My girlfriend bought a 09 plate KA from Ford last year on this Options scheme without me knowing, next year she can return/swap/buy the car.
If you just return the there is a guaranteed minimum value. If the car is worth more than this do they give you the cash? or do you just lose the lot?
If you simply return the car you get nothing back. If you sell it back to the dealer you will get trade price and maybe not what you think it's
worth but if it's over the MGFV yes you get something back. Best option is to try and sell the car when the time comes and settle the MGFV.
U2U me if you need any help, spent 17yrs working in Ford, many of which as a busness manager and wrote many training modules on Options!!
J
Yeah there will be a minimum guaranteed value based on mileage etc. If you hand it back then in theory the car will cover the finance assuming you
havent damaged the car or exceeded the contract mileage. If you have then they charge you a price per mile over the agreed limit (6p I think). If
you part ex it against a new ford then they normally waive the fee to get you in a new car but if you return it and want to walk away they will try to
get every penny out of you they can. If you have done mega miles then it might be worth buying it and selling it on privately to avoid the Ford
penalties.
Cheers
Chris
quote:
Originally posted by jimmyd
If you simply return the car you get nothing back. If you sell it back to the dealer you will get trade price and maybe not what you think it's worth but if it's over the MGFV yes you get something back. Best option is to try and sell the car when the time comes and settle the MGFV.
U2U me if you need any help, spent 17yrs working in Ford, many of which as a busness manager and wrote many training modules on Options!!
J
not sure what its worth, or how much she owes, but by law you can hand the car back and walk away once you have paid 50% of the loan as long as it in reasonable conidtioin for age. Just an option to consider when looking at the value