My fiance brought a 2005 chevy impala for 10,070 a car payment of 202.09 for 48 months that would equal 9700.32 with a difference of 369.68. He has good credit so the interest rate would not be high so we thought 10,070 was a good price... So June of 2208 we make the first payment we are on our way or so we think.
Around Sept we start looking really close to the car statements (citifinancial does not have a book they send a statement in the mail monthly) closely and we notice every month they take a certain amnt of the pymnt and apply to the principal and the rest towards the interest. So we call ask them abt this we get someone who can barely speak english and tells us that it changes every month so ok we continue to pay.
X-mas comes around we are late on the payment they hound us for a 8.98 late fee they wanted us to pay it over the phone which would cost $14.95 and that wasnt happening so Jan we send enough to cover the car payment and the last fee. My fiance got a money order for more then he was suppossed they took the remainder and applied it to the principal. Feb comes in make a payment notice that the balance of the car is not coming down at all. Feb 17 we get a statement in the mail it says that we owe a car payment of 202.09 (nothing new there) and the entire balance is 9177.05.
Now how can this be lets retrack car payment 202.09 have made 9 pymnts for a total of 1818.81 subract that from 10,070 and you have a balance of 8251.19 or so I thought. We call to citifinancial again and we still cant get anyone who speaks good english and they tell us come bull crap abt they do not decide how much goes toward the principal and how much goes toward the interest it is decided by someone somewhere and it goes by the date the car pymnt is made. My concern was where was the other $900 going to no matter how much goes toward principal and how much goes toward interest the total amnt for the car (including interest was $10,070.00) so any pymnt sent should be subtracted from that price. But they give me some bulls*t story abt the interest and the principal so I ask what if I wanted to pay it off early she then tells me that there is a penalty to pay it off early but. I save on the interest rate now how is that possible. I have been trying to talk to someone regarding this and I keep getting the run around I am going to look to get my car refinanced through someone else b/c times are to hard for this.
These people should be ashamed of theirselves trying to get over on people as bad as the economy is but they will not be getting over on us we are going to find out where the other money as went to and either they are going to apply it to my acct to lower my balance or give me a refund or wish they had of I dont have a problem with going to the attorney general abt this
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