Ford Ireland has recently launched a new flexible Personal Contract Purchase plan called Ford Options at an interest rate of 4.9 per cent APR.
Ford Options gives customers a chance to drive a new car every three years, while keeping within a suitable budget.
At the start of the Options agreement, Ford sets a guaranteed minimum future value (GMFV) for the car which is an optional final payment based on an estimate of the minimum value of the car at the end of the agreement. The GMFV means customers can benefit from lower repayments compared to a traditional hire-purchase plan of the same length. The deposit and monthly payments are paying off the difference between the initial buying price and this predicted value. And since it is guaranteed, it also gives protection against any unexpected fall in used car prices, so should they choose to return the car at the end of the agreement, there will be nothing further to pay.
The Ford Options process works in the following way:
1.Customers decide on the Ford they want to buy (KA, Fiesta, Focus, B-MAX, S-MAX or Kuga).
2.Choose a deposit of between 10 per cent and 30 per cent which can be cash or trade-in vehicle.
3.The vehicle is given a guaranteed minimum future value (GMFV).
4.The deposit and the GMFV are deducted from the price of the vehicle to give monthly repayment amounts over a three year term
5.At the end of the agreement customers have the option to return, retain or renew their Ford.
If customers decide to return their car at the end of the three year agreement, it is good condition, and the agreed mileage has not been exceeded, customers can return the car and walk away from agreement with nothing further to pay.
If customers decide to keep their car, they can become the owner of the car by paying the GMFV.
If customers decide to renew the car, they can start a new Ford Options agreement by trading in the car for a new model. Any excess over the GMFV can be used towards a deposit for the new agreement.
For more information on Ford Options, contact Motorpark 091-741100. Free personal finance consultations are available free of charge.