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Rapper 'Bow Wow' faces more financial woes after repo

Shad Moss-who is better known as "Bow Wow"-says that he is broke. Last year, the rapper had his $300,000 plus Lamborghini repossessed. The bank that held the note on the luxury vehicle has now filed a lawsuit seeking to collect $25,000 in debt still owed on the already repossessed Lamborghini.

The bank claims that the money represents its costs involved with the repossession. But that lawsuit is not the only financial problem the rapper has had with automobile contracts.

A company has been hounding Bow Wow for three years over a leased Ferrari. Sources say that the lease company had filed a lawsuit on the Ferrari and obtained a judgment for more than $216,000 on that contract.

The debt owed on the judgment reportedly has increased over time due to the accrual of interest. Sources say that Bow Wow owes more than $283,000 on the judgment related to the leased Ferrari.

The rapper says that he fell on hard times due to the people who used to manage his financial affairs. He says that he is working to clean up his finances, according to TMZ. However, the rapper appeared in family court last month and told the judge that he only has $1,500 in his bank account. He says that his current monthly income is only about $4,000 a month, according to Latinos Post.

Bow Wow recently signed a new contract to be a co-host on the hip hop and R&B music video show "106 & Park" on the BET Network.

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