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by mommy24 on June 3rd, 2007

mommy24

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On my used auto contract what is a ballon payment???? Also asked question about repo can they repo for tt&l fees if actual car payment is paid??? Is tt&l the ballon payment?

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  • by PillowPants on June 3rd, 2007

    PillowPants

    A balloon payment is the expected payment of the balance still owing after your financing term is up.
    In '97 I bought a car with only $1200 down. In order to keep my monthly payments low for the five-year financing term, they created a balloon paymetn to be made as the final payment. I believe you can also be refinanced to make the balloon payment as most people don't have a lump sum floating around in their pockets to just pay it out!

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