Advice on car credit - final payment.

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The Exile said:
Morning.

Yesterday was the day I paid off my car. However, on checking the bank account, the finance company have taken an extra £299 out on top of what I thought was the final payment. There's no mention at all of this larger payment in any of the documentation, it indicates 60 payments all of the same amount.

Is this something obvious I've missed, or are they taking the piss?
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Look at me I've got a car AND £300 quid spare. Pathetic
 
boz mccoy said:
Mine is due soon, anyone been successful with getting the final balloon payment knocked down at the dealership or do they not play ball with that sort of thing?
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No as the balloon payment is owed to the finance company who bought the vehicle on your behalf.

Only leverage is if trading in at the dealer for a new one.
 
Sounds like an end of term admin fee.
Loads of the scamming fuckers try to charge an admin fee at the start and end of the finance term.
In the past i've told the dealers that i wont buy the car unless they pay/absorb these fees.
 
WHD said:
I think it might be what is know as a balloon payment.
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A balloon payment is where you pay a massive chunk of the money still owed at the end because you only wanted to pay monthly pittance over the agreement length
 
Problem solved. It's the option to purchase payment. thanks for the info all :)
 
lurker said:
Yes, an old car, and an unexpected 300 quid hole in his wallet.
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Passed it's MOT no bother this week, still two years left on the warranty.

AndrewP said:
I thought you checked the paperwork and it was zero?
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That's a different thing. Anyway, we went through it all and it all checks out, that's all I was worried about.
 
The Exile said:
Passed it's MOT no bother this week, still two years left on the warranty.



That's a different thing. Anyway, we went through it all and it all checks out, that's all I was worried about.
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Has it had its first big service yet? How are the tyres looking?
 
The Exile said:
That's a different thing. Anyway, we went through it all and it all checks out, that's all I was worried about.
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Nice one. At least you haven't been ripped off. I noticed when I was looking at cars they all seemed to have a option to purchase fee at the end, usually it was absorbed into the balloon payment. Yours sounds more like straight up HP though, so it's a bit cheeky having an option to purchase when you didn't really have an option?
 
boz mccoy said:
Mine is due soon, anyone been successful with getting the final balloon payment knocked down at the dealership or do they not play ball with that sort of thing?
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Dealership don't care about your payments. The car goes back to the finance company if you don't pay the balloon payment.
 
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