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But you don't have to make that big 48th payment...
Posted by Kyle [Email] (more from Kyle) on Mon, 30 Jul 2001 17:26:00
In Reply to: Re: What about a balloon loan?, Don
[Profile/Gallery]
, Mon, 30 Jul 2001 14:22:36
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Most if not all balloon loan agreements allow you to return the car after the second to last payment and only pay a small disposition fee (usually less than $500). That way you enjoy paying low car payments and walk away from the car before that last big payment is due.
Many balloon note buyers decide to sell their cars before the end of the term. As long as the selling price of the car is greater than the balance of the loan, you come out ahead, and can pocket the difference or use the money for a down payment on your next car. If for some reason the car has depreciated faster than the balance left to pay, just turn the car in before that last payment.
The only way you'd owe Saab $15k - $17k at the end of the note is if you have put 75,000+ miles MORE than your allowed mileage, or you wanted to own the car outright at the end of the term.
I've financed my last few cars using balloon notes and as long as you know you'll want to get a new car every 3-4 years, and are resigned to the fact that you will always have a car payment, it really is the way to go.
Posts in this Thread:
- Depreciation, Don
, Thu, 26 Jul 2001 23:42:14- Re: Depreciation numbers can be very misleading, David G. Mills, Sun, 29 Jul 2001 16:14:31
- Re: Depreciation, Ed H, Fri, 27 Jul 2001 10:17:51
- Depreciation is steep for lots of brands..., Patrick, Fri, 27 Jul 2001 10:13:40
- In most markets depr. is steep, Coolknight, Fri, 27 Jul 2001 09:05:02
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