I never knew that so many people were dissatisfied with this company as well as ripped off. In March of 1997 I purchased a 1995 Nissan Sentra from United Nissan of Morrow, GA(remember that name).
I was desperate for a vehicle due to my job, so the salesman told me that he could get me into a vehicle the same day. Well, within 30-45 minutes I was brought into the office with my father to sign papers because they had found a company to finance me.
Although my father was a co-signer, which should have made my interest rate lower, the interest rate I was given was 14%. Over time of making my monthly payments on time, I noticed that my overall balance never went down.
After contacting Arcadia this past February(2003), I found out that not only was I placed on a simple interest loan(which was not explained when I purchased the car from the finance manager), I was advised that due to the fact that my payments were not in on the exact due date, I accrued daily interest(who knows at what rate, which I was told it was still at 14%).
I agrued with managers as well as contacted the main office to understand what happened. In 1998, Arcadia took one of my payments and applied it to interest rather than what it was suppose to be for...a payment. Next, I found out that since they could not split my monthly payments into 72 months, they gave me a ballon payment of 717.00 all due at one time.
Overall, the total cost of this vehicle was 21,664.00 not including the other interest earned due to the fact that the payments were not there on time, according to them. However, I have a perfect payment record with them(???????).
So, I think the total amount I have probably paid(inc. maintenance, extra interest, etc...) about 28,000.00 for a car that the blue book value is about 4500.00.
Take heed, do not use this company for financing. They are a ripoff, their reps are rude...this company just d**n stinks...period.