And she was a wolf, not in sheep's clothing, but a grey chinchilla

from Joe Budden (Ft. Fabolous, Tank & Twista) – She Don't Put It Down (Remix) Lyrics on Rap Genius

A wolf is a man who ‘preys’ on women and uses them for sex, basically a fuck and chuck. The grey chinchilla references the coat she is wearing. Chinchilla fur is the softest fur known to mankind and chinchilla are very tiny creatures. chinchilla coats are also very expensive

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