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SPEEDY
Lamar Fan
2005 Tiger Smack Poster of the Year
Member since Dec 2003
74890 posts

Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

Adrian Peterson is on the hook for $8.3 million in defaulted loans after the New York State Supreme Court ruled against him in a summary judgment, according to records obtained by ESPN.


quote:

The Detroit Lions running back, soon to be a free agent, was hit with a lawsuit in July 2019 from DeAngelo Vehicle Sales LLC, a Pennsylvania loan company (think investment vehicles, not cars). The company alleged that Peterson failed to pay back a loan of $5.2 million issued in October 2016.


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Peterson reportedly did not appear in court to argue his side, nor had any lawyer there representing him.


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The loan was reportedly due to be paid back, with interest, by March 1, 2017. When the company filed suit, it asked for $6.6 million to cover the loan, interest and legal fees, plus continued interest for every day the loan went unpaid. After two years had gone by, it reportedly asked for $8,268,426.21, which added up to $2,207.12 per day in continued interest.


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The interest, which had been 16%, will be lowered to 9%, which is New York State law, going forward.


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In an initial settlement agreement notarized in October 2019, Peterson reportedly acknowledged “the existence and continuation of his default under the Loan and the applicable Loan documents, and that Peterson’s obligation under the Loan is immediately due and payable.”

Under the settlement, Peterson was apparently supposed to make $25,000 payments on Oct. 18 and 31, 2019, $2.25 million on Nov. 11, 2019 and $25,000 within 10 days of his contract option being picked up by the Washington Football Team for the 2020 season. If he did not make the payments, the settlement dictated that he would have to pay back the entire $5.2 million loan plus interest.

DeAngelo Vehicle Sales reportedly said in court that Peterson only paid back $165,000.



quote:

This isn’t the first time Peterson has had a court rule against him on a defaulted loan, as he was ordered to pay $2.4 million for a similar situation in 2014.

In that case, Peterson had reportedly owed $4 million to Democracy Capital Corp. in Maryland, but only paid back about $1.7 million. What’s more, Peterson’s loan from DVS in 2016 was reportedly used to pay back loans of nearly $3.2 million to Thrivest Specialty Funding, which his lawyer later described as “a pay day lender for professional athletes” and $1.34 million to Crown Bank.


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Adrian Peterson has made more than $100 million in his career


LINK




Jamiroqui37
LSU Fan
Member since Jan 2021
575 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
His son better watch out tonight his dad is pissed. He is such a pos


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3613
TypoKnig
US Space Force Fan
Member since Aug 2011
8927 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
I’ll never understand how someone that has earned $100 million in less than 15 years can get in this much debt.


GetCocky11
South Carolina Fan
Arlen, TX
Member since Oct 2012
41530 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
In case we were all wondering why he hasn't retired, yet.


SPEEDY
Lamar Fan
2005 Tiger Smack Poster of the Year
Member since Dec 2003
74890 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

In case we were all wondering why he hasn't retired, yet.



Adrian in 2041:

Image: https://dailysnark.com/wp-content/uploads/2016/11/15179132_1265497910159147_8056804647981007307_n.jpg


nicholastiger
LSU Fan
Baton Rouge
Member since Jan 2004
23723 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
Smartest players drafted really high are the ones that put that signing bonus in the bank and you can practically live off the interest.


Diseasefreeforall
Miami (FL) Fan
St Clair Co
Member since Oct 2012
1851 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
Supposedly he's got 7 kids with various baby mamas so yeah, especially with his earning power decreasing over the years.

Looks like his foundation does a lot of work with food banks in Detroit so that's a plus.


TypoKnig
US Space Force Fan
Member since Aug 2011
8927 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

Looks like his foundation does a lot of work with food banks in Detroit so that's a plus.


On his current trajectory, he way need to start using it.


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410
Indiangensing
New Mexico St. Fan
Member since Nov 2017
760 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
The "community" can blame themselves.


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231
jclem11
TCU Fan
Houston, Texas
Member since Nov 2011
4951 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

I’ll never understand how someone that has earned $100 million in less than 15 years can get in this much debt.


YouTube - Spencer Cornelia

This guy talks about athletes going broke.

Basically they waste it all on liabilities and shite they cannot afford once the game checks stop.

The big brained move is to invest all your checks and live off the returns.

It's not as flashy or sexy but it is the winning move.

Most athletes are basically lottery winners and have zero clue how to manage money and get taken advantage of.

And they end up with too many baby mommas.


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Mo Jeaux
LSU Fan
NYC
Member since Aug 2008
44336 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
And yet there are so many cleat chasers on this board who worship them. Kind of odd.


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135
Tiger Ryno
Houston Astros Fan
#WoF
Member since Feb 2007
95249 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
Wonder how behind he is on child support.


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70
skullhawk
LSU Fan
My house
Member since Nov 2007
15560 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

I’ll never understand how someone that has earned $100 million in less than 15 years can get in this much debt.


Don't forget that top tax bracket will eat you up. A lot of these athletes spend money like these checks will be rolling in for the rest of their lives. As soon as AP stopped getting paid from his big deal with the vikings, the game is over. He went from making $10 million per year, and spending it all, to chasing $1 million dollar deals with the same liabilities.


PeteRose
LSU Fan
Hall of Fame
Member since Aug 2014
12273 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

never understand how someone that has earned $100 million in less than 15 years can get in this much debt.


At 16% rate. Last I checked, interest rates are pretty low.


Crow Pie
Tulane Fan
Nuero ICU - Tulane Medical Center
Member since Feb 2010
21722 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

Looks like his foundation does a lot of work with food banks in Detroit so that's a plus.
Wrong kind of bank he needs help being successful with.


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61
StupidBinder
LSU Fan
Jawja
Member since Oct 2017
4853 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

I’ll never understand how someone that has earned $100 million in less than 15 years can get in this much debt.


Tax man takes half. Agents/family/friends/womenz/babies take a chunk out of what’s left. And like the guy above me said, most of that was earned and paid out in a couple of years on his second contract.

Couple that with growing up just spending what’s in your pocket (and never learning to do otherwise), and yeah a mountain of money can disappear pretty easily.
This post was edited on 1/15 at 8:59 am


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LSUMJ
LSU Fan
BR
Member since Sep 2004
18605 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
Evander Kane of San Jose Sharks filed for bankruptcy the other day

27 MILLION in debt

LINK


Black n Gold
Duke Fan
Member since Feb 2009
14281 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

after the New York State Supreme Court ruled against him


How does a case related to defaulted loans make it to the state supreme court?


PEEPO
Member since Sep 2020
1820 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

a pay day lender for professional athletes


It warms my heart so much knowing something like this even exists.



Feral
New York Yankees Fan
Member since Mar 2012
9198 posts

re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan
quote:

Basically they waste it all on liabilities and shite they cannot afford once the game checks stop.

The big brained move is to invest all your checks and live off the returns.

It's not as flashy or sexy but it is the winning move.

Most athletes are basically lottery winners and have zero clue how to manage money and get taken advantage of.


The inherent problem, as you point out, is that many if not most athletes come from impoverished backgrounds and have little to no basic financial literacy.

They also don't understand the relative brevity, in most cases, of a career as a professional athlete and that their earning power is not only finite but occurs largely over a very short span of time.

The other things a lot of these players deal with is the pressure from friends and family to take care of them, which is usually what ends up breaking them. Tyron Smith of the Dallas Cowboys had a pretty heartbreaking story about having to cut himself off from his family and friends because they were bleeding him dry early in his career.

People rightly shite on the NFL, but they have done a lot in the last 10-15 years in terms of financial education for draftees and incoming players, and making it a cornerstone of the Rookie Symposium.


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