Arcadia Financial rip-off screwed others too Minneapolis Minnesota
I was "forced" to take a loan with Arcadia because my car crapped out and the local Ford dealer made arrangements(thanks guys)
I knew in advance interest was 28%( I even joked with the guy that credit cards were cheaper at 19%....) but I really had no choice...I needed a vehicle for work. I eventually filed bankruptcy several months later after trying for YEARS to repay several debts that wouldn't work with the credit help companies I tried. The auto was included in the bankruptcy.
A
fter it went through, Arcadia contacted me and "suggested" that I could continue to make "voluntary" payments, or give the car back. I have continued the payments for almost a year and a half. Now a close friend has offered to help me get another car(cosign or loan me the money direct) am I stuck with anything if I tell them they can "have their car?"
Any help would be appreciated greatly....
James
Rapid City, South Dakota
U.S.A.
2 Updates & Rebuttals
Wesley
Ringling,Oklahoma,
U.S.A.
arcadia car finance SUCKS big time
#3Author of original report
Sat, December 11, 2004
arcadia finance kept wanting more money for they said extra insurance coverage we had a 2002 chevy avalanche one time they called and wanted 958.00 for the insurance and we did a check over the phone then everything went fine for about 3 months then they called up and wanted another payment,i told them that my husband was'nt home to ok it they got rude and said do you realize that you have a 30,000 dollar truck in your yard?i told them that yes i knew that anyway we didnt send them that extra money and within 3 weeks they came and repossed the truck they said we owed 22,000 on it then we got a letter saying they sold it for 14,000 and we owe them over 8,000 .
Amy
Denver,Colorado,
U.S.A.
Need More Information
#3UPDATE EX-employee responds
Fri, January 24, 2003
Ok- I think I can help you out on this, but I need more information. As a former employee of Arcadia/TranSouth, and a current auto collector and bankruptcy filer, I think I know what I'm doing.
When you filed Bankruptcy, what chapter did you file? Did you reaffirm the auto or not?
If you did = then it is like no bankruptcy occured and you are obligated to make payments. If you want to give up the car, it goes on record as a reposession.
If you didnt- Technically you have no debt, thus Arcadia can take the car at any time. You need to speak w/ a bankruptcy specialist regarding this.
Hope this helps