I am looking for others who have an auto loan through this company. With the recent bank failures and credit troubles, I bought a truck for my small business from CitiGroup/CitiFinancial because other lenders in this region would not lend enough. The truck I have is not the one I wanted, because Citi's loan terms, which we were given after we applied and signed the documents, stated that we could only use their loan at a franchised dealership, not with a private auto seller. So we bought a GMC pickup truck from a local Chevy dealership.
We have had this truck financed for about 4 years. The interest rate is the worst I have ever paid in my life (I have owned 27 vehicles in total), but we have made all payments on time, even with additional amounts designated for principal.
What is happening, and has had us angry and calling Citi for the past 6 months, is that my wife signed the loan documents as co-borrower, and even signed at the dealership as co-buyer, but Citi refuses to show her as such, so she gets no benefit on her credit report. We have fought them on this from day one. Her name appears nowhere on the loan invoice that comes each month, and they say she was only a co-signer, which makes no sense.
We have been paying extra money, stated on our checks and invoices, toward this vehicle, but each Citi invoice shows the payment not applied as we stated. It almost acts as if this were a revolving credit card account instead of a fixed interest auto loan contract. Nothing makes sense with these people. Given the amount we have paid in the last 6 months alone, this loan would not be repaid in 4 years as it is supposed to be, but in almost 9 years at this rate, judging by how they are applying our monthly payments. This upsets us, and we get nowhere demanding answers from Citi each time we see this and contact them. They refuse to apply principal payments to our balance.
I am wondering if anyone else is experiencing the same bad customer service and problems with an auto loan with Citi as we have for 6 months. We need an avenue to have their loan process investigated, because something smells bad. As I said, I have bought many personal and business vehicles in my life and paid them all off ahead of time. But this Citi auto loan has strange things happening each time we make payments and state additional principal payments. They do not do as we instruct, and this past month's invoice shows almost $300.00 as the interest portion of our recent payment. This is outright wrong, as literally nothing went to the principal. They do not send a payment book like all my previous loans. They send only a monthly invoice.
Citi refuses to do anything, and when we call we cannot get them to put a supervisor on the phone. We get the run-around.
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