Nicolas Cage is reportedly on the hook for thousands that a leasing company lost when he terminated two Rolls-Royce leases early. (Photos: Rolls-Royce Motor Cars (2002 like Cage's), Nicolas Genin - Creative Commons 2.0
TMZ.com reports that Nicolas Cage is being sued for allegedly breaking lease agreements on two Rolls-Royce automobiles. The star actor apparently entered into a 60-month lease for more than $7,663 per month on a 1964 Rolls-Royce Silver Cloud III, then added another 60-month lease - this time for a 2002 Corniche convertible - for more than $3,600 per month. Documents released indicate that Premier Financial Services, in Woodbury, Connecticut, held the notes on the cars.
He turned in both cars last year during hard financial times he blamed on his reckless financial manager, only part way through the contract terms. Just like a regular person, he is on the hook for negative equity and fees, which is indicated in the letters from Premier. According to TMZ.com, "Nic's people are in the process of negotiating a settlement with the leasing company."
An image of the letter from Premier Financial Services is below. CLICK for larger document.