Ford Credit help!

sparksy30

Hi and thanks for any help in advance and sorry this is long!

My partner brought a car on finance from ford 3 years ago on their options plan with a baloon payment of 3k at the end of the agreement or we could use the car to part exchange for a newer model.

My girlfriend has been with ford credit for 6 years and has never missed a payment.

Due to my partner losing her job last year her credit score took a dive and as a result she has bad credit, so we went into our local dealer to see about getting a refinance of the baloon payment and was told by the sales guy that getting a second hand car would probably work out better for us in the long run due to future sale protection.
We told him that we had a budget of £150 to spend per month and he said while my manager works out a deal we can go for a test drive as it would take 10mins to complete it when we got back to the showroom the sales advisor brought out the deal and it read £210 per month we were already paying £206 for the car we have got at the moment, we said no and 2 mins later he has come out with a new offer of £184 p/m.
We told him that our credit was poor and he said "well what makes you think somewhere else will give you credit", so he brought his manager over and they basically double bagged us into agreeing.
A few days later they called to say the credit had been accepted for £11000 for the second hand 09 fiesta and we could come in at the weekend to sign the agreement.
We had a think about it and decided it was still to far over our budget, so when we went in we told them we didn't want to take the offer and continue with the refinance of the balloon payment, to which the manager said he would do the second hand car for £150 p/m which is what we originally asked for, but because we felt we had been messed about to secure the salesmans commission we said no and would like to refinance the balloon payment.
We got a call a few days later saying we had been declined and ford credit would send us a letter.
The letter said that due to the experian report they were unable to offer us the refinance for £3000.
I would like to know if we have any rights as how can they accept us for an £11000 loan and not on a £3000 one
I feel we have been unfairly treated I have trawled the internet looking for help and am at a loss, if we lose the car we will be in financial hardship as it is used for work
also ford have valued the car at £3200 so if we had to give it back we wouldn't have any money to buy another car we have looked at we buy any car and they have offered £4.5k for it and another dealer has also valued it the same.
I just can't see how we have paid £7000 off the car and it will be money down the drain as no doubt ford will resell the car for around 7k as it only has £18k on the clock
do we have any rights??

chalkie99

If I understand this correctly, you signed an agreement to pay a fixed monthly amount with a 3k balloon payment at the end and that is still what you have.

There is no money down the drain. You are in the same position as you agreed to be in when you bought the car.

Rights don't come into it, except the finance companies right to be paid what you agreed.

sparksy30

if we have to give the car back we are out of pocket as we will have nothing to show for the 7k we have already paid no ofence but i was hoping for someone who has been in a simular situation to us to give advice to what they did.
We have offered to pay ford credit 120 p/m for the next 3years as this will cover the 3k + interest and they have flatly refused, now as i said before by taking our car they will be putting us in financial hardship will taking it to court show in favour or are we picking at straws
it seems to me the only reason they are not offering credit for the balloon payment is the amount they will lose in interest as they would have got 4k in interest on the second hand car
I know it has nothing to do with experian as her credit score wouldn't have passed her for a credit check in the first place but they agreed due to her umblemished record with them

chanz4

whos to say the used car would be through the same finance company? Dont think court will help, they will just waive the pcp agreement at the judge which shows the balloon payment.

drbesty

From what I understand the agreement was to pay a baloon payment of £3k, you can't pay this and they don't have to give you credit to cover it, you don't have a right to credit

sparksy30

The ford dealer were the ones who said it would be through ford credit.
As for my right to credit, I never said i had a right but why is credit different if you had a loan and had come under hard times they have to accept what you can afford to pay them
And once again unless you have had any experience with this sort of situation please don't post a reply just to up your post count i am looking for people who have had a similar experience and what they did.
And again she couldn't get credit to get another car in the first place so how did they magically accept her for the second hand car
This is supposed to be a place for people who need help and all i'm getting is responses to things i already know

drbesty

So because you can't afford the baloon payment they should just accept whatever you can afford to give them?

CH27

sparksy30 wrote: »

if we have to give the car back we are out of pocket as we will have nothing to show for the 7k we have already paid no ofence but i was hoping for someone who has been in a simular situation to us to give advice to what they did we have offered to pay ford credit 120 p/m for the next 3years as this will cover the 3k + interest and they have flatly refused, now as i said before by taking our car they will be putting us in financial hardship will taking it to court show in favour or are we picking at straws
it seems to me the only reason they are not offering credit for the balloon payment is the amount they will lose in interest as they would have got 4k in interest on the second hand car
I know it has nothing to do with experian as her credit score wouldn't have passed her for a credit check in the first place but they agreed due to her umblemished record with them

You have been driving round in a brand new car for 3 yrs.
It's not Ford's fault you can't pay the final installment to make the car yours.

When is the final installment due?

sparksy30

CH27 wrote: »

You have been driving round in a brand new car for 3 yrs.
It's not Ford's fault you can't pay the final installment to make the car yours.

When is the final installment due?

the payment is now due and i suppose it's my girlfriends fault the company she worked for got sold to the europeans making her redundent inadvertantly affecting her credit as she sacrificed other creditors just to make sure ford were paid in full even when we couldn't afford it, when she took the deal she had worked for her company for 15 years so couldn't predict the future and the deal seemed the best one at the time i would say a car is brand new as long as it is sitting on the forcourt as everyone knows the minute you drive it away you lose a percentage of the cars value with anything upto 40% in the first year

sparksy30

i really hope no one ever ends up in our position if there are people out there like you lot this is supposed to be a help forum and all I am getting is it's our fault, if i could predict the future I wouldn't be asking for your advice (if you can call it that)

I have decided to send them the payment with a cover letter if the money doesn't come back i will take it as a sign they have accepted our offer

sparksy30

drbesty wrote: »

So because you can't afford the baloon payment they should just accept whatever you can afford to give them?

hmmm as i said before if you can read that why are rules different for car finance to standard loans if you can't afford to pay a loan they have to accept your offer as a court would side with the debtor in that situation