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Edwin Miles. Underwriting Manager

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Ford Options Scheme

Hi there, I recently returned my Ford Fiesta that was on the Ford Options finance scheme in February of this year.

They then persuaded me to finance an older Ford Focus at a lower monthly rate, however this rate is now still too low for me to afford. It is on a 60 month agreement and I cannot afford to pay the balance. If possible, I want to return it and have nothing to pay. Is this possible?

On signing the agreement the sales manager said that I CAN return my car at any time if I can't afford the repayments, but looking at the agreement it seems to state that I'd need to pay the agreed amount in "Box 1" (if it's completed) however, the box isn't filled out. I'm scared this will affect my credit rating and I don't wish to get into any more debt than I need to be! Please please please help me out!

Posted by James G on


Hi James, thank you for your question.

From what you have said you should be able to return the car but there may well be some early settlement charges as you detailed in your question. However, it'd be best to talk to the sales person / manager when you changed the agreement from the Ford Options Scheme to the new deal as he may be able to explain how to hand the car back with no charges.

Don't stop making monthly payments until you know the exact details as the only way this will effect your credit rating is if you miss any of the final payments before handing the car back. The best thing to do tomorrow AM is call the finance company and find out the finer details. How did you find the Ford Options finance scheme initially. What are the main differences?

If you need car finance in the future please make an application here and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Edwin

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Hi, I bought a Fiesta on the Ford Options scheme and it's now ready to have its first service.

On telephoning the company concerned they informed me that I have to pay for the service when at the point of sale I was told I would be given three years free servicing. Can they do this? Thanks, Alan

Posted by Alan Leyshon on


Hi Alan, thank you for your question.

Do you have anything in writing at all that states that you received 3 years free servicing as part of the initial deal? Look back over he invoices or finance documentation (or even old emails).

If you don't have anything in writing you may struggle to get the issue resolved and you may have to pay. Another option is to call the dealer and speak with a manager as you may well get a contribution. Kind Regards, Edwin

Posted by on


We have a Fiesta on Ford Options for 3 years priced at £159 a month. We got this in October 2012. We would now like a bigger car due to expecting another baby and the Fiesta not being big enough for 2 young babies.

We are looking at getting the Kuga. I was wondering if you could help me work out how much we would have to pay extra or stuff to exchange for the new car early in the agreement?

The Fiesta has a GMFV of approx £5500, with a trade in value at £7500. We have £3180 left to pay. How do Ford exchange cars early in the agreement? Thanks

Posted by Natalie M on


Hi Natalie, thank you for your question and apologies for the delayed response.

Quite simply you need to get a settlement figure from Ford (call them up) and they will tell you the exact amount required to settle the agreement. If it's £8000 as an example and Ford will only give you £7500 for your current car then you'll be in £500 negative equity. You can either make up the difference with a cash deposit or possibly finance the extra £500 in a new deal.

Just so you know, we can beat dealer rates! Please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Edwin

Posted by on


Hi, I am not quite clear about the Ford Options scheme regarding the choice of renewing a car at the end of the finance period.

It seems to say that you can have another Ford after paying the GMFV (Guaranteed Future Value) and then putting any excess left over towards another car.

However, what if the GMFV is less than I might owe on the car? That would mean I have to pay a further sum then have nothing left for a deposit on another car! Also, it seems to me that I will lose out whatever.

If I end up having to pay more money, I will have no car, no money for a deposit on another car. Can't the value of the car at the time of the end of the agreement be used as a deposit for another car? When one is buying a car under ordinary finance terms you at least have a car that is yours at the end of the period of finance .

I would welcome some advice. Thank you.

Posted by S Johnston on


Hi S. Johnston, thank you for your question and apologies for the delayed response.

After looking at the Ford Options scheme again on their site it's clear that at the end of the agreement you have 3 options. Either Choose another car, Hand the car back Or Keep the car.

If you choose another Ford you can use any equity in the vehicle (the difference between the current value at the time and the guaranteed minimum value) as a deposit towards a new Ford. As Ford will want to retain your business you'll never be in negative equity (where you owe more than the car is worth)!

If you choose to hand the car back then this is fine - you can walk away without any penalties as long as the car is in good condition, hasn't done any excess mileage and as long as you account is up to date.

Lastly, if you want to keep the car you simply have to pay the GMFV as a lump sum payment and the car is yours!

There are plenty of benefits under the Ford Options Scheme but we can often beat dealer finance rates quoted. If you'd like please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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