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Bow Wow owes bosses at a car leasing company more than $216,000 after falling behind on payments for a Ferrari.
The rapper, 25, signed a contract for a 2005 Ferrari F430 model in 2008, but he allegedly failed to keep up with the monthly fees and firm executives took him to court in February 2009 in a bid to recover the funds.
They won a judgment ordering Bow Wow to hand over the six-figure sum, but according to TMZ.com, he has still yet to settle the debt and the amount owed has now swelled to $283,785 with interest.
News of Bow Wow's money troubles emerges just days after a court judge ordered him to pay over $3,000-a-month in child support to his ex-girlfriend Joie Chavis to take care of their baby daughter Shai.
During the hearing, the hip-hop star and new co-host of BET show 106 & Park claimed he earned just $4,000-a-month from his contract with Cash Money Records and had less than $1,500 in his bank account.
Copyright WENN.com
