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Floyd Mayweather Jr. works out at his Las Vegas gym this month. Mayweather is preparing for his upcoming fight with Juan Manuel Marquez on Sept. 19 at the MGM Grand Garden Arena.
Monday, Sept. 14, 2009 | 12:46 p.m.
Sun Archives
Just days before his fight against Juan Manuel Marquez, Las Vegas boxer Floyd Mayweather Jr. faces another potential distraction in the form of a lawsuit.
JP Morgan Chase Bank filed suit in Clark County District Court in Las Vegas on Wednesday against Mayweather, claiming he owes more than $167,000 on an auto loan that is in default.
The suit shows that in April 2007, Mayweather borrowed $415,695 to finance the purchase for $512,184 of a Mercedes Maybach 57S from dealer Fletcher Jones Imports in Las Vegas.
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.
Messages seeking comment on the lawsuit were left Monday with Mayweather's office and with his attorney in an unrelated case.
The suit was filed on behalf of JP Morgan Chase by attorney Caleb Langsdale with the Cooper Castle Law Firm. Langsdale said Monday he could not elaborate on the allegations.
The lawsuit follows an incident last month in which police searched a home belonging to Mayweather as part of an investigation of a shooting at a Las Vegas skating rink.
Police in a search warrant said they believed an associate of Mayweather was the shooter in the incident in which no one was injured. Detectives seized two handguns, ammunition and two bulletproof vests and said another car of Mayweather's, a Rolls-Royce, was at the home when it was searched.
Mayweather is coming out of retirement with plans to fight Marquez on Saturday at the MGM Grand resort in Las Vegas.
16% ?
They saw him coming.
Good boxer, bad money management. Sounds like a typical fighter who will end up broke in retirement.
Obviously this guy needs a financial advisor. Even my 16 year old knows not to sign a loan contract for 16%.
Who cares? Why is this front page news? That's his problem.
Maybe he should ask the public for the 100's that he threw into the pool "making it rain" at Hard Rock during the 50-cent concert.
http://mrsunshinevegas.wordpress.com/pag...
Like he needed a Maybach and at 16%? Fletcher Jones Finance manager made a home run on that deal !!!!!
what kind of person takes a loan out on a $400,000 car? That makes zero sense. This guy will be broke after retirement.
no sympathy for people that get into trouble buying "peacock" stuff.
Another moron that fails to take responsibility for his actions.
"what kind of person takes a loan out on a $400,000 car"
Great point!
I'll take it further and ask why anyone would take out a loan for any car? If you can't afford a $300,000 car, don't take a loan for one. If you can't afford a $30,000 car, don't take a loan for one. Of course, I understand that a 5-digit car helps many people get to work, to buy gorceries, etc. What I don't understand is why a person would stretch to lease a bmw for $500 per month when they could easily buy a camry for $250 a month. I wouldn't stretch to buy a Mybach any more than I would stretch to buy a bmw.
Professional athletes fitting the P.T. Barnum axiom "there's a sucker born every minute" seems to fit this guy. It also makes one wonder what happened to the million dollar plus purses he's won over the length of his brilliant career. He must have had one too many relatives on the payroll.
This guy probably dosen't even know how much money has or dosen't have. Math, most likely was not his strong suit in school. I feel sorry for the sun for shinning a light on someones personal debt to sell papers. And that is a shame.
i hope he looses everything i also like to see what he do if he comes across a mma fighter
I'm starting to feel bad for Floyd. Obviously, there is no one around him to talk any sense into him (financially or socially). This guy could end up as the next big Vegas "Train Wreck"
Those evil banks. How dare they give him a loan he had no intentions of paying back? We need a federal program to help the 'car less' and the clueless.
Maybe we could have someone intervene and knock down the amount he owes. I am sure the cars aren't worth what he owes these days so the bank and the government should help the guy by writing off some of the debt.
It's an obamanation.
The bank sold a $500 K mercedes for $196K ????? I wonder who bought it.
It is a wonderful treat to hear from one on a regular basis who is as happy,well-balanced, caring, thoughtful, worldly, knowledgeable on any and all subjects, and obviously intelligent as is neiman1. I would love to see one as talented as he is run against that evil Senator Reid and put some of his (nieman's) theories to a test.
they fight 2morrow rite 9/15/09??
Obviously the 16% rate was a reflection of his credit worthiness/history and it was proven rightfully so.
This is the exact same thing as people buying $400,000 house and then walking away from it.
The banks need to go after those fools too. I want the people who thought they could afford a $400,000 home to be sued like this guy.
what he couldnt pay cash 4 it
Isn't mybock a beer. Mike Tyson is his financial adviser.
He brags "I keeps a private jet you know"! Well, if that's the case he should (As he quotes)"Step your game up". Collect while you can, Unfortunately the "Sweet science" is not the game it used to be.
16%....who is being arrested at the bank for this ? And who at the bank allowed this transaction to go through ? I blame the bank here more than the loanee...How many more people are in this 16% situation with JP MORGAN. Who's the thief ?
Mayweather is as big a clown as Dana "G.Dog" White.
Both have no sense and spill poop out of their mouths whenever they speak.
he has a ton of barnacles hanging off of him. everywhere they go they're very loud and obnoxious. they go to the fabulous freddy's on durango, talking, (if u want to call it that) super loud on cell phones, walking around like bangers, tough guys. i've seen them in home depot, clueless and trying to fix their own stuff. a truly pathetic tribe of monkeys.
In the words of the great Randy Moss "strait cash homie!".
That's what he should have paid for the car. I mean if he really had it. Financing $400+K for a Mayboc @ a 16% interest rate with a $9K car note is basically like throwing your money in the garbage can on trash day.
@Babyboomer, you say you blame the bank more than the loanee...who's the thief? Someone at the bank should be arrested?
Wow, that's such an ignorant disposition. I assure you he was 100% aware of the terms of the loan. Further, I am certain that he understood this transaction to be 100% optional and was free to walk away at any time with no penalty.
Now, what did the bank do wrong? Oh, I get it...you're saying that Floyd is actually mentally disabled, so they suckered him into this.
I should retract my previous comments...you're probably right.
Math rules the world!
He should have parked it at the corner of MLK and Lake Mead with the keys in it.
"Maybe we could have someone intervene and knock down the amount he owes. I am sure the cars aren't worth what he owes these days so the bank and the government should help the guy by writing off some of the debt.
It's an obamanation".
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Here's neiman1 again trying to make a political point. Sigh.....poor thing. He has no real life.
Back to the subject, so many athletes blinded by the sight, smell and touch of that much money. Please, one of you, just hire a financial advisor, invest in something reasonable, please!!
I think Money Mayweather will end up in real estate next. He could buy my whole neighborhood real cheap, gate it and make his own compound. It would be a place all those expensive cars, machine guns, bullet proof vests, etc for safe keeping.
lol..now we see why he is coming out of retirement. "Money" Mayweather? More like "where my money gone" Mayweather.