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Report: #46646

Complaint Review: Citifinancial - Mankato Minnesota

  • Submitted:
  • Updated:
  • Reported By: mankato Minnesota
  • Citifinancial 1650 Madison Ave Mankato, Minnesota U.S.A.

Citifinancial added $2000 in insurance to my loan and never told me at signing Mankato Minnesota

*Consumer Suggestion: Common Predatory Lending tactic

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watch out for added insurance when you sign your loan papers.

they did it to me and although they refunded the money. They won't readjust the payment to a lower one that it would have been if they only financed the $9000 I had asked for instead of the $11000 they came up with including there insurance.

Mike
mankato, Minnesota
U.S.A.

This report was posted on Ripoff Report on 02/23/2003 07:37 PM and is a permanent record located here: https://www.ripoffreport.com/reports/citifinancial/mankato-minnesota-56001/citifinancial-added-2000-in-insurance-to-my-loan-and-never-told-me-at-signing-mankato-min-46646. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Suggestion

Common Predatory Lending tactic

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

POSTED: Monday, February 24, 2003
Hi--

adding insurance at the 11th hour is a very common predatory lending tactic. It is almost pure profit for the lending institution.

Did you examine your HUD-1 statement the day before closing? If so, this "charge" should have been disclosed at that time on the settlement form.

This lender recently had a huge settlement with HUD for predatory tactics. Please investigate your rights by researching the internet under "predatory lending" "Truth in Lending" and look at the HUD website for more info. www.hud.gov.

Please file a complaint with their regulating agencies. Because they just had the huge fine, the regulators are probably watching them more closely.

Good luck!
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