Complaint Review: Arcadia Financial Ltd

I financed a van through Arcadia 2 years ago and was informed that my interest was going to be 18%. Well, I didn't find out until a couple days ago that my interest is actually 20.9% - OUTRAGEOUS (especially when I financed about $18,000)!!! My monthly van payment is over $400 and after paying on the loan for 2 years, only about $4,000 had actually been paid off.

I made a huge payment ($11,500) last month that paid off all but about $2,500. I figured I could then handle the payments for the next 6 months and be rid of the whole loan. Well...I waited for the bill to make this month's payment and NEVER got one. I then called Arcadia to inquire why I hadn't gotten a bill and was told that I was paid up until June 19th and I didn't owe anything now. HELLO...I still have a balance of $2,500 (how could I not owe anything now)!!! Where is my bill for that amount??? They said that it takes two payments to "catch up" with the large sum I paid and that I wouldn't get another bill until June. So I asked why I was told I didn't owe anything right now and if that is the case, will I still get charged the 20.9% on the $2,500 balance until June??? Well, of course I will.

They were hoping that I wouldn't notice that I didn't get a bill so they could continue to collect the 20.9% interest. I was so pissed off when I found all of this out. My suggestion to anybody wanting to finance through Arcadia Financial is DON'T DO IT!!!

Pam
Lexington, Michigan
U.S.A.