I bought a car but was never told about a balloon payment of

[jjr1]

I bought a car but was never told about a balloon payment of £6,900

[WonkeyDonkey]

Sounds like the dealers weren't being very clear when offering finance. It wouldn't be unreasonable to assume a car like a Dacia would be fully paid off after 4 or 5 years of £200pm payments.

Probably 2 sides to this story and most likely both sides have been very naive.

[loskie]

Doh!!!!


Stupidity tax in action

[DoubleD]

Yep, there will be 2 sides to this story, but who to believe.

[Zippee]

Did she not look at the paperwork she was signing?

[joropug]

Quite simple.

198x36 is what, half the car value? Stupidity.

A friend of a relative was bragging about an A1 she bought new. Had no clue there was a final payment. Great pleasure informing her that unless they did it for half price there will be.

[SpanishTony]

Thought she'd qualify for motability for herself and her son anyway. Don't know if the rules are different in Wales

[sxmwht]

Some people are just really so fking thick

[vikingaero]

Shirley she qualifies for a motability car and gets extra payments for her autistic son?

[Jayho]

Do people actually pay the final balloon payment? I thought folk just rinsed and repeat with a new deal? Or at least WBAC / Trade in to cover.

[phil4]

Jayho said:

Do people actually pay the final balloon payment? I thought folk just rinsed and repeat with a new deal? Or at least WBAC / Trade in to cover.

This. Done a few now, and never paid the balloon, just chop the car in for another, or sell covering the final settlement figure.

[gazza285]

Is this the Council thread?

[MitchT]

If she only bought the car in July then the balloon payment isn't going to bother her for nearly five years, assuming that's how long the deal is. By then her circumstances might have improved such that she can afford it, or she can hand the car back and finance a replacement, or for less than that she can keep the car and finance the balloon payment. She really doesn't seem very bright and one feels quite disturbed that she is at large in a motor vehicle.

[MitchT]

Jayho said:

Do people actually pay the final balloon payment?

I did because I liked the car and the balloon payment was a lot less than its value meaning it would have been a no-brainer to pay the balloon and then sell the car if I hadn't wanted to keep it.

[DoubleD]

gazza285 said:

Is this the Council thread?

No.

[Sophisticated Sarah]

Mini dealer tried scamming my wife with a finance deal on a secondhand car. Told her it’d be £250/month over 2 years and that’s it, so why bother paying interest to the bank (weld explained we were having a £3k loan). Paperwork came through and it was £250/month over 2 years with a final payment of £6000...the car was only £6k in the first place. They’d lied and made out they had a 0% finance offer they’d got for the month

Obviously we told them that if they got in touch again they’d find the Mini wedged firmly up their aholes and we issued a complaint to Mini (reply of the usual bullst apology), but I can see how people who are trusting of sales people can be caught out.

[anonymous-user]

Sophisticated Sarah said:

Mini dealer tried scamming my wife with a finance deal on a secondhand car. Told her it’d be £250/month over 2 years and that’s it, so why bother paying interest to the bank (weld explained we were having a £3k loan). Paperwork came through and it was £250/month over 2 years with a final payment of £6000...the car was only £6k in the first place. They’d lied and made out they had a 0% finance offer they’d got for the month

Obviously we told them that if they got in touch again they’d find the Mini wedged firmly up their aholes and we issued a complaint to Mini (reply of the usual bullst apology), but I can see how people who are trusting of sales people can be caught out.

Well, you’d have to be pretty dumb to sign a deal like that with what, 50% + per annum interest? Are you sure you’re remembering this right?

[anonymous-user]

loskie said:

Doh!!!!


Stupidity tax in action

To be fair she does say she feels like an idiot. For good reason I’d have thought.

[JuanCarlosFandango]

I don't see the link with coronavirus, except that everything is linked with coronavirus.

[chrispmartha]

REALIST123 said:

Sophisticated Sarah said:

Mini dealer tried scamming my wife with a finance deal on a secondhand car. Told her it’d be £250/month over 2 years and that’s it, so why bother paying interest to the bank (weld explained we were having a £3k loan). Paperwork came through and it was £250/month over 2 years with a final payment of £6000...the car was only £6k in the first place. They’d lied and made out they had a 0% finance offer they’d got for the month

Obviously we told them that if they got in touch again they’d find the Mini wedged firmly up their aholes and we issued a complaint to Mini (reply of the usual bullst apology), but I can see how people who are trusting of sales people can be caught out.

Well, you’d have to be pretty dumb to sign a deal like that with what, 50% + per annum interest? Are you sure you’re remembering this right?

I call total bullst