Complaint Review: Arcadia Financial

My husband purchased a car in 2000. When he signed the contract he also signed up for gap insurance. Well, they called him back into the finance office a few days later (after he already had the car a few days) and told him that they could not get him qualified for the intrest rate he was at so he had to sign a new contract which he did.

Well, about 3 yrs later he was rear ended and we discovered that they canceled the gap insurance in the second contract.

First they said it was becuase he didnt qualify for a loan of that value..the gap insurance was only 295.00. over a period of 48 months, that would have been about 6.00 more a month.

When our attorney contacted them, they told another story. They said that arcadia doesn't provide gap insurance in the state of tennessee. So you tell me, he cant afford 295.00, but now he can afford 4200.00 to payoff the vehicle? Doesnt make sense to me.

Kaye
olive branch, Mississippi
U.S.A.