Yea, I remember that story about Reggie being in court over a car sale. The story is here .
He was said to have sold a Land rover that was actually for a family friend and was under his father's care. Ricci Osei, Reggie's father, left the car with him upon his death (may he RIP) and Reggie sold it.
Reggie said in this song, "Car na wogyaa maa me no nso, mede apem, matɔn, nso bibiriara yɛ cool" - as in the car you left me, he even had an accident in it but he's sold it and so everything is cool".

Obviously this song came out in 2004 before these court cases marred Reggie's name. Reggie states clearly in the song that his father gave him the car and so it seems he didn't know the lady who accused her owned it. Interesting.

The Oseikrom President released a song with a chorus about people accusing him of stealing a car in response to the controversy in 2005.

Anyway, Reggie's always great at telling stories in his music. I like this song a lot too.