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Arcadia Financial Ltd. ripoff business from hell Carol Stream Illionois
we bought a car from a dealership in knox. tn which financed us thru arcadia. we bought the car in august of 96 and it was a 95 nissan max. we hve been paying 483.86 since then. we hve paid them close to 32 thousand dollars and they say we still owe close to 11 thousand.
we hve tried numerous times to get a settlement amount so we could trade this car and get out from under these blood suckers to no avail the only people u can talk to our the collection idiots.
they call us after 9 at nite they leave messages that are so against the law on our machine they harrass my relatives, we hve stopped paying them till someone with a braincell contacts us we hve gotten an attorney who wrote them a letter which they should hve recieved friday may 9. then their collection department called me and left a message stating he was calling from the forclosure department, i did get a giggle out of that message.
we requested and finally received a amerization paper and it showed we made 20 payments and not one went towards principle it all went to interest they hve charged us anywhere from 15 to 30 dollars a month late fees which contract states no more then 15 dollars.. a reversal of payment whatever that means since noone there can explain anything to u.
they hve ask for my car bck and said oh well ur car is worth 4000 dollars but hate it u still owe 11 thousand.. jeff is no longer wrking for them thankgoodness,but now they hve more idiots to take his place.. Cecar who calls all the time and we returned his phone calls is now saying we didn't call him back. iwill glady talk to everyone willing to get together and file a class action lawsuit against them. their frauldulant finacial practices should be stopped and now noone should hve to go thru the hell we go thru and i now hve my car in my garage for safe keeping.
let me state i hve also contacted the bbb and they hve had numerous complaints on this company as well. so now i feel somewhat better knowing its not just us that this happened to.
Tammie
Hixson, Tennessee
U.S.A.
9 Updates & Rebuttals
Bridget
Winston-Salem,North Carolina,
U.S.A.
In response to Sam and Tammi
#10REBUTTAL Individual responds
Wed, June 11, 2003
I have to agree with Tammi. I have been contacted by Arcardia/Transouth on Sundays and After 9pm also. I don't care what they tell you, they are liars. The people at the local branch here in W-S North CArolina have always been nice and cooperative, however the people that have been calling me have been either form Il or MN office and they have been rude and hang up on you. They do this even if you don't get an attitude with them. They start the whole conversation with an attitude. They are abusive and harassing.
Tammie
Hixson,Tennessee,
U.S.A.
response to sam again
#10Author of original report
Mon, May 19, 2003
sam since u feel the need to point out u think i am not telling the full story let me state we have an attorney if u would take the time to read every report who has caculated over 10 counts of fraud dealing with arcadia and our contract.
I do not feel i need to keep justifying to u my complaint I can tell u right before we bought this car we bought a house financed at 7 and half percent interest so our credit was not bad let me assure u of this fact and 2 yrs after buying this car we purchased another car thru the same dealership we bought the the nissan thru and low and behold we were able to get normal financing and that car is paid off...
and let me state we hve now bought our second home which is financed thru a bank and we also got that with normal financing so not sure why u feel the need to pick me apart and call me a liar but i can assure u that they have called us till 11 at nite and i can tell u that i have sent their payments with a receipt return to sender and call the number on the recipt find out when it was signed for they have it but their collection department still calls hmm and i guess all the other reports with the same or close to the same complaints are liars as well..
yes we are behind now and if need be will file bankruptcy to get rid of them.. Oh and because u called arcadia and they told u what time they quit collecting means they are telling u the truth and i am not..
I am not sending u my contract agreement or the ammorzation paper that is why we have attorney.. Which I assmue u think he is also not telling the truth when he saids he wrote them and can not get a response from them either. Sam just a thought but if u knew u could get into trouble for calling after 9 pm would u tell people that is what u were doing ??...
Sam
Charlotte,North Carolina,
U.S.A.
It sounds like you are not telling us the full story!!
#10Consumer Suggestion
Sun, May 18, 2003
Tammie, it seems like you are too upset with arcadia plus it sounds like you are not telling us the full story here. I carefully review your complains and I went the extra mile to investigate them. I was able to get their website http://www.arcadiafinancial.com/ then I went to contact us and this is the information I got:
Business Hours (Central Time Zone):
Monday to Thursday 7 am to 8 pm
Friday 7 am to 7 pm
Saturday 8 am to 4 pm
Sunday Closed
I called them at 1-800-486-1750, this # is customer service, and they told me that they do not handle settlements and only their collection department has clearance to talk about settlements. Customer Service wanted to know my account I told them to transfer me to the collections department and they asked me again for my account I told them I will not give them an account and all I want is to talk to the Collections Department, they asked me where I got the vehicle? Per your 1st comment I adv them Knox TN, they told me that I need to talk to a department call back end collections at 1-888-433-5109.I called this department and talked to a collector, I asked this person what time they close and she said 9:00pm Central Standard Time, I asked if sometimes they close after 9:00pm, she said no. Now with this small investigation, I started to doubt the accuracy of your story and that you are not telling us the full story. You stated on the 1st complain that they call you after 9:00pm; well this can only be possible if you are on Eastern Time, but on the 2nd complain you said they call you until 11:00pm!! Here are your own words these folks call u daily up untill 11 pm at nite let me tell you one thing, if they close at 9:00pm Central Standard Time, there is no way!!! that you could receive a call past 10:00pm Easter Time.!!!! I even went the extra mile on my investigation and I made a 2nd call to their collection department, I faked that I would like a loan with them and I would like to know a little bit about their company and who they are. They told me that they cant approve me over the phone rather I have to go to a dealershipI still asked them what type of interest they have? I also asked if they have a really low interest rate? This time I talked to a male and he told me that Arcadia Financial is an indirect lender and is owned by Citigroup. He also said that Arcadia is likely to finance people with credit problems. I asked him what type of interest Arcadia gives with excellent credit? He said that if I have a strong solid credit history I should apply with a direct lender such as Citigroup so I can get a good interest rateI asked what is the lowest he has seen, he did not want to say, but I asked if less than 8%, he said never seen that interest rate with Arcadia.
Tammie I understand that you are mad at this Financial Company, but I do not believe that Arcadia has a fault here; instead I now believe that you are currently defaulting to your contract. Explain to me how such a large company like Citigroup, with billions of dollars in assets and with such high prestige, would allow Arcadia to cause any damage to their reputation and to violate all this laws you claim? I have reply to multiple rip off reports from other companies, and there are some that I agree that they are ripping off people but, when it comes to re pay a credit back there are always excuses for not to pay on time, always a complain; the lender told me one thing and did another, give me a break, if you have 4 or 5 cars as you said; you should know better. I thought you were a beginner, but now when you claim that you also have an attorney I have a reason to believe that you are a professional debtor! Why dont you pay your bill on time instead of wasting your money on an attorney? My suggestion to you and to anyone that is reading this rebuttal is to be honest when they get a credit, before you get a car you should have a little bit of money saved just in case of an unexpected event, a due date is a due date and the lender expects their money on or before that date, not when you can or when you get paid. If you dont like to pay on time or you do not like to commit to a contract then you should consider buying in cash and avoid any problems.
Also your story seems like that arcadia has never help you at all. Well let me tell you something; they did! They gave you a credit that now you are not willing to repay. I am sure that you were really happy when the dealer told you that you were approved, and at that time you were happy with Arcadia, otherwise you wouldnt sign. Not repaying your obligations is a weakness and not right anywhere in the world. If you would give money to someone and that person agreed to a repayment plan there is no excuse for not to honor the terms, if that person would come to you and said I already paid you what I think is fair then you would be upset. If you expect someone to believe you about this particular situation that you are having with arcadia, please scan your contract and your amortization and post it here, make sure you cross your address and your ss# to avoid a scam, until them I would have to say that your complain is your way to justify not paying on time and that Arcadia is calling you every day to get their money back and not to make you mad.
*This is not a legal advised. This comments or suggestions may or may not apply to you. You should contact an attorney if you are in need of a legal advice. Arcadia Financial or Citigroup has nothing to do with my comments.
Tammie
Hixson,Tennessee,
U.S.A.
rebuttal to the rebuttal
#10Consumer Comment
Sat, May 17, 2003
sam in response to ur rebuttal, let me state first that if u had read my firt filed complaint u would have seen, we have tried to contact aracadia in regards to this loan. WE even had an attorney try to contact them by phone and a letter. which they have refused to respond to.
This whole thing started at the dealership we bought our car from and let me state we had purchased 3 cars from them before this one, and one 4 yrs after this one which is paid off now thankyou we are well aware of how ur credit report works, we also are well aware of having to pay this debt..
We feel the truth in lending law was thrown out from first the dealership and yes acardia is aware of the numbers being wrong their stance is oh well u let it go. well i guess in the future we will take everyone to be dishonest and have an attorney look over everything. We let it go because we didn't know they were wrong..
I can assure u there are over 10 counts of fraud on our acct pointed out by a contract attorney and a accountant.. u saying that they only send out repo people when they can't get in contact with u and or wrd out a arrangement u hve no clue contact hell fire these folks call u daily up untill 11 pm at nite.. and if u don't say what they want to hear they hang up on u.. and let me state i am the queen of their hangups.. they refuse to send us a copy of our paperwrk so it can be put against the paper wrk we hve, to make sure there is nothing left out. oh and as for making payments on time well there were months and months we were charged a late fee and we were not late at all and charged more then the contract amount.
Thankyou for your sound advice in the future when the my husband's companie decides to let folks go for budget cut backs we will just have to tell them sorry we have our car financed thru arcadia and one late payment will have us owing them another 20 thousand dollars because ur interest rate is compounded daily on the balance. plus u have a regular interest rate they are charging you anyways according the powers to be at aracadia who explained this to me on more then one occation.. according to them its like a revolving charge for the car..
Tammie
Hixson,Tennessee,
U.S.A.
rebuttal to the rebuttal
#10Consumer Comment
Sat, May 17, 2003
sam in response to ur rebuttal, let me state first that if u had read my firt filed complaint u would have seen, we have tried to contact aracadia in regards to this loan. WE even had an attorney try to contact them by phone and a letter. which they have refused to respond to.
This whole thing started at the dealership we bought our car from and let me state we had purchased 3 cars from them before this one, and one 4 yrs after this one which is paid off now thankyou we are well aware of how ur credit report works, we also are well aware of having to pay this debt..
We feel the truth in lending law was thrown out from first the dealership and yes acardia is aware of the numbers being wrong their stance is oh well u let it go. well i guess in the future we will take everyone to be dishonest and have an attorney look over everything. We let it go because we didn't know they were wrong..
I can assure u there are over 10 counts of fraud on our acct pointed out by a contract attorney and a accountant.. u saying that they only send out repo people when they can't get in contact with u and or wrd out a arrangement u hve no clue contact hell fire these folks call u daily up untill 11 pm at nite.. and if u don't say what they want to hear they hang up on u.. and let me state i am the queen of their hangups.. they refuse to send us a copy of our paperwrk so it can be put against the paper wrk we hve, to make sure there is nothing left out. oh and as for making payments on time well there were months and months we were charged a late fee and we were not late at all and charged more then the contract amount.
Thankyou for your sound advice in the future when the my husband's companie decides to let folks go for budget cut backs we will just have to tell them sorry we have our car financed thru arcadia and one late payment will have us owing them another 20 thousand dollars because ur interest rate is compounded daily on the balance. plus u have a regular interest rate they are charging you anyways according the powers to be at aracadia who explained this to me on more then one occation.. according to them its like a revolving charge for the car..
Tammie
Hixson,Tennessee,
U.S.A.
rebuttal to the rebuttal
#10Consumer Comment
Sat, May 17, 2003
sam in response to ur rebuttal, let me state first that if u had read my firt filed complaint u would have seen, we have tried to contact aracadia in regards to this loan. WE even had an attorney try to contact them by phone and a letter. which they have refused to respond to.
This whole thing started at the dealership we bought our car from and let me state we had purchased 3 cars from them before this one, and one 4 yrs after this one which is paid off now thankyou we are well aware of how ur credit report works, we also are well aware of having to pay this debt..
We feel the truth in lending law was thrown out from first the dealership and yes acardia is aware of the numbers being wrong their stance is oh well u let it go. well i guess in the future we will take everyone to be dishonest and have an attorney look over everything. We let it go because we didn't know they were wrong..
I can assure u there are over 10 counts of fraud on our acct pointed out by a contract attorney and a accountant.. u saying that they only send out repo people when they can't get in contact with u and or wrd out a arrangement u hve no clue contact hell fire these folks call u daily up untill 11 pm at nite.. and if u don't say what they want to hear they hang up on u.. and let me state i am the queen of their hangups.. they refuse to send us a copy of our paperwrk so it can be put against the paper wrk we hve, to make sure there is nothing left out. oh and as for making payments on time well there were months and months we were charged a late fee and we were not late at all and charged more then the contract amount.
Thankyou for your sound advice in the future when the my husband's companie decides to let folks go for budget cut backs we will just have to tell them sorry we have our car financed thru arcadia and one late payment will have us owing them another 20 thousand dollars because ur interest rate is compounded daily on the balance. plus u have a regular interest rate they are charging you anyways according the powers to be at aracadia who explained this to me on more then one occation.. according to them its like a revolving charge for the car..
Tammie
Hixson,Tennessee,
U.S.A.
rebuttal to the rebuttal
#10Consumer Comment
Sat, May 17, 2003
sam in response to ur rebuttal, let me state first that if u had read my firt filed complaint u would have seen, we have tried to contact aracadia in regards to this loan. WE even had an attorney try to contact them by phone and a letter. which they have refused to respond to.
This whole thing started at the dealership we bought our car from and let me state we had purchased 3 cars from them before this one, and one 4 yrs after this one which is paid off now thankyou we are well aware of how ur credit report works, we also are well aware of having to pay this debt..
We feel the truth in lending law was thrown out from first the dealership and yes acardia is aware of the numbers being wrong their stance is oh well u let it go. well i guess in the future we will take everyone to be dishonest and have an attorney look over everything. We let it go because we didn't know they were wrong..
I can assure u there are over 10 counts of fraud on our acct pointed out by a contract attorney and a accountant.. u saying that they only send out repo people when they can't get in contact with u and or wrd out a arrangement u hve no clue contact hell fire these folks call u daily up untill 11 pm at nite.. and if u don't say what they want to hear they hang up on u.. and let me state i am the queen of their hangups.. they refuse to send us a copy of our paperwrk so it can be put against the paper wrk we hve, to make sure there is nothing left out. oh and as for making payments on time well there were months and months we were charged a late fee and we were not late at all and charged more then the contract amount.
Thankyou for your sound advice in the future when the my husband's companie decides to let folks go for budget cut backs we will just have to tell them sorry we have our car financed thru arcadia and one late payment will have us owing them another 20 thousand dollars because ur interest rate is compounded daily on the balance. plus u have a regular interest rate they are charging you anyways according the powers to be at aracadia who explained this to me on more then one occation.. according to them its like a revolving charge for the car..
Sam
Charlotte,North Carolina,
U.S.A.
Read and understand before you sign!!
#10Consumer Suggestion
Thu, May 15, 2003
Usually car-financing companies uses a type of loan call "Simple Interest Loan". This type of loan can benefit the customer, but sometimes it doesn't. Simple interest means that a balance generates a daily interest, if you pay on time and never late you will pay exactly what it was shown on the truth of lending box (this is on the 1st page of your contract), however if you pay late then more of your money goes to the interest. The formula to calculate simple interest is: (current balance x APR)/365/100
i.e.: 10,000 x 10= 100,000/365= 273.97/100=2.73
What you do now is to multiply the daily interest (2.73) times as many days from one payment to the other and so on.
ie: Peter made a payment on Jan 1st and another on Feb 15th, there is 45 days between the 2 payments therefore daily interest should multiply times 45 so more money goes to the interest portion.
Now if you pay on or before your due date or even if you pay a few extra dollars more a month (don't need to be much, even 5 dollars help) then you will see that your balance will droop much faster and the extra money will only apply to the principal.
When you agreed to have something finance the company that gives you the credit expects you to pay on time, even one day late is a default on must contracts. There are usually options available to help customers during hardship but not every company has the same policies, if you do not qualify for any help you don't and you should quit complaining.
When a financial company sends the repo man to your house is because multiple attempts to reach you either by mail or by phone were tried and you failed to respond to them or to make a satisfactory arrangement (because you want to make a payment, partial payment or willing to pay in a week or a month it doesn't mean that it is satisfactory for the company), if you changed your address or telephone # remember to notify your lenders, because they did not have your new address or ph and you werent notified is not an excuse for not to pay, remember that not receiving invoices for any reason is not an excuse to do not pay your obligations. To avoid this type of problems, just paid on time and give the lender up to date information.
If you are not able to pay for your car or you just don't want to pay for it, the best way is to voluntarily give the vehicle back, by hiding the vehicle you risk yourself to be served and go to court. There is usually no judge that will give you the reason, remember you printed your name on the contract and the contract gives you a due date and if you are late you are late.
No lender company needs to accept your request to settle for a different amount but what you owe them. Because you paid a lot of money towards interest doesn't mean you are not liable for paying your loan in full even if you have paid more of what that company gave you.
As last comment, when a vehicle gets taken, the lender will sell the vehicle in an auction. The best bid is taken and if that amount is less of what your pay off is then you still legally liable but the remaining, this is not a matter of I will pay or I wont, its a matter that you agreed to repay the money given to you and you haven't, also must financial companies report your payment behavior to the credit bureaus. They also report repossessions, charge offs, foreclosures, etc. Every time you apply for credit the potential lender will see this information in your credit bureau and most of the time the interest rate is based on how well you pay your creditors, if you pay on time you are likely to get a low interest rate, slow pay, no pay or other negative info on the credit bureaus will lead into high interest rate or no credit extended to you. Remember that credit is good to have, we may not need it today but chances are that we will in the future, so think ahead instead of only today.
* Any comments or suggestions given here are not legal advices; these situations may or may not apply to you. This comments are not coming from Arcadia Financial, rather a person that believes to understand how car loans work. If you are in need of a legal advice you should contact an attorney
Tammie
Hixson,Tennessee,
U.S.A.
paid them a little over 21 thousand dollars in interest
#10Author of original report
Mon, May 12, 2003
i also meant to add in my original complaint that we hve according to arcadia's records and ours paid them a little over 21 thousand dollars in interest since purchasing this car in august of 1996. which means we hve paid only 10 thousand for the car and like i stated earlier still owe close to 11 thousand more dollars on this car.. thankyou