Former NBA player Gilbert Arenas sued a Woodland Hills auto dealership Wednesday for allegedly reneging on a promise to pay off a bank loan of more than $100,000 after agreeing to buy a luxury vehicle from him.
Arenas’ Los Angeles Superior Court lawsuit against Exotic Euro Cars alleges breach of contract, rescission and fraud. He’s seeks $116,280, “plus consequential damages.”
A representative for Exotic Euro Cars could not be immediately reached.
The suit states that the dealership agreed to buy a 2016 Mercedes-Maybach from Arenas on Nov. 8 for $105,000. At the time, Arenas owed $116,280 to Wells Fargo Bank, through which he financed his purchase of the car, the suit states.
Arenas paid Exotic Euro Cars the $11,280 difference in the purchase price and the company agreed to absorb the $116,280 balance the plaintiff owed the bank, his suit states.
However, despite having received the $11,280 and the delivery of the car, the dealership has not paid off the balance to the bank, resulting in a negative mark on Arenas’ credit and the imposition of late fees, the suit alleges.
On Feb. 3, Arenas says he demanded that the loan balance be paid to Wells Fargo. The dealership’s owner told the plaintiff’s lawyer he would do so within three days, but still no payment was made to Wells Fargo, the suit alleges.
Arenas, now 35, was suspended for most of the 2009-10 season while on the Washington Wizards roster for storing four unloaded guns in the Verizon Center locker room.
— City News Service