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Ford Credit trying to pick-and-mix, and force increase in purchase price of car
Basically I ordered a new car through a Ford dealer. The order was placed on 30th March (prices increased 1st April). Dealer is nearly an hour away so paid £750 deposit via credit card on phone - no forms signed yet. Dealer quoted me PCP repayment of £381 pounds (24 mths, 4.9% APR) and said he would send finance application (info gathering) forms.
The problem is the dealer didn't send finance forms in until 1st April. It transpires that on 1st April, Ford Credit (a) dropped APR to 3.9% and (b) revised the Guaranteed Minimum Future Value of the car.
Now here's the thing............Ford Credit are saying that, because the order for the car was placed on 30th March, they are only willing to offer me the 4.9%, as that was the applicable rate at that time.............however, they want to use the new (lower) GMFV.......which means the payments have increased by £20-odd a month. The dealer is also saying that he can't simply put the car through again because he would have to put on the £400 increase in the purchase price of the car.
In fairness to my dealer, he has said this isn't acceptable, and is trying to sort out an alternative finance deal for me, but I am just wondering if Ford Credit can actually do this? Surely if they apply the 4.9% then they also have to honour the GMFV that was applicaple on 30th March? Can Ford Credit force the extra £400 to be added to the purchase price of the car if the car is re-booked?
Re: Ford Credit trying to pick-and-mix, and force increase in purchase price of car
No - the dealer has been dealing with them. I sent him an e-mail yesterday outlining my thoughts, and saying I would speak to them directly if needs be.
I should point out that I have contacts within the Management team at Ford UK, and my dealer knows this (I obtained an Ambassador voucher to redeem against the car). I don't think he is trying it on - I think it's Ford Credit. They told him they weren't prepared to budge.
Re: Ford Credit trying to pick-and-mix, and force increase in purchase price of car
The salesman was going to speak to the dealership owner on Friday - I'm gonna call the dealer on Monday and get him to give me his contact in Ford Credit.
Re: Ford Credit trying to pick-and-mix, and force increase in purchase price of car
I think the credit co. can impose whatever rate they want, as the sale will be subject to finance the dealer is not the broker,agent or is he! anyway as everything was done onthe phone you 14 days to cancel any agreement. but would have to start again.
Ford Credit trying to pick-and-mix, and force increase in purchase price of car
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Re: Ford Credit trying to pick-and-mix, and force increase in purchase price of car
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