Ford Re-finance Of Balloon Payment?

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Christabelle_sparkle

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Post by Christabelle_sparkle » Sat Jun 26, 2010 11:11 pm
Hi,
Does anybody know if ford re-finance outstanding balloon payments on car finance [?]
I'm getting near to having to pay the balloon payment and I am worried we are going to lose our car.[:(]
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MelanieGiles

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Post by MelanieGiles » Sun Jun 27, 2010 12:11 am
They are known to do this - but the sooner you broach this with them the better. I always advise my clients to get this confirmed prior to entering into an IVA, rather than waiting until the date looms to find you are disappointed.
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Christabelle_sparkle

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Post by Christabelle_sparkle » Sun Jun 27, 2010 10:23 am
Thank you Melanie,
I was advised by my IP that it should not be a problem back in October but now I have had a letter from ford saying that the option period is coming to an end and we have asked for a re finance of the balloon payment and we are waiting to hear what they say. We have not disclosed that we are in an IVA yet, but I know they will see this when they do a credit score on us.It seems obvious to us that we will fail the score and they will say no. We have always paid the monthly payments never missed any and we also put in £5000 deposit initally so we will be gutted to lose all this money not to mention handing the car back aswell!.
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antm

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Post by antm » Sun Jun 27, 2010 11:00 am
I know i said this before, i was really honest with Citroen, i went to the dealer initially and was refused straight away, as the finance manager had no idea what my iva was or how to re-fiance my balloon payment a complete numpty he was.

So i called the main office which deal with finance spoke to a really nice lady on the phone explained my situation, to which she replied no problem, gave them the contact details for my IP and offered to send clarification that i had the money put aside for the next 2 years to pay for the car, and that was it all done. At the moment i have just 1 payment left then my little citroen is all mine! going to treat it to a full valet next payday.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jun 27, 2010 12:09 pm
When you originally purchased the car, how did you intend to repay the balloon payment as a matter of interest?
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Christabelle_sparkle

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Post by Christabelle_sparkle » Sun Jun 27, 2010 3:05 pm
Hi Melanie,
We were intending to have a new car every 2-3yrs on the option scheme, but now that is not an option due to our circumstances we just wish to carry on paying for the car until it is paid off.
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antm

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Post by antm » Sun Jun 27, 2010 3:50 pm
Same situation i was in, best thing i can advise is speak to someone at Ford Financing and or course your IP.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jun 27, 2010 9:27 pm
Do they keep credit checking you if you apply for a new car whilst on the options scheme?
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kallis3

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Post by kallis3 » Sun Jun 27, 2010 9:36 pm
I wonder if it is something similar to a mobile phone contract? If the payments are up to date, that's all they are bothered about.
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antm

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Post by antm » Sun Jun 27, 2010 9:51 pm
Mel, yep they do do a credit check when you have a new car on the options scheme. I know this as 2 years ago when my car was due for the pay off amount owed, or part ex the car for a new one or just return the car at a loss.

I went into Citroen as they sent me a letter requesting i go in and chat about my options, when they went to do the finance for the new car (i checked with my ip first) well in the show room, its was all flashing lights and do not let this person have a new car! i think the sales manager was more embarrassed than i was. Thats when i had to contact there head office to get my balloon payment sorted.

Would of been nice if they didn't, would of been able to swap it for a lovely new one, but i suppose on reflection its better that they don't allow the car to be swapped in these circumstances.
 
 

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Post by MelanieGiles » Sun Jun 27, 2010 10:17 pm
That is useful to know. Thank you for sharing your own experiences with us antm.
Regards, Melanie Giles, Insolvency Practitioner
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