Posted by Media Outrage on October 12th, 2012
Bow Wow seems to be having some major financial problems as of late y’all….
It costs roughly $25,000 to repossess and sell a rapper’s Lamborghini – at least according to a Georgia bank, which is now suing Bow Wow for money it spent flipping his ride.
SunTrust Bank filed the lawsuit against Bow Wow — real name Shad Moss — claiming he took out a $300,165 business loan, agreeing to 84 monthly payments of $4,730.
According to bank records filed with the lawsuit, Bow Wow fell behind last year. The docs show the bank repossessed the rapper’s Lamborghini Murcielago — and managed to get $161,000.
You’d think that would be the end of it — but the bank tacked on more than $25,000 for “repossession expenses.”
According to the lawsuit, Bow Wow still owes the bank $21,371 — and the bank wants every penny.
Sources close to Bow Wow tell us, the rapper attributes all his money issues to his crappy ex-management team. We’re told he has since cleaned house and is now working to fix his financial mess.
Image spotted HERE!
Mediaoutrage- Its so sad to watch young entertainers run through money buying expensive toys that only depreciate in value only to have money troubles later on!