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Vince Young

$1.69 Mil Mistake -- Failed

to Repay 'Lockout Loan'

8/10/2012 8:22 AM PDT BY TMZ STAFF
EXCLUSIVE

0810_vince_young_01
Vince Young is in trouble ... the struggling NFL star is on the hook for $1.69 million ... after failing to pay back a high risk, high interest "lockout loan" that he took out back when he was a member of the Tennessee Titans ... this according to court docs.

According to court docs obtained by TMZ, Vince went to Pro Player Funding in May 2011 -- during the middle of the NFL lockout -- and took out a loan for $1.876,876.88. PPF is a company which specialized in "lockout loans" for NFL guys looking to cover their bills during the pay freeze.

Young's loan was VERY high risk ... with high interest rates and a clause that allowed PPF to call in the entire amount due, plus interest, if Vince missed ONE payment.

And according to court docs, that's exactly what happened in May 2012 ... right after Young left the Philadelphia Eagles and signed a new deal with the Buffalo Bills, he missed his payment.

PPF instantly went to the court and obtained a judgment against Young ... ordering the NFL star to pay back the remaining balance on his loan ... plus interest ... totaling $1.69 million.

The number is close to the salary Vince will be making with the Bills this season -- he signed a 1-year deal worth $1.9 mil.

Young's situation is virtually identical to Baltimore Ravens lineman Bryant McKinnie ... who took out a $4 million loan with PPF on the eve of the 2011 NFL lockout ... and also didn't pay it back.

Bryant reportedly struck a settlement deal with PPF earlier this week ... agreeing to pay half of the $3.2 he's scheduled to make with the Ravens in 2012.

During the lockout, several NFL players spoke out against loans of this sort claiming they weren't in the best interest of the players ... and now Young and McKinnie seem to be living proof.

The loan drama is just the latest legal nightmare for Young ... the QB recently sued his former agent  and financial advisor for allegedly cheating him out of $5.5 million Vince was supposed to have earned in his rookie contract and through endorsement deals.

update_bar
10:02 AM PT -- Vince's rep tells TMZ ... Young blames his former financial advisor, Ronnie T. Peoples, for pushing him to take out the loan.

The rep adds, "Vince is currently involved in litigation after he filed suit against Mr. Peoples for misappropriating millions. Vince has brought in a new team that are in the process of correcting the prior mismanagement.”

For more sports stories, check out tmzsports.com!
43 COMMENTS

No Avatar
1.

malikastr8    

why did he need all that money in the 1st place.

713 days ago
2.

LDB    

Athletes are terrible with money

713 days ago
3.

Harlin's Garage    

VY is an elite Quarterback.... Hook'em!

713 days ago
4.

Canadasux    

Those crooks are legalized loan sharks.

713 days ago
5.

Stiletto    

There is nothing "high risk" about simply making your payments on time.

713 days ago
6.

Mystery Guest    

Geez, do these guys spend every penny they make and not save ANYTHING?

713 days ago
7.

kerrplunk    

Mamma raised a fool,

713 days ago
8.

Carl    

I'll bet anything he didn't even bother telling the loan company he couldn't make the May payment. Had he told him (and showed them proof) that he was transitioning between two teams they very likely would have worked out something for that month. When you don't pay and don't contact loan companies they get nervous and call the loan due.

713 days ago
9.

steve    

Who's Vince Young?

713 days ago
10.

Toby Weymiller    

He's plays bad and he's smelly. Bad combination.

713 days ago
11.

texaschickeee    

Not his first mistake. But one of his most expensive.
I hope he gets the drama out of his life. Also this is why you finish college before going big time. Was great as a college player SUX as a NFL player.

713 days ago
12.

RicRoc5    

I'm proud of you guys/girls........No Negative Racial slurs or anything. I was sure I would see a couple in the first set of comments, but I was wrong. It is time we start judging individual people for who they are and what they did as a single person and not for the color of their skin or ethnicity they are. Because there are bad and good Whites, Blacks,Asians, Mexicans, Indians, and etc..........Although I think TMZ post some of these stories on purpose for a Racial reaction, I'm glad that on Occasion the people will not fall for the tricks.

713 days ago
13.

Mattie    

Not in the best interest of the players? What does a guy earning $1.9m need with an emergency loan for almost that amount? Clearly your living expenses are far too high for what you earn!

713 days ago
14.

Jay W.     

That's a damn shame. That Vince is an idiot.

713 days ago
15.

Who Knew    

Vince Young has all that natural physical talent, unfortunitly for him he has the brain of a 5 year old.

713 days ago
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