Young owes loan company $1.7 million

Quarterback Vince Young has been ordered to pay a loan company
nearly $1.7 million after missing a payment in late May, shortly
after signing with the Buffalo Bills.

The ruling against Young was made in New York State Supreme
Court in Manhattan on July 2, according to court documents.

Young took out a high-risk loan from Pro Player Funding for
$1.877 million during the NFL lockout in May 2011, while he was
still under contract with the Tennessee Titans. The loan – plus
$619,000 in interest – was due to be paid back in January 2013 at
an annual interest rate of 20 percent. That rate jumped another 10
percent if Young missed a payment.

A ruling in the lending company’s favor was made because Young
agreed he understood the terms by signing what’s called an
affidavit of confession of judgment upon taking out the loan. The
affidavit is regarded as proof and could be used at any time by the
lender in the event a client defaults on the loan.

TMZ.com first reported the ruling against Young last week.

Young was unavailable for comment Thursday because he was
traveling with the Bills to Minnesota for their preseason game on
Friday. Messages left seeking comment from both the player’s agent
and publicist were not returned.

PFF filed a complaint on June 6, saying that Young missed a
payment that was supposed to be deposited into an escrow account by
the Bills between May 22-31.Young had signed a one-year contract
worth potentially $3 million with Buffalo on May 15.

Young had a similar payment agreement with the Titans, court
documents showed.

He was released by Tennessee following the lockout and spent the
2011 season with Philadelphia.

Young had already paid more than $180,000 in interest that was
due on the loan before defaulting.

This is the latest financial blow for Young, who gained national
attention in 2006. That was when he led Texas to win the national
championship, was drafted third overall by the Titans and finished
the NFL season being named the league’s offensive rookie of the
year.

In June, the quarterback filed a lawsuit in Houston accusing his
former agent, Major Adams II, and ex-financial adviser, Ronnie T.
Peoples, of cheating him out of at least $5.5 million.

Young alleges the two conspired to commit fraud and
misappropriate money he was supposed to have earned from his
five-year, $54 million rookie contract and through endorsement
deals.

Adams and Peoples have both denied the allegations.