Bow Wow Gets Into Financial Debt
Bow Wow is getting sued by SunTrust Bank for not paying his business loan on time.
They have even taken his Lamborghini as payment. To make matters worse Bow Wow is facing financial problems due to the fact that he has stopped paying for his Ferrari.
TMZ has recently reported that Bow Wow is being sued by SunTrust Bank and they claim that he owes over $300,000 since last year. TMZ has even found a document that states that the bank repossessed the star’s Lamborghini Murcielago, and the bank added another $25,000 to his tab for the repossession of his vehicle.
Even though the Murcielago and other payments helped pay some of his debt, SunTrust’s lawsuit also claims that Bow Wow continues to owe over $20,000.
TMZ has also found out that Bow Wow owes $283,000 for his Ferrari. As if it couldn’t get worse, Bow Wow owes back taxes from 2006, 2008 and 2010.
Some sources say that the reason Bow Wow is in this financial issue is the result of his former management team, but now he has a new group working for him. The new management team are helping Bow Wow to take care of these matters.