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Citibank trashes us after payoff!!!!

Posted Tue August 10, 2010 12:00 pm, by Christopher S. written to Citibank N A

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After paying loyally for years on a boat loan while millions of other are defaulting like crazy we get down to the last payment. Citi shows us on a letter that the amount due is $441.42 but wanting to make sure we completely pay off the loan and be done with it we call them for the correct and final payoff. Citi gives us a total of $449.88 which was a different amount than they quoted on the bill (as we suspected it might be). We give authorization over the phone to draft the total payoff amount.

Citi draft the amount the next day, apparently in no hurry to get their money. Finally after 72 months the boat loan is paid, we can move on to other things.


We get a letter in the mail a couple weeks later from Citi saying we owe more. We call them and they tell us they made a mistake on the calculation but they will zero it out. Fine, no problem we are all square right? "Yes" they tell us.


About a week later we get an email from our credit monitoring service that there has been a change in our credit report. Citi, at the end of the loan and after receiving payoff, has marked the account as owing $1 dollar and as 30 days late for $1. This causes our credit score to plummet from 721 to 666. This is the ONLY blemish EVER on this credit report, there has never been a late payment EVER. Not one bad mark PERIOD.

As you might expect we were furious that Citi has decided to stab us in the back after we have completed paying off the loan. We have tried calling to complain and all they say is "dispute it". BULL. We do not want to dispute it, we want Citi to REMOVE it.

Now we will likely file suit for damages, we have no choice because we feel we have been totally wronged by Citi and they are choosing to damage our valuable credit score which will cause us financial harm, and they seemingly are fine with that. Hmmm I wonder why they are having such deep financial troubles these days?

Remove the ridiculous 30 days late report, we paid the loan off properly, Citi profited on this loan and has exited smelling like a rose with one more off the books to improve their capital ratios and various other metrics. Why they need to bloody our noses on the way out is UNBELIEVEABLE.


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by AjaySM Posted Mon August 16, 2010 @ 2:30 PM

This is exactly the reason, when my car loan came up to its final
payment, I paid $100 more than the stated pay off amount.

So basically, when I called to ensure the payoff amount, I was told it
is $349.63 and I sent them $450.

Sure enough, alomg wih my title, I got a refund check of $98.73 and
not $100.77 as you would expect. While I did not even bother to call
them about the difference, I am sure they would have told me that
there was some kind of mistake in the calculation.

Never trust these guys! Never!

by James S. Posted Thu August 12, 2010 @ 3:32 AM

Ithink you need to take your paper work and have a sit down with the
manager/head officer. They have the ability to pull up ALL of your
dealings/loans with them. Lesson learned? Finance through a good
reputable credit union. I financed 2 cars through my previous credit
union. 1 you get a lower interest rate, 2 you have an automatic
payment schedule setup were the loan payment comes out each month
until it ispaid off.

by gb Posted Wed August 11, 2010 @ 2:05 PM

Definately dispute it. If I am remembering correctly, the only way you
can win a lawsuit over an incorrect credit report entry is if you were
denied a loan due to the error. I would think your credit monitoring
service would be able to provide some guidance to you on this issue.
Good luck!


by Lisa H. Posted Wed August 11, 2010 @ 9:35 AM

Dipute it. Yeah, it's a pain and all, but i think it's really a
better choice then a lawsuit.


by Eclipse Posted Wed August 11, 2010 @ 12:47 AM

I think this is an example of how if you play with the snakes, you
will eventually get bit. You can have a perfect payment history, and
something just goes wrong somewhere, somehow.


by Donno Posted Tue August 10, 2010 @ 11:23 PM

There are specific procedures to follow when a disagreement comes up.
It sounds like you are disputing this late claim - why not protest it

If they wouldn't talk with you about the specifics on the phone, I
don't think a third party email is going to break the ice.


by olie Posted Tue August 10, 2010 @ 10:41 PM

I think you should dispute and be done with it.

A lawsuit will not restore your credit rating. There is no monetary
value to assign to the credit rating.


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