Adrian Peterson Ordered By Court To Pay $8.3 Million To Loan Company
Adrian Peterson has been ordered by a court to pay $8.3 million to a Pennsylvanian loan company after defaulting on a loan in 2016.
DeAngelo Vehicle Sales LLC sued the former NFL MVP in 2018 after the running back failed to pay back an initial sum of $5.2 million, including interest, by March 1, 2017. The company proceeded to ask for $6.5 million, plus interest for every day that Peterson failed to pay, when they sued the Detriot Lions running back in the New York State Supreme Court. That was over two years ago. Since the lawsuit, interest has accrued daily at 16% or $2,207.12 per day.
Last Wednesday, DVS asked for $8.3 million, but the interest was lowered from 16% to 9% due to New York State law.
The seven-time Pro Bowler acknowledged the existence of the loan in 2019 during the initial settlement agreement. In this agreement, Peterson agreed to make $50,000 payments on October 18 and October 31 of 2019. He also agreed to make a $2.25 million payment on November 11, 2019, and then a final $25,000 payment within 10 days of his option being picked up by the Washington Football Team for the 2020 season. The agreement stated that if Peterson defaulted, he would have to pay the entire loan, plus interest.
The attorney for DVS, Jeffrey Reina, said last Wednesday that the running back had only paid $165,000 of the initial agreement. In addition, the company had not heard from Peterson or any of his representatives. Adding insult to injury, the former MVP failed to appear in court last Wednesday. Over his 14-year career in the NFL, Peterson has made an estimated $100 million.