News: Bow Wow On Short Leash For Big Money Problem
Friday, Oct 12, 2012 11:55AM
Cash Money's Bow Wow can't avoid bad press as of late as the new "106 & Park" co-host is reportedly getting sued for $25,000 over a Lamborghini.
Reports of Bow Weezy's legal crunch hit the Internet early Friday (October 12).
It costs roughly $25,000 to repossess and sell a rapper's Lamborghini -- at least according to a Georgia bank, which is now suing Bow Wow for money it spent flipping his ride. SunTrust Bank filed the lawsuit against Bow Wow -- real name Shad Moss -- claiming he took out a $300,165 business loan, agreeing to 84 monthly payments of $4,730. According to bank records filed with the lawsuit, Bow Wow fell behind last year. The docs show the bank repossessed the rapper's Lamborghini Murcielago -- and managed to get $161,000. You'd think that would be the end of it -- but the bank tacked on more than $25,000 for "repossession expenses." (TMZ)
The hip-hop veteran's money woes reportedly stem from his past management.
According to the lawsuit, Bow Wow still owes the bank $21,371 -- and the bank wants every penny. TMZ broke the story ... Bow Wow is also being chased down by a collection agency over a $283,000 judgment against him, stemming from a Ferrari he stopped making payments on. Sources close to Bow Wow tell us, the rapper attributes all his money issues to his crappy ex-management team. We're told he has since cleaned house and is now working to fix his financial mess. (TMZ)
Recently, Bow Wow addressed his child support battle and denied having money problems.
"Hell no! Sometimes, it's worth doing it so that you can have that freedom. Ain't nobody wanting to be dealing with a woman who keeps blowing you up. I'm happy about it and now she can live her life peacefully. She can do whatever she wants to do and date whomever she wants to date and for me, I'm just going to continue on with my career and living life. I'm happy as can be. For the record, I have no issues with my [baby mama], like not one. I just want to let all them young fellas out there know that there's nothing wrong with having a kid but just make sure you have it with the right one. But I love mine and I love my situation but if you don't want no headache and no issues definitely wrap that thing up." (Necole Bitchie)
Last spring, the rapper laughed off his past publicized tax problems.
"H*ll yeah! [Laughs] Word up. Tell 'em blog that! Yeah I wrote that check, tell 'em blog that," Bow Wow said when asked if he would like to confirm not having any legal or tax issues as of now. "People be forgetting, celebrities we work. I'm in the studio, I'm on a movie set, I have a million things for me to worry about. That's just something like 'Oh s--t, I forgot.' You need that [check]? That's the situation, but I'm all good. If I wasn't good then my black a-- would've been in jail! (Hip Hop Wired)