It looks like with every new job comes new financial woes for “106 & Park” host Bow Wow. The bank that repossessed his Lamborghini is suing the rapper/host for the cost of repossession and auction. You most certainly read that correctly.
SunTrust Bank in Georgia is suing Bow Wow alleging he took out a business loan for $300,165. Bow Wow, whose real name is Shad Moss, agreed to fork over $4,730 a month for 84 months to wipe out the loan. According to bank records, the Cash Money artist began defaulting on payments and the bank repossessed the luxury sports car and auctioned it off for $161, 000. As if that weren’t enough, the bank added $25,000 onto Bow Wow’s bill calling it “repossession expenses.” In total, Mr. 106 still owes SunTrust Bank $21,371.
This isn’t the first time something like this has happened to the “Like You” rhymer. it was reported a while back Bo Wow was ducking and dodging a collection agency who wanted their $283,000. That debt stems from a Ferrari he stop making payments on.
People close to the rapper say all of Bow Wow’s financial issues are due to the crappy ex-managers he had. Now that he’s fired all of the shady business people around him and is starting fresh. He is also working with his new team to settle all debts he’s incurred.