According to reports, Bow Wow is being sued by SunTrust Bank. The suit claims Bow fell behind on a business loan of over $300,000 last year. As a result, TMZ has found documents that indicate the bank repossessed his Lamborghini Murcielago.The bank added another $25,000 to his tab for repossessing the vehicle.
While the Murcielago and other payments helped pay off some of the debt, SunTrust’s lawsuit also claims that Bow continues to owe over $20,000 to the bank.
However, there may be other financial issues on the table. According to TMZ, Bow Wow also owes another $283,000. This money comes from a Ferrari that he stopped paying for. Beyond this, as HipHopDX recently reported, Bow Wow also reportedly owes back taxes from 2006, 2008 and 2010.
TMZ also reports that sources close to Bow Wow feel the financial woes are a result of his former management team. According to their report, Bow has a new group working with him to help in these matters.