A rep for Akon tells TMZ ... Akon loaned the Ferrari to someone who was supposed to make the payment, but did not. The says once Akon learned of the missed payments, he immediately made it right and the car remains in his possession. 

Akon not only has money problems, he may have a significant problem with math ... he now faces repo on a car that is worth LESS than what he owes.

The rapper's leasing company has filed docs to repossess his 2010 Ferrari 458 Italia. According to the docs ... Akon stopped making lease payments and now owes a whopping $250,000.  

Here's the real bitch. Blue Book on the car is $225,000.

And it gets worse. The total cost of the lease is $360,000, so Akon could be on the hook for even more.

As for his position ... he says he made at least 37 payments. That's his position.