Lease Balloon Payment

A "balloon payment" is a payment occurring at the end of the lease term that is larger than the normal periodic payment. It may refer to an exact amount stated in a lease, such as in a closed-end lease, or it may refer to an amount to be calculated at the end of the lease term, as in an open-end lease.

At the conclusion of the period, the customer is presented with an option: return the car, or make one large payment (known as the balloon payment) to cover the entire remainder of the unpaid portion of the loan at once.

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The term "balloon" indicates that the final payment is significantly large. Balloon payments tend to be at least twice the amount of the loan’s previous payments .

Car finance - what you need to know | Top10s  · A balloon payment loan is a loan that does not fully amortize over the term of the loan. The payments therefore do not cover the loan entirely and at the end of the loan, a lump sum payment is required to settle the loan. balloon loans are often seen as an attractive alternative to ordinary loans because the repayments are smaller in the short.

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Can anyone help with this one please? A self-employed client has bought a van under a 4 year finance lease with a balloon payment. I have very few details and haven’t seen the lease document, as the client insists I have all the information sent to him, which basically consists of the original order summary.

A balloon payment is a lump sum owed to the lender at the end of a loan term after all regular monthly repayments have been made. This allows you to repay only part of the principal of your loan over its term, reducing your monthly repayments in exchange for owing the lender a lump sum at the end of the loan term.

That’s at contrast with new car leasing, where leasing tends to be cheaper on a monthly basis. And the worst part is, at the end, you still don’t own the car. You have to make a huge balloon payment.