CitiFinancial Auto Complaint - Jumping through hoops for a big goose egg!
MARYVILLE, TENNESSEE -- Like the title says, I got to jump through a million hoops for nothing in the end. I am on a fixed income. I was getting a loan for $5000, which was specified by them on some papers I needed to have notarized(so they knew they were to loan me $5000 upfront, that was the understood loan amount). It wasn't specifically an Auto Loan, but a personal loan. Actually, the very first day I called and gave my income info and my granny's income, she told me "well the max will be $5000 to loan you."
Being on a fixed income, I had to have a cosigner. My grandmother was cosigning. My mother is her Power of Attorney and does a lot of my granny's legal stuff. My granny doesn't get around so well. So, after documents had been signed and notarized (the first document was "oops" the wrong one, their mistake, they couldn't accept that particular NOTARIZED document verifying a Power of Attorney for my cosigner), after many phone calls to get information, after she had said my loan is approved I just need a couple more things to bring like mine and my granny's proof of income(after I had already provided proof of income once which she said she must have shredded by mistake), we go to get the loan.
Shuffled into a little room in the back, we had to watch a video telling us "Thank you for your business" and the video basically tried to sell us loan insurance and disability insurance. Finally time to sign the papers. The loan officer said, "So, your loan is for $3500. Do you have a car picked out?" I said, "Yes, the car I have picked out costs $5000 even. 2000 Volvo S40. That's how much the loan was suppose to be for." I was stumped. I didn't understand why all of a sudden there was some grand miscommunication. "Well, it's your income. It's too low." It was then discussed that maybe I could take this loan and maybe get another to make up the difference. Or do they have any cars for $3500? I got up and said thank you for your time.
She did inform us before we left that the loan would be a 21% interest loan for 48 months. The payment would be $120.00. I'm no math genius, but according to my calculator, that works out to about 64% interest. They must be using that "NEW" math!
As far as I'm concerned, this is a form of "bait and switch". They tell you your getting one thing and then try to sell you a substandard something else.
So, if you want a lot of hassle for a lot of nothing in the end, go to Citifinancial!