Most people run into some type of financial problem at some point in life. Unfortunately, celebrities are not exempt from this. Of course, celebs have way more money than the average person. However, famous people can get in over their heads when it comes to purchasing lavish items. Sometimes, these items include vehicles, and sometimes, these vehicles have to be repossessed.
Imagine the embarrassment! It’s bad enough when you’re trying to hide your 10-year-old sedan from the bank so that your car won’t be repossessed in the middle of the night. However, when you’re million-dollar sports car is taken back to the dealership because you couldn’t keep up with the payments, that’s got to be shameful. This just goes to show you that being a celebrity doesn’t automatically mean that you know how to manage your money. As a matter of fact, when some people become famous, they spend too much money too quickly, which leads to some serious financial issues. Of course, some celebs purchase expensive cars in order to impress their friends and family, which makes a repossession even more embarrassing. Here are 10 celebrities who probably should have thought twice before purchasing cars they actually couldn’t afford.
10. Sean Kingston
Jamaican singer Sean Kingston had a hit single called Beautiful Girls in 2007, that took over the radio waves for a few months. The song got him lots of media attention, and he even made a few television appearances. Kingston went on to make more music, and even had a reality show with his mother and sister for a while. However, in 2014, it became apparent that Sean Kingston was having some money issues. He had three cars repossessed. First, his Mercedes Benz SUV was taken from his home. Then, his Bentley was towed away three weeks later while he was inside a fancy hotel in California. Finally, his Lamborghini was taken away after he fell behind on the payments. Embarrassment times three. We just hope none of his friends were around when the repossessions took place.
9. Lil Kim
Rapper Lil Kim had a car repossessed, but it wasn’t technically her fault. The artist, who rose to fame in the 1990s as part of Bad Boy Records, went on to date producer Scott Storch. The two broke up, but not before Storch leased a Bentley for the rapper as a gift in 2003. Lil Kim kept the car after the split, but apparently she wasn’t aware that the vehicle was not completely paid off. After five years of having the car in her possession (without Storch making regular payments on the vehicle), Lil Kim’s Bentley was repossessed. Many people suspect that Scott Storch’s drug problem was the reason why the talented producer wasn’t able to keep up with the car payments.
8. Shad Moss
Shad Moss, formerly known as Lil Bow Wow (and most recently Bow Wow), will hopefully have a financial future that is better than his past financial situation. Moss has been making music for more than a decade, and he’s even starred in a few movies, including Lottery Ticket and Like Mike. A few years ago, Shad Moss wasn’t doing so great in the money department. While he was the host of BET’s 106 and Park, his Lamborghini was repossessed. That same year, he claimed that he wasn’t able to make his child support payments, which were set at $3,000 a month. Moss is currently engaged to reality star Erica Mena, so we’re hoping he’s financially prepared for this next phase of life.
7. Jermaine Dupri
Music producer Jermaine Dupri has been associated with some of hip hop’s biggest acts, including Bow Wow and Da Brat. He also dated Janet Jackson for quite some time, and produced some of her music. Dupri is the founder of So So Def records, and enjoyed financial success for quite some time. However, in 2011, his Lamborghini Mercielago was repossessed when he still owed the bank quite a large balance—around $80,000. Dupri’s creditor, Premier Financial Services, took him to court regarding the balance. Shortly after this, the IRS came after Jermaine Dupri because he owed about $800,000 to the government.
Singer Tionne Watkins will always be known as T-Boz, one third of the R&B super group TLC. Watkins’ story is a little different from many celebrities whose vehicles are repossessed after they’ve spent too much money on a car they couldn’t afford. Tionne decided to buy a Honda Odyssey minivan—a practical car that didn’t have all the bells and whistles that can make a vehicle too pricey. Unfortunately, Watkins, who suffers from sickle cell anemia, had to file for bankruptcy after hitting a few financial rough spots. However, she didn’t get full Chapter 11 bankruptcy coverage because she didn’t complete the process. As a result, her minivan was repossessed. T-Boz, along with remaining TLC member Rozanda Thomas (aka Chilli), recently went on tour with New Kids On The Block, so this hopefully helped Watkins to get in a better financial position.
5. Jennifer Williams
Jennifer Williams is known for being a cast member on the VH1 reality show Basketball Wives. The show is basically about women who are rich because they are married to, or romantically linked to professional basketball players. However in 2012, Williams was fired from the show. This was also the year that her 2006 Bentley was repossessed. After all, she hadn’t been paying her car note in three years. Unfortunately, Jennifer Williams was sued by Toyota Motor Credit Corporation for the remaining $92,000 balance on the car. Hopefully the launch of her company, Lucid Cosmetics, will help her get back on track financially.
4. Mike Sorrentino
Mike Sorrentino, also known as “The Situation,” was one of the original cast members on the MTV reality show Jersey Shore. Maybe Sorrentino was too busy getting into bar fights and “getting dates” to realize that he should probably start making enough money to pay the car note on his Bentley. The car was repossessed in 2012, and when Sorrentino was asked to confirm this information, his publicist stated that the car was towed to a shop for repairs. That was before the repossession company actually confirmed that the car had in fact been taken from Sorrentino for non-payment. Perhaps Mike’s stint on Marriage Boot Camp, with his girlfriend will help him restore his finances.
3. NeNe Leakes
In 2012, rumors were swirling that outspoken Real Housewives of Atlanta cast member NeNe Leakes, had her Bentley repossessed while she dined at an Atlanta restaurant. Leakes quickly took to Twitter to let all her followers know that her car was never repossessed. She stated that she’d never owned a Bentley, and that she still had her Range Rover, which she’d worked hard to pay for. We’re not sure what to make of this story, but we’re guessing that NeNe, who is known for commenting on other people’s financial woes, may have a great publicity team who knew how to keep the media at bay just long enough for Leakes to remedy her financial situation.
2. Terrell Owens
It’s no secret that handsome football player Terrell Owens, has had some major financial trouble lately. Owens most recently played for an indoor football team, the Allen Wranglers. In less than 24 hours, Owens lost his job with the Wranglers, along with his house (which was supplied by the team) and his car. Owens had been given a 2012 Jeep Cherokee by the Allen Wranglers to drive, but obviously, he didn’t have long to enjoy it. The former athlete also had a number of money-related issues concerning child support before signing with the Wranglers.
When rapper Diamond, formerly of the group Crime Mob, was dancing on top of her car while filming the music video for her song Lotta Money, the video came to a halt because the car was being repossessed. Talk about embarrassment and irony. The incident took place in 2010, and the car that was repossessed was a Chevy Camaro (a 2010 model). Diamond then released the song Shots Fired, as a response to the negative media attention and criticism she was getting as a result of the repossession. Diamond is a two-time nominee for the BET Award for Best Female Hip-Hop artist, and is scheduled to appear on the Oxygen reality show Sisterhood of Hip Hop. Hopefully this new financial opportunity will help her avoid another vehicle repossession.
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