent record located here: http://www.ripoffreport.com/reports/citi-financial-auto/coppell-texas-75019-3036/citi-financial-auto-desiptive-interest-payments-without-any-cosistancy-or-explanaintion-a-574498. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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