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New Fiesta on scrappage deal


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#61 Bashful

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Posted 27 August 2009 - 05:55 PM

I guess it comes down to who paid for the upgrade - if it was Ford then I wuld assume that they will put the final value up by a percentage of the kit as well as make you pay a little bot more on the monthly payments. If, however, it was you that had it fitted then they, in theory, could tell you to remove it if you are going to hand the car back!!


I don't think they would tell you to remove it but it would probably be silly to hand it back. Equally I don't think they have any obligation to give you more if you hand it back and walk away. If you decided to use it as a trade in at the end of the options deal you would probably get a higher value than the gmfv. If however you are going to keep the car you pay them the gmfv.

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#62 paulworthing

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Posted 27 August 2009 - 06:08 PM

Oh and if you are not planning on keeping it - take out a personal loan at the bank, pay off the balloon payment and then sell the car privately and use the money to pay off the loan and keep the profit.

Should be okay if you do not borrow the money against the car as it will not show up on any checks the prespective owner might run

#63 Bashful

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Posted 27 August 2009 - 08:09 PM

You would get shafted for an early settlement figure though. Although it's not strictly within the t&c of the HP agreement you can sell the car and settle the finance off. I used to work for a motor finance company and it happens all the time. Some prospective purchasers may not be happy to buy a car that still has an interest on the Hire Purchase Information system.

#64 paulworthing

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Posted 27 August 2009 - 08:28 PM

You would get shafted for an early settlement figure though. Although it's not strictly within the t&c of the HP agreement you can sell the car and settle the finance off. I used to work for a motor finance company and it happens all the time. Some prospective purchasers may not be happy to buy a car that still has an interest on the Hire Purchase Information system.


Thats why I said about not doing a loan against the car - do it as A N Other type of loan (holiday, something on the house, etc.) and then it will not show up

#65 Bashful

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Posted 27 August 2009 - 08:45 PM

Thats why I said about not doing a loan against the car - do it as A N Other type of loan (holiday, something on the house, etc.) and then it will not show up


Yip I know what you were saying, my point was that if you take out another loan and then settle that, the interest penalties for early settlements are not very good. Whereas, if you merely settle the HP agreement, and it's towards the end the penalties won't be so great (effectively you will pay less to settle the HP than a further loan)

Anyways, don't think this is the info Michelle was looking for :lol:

#66 MichellefromEssex

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Posted 27 August 2009 - 09:45 PM

I paid for the upgrade (2,224) and it cannot be removed once fitted, I did check with our dearlership before having it done that it was ok and not against the terms and conditions of the option plan and they said it was fine. We are probably going to keep it anyway

#67 DanGull

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Posted 27 August 2009 - 09:57 PM

The thing about Options is that while the estimated final value can't go down, it can go up if you're planning on buying another Ford. With the upgrade fitted, the value of the car will be higher and Ford will offer you more as the settlement for your finance. Ok, it probably won't be as good an increase as if you sold the car privately, but it'll still most likely be more than your estimated future value.

If you're not planning on getting another Ford, or don't like the offered figure, I suggest you do something similar to what Paul suggests, although I also agree with Bashful that the penalties on the loan you took out to settle the car finance would be pretty hefty and possibly wipe out your profit. Better would be to settle the finance without the loan (maybe add to your car payment each month and store it in a separate account) then sell the car privately. This is what I plan on doing.

#68 paulworthing

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Posted 28 August 2009 - 07:56 AM

Anyway, back on topic, have you decided what you are going to do then gaz6076??

#69 gaz6076

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Posted 28 August 2009 - 09:38 AM

Not made a decision as yet. Going to see another dealers tomorrow if I get the chance.

I'm split between the 1.4 style+ or the zetec. Would be paying around 200 or 225 a month for either so the options plan wold be nice but I'm still not sure. Speak to the dealers next time I'm up.

Thanks for all the help by the way :)

#70 paulworthing

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Posted 28 August 2009 - 09:47 AM

Not made a decision as yet. Going to see another dealers tomorrow if I get the chance.

I'm split between the 1.4 style+ or the zetec. Would be paying around 200 or 225 a month for either so the options plan wold be nice but I'm still not sure. Speak to the dealers next time I'm up.

Thanks for all the help by the way :)


You're welcome about the help we have, or haven't, been

Just keep up informed of what you decide to do and so hope you make the right choice - a nice 1.4 Zetec! ;)

#71 gaz6076

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Posted 28 August 2009 - 06:18 PM

You really want me to get this zetec eh? :rolleyes: :lol:

#72 paulworthing

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Posted 28 August 2009 - 06:23 PM

You really want me to get this zetec eh? :rolleyes: :lol:


Yeah because if you can anyway afford it and don't, you'll end up regretting it in the future

#73 Helena

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Posted 29 August 2009 - 12:31 AM

I wouldn't let them call the deal. Go haggle them. I would.

#74 paulworthing

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Posted 29 August 2009 - 02:31 PM

even better if you have 2 dealers locally, that are not connected, and then you can get them to bid against each other and then they do the barganing and all you do is act as the messageg ("They quoted me x, whats the best you can do") and then go back to the first one with your new lower price and just keep going backwards and forwards until you get the price you want . . . its what I did

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