Pornsit J

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Predatory practice

1.0
My car loan with Citadel has revealed a predatory practice adopted by the company. Due to a miscommunication, my car was uninsured for a brief period of time. Citadel claims that it has to buy insurance on my behalf retroactively. The extra insurance premium placed on my account is 4.5 times the normal insurance premium in the market. To put it in perspective, at the rate Citadel charges, within about 2.5-3.0 years, the insurance premium would be about the same as the total value of the car. This is clearly exorbitant.
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Loss:
$1700
Cons:
  • Horrible and dishonest lender

Preferred solution: Price reduction

User's recommendation: Please avoid doing business with Citadel

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