Bow Wow is being sued by SunTrust Bank for falling behind on a business loan. As a result, his Lamborghini has been repossessed. Bow also faces financial troubles due to a Ferrari he stopped paying for.
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.”
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.
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