leaving ford options scheme

dereck_2

Hi all hope someone can help me, I got a ford fiesta on a 3 year ford options scheme approx 14 months ago and due to my circumstances changing I,m finding it difficult to meet the payments. I would like to know if there is any way I can just hand the car back without any cost to me or any chance of being blacklisted? I have read the agreement but cant really make any sense of it really. Anyone been in this situation or has a real answer for me please as friends etc I have mentioned it too have conflicting views. I want to be forearmed when I go into the ford garage with as much information as possible. thanks in advance dereck

Hammyman

No, not a chance. Another 4 months you maybe can but not at the moment.

dereck_2

thanks for that hope its as simple as just handing car back after another 4 months and dont have to pay any fees to the garage.

dereck_2

Thanks for that hope its just as easy as handing car back and no fees to pay after another 4 months dereck.

GlynD

Hammyman is right. Normally you can voluntarily terminate after the contract has gone for 50% of the agreed duration.

mark5

GlynD wrote: »

Hammyman is right. Normally you can voluntarily terminate after the contract has gone for 50% of the agreed duration.

50% of the agreed duration or 50% of the total purchase price?

blue_haddock

Actually as ford options is a contract hire agreement he may be able to get out of the contract but will have to pay hefty fee's to get out of it. Quite possibly 50% of the remaining balance or more.

chieffy72

Voluntary termination works differently on Options,look at page 2 of your finance agreement,in the box headed "Termination-Your Rights" it'll give an amount that you need to have paid back before you can terminate,used to be around 24 months worth of payments but think it's now nearer 30. Find out what the cars worth,if it's a Fiesta there's a chance it might be worth around what you owe on it and the dealer might take it off your hands and settle the finance. Any other model and it's likely to be worth a lot less than you owe as you're only 14 months into a three year agreement.

Good luck,

K.