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Ford Credit, the financing arm of Ford Motor Company, is launching the Ford Options finance plan that gives customers a wide range of choices when it comes to buying and financing a new Ford vehicle. Customers can choose their deposit amount, loan length and annual mileage, and are able to trade in, purchase or return the vehicle at the end of the loan.
“Ford Options allows customers to drive a new Ford with a tailor-made financing package that suits their needs,” says Steve Fraser, Managing Director of Ford Credit South Africa. “This type of flexible product has been well-received in many markets including the U.S., Europe and China, and we’re delighted to be able to bring it to South Africa.”
“The majority of our customers finance their Ford vehicles on traditional loan agreements. Ford Options goes further by giving the customer more affordable options through the flexibility of being able to adapt the finance package according to their intended use and available budget,” Fraser adds.
With Ford Options, the customer is able to choose the deposit amount and the length of the financing agreement, which can be 24, 36 or 48 months. A range of annual mileage allowances is factored into the deal and linked to a guaranteed future value of the vehicle at the end of the agreement, subject to mileage and fair wear and tear standards.
The deposit and guaranteed future value are deducted from the sale price of the vehicle so that the monthly payments, including all interest charges, are only made on the difference. This makes financing the vehicle with Ford Options much cheaper than a traditional loan agreement.
At the end of the financing agreement, customers have the following options available:
They can trade in the vehicle at the dealership or sell it privately, using any excess value over the guaranteed future value as a deposit toward a new Ford.
Alternatively, they can retain the car at the end of the period by paying or re-financing the guaranteed future value.
Or, finally, they can return the vehicle with no further payment required, as long as it’s within the agreed mileage and meets the appropriate wear and tear standards.
