Citifinancial Auto — Irregular/regular payments
My husband lost his job and I have been trying to get out of debt as quickly as possible. I was looking into getting a low interest personal loan from my pension to consolidate our car payment and credit cards. I have had a car loan with Citifinancial since 2006. When I called for the payoff information in April 09, they told me I still owed $11, 000. I thought this was too high, and I asked for a copy of my payment history. How illuminating that was!! according to the document I received, the outstanding balance as of 3/29/06 was $16, 350.69. As of 5/26/06, my outstanding balance was $19, 959.69!! By 7/22/06, my balance was back down to $15, 986.29. By 2/8/07, I owed $18, 239.74!! In 7/22/07, I owed $14, 665.24 and the balance has been reducing normally since then.
My payment is $381.80 and with few exceptions, over $200.00 of my payment is still going to interest. I also noticed several months where the $381.80 payment, which I sent as 1 check, was broken up as a "regular payment" and an "irregular payment".
I called the number for customer service from the payment history document and the person I spoke to was very condescending. He told me I was being charged $5.37 interest on the balance daily. This means that I have been overcharged for interest and am due that money credited to the principal of my loan. I asked to speak to a supervisor and was put on hold, only to be told one was not available. I am currently waiting for a call back, but am also writing to this complaint board to warn ALL Citifinancial Auto customers: Get a copy of your payment history. Look at the balances and how much is applied to the principal. Watch for large jumps in the amount of your outstanding balance. These people are doing something illegal, and it's time they were stopped!
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