Ford Options - Am I been shafted

manipulated

Hi All,

Just wondering if anyone has any experience with Ford Options and renewing before the end of your agreement etc and charges?

I have a big feeling i got majorly lied to

Anywhooo...

The deal I was given was a Fiesta 2011 TDCI for x amount.
I told the dealer my annual mileage would be about 20k+ but in order to get the monthly payment down etc he put my annual mileage as 5k. I instantly mentioned this infront of him and his manager and he said it is fine, providing that I renew after 1 year and give car back I dont have to pay any mileage costs. (not sure how this works as id assume theyd be losing money?)

2nd point is aside from that .....How do I renew after the year, the salesman has me booked in for a renewal in January after 1 year and said basically They look at my car and use that as a deposit on my next car which they will give me in January and then pay a montly fee for another 3 years again or renew again the year after

How does that work? I looked on ford website and it says that you must settle outstanding balance first....thats not what the guy said at all!..Its not that big of a deal as if it comes down to it i just wont renew and keep the car for 3 years and then pay the extra bit of money due to the extra mileage ive done, I love the car anyways....but at same time, im not going to turn down a brand new car for what might be a few quid more expensive..or even cheaper if i looked at ford website and the finance calculator!

Just wondering what your thoughts etc are on this? Previous experiences etc?

Thanks

giraffe69

I paid for a new car using Ford Finance in 2010. My intention was to repay after one month because that was a way of getting a further £500 of the price of the car(For Finance would pay for this not the dealership). I had no problem doing this BUT they were insistent that I put down 6000 miles per year as my mileage. I piointed out that 11K was more like it. Because I was redeeming after a month it never mattered but I fear if I had kept going and then wanted to settle at the end of the finance period it would have been a different story.
The dealership seem to regard Ford Finance as being another one of their victims along with their customers.

daveyjp

Sounds like they are trying to get you on a PCP merry - go - round and it won't be to do you a favour. You have paid a deposit on a new car, you pay rental for a year, you get a new car, pay (a higher?) rental for a year or more etc etc. At what point do you envisage getting off this roundabout?

It is still possible to change a PCP car before the end of the PCP contract. The dealer will advise you of a settlement figure - this has to be paid, it may be covered by the value of the car, or it could be added to an existing loan. They are right that you won't have to pay excess mileage costs as this will be factored into the settlement figure.

If you keep the car for the three years you can pay what is due under the loan and keep the car - no excess mileage is due. The excess mileage is to compensate the dealer for selling a car with higher than average mileage. A 3 year old Fiesta with 60k is worth less than one with 15,000 - excess mileage covers this difference.

xyellowx

i wanted to buy my cmax outright (march 09 on a 10 plate) and was told to use options and ford finance to get a further £500 off i told them 10k a year mileage and thats what was put down over a 2 year deal.

they keep phoning me saying i can hand the car back and get another brand new one and start again
but when i looked into it i can pay the remaining 6 £220 payments and a £5400 balance settlement fiqure (total owed £6720 )and the car is mine
2010 plate 13000 miles mint condition. i dont know much about car values but think it will be worth more than £6720 come march 2012
anybody know what i could expect it to be worth?

manipulated

Thanks for the replies, much appreciated.

Giraffe:
Sounds very similar with them insisting on putting less mileage then what you are actually doing . I only let it slide because at the time, (my own fault) had a car not ready to pass MOT and a new job that was 100miles a day...so needed a new car ASAP and the mileage knocked the monthly repayments down.

Davey:
I totally agree with you, just trying to keep me on the roundabout. It makes sense now what both of you said, They are kind playing with their words (in my opinion) as I wont be paying the mileage price but itll be included in the settlement figure thanks for pointing that out..didnt think of that!

So i think this is what im going to do.
In Jan, go to see what car etc they can offer me, how much balance etc ill be owing and if it works out ok(WITH the correct annual mileage!!). Ill get a new car and just stay with that and not renew. After the 2-3 years, work out of its worth buying the car or handing it back.

If its not worth getting a new car, ill just keep the car ive got, same payments and the extra mileage can easily be paid off at the end, Ive done roughtly 7k more than the yearly quote, but now with new job im actually doing ALOT less than their 5k quote, so after 3 years, hopefully it will of balanced out

Think it states in contract 5p per mile

MX5huggy

xyellowx wrote: »

i wanted to buy my cmax outright (march 09 on a 10 plate) and was told to use options and ford finance to get a further £500 off i told them 10k a year mileage and thats what was put down over a 2 year deal.

they keep phoning me saying i can hand the car back and get another brand new one and start again
but when i looked into it i can pay the remaining 6 £220 payments and a £5400 balance settlement fiqure (total owed £6720 )and the car is mine
2010 plate 13000 miles mint condition. i dont know much about car values but think it will be worth more than £6720 come march 2012
anybody know what i could expect it to be worth?

You need to be a bit more specific about the model but for example a 58 plate CMAX 1.6 Zetec with 15k on the clock is worth between £6.5k and £7.5k according to what car.

http://www.whatcar.com/valuations/result?makeId=1&modelId=2030&editionId=2040&yearId=38&mileage=15000

So no its unlikely to worth much more that £7k

Strider590

With cars it's not about "am I being shafted?", it's about "how much am I being shafted?"

xyellowx

cmax zetec 5 door 2010 "10plate" 1.6 petrol
rear parking sensors fitted and metalic paint

just looked at invoice total - £17744.11 - family discount £3595.11 = £14149.00

will it have lost half its value in 2 years come March 2012?

MX5huggy

xyellowx wrote: »

will it have lost half its value in 2 years come March 2012?

If you are lucky, after 3 years & 36000 miles very few cars are worth 50% of the new price.

What car says a C max today will retain 36% of its value over the 3 years (36k).

The 3 year cost of running the car is £18000 two thirds of this is depreciation, and people worry about a car doing 35mpg vs a new one doing 40 or tax being £130 a year vs £220.

I did buy a new car, but plan on keeping it till it dies (10 years plus) so the depreciation is spread much thinner.

xyellowx

mx5 thanks it will be 2 years old in march 2012 what value roughly could i expect based on it will have done no more than 22k and in vgood cont

MX5huggy

Use this tool.

http://www.whatcar.com/car-depreciation-calculator/results?makeId=1&modelVersionId=30963&editionId=35957