• Report: #453719
Complaint Review:


  • Submitted: Wed, May 20, 2009
  • Updated: Mon, March 05, 2012

  • Reported By:San Diego California
4240 Kearny Mesa Road San Diego, California U.S.A.

CitiFinancial Deception with lowering interests, hidden details of adding more years, and double amount owed. San Diego California

*Consumer Comment: Your WRONG

*General Comment: Class Action against Citifinancial

*Consumer Comment: Tammy

*Consumer Comment: Its Not your FAULT

*Consumer Suggestion: You misunderstand me

*Author of original report: Unable to revert to orginal

*Consumer Suggestion: Go back to your original payments

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Twice already I have been offered to have my interest rate lowered. Sounds good right? Thats what I thought, what they fail to do is point out that your months have now been extended from if its 40 months to 83 or more months, which was from the original loan. (Realistically I would never do that, nor would I think anyone else would.)

Whats pointed out and focused on is that your payments are now less, and your interest rate was lowered.(The payments are lowered very little.)

The inital loan was for 40 months, then 84 months was added on.

I didnt notice it because my payments appeared to be lowered, and I thought that I was being rewarded with lower interest for paying on time.

Not till I went into there office to update them with new information, was I told again now twice after 6 months... "Hey, your eligible to have your interest rate lowered again".

I told the office worker, that I was in a hurry....and he assured me that it would be really quick.

After going home, both me and my wife reviewed the documents, and noticed another additional 84 months added on...with the interest rate lowered only 2% lowered from what it was before.

I went in first thing the next morning, as the office was already closed, and brought my wife with me, because she is very knowlegeable of accounting, and finance.

The man at the counter was not able to produce the proper numbers to match what my wife figured out, and became very nervous.

And saying your intial 12months are very high interest, He was also asked are you closing the account, and re-opeing the account as if its new? He stated no, but the account numbers looked different.

At that point a lady from the back came out, and was very rude, and sarcastic, to my wife in front of other customers there.

She went on to say out loud, "Oh your credit, isnt great!" and I mentioned I never have missed a payment, and have good standing credit.

She again blurted out in a loud sarcastic tone to my wife "Do you work in banking?" and "I dont have to talk to you". Your husband signed it... thats his fault.

I was honestly looking for a resolution, not a debate, argument or a tid for tat.

I just felt that Citifinancial had my best interest as a financial institution, and that I was mislead, and deceived into signing something without being told that my montly payments were being extended in years, making the intial loan double in the amount now owed.

I was told they cant go back to what the original loan was, because they would have to raise the interest, and that citifinacial would not allow them to do that.

When I told them I would report them, I was told go ahead were protected by the state of california! My wife responded saying the state of california is broke, the man there laughed out load saying "Thats a good come back", then the lady said almost attempting to further add problems, if you stop your check we will pursue criminal actions... "So go ahead!" - Provocting us to do just that, causing problems. and as if thats what she wanted.

I have kept a good standing credit, and I refuse to let, or allow someone on a personal level to attempt to ruin that.

I walked out feeling violated, mislead, and robbed. And that my wife was disrespected.

I want to handle this in a professional manner, I am a service connected veteran, have an excellent and a long work history, as well as paying all debts, and loans, I just get the impression that they are very well reheresed in this tatic, and can take advantage of other people, and when I brought my wife who was knowlegeble of accounting, they became very nervous, and extremely rude.

San Diego, California

This report was posted on Ripoff Report on 05/20/2009 12:16 PM and is a permanent record located here: http://www.ripoffreport.com/reports/citifinancial/san-diego-california-92111/citifinancial-deception-with-lowering-interests-hidden-details-of-adding-more-years-and-453719. 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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#1 Consumer Comment


AUTHOR: TammyB - (Canada)

Sorry to tell you but your wrong, they have new terms of the contract it doesn't matter if they pay more money or not they will still end up paying the full amount it won't save them interest because they have already added a finance charge.  That's how they work, they are criminals plan and simple I would bet they all have criminal records as well.  I wish you would contact a laywer and see if you can sue them and get some of the money you paid them back. 
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#2 General Comment

Class Action against Citifinancial

AUTHOR: TammyB - (Canada)

As soon as I get a reply from the lawyer regarding my request to file a class action I would contact you  with the information.  I found one in Quebec but it was only for residents of Quebec and not all of Canada. 

Another thing I did was contact the Ombudsman for their insurance company since I never requested insurance and found out that they had charged it to my account along with interest/finance charges.  They didn't have any proof that I signed for this so its possible according to the Ombudsman that I can get all money credited back to me along with interest and finance charges which would clear my balance.

I've learned a bit since dealing with these people I have decided to stop paying them and told them to take me to court, I have proof that I paid them.  What they do is charged a "cost of borrowing" charge and add that to the amount you borrowed and than they charge interest on top of that which puts the interest well over the legal amount.  So you see you will never be rid of these people unless we get a class action going.

I'll be in touch soon hopefully.  
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#3 Consumer Comment


AUTHOR: nik - (Canada)

 Tammy, I also live in Canada and am interested in your class action lawsuit. I have a loan with Citi financial. The original loan was for $17,000. I have made all payments  and have always made them on time. To date I have re paid over $4,000 (over the course of 1 year). I opened my current Citi financial statement and the balance owing is $17,115!!! I owe MORE than the original loan after repaying almost a third of the original balance!! This has to be illegal. I too am interested in contacting the media and/or a lawyer. Please keep me up to date with any progress you make
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#4 Consumer Comment

Its Not your FAULT

AUTHOR: TammyB - (Canada)

I'm am so sorry to hear what you have gone through Jason, they did the same thing to me I live in Canada and I'm feeling really humiliated for allowing myself to fall for this trap and I would bet you are feeling the same way. The important part is to realize that we didnt do anything wrong we got scammed. 
I have decided to take a different approach than you have I have decided stop making any further payments and told them to take me to court I think I would rather the courts hear what they have done and how they are clearly charging illegal interest rates and have questionable business practices it might back fire on me but Im willing to take that chance.  I have proof that I have paid them the money I owe but a large amount of interest and yet they say I still owe as much as my
original loan, how can that be? Im also shopping around for class action lawyers to see if I can get one going.

Also please watch for other hidden cost they send me regular letters requesting one-time payments up to $400 but wont tell me what this is for and get very nasty when I asked them to explain so I just dont pay it.  Also note that the fact that they are getting nasty and rude with you just proves that they realize they got caught and are trying to throw you off the fact that they ripped you off and because you got upset it almost worked. 

I also threaten to report them and they also laugh and told me that they were bullet proof and no one could touch them, but I will find someone I might even contact the local media maybe a nice newspaper article to bring out the other victims might work.

I hope things work out for you, have you considered taking out a loan at the bank for less interest to pay them off so that you dont have to deal with them anymore.  Im sure Ashleys heart was in the right place and he suggestion makes a lot of sense if your not dealing with these people but paying more wont work they will still find a way to make you pay every single penny. 

Good luck and all the best to you


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#5 Consumer Suggestion

You misunderstand me

AUTHOR: Ashley - (U.S.A.)

Pay your old payment as if nothing changed. THEY can change the terms of your loan, but you always have the right to pay it off early.

Just start sending them your old payment and that extra money will get applied to the principle, you should pay it off in nearly the same amount of time as the original.
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#6 Author of original report

Unable to revert to orginal

AUTHOR: Jason - (U.S.A.)

As mentioned I was told Citifinancial is unable to go back to the original.
It was what I only wanted to resolve this to begin with.
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#7 Consumer Suggestion

Go back to your original payments

AUTHOR: Ashley - (U.S.A.)

You might be able to solve this by paying your original payments. Nothing is stopping you from paying it off early and avoiding all the extra interest
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