Consumer complaint received 2021-03-13
Company: CITIZENS FINANCIAL GROUP, INC.
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
at loan inception I started paying extra down on the principle.XXXX I continued to receive the monthly billing but the interest payment kept going up despite paying down on the principle. I addressed this immediately only to get BOGUS lies and excuses then they sent a regular payment worksheet showing interest payments ONLY with minimal regular payment. BUT those interest numbers dont agree with anything nor my payments. matter of fact after their bogus lies now I have proof they are bilking me for interest charges over charges. documented facts : paying extra down on the principle when I can beside the regular mo. payment. 
XXXX XXXXprinciple balance was XXXX I was charged XXXX interest on that figure in the XX/XX/2021 mo bill. 
XX/XX/2021 principle balance was XXXX I was charged XXXX interest on that figure in the XX/XX/2021 bill the regular payment billing info they sent me had nothing to do with my actual payments but show the interest on XXXX, XXXX principle as XXXX thats document they sent me. none of their numbers even match anything Ive paid them nor the excess they have actually been charging in interest. I complained already and its impossible to even reach a person. I was only able to inform them Im turning them in and Im sick of being overcharged interest when Im paying down on the principle and none of their numbers match anywhere.. figures do not lie ... citizens one does. Im being overcharged interest payments on a higher principle that doesnt exist. Ive told them time and time again to LOOK they dont. they havent corrected this and this month I see the interest rate was elevated for a shorter month of the year XXXX. the math doesnt add up period. 
They DO know Im trying to pay off the loan in advance of term because the warranty on the car runs out before final payments the term of the loan.. I TOLD THEM THIS FACT so appears they are trying to recoup the interest charges they wont get now by over charging me interest now. That is apparent to me because the interest figures dont even agree with the principle balances they sent me for regular payments non inclusive of extra payments toward the principle. its apparent to me they have no intention of correcting this fact either they make up lies about delays and daily interest none of which actually apply if they were honest. citizens one is a scam outfit and corrupt. I have the documented proof they cant even do math or figure actual interest correctly and they have never properly addressed this or my prior complaint of the same. you can easily see they elevate the interest charge despite the declining principle. it shows they are ripping me off they are in default of their own loan because they cant maintain proper application of payments received. 
e transfers are immediate they dont take 7 days or what ever excuse they were trying to use when I first noticed this and they only sent me minimum regular payment data month by month which had nothing to do with my ACTUAL payments. right now Im paid ahead to near XX/XX/2021 per current principle balance and the paper they sent me says the interest would be XXXX on an actually higher principle of XXXX higher than current actual principle balance of XXXX yet they charged XXXX interest. this bank is a scam and I pay the bill as soon as it arrives in the mail WELL before any due date. and numerous months I have made extra payment toward the principle. the bills show the payments I made BUT the interest charges do not reflect the lower principle or per the term payments interest list they sent me.. they are bilking me higher than regular payments they show on that hard copy they sent me. they are charging me more interest than that even shows on close principle amounts. they have not corrected this and continue to over charge me interest payments. which lower the principle payment applied as well..its a scam they are aware Ive complained and they have never addressed the actual issue now they are overcharging interest again. 
Im not making payment until I get satisfaction this is being addressed and corrected PROPERLY.. they have defaulted ion their own loan citizens one is a rip off and overcharges interest payments.. payments in general are not applied properly they make up their own rules and NONE of their figures even agree with their own math. this is a rip off company.. the interest should be going DOWN as the principle goes down but obviously it isnt. the interest cost has actually gone up despite the principle coming down. I dont want to do business with this crooked company.

Company response to consumer: Closed with explanation