666Damian666 Posted February 17, 2014 Share Posted February 17, 2014 How does the Ford Finance work, is there anything special/good about it rather than taking out finance elsewhere Also is there a certain term you have to take the finance over (36,48 months etc) or is it flexible ? Quote Link to comment Share on other sites More sharing options...
matt1981 Posted February 17, 2014 Share Posted February 17, 2014 I'm looking into it myself, the majority seem to be over 36 months with the large optional final payment. Must say vauxhall are better at the moment as they are doing 0% finance over 5 years. You do get £500 towards most models if you use ford finance so if I buy one I'm going to take advantage of this and then pay it off and loan the money from elsewhere Sent from my GT-I9100 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
666Damian666 Posted February 18, 2014 Author Share Posted February 18, 2014 I think by doing that you would need to make sure Ford don't charge you an early repayment fee for paying it off before the agreed term is over as that will just eat into the £500 saving they have given you and make it hardly worth doing in the first place Quote Link to comment Share on other sites More sharing options...
matt1981 Posted February 18, 2014 Share Posted February 18, 2014 Yes indeed. My parents did it recently on a new focus and paid £35 charge to pay it off. I'm going for a test drive tomorrow so will find out more then. Sent from my GT-I9100 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
matt1981 Posted February 18, 2014 Share Posted February 18, 2014 Double post sorry Quote Link to comment Share on other sites More sharing options...
Philf1 Posted February 18, 2014 Share Posted February 18, 2014 The amount of discount ford credit gives you depends on which model you buy. Fiesta is £500 Focus about £2000 I believe. You have to keep the finance for 3 months or the discount is repayable. Don't forget the salesman gets commission for finance so he should also give you a better deal Quote Link to comment Share on other sites More sharing options...
BeccaaCat Posted February 18, 2014 Share Posted February 18, 2014 Yea there's conditions. It's normally a PCP and ford decide how long it will be. If you pay off early there's an administration fee and you have to pay the interest off too Sent from my GT-I9300 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
666Damian666 Posted February 18, 2014 Author Share Posted February 18, 2014 I don't want a Balloon payment at the end, I'd rather just pay it all off over say 3 years Quote Link to comment Share on other sites More sharing options...
BeccaaCat Posted February 18, 2014 Share Posted February 18, 2014 You c Sent from my GT-I9300 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
BeccaaCat Posted February 18, 2014 Share Posted February 18, 2014 You could do that but payments will probably be pretty high Sent from my GT-I9300 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
DomT8 Posted February 18, 2014 Share Posted February 18, 2014 The acquire option allows you to spread the payments over 2-5 years minus your deposit plus interest. Monthly payments are higher but you don't have a balloon payment. You can do finance quotes on the ford website play around with it and see what fits for you. Quote Link to comment Share on other sites More sharing options...
Philf1 Posted February 18, 2014 Share Posted February 18, 2014 Make sure you put as much as you can afford into the deal cash and part ex all bring your finance down. Tell them what you can afford and don't be tempted bt a few pounds over that zs tick to your guns. Quote Link to comment Share on other sites More sharing options...
666Damian666 Posted February 18, 2014 Author Share Posted February 18, 2014 It looks like their APR is 7.1% which is average but you get an extra £500 off when you take it out which in the long run might work out better than getting a slightly lower APR elsewhere Also I wonder what level of commission they get per sale for a 15k car like the Zetec S I'm after & if they get more if you add optional extras etc Would be good to have an insight from someone on here who's in the know & has been a car salesman in the past for example Quote Link to comment Share on other sites More sharing options...
BeccaaCat Posted February 18, 2014 Share Posted February 18, 2014 On a 15k car on finance they get a few grand in commission. Mine was 9k, on a 51 month HP, 1k deposit, about 4.1% interest, 1 years free extended warranty and it generated about 2k commission. James is a salesman for Ford :p Sent from my GT-I9300 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
BeccaaCat Posted February 18, 2014 Share Posted February 18, 2014 And yes they get more if you buy extras. If you buy a product eg guardex they automatically get £30 in commission plus a percentage depending on how much you buy. Same if you buy extended warranty etc they get commission for that. Sent from my GT-I9300 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
666Damian666 Posted February 18, 2014 Author Share Posted February 18, 2014 I wouldn't be pushed into crap I don't want/need & have a clear vision of exactly what I want and the price point I feel I can get it for but it's the finance side I wanted some more info on to see if it's worth going with them 2k commission sounds a lot & must eat into their overall profit margin on the car So that means to say if a salesman sells 15 cars in a month he/she would get 30k commission Do they only work on commission or do they get a salary on top of that ? Quote Link to comment Share on other sites More sharing options...
BeccaaCat Posted February 18, 2014 Share Posted February 18, 2014 I'm no entirely sure how that bit works! I know he's told me my car generated 2k commission but whether he gets all of that is a different thing- he's only been there 6 months lol so don't take his word as gospel- but they don't get that until the cars paid off anyway. And they get about 1k a month basic at his dealership Sent from my GT-I9300 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
666Damian666 Posted February 18, 2014 Author Share Posted February 18, 2014 I would say the total profit margin on the car is 2k & they get a small cut of that cost Quote Link to comment Share on other sites More sharing options...
BeccaaCat Posted February 18, 2014 Share Posted February 18, 2014 Yeah that sounds more like it lol. Although non-finance deals don't generate anywhere near as much profit as financed cars so depends how many people actually buy finance etc. And everyone in the department gets £1 for every car sold. Might work differently for brand new cars too. Sent from my GT-I9300 using Ford OC mobile app Quote Link to comment Share on other sites More sharing options...
Jordanch Posted February 20, 2014 Share Posted February 20, 2014 I have a Fiesta on a ford options plan over 36 month period, do you know if there is anyway out of it earlier rather than having to pay a certain and amount before you can give it back at all? Quote Link to comment Share on other sites More sharing options...
jd_james Posted February 20, 2014 Share Posted February 20, 2014 I have a Fiesta on a ford options plan over 36 month period, do you know if there is anyway out of it earlier rather than having to pay a certain and amount before you can give it back at all? You can legally end the contract once you've paid over half of what you owe on the car (that includes deposit/monthly payments/balloon payment at the end). I worked it out just was thinking the same as I need to buy a house soon. Worked out I'd need to pay 36 months before half is paid off. I am on a 36 month agreement too and would need to pay between 6-7K at the end. Quote Link to comment Share on other sites More sharing options...
Jordanch Posted February 20, 2014 Share Posted February 20, 2014 My half way payment is about 6-7k. I guess once my insurance is renewed, the money I'll save will go towards my car. That way I can get to half way quicker and save myself an extra year. Quote Link to comment Share on other sites More sharing options...
MattDRX Posted February 20, 2014 Share Posted February 20, 2014 Buy it on a 5 year plan to keep payments low, pay off after 2.5 years, it'll still have warranty and the amount you owe should be around 6K tops but the car will be worth a bit more than that, just remember you can't sell the car elsewhere as it'll fail HPI checks you'll have to take their prices. and 2k in commission??? I worked for Renault years ago NO car they made even Vee's and Vel Satis's turned that kind of cheese, they got £50 for every finance deal and around £800 was the most I every saw Renault pay in commission was for a Grand Espace fully specced costing £34k, no way does a pony hatch back generate over 10% in comm to the stealer, IIRC the average profit on a regular car is around 30%, Perrys Ford finance when I check in November was 4.4% Apr Quote Link to comment Share on other sites More sharing options...
Rossbclarke123 Posted February 20, 2014 Share Posted February 20, 2014 I know a ford salesman who gets a 10k basic and £139.00 on every car sold and 179.00 on commercials. Not sure if this changes on options and accessories. Quote Link to comment Share on other sites More sharing options...
GlynnZS Posted February 21, 2014 Share Posted February 21, 2014 I've got my car on Ford Acquire, pay 368 for 4 years then it's mine. I had a 3 year then balloon payment on my last car and vowed I'd never do that again as I had nothing to show for 3 years of paying the payments. And I would have thought the £2000 commission becca is talking about is the profit that particular dealership made on that car, of which the salesman's commission will come out of... Quote Link to comment Share on other sites More sharing options...
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