About Bow Wow Not Being Broke…Rapper Has Some $300K ‘Splainin To Do Over Car Payments

October 12, 2012  |  

Source: WENN

Shad, Shad, Shad. Every time you think this man isn’t as big of a fail as he appears to be, TMZ uncovers more news.

Earlier this week, Bow Wow was quick to shut down rumors he’s broke with an adamant “hell no!” on Philly’s Hot 107.9. The only reason people thought he was low on cash is because he said so in court himself in order to set up child support payments that were more comfortable for his wallet. But though he my have that financial issue squared away, another one is now on his back by way of SunTrust Bank in Georgia.

Last year, Bow Wow took out a $300,165 business loan at a rate of 84 monthly payments of $4,730. But at some point, Bow fell behind, prompting the bank to repossess the 25-year-old’s Lamborghini Murcielago. Though $161,000 of the debt was retrieved when the car was sold, the bank is now charging the rapper more than $25,000 in expenses for repossessing his own car. (Ain’t that a trip?!) He also still reportedly owes the bank $21,371 and they want him to pay up on that too.

Unfortunately, for Bow Wow, this is only the lesser of a great financial issue he has. TMZ says a collection agency is also after him for a $283,000 judgment resulting from a Ferrari he stopped making payments on. So clearly Bow Wow has a problem with paying for his cars. He’s not taking any responsibility for the issues though, sources close to Bow Wow reportedly told TMZ all of his money issues are his ex-management’s fault and now he’s trying to fix what they’ve done. MMMhhmmmm.

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  • Treacle234

    Bow Wow has too much free time on his hands need to do something productive with his life.

  • MLS2698

    Brande, can you do an article about ” hood names?” You know, the Qindaisha, Uniquetta, Laneasia, Taneryia type of names that are given to our babies. Nothing wrong with making up names, but our babies need to be given a chance at their futures by not being branded as HOOD without even being seen. Thanks in advance

  • Poundified

    Maybe he ask that bodyguard who raped him back then to spot him some cash

  • Kayo Halana Malie

    I don’t understand why someone who claims to have so much money available to him why he would take out a loan.

    • MLS2698

      Proof that dem rapper/entertainers are fake! And don’t know how to manage their money!

  • diggy.p

    Wow. So he basically “financed” all of these fancy cars?! Why not just negotiate and pay the lump sum for one nice car instead of making monthly payments on 10? One Lambhorgini or Ferari (sp?) is already “impressive”. Why do you need so many luxury cars that you can’t afford. Bow Wow, you haven’t hardly done any shows or come out with any new records. You’re royalties are slimming down. Stop acting foolish and trying to impress people who only want what you have to offer.

    • Kayo Halana Malie

      Actually, he does a lot of overseas touring.

  • me

    bow wow made a song not so long ago called “I cant change”
    the song is about how he is sorry to his baby mama and his mama that he cant change from being a fool to being a responsible man. i swear this guy is immature and i am sure all this spending was to boost his ego and continue being “cool” to impress people. when a man with a baby decided he doesnt want to change for the better, he is doomed. stay away ladies!!!!!!