Adrian Peterson defied chances as an NFL running back. He will be 36 years old in March and has competed in several games for the Detroit Lions. He racked up 604 yards and seven touchdowns while still showing the occasional shifty burst on the field. But this off-season he faces a different kind of challenge – one he probably can’t walk around.
ESPN reports that Peterson was sentenced to pay a summary judgment of nearly $ 8.3 million to DeAngelo Vehicle Sales (DVS) LLC, a Pennsylvania credit company. The summary judgment comes after defaulting on a loan Peterson took out in 2016. After this late payment, Peterson initially owed $ 5.2 million, including interest, as of March 1, 2017. DVS continued to request this payment plus interest for each day Peterson refused to pay.
That month, DVS asked for $ 8,268,426.21. This amount includes a daily interest of $ 2,207.12, or 16 percent. Under New York State law, the interest rate drops to nine percent.
Peterson notarized a settlement agreement on October 22, 2019. This agreement recorded “the existence and continuation of his default on the loan and applicable loan documents and that Peterson’s obligation under the loan is due and payable immediately”. The running back has reportedly repaid $ 165,000 of the original agreement, according to DVS’s attorney. But Peterson didn’t appear in court this month and his first attorney pulled out of the case in August 2020.
However, after Peterson failed to repay the loan by March 1, 2017, he signed the settlement agreement. Under these terms, he would pay $ 50,000 on October 18 and 31, 2019, $ 2.25 million on November 11, 2019, and an additional 25,000 within 10 days of the Washington Football Team exercising their option U.S. dollar. If Peterson defaulted on this settlement agreement, he would owe the full amount of the original loan plus interest. With that settlement amount not paid, Peterson now owes nearly $ 8.3 million.
Peterson made nearly $ 103 million over the course of his career. His contract with the Lions paid him $ 1.05 million last season.