Motor loan balloon payment

[Guest]

Hi.* I currently have a car under a "Motor loan balloon payment" whereby I pay Barclay finance very month for the veichle.* I have been told that I own the car and it is not a PCP, however, only a year before I was told that I could hand it back. Anyway, I have mileage restrictions to abide by and the car companies name is even on the number plate.* Am I being lied to so that I do not return the car feree of charge?* The contract is tiring and unclear.

[luxardo]

What you have is a Lease Purchase with balloon payment at end of term.
This means you make smaller monthly payments and pay the balance at the end.
You don't have the option to hand the car back at the end.
You either :-

Pay the balloon payment and the car is yours
Fail to make the balloon payment and they will take action to recover it from you
Negotiate an early settlement with them.

Early settlement will depend on how long into the agreement you are, how long the agreement is for, how much you have paid, the purchase price, the resale price, the condition of the car and it's mileage as to what the settlement figure is.
But I guarantee any early settlement will not be a good deal for you and there is no way you can hand it back free of charge if you don't make the balloon payment.