Experience with Citifinancial secured loan?

[caitybird]

Anyone have any experience with Citifinancial for a secured loan? We got a loan from them a couple of years ago and secured it with our vehicle. We have to keep the vehicle - it's the only family car we have (other is a truck) and can't possibly get a new one for what our payments are to Citi. Our attorney says NOT to do a reaffirm in case we need to give it up at some point, but to just keep making payments as long as we want to keep it. Will Citi be okay with that? We're currently behind, but still making payments and will be caught up soon since we are finally able to catch things up since filing (yay!). I guess if they insist on a reaff to keep it we'll do it - as I said we need the car - but we really don't want to if it's not absolutely necessary. But I wondered if anyone has any experience with them. TIA

[justbroke]

I have and have had other secured loans through CitiFinancial. The first thing to check, is if they actually recorded a lien against your vehicle. I have found that CItiFinancial says that they are secured, but many times doesn't do anything to actually record a lien.

Since CitiFinancial offices are local, for a reason, they are probably going to pursue this. My guess is that if you're current and paying, they won't want or need anything special.

However, I'd refer to my first paragraph and see if they actually recorded a lien and/or have title to your vehicle.

[caitybird]

Thanks. They do have a lien and hold the title. Like I said, if they insist on the reaffirm I guess we'll do it. Maybe since you can't get much for an SUV these days with gas prices they'll be more willing to just keep taking payments? I had hoped by now to be caught up, but the house utilities were more important! It's just become 2 months behind, and as soon as I'm paid up (we pay weekly) I plan on continuing automatic weekly payments so that we don't have to remember it, and will eventually end up paying ahead of schedule (assuming we don't have another winter like 2 years ago which is a big part of why we're here in the first place!). When I went in to make a payment last week the lady was going to tell me something - she started saying "to tell you the truth..." but then she noticed my name wasn't on the loan (I'm unemployed) so she stopped in midsentence, which I understand but made me wonder - "our" account rep would have talked to me. Guess I shouldn't go in at everyone's lunch time!

[amymelissa78]

I also have a question about this. I had to secure my loan through them and they asked me about tv's, computers, musical instruments.

I know I told them about our tv, but I am not sure how many computers I listed or if I listed any musical instruments, and I can't figure out where I put my loan agreement.

My husband later on had to take out some more cash on his loan to help pay for a blown engine and they made him at this point go from a unsecured loan to a secured loan and he listed the same Tv that I did.

So what will happen now, if we go into bankruptcy and stop paying them. Will they come knocking at our door to collect this stuff?