On 06/30 I purchased a used Hyundai for 10,000.00. After putting 1,000.00 down, I noticed that the actual loan was for 12,303.40. With my 1,000.00 down, that makes it 14,303.40. I have no idea how this happened, but that's a lot of taxes.
I first requested a copy of my payment history from Citi Financial because it seemed I was making my payments but my balance was not going down at all. The first copy they sent me was not readable without a magnifying glass. However, the second copy states that my original loan was for $12,303.40 in 06. My payments for the past 3 3/4 years have been 295.20 per month. I was under the impression this loan was at 18%, but apparently it jumped to 23%??? I have no idea how.
As of today I have paid Citi Financial $13,570 over almost 4 years at 295.10 per month, and my payoff today would be (without interest) $8,463. Keep in mind that the used Hyundai was only $10,000 to begin with.
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