On 02/02/05 I opened an account with Arcadia Financial Ltd to buy a 2002 Ford F150. It was sold to me for $19460.00. The finance charge was $133377.04 with a 18.75% rate. On my contract it states that I will totle out paying $33973.24 for a Ford truck at 72 payments. It is 1/12/2011 and they have sold my account my account twice since then. I was with Citfinancial Auto and now just last month they sold my account to Santander Consumer. They told me I still owe $6200.00. as of today. I have my history of payment and know that on alot of the payments it showed that I paid 456.07 and 439.85 was applied to just the interest and 16.22 applied to the loan. SOMETHING NEED TO BE DONE WITH THIS TYPE OF RIP-OFF THAT GOING ON. LETS FILE A CLASS ACTION !!!!!!!!!!ASAP

Click Here to read other Ripoff Reports on citifinancial Auto

5 Updates & Rebuttals

patti

United States of America

Jim doesn't understand...

#2Consumer Comment

Tue, February 08, 2011

I think that Jim is totally misinterpreting Thomas's real question. What he is asking is how he can still owe $6,200. If you run an amortization schedule, the loan should be paid off now. Of course, we don't know the whole story, but even if Thomas were consistently late and racked up numerous fees, it's hard to imagine still owing that much.

Jim

Orlando,
Florida,
USA

Typical!

#3Consumer Comment

Mon, February 07, 2011

Typical subprime thinking response. How sad.

Go to a bank and have them explain financing to you. There's nothing wrong with not knowing something. There's everything wrong with shooting off your mouth alleging fraud when you don't know. Go see your mayor, and the dog catcher too.

thomas

tupelo,
Mississippi,
United States of America

Jim- From Orlando

#4Author of original report

Mon, February 07, 2011

This is for Jim's rebutal. 1st off you must work for Citifinancial Auto. This company is a rip-off just look at all the complaints. I will be turning my complaint of to my local goverment officals for review. PLEASE IF ANYONE IS READING THIS PLEASE DO NOT FINANCE A CAR WITH CITIFINANCIAL AUTO YOU WILL BE CHEATED OUT YOUR HARD EARN CASH.

Steve

Bradenton,
Florida,
U.S.A.

Thomas, DEMAND an audit, and file complaints.

#5Consumer Suggestion

Thu, January 13, 2011

Thomas, the way I do my math, your payment was $471.85 per month, and a 72 month loan being 6 years from 2/2/05 would be 2/2/2011, meaning the first payment was probably in March 2005, which means your last payment would be in March 2011. That would be 2 more payments.

Do you have records of your payments? Bank statements, cancelled checks, money order reciepts, etc? You will certainly need them with Santander.

Did you ever run into financial problems and "skip" payments?

Were all payments made on time?

If so, file complaints in writing to the lender and to all appropriate government agencies and consumer protection organizations.

For Jim, He may not understand financing, but his math is correct on this one.

Jim

Orlando,
Florida,
USA

You Do Not Know Finance!

#6Consumer Comment

Thu, January 13, 2011

You obviously have bad credit which means a higher APR which in this case is more than !8%. You financed this thing for 72 long months which increases the total interest you pay. In the begining of a loan like this, interest is paid down first. Nothing illegal about any of this. Want to avoid this in the future? Simple. Just develope good credit by paying your bills on time. Never finance a car for 72 months. If you can't afford the payments in a shorter term, then you can't afford the car.

Reports & Rebuttal