car balloon payment or not

pdrskint

any information gladly needed financed over 4 years then baloon payment,
we thought we could hand the car back. but it seems not.

Valli

balance payment?

pdrskint

agregone.ement states 48 payments at £ 250 then 1 payment £ 8000.00
we believed we were told we could pay this or hand the car back, sadly the dealership has

Valli

I'm not being funny but could you possibly explain, clearly, what agreement you entered into and with whom please...

I am assuming it's one where you pay for so many months then have a balance to pay at the end of the term. I was under the impression that, at that stage, the car could be returned to the dealer without penalty but it would depend on exactly what you agreed to at the outset.

pdrskint

our agreement was with hatfeilds which have now gone we had a sales invoice and two pages of a finance agreement of 14 pages not had
below our signature it says see terms and conditions,not present, the finance is with bank of scotland, who have sent only 7 pages of contract,
one states 47 payments then 1 payment as mentioned, we believed we could pay this or hand the car back, it looks like we were misled.

Valli

but hatfields still exist!
under the T&Cs what happens if you do not make the final payment?

this is from the Hatfields website stating options under an agreement similar to the one you describe...
How it Works

Simply choose the Jaguar you wish to purchase, agree your annual mileage and decide your agreement term between 20 and 36 months.
Based on your chosen term and mileage Hatfields will determine the Guaranteed Minimum Future Value (GMFV) of your car at the end of your agreement. The GMFV is deferred to the end of the agreement and is the optional final payment.
The GMFV is deducted from the price of your Jaguar; you simply pay the remaining balance plus the agreement interest as a single upfront payment.


At the end of the agreement, just choose from one of the following options:
1. RENEW. CHOOSE A NEW CAR FROM HATFIELDS AND USE ANY EXCESS VALUE OVER THE GMFV TOWARDS YOUR DEPOSIT. YOU CAN TRADE IN YOUR OLD CAR.
2. RETAIN. TO KEEP YOUR JAGUAR, YOU ONLY NEED PAY THE GMFV.
3. RETURN. SIMPLY RETURN YOUR CAR TO HATFIELDS IN GOOD CONDITION AND WITHIN THE AGREED MILEAGE.


admittedly that's the options for a Jaguar BUT the options are there!

pdrskint

it doesnt say. i assume we have to take out another loan.
if i dont i assume they will take me to court

Valli

I would contact Hatfields, the link is in my post above, and tell them you wish to return the car under the terms of your agreement...and see what they say!

pdrskint

we will contact nearest hatfeilds tomorrow and see. cheers

Valli

Bury, I think you'll find!

BFG_2

PDR...if you took a bit more time and effort to actually type in a coherent and meaningful way rather than throwing a mixture of words onto the screen, people might find it easier to help you.

Not that I mean that in a bad way.....