Report: #54036

Complaint Review: Arcadia Financial Ltd

  • Submitted: Wed, April 23, 2003
  • Updated: Wed, April 23, 2003
  • Reported By: Lexington Michigan
  • Arcadia Financial Ltd
    Carol Stream, Illinois
  • Phone:
  • Web:
  • Category: Loans

Arcadia Financial Ltd Total ripoff at 20.9% Interest - Was only supposed to be 18% Carol Stream Illinois

Show customers why they should trust your business over your competitors...

I financed a van through Arcadia 2 years ago and was informed that my interest was going to be 18%. Well, I didn't find out until a couple days ago that my interest is actually 20.9% - OUTRAGEOUS (especially when I financed about $18,000)!!! My monthly van payment is over $400 and after paying on the loan for 2 years, only about $4,000 had actually been paid off.

I made a huge payment ($11,500) last month that paid off all but about $2,500. I figured I could then handle the payments for the next 6 months and be rid of the whole loan. Well...I waited for the bill to make this month's payment and NEVER got one. I then called Arcadia to inquire why I hadn't gotten a bill and was told that I was paid up until June 19th and I didn't owe anything now. HELLO...I still have a balance of $2,500 (how could I not owe anything now)!!! Where is my bill for that amount??? They said that it takes two payments to "catch up" with the large sum I paid and that I wouldn't get another bill until June. So I asked why I was told I didn't owe anything right now and if that is the case, will I still get charged the 20.9% on the $2,500 balance until June??? Well, of course I will.

They were hoping that I wouldn't notice that I didn't get a bill so they could continue to collect the 20.9% interest. I was so pissed off when I found all of this out. My suggestion to anybody wanting to finance through Arcadia Financial is DON'T DO IT!!!

Lexington, Michigan
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This report was posted on Ripoff Report on 04/23/2003 06:04 AM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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