• Report: #117353

Complaint Review: Arcadia Financial

  • Submitted: Thu, November 11, 2004
  • Updated: Tue, November 16, 2004

  • Reported By:Friendswood Texas
Arcadia Financial
5715 W Old Shakopee Rd. Bloomington, Minnesota U.S.A.

Arcadia Financial Unethical business and illegal credit practices Bloomington Minnesota

*Author of original report: Read before you speak

*Consumer Suggestion: Wow....

*Consumer Suggestion: Wow....

*Consumer Suggestion: Wow....

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I co-signed for a truck last year, and Arcadia was the 3rd party finance company. Little did I know then how important it is to know who you are dealing with, even 3rd party. Since that time, I have divorced the principal owner of the vehicle. He stopped taking calls from Arcadia. I explained the situation to them, and suggested they reposess the truck, since I couldn't help them, and wasn't about to pay for it.

They sent me a letter stating September 12 they were set to reposess the vehicle if $2400.00 wasn't paid in full. I called on the 16th to see if it was paid. I was told that it had been refinanced. I was extatic, that meant it would come off my credit. I was then told, no it won't. I explained I didn't sign any refinance paperwork, and therefore, couldn't be listed as co-signer any longer. The lady told me, it wasn't REALLY a refinance, they had simply dropped the interest rate lowering the payment, but no additional paperwork was done. Now legally any secured loan has to be re-financed to change the amount due, but apparently this doesn't apply to Arcadia. I have filed complaints with the BBB, the FCC and sent a registered letter to Arcadia, copying the 3 credit reporting agencies.

I received a response back from Arcadia telling me "they reviewed the account and everything was correct" meaning this is going to stay on my credit. They refuse to tell me the balance due, what was re-negotiated, nor any other information, since I am not the principal borrower, but its not even slowing them down from hitting my credit. I have called numerous times and asked for a manager, have been transferred to someone's voice mail. When they call me back and I ask for a title, its not a manager. I have NEVER been able to talk to a manager, and don't believe they have one.

Rhonda
Friendswood, Texas
U.S.A.

This report was posted on Ripoff Report on 11/11/2004 02:37 PM and is a permanent record located here: http://www.ripoffreport.com/r/Arcadia-Financial/Bloomington-Minnesota-85034/Arcadia-Financial-Unethical-business-and-illegal-credit-practices-Bloomington-Minnesota-117353. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Author of original report

Read before you speak

AUTHOR: Rhonda - (U.S.A.)

I can't make sure the balance is paid timely, if you read what I originally wrote, they are refusing to divulge any information about the account to me. They stated, I am not the principal borrower, and they aren't obligated to tell me the date payments are due, how much is due, nor any other information on this account. Yet they continute to hit my credit with negative remarks. I will obtain a court order forcing my ex to refinance this vehicle, but if he does it through Arcadia again, who is to say they will really take my name off this time either?
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#2 Consumer Suggestion

Wow....

AUTHOR: Douglas - (U.S.A.)

I understand your frustration Rhonda, but I think you are in the wrong here.

The only way to get this account removed from your credit is to be sure the balance gets paid in full. The only way to avoid it damaging your credit is to be sure it is done on time.

I can understand that since it is your Ex whom you cosigned for, you are less than willing to pay for his vehicle. What you have to remember though is that you signed the contract voluntarily, probably because your Ex didn't have decent enough credit to get the loan himself or at least the interest rate he wanted. A standard cosigner agreement states that if the main borrower is unable to pay the bill that the cosigner is then responsible for paying off the remaining balance. Stinks for you, but it protects their investment.

As for the refinance situation, it sounds like they simply deferred some payments or made arrangements for your Ex to make up the past due balance by paying a little extra in each future payment. You are correct though in that if the account was completely refinanced, you would be cleared of any responsibility.

Frankly, and I hope most agree, I think this Rip Off Report should have been dedicated to your non-bill paying Ex, and not the finance company. He is the one putting your credit through the ringer, not them. Of course it also wouldn't hurt for you to admit you were wrong to cosign for your Ex in the first place and pay the bill like you agreed to do in the contract you signed.

Hope things clear up for you.

P.S. Ask around, there may be a way to get out of the contract by paying off 1/2 the outstanding balance in exchange for removing your name from the account. Remember too that whatever you do pay to keep your credit clean, you may be able to get back by suing your Ex in civil court.
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#3 Consumer Suggestion

Wow....

AUTHOR: Douglas - (U.S.A.)

I understand your frustration Rhonda, but I think you are in the wrong here.

The only way to get this account removed from your credit is to be sure the balance gets paid in full. The only way to avoid it damaging your credit is to be sure it is done on time.

I can understand that since it is your Ex whom you cosigned for, you are less than willing to pay for his vehicle. What you have to remember though is that you signed the contract voluntarily, probably because your Ex didn't have decent enough credit to get the loan himself or at least the interest rate he wanted. A standard cosigner agreement states that if the main borrower is unable to pay the bill that the cosigner is then responsible for paying off the remaining balance. Stinks for you, but it protects their investment.

As for the refinance situation, it sounds like they simply deferred some payments or made arrangements for your Ex to make up the past due balance by paying a little extra in each future payment. You are correct though in that if the account was completely refinanced, you would be cleared of any responsibility.

Frankly, and I hope most agree, I think this Rip Off Report should have been dedicated to your non-bill paying Ex, and not the finance company. He is the one putting your credit through the ringer, not them. Of course it also wouldn't hurt for you to admit you were wrong to cosign for your Ex in the first place and pay the bill like you agreed to do in the contract you signed.

Hope things clear up for you.

P.S. Ask around, there may be a way to get out of the contract by paying off 1/2 the outstanding balance in exchange for removing your name from the account. Remember too that whatever you do pay to keep your credit clean, you may be able to get back by suing your Ex in civil court.
Respond to this report!
What's this?

#4 Consumer Suggestion

Wow....

AUTHOR: Douglas - (U.S.A.)

I understand your frustration Rhonda, but I think you are in the wrong here.

The only way to get this account removed from your credit is to be sure the balance gets paid in full. The only way to avoid it damaging your credit is to be sure it is done on time.

I can understand that since it is your Ex whom you cosigned for, you are less than willing to pay for his vehicle. What you have to remember though is that you signed the contract voluntarily, probably because your Ex didn't have decent enough credit to get the loan himself or at least the interest rate he wanted. A standard cosigner agreement states that if the main borrower is unable to pay the bill that the cosigner is then responsible for paying off the remaining balance. Stinks for you, but it protects their investment.

As for the refinance situation, it sounds like they simply deferred some payments or made arrangements for your Ex to make up the past due balance by paying a little extra in each future payment. You are correct though in that if the account was completely refinanced, you would be cleared of any responsibility.

Frankly, and I hope most agree, I think this Rip Off Report should have been dedicated to your non-bill paying Ex, and not the finance company. He is the one putting your credit through the ringer, not them. Of course it also wouldn't hurt for you to admit you were wrong to cosign for your Ex in the first place and pay the bill like you agreed to do in the contract you signed.

Hope things clear up for you.

P.S. Ask around, there may be a way to get out of the contract by paying off 1/2 the outstanding balance in exchange for removing your name from the account. Remember too that whatever you do pay to keep your credit clean, you may be able to get back by suing your Ex in civil court.
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