• Report: #335790

Complaint Review: Lobel Financial

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  • Submitted: Fri, May 30, 2008
  • Updated: Sat, June 04, 2011

  • Reported By:sacramento California
Lobel Financial
1150 N. Magnolia Ave. Anaheim, California U.S.A.

Lobel Financial Rip off, Sold me a Lemon Now am out at $7,000.00 In car repairs that I can't even afford. Anaheim california

*General Comment: Lobel did not sell you your car

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My name is Tara M ,I bought a 2,000 Chrysler 300 M from this financial company. I have had problems with it since day one of purchasing this vehicle. Every month something goes wrong with the car. It started out with $300 to $400 repairs every month but then everything went out all at once. Then the mechanic got in it and started taking everything out of this car and it needs about $10,000.00 dollars in repairs or more! I can't afford this. That is bad bussiness to sell cars to familys and then to have all of these problems go wrong with the car.

The car needs an a new engine, transmission, struts, motor mounts, computer in the car, Ect. This car has so many things wrong with it is ridiculous! I have three children that i need to take to school and day care. When I called the company to tell them what was going on with the car the lcustomer service representitive hung up on me. I also called on other time before that cause I wanted to sell the car to ask them how that worked when I found some one to buy it and they told me you can't sell the car you have to keep it and pay for it. Then hung up on me again. I could not believe it.

I have only had the car like six months or so. Not long enough to have all of the problems that the car has. So now I am out of $7,000.00 that i still owe on the car and $7,000.00 or more in repairs that I can not even pay for. I have never been late on my payment or nothing.

Anonymous
sacramento, California
U.S.A.

This report was posted on Ripoff Report on 05/30/2008 11:58 AM and is a permanent record located here: http://www.ripoffreport.com/r/Lobel-Financial/Anaheim-California/Lobel-Financial-Rip-off-Sold-me-a-Lemon-Now-am-out-at-700000-In-car-repairs-that-I-can-335790. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 General Comment

Lobel did not sell you your car

AUTHOR: Patrick - (United States of America)

Lobel is a financial company.  Not a car dealership.  They do not sell cars and to be honest they have never seen your vehical.  You asked them for money to buy a car and they agreeded to loan you the money and use the car as colaterol. They don't care what kind of car it is or how many miles it has.  They leave it up to you to determine if it's a good deal or not and that the car is sound.  If they repo the car of it breaks down that doesn't mean you don't owe them money.

When they repo a car they sell it at a dealer auction where it goes for about 30% of what you owe for it sometimes more, sometlmes less.  Now they have recovered 30% of the remaining balance, they still need the rest of their money.  They will pursue legal action to get it.  I do not work for Lobel and never have.  I simply looked into their practices before I got a loan through them.  They charge a crazy intrest rate and have a no grace period loan meaning that you cannot be even a day late on the note.  If you are they have the option of taking the car.  That being said they do not just come pick up vehicals after 1 day.  If you are habitually late or a pain in the collectors asses (ignore their calls or are rude to them) then they make the decision that they don't want to deal with you and will repo the vehicle.  It is important to remember that you are dealing with "collectors" not "customer service".  They will be rude to you and if you ask for their supervisor I would be stunned if you ever talked to one.  You will talk to the person in the next cubical saying he is their supervisor.  But dont feel bad, the supervisors know and dont care.
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