- Report: #48775
Complaint Review: Arcadia Financial Ltd. - Carol Stream Illinois
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Arcadia Financial Ltd.
www.arcadiafinancial.com Carol Stream, 60197 Illinois, U.S.A.
Phone:
800-486-1750
Web:
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Arcadia Financial Services Ltd rip-off Carol Stream Illinois
Unfortunately for many of us, companies like Arcadia make their money preying on persons trying to get back on their feet. Car dealerships are equally guilty. They set you up with a high interest loan company and receive kick-backs. They make more money on the vehicle they sold you and the financial institutions make their money off of you.
What's worse is that most people can qualify for lesser interest rates and don't even know it. It's the same in the mortgage industry as well. And to add insult to injury, once you get a car loan with a company such as Arcadia, you can't break out. Go to buy another car and see what kind of interest rate you get quoted.
We purchased a '96 Chevy truck in 3/99. We knew we paid too much for it but as many others, we needed the vehicle for my job. Four years later and on a 5-year note, I still owe $11,000! Tell me how that happened!?! We did not extend any payments, paid every month, albeit not always on time and yet, we can't get out from under the loan. We are so upside down on this loan - and the vehicle has over 200k miles so we're sunk on a trade-in as well.
I believe we need to get the "Truth in Lending" law back that was done away with back in the Reagan days? Not sure there but I'm thinking that's probably part of the problem. You can't blame just the loan companies when the auto dealers are making big money on this as well.
I think it is time to bring a civil suit against Arcadia and companies just like this and put a stop to the raping of comsumers.
Barry
Oklahoma City, Oklahoma
U.S.A.
What's worse is that most people can qualify for lesser interest rates and don't even know it. It's the same in the mortgage industry as well. And to add insult to injury, once you get a car loan with a company such as Arcadia, you can't break out. Go to buy another car and see what kind of interest rate you get quoted.
We purchased a '96 Chevy truck in 3/99. We knew we paid too much for it but as many others, we needed the vehicle for my job. Four years later and on a 5-year note, I still owe $11,000! Tell me how that happened!?! We did not extend any payments, paid every month, albeit not always on time and yet, we can't get out from under the loan. We are so upside down on this loan - and the vehicle has over 200k miles so we're sunk on a trade-in as well.
I believe we need to get the "Truth in Lending" law back that was done away with back in the Reagan days? Not sure there but I'm thinking that's probably part of the problem. You can't blame just the loan companies when the auto dealers are making big money on this as well.
I think it is time to bring a civil suit against Arcadia and companies just like this and put a stop to the raping of comsumers.
Barry
Oklahoma City, Oklahoma
U.S.A.
1 Updates & Rebuttals
Marcy
Ft WW,Alaska,
U.S.A.
Arcadia Financial takes all!
#2Consumer Suggestion
Tue, March 18, 2003
I have the exact problems as MOST of the complaints on this site about Arcadia Financial. I bought the vehicle back in 1997 for $15,208 and still owe $11,000. I have paid $12 interest a month for 4 years and finally stopped making my payments. I have made payments that show late on my statement, have extended a payment with the interest going to the end of the loan and finally told Marc Norling in MN to come and get the vehicle, I will take the repo on my credit in Jan 2001. As of today, March 2003, he still refuses to come and get the vehicle because per Marc "not worth their time". The vehicle is sitting, not running AGAIN, waiting for them. I refuse to pay anything to them and luckily I have a taped conversation with Marc Norling about coming to pick up the car. I plan to claim a bankruptcy to get the car off my credit and Arcadia can eat that financial disaster they put me into. Bankruptcy is the only way to get them to stop their fraudulent ways! You will have to consult with an attorney to get the proper Chapter number to clear this debt. MAKE sure you file the correct one. Arcadia has a way to get around certain Chapters. Not sure at this point but when I know I will let you know. I cringe when I see someone with an Arcadia loan. They are one of the worst companies for large financial transactions in this country.
