There’s nothing wrong with living large–if you can afford it. That doesn’t seem to be the case for Bow Wow who is being hounded by creditors for fees associated with his repossessed Lamborghini Murcielago.
The 24-year old rapper whose net worth is questionably reported to be around $42 million, fell behind on the payments for the $300,165 whip and SunTrust Banked whipped it out from under him. Now, the bank is reportedly suing the rapper/actor for the unpaid balance as well as the $25K it cost to have the car repossessed. Apparently, repossessing such a pricey ride entails utilizing a special gold-plated tow truck and several men wearing diamond-studded white gloves.
The monthly payments for the car, of which there were supposed to be 84, were $4,730. Bow Wow allegedly paid $161K of the debt, then fell behind sometime last year. The bank states that Bow Wow still owes $21, 371.
And according to a story reported by TMZ earlier this year, Bow Wow is also being hassled by creditors over another fancy four-wheeled conveyor. A collection agency allegedly filed a $283,000 judgment against Bow Wow for a Ferrari that was also repossessed. Perhaps someone should point the car connoisseur to the nearest Lexus or Infinity dealer. They make some mighty fine coaches for a lot less.
Bow Wow told TMZ that his money woes were due to poor management and that he would be finding new handlers for his racks on racks of what seem to be unpaid bills. Also, before landing the hosting gig on BET’s popular music countdown show ”106 & Park” that was announced earlier this month, Bow Wow claims he was only making $4 G a month from his day job at Cash Money Records.
What isn’t a matter to be laughed at, however, is the $11,500 in back child support the father of one was ordered to pay. He’ll be back in court in December to renegotiate payments that were initially set at $3,000 a month. Wow, Bow Wow, the Lambo got a bigger cut than baby girl.