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balloon payment

Discussion in 'Lease Purchase Trucking Forum' started by damutt, Jun 26, 2014.

  1. Jun 26, 2014 #1
    damutt

    damutt Road Train Member

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    guys i got a question for ya, i keep reading about these balloon payments, was just wondering if you can explain it to me.
    i know you make a payment of 500/wk for 48 months. so after you pay the 96k, on the truck you still don't own it?? how does this balloon payment at the end of the lease come in?
     
    damutt, Jun 26, 2014
    damutt, Jun 26, 2014
    #1
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  3. Jun 26, 2014 #2
    thelushlarry

    thelushlarry Road Train Member

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    This is the payment at the end of the contract could be $1 to $25,000
     
    thelushlarry, Jun 26, 2014
    thelushlarry, Jun 26, 2014
    #2
  4. Jun 26, 2014 #3
    damutt

    damutt Road Train Member

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    ok, and why do they charge this payment at the end of the LP?
     
    damutt, Jun 26, 2014
    damutt, Jun 26, 2014
    #3
  5. Jun 26, 2014 #4
    DrFlush

    DrFlush Road Train Member

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    To try to make sure you never own the truck. If you can't pay it they get the truck back.
     
    DrFlush, Jun 26, 2014
    DrFlush, Jun 26, 2014
    #4
  7. Jun 26, 2014 #5
    damutt

    damutt Road Train Member

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    ah ok so you pay out the 96k for the truck then you pay another 25k that you have to finace for antoher 1-2 year so they can squeeze more money out of you?
     
    damutt, Jun 26, 2014
    damutt, Jun 26, 2014
    #5
  8. Jun 26, 2014 #6
    wichris

    wichris Road Train Member

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    You either put a down payment up-front or a balloon at the end. Don't get something for nothing.
     
    wichris, Jun 26, 2014
    wichris, Jun 26, 2014
    #6
  9. Jun 26, 2014 #7
    damutt

    damutt Road Train Member

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    ah ok, thanks i get it know. thanks for the help guys
     
    damutt, Jun 26, 2014
    damutt, Jun 26, 2014
    #7
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