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Kwame Kilpatrick's Friend Defaulted On $1,062/mo. Mustang Shelby Loan

Illustration for article titled Kwame Kilpatricks Friend Defaulted On $1,062/mo. Mustang Shelby Loan

Bobby Ferguson, a contractor and longtime friend of corrupt former Detroit Mayor Kwame Kilpatrick who was just sentenced to 21 years in prison, was paying $1,062 a month for a 2010 Ford Mustang Shelby GT500 convertible. Let that soak in.


A quick primer on Ferguson: He went to high school with Kilpatrick and engaged in several pay-to-play million-dollar contracts with the city. The feds found out and, along with sentencing Kilpatrick to 24 years in prison, threw the book at Ferguson as well.


But before the shit hit the fan, Ferguson, who is married, bought his girlfriend the 2010 Shelby worth $56,270. According to The Detroit News, his loan term was $1,062 a month for six years. Millions of dollars in ill-gotten funds, and you're paying a grand a month plus interest? Maybe that's rich people logic I don't understand.

But now Ford wants the car back since, you know, going to prison means you can't pay on the loan anymore. Ferguson is also due back in court for another corruption case.

Ferguson defaulted on the loan — it’s unclear when — and owes $35,314, according to the lawsuit. Ferguson, who's hiding the Mustang somewhere, has said he’s broke and is getting a taxpayer-funded lawyer to defend him in the bid-rigging retrial.

As part of his corruption sentence, U.S. District Judge Nancy Edmunds also ordered Ferguson to pay an almost $6.3 million judgment.

On the bright side, Detroiters, there's a pretty sweet GT500 convertible about to hit the dealers soon once Ford finds it. Too early to see if it'll be a nice price or crack pipe.

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$1,062 * 72 months = $76,464... that is a lot for a Shelby.