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Chad Ochocinco of the Cincinnati Bengals Sued For Defaulting on His Car Loan

By Liz Opsitnik
Tuesday, Dec 08 2009 16:45

Cincinnati Bengals wide receiver Chad Ochocinco is being sued by Daimler Chrysler Financial Services for not making the auto loan payments on his 2008 Dodge Challenger.

Ochocinco, formerly known as Chad Johnson, was sued Friday in Hamilton County Common Pleas Court for the Challenger he purchased Aug. 12, 2008. Ochocinco paid $55,487 for the car and put a $20,000 down payment toward the car loan, Cincinnati.com reports.

The total auto loan was for $37,975 for the Challenger, which he purchased at Northgate Chrysler Jeep in Cincinnati. The lawsuit accuses Chad of being in default on the car loan, having paid $3,200 in 13 months. The suit also claims Ochocinco owes $34,709.72 on the loan for the Challenger plus 15 percent interest annually from Sept. 10, 2009, which is likely the last payment made on the car. The monthly auto loan payments are $847.11.

According to Ochocinco’s Twitter page, Chad purchased the car for a family member and was a cosigner on the loan.

Two tweets made today, Dec. 8, read: “Tiger Woods in the news again, I'm being sued for a vehicle I bought for a family member<---never put cars in your name for anybody! Ever!”

“OCNN FAMILY REPORT-- Family+Money= cosigning and puttin things in your name= promises being broken that they'll make payments!! DMNDS”

Ochocinco should have checked out AutoLoanDaily.com before he bought the Dodge. He would have learned that the cosigner is responsible for the loan when the owner doesn’t make the payments. For the money he most likely brings in playing in the NFL, he could just pay off the loan and bypass all the legal drama.

 

Image via TheScoresReport.com.


Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.



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Comment By: John Rollins on Tue, Dec 8 2009 at 7:52 PM

Chad your ok. Keep up the cool things you do. John Rollins

Comment By: james on Wed, Dec 9 2009 at 10:57 AM
Ochocinco was just fined 30k by the NFL for wearing that sombrero and poncho...your telling me he cant afford to pay for this car?

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