Most Celebrities do live a lavish lifestyle and other spend beyond their means and even take loans to purchase luxurious things forgetting that it would be a total embarrassment when they fail to pay their loans and even ruin their reputation. In this video we are going to have a look at 10 Celebrities Who Had Their Cars Repossessed. These celebrities had the repo man com for their sleek rides that they failed to make payments.
- Sean Kingston
The “Beautiful Girls” hit single singer had his three luxurious cars repossessed in 2014; this includes a Bentley, a Mercedes-Benz G-Class SUV and a Lamborghini. The cars were repossessed in a span of two months. The singer had been facing financial struggles and he was not able to make payments for the vehicles in time. His luxurious lifestyle led him to financial problems.
- Lil Kim
Next on our list is Lil Kim. Lil Kim had been given a Bentley Continental GT by her boyfriend Producer Scott Storch as a gift .When the two broke Scott failed to mention to Lil Kim that the car was on lease and hadn’t been fully paid for. Scott stopped making the payments and the luxurious British machine had to be repossessed .Lil Kim was mad at the people who repossessed the car and even more to her former boyfriend Scott.
- Shad Moss aka Lil Bow Wow
Back in 2009 Shad Moss aka Lil Bow Wow had his Ferrari repossessed after failing to pay $283,000 loan. His financial problems didn’t end there as three years later in 2012 his Lamborghini Murcielago was repossessed as SunTrust Bank filed a lawsuit against him after failing to make some of the payments of $300,000 business loan he borrowed from the bank.
7. Jermaine Dupri
Music producer and founder of So So Def Records Jermaine Dupri had his luxurious sports car Lamborghini Murcielago repossessed in 2011.Jermaine Dupri owed the bank $80,000 at the time the car was repossessed .This was just the beginning of his uncertainties as IRS came after him for $800,000 back taxes.
- Nene Leakes
The American TV personality had her Bentley repossessed while she was in a restaurant in Atlanta .The Housewives of Atlanta star has denied the repossession saying that she was rich but this was just a way to console her earlier embarrassment of witnessing how her Bentley was repossessed. To add up to her uncertainties her house was going into foreclosure as she was living beyond her means spending $17,000 a month.
- Method Man
In 2009, Method man failed to pay his taxes and filed them in several years in a row. The IRS had to take possession of Method Man’s Lincoln Navigator and auctioned it to recover some of the money the Former Wu Tang Clan member owed them.
- Young Dro
Rapper Young Dro is another celebrity who defaulted on Car payments. Young Dro had his Maserati Quattroporte Sport GT repossessed with an outstanding balance of $60,000.
- Young Buck
Back in 2003 Young Buck was signed by 50 Cent’s Record label, G-Unit. From that time he has had successful career and was financially stable until 2008 where he was dropped by the label. The rapper had to struggle to support himself and later on his possessions were auctioned off by IRS after failing to file his tax returns .In 2011, he failed to pay for his BMW X5 which was on lease and the bank had to repossess the $39,000 luxurious car.
In 2014, the American singer of Senegalese descent got into a controversial car loan dispute.His 2010 Ferrari Italia was repossessed, it was reported the Italian sports car cost $243,000 but since the car was on lease loan the total amount including interest was $360,000.Akon claimed he had paid 37 payments yet the bank says he owes them $250,000.With all this controversies Akon was tricked and seemed it worked.
- Nicholas Cage
The Hollywood star was once one the highest paid actors in Hollywood, with a salary of $40 million. With all this huge annual salary Nicholas Cage spend his money on outrageous purchases instead of putting the money to good use, investment or charity. The actor became broke and repossessed some of his properties and luxurious cars to add on that he owed IRS $13 million in back taxes.