The Con Air star, who is currently fighting tax problems, is being sued for returning two luxury motors before his lease was paid in full.
TMZ.com reports Cage signed a 60-month lease agreement for a 1964 Rolls Royce SCIII in 2007, and added the lease of a 2002 Rolls Royce Corniche four months later.
The two cars were worth a combined $800,000 (£500,000).
When Cage learned of the extent of his financial problems last year (09), he returned both cars and the leasing company had to sell them.
Now, the leasing company is suing the actor for the money they lost by selling the car wholesale. The company wants more than $240,000 (£150,000) from Cage.