Unfortunately for many of us, companies like Arcadia make their money preying on persons trying to get back on their feet. Car dealerships are equally guilty. They set you up with a high interest loan company and receive kick-backs. They make more money on the vehicle they sold you and the financial institutions make their money off of you.
What's worse is that most people can qualify for lesser interest rates and don't even know it. It's the same in the mortgage industry as well. And to add insult to injury, once you get a car loan with a company such as Arcadia, you can't break out. Go to buy another car and see what kind of interest rate you get quoted.
We purchased a '96 Chevy truck in 3/99. We knew we paid too much for it but as many others, we needed the vehicle for my job. Four years later and on a 5-year note, I still owe $11,000! Tell me how that happened!?! We did not extend any payments, paid every month, albeit not always on time and yet, we can't get out from under the loan. We are so upside down on this loan - and the vehicle has over 200k miles so we're sunk on a trade-in as well.
I believe we need to get the "Truth in Lending" law back that was done away with back in the Reagan days? Not sure there but I'm thinking that's probably part of the problem. You can't blame just the loan companies when the auto dealers are making big money on this as well.
I think it is time to bring a civil suit against Arcadia and companies just like this and put a stop to the raping of comsumers.
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