On June 18th of 2002 I purchased a 2002 Honda Shadow Motorcycle from a local dealer for $6,362 and financed it through Citifinancial in Lima, Ohio. The loan was at a high 21% for 5 years. The payments were $175 a month for 60 months. I paid the $175 a month on time for 9 months before being called to Active Duty in the Military as an Army Reservist.
At that point on 15 March by Federal Law ALL loans with ALL my creditors had to goto a 6% rate while I was deployed. Every Creditor complied... CitiFinacial was the only one that did not want to do this. My wife however, works for a local Law Firm who sent CitiFinancial in Lima a nice little letter explaining to them they will do it or else. So Citifinancial sent my wife a letter stating they were sorry for the mess up and that they would be willing to extend the 6% for 6 additional months after I return before going back to 21%.
Now my wife and I are buying a home. We wish to pay the Citifinacial motorcycle loan off. But it turns out now after 22 months of paying on the loan that Citifinancial wants $7,750 to pay it off! Mind you the original loan was $6362! Also, you should know, at 6% my payments were $54... So we doubled the payments for the last 13 months while I was gone and paid $108 to help bring the loan down.
Turns out, when Citifinancial lowered the interest to 6% THEY EXTENDED MY LOAN OUT TO 14 years so they could still get their money. I had a signed legal sales contract and a signed legal finance contract for a 5 year loan... NOT 14 YEARS.
Citifinancial is a scamming, fraudulant, deceptive con artist, fly-by-night company. I am currently seeking legal action even though I am not home yet from deployment. What kind of company would treat their US Military Service members so badly while we are away serving our country? Talk about Terrorist Acts! I cannot believe Citifinancials' communist actions and lack of concern for Federal Laws. Whatever happened to "Truth in Lending"? This company, "CitiFinancial", needs its license revoked and put out of business for such practices of deception, fraud, violations of Federal Law, and all the rest of its illegal activities against society.
Is this place funding terrorism? Are Taliban supproters running the show there or what? But seriously, the JAG office here where I am currently deployed is taking action against this place of fraud. Do not use citifinancial for anything!
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