Arcadia Financial ripoff mistreated and ripped off Minneapolis Minnesota

In November of 1995 I purchased a Camaro from Bill Heard Chevolet, Arcadia Financial financed the car for 72 months. A year later the I.R.S. sent me a letter saying I owed them a large sum of money($21,000) giving me only 24 months to pay them back. In paying them through installments, I fell behind on my bills and my car notes.

I year later I called Arcadia and asked to have my car refinanced because I was struggling financially. They refinanced my car for two more years which lowered my car note extending the terms to April of 2003. April 16th, a representative of Arcadia called and said that my contract has expired and they would need for me to send them the balance of $3100.00. I said to the Rep. there is no way that I should have a remaining balance that large. He replied that the balance is made up of late payment fees, interest and deferred payments.

Looking at the strong possibility my car could be repossessed any day now and this Repo would be on my credit file for 7 years, I asked could I continue making payments on the car since I had less than a year left to pay it off at $368.68 a month. He said I could not do that, but the car could be refinanced for another year, then he put me on hold. A lady came on the phone and says to me since the car had already been refinanced once already, they could not refinance it again. She then transferred me to this nasty Manager who told me to send the $3100.00 or the car would be picked up, I asked if I could just continue paying the note until the car is payed off, but he said no and he was not going to continue arguing with me and hung up the phone.

I wish I had seen this Ripoff Report on this company before buying this car. If I had, I would not have done business with them because they are theives and this Company should be forced out of business. The remaining balance on this car is wrong but I feel there's nothing I can do about it. My question to you is this: since I am buying the car and not leasing it, by law, should'nt I be allowed to continue paying the monthly note on this car until I have a zero balance? As I mentioned earlier, I only have less than a year to pay this car off.

John
Houston, Texas
U.S.A.