Celebrities can have the same financial issues as everyday people, just on a grander scale and in a more visible way. Fame does not always mean lifelong financial security. Irresponsible money management has resulted in many celebrities being unable to stop car repossessions on the public stage.
Diamond’s Chevrolet Camaro
A car being repossessed is embarrassing enough, but the rapper Diamond’s money problems caught up with her in an even more mortifying way. In the fall of 2010, while using the car in her music video shoot, Diamond’s bright yellow Chevrolet Camaro was repossessed. Not only did the repossession make Diamond’s financial problems a public matter, it also ruined her music video shoot.
Jermaine Dupri’s Lamborghini Murcielago
Even a legend needs to pay his bills, or suffer the consequences. Jermaine Dupri may be one of the best known producers in the industry, but when he stopped paying for his exotic white Lamborghini Murcielago in December of 2011 his renown didn’t stop the car from being repossessed. In fact, recent reports indicate Dupri has still not paid back the money owed to the car’s financing company.
Bow Wow’s Lamborghini Murcielago and Ferrari F430
The Lamborghini Murcielago may take the prize for the most commonly repossessed celebrity car, with Ferrari coming in a close second. In 2012 rapper and actor Bow Wow had not one, but two, exotic sports cars removed from his possession due to defaulted financing. Outwardly, Bow Wow appears to be fiscally comfortable living the luxurious hip hop lifestyle. The reality of Bow Wow’s situation is that he owes hundreds of thousands of dollars on his repossessed cars.
Terrell Owens’s Jeep Grand Cherokee
More often than not, it is a bank of other financial institution repossessing a celebrity’s car. That was not the case when notorious football player Terrell Owens lost his Jeep Grand Cherokee in May of 2012. The Jeep was repossessed by the indoor minor league football team that fired him, along with every other perk the team gifted the player before cutting him loose. He may not be branded a broke celebrity by the public, but it is never enjoyable to lose your job, home, and vehicle all in one day.
Lil Kim’s Bentley Continental GT
Lil Kim passed off blame for the 2008 repossession of her Bentley Continental, but it was still a harsh blow to the financial reputation of one of hip hop’s most infamous stars. According to Lil Kim, the luxury car was given to her as a gift by Scott Storch. When Storch stopped making payments, and the loan went into default, Kim’s fancy car was repossessed. While Lil Kim’s money problems may not have instigated the repossession, some say it was her ignorance to the status of her car that allowed it to happen.
When celebrities experience financial issues, everybody eventually knows. A car being repossessed in any public forum will undoubtedly out a celebrity's money problems to the world. Learn a lesson from these celebrities and practice good money management.
