About Bow Wow Not Being Broke…Rapper Has Some $300K ‘Splainin To Do Over Car Payments
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.
More on Madame Noire!
- Where Are They Now? The Real Hollywood Exes (And Mistresses) Of Music’s Biggest Players
- True Life: I Had To Learn The Hard Way
- Self-Pity? No Thanks: Why I Love The Chocolate Skin I’m In
- Well That’s…Interesting: Mimi Is Writing A Book On Warning Signs Of Dating Men In The Industry
- Ask A Very Smart Brotha: Why Falling In Love Is A Choice (And Why I Hate Romantic Comedies)
- Fall Into Your Feelings: How Autumn Will Affect Your Love Life
- Well, You Don’t Say: 9 Celebrities, Ballers, Authors And Vixens You Might Not Have Known Were Virgin Islanders