Ford Finance Question

Fridge03 · 20 March 2017 at 4:08PM

Hi all,

Just wondering about my situation and if it's worth chasing it up.

I'm currently 20 months into my 3 year finance deal on a Ford Kuga.

The original vehicle was written off in an accident (not my fault) and replaced like for like last September (so 14 months into the deal).

Ford Finance said, all good everything will continue as normal with the new vehicle as it was.

Fast forward to now and I'm looking to save extra money for a new house and as much as I love the car I think it could go.

As it's a year younger, the approximate value of the car (checked on various sites) is the same as the outstanding finance and obviously the GFV will be different as it's a younger, newer car.

What are the chances of Ford
- taking the new car back and ending the deal, and they get to sell a newer car than the one they would have gotten back.
- Allowing me to trade it in early for something else.

I'd rather hand it back, walk away and buy a car outright for the time being to save but downsizing is a decent second option.

Cheers

BJV · 20 March 2017 at 4:12PM

All are possible. In theory they may want to buy it back and yes they will want you to trade / part exchange the car. It will depend what your car is worth and how much you have outstanding on finance.

Please remember that if you buy a car outright there will still be expenses as an older car will be a lot more likely to need maintenance.

The only way to know for sure is to find out what your car is worth and what your early settlement figure is.

Good luck

Fridge03 · 20 March 2017 at 7:56PM

Thanks for the quick reply.

Outstanding finance on the car is £15500 five or take.
Market value of the car is between £15-16k.

Will be interesting to see what they say.

System · 20 March 2017 at 10:19PM

Keep us updated, I'm sure there's many posters in a similar situation who would like to know.

Fridge03 · 28 March 2017 at 6:18PM

Just to give everyone a update who may be following this.

Outstanding finance on car - £14400
Value of car - £15000 minimum.

It would appear that the drunken fool that wrote of my car last year has put me in a better position now! Silver linings and all that....

foxy-stoat · 29 March 2017 at 9:23AM

Fridge03 wrote: »

Just to give everyone a update who may be following this.

Outstanding finance on car - £14400
Value of car - £15000 minimum.

It would appear that the drunken fool that wrote of my car last year has put me in a better position now! Silver linings and all that....

Result, alls you need to do is finance the £14,400 yourself and advertise and sell the car for £15,000 minimum......doesn't seem worth it but if you can hand it back now and walk away you will be winning.

Fridge03 · 25 April 2017 at 3:56PM

Hi all,

Just for a bit of closure on this.

Trade in prices on the Kuga were from a paltry £13k up to £15k. Decided to sell privately, which I double checked with Ford was ok if the finance was cleared before the sale.
Was upfront with buyers and sold it for £15,200K. Nice couple came and paid the finance off over the phone direct to Ford, gave me the rest and then filled out the V5 etc like normal.

Ford Finance Question

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free