Arcadia Financial Ltd., Bad Report Filed Against Credit 5 Years After Loan - Bankruptcy Discharged them 3 years ago!! *EDitor's Comments

1. Bankruptcy is an American Right, decided by we the people.

2. Bankruptcy provides a fresh start for those people who have found themselves in financial predicaments sometimes/sometimes not due to no fault of their own;

3. BANKRUPTCY does not "make one a loser", any more than comments such as those make the commentator a judge (or jury, for that matter).

4. Sure, we each have personal responsibilities when it comes to executing contracts and abiding by the terms, etc. However, we also have certain rights, should we fall prey to financial burdens, to eliminate these same debts.

5. I believe the point the consumer was making to begin with is that she attempted to work with them (Arcadia), eventually included them in a bankruptcy; and despite that, they went for blood, which to me seems a bit inhumane, since it is all dischargeable under the bankrtupcty code anyway.

6. In closing, so what is everyone's point?
Yes, do what you contract to do. Yes, utilize the constitution (U.S.C. 11) to its full advantage and to the full extent of the law should financial situations become unworkable, and fight tooth-and-nail for your rights, whatever they are and however slight they may be. After all, they are YOUR rights, too. Let 'em kick you while your down and see how long those "rights", that we have come to take for granted, remain our rights.
Yes, make lemonade when life gives you lemons; and yes, don't forget your psychiatrist appointments to ensure that your psyche is intact when others' cries for mercy offend you to the point of rage and to ensure that hopefully a lesson in humility is learned so that if, God forbid, you find yourself in a less than pleasant situation and it seems everyone is against you and there is nowhere to turn, that you will have the integrity to handle it and that YOUR dignity might remain intact and hopefully, someone, somewhere might find it in their heart to be kind to you and allow you to vent your hurt, fear and disappointment in some of the blood-suckers that have nothing but ice water running through their veins.

Now, I have vented.

As for the original complainant, SEE A QUALIFIED CREDIT ATTORNEY - or - I would follow-up with the attorney that handled my bankrtupcy and I would jump up and down until I got some clear cut resolutions and if unqualified to do so, some clear-cut referrals. You have a situation and rights which are clearly being violated as you are protected under the financial and/or credit codes. They are in violation and should be stopped.

Good luck.

Hey Johnny Boy,
I live in a home, I have a job, I filled bankruptcy because I lost a $2000.00 a month second job. I work in the health industry and lost that job due to high malpractice awards. I filled because of that fact only, not because I changed my mind on the car I wanted, or because I found out that the car was not worth it nor did I file because I use your company.
When I filled I kept my car and I paid my bills ON TIME!!! You state "If you honored the contract you had with Arcadia in the first place you wouldn't have any troubles with your credit bureau." is a bunch of s**t. I did honor my contract YOU did not. I ask for pay off balances and am told "WE don't have to give you that information." I was also told that "Arcadia does not have to report to ANY credit agencies." nor am I entitled to a balance on my account.
You say "YOU signed the contract, YOU agreed to the terms of the vehicle purchase." That's right I did sign a contract you low life b*****d and your company refuses to live up to that contract.
You say " TAKE RESPONSIBILITY FOR YOUR OWN ACTIONS!" Well I will tell you what you little thief, I am taking RESPONSIBILITY FOR MY OWN ACTIONS. I have contacted you AG's office in Ill. along with my states AG's office and I am waiting on the list of lawyers who hacve commented on the case I have. You want to play hardball you piece of garbage then as one Nevada judge once said 'LETS GET IT ON". You dont have the balls to answer any letters I send you so lets go to court. I look forward to kicking your a*s.

Well I would like to start out with I have never had a vehicle repoed, but my dad did have his truck voluntarily repoed after paying on it for 4 years, $22,000, only owing 2 yrs and $11,000. Had my dad not gotten congestive heart failure, he would have been able to continue to make his payments, BUT, Chrysler Finance really didn't give a rip about his situation. And at the time I worked for GMAC financing, so I knew they could have worked with him on all of this.

As a customer service rep for GMAC, I was able to see what the dealers bought their vehicles in at, what they sold them for, what the finance company's interest rate was, and how much more the dealer marks it up. I belive it is called the dealer's discount. Yeah everyone is out for what they can get. I agree. But, if you let yourself fall prey to that. That is no ones fault but your own. Before that contract is signed, everything is negotiable. KNOW what you are agreeing to.

Repoes, volunteered or not, it is still a repo and you are still responsible for fees incurred, that is in the contract. Next time, read it before you sign. If you don't agree, negotiate. If they tell you they can't negotiate stuff, you are sitting at the wrong dealer, they don't want your business they just want your money and hope you are gulliable enough to give it to them.

I felt really bad for my dad about his truck. I called the finance company and tried to talk to them, tried to work something out. I mean, after 4 years of payments, none late, had only deferred 1 payment in the whole time he was paying, you would think they would want to keep him paying. They would have gotten more outta him in the long run then putting it up for auction. I know it is not my dad's fault he got sick, and a business has to do what it has to do. BUT, there is a way to go about things, where it can be a win win situation. Unfortunately, alot of people learn the hard way. When my dad did have the extra money, he could have made extra payments, or even paid more then the minimum monthly payment. Just like credit cards, the more you pay, the less you pay in interest in the long run. That is the way most accounts are set up these days anyway. Even if it just an extra 5 bucks a month, that is 5 less you will be paying on interest. Especially if you pay a high interest rate, every little bit helps.

And with the credit report, tho an account may have been closed Jan 1st of 1966, if the last time the company contacted you for payment was Feb 1st of 2004, then it is still going to be an ongoing thing. It rolls off 7 years after their last contact. So everytime it is reported that contacted you, the 7 years starts over.

It is a dog eat dog world, learn to negotiate. Go into a dealer prepared and educated. Get on the net, look up information. Go in knowing the facts. If they want your business they will work with you. If they don't want to work with you, there are plenty of more dealerships to hit up. And maybe next time, try to get financed before you go. Bring your own finance company. You might have a better chance of less hassle, when you are not dealing with the dealer and the their finance companies. Because like the guy said before, they are in bed together. They try to get all that they can outta you. And it is up to you to get it done your way. Look out for yourself, most everyone else is doing the same.

I must say I feel sorry for these people getting ripped off. I am a loan officer at a mortgage company, and i have never seen any company so cruel in my life as this one. Number one it seems that these types of company's know that these people are desprite in needing a car, and these other people dont understand what the intrest rate really is.

if you have a high rate like that, your first 3 out of 5 years goes to intrest. you people who have loans need to get a IPM sheet from the company, it tells you what your payment is going for each month and how much your payoff is each month, how much is going to principle& intrest and so on..if they refuse..dont do business with them. and a comment to the guy saying the finance companies get hurt...no they dont...cause those people pay that car off 15 times over and over, so they make there money in intrest, they dont give the dealers $23,000 for a 4,000 car..

come on. believe me, they are not hurting at all. they prey on people with bad credit, I know I have talked to alot of lending companies. they dont care for those people anymore than we feel for the devil himself. for the people getting ripped off.. hang in there. and dont give up.

First of all, I agree with John. It's becuase of people like this that we have to pay higher interest rates. He/She voluntarily let his/her vehicle get repo'd. That was his/her choice. Reading about him/her crying over his/her interest rate, and the so-so car that was picked out is ludicrous. The finance company did not pick out the vehicle, and if the rate was not satisfactory, then PAY CASH, or get a loan at the local bank.

There was a reason for the rate charged due to this person's high risk of default, and look he/she proved it. The loan was not satisfied. Also there were more options before he/she turned the car back in. Sell it, or get a lower rate at the bank, if that was the issue. We are not getting the full story about the reason behind the repo.

Second, I also agree with the Bankruptcy survivor. If you have a dispute over your credit, then instead of getting on-line and making accusations of how you are unfairly treated because your a dead beat who chose not to pay bills, file a credit dispute. You did do a voluntary repo, but you may be able to fix the date. Be sure that you are looking at the date of the repo, not the date last reported to the credit bureau.

To the Editor, do you think there is conspiracy from auto lenders and the dealers? What planet are you from. Finance companies issue loans to people who either can not pay cash, or would rather finance the vehicle. Nothing more, nothing less. Interest rates are charged based on credit, people with bad credit pay high interest loans. Would you say the same thing if the customer got a loan at the bank? Are they also part of the conspiracy? Get your facts straight before you slander any company.

John, ..a bit?



NO, it's not a lack of common sense, or that they didn't read the fine print. These consumers who have been victimized are hard working trusting souls, they just don't expect that one has to get a lawyer or have their MBA to understand what seems to be the obvious, but is not. Too many companies are purposely being deceitful, and you have to be a lawyer to deal with Auto Dealers when responding to almost any advertisement, when responding to rebates that never materialize, pre approved credit cards that aren't, work at home business opportunities that are bogus, employment companies that take thousands of dollars from you giving you absolutely nothing but false promises, and the many companies you find on the Internet that fraudulently keep taking money out of your bank account or credit card.



John, you talk about the Auto Dealers and the finance companies, ..you've got to be joking. One of the biggest scams at the auto dealerships is to tell the consumer they are paying one low rate, to only find out months later the interest rate is not what was promised!



You stated above If anything, the finance companies have been at odds against dealers for a longer period of time. John, what planet are you living on?



John, lets not forget homebuilders, definitely bring your own lawyer and accountant when signing your purchase agreement, and be sure to higher your own carpenter to watch over every move the builder's subcontractors make while building your home, or you will be in for the nightmare of your life.



And John, how can you say I get sick and tired of people on this site complaining about situations that they caused themselves what about the fraud to consumers by moving companies? You really need to reread some of these Rip-off Reports and title your next response more appropriately.



What ever happened to fairness and honesty? That's what consumers are looking for.



ED Magedson

EDitor@ripoffreport.com



We are not lawyers.

We are not a collection agency.



We are Consumer Advocates.

...the victims' advocate



WE are Civil and Human Rights Activists



We are a Nationwide Consumer Reporting News Agency

...by consumers, for consumers



Don't let them get away with it.

Make sure they make the Rip-off Report!

I agree, I do need to take a chill pill.



BUT- If you don't allow attacks on individuals because it's like being raped again how can you allow attacks against law abiding companies who are only exercising their legal rights? It's no different than someone saying "hey, I didn't pay my electric bill and they shut off my power. They ripped me off!"



If an individual decides to "turn" a car back in to the finance company because they regret their purchase decision they have to pay the piper.



Your comment about dealers being in bed with finance company was inflamatory in and of itself. If anything, the finance companies have been at odds against dealers for a longer period of time.



When a customers turns a vehicle back in the dealer doesn't get hurt. The finance company does.



The point I was trying to make was that if you finance a vehicle you should pay for it. The finance company didn't pick out the car, come up with the down payment and sign the contract.



I get sick and tired of people on this site complaining about situations that they caused themselves because they either lack common sense or didn't read the fine print.

Here's the straight scoop from a bankruptcy survivor.



You have the right to dispute the accuracy of the debt information with the credit bureau. If you challenge the date and the comment, the bureau must investigate. Get a copy of your credit report and follow the instructions.



You will have this item on your report for 7 years from the date (correct date) of last activity. The Chapter 7 will stay 10 years.



You might want to protest the description if the account was listed in your Chapter 7. You should request that the "voluntary repo" be changed to "included in bankruptcy". This indicates that there is no legal obligation arising out of this transaction since you discharged it in Chapter 7.



Hope you've gotten your finances back on track. Good luck.

John, Buddy,



Take a chill pill. Why all the negative vibes? You are way too intense. You're going to stroke out. And what do you care for anyway? Did this story strike too close to home? (It is so easy to spot a shill these days.)



Car dealerships and finance companies have been in bed together for years, except they spend all their time tyring to do to the customers what most do to each other (in bed - stay with me, I'm waxing poetic).



This guy makes a rigid point. Unfortunately, your counter has fallen prey to flaccidity; one of the most mundane fallacies, an ad hominem attack. This brings me to the primary reason for writing to you. This site allows no secondary or tertiary attacks on the victim. It's like being raped all over again.



ED Magedson

EDitor@ripoffreport.com



We are not lawyers.

We are not a collection agency.



We are Consumer Advocates.

...the victims' advocate



WE are Civil and Human Rights Activists



We are a Nationwide Consumer Reporting News Agency

...by consumers, for consumers



Don't let them get away with it.

Make sure they make the Rip-off Report!



badbusinessbureau.com, LLC

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If you honored the contract you had with Arcadia in the first place you wouldn't have any troubles with your credit bureau.



If you didn't take the trailor park solution for debt and file bankruptcy your life would be much easier.



YOU signed the contract, YOU agreed to the terms of the vehicle purchase. IT'S YOUR FAULT you low life dead beat. Stop crying like a baby and be a man (or woman). TAKE RESPONSIBILITY FOR YOUR OWN ACTIONS!