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Hi, I'm looking at purchasing a new Ford Fiesta ST2 this year on the options program. I've looked on the webiste, one thing isn't clear to me.

When you come to the end of your term, and if you chose to renew your car - do you still pay the large lump GMFV? or is the GMFV used as your deposit on your next car?

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The gmfv is what you still owe on the car at the end of the agreement. When the car is valued at the time if it's worth more then that's what is the deposit to the next one. But it's always 99.9% I think worth the gmfv so worst case you just don't gain or lose any money.

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The three options are:

1) Keep the car which means you have to pay the GMFV, this can be re-financed

2) Hand the car back and as long as you haven't gone over the mileage and the car isn't damaged you don't pay a penny

3) Trade the car in, once you have taken the GMFV amount from the trade in amount that gives you the deposit against the new car. My dealer said they would generally offer £1000 to £1500 above the GMFV. If you trade in early then you also have to take into consideration the remaining finance amount on the car.

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The unofficial 4th option, if you have a willing dealer is that they buy the car off you. Settle the finance and give you the difference.

Typically the car is worth more than the GMFV at the end of the finance.

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Has anyone had any experience with trading the car in early?

It's something which I'm considering, however I can't seem to get my head around it.

I've got a 2014 Fiesta Zetec S on order, so lets say after a year I decide I want the ST... what would the process be to get one?

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The best option is usually to get a part ex price, and have the dealer pay off the finance and roll the rest into a deposit for your new car.

Just remember there may be early settlement fees, and that is assuming you paid enough of a deposit at the start to now have a loan smaller than the car is worth.

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I exchanged my 09 Focus Estate for my 11 plate Focus Sport. They gave me £6,300 for the Focus Estate which at the time was 2 years old with 24,000 miles on the clock. They then put it up for sale at £8,995. I was in credit as I owed less than the £6,300 so had some deposit.

The only reason I went ahead was because I bought the Estate at a cracking good price (£10,570) and I bought the Sport at only £12,942.

I recently sold the Sport privately and bought a BMW. The Final options payment to keep the car was £4,177, however I sold it for £8,000. If you can pay it off fully first and then sell it privately, you will do far better than part exchanging.

Be careful not to get into these special deals with the ST. i was looking at an ST Focus. £6,300 deposit, £124 per month for 2 years, but to keep the car they would have wanted another £11,500. If you dont want to Finance it and you give the car back, it would have cost you £9,276 over 2 years and you will have nothing to show for it.

I am now car loan free after 5 years and it is such a relief.

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My problem is that I'm never satisfied. I'm currently driving an 05 Corsa SXI (for about 2 more weeks when my Fiesta is delivered) and I'm already wondering if I should have gone for the ST instead of the ZS

The way I see it I've got 2 options:

1. Trade it in after a year or two for an ST, and suffer the costs

2. Keep it, finish paying for it and trade it in for a Scirocco (which is what I really want)

I'm too impatient for my own good :lol:

Sent from my Sony Xperia Z using Ford OC Mobile App

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Trouble I had before is that my corsa was only valued at £500 to VW, so I didn't have much of a deposit.

The monthly payments were around £400, and there was still almost £15,000 left to pay at the end of the 3 years.

I'm hoping that in 3 years I'll have paid off the Fiesta, and I can trade it in on a year or two old scirocco.. But you never know I might fall in love with Ford lol

Sent from my Sony Xperia Z using Ford OC Mobile App

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