Bow Wow Still Owes Bank $25,000 After Getting His Lambo Repossessed
Posted by Media Outrage on October 12th, 2012
Bow Wow seems to be having some major financial problems as of late y’all….
Via TMZ
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.
TMZ broke the story … Bow Wow is also being chased down by a collection agency over a $283,000 judgment against him, stemming from a Ferrari he stopped making payments on.
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!
October 12th, 2012 at 10:45 am
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!
I agree, just plain dumb to me, just to floss and show they got money, then end up with no money. and cannot pay for these overpriced homes and cars they floss around in to look bigger than they are, what i dont understand is why not buy their shit right out and owe nothing on it, something reasonable and afforable, no they wanna ride in some shit, that 300K loan he took out was just dumb if he took it out for a car loan, silly ass. he could of bought a home and car with that and owed nothing.
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LowRidaz Reply:
October 12th, 2012 at 10:47 am
i left out.. he could of made that amount first and paid for his shit right out, instead of that high ass loan. only to owe it, and more and have his shit taken, whatever, why would i feel sorry.
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Yvonne Reply:
October 12th, 2012 at 6:44 pm
That’s why I don’t feel sorry for none of them when they get their toys and over the top homes taken away and have to wind up paying back money they don’t have. I bet 95% of his check he get for hosting 106th & Park or whatever it’s called goes to his creditors.
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October 14th, 2012 at 7:22 pm
Dude I could have made the payments and took possession of the car! All you had to do was list it on Craigs list. #niggasstaystupidwiththeymoney!
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October 14th, 2012 at 10:05 pm
All the glitters is definitely not gold at all. Then they have all the kids thinking it is what it aint . They wanna be like these clowns and don’t realize that they are not as big as they appear to be. Easy come, easy go! Zucks , but it happens to the best of em. It is only a matter of time in most cases.
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October 15th, 2012 at 11:51 am
‘I see you’ve got yourself a lil’ business going. Well, that’s good, that’s good. You make that paper. But when you’re making paper, you’ve got to learn some rules to go wit’ it. You’ve got to learn the difference between guns and butter… Now what are the guns? The guns, that’s the real estate. That’s stocks and bonds, artwork. You know shit that appreciates wit’ value. What’s the butter? Cars, clothes, jewelry, all that other bullshit that don’t mean shit after you buy it. That’s what it’s all about – guns and butter, baby. Lil’ dumb muhfucka.’
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October 16th, 2012 at 2:24 pm
you can always count on a black entertainer to squander away a small fortune. take some courses in finance and stop blaming your accountant
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