Balloon Payment Options

hnl1234hnl1234 Member Posts: 1
edited June 2018 in Volkswagen
Hello, I did a balloon payment on my 2015 Tiguan and am nearing the end of my term. I'm planning to buy out the car, but am wondering if I should get it valued or just pay VW's payoff quote. It does have some damage to the bumper, so it may be valued for less in reality than what VW is quoting. If that's the case, would getting it inspected/valued affect the payoff quote?

Any other recommendations? This is my first balloon payment deal, so not sure what to expect.

Thanks in advance!

Comments

  • kyfdxkyfdx Moderator Posts: 207,802
    edited June 2018
    hnl1234 said:

    Hello, I did a balloon payment on my 2015 Tiguan and am nearing the end of my term. I'm planning to buy out the car, but am wondering if I should get it valued or just pay VW's payoff quote. It does have some damage to the bumper, so it may be valued for less in reality than what VW is quoting. If that's the case, would getting it inspected/valued affect the payoff quote?

    Any other recommendations? This is my first balloon payment deal, so not sure what to expect.

    Thanks in advance!

    It's doubtful the bank (VCI) will negotiate the buyout price/payoff. Do you have a CarMax in your area? They will give you a no obligation purchase offer. You can stack that up against what your buyout number is.

    If your car has damage, that won't lower the payoff. That damage is your responsibility, not the bank.

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