Yeah in the orig wiki post, there is Hanscom FCU, and SEFCU. Both are based in upstate NY afaik.
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Just about every upstate CU has some form of balloon.
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Thanks ill look
Credit Union of Texas is another option. They refer to their program as FlexAuto Loans. I spoke to them on Friday, they said itās possible for an out of stater to join. They claim their rates are 1.99%. Planning to go with them once Iāve locked down a vehicle.
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I just called twice and spoke to two different people, and they said itās only for Texas residents ā¦ 
Anyone knows of any CU offering this for NJ?
Happen to have this for May?
Weird, I spoke to Kassandra Martin and she seemed like being a California resident would be no problem. Iāll PM you her contact details.
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Thank you!! Iāll give her a call
Thereās a lot of upstate CUās that participate in the Balloon loan the OP talks aboutā¦sorry Iām to lazy to scroll up and find the name. But look in upstate and there are some nationals that do it too.
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These balloon loans are really confusing me. Can someone explain in laymanās terms for a simple minded person like myself 
From what I understand
Itās like a lease but you can sell it at anytime to whoever you want
And if you are in ca you pay full sales tax which is killer
And some companies let you disposition of it after and some your on the hook for the remaining amount
Also if thereās rebates to buy you can take advantage of them using this
I.e dodge power dollars
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No sarcasm: if you donāt understand a financial instrument, pretend it doesnāt exist and move on. Especially with a ballon, you are taking all the risk.
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The other option is to learn to understand it though right? I mean I didnāt understand leasing correctly before joining leasehackr
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Thank you. I need to not be lazy and read into it more to see if it could benefit me on my next car.
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Thatās the best advice you could ever receive is to do some research for a financial decision on your own. Common theme and Iām not looking to pile on but you need to do some legwork besides taking lease, loan or any other advice from strangers on a forum.
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Example: buy a $100,000 car and make payments as if you only borrowed $40,000.
At the end of the term, you either pay off the remaining $60,000 all at once (from savings or with another loan or from the proceeds from selling the car), or some of the balloon loans allow you to turn the car in like a lease and then youāre done with both the car and the loan.
You pay a higher interest rate on a higher balance over the entire term compared to traditional financing, which means you pay a lot more interest, build less equity, and are therefore at risk of having a $60,000 balance at the end but a car thatās worth $50,000.
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Great run down except you were a bit biased at the end haha. Your on a leasing sight but tend to favor buying and building equity. As @jeisensc said this isnāt for everyone and should be looked over thoroughly. The vehicle matters, the timing matters, the market matters when exploring a ballon loan. And from the sound of it many who explore this option could handle treading the upsidedown water at the end. I personally would and have only ever done this with higher end or as I like to call them ācultā vehicles. Thereās so many factors at play that anyone looking to save $40 bucks a month but canāt afford to be underwater at the end should stay away. For the we take the car back at the end crowdā¦Iām sure this is only in vehicles they crunched the numbers and there is statistically favorable numbers to say you wonāt be.
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From what you said and the other posters example it it would have to be on a very specific vehicle. I could see a lot of people be underwater doing something like this with letās say a 5 series
I wouldnāt say biased. I just wanted to be clear on the trade-offs, especially since the product naturally would have strong appeal with payment shoppers and people who want to drive more than they can afford.
Itās always fun until you get sick of the carā¦ and there you sit under water, while staring at an empty savings account and $66,000 in credit card balances revolving at 24.99%. 
(and I donāt mean āyouā as in you) 
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Balloon works well on a car that does not depreciate much. Jeep Wrangler, toyota 4runner, ford f150 raptor, Mercedes G-wagon, Toyota Tacoma, many more.
On a Bmw you will be upside down guaranteed.
I did balloon on my 4runner trd pro and do not regret it. Yet again they do not lose value much.
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