CitiBank Auto Financing Amendment?

[swaymonae]

Anybody know exactly what this entails?

Apparently, based on your debt to income, they may amend your loan which will lower your APR and payment but extend your contract.

Is this something new that they are doing based on the economy?

[jeffrey]

Sounds like a way for them to make more money -- the rate would have to be quite a bit lower to make up for the extension in time and not have you pay more in interest. My guess is that they are selling it as a way that they are willing to help, but they plan to make a lot of money off of it as well

[swaymonae]

Thing is,.. I wouldn't stay with them long enough for them to make more money.. I refinance for lower rates so I can make larger payments towards the principal..

They can extend it all they want.. doesn't mean I'll be paying that long