Ford Privilege and Options Scheme

[chatters]

Hello!

I have a Ford Privilege voucher to use, which is great, and I'm thinking of doing the Ford Options scheme which allows you to pay monthly for a car for say 24 months and then at the end of the deal, give the car back in for another one.

The one thing I'm wondering about is mileage- if you I give the car back for another one at the end of two years, will I have to pay an excess mileage charge if I go over the set mileage?

Does anyone know?

[DealDrivers company representative]

Yes, you will so you MUST try and forecast your mileage accurately at the start, Ford's mileage bands are up to 12k pa and from there up to 18k pa.

If you do go over mileage within which ever band you choose, their charges are pretty low though...usually about £0.06 pence per mile I believe.

[chatters]

I'm a reporter, so travel all over the place, and will have quite high mileage. Do they have a band above 18k?

Is it still worth doing the deal if my mileage is so high?

[DealDrivers company representative]

after 18k miles pa, the next ceiling levels is 24k pa and then 30k pa

Ford's finance deals are still one of the most attractive around so yes, go for it. To give you an idea, I'd say around 70-80% of the customers who order Fords with our dealers take Ford's own finance schemes as opposed to any other third party finance (of those who need finance I mean, as some don't)

[chatters]

Thanks, this is reallly useful. Do you know how much higher the monthly payments for 24k are? I imagine they go sky high at that kind of mileage?

[DealDrivers company representative]

No, we'd have to get an actual quote run for you for exactly the right specification car with all your parameters in it...you can contact us via our own website or office phone no' if you wish to.

Ford's current pricing offers all are due to end on 31st Mar so you're about on the limit of having enough time to get your car order in time as leadtimes are generally 10-12 weeks on most models at the moment (assuming it isn't luckily just available in spare UK ready-built stock)

[Lemonade Pockets]

If you exceed the mileage when the time comes to px your car, you will only have to pay the excess mileage charge if the car is worth LESS than the GFV. If it is worth less you can pay either the excess mileage charge or the difference between the trade in value and the GFV (obviously which ever is less).

[chatters]

Right I see, so how do they work that out then? Say if the gmfv is around 4000 at the end of the two years, and I've gone something stupid like 18,000 miles over...what would be the likely scenario? Sorry, I'm REALLY rubbish with cars.

[Lemonade Pockets]

The important bit to remember is the GFV is the same as the settlement figure. I.e. if you paid £4000 at the end of the agreement the car would be 100%yours to do whatever you want with.

Using your example:
You take your car to the dealer where your looking to purchase your next car from. They will value it as a normal part exchange. The amount you owe on the car is the same as the GFV i.e. £4000.

So 1st option:
If the dealer offers you more.........say £5000, they can pay the £4k off on the old car leaving you with £1000 to put towards the new one.

2nd Option:
If the car is worth way less than the GFV you can give it back to Ford Credit and walk away. In this case you would have to pay the excess mileage on the 18,000. Lets say it was 10p a mile. You'd give Ford Credit £1800 and the car, then you can walk away and start afresh with a new car.

3rd option:
This is the slightly complicated bit. If the dealer offered you £3000 for your car, and you give them additional £1000. This will clear the £4000 owing on the car. Then you can start at square 1 with a new deal.

Hopefully if i've explained it clearly enough, using the example above you can see if you can get more the £2200 in part ex change you would pay the difference to the dealer (this dealer could be anyone doesn't have to be ford). If you could only get less than £2200, you would hand the car plus £1800 back to ford.

[Lemonade Pockets]

P.s. when it comes to part ex changing your car, always try and tell the dealer your settlement figure after they've valued it. It is common for them to offer you just enough to clear your finance when the car is worth more.

[jeannieblue]

Is it me or does this thread read like an advert? Seems scripted.

[Lemonade Pockets]

I hope your not trying to tar me with that brush.