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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
16.

Joe    

A favorite line from a movie: Son, if your daddy knew how stupid you were he would have replaced you with a pet monkey....

716 days ago
17.

mel    

i've noticed that over the past 6 months, TMZ seems to be running WAY more stories that pertain to athletes than they run about actual celebrities. or even pseudo-celebrities.

what's the deal TMZ?

perez hilton lost a massive chunk of his audience by running stories that exclusively dealt with gay issues or lady gaga. his site has lost massive numbers. you guys are going in the same direction you know....the vast majority of your visitors don't know who these people are or the teams that they play for.

716 days ago
18.

MadCharles    

Young was as high a risk as Ryan Leaf. Why would anyone EVER give the guy money ?

716 days ago
19.

DaveT    

We're supposed to pay back loans? Nobody told me this...

716 days ago
20.

Buddy The Elf    

So the dumbass needed a LOAN after making $58 Million on his first rookie contract?

Yeah - gotta be the financial advisors fault.
Or maybe those wonderlic scores were accurate.

716 days ago
21.

greatwhiteknight    

He took out a load for 1.8 billion now has to pay back 1.6 million. now I'm no mathematician but that sounds like a deal to me.

716 days ago
22.

a smart black women     

it is sad to say but it was only the dumb black men who needed the loans they cant manage there money they should have sold some of that jewelery they are so stupid buy some rental property u ass keep income coming in PAY OF YOUR HOUSES YOU JERKS IF YOU MAKE 10 MILLION DOLLARS AND YOUR HOUSE IS 3 MILLION YOUR DUMB AS DO YHR MAYH YOU WILL STILL HAVE 7 MILLION LEFT

716 days ago
23.

Darlene    

I've been a Titan fan for years, never a VY fan though. Once again he is showing his immaturity. Why can these guys not learn that the big bucks will be gone one day if you continue to blow it. Hard to find sympathy for someone who is spending millions.

716 days ago
24.

Fancy    

Karma. The guy's a douche

716 days ago
25.

HumanNature    

A FOOL AND HIS MONEY ARE SOON PARTED!!!!!

715 days ago
26.

Phishie from Philly    

Vince young was quoted saying about his loan;
"You mean I have to pay that LOAN back. Why?"
..
Phishie from Philly

715 days ago
27.

Mumra the Ever Living    

> Some Pro Football and Basketball players are idiots. They spend money they don't have on the most idiotic things, borrow enormous sums, do stupid things, and then blame their financial advisors.
> Now this dope has fired all his old people, and a "rep" that is getting money is talking about a new financial "team" how many in this "team" and how much are they getting paid?
> Add in the lawyers to sue the first group of people and you get the idea. Vince Young is an idiot. Got fired mid-season by the Tennessee Titans for being a jerk, then got released by the Philadelphia Eagles at the end of last year.
> Now he comes to Buffalo to fight for a Backup Job, he shows up overweight and out of shape and supposedly can't figure out the Bill's playbook.
> Like I said, Vince Young is an idiot.

715 days ago
28.

Poor, poor Mindy ...    

Sambo got used up and spit out! If you've ever heard this idiot speak you know that he's dumber than a football bat.

715 days ago
29.

Fuck Celebrities    

overpaid, overentitled idiot.

715 days ago
30.

Emily    

Sometimes I think that even if you make lots of money it will never be enough. Whe people with so good income take out loans? I think that it’s worth to borrow money only if there’s a real need. It’s always easier to receive cash from some one than take out oney out of your wallet andpay back. It’s important to be a responsible borrower and before taking out loans or payday loans in 1 hour ask yourself if you can pay back in time and if your income allows you to do that. It’s shocking how irresponsible people can be sometimes. No one will pay off you debt if you will not do that. I understand that thre can be different cir***stances but it's not worth to forget aboutyour finacial commitments.

552 days ago
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