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.
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