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Citifinancial Auto / interest rates

1 United States Review updated:
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I have asked numerous times to have my payment reduced to lower amount or the interest rate capped and to no avail. They advertise on their website for auto refinancing but when you go into that site and call that number that is given they tell us we don't do refinancing. I ask them "Then why do you have it advertised on your website? Shouldn't that be taken out?", they reply saying "Oh I don't know it always has been there I don't know why!"

They are not willing to work with anyone and when you have no alternative but to finance your vehicle from the car dealerships because of stupid errors in credit reporting...people get screwed. They know what they are doing and yet they seem to keep getting away with charging people outrageous interest. I have been paying for my vehicle for 4 years now and it has only dropped by $5, 000...that should give someone in this world a clue as to what's happening here. Still says I have 2 more years to pay yet...when 2 years comes it will still be only 5 grand that I have paid and still owe more than 8 grand...that is not right there is something wrong with this picture.

I would like to have this company investigated and sued for their inappropriate or shall I say callous ways to charge interest to us consumers. They have gotten away with this for TOO long now and something has got to change. The economy is getting worse and I fear when my payments are all paid and everything that they will try to get me for some bogus amount before they will send me my clear title. PLEASE I BEG OF YOU...THIS COMPANY NEEDS TO BE STOPPED!!!

Thank you in advance for allowing me to put in my two cents. Hope you can deal with them and get them shutdown all branches everywhere!

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Comments

  • Dp
      8th of Apr, 2010
    0 Votes

    It seems to me that you are just apt to place the blame on everyone else. You have credit reporting errors and then you seem to think that CitiFinancial OWES you a refinance. MOST auto loan companies DO NOT REFINANCE!! If you find one that does PLEASE let me know!!! I have been in the collections industry for over 8 years and I currently work for Citi Mortgage and I can honestly say that though from time to time they do mis inform people...they are 100% there to help people in a financial Hardship...let me ask you this...have you ever had an extension on this account that you are claiming they have not helped you out on? Also, do you pay your payment ON THE DAY IT IS DUE EVERYTIME because the MAIN problem with auto loans is that people don't read their contracts, which is not at all the lenders problem, and they do not know that they have a DAILY SIMPLE INTEREST LOAN which means every time you pay your payment EVEN 1 DAY PAST THE DUE DATE you will be paying extra interest instead of the amount that would have gone towards the Principle (payoff). I have worked for a company that the customer paid on their car for 3 years and owed MORE then they financed so complaining about your $5000 doesn't really get you any sympathy from me. I would find out what your per diem is and start PAYING YOUR BILL ON TIME, then maybe hyou will see your balance come down better!!!

  • Li
      22nd of Jul, 2010
    0 Votes

    I disagree with the fact about the credit issue.I have made my payments on time every month to Citifinancial Auto for the past 2 years and every month it seems like I am paying more and more interest.SO WHERE IS THE PROBLEM THERE? When I called they told me they do the payments like a credit card but with my credit card my payment still goes down.Citifinancial is overcharging interest and that is how they make their money.I had a higher interest rate with another financing company with the same amount owed and I still paid less interest than I am paying now.I am able to refinance and believe me I WILL

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