Ford Credit

[mr smith]

A good friend told me a while ago there would be a second round of redundancies in March. Lots of people leaving engineering in March too.

[Escort_RPDriver]

This decision does not affect Ford Motor Company operations in Australia and it does not affect Ford Credit customers, who should continue to make their account payments in their usual manner. Ford Credit is continuing to support existing dealers’ wholesale financing arrangements and is studying the federal government’s funding vehicle, also for wholesale financing, that was announced last month.

taken from caravice.com.au

[Gobes32]

Originally Posted by Redrum

This is not good news, and top this with more expected job losses from Ford in March. I have heard Ford will cut a further number from their production. Add to this the rumour that FPV assembly will be now done on the main line, it is all doom and gloom.

I am safe as my application has already been made and approved.

Are you sure you aren't describing Toolroom workers who have accepted packages but do not leave until March/April?

[Gobes32]

Originally Posted by Bossxr8

I don't get that either, they dropped production way further than what they thought they should so they wouldn't need to make any further cuts in the future.

Very true, if sales increase by even 10% then Stamping plant will need to work over time to keep up with Broadmeadows.

[Iggypoppin']

is ford credit in anyway the same as esanda IE 19% and the like?? i am with esanda but only because i couldnt get approval anywhere else. paying off my loan has been my number one priority and now its nearly done im looking at the next one...and ford credit was an option...so just want to know whats involved? provided of course they will give credit until around may, when i plan to have paid out my loan.

[cycle myth]

This is truly sad.

Its another pillar of support that FORD have lost in efforts to bolster its business (albeit a rather under utilised one in the past).

Now Dealers will be at the mercy of the other finance companies, with no brand loyalty, and Ford have one less avenue to market and support sales.

sigh.........................

[SSVPom]

Ford Credit spent $200k on new commercial furniture with us 18 months ago (not including the actual fit out) of their St.Kilda Rd office... obviously in the long run that has not paid off !!

[Iggypoppin']

how much furniture did they buy...that seems excessive!

[Buzz Box]

Am I the only one whos noticed on the Ford ads they say you get $1,000 cashback if you finance with ford credit and less than a month later you hear they are pulling out......Maybe trying to get a few extras on the side before they pulled out........

[RSgerry]

Interesting that in WA there was an advert in the weekend paper offering various cashback deals on new Fords, but an extra $1000 if you financed through Ford Credit. This was Saturdays paper.

[Redrum]

Originally Posted by Gobes32

Very true, if sales increase by even 10% then Stamping plant will need to work over time to keep up with Broadmeadows.

A friend of mine is in Supervision in Broadmeadows, he told me 2 days ago that Ford would be seeking more voluntary packages in March, but he could not give me a figure.

In regard to Ford Credit they will continue to accept applications through dealerships up to February 28th. The dealers then have to an extra two days I believe to submit those applications. Any current applications which have already been approved are all honoured. Pretty much business as usual to the 28th of February.

[davocol]

This article someones it up quite nicely Click Here

Having worked for Ford Credit some years ago, I was quite surprised by the decision considering they were always quite profitable and as far I was aware still were. It's a kick in the guts though for the dealer network and also for the many loyal employees they had based at the St.Kilda Road office, having said that though they did shaft me at the time and although too little to late my feelings are hardly of being shattered.

[Redrum]

Originally Posted by davocol

This article someones it up quite nicely Click Here

Having worked for Ford Credit some years ago, I was quite surprised by the decision considering they were always quite profitable and as far I was aware still were. It's a kick in the guts though for the dealer network and also for the many loyal employees they had based at the St.Kilda Road office, having said that though they did shaft me at the time and although too little to late my feelings are hardly of being shattered.

A bleak read. All I can say is that I am happy I have bought and financed by car when I did.

[fiesta8u]

so does this mean that whoever has ford finance doesnt have to pay it back, if so im running to ford now lol pick up a few xr8s a few f6's a cobra, and hmmmmm ill get back to you on the rest ;) :P......

[mik]

one thing that amazes me in all the automotive turmoil in this country, is that the politicians keep telling us how good an healthy the auto industry is:

[robjh80]

Originally Posted by mik

one thing that amazes me in all the automotive turmoil in this country, is that the politicians keep telling us how good an healthy the auto industry is:

"Um .... politicians lie"

You can even tell when they lie .... "it's always when their lips move and words come out"

[cycle myth]

Davocol - I'm not sure that that article is an full or objective sum up.

Fair to say that Dealers could access retail support more readily than wholesale facilities and this is what Ford Credit is hanging around for.

Without the wholesale support many dealers, particularly the smaller or less "stable" ones would not exist - this would be the basis of maintaining the brand support (Less dealers, less new ford sales, less profit, less of FoA.)

The real difficulty is getting the Ford Dealer network to support the retail finance in the first place as they would prefer to chase greater commissions with other financiers.

In the end it will mean less finance support, less profit to ford and the spiral continues - I think its called shooting yourself in the foot.

[SSVPom]

Originally Posted by SLWXR6

how much furniture did they buy...that seems excessive!

New workstations for 150 staff, plus seating and storage. They completely refitted a couple of floors... wonder if the stuff is going to go cheap on ebay !

[baboon]

Originally Posted by Luke3000

This is really bad for everyone. Do you think we will have a car industry soon. I want to go into engineering and car design and manufacture when i leave school, but at this rate you think is it really that stable...

Dude, in my opinion, if you really want to do engineering and car design I would go and do it regardless of economic environment. You gotta keep your brain active after school man and engineering is the best thing you could do.

By the time you graduate, someone would have bought these doomed car companies and turned them into efficient, profit making companies. There will be even better opportunities then. Imagine being part of a car company that turned from a failed one to a successfull one. In the mean time study hard man! Good luck to you.

[classic XT]

I'm thinking of leasing a Falcon next week. Should I avoid Ford Credit. What is the interest rate these days? What % is a good deal?

[seduced_xr]

this cant be good for ford. our lease car company is going under at the moment. they say they will honour all current leases but if they dont have the money that wont be possible. theyll get my xr over my dead body