Taken for a ride at ford?
So I went through the numbers and I realize I should have done this before I signed everything, but you live and learn. I did ask Mike via email to send me a cost breakdown, he never did, and I let it go. Here are my concerns:
For the first car I paid:
* 19199 (cost of car)
* 1950 (options)
* discount of 1582 (unspecified discount, just added at the bottom)
$19567 (overall cost of car with options and discounts)
$1665 (freight and air tax)
$299 - secure guard
$299 - ride green cert
$ 2470 - protection plan (warranty)
for a total of $23702 before tax. With tax the price was $26813.26
After additional fees of gas and lien registration fee the amount I financed on the first car was $26865.78
The portion of that amount that I paid for the ESP (plus tax) is: $2791.10
According to the ESP contract, I should get a full refund any ESP plan (see section 13) within 60 days of purchase due to total loss, minus a $75 admin fee. Thus, on my old car I should have been eligible for a $2716.10 refund on that Premium Care plan.
This would bring the amount I owed on my previous loan down to: 24149.65
Minus my insurance settlement cheque of 23858.28, the amount left owing would be 291.37.
Take into account that I will have now made 3 payments on that loan (179 x 3) = 537. You can take off 1.3 % interest off those payments, but in the end I should not have owed anything on that previous loan, I probably should have gotten a little bit back.
Can you tell me if I made any errors on the above calculations or didn't take something into account?
I would appreciate you sending me any of your calculations and paperwork you sent to Ford Credit regarding the closure of my previous loan.
On my new car, the protection pack was $2877.50. Why is it $407.5 more than my first service plan? Also I was charged for some extra things on this car such as "wheel lock ($99)" and licence fee ($92), which I wasn't charged for last time.
In addition this car was listed as new, but after doing some reading, 250 kms on a new car is generally not new. It's hard to know how many people test drove it (obviously a lot) and how they drove it. Someone even went as far as to hook up their phone to MySync. This probably should have been reflected in the price, yet the basic cost of the car (MSRP) was more on the second car than the first.
I am disappointed with the transparency of this process, and I feel as I probably should be paying less than what I am paying, as Mike originally said I would.
I will be bringing all of this paperwork to my local Ford dealer for a second opinion, but I think I was taken for a ride a bit here. To be honest, the thing I am most disappointed about is that you were not open with me about how the car was used before I received it. I also think I was led to believe that I would have owed money on my previous loan, but unless my calculations are wrong, I should not have owed anything once the refund on the ESP was applied.
Please let me know if I have gotten something terribly wrong. I would like to have this cleared up before I am asked to review you guys in regards to this deal.