Need some help on understanding finance

[antinko]

Hi,

I looked around and tried to find a forum specifically for finance but couldn't find one. If there is, then I must need my eyes checking and I apologise.

Anyway, I have a question:

I'm currently with Ford Credit paying monthly for a Fiesta Zetec S and I'm about to get rid of it and settle the finance through Mazda as I'm getting an MX5.

Now, I can pick up the MX5 on Saturday, but the deal will be done in the next two days. My problem is, though, that Ford Credit take my next monthly installment on the 1st July, so can I cancel that transaction now and will it be ok with the settlement figure which is apparently valid to the 12th July anyway, or will I get in trouble and will Ford demand their payment for July?

Hopefully someone can help, and quick. I'd be very much obliged as I'm looking through my contract at the moment and it's somewhat confusing...

Thank you,
Phill

[Grey Ghost]

When I settled the finance on my Porsche (I know, I know) they provided a settlement figure that was valid for 10 days. As I had another payment due within that 10 days they explained that the settlement figure did not include the payment and it would be refunded 10 days after it was paid, which it was.

I suggest you get Ford Finance to email you the details of their settlement process and see if it is to your liking.

[antinko]

Ok cool, thanks. I'll e-mail them now.

- Phill