car balloon payment

pdrskint

we have had a car for 3 years and fancied a change,
we thought we had a finance deal that we could hand back the car after 4 years or buy off the one off payment, ,we have just had the last service through the warranty and asked the dealer about trading the car in, he looked into the finance package and told us that we had to find the balloon payment ourselves, he said we had only part of our contract we were 12 pages missing,? the main dealer Hatfeilds of preston, has now gone, any advise or where to look appreciated,

motorguy

pdrskint wrote: »

we have had a car for 3 years and fancied a change,
we thought we had a finance deal that we could hand back the car after 4 years or buy off the one off payment, ,we have just had the last service through the warranty and asked the dealer about trading the car in, he looked into the finance package and told us that we had to find the balloon payment ourselves, he said we had only part of our contract we were 12 pages missing,? the main dealer Hatfeilds of preston, has now gone, any advise or where to look appreciated,

if you thought it was a four year deal, and you are going to change after three, why does it matter?

Also, phone the finance company and see what they say?

pdrskint

the value of the car is half of what is owed, cars have bottomed as have houses.

Apples2

New cars have always plummeted in value, you would have known that before entering into this credit crunch or not.

I remember trying to talk a friend out of buying a brand new car in finance years ago (1996). He had a windfall but was otherwise penniless. He wouldn't be talked out of having a brand new N reg car outside.

His £7K windfall only lasted a few years, then he was looking for a beaten up banger for a few hundred quid. He could have bought such a nice car outright for £7K in those days.

motorguy

pdrskint wrote: »

the value of the car is half of what is owed, cars have bottomed as have houses.

Check the detail by ringing the finance company.