Bow Wow in dog house with bank, sued for $25,000 over Lamborghini repossession costs
theGRIO REPORT - According to TMZ, Georgia Bank is suing Bow Wow for $25,000, for the loss they incurred after the performer failed to repay a business loan...
Bow Wow, the rapper formerly known as Lil’ Bow Wow, is dealing with one more financial problem.
According to TMZ, SunTrust Bank, based out of Georgia, is suing Bow Wow for $25,00, for the loss they incurred after the performer failed to repay a business loan.
Bow Wow allegedly borrowed a little over $300,000, with the agreement that he would pay back $4,730 over the course of 84 months.
When the rapper started falling behind in payments, the bank repossessed his Lamborghini Murcielago. They were able to sell it for $161,000.
SunTrust will not stop there; they are adding $25,000 to Bow Wow’s bill for what they called repossession costs.
Earlier this month, Bow Wow was being tracked down by a collection agency for $283,000. He bought a Ferrari in 2008 and stopped making payments on it.
He has also failed to make child support payments and a Georgia judge ordered for him to be arrested on site for $100,000 he was to pay to a tour bus company.
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