Eariler this year JD just barely avoided losing his Atlanta home to foreclosure and he’s also been battling a child support case over his 1 year old daughter.
Apparently, JD defaulted on his $4,323 montly payment and the car was subsequently repossessed.
As you may know, luxury cars depreciate in value rather quickly, so although the finance company took back it’s collateral, JD still owes a ton of cash on his loan.
Details PLUS court docs below…
The lawsuit alleges that in 2006, Jermaine financed $330,000 through the company for his 2005 Lamborghini Murcielago, agreeing to make 58 monthly payments of $4,323.
Jermaine made a down payment of $70,000 and successfully made the bulk of his payments, but in 2009 he fell behind and subsequently failed to pay the remaining balance due on the loan (around $195,000).
Premier Financial Services repossessed his car and it was sold at auction for $115,000, a little over half of the balance due. They’re suing Jermaine for the difference, $79,095.
As you know, Jermaine publicly dated Janet Jackson for years and even got her face tatted on his side. Many have speculated that Janet was financing JD’s every move, as it seems things began to go down hill for him shortly after the two parted ways.
I’m not saying one has anything to do with the other though…