December 13, 2011

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Jermaine Dupri has had the kind of career that most people dream about.

An artist, producer and record company owner, Dupri has worked with the likes of Kris Kross, Mariah Carey, Xscape and Da Brat. He’s signed distribution deals with both Columbia Records and Arista Records, so chances are he knows a thing or two about contracts.

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 thecar. Dupri put down $70,000 and agreed to 58 monthly payments of $4,323 each.

According to reports, Dupri made the payments until sometime in 2009, at which time PFS repossessed theLamborghini. 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.

I could have got him that car for $195,000.

Another example of a celebrity living beyond their means.What the hell does he need a Lamborghini for? He obviously can't afford it.

Identity said:

December 13, 2011

Link

Jermaine Dupri has had the kind of career that most people dream about.

An artist, producer and record company owner, Dupri has worked with the likes of Kris Kross, Mariah Carey, Xscape and Da Brat. He’s signed distribution deals with both Columbia Records and Arista Records, so chances are he knows a thing or two about contracts.

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 thecar. Dupri put down $70,000 and agreed to 58 monthly payments of $4,323 each.

According to reports, Dupri made the payments until sometime in 2009, at which time PFS repossessed theLamborghini. 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.

Obviously the 'people on staff' aren't handling 'details like this' which led to the repossession in the first place.

This high broke-file ass ninja...

Money ain't a thing, huh?

"The borrower is a slave to the lender" - Proverbs 22:7

Timmy84 said:

This high broke-file ass ninja...

I thought dude had plenty of loot. Maybe he needs a free money management class.

Identity said:

Timmy84 said:

This high broke-file ass ninja...

I thought dude had plenty of loot. Maybe he needs a free money management class.

Didn't he file for bankruptcy a while ago?

Didn't he buy Janet an expensive ass car one year for her birthday?

Timmy84 said:

Didn't he file for bankruptcy a while ago?

I'm not sure, but there was widespread talk of money woes.

He almost lost his home to foreclosure this past May.

phunkdaddy said:

Didn't he buy Janet an expensive ass car one year for her birthday?

Yep!!!

^

Given his financial track record, Janet probably ended up making the payments on it.

Identity said:

^

Given his financial track record, Janet probably ended up making the payments on it.

I wouldn't be surprised.

Are we suppose to be happy or sad bout this? its hard to tell on the org.

lazycrockett said:

Are we suppose to be happy or sad bout this? its hard to tell on the org.

I'm laughing at this stupid ninja...

Maybe bow wow can lend him a helping hand.

lazycrockett said:

Are we suppose to be happy or sad bout this? its hard to tell on the org.

For me it's a cautionary tale about the warning signs of financial mismanagement and how to avoid the consequences.