Owners who want to keep their cars can either refinance the balloon payments or pay the entire bill.
Nothing helped, not even the $10 million balloon payment the Knicks gave him a week before the games began to count.
The final payment is called a balloon payment because of its large size.
How could she have forgotten the balloon payment on her mortgage?
Instead, that debt will accrue to a large balloon payment by 2015.
Under balloon payments, a lower interest rate is paid for, perhaps, three or five years, and then the entire principal comes due.
During the real estate boom, many commercial mortgages were written to require balloon payments in a few years.
And the balloon payment would come when there would be no cap.
And there's a balloon payment of $63,000 after 15 years.
Now a balloon payment of $52,000 is due next September of this year.