Vehicle loan or lease -- Managing the loan or lease -- Complaint #6372041
Complaint Overview
Complaint ID: 6372041
Company: Citizens Financial Group, INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: Connecticut
ZIP Code: 060XX
Date Received: 2022-12-28T12:00:00-05:00
Date Sent to Company: 2022-12-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My issues revolves around proper payment processing with Citizens Bank out of XXXX In XX/XX/2022 I made 2 in full monthly payments, then another in early XXXX My goal was to stay one month ahead on my payments. Citizens took my second XXXX payment and applied it was " principle only '' payment. Yet, they did not apply 100 % of that payment to principle, thus taking out interest. I called in XXXX and questioned it and was told that due to their payment processing system, they can not accept full payments in advance. They offered to reply my second XXXX payment for XXXX and then took my XXXX payment as " principle only '' and took off Interest while applying. Then they applied my XXXX to XXXX, which should have been XXXX XXXX payment. And then on XXXX, i get an invoice due in XXXX XXXX?? I am literally fighting with them for prepaying a full payment amount. How does a Bank get away with taking interest out of a " principle only '' payment? If they they applied 100 % to principle, I get it, but when they take interest out, it is the definition of a monthly payment. And how can a Bank not accept full payments to pay the account ahead, especially in such uncertain economic times as today? Again, all i am trying to do is responsibly pay my account ahead. All full payments are accounted.
Frequently Asked Questions
What is Complaint #6372041 about?
Complaint #6372041 was filed against Citizens Financial Group, INC. regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2022-12-28T12:00:00-05:00.
How did Citizens Financial Group, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Citizens Financial Group, INC.?
Yes, visit the Citizens Financial Group, INC. company profile at readthecomplaint.com/company/citizens-financial-group-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.