Jermaine Dupri, from his Twitter profile
Lamborghini Murcielago LP640
When Dupri decided to buy a Lamborghini Murcielago in 2006, Premier Financial Services (PFS) was happy to loan the music industry star the money it took to buy the car. Dupri put down $70,000 and agreed to 58 monthly payments of $4,323 each.
According to celebrity news site TMZ, Dupri made the payments until sometime in 2009, at which time PFS repossessed the Lamborghini. The car sold at auction for $115,000, but that’s where Dupri’s troubles begin.
PFS isn’t satisfied with the proceeds from the sale, and is suing Dupri for the $79,095 difference between the note value and the sale of the car. That may seem like a significant amount of money to us, but we’re sure that Dupri has people on staff to handle details like this, and a deal will likely be cut to satisfy both parties before it heads to court.
If there’s a lesson to be learned here, it’s this: when it comes to big toys with massive depreciation, it’s always best to pay cash.