Hi, could someone tell me if I am right or wrong concerning my account and payoff amount with Citifinancial. My loan was for the amount of $9,319.97 @ 22.71% for 60 months. I have made 10 payments, one for $343.94 beginning 10/05 and 9 more additional payments of $261.18, for a total of $2694.56. My contract total payment amount with interest is $15753.56 according to the contract that I signed. This would leave a balance of $13059.00, and according to the Citifinancial online calculator I should have a payoff of $8,395.99, but the local Citifinancial branch is trying to say that it is $8,814.54, which is a difference of $418.55 that I am being shorted toward the principal.
This is no way possible after making that many payments. They are trying to say that I only paid $505.43 toward the principal over the course of 10 months. Get out your loan calculator and do the math and you will soon see that I am correct.
I contacted Citifinancial in June to apply for a refinance because I needed extra cash to pay some bills, and they quoted me a payoff of $8,814.54. At that time I became very suspicious of the payoff amount, so I applied for a refinance through Capital One Auto Finance and was approved. After that I had to contact Citifinancial again on July 24th to give them verbal authorization to relay the payoff amount to Capital One so they could cut the check for the correct amount.
While I was on the phone with the receptionist, I asked her what the payoff amount was, and she quoted $8,814.54, which I wrote down. Now here is the real catch: I wrote a check for the last payment for $261.18 on 07/07/06, and it posted 07/11/06. Why didn't the payoff amount decrease? This proves they gave the wrong payoff amount to Capital One, but they refuse to listen to me concerning this. I also have proof where the loan amount on the contract changed from $9,319.97 to $9,359.97. What is going on with that?
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