Ford / FPV 2.9% finance

[FPV414]

What's the catch with the 2.9% finance Ford / FPV are offering at the moment?

If you go on the FPV site it says you can buy a brand new or demo F6 @ $54,990 driveaway on the 2.9% "comparison" rate, with a 60 month term.

What would this end up costing over that amount of time, out of interest?

I hear that with this kind of finance deal, further negotiation isn't really allowed, large deposits aren't allowed and early payment fees and account fees are high.

Sorry for the noob questions - never really looked in to financing a car before.. thought someone here may have bought a car using this deal in last year's sale.

[Rockape]

My dealer told me I needed 10% deposit.

[Rodge]

Not exactly a big hurdle for the average Joe Bloggs surely ?

[GULL]

10 % deposit = $5000
Loan $50 000 @ 2.9%
60 monthly payments @ $896
Interest $3773
Total repay $53 773

[SpoolMan]

Originally Posted by FPV414

If you go on the FPV site it says you can buy a brand new or demo F6 @ $54,990 driveaway on the 2.9% "comparison" rate, with a 60 month term.

Absolute bargain, we paid $65,000 for a BF F6 in Nov 2005 with leather and 18's.
8 years on now $10k less, plus sat nav and 2.9% finance deal.

A online CAR LOAN CALCULATOR
http://www.stgeorge.com.au/help/calculators/car-loan

[usernametaken]

Originally Posted by Rodge

Not exactly a big hurdle for the average Joe Bloggs surely ?

$1000 a month for 5 years?

Sorry, but the avg. Joe Bloggs would struggle to justify that in these times...

Just sayin...

[FPV414]

Originally Posted by usernametaken

$1000 a month for 5 years?

Sorry, but the avg. Joe Bloggs would struggle to justify that in these times...

Just sayin...

I believe he was referring to the deposit.

[usernametaken]

you still need to come up with the k a month..

[82XD393.3v]

my 09 FG F6 was 65,000 drive away with no leather or sat nav

[peaterj]

The deal says min 10% deposit with maximum term of 48 months

[82XD393.3v]

Originally Posted by peaterj

The deal says min 10% deposit with maximum term of 48 months

correct the fine print states this but this is still clearly a bargain for anyone serious in buying the last of the fpv era cars, if my wife wasn't pregnant i would be trading in on a new gt for 65000 for sure

[XR Martin]

EDIT. No matter

[ohzone]

Check the Loan establishment fees, could be substantial.

[BDA074]

Originally Posted by ohzone

Check the Loan establishment fees, could be substantial.

This would be factored into the comparison rate. Comparison rates are devised to stop this sort of activity.

2.9% would save the average Joe over $6$ over the term of the loan. Great deal. If I was ready now would jump on it.

[csv8]

I noticed in the 2.9% tv ad, of the cars shown..NO FALCON !!!!! Fiesta, Focus, Kuga, Territory only...mmmmm!!!!!

[csv8]

Originally Posted by BDA074

This would be factored into the comparison rate. Comparison rates are devised to stop this sort of activity.

2.9% would save the average Joe over $6$ over the term of the loan. Great deal. If I was ready now would jump on it.

Fine print says " may not include all charges and fees"

[82XD393.3v]

Originally Posted by csv8

Fine print says " may not include all charges and fees"

ok gee its a really bad deal

[damo6]

Originally Posted by BDA074

This would be factored into the comparison rate. Comparison rates are devised to stop this sort of activity

Don't believe everything you read/hear, they rename the fees to get around that, two friends of mine copped fees totaling nearly $900 from different yards, I myself was nearly stung with the same thing when I brought mine under the same deal last year.the yard gets a big kickback from the finance company,I refused to sign until they substantially reduced it.you can do a 60mth term on no deposit @4.9% if it's the same deal as last year,they wont tell you unless you ask though.

[BDA074]

Originally Posted by damo6

Don't believe everything you read/hear, they rename the fees to get around that, two friends of mine copped fees totaling nearly $900 from different yards, I myself was nearly stung with the same thing when I brought mine under the same deal last year.the yard gets a big kickback from the finance company,I refused to sign until they substantially reduced it.you can do a 60mth term on no deposit @4.9% if it's the same deal as last year,they wont tell you unless you ask though.

Agree you need to read the fine print. Even with an extra $900 fee you will still be over $5k better off...

[Rodge]

To clarify my earlier comment...its never been cheaper or easier to buy a new FPV and there has never to the best of my knowledge been a better finance deal.

FPV can't give them away and not everyone can afford the monthly payments with putting the minimum deposit down, (that's a given), but if someone already has a reasonable vehicle which is worth a decent trade-in price that will dramatically lower the monthly payments and then this looks like a fantastic opportunity to upgrade to what is a very special brand new high performance vehicle. No matter whether you choose the F6 or GT you're on to a very good and very special thing

I would be the first as an accountant to tell people to buy a vehicle that they're comforably able to afford to own and run but the plain and simple fact of the matter is that many people on here have been bleating for years that FPV prices are too high and begging for a decent cheap finance deal. FPV have delivered both and seeing as the brand is ending soon...let me put it this way, if you're waiting for a better opportunity to own a new FPV, I doubt there will be one.

[GQ_Smooth]

Deal looks fantastic, although they do need to be. They are a fairly old model now, only the engines are a stand out.

[ENFORCER 77]

I purchased a XR6T last week with this finance deal. I put down a $6K deposit and $30K on finance. There is an establishment fee of $350 and Origination fee of $750 and a $5.50 admin fee. Was also told it can only be done over 48 months.

[ebv8]

i did it last year with my fiesta...i could put down any deposit i like as long as it was a min of 10%.
there was about $700 fees over the life of the loan for establishment and account fees plus i had to pay $785 to pay it off early which prorata's down over 4 years

so was still a good deal if you can afford to pay it off over 4 years

actual loan rate was 2.1% the 0.8% are fees

[MercurySilver]

i thought about it when i saw it in another thread
and then went looking at f6's online

if i wasnt trying to pay back the 4 grand i borrow for the pov pack xb and saving to get married next year id be tempted
instead ill wait till 2016 and spend 5 grand on the G6ET and get the same power results as the F6
still tempting tho, especially if you could get around 15 to 20 thousand trade in

i just simply cant afford it this year
imagine rockin up home in a new F6 and telling the other half you better hold of on that wedding dress for another 4 years.....
no thanks, i value my scrotum lol

[hazrd]

If someone had a decent trade in, that could be used as the deposit, couldn't it?

[damo6]

LMAO merc,yes indeed we need our scrotum! even though mine are just xmas tree decorations now, had them put between two bricks then SMACK! a while back. As for the finance offer.I had a look at my fees and they came to $956( I forgot to add that I never paid that amount,after some neg I got $200 knocked off,threatened to walk out) rounded off. Must be different at some yards but it was 12 mths ago. One can bet they will do the same deal this time next year with the FH, if it were me I'd rather wait for that.if I want more power ( the only reason I'd buy an f6) I'll just boost mine some more!

[damo6]

Originally Posted by hazrd

If someone had a decent trade in, that could be used as the deposit, couldn't it?

Yes if you owed a less than what they offered you for your trade EG: trade -$20000, you owe $11000 put the $9000 diff down ( or part of it) as deposit or the entire amount if you owe nothing