CitiFinancial Auto Complaint - Beware Potential Purchaser(2) of Citifinancial - Consumer Lending

Consumer Lending - Complaint

Review by cabot on 2010-06-02

I believe that Citifinancial engages in fraudulent lending practices with their use of so-called 'daily interest' calculation of interest on the loan. I should have known better when I asked them for an amortization schedule at closing and they said that they didn't provide such schedules. If you are only a few days late on a payment but within the so-called grace period, your loan principal stops amortizing for some period of time even after you make the payment. It's like you never catch up even when you bring the loan current. I wish I could explain this better but it is so confusing I think it is meant to be intentionally confusing. I hope some smart AGs catch up with this clever but unprincipled organization and slaps them with a massive class action suit. Any potential purchaser should be forwarned.