Ford 2.9% Finance offer

[fightingfalcon]

Hi Guys,

Has anyone taken the 2.9% finance currently being offered? What are your impressions or learnings?

[LASTXR]

Done it early this year.
Best way to buy a new car
even if you have the cash.

Mario

[fightingfalcon]

Originally Posted by FG2-XR6

Done it early this year.
Best way to buy a new car
even if you have the cash.

Mario

Thanks Mario, are you able to trade in?

[PG2]

Originally Posted by fightingfalcon

Thanks Mario, are you able to trade in?

I have put a holding down and currently waiting for my car to turn up.

Yes, you are able to trade in. You need to have a 10% deposit and your trade the in can be used as the deposit.

To put simply, you buy and finance the car the same you normally would through a dealer - it's just that you need a 10% deposit and the interest rate is 2.9%.

[The Monty]

Mum done it 2 years ago on a turbo diesel focus. Calculated interest and fees up front and I was blown away. Better than paying with cash.

[Buttnekid]

how is it better than paying with cash unless CPI is higher than 2.9% and you can invest the cash in a bank account for better than 2.9%?

[XtRmn8]

It is a very good offer when you combine it with current drive-away deals and also applies to some dealer demos which are even cheaper.

[LASTXR]

Originally Posted by Buttnekid

how is it better than paying with cash unless CPI is higher than 2.9% and you can invest the cash in a bank account for better than 2.9%?

At the end it works out
to about .9%

[LASTXR]

On a $34.000 car
after a 10% deposit.
you pay a total of about $950 interest,
over 4 years, thats less than $250 a year

[Blueford260]

Sounds cheap to me

[CyberWasp]

Is there any "set up" or other "admin" fees that they sting you with when you fill out the paper work?

[xisled]

Originally Posted by CyberWasp

Is there any "set up" or other "admin" fees that they sting you with when you fill out the paper work?

It is exactly the same as normal finance except the interest rate is low. So normal finance fee will apply.

[PG2]

Originally Posted by CyberWasp

Is there any "set up" or other "admin" fees that they sting you with when you fill out the paper work?

The 2.9% they quote is a 'comparison rate'. Therefore the rate takes into consideration all fees etc.

The actual rate is lower than 2.9%.

[Adamz Ghia]

Anyone know if you can take this deal with employee pricing...?

[partsguy]

Originally Posted by Adamz Ghia

Anyone know if you can take this deal with employee pricing...?

It doesn't look like 'privilege club' pricing is included this time around.

[Dr Smith]

The fine print on Ford's website only mentions to approved "Private buyers and Blue, Sliver & Gold Business Fleet customers subject to credit criteria" so it's worth asking for a definitive answer.

[Ben73]

Originally Posted by Buttnekid

how is it better than paying with cash unless CPI is higher than 2.9% and you can invest the cash in a bank account for better than 2.9%?

Well my current savings account is 4% interest. Only thing is I have to deposit more than $200 a month, which wouldn't be hard if you are paying 2.9% finance on a new car.

[Peter B - CV8]

Originally Posted by Ben73

Well my current savings account is 4% interest. Only thing is I have to deposit more than $200 a month, which wouldn't be hard if you are paying 2.9% finance on a new car.

But you lose almost half of your interest earnings due to a little thing called tax...

[mid60s]

Got a Titanium Territory in Feb this year on the 2.9% deal. Worked out that interest is about .9% only $800 - $900 interest over 4 years. Very happy, good deal if your in the market for a new car.
Cheers

[PridenJoy]

Those interest figures don't reflect what a dealer was telling me on the weekend. $34,500 for an ECOLPI equated to $690 a month at 2.9%, and that's AFTER paying 10% deposit.

So let's see, $34,500 minus 10% is $31,050 that's the loan amount. $690 x 12 x 4 years is $33,120 total repayments, that's more than $2k worth of interest. Are the hidden fees really that much?