Jump to content

Question about Personal loan from Citi. Please help immediat


Recommended Posts

Hello everyone,

A Frind of mine's parents took out a personal loan using their cars with collateral. The company the loan was taken from was Citi financial. Now the problem is that the cars used in the collateral later on were to hazardous to drive forcing his parents to get a new car. However, Citi financial claims that they don't want the cars in collateral as repayment of the loan. Note they also have about 2300 in cash which they said they would pay back to Citi, which is what they borrowed in money from Citi.

Citi is trying to say that no we won't accept the cars even though they know that it is part of the contract as collateral and they claim that my friend's parents must pay the entire principle amount of 19K back to them. Something is wrong here beause the principle is based on my friend's parents keeping the loan with Citi and the cars in collateral and the insurance. Can they force Citi to take the cars which is 6850 in collateral money plus pay back the 2300 which they borrowed. Notice this:

They claim the total payment of the loan is 21,727.20

This amount includes:

CASH TO YOU 2,322.03

Payments to your creditors 330.00

Amount paid on your prior account 7,347.97

Fees 65.00

Required Coverage (MASI/ASI) 2,500.25

Optional Protection Plan n/A

Finance Charge 9,161.95

Annual % 24.09%

Term of loan 60 Months

Monthly Payment 362.12

Monthly payment 290.21


What do you think about this? The cars and the 2K would basically close the loan out. Citi is just trying to collect on the financing. Need help.

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.