The rich and famous appear to live a luxurious lifestyle that allows them to have grand homes and automobiles. However, it doesn’t matter how rich a person is if they have a spending problem. Here are the top five car repossessions, which have happened to Hollywood stars. Sure, they had plenty of money at one time. Unfortunately, not budgeting properly and spending too much money, got them a visit from the repo man.
- Lil Kim and The Bentley GT
Sure, 2008 will go down in history for the year the housing market crashed, but it will be remembered by Lil Kim for another reason. Due to financial troubles, she lost her car in May of 2008. However, the financial trouble wasn’t even her own. The car was a gift in 2003 from her boyfriend Scott Storch. The car was a whopping $250,000. Apparently, Storch got behind on his bills, and the car was one of the first things to go. The bank came to collect the Bentley Continental GT from Lil Kim’s driveway without her knowledge. What a shock to have something so precious slip through her hands.
- Bow Wow and His Double Repos
Life has been hard on Bow Wow the past few years. With album sales down, financial troubles loomed. He is proof positive that just because a person looks like they have money, doesn’t always mean that they do. In 2014, the $300,000 business loan he was responsible for could not be paid. So he defaulted on this loan, which was secured by two major cars. The first car was valued at $354,000. It was a 2012 Lamborghini Murcielago. The car was sold at auction, and Bow Wow was given a bill for the other $21,000 of fees owed. While this car may have covered most of his debts with this bank, his money troubles were long-standing. He also defaulted on his 2005 Ferrari F430. With an outstanding balance of $283,000, he still owes the bank from this 2009. Like any star will tell you, the market goes up and down. One minute you can be a hero and the next minute no one knows your name.
- Jennifer Williams Lost Her Husband-Then Her Car
To say that Williams has had a roller coaster ride financially would be an understatement. The “Basketball Wives” star is no stranger to tough times. She recently went through a divorce from her husband, Eric Williams. During the divorce process, Eric defaulted on the payments for her Bentley Continental GT. The $250,000 car was taken from her without notice. She didn’t even have a chance to get it back. June of 2012 was a hard year for her. First a divorce and then she lost her beloved car.
- Young Dro Aka. Young D’Juan Heart
In 2007, the Young Dro spent more than $135,000 to purchase his Maserati Quattroporte. He often sings about drugs, alcohol, money, and women. It seems that perhaps these things got in the way of his entertainment career. In 2012, his Maserati was repossessed with a balance owed of $61,220. The poor Atlanta Rapper was never able to recover the car. He has faded into the background with no music in years.
- T-Boz Singer from TLC and The Bankruptcy Scandal
It’s all fun and games until you get the minivan you drive your kids around in repossessed. Famous singer T-Box, also known as Tionne Watkins, filed for bankruptcy protection in 2011. She included her 2005 Honda Odyssey on her bankruptcy schedules, and although she reaffirmed the car, she never made another payment. Another problem with her petition was the fact that she never finished the filing procedures. The case was dismissed and Honda Financing came and picked up the car. Her one hit wonder, “I don’t want no scrubs,” just didn’t give her enough money to keep paying the bills.
Repossessions Can Happen To Anyone
Having a car is a big responsibility. You must keep your car in good condition, and most importantly, the car payment must be made on time. When it comes to repossessions, banks don’t care who a person is or what their social standing. If they don’t pay the car payment, they will come looking for it. Stars are not immune from financial woes. All it takes is one bad song, movie, or publicity event, and their career can be over in the blink of an eye.