Lease Purchase Balloon (Most Popular?)

[simoncars]

Hi,

I am currently in the market for another supercar, something NA. I’m tempted to hold onto what I have instead of exchanging, and maybe use a ‘lease purchase balloon’ option for a another car, instead.

While I know this type of finance product seems to be the most popular at the moment, who actually owns the car under this agreement. The word ‘lease’ would suggest the finance house owns the car?

[Oaky]

That’s right. what do you have now?

[andrew]

if you're looking to own the car at the end of the term, then you may also wish to look into hp

[simoncars]

Ok great, thanks.

Any insightful reading into this product? Most websites and finance houses don't seem to cover it much in detail.

I have a Huracan a few other bits, but considering adding a 458 now.

[andrew]

simoncars said:

Ok great, thanks.

Any insightful reading into this product? Most websites and finance houses don't seem to cover it much in detail.

I have a Huracan a few other bits, but considering adding a 458 now.

start here https://www.financingyourcar.org.uk/car-finance-pr...

beware :
don't expect to find rates and costs openly quoted online
lenders use many different terms for much the same thing
of what you're financing, the whole cost of the asset or just a few years' depreciation
sometimes a cash discount is reworked as a subsidised deposit or interest rate
do not confuse business and personal rates

[simoncars]

Great, thanks for this.