Citi Auto Financial CITI FINANCING
$18,000 Car Loan at 15.9% With a $10,000 Finance Charge

In August, after I applied for a car, I was told by the car lot, Bobb Chev, that Citi Financial Auto had approved me to purchase a car that costs 18,000 and some change. I was completely excited because I had never purchased a nice newer car before. I was a first-time car buyer. The car payment seemed affordable. However, after the literal flurry of paperwork I signed, I drove my shiny car home and looked over the paperwork to find a 15.9% interest rate and a whopping $10,000 finance charge. The interest rate I could swallow because I did in fact have poor credit at the time. But I am upset over the ten-grand finance charge, which was listed in one tiny box on one of the multiple pieces of paper that were sent to me in a literal flurry of rushed paperwork. I have been stewing for a year and a half because of this.

Why? Because my credit was in the mid-500s and I couldn't get anything done. Since then I have done tons of work on my credit and haven't missed one payment, and now my lowest credit rating is 621, which isn't high, but it's huge progress for me. So now I am applying for refinancing. I tried one place and was denied, and I have one more hope. Otherwise I am stuck paying Citi Financial Auto 28,000 on a car that shouldn't have even been 18k.

I was unaware of what was happening to me when signing the paperwork and what it all meant. It was only after some investigation and financial research on my part that I understood what was going on. I feel stupid. I feel fleeced. I'm not sure which I feel more. If I can't get the car refinanced, I am stuck paying 400 a month until August. Heartbreaking. I am trying to do the right thing and not skip out on my obligations. I did sign the contract. I am paying it, to my dismay. To this day I have never been a single day late on a payment. Ugh. I just hope that other people aren't as foolish as I was and take my story as a good lesson. Pay close attention when signing anything. Don't let yourself be rushed.

Company: Citi Auto Financial CITI FINANCING
Country: USA
State: Ohio
City: Columbus
Site: citifinancialauto.com

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