Take car back to Ford?? Or not? Hmmm?!

Legendbully

Hiya,

I work for the NHS and have recently been made aware of a lease scheme where by I can get a brand new car/insurance/tax/servicing etc all in one package which my employer will negotiate on my behalf. I've done a lot of digging and spoken to a couple of people who are in the scheme currently and it sounds REALLY good. It should drop my monthly outgoings by quite a bit, especially as I currently have a car from Ford on a 3 year finance agreement called an Options plan, but still have to pay for all servicing/costs myself etc. So I'm paying £350 a month for the car and insurance let alone anything else...

My question is, should I go back to Ford after just over a year of paying for my car on finance and say 'I cant afford this, you'll need to take it back off me...' will that damage my credit rating??? I really want to go ahead with this lease scheme and a pal of mine took her car back to Ford after 18 months of a 3 year agreement and they simply took it off of her and cancelled the finance deal. Will I be that lucky and should I do it???

Any comments would be appreciated

Thanks,

Anna x

plane_boy2000

I would imagine that they bought the car from your friend and cleared the agreement.

Whats the car and whats left to pay?

Kilty_2

Most car finance agreements have a clause that states after 50% or more of the payments have been made the car can be surrendered without penalty.

No impact on credit rating.

Check the small print :T

lincs1205

Hi Legend, have just seen your post and wondered if you would mind if i asked a couple of questions about the nhs lease scheme i also work in the nhs for a trust that has recently signed up to the scheme and i'm quite interested in it, i'm in a similar situation with regards to the car i currently pay £269.69 per month but my agreement is due to finish in october.

whereabouts did you do your digging for info if you don't want to say on the forum then feel free to pm me.

Thank-you

Legendbully

Hi All,

Sorry its taken me so long to reply. Thanks for the info Kilty, I will indeed check the small print : ) Just could be saving so much money if I did a lease scheme but that obviously means taking my car back. I'm 15 months into a 36 month agreement so not long til the 50% marker. Just a bit worried if I cancel the finance agreement it'll effect my credit rating i.e. give me a 'black mark'.

Lincs1205 - I contacted my fleet department and got some details sent to me about the lease scheme. They effictively negotiate a fee per month on your behalf and this covers the car, insurance and tax. As well as this, due to the fact you dont actually own the car, all servicing/tyres/parts etc is also covered. The money comes out of your pay packet. Sounds good, which is why I'm interested!

Hope that helps?

Thanks,

Legend Bully xx

Exemplar

My neighbour is in this scheme and she loves it!!!