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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.

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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.

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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

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

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

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Adrian in 2041:

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

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.

The "community" can blame themselves.

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Wonder how behind he is on child support.

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

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

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

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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.

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after the New York State Supreme Court ruled against him

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

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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.

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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.