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I'm confused about balloon payments. Is it like a lease? At the end of the term, can you can pay the lump sum or just give it back? If you give it back, does it hurt your credit? Or is the plan to trade it before the last payment is due? I don't know how they work....but Google is my friend lol. I will see what I can find 😄
A balloon is exactly like a lease except the burdon to make the payment is on you. with a lease you give it back without penalty vs a balloon you can't give it back it's titled to you.
Your options at the end of a balloon tend to be :
- trade it in and it works like a regular trade in where you owe X and it's worth X
- simply pay it off
- or take out a loan again which is obviously not advised but sometimes happens.
Thx Jeff!! ☺️
APPROVING BANK: Wells Fargo Dealer Services
BUREAU PULLED: Experian?
CREDIT SCORE: 804
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: used
YEAR OF VEHICLE: 2014
MAKE: Nissan
MODEL: Altima
MILEAGE: 48k
RETAIL/LEASE: purchase
AMOUNT OF LOAN: 13.8k
TERM CONTRACTED: 72
APR/LEASE RATE: 2.99
MONTHLY PAYMENT: $209
ANNUAL INCOME: 50k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: pretty decent experience. But I got nailed with 2 dealer add ons that I didn't catch😧
This was a purchase I helped my parents make. Not my own.
APPROVING BANK: Capital One
BUREAU PULLED: Transunion and Equifax
CREDIT SCORE: 548 and 585
CUSTOMER STATE OF RESIDENCE: South Dakota
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Jeep
MODEL: Renegade
MILEAGE: 200
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: 22,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 11.3 %
MONTHLY PAYMENT: 480
ANNUAL INCOME: 68,800
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: Interest rate is higher than I wanted, but really needed something after my 10-year old vehicle (with 280,000 miles) needed major repairs. Also, credit age is only about a year. During that time I also bought a house. I did put $3,000 down on Jeep.
@Anonymous wrote:APPROVING BANK: Capital One
BUREAU PULLED: Transunion and Equifax
CREDIT SCORE: 548 and 585
CUSTOMER STATE OF RESIDENCE: South Dakota
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Jeep
MODEL: Renegade
MILEAGE: 200
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: 22,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 11.3 %
MONTHLY PAYMENT: 480
ANNUAL INCOME: 68,800
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: Interest rate is higher than I wanted, but really needed something after my 10-year old vehicle (with 280,000 miles) needed major repairs. Also, credit age is only about a year. During that time I also bought a house. I did put $3,000 down on Jeep.
@Congrats on the car and house? Did you(or dealer) try Chrysler Capital? Just curious. I got 8.10 apr @ 75 mo with a 517 in March 2015 from them. But my credit history is almost 25 years old and only had 2 30 day auto baddies from 2010. I also have a clean history with Santander.
Here's another one, this time for my sisters first car(shes 17) and my mother took the loan out(credit score 820)
APPROVING BANK: Penfed
BUREAU PULLED: EQ
CREDIT SCORE: 820 EQ FICO 832 penfed
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: Chevrolet
MODEL: Malibu
MILEAGE: 6
RETAIL/LEASE: Balloon
AMOUNT OF LOAN: 24600
TERM CONTRACTED: 60
APR/LEASE RATE: 2.49
MONTHLY PAYMENT: $294 for 60 months, 9300 due as final payment
ANNUAL INCOME: 140K ?
DEBT TO INCOME RATIO: low as no mortgage(same situation as mine but not same household)
MISCELLANEOUS COMMENTARY:
First vehicle for my sister, balloon instead of lease. Couldn't get 20% off for a lease as usual and as always prefer to own. My brother took out a balloon for his first car(under my moms name last year) and is continuing education at community college working part time. He's managed his payment no problem & has 5K saved (in 5 months of working) with $0 in student debt and I assume my sister will be in a similar spot. If he continues on the same path he'll graduate with his associates with $0 in loans and enough $ on the bank to cover his loan. My sister is on track to do the same.
Can't argue with 20% off a malibu with $0 down. I think this is my 5th chevy vehicle bought for family members in the past year alone with 20% off.
@Anonymous wrote:APPROVING BANK: Capital One
BUREAU PULLED: Transunion and Equifax
CREDIT SCORE: 548 and 585
CUSTOMER STATE OF RESIDENCE: South Dakota
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Jeep
MODEL: Renegade
MILEAGE: 200
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: 22,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 11.3 %
MONTHLY PAYMENT: 480
ANNUAL INCOME: 68,800
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: Interest rate is higher than I wanted, but really needed something after my 10-year old vehicle (with 280,000 miles) needed major repairs. Also, credit age is only about a year. During that time I also bought a house. I did put $3,000 down on Jeep.
thats pretty good with your score... awesome , congrats! but you do have good DTI....
I am considering a 2015 cruze, how much do you actually love it??