I purchased an SUV in December 2007, and it was financed through Citifinancial Auto. I found out that almost all of my monthly payments of nearly $600/mo x72 mos. are being taken for interest.
After 9 months of payments, $3,811 has been applied to interest and only $1,207 has been applied to the balance.
When I called and inquired about this, I was told that for the first two years I would see little decrease in my balance because the company had to make its money.
If the payment has not arrived on or before the due date, they start calling the day after. They call every day, sometimes two or three times a day, until it arrives.
They will call on Saturdays, Sundays and holidays, 24 hours a day. I feel that not only am I being ripped off, but I am also being harassed.
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