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Citifinancial / Bad business practices!

1 3712 Tower Ave, Superior, WI, United States Review updated:
Contact information:
Phone: 715-392-8246

I've been having trouble with a personal loan through CitiFinancial. I took out the loan for aprox. $8,000 about 2 years ago using my car as collateral. During which time i also took out and extra $900 for some hefty car repairs. I immediately paid back $600 of it because i didn't need all the money after all.

When i took out my loan i asked if over payments could be applied to the principal balance, they said yes. So over time i kept making over payments, granted it was only $10 to $50 each time but i figured it would help out in the long run. Turns out all the over payments i made went to lower my following payment, so it was like i was paying a month or two in advance vs paying down the principal. When i asked about this they denied even the ability for me to pay on the principal leaving me very confused.

Another complaint i have is that i recently was in a car accident and since i have a lien on my car i accepted the fact that my entire insurance claim amount would be released to my lien holder CitiFinancial. Which i'm still not sure if i understand, even though my payments are up to date somehow they own my car? That's what that claim money was after all.. my car in money form.

Anyway, i figured they might let me keep a portion of it for a down payment on a new car but instead of splitting the check they said i would have to refinance my loan which meant applying my claim payment to my existing account and loaning me additional money with interest. That just seems very wrong to me since i was handing them a check made out to both of us and they're going to charge me interest if i wanted to use any part of it.

I've been without a car for at least a week already while things were grinding out with my insurance company, i've been bumming rides to work and borrowing other peoples vehicles because i don't have resources to get another vehicle. I figured since there was such a big payment made to my account i would skip two payments which would help me with car funds. Not even a week after giving them my insurance claim CitiFinancial started calling telling me i am late on my payment. Which for some reason doesn't work like all my other payments. This large sum payment went somewhere where and doesn't count as a payment at all.

I'm just having a really hard time comprehending how they can be so oblivious to my situation. The loan ate my car, without a car i can't go to work, without work i can not pay them back.

Random other complaints i have:

During the course of my business with CitiFinancial they've accidentally added my sisters payments to my account and mine to hers (we both *unfortunately* have account through them). My sister ended up going back and correcting the issue but honestly they gave her a receipt with all my account information on it. I brought this to their attention and they coughed it up to small mistake and pretty much disregarded it.

When i applied for a personal loan through my credit union to pay off CitiFinancial (i'd rather owe money to a credit union) i was told that the way CitiFinancial calculates their interest does me great disfavor because of the way it's reported to the credit bureaus. Instead of showing the regular pay off amount it shows the total amount with interest included, so what should show as say $8000 shows as $14,000. Since the credit union loans by % of personal combined debt it actually appears much higher than it really is. These guys have the weirdest business hours ever, which wouldn't normally bother me but there's only two ways to pay. Send a check or bring your payment in to the branch office.

After all this time and with the insurance claim payment my balance shows as $12,000. Which really has to be my biggest complaint. That and they keep sending me ads that have a lower rate then what i have now. Don't they know i have an account with them already and why can't they just give me that lower rate...

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  • Id
      24th of Mar, 2011
    0 Votes

    I also have a loan through Citifinancial. I will NEVER do this again no matter how desperate things are! They call numerous times a day. I used to be in collections at my last job and you are only aloud to leave one message a day. They leave several and I am not even late! I dispise the place and the people in it! It was okay when I had to collect on one of their employees. They never di make any payments but could hound me the day it was do and the day is not even over yet. I am glad to see I am not the only one that does not like or agree with their practices on loans and payments. I will not make payments over the amount since I know unless you pay it off it does not matter what you do to help yourself out! I think they should be closed down...personally! So many people out of work that made an honest living and here they are sitting they think!

  • Xm
      22nd of Mar, 2011
    0 Votes

    well at the end of the day i sleep wonderful and dont let debt and bill collecters get in my way... if you cant pay file bankrupcy or send them what ever you can they will have to update and umenment your credit report correctly because better business bureau and credit report respects you more than the creditor... voice speak for herself i live it all and there is help just your looking at the wrng place...

  • Ad
      21st of Jul, 2010
    0 Votes

    i guess i learned a lesson on this, i wanted to buy the truck, payments at 200.70 a month, i did not read, i just sigbed, so it is my own fault, i cant even find my contract i looked everywere, i called but cant get any info from them, all they said is i have 18 more payments then 1 last baloon many of us are blind, we want, and payment sounds good, so we sign, this is my fault and i guess im screwed, maybe if i would get a attorney but that is just more money.i do come and complain, i hope some people read this stuff before they sign and they hopefully walk away instead of signing.and stealth pilot, i do appreciate you trying to help.

  • Ad
      20th of Jul, 2010
    0 Votes

    i will have to look up my actual apr, i will check into it and get back to you.thanks

  • Ad
      19th of Jul, 2010
    0 Votes

    they told me my interest is 24%, i pay my insurance seperate, i do want to apologise for some of the things i said, im just fuustrated and angry, i hope you all can forgive me, i will try to control myself from now on, i really could use good advice, so to all i am sorry.

  • Ad
      19th of Jul, 2010
    0 Votes

    i think citi financial is a heartless blood sucking agency, how the gov lets them do this and get away with it is beyond me, my guess is certian politicians get a kick back to close their eyes, and they dont care, they told me i am at 24% interest.looking at my statement a 200.70 payment breaks down to 111.05 was deducted from the principal and 89.65 was interest.i must not have paid attention in math because i think that is a hair more than 24% interest.maybe they are a cover for a gov agency thats trying to find osama, be a shame if they were his next target.

  • Ad
      19th of Jul, 2010
    0 Votes

    some one please direct me, need to find the right gov agency's to go after citi-financial, 26 payments on a 5000.00 loan and still owe 4463.17, help, lets all get together and file a class action, if you have problems with citi financial email me, i want all the amunition i can use.thanks

  • Ad
      19th of Jul, 2010
    0 Votes

    i have a auto loan thru citifinancial, i only borrowed 5000.00, i was late a few times, i hurt my back and could not work, my wife and i sold almost everything we owned to make i get my disability, i have set up auto payments with them, i just got my statement from them and my payment is 200.70 a month, 111.00 went to principal and 89.65went to interest.i have made 26 200.70 payments on a 5000.00 dollar loan and i still owe4463.17.these guys are like jesse james without the pistol, please tell me that somewere there is a government agency that can do something.i am going to try to get some help.if some of you could email me at [protected], maybe we can do a class action or something.

  • Di
      10th of Feb, 2010
    0 Votes

    Bank name -- Citi financial bank
    Loan acc no - 13212481 And 13212444
    City - Ludhiana

    i had the worst experience from citi financial bankas i have taken a loan against my house hold property which was 1 crore ten lakhs(1, 10, 00, 000) And during this tenure i have been exploited as much as the bank officials could have .
    As it has been more than 3 years i am paying the emi properly of 1 lack and 35 thousand .
    And from the last 6 months i have been requesting them for the for clouser and the bank officials are just delaying it by saying that you pay this months emi then they will settle the account with us .
    And after that they started saying that you pay us 90 lakhs and your loan account will be closed . And now i Am roaming around after the officials for settlment and am asking the concerned person to take the amount but now he has started saying by exploiting us that we need to pay 1 crore 5 lakh ruppees .
    ...This is just a cheating with us ...
    we have payed the bank around about 38 lakh ruppees till date on the loan of 1 crore and 10 lakh AND STILL THE OFFICIALS ARE ASKING FOR 1 CRORE 5 LAKH RUPPEES ..
    I am totally shocked and am getting under depression for this thing .

    I am Dinaik pashan
    r/o - 107- udham singh nagar

  • Sh
      6th of Jul, 2009
    0 Votes

    They didn't tell the half of it! Citifinancial is a doomed dinosaur of the financial community by using "rule of 78's" loans. These loans are abusive to small loan customers and should be (probably soon will be) brought under stricter federal regulation or outlawed. For a small loan this type of loan amounts to usury.

  • Bh
      12th of Apr, 2008
    0 Votes

    I also had a loan with citifinancial. They put on the paperwork I received alimony which I dont and then I paid 1000.00 for insurance in case I was in a wreck to cover the car that was for collateral. Well I was in a wreck and now they are saying I still owe the loan they have released the car title received the insurance money and have the odessity to call me at work and tell me my loan is in the rears. I call the branch and they tell me we are working on it. Whatever they dont have anything to threaten me with now.

  • So
      1st of Feb, 2008
    0 Votes

    I got a loan with citifinancial for help one of my family members with school. The loan was for $5,500. I paid off ~$4,400. They called me in to renew and lower my interest rate. I was all a set up since when I got there the guy called the headquarters and told them that I declined getting more money. He insisted that I sign up for involuntary unemployment and I told him "NO". When I made my first pymt my bal was $4,850. I called them and told them the agent insisted and i told him no. THey got $500 from the last loan which they closed and opened a new one just to lower my interest rate. The lady was rude and told me that the deadline had passed for me to call and tell them to remove it. I am suck now and almost back to square one. Owing almost $5,000 again. Can anyone give me some legal advice?

  • Un
      26th of Dec, 2007
    0 Votes

    I have come to find out that CitiFinancial not only does not have a web site to check on an account,but they also do not post the correct amount of a payment made, on the next billing statement that they send a person who has a account with them. There is no communication within the company at all, and when you call the branch office, they either don't know the answer to the questions you ask them, are very rude, or put you on hold and transfer you to five different people where you have to explain the same situation over and over again. I would not recommend this company to anyone!!!

  • Pn
      6th of Nov, 2007
    0 Votes

    Citifinancial is the sick loan provider. they never give you full information. In 2005 I have taken bike loan and repaid all my amount by 2006. But till today (2007), they never informed me that I will have get NOC letter and Form 35 from their branch. They never mailed me any document.

    All when I went to renew my bike insurance I came to know that I need to get NOC and form 35 from city guys.

    My suggestion to everyone is never approach Citifinancial for any loan.


  • Un
      6th of Nov, 2007
    0 Votes
    Citifinancial - Bad business practices
    United States

    I had a personal loan through Citifinancial, my automobile was my collateral. I had surgery and was not working. I was one payment behind when I called them to set up some type of repayment plan. I talked to the Branch Manager and everything was supposedly taken care of, or so I thought! 2 days later my car was picked up at 1 am in the morning. The next morning I called Citifinancial and they told me they were sorry about the mix up and that they would have to charge me to get my car back. They have been calling me everyday to set up delivery of my car. I told them to contact my Lawyer !

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