Rapper Bow Wow is being sued by a Georgia bank for the costs of repossessing and auctioning his Lamborghini Murcielago.
The former child rapper and current host of 106 & Park allegedly took out a business loan for $300,165 to purchase the sports car. Bow Wow agreed to pay $4,730 a month for 84 months to pay off the vehicle. The rapper allegedly quickly began defaulting on payments and the car was repossessed and auctioned off, reports The Urban Daily.
However, that was not the end of it. SunTrust Bank in Georgia is now claiming it spent $25,000 in repossessing and auctioning the car, and it wants that money from Bow Wow. Basically, the bank is claiming repossession fees worth roughly the same amount as a new Honda Accord.
If Bow Wow did default on his car payments forcing SunTrust to repossess his vehicle, he likely will be liable for some of the repossession fees. But his lawyer could make an argument that the fees charged are unreasonable or excessive. If Bow Wow had bought a Nissan or Toyota, it's hard to imagine that the same repossession fees would have been charged.
The bank may have a hard time itemizing just how it spent $25,000 to repossess the vehicle, and it wouldn't be surprising to see the claimed amount reduced.
Still, you figured that Bow Wow would have learned his lesson by now. This is not the first time that he has gotten into trouble for allegedly buying an extremely expensive Italian sports car and not being able to make the payments on it.
Earlier, it was reported that Bow Wow had purchased a Ferrari for $283,000, but also stopped making payments. It was alleged that Bow Wow was ducking and dodging a collection agency that wanted to collect the money, reports The Urban Daily.