Background: I used to make my payments via thier website for, oh I don't know, at LEAST a year or so. Suddenly, around 4-5 months ago, thier website would give me an error:
System Error
The system has generated an error. Please call us at 1-800-486-1750 or email [email protected] if this error persists.
I usually pay bills late at night while the kids are in bed, so I dropped them an email. The lady (Ms. Hodge) replies with my account ID and password (not good through email, but I let it slide). She ended the email with "Please allow 24 hours before attempted login. If you have any questions regarding your account, please call us at 1-800-486-1750 or logon to www.ArcadiaFinancial.com."
I give it a day or two, same thing. OK, fine, so I mail or Western Union the payments for a while.
Fast forward to tonight. While checking my credit reports, it reminded my that the loan on the S10 should be nearly complete. So, I dig out my original loan papers.information is as follows: (Horrible APR, I know, but at the time, it was all I could get).
Loan obtained April 24,1999.
APR: 18.45%
Amount Financed: $16,501.26
Number of payments: 72
Amount of payments: $383.83
Late payment fee, after 10 days late: $15
Great! April is the late payment on the truck. I send this one off, and I'm done. Excellent!
I grab the latest statement, which says the outstanding balance is $5,155.61. Huh? So I try to investigate.
Try logging into my account on their website, same system error. It's late, but I call to get the info from their automated system.
I called both customer service numbers (800-486-1750 and 888-350-9059), both say my account and social security numbers are unknown to the system.
Now I KNOW something is fishy!
Back to my current statement: it states my balance is $5,155.61. However, this does not match with my loan terms. Again, $16,501 @ 18.45%, 72 months, $383.83/month, $15 late fee. Time for math (I also used a loan calculator to double-check).
72 months from April 24,1999 is April.
If their $5,155.61 outstanding balance is correct, I would owe them another 16 payments! 88 payments on a 72 month loan? Ummm... NO!
The April payment is going out this Friday (a few days late, I've been swamped at work for the last month or so and it just honestly slipped my mind... I'll pay the late fee, no big deal). However, this should be the last payment, except for any outstanding late fees.
Given the $5,155.61 current balance the statement reads, subtracting the $383.83 I have not sent for April yet, this leaves $4,771.78 as an outstanding balance. How is this possible? It cannot be late fees, because at $15 each, that would be approximately 318 late payments, which isn't possible with only having 72 payments in the original contract. Assuming I was late with every payment (which I was not), the balance would only be $1,080.
So I just emailed all this information to the address they give on their website.
The questions I sent are as follows:
- Why does your system (website and customer service number) have no record of my account and social security numbers?
- My April payment will be my final payment due for this auto loan, correct?
- Why is the balance shown on my current bill $5,155.61?
- I need a detailed listing of my payments on this loan to Arcadia, with all principal/interest breakouts sent to me ASAP, along with what your records show as my current balance. This detailed listing SHOULD show 71 payments made, with #72 (April) outstanding. The only other utstanding balance should be any late fees I've accrued at $15 each, but not totalling to anything NEAR $4,771.78 - $5,155.61).
— End of questions
Very reasonable questions, correct?
I will post their response to my email as soon as I receive a reply.
Another thing with Arcadia... I've gotten calls from them when a payment is ONE DAY late. I can understand them calling on day 11, since they give you a 10 day grace period, but calling ONE DAY after the payment is due is just flat not acceptable. I won't answer the phone... Period.
Other things I've noticed are:
- They will call from various numbers,
including a cellphone to try to 'trick' someone into answering.
- If they reach an answering machine/voicemail, they do NOT leave a message. Well, actually, they've left a couple, but it's always 'Call so-and-so and 888-xxx-xxxx...: click:. Sorry, you don't leave your company's name, I don't call back.
- They never show late fees due on the statements.
- When I HAVE spoken to them, they are VERY rude. I hung up on one lady that called a year or two ago. She became rather abusive after I had explained my situation at the time and assured I was sending the check within a day or two, even gave her the check number that would be sent. Which, I suppose they would assumed I was lying, but to get irate with me was unacceptable.
- If you ware late, they constantly either want you to a) Give then your checking account information so they can direct draft from it, which I will NOT do for ANY company. B) Ask a family member to loan the money to make the payment to them, I will not do this either.
- You mention the 10 day grace period (not late fee charged until after the payment is 10 days late), and they deny it, stating they do NOT have a grace period... Even though it is clearly in my original loan paperwork. (I'm looking at it now).
I have this sinking feeling that I am about to have a fight with Arcadia. I don't know how they can argue that I still owe $5100 since I've made 71 of the 72 payments, and the 72nd payment will be heading out at the end of this week. But... I can feel the fight coming.
I feel as though, and it looks very much like, I am being taken advantage of by Arcadia Financial.
Andy
Greenwood, Indiana
U.S.A.
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