Citizens One Auto Loans Citizens One Consumer Loan Servicing Charging an aditional FEE after we paid the entire auto loan off as per their instructions. Providence Rhode Island
We purchased our car on Sept. 10, 2019 and the dealer used "Citizens One Auto Loan Services". We made 3 monthly payments of $500 (each 21 days ahead of the due dates) online through their "AutoPay". All payments made online were credited immediately.
We called Citizens One "Pay Off" number (which by the way, there is only one phone number that you can reach them by for Automated System, Customer Service and Pay Off information), to request the TOTAL Pay Off amount which was quoted to us as $24,354.63. We asked if that was the total amount that would forgive our loan and were told YES.
We made our final payment online, as we had each of our 3 other payments. Our last monthly payment of $500, which was not due until 12/25/2019, was made on 12/04/19. The Pay Off amount of $24,354.63 was made on 12/12/2019, well before the 12/25/2019 due date and the beginning of the January 2020 billing period.
Strangely, it did not credit to the our account until 12/16/19 - through no fault of ours. We kept watching the account for the FINAL payment to clear. The payment was made "in good faith" and in accordance with the instructions of Citizens Ones Pay Off Department. We could and would have simply transferred the money to them if that would have been an option given to us, to avoid this "Bogus Fee" That money was in our account before we made the online payment.
Now they are sending us a bill for an additional $31.29, and holding up clearing the Title to our car. No letter of explantion, simply a bill for "interest". Interest on what??? A paid paid off loan! Classic bait and switch.
We called and spoke with "Mat", the manager and he first says that it is "part of the principal" , then he says it is a fee for a "10 day Fee to allow for processing time" on our final payment. Our paperwork , as well as the information given to us by their "Pay Off" Department does not substantiate this charge. There was never a mention of a additional fee by the Pay Off Department, nor is there anything in writing in the contract.
All "Mat" would do is take our complaint on how this bank?? handles the and stop them from adding interest to this "BOGUS FEE" We will be filing complaints with the Attorney General's Office for the State of New York as well State of Rhode Island's Attorney General.
5 Updates & Rebuttals
Robert
Irvine,California,
United States
Yet
#6Consumer Comment
Fri, February 21, 2020
Not worth a response!
Yet you did repsond. Basically proving that you read the posts and that everything that was said was right on.
Judith
Ronkonkoma,New York,
United States
Not worth a response!
#6Author of original report
Fri, February 21, 2020
Not worth a response!
Robert
Irvine,California,
United States
Everchanging story
#6Consumer Comment
Thu, February 20, 2020
Typical response when someone posts things that are contradictory to what you want to beleive..you change the narrative.
So even though your narrative had you calling for a Payoff BEFORE you made the payment, you are now saying that you didn't call for a Payoff until the 12th. Okay let's figure that everything you said is 100% correct and valid and you just weren't clear on the date you called for the payoff.
In this case the bank would have made a mistake in the payoff amount and the accrued interest you owe. Mistakes do happen but you are still legally bound to pay the amount per the terms of the loan. Anoying...Yes. Frustrating..Yes. Ripoff..No.
It is the principle of this...if they do this to everyone that pays off a loan quickly...and people just pay it to get it over with...they are making a lot of money that they are not entitled to.
- These type of comments are always quite hillarious. Do you really think that the amount of this accrued interest is going to make or break a bank? Banks deal in Hundreds of Millions and Billions, you are talking thousands that wouldn't likely even show up as a rounding error in their books.
There was no "Duress" in sending the check, and you can protest it all you want. Doesn't mean that it wasn't valid. Don't expect much help from any AG or Government Agency.
Whether we win or lose we go down swinging. We worked too hard for our money. We are now on a fixed income and everything goes up BUT our income.
- Talk about first world problems. There are people on a "fixed" income who can barly have enough to pay for their rent in a small studio apartment and food for a month. Yet you were able to make $500 car payments and easily pay off a $25,000 car.
Judith
Ronkonkoma,New York,
United States
We are not fools..but will not stop fighting this...
#6Author of original report
Thu, February 20, 2020
Of course we sent the check..."UNDER DURESS AND PROTEST" but we are not takling this lying down. We have filed complaints with the Attorney General's office of both NY and Rhode Island as well as the Fed Agency that overseas them.
It was not 10 days for the money to transfer...there was no mention of this by the "Payoff Department" and I questioned her regarding the amount and any. The money was electronically sent the minute that I got off the phone with her.
Receiving a billl that says 0 Due and if you do not look further and see this $31.29 hidden...It also shows what was due ($31.29 less than what we paid off) and then shows the payment which includes the $31.29.
It is the principle of this...if they do this to everyone that pays off a loan quickly...and people just pay it to get it over with...they are making a lot of money that they are not entitled to.
Whether we win or lose we go down swinging. We worked too hard for our money. We are now on a fixed income and everything goes up BUT our income. Everyone has their hands in out pockets looking for more and more for less and less service.
We fight for all of us.
Robert
Irvine,California,
United States
10 Day Payoff
#6Consumer Comment
Wed, February 19, 2020
What was the date you requested the Payoff amount? If it was more than 10 Days from the date the payment was posted then the additional amount was the interest that accrued.
Strangely, it did not credit to the our account until 12/16/19
- Nothing strange about it. You made the payment on Thursday 2/12. It was credited the next Monday which was only 2 business days, which is about average.
I just hope you aren't letting that $31 hold up your title because if it is you are just being a fool. As eventually you will find out that that additional intest is not only legal but standard with loans, and you will still owe that money with additional interest.