A Pennsylvania lender is suing Adrian Peterson, claiming he defaulted on a $5.2 million loan, according to Daniel Kaplan of The Athletic.
The Washington Redskins running back apparently used the loan to pay back other debts, including money owed to a “pay day lender.”
Because of interest and legal fees, Peterson now owes DeAngelo Vehicle Sales $6.6 million.
Here is how everything played out, via Yahoo:
“The company served Peterson last September by sticking the summons to the front gate of his Houston home, according to court papers.
Documents filed with the New York State Supreme Court show Peterson borrowed the initial $5.2 million on Oct. 26, 2016, when he was still with the Minnesota Vikings.
According to the terms of the loan, Peterson was to pay back all of the money, plus 12 percent interest, four months later. If he didn’t, another 10 percent interest rate accrued on top of the initial 12 percent.”
Unfortunately for Peteron, this wasn’t his first loan nor the first he’s defaulted on.
“He used the $5.2 million from DVS to pay back a loan of nearly $3.2 million to Thrivest Specialty Funding and another $1.34 million to Crown Bank.
In 2018, a Minnesota court ordered Peterson to pay the final unpaid $600,000 to Crown Bank on a $2.4 million loan.
A Maryland judge declared last week that Peterson had to pay another creditor, Democracy Capital Corp., the $2.4 million he owed.”
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What makes all this even disturbing is that Peterson has earned almost $100 million during his NFL career, which is more than what any back has ever made at his position.
