To Mr. Matt ovo from Arcadia (Friendly Neighborhood Dealer Rep) I understand that you've been working for them a long time, but don't take a moral and ethical approach to this... Because I know why and how all the hundreds maybe thousands of lucky Arcadia customers have been taken to the cleaners.
People, I will now explain to you a little how and why you never seemed to be able to pay off you vehicle...
It's called 120% over retail book. See folks, loans are written and based on the Kelly BLUE BOOK or NADA book of used car values. ARCADIA thought it would be a good thing to allow car dealers to write loans at up to 120% of RETAIL BOOK. MEANING you just paid way too much for a vehicle that will depreciate 4 times a year... MEANING you will probably never pay your vehicle down enough to have decent equity.
Let's say the low book is $8000 (dealer usually pays 1000 below this depending on the vehicle, area, etc..) and the HIGHBOOK (or RETAIL BOOK) is lets say $13,000... Then Arcadia will loan $15,600 tax fees warranty on a vehicle that first of all is already worth $6-7000 less than you just bought it for. Meaning if you tried to trade this car in a year or two, you'll get laughed right off the lot, because the dealer is going to give you 1000 below LOW BOOK which will obviously be MUCH less than it was when you bought it.
BUT YOU STILL OWE $12-13,000 still because of Arcadia's other bad habit of ridiculously high INTEREST RATES. Why??? We'll because the higher the amount of loan. The more money they make in interest... SEE you make more money on 15,000 at 17.95% interest than at 14,000 at 17.95%.. See what I mean.
SORRY FOR BEING SO LONG... I will come back and give you a couple more little crumbs of information that'll BLOW YOUR MIND...
By the way... I know what i'm talking about. I do know how this works from both sides (HINT)
Don't be mad matt... You"ve made a lot of money from these people that you have the nerve to imply are deadbeats... Shame on you
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