The 35-year-old initially took out a $5.2 million loan from DeAngelo Vehicle Services in 2016 with interest rates going as high as 16 percent. He defaulted on the loan twice after pushing back due dates multiple times and reaching settlements.
Peterson is reportedly unable to pay back the loan but has not yet filed for bankruptcy, per Kaplan. The total value owed will add $2,207.12 each day he does not pay, though that number will fall once the judge's ruling is officially filed because of New York law placing a cap on the ongoing interest rate.
Peterson was ordered to pay $2.4 million to Democracy Capital Corp by a Maryland state judge in 2019, per Kaplan. A Minnesota state judge also ordered him to pay the remaining $600,000 unpaid on what was a $2.4 million loan.
DeAngelo Vehicle Services filed its lawsuit against the NFL star in 2019.
"He has no defenses to us proceeding to summary judgment on the original principal amount plus the accrued interest," DVS attorney Jeffrey Reina said in the court hearing.
Peterson is coming off his 14th season in the NFL, a career that includes seven Pro Bowls and an MVP award. Including his $1.05 million salary for 2020, he has earned an estimated $102.8 million since joining the league in 2007, per Spotrac.
Despite his age in a demanding position, the veteran has said he plans to remain in the NFL as long as he can.
"Why not four more years?" he told TMZ Sports in June.