Hire purchase final balloon payments.

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  • Hire purchase final balloon payments.
  • hexhamstu
    Member

    I’ve got a citroen berlingo on hire puchase for 3 years. It’s up in the summer so was wondering if anyone has any idea of what the final balloon payment might be?

    m0rk
    Member

    Should be on your PCP agreement?

    But probably about 40% of it’s ‘new’ price

    angryratio
    Member

    it should be on the documents you signed when you picked the car up.
    Failing that, call the finance company and ask if they can help you.

    hexhamstu
    Member

    the documents are unfortunately “in a safe place”…. I’m sure I’ll find them somewhere.

    Thanks for the help!

    hora
    Member

    Is it with Mpsa (Citroens own)?

    If so start checking the cars condition too. They arent part of the BVLA (fair condition/returns). I had to really go over my Citroen at cost to ensure they didnt shag me over on handback. Could make a big impact on whether you buy or outlay on cosmetics

    deadlydarcy
    Member

    the documents are unfortunately “in a safe place”…. I’m sure I’ll find them somewhere.

    Thanks for the help!

    A phone call to the garage you got it from will take less time than finding the documents. But you’re asking a question that nobody on the forum (unless they were with you when you took out the agreement) can answer.

    hexhamstu
    Member

    A phone call to the garage you got it from will take less time than finding the documents. But you’re asking a question that nobody on the forum (unless they were with you when you took out the agreement) can answer.

    I wasn’t 100% sure that I had agreed it at the beginning of the policy.

    deadlydarcy
    Member

    Fairy nuff.

    The final payment will depend (in the main) on the deposit/initial payment you put down and the monthly payments you’ve been making. You’ll have had to agree something otherwise they wouldn’t have let you drive off the forecourt. Also, there are different agreements, PCP, HP, Leasehire etc.

    Are planning on chopping it in or taking ownership?

    hexhamstu
    Member

    Probably chopping it in, but I’ve done much fewer miles than expected so thought it might be profitable to buy it and sell it. It’ll only have around 24k on it by the time the 3 year contract is up. Externally there is not a mark on it, theres a few marks/scratches to the paint inside, but it’s a van so surely this is normal.

    mildred
    Member

    Probably chopping it in, but I’ve done much fewer miles than expected so thought it might be profitable to buy it and sell it. It’ll only have around 24k on it by the time the 3 year contract is up.

    I’ve a couple of mates who thought his and were surprised when they couldn’t flog them on. Although they got the cars for a decent price, the price wasn’t so good that they could sell the car on for any profit, and ended up having to keep a car they didn’t really want, as they then had money tied up in them.

    Premier Icon teethgrinder
    Subscriber

    Might be normal, but I’ll be a £1 they’ll try to sting you for it…

    Premier Icon Matt24k
    Subscriber

    The OP is a car dealers wet dream.
    Did you wander in off the street on a wet Tuesday afternoon and say “how much are the monthlies on that car?”.
    When I used to do vehicle finance I could have earned a fortune in commission if I didn’t have any scruples.
    Please people don’t get yourselves shafted by salesmen, always find out what the TAP (Total Amount Payable) is on any finance agreement before you sign.

    ninfan
    Member

    And understand the difference between HP and PCP etc.

    They really don’t like it when you hand the car back halfway through an HP agreement 8)

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