WTF! MAYBE BOW WOW IS BROKE!

Gotta say ... thought they were fronting this week when Bow Wow told a child custody judge he was only pulling in $4,000 a month ... and then announced just hours later he was becoming the host of 106 & Park ... but TMZ just found some documents that show creditors have been chasing him for 3 years over a car.

B.W. leased a 2005 Ferrari F430 back in 2008. It didn't take long for the rapper to fall behind, because in February, 2009, the leasing company sued him and got a judgment for $216,084 ... oh, and 75 cents.

Since getting the judgment, the leasing company has been on the hunt for payment, using a collection agent to track down Bow Wow.

Mr. Wow never paid, and now with interest the judgment has swelled to $283,785 ... oh, and 13 cents.

Bow Wow told the custody judge he only had $1,500 in his bank account and leases a jeep. Wow, maybe Bow was telling the truth.

$1,500

Maybe he really is broke or not getting it the way he should! Why else would he sign to YMCMB & get put way back on the back burner? You seen Omarion get up out of that situation real fast & went over there to MMG! I'm mean, Baby didn't even know Bow Wow was signed to them! He said why the f**k you asking me about that ni**a? And his assistant had to say cause he's signed to our label

SOURCE