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Finance FAQs - New Ford

Ford Options

  • What options do I have at the end of my Ford Options agreement?
    At the end of the plan your options are as follows:
    1. Option 1 - Renew: Choose another car
      If you would like to renew your Ford you can trade it in at Hendy Ford or sell it privately if you prefer. You must settle your account, and then you may use any excess value over the Optional Final Payment as a deposit towards your new Ford.
    2. Option 2 - Return: Hand the car back
      Your pre-agreed Optional Final Payment gives you protection against any unexpected fall in used car prices. If you would like to return your car, Hendy Ford will complete a vehicle appraisal. As long as your car meets Ford's fair wear and tear standards, is within the agreed mileage, and your account is up-to-date, there will be nothing further to pay. Additional charges will be made if you exceed the agreed mileage or if your car does not meet Ford's fair wear and tear standards.
    3. Option 3 - Retain: Keep the car
      Ford Options also gives you the flexibility to own the car at the end of the agreement. All you need to do, assuming all payments have been made, is arrange payment of the Optional Final Payment, which was deducted at the start of your agreement, plus the purchase fee.


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  • Why is there a mileage restriction?
    The annual mileage is agreed depending on your individual requirements at the start of the finance agreement. It allows Ford Credit to allocate an Optional Final Payment to the vehicle, thereby calculating the monthly repayments.

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Ford Options Cash Plan

  • What options do I have at the end of my Ford Options Cashplan agreement?
    At the end of the plan your options are as follows:
    1. Option 1 - Renew: Choose another car
      If you would like to renew your Ford you can trade it in at Hendy Ford or sell it privately if you prefer. You must settle your account, and then you may use any excess value over the Optional Final Payment as a deposit towards your new Ford.
    2. Option 2 - Return: Hand the car back
      Your pre-agreed Optional Final Payment gives you protection against any unexpected fall in used car prices. If you would like to return your car, your Hendy Ford will complete a vehicle appraisal. As long as your car meets Ford's fair wear and tear standards, is within the agreed mileage, and your account is up-to-date, there will be nothing further to pay. Additional charges will be made if you exceed the agreed mileage or if your car does not meet our fair wear and tear standards.
    3. Option 3 - Retain: Keep the car
      Ford Options also gives you the flexibility to own the car at the end of the agreement. All you need to do, assuming all payments have been made, is arrange payment of the Optional Final Payment, which was deducted at the start of your agreement, plus the purchase fee.


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  • Why is there a mileage restriction?
    The annual mileage is agreed depending on your individual requirements at the start of the finance agreement. It allows Ford Credit to allocate an Optional Final Payment to the vehicle, thereby calculating the monthly repayments.

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Ford Acquire

 

Ford Personal Lease

  • How does Ford Personal Lease differ from Hire Purchase?
    Hire Purchase gives you the option of becoming the legal owner of the vehicle once all payments (including any Purchase Fees) have been made. Ford Personal Lease is different because you only pay for the use of the vehicle (rental) and not for the value of the vehicle at the end of the contract. At the end of the agreement you simply hand the vehicle back to Ford Lease who manage Ford Personal Lease.

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  • Who owns the vehicle?
    Ford Lease is the legal owner of the vehicle however, you are responsible for any additional costs such as parking fines, traffic violations and accident damage.

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  • What is 'fair wear and tear'?
    Fair wear and tear is the policy adopted by Ford Lease and supported by the British Vehicle Rental and Leasing Association (BVRLA) to describe the condition of a vehicle, which is considered acceptable and appropriate given its age and mileage at the end of the agreement. Ford Lease will only charge for damaged or missing items in excess of this 'fair wear and tear' policy. For more information on the 'fair wear and tear' policy please click here.

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Obtaining Finance

  • What does APR mean?
    APR stands for Annual Percentage Rate. When you borrow money on an agreement regulated by the Consumer Credit Act, lenders are required by law to quote this rate, which calculates the total amount of interest that will be paid over the whole term of the loan while taking into account any additional charges that the borrower has to pay. The APR allows you to compare the cost of finance from different lenders.

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  • Will I get the advertised rate?
    If you are accepted for finance with Ford Credit, the rate you will pay is the advertised typical rate for that car and is not affected by your personal circumstances.

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  • Do you need to know my salary or outgoings?
    We will discuss with you the affordability of the loan, and in some instances we will ask you for further information to support this if required. You should not commit to a finance agreement unless you are confident that you can afford the payments throughout the term of the agreement and have no unforeseen reasons that would prevent you continuing to afford the agreement.
    The only personal details we need from you to be able to process your finance application are name, date of birth, contact and employment details and details of the bank account you would like us to set up the direct debit for. We will also need to know details of the vehicle you are purchasing, and the finance plan you have chosen. In some instances, we may require further information to support your finance application, in which case we will notify you via your Ford Dealer.

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  • Do you carry out a credit search?
    Yes, Ford Credit will search your record at Experian Limited and they will keep details of our search. To obtain a copy of your Credit record, you can write to Experian Ltd, Consumer Help Service, PO Box 9000, Nottingham, NG80 7WP, go to www.experian.co.uk, or call them on 0844 481 8000. If you wish to obtain further information on how finance companies carry out credit scoring, the Finance and Leasing Association provide a consumer guide - you can find this at www.fla.org.uk.

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  • Do you charge any fees?
    Ford Credit standard fees are: Finance Facility Fee £125 and Option to Purchase Fee £95. However, these fees may vary dependent on marketing promotions.

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  • How much can I borrow?
    Subject to satisfying our normal credit criteria, and taking into consideration the affordability of the loan Ford Credit will lend up to the full amount of the vehicle being purchased, although in certain circumstances we may require you to contribute a deposit.

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  • What information do I need to provide to Ford Credit when applying for finance?
    In order to validate your identity, you will need to provide a full UK, or EU driving licence, with both photo-card and counterpart sections. In addition, a proof of address will be required - acceptable proofs of address are: a bank or credit card statement, utility or council tax bill, mortgage statement (all dated within the past three months).

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  • Do I have to put down a deposit?
    In general Ford Credit does not have any minimum deposit requirements. Occasionally certain promotions may require minimum deposits, or in some circumstances we may require you to contribute a deposit. In these instances, your Ford Dealer will advise you of any deposit requirements.

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  • Why do I have to comprehensively insure my car?
    Comprehensively insuring your car protects you, Ford Credit and any other party involved in an accident. Should you write-off your car without comprehensive insurance you will still be liable to repay your loan. We offer an excellent value comprehensive insurance product through Ford Insure.

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