Floyd Mayweather Jr., a Las Vegas boxer, and a very good one at that is not a very good money manger.
He recently purchased a $512,184 Mercedes Maybach 57S on a $415,000 loan at 16%
Needless to say, he didn't make the payments and the car was repo'ed.
"The contract called for an interest rate of 16 percent and 72 monthly payments of $9,077, which the lawsuit said Mayweather failed to make beginning in February 2008.
Court records indicate the bank repossessed the vehicle in January 2009, when the past-due balance had grown to $36,309 and the balance due was $363,000.
After the bank sold the Maybach for $196,000, JP Morgan Chase said that as of March, Mayweather still owed $167,192 on the contract, plus unspecified legal expenses."
Court records indicate the bank repossessed the vehicle in January 2009, when the past-due balance had grown to $36,309 and the balance due was $363,000.
After the bank sold the Maybach for $196,000, JP Morgan Chase said that as of March, Mayweather still owed $167,192 on the contract, plus unspecified legal expenses."
Mayweather Jr. has made millions in boxing and commercials, but like many pro athletes, he cannot handle his finances. He has a big fight this weekend and will make a lot of money. One hopes he will learn his lesson and hire a good money manager. Hopefully, he will retire with money and not be a poor and broke has-been fighter.
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