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Until last Fri., I was pleased w/Citi. However, recently my car (which I used as collateral on a debt consolidation loan) was involved in an accident.

The insurance company deemed it a total loss, only because the cost of repairs was more than the blue book value, fine.

However, when I took the title to them, and they saw Citi as a lien holder, they contacted them to explain what was going on and asked how to handle, can you believe the branch manager said he didn't know & had to check on it.

I am not in default, why should they get anything? Still no answer.

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Anonymous
#112386

they will get the check because the check is the value of the car . the value of the car will be used to reduce the balance.

essentialy the remaining balance will be unsecured. now watch and see if they ask you for replacement collateral.

i worked for them for 9 years. played that game before!!!

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