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The Pub For General Automotive Related Talk |
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15-01-2009, 07:35 AM | #1 | ||
Regular Member
Join Date: Oct 2007
Posts: 70
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.. In a move that has surprized many.. Ford Credit Australia today announced its closing up .. unable to weather the finance downturn in the car market within Australia..
...Sad move.. .. whats next...?? :yeees: |
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15-01-2009, 07:41 AM | #2 | ||
Right out sideways
Join Date: Dec 2004
Location: Coffs Harbour NSW
Posts: 5,307
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its interesting actually, because 2 weeks ago i rung them up to pay my loan off 4 years early, and he was like 'fantastic, can you direct deposit it now?' , i was like, woah i can do it today yes.
Last time i did that about 4 years ago, i paid my ute i had then out early with them, and the guy on the phone was really trying to talk me out of it. probably nothing ....... but i thought Ford credit was keeping Ford afloat that little bit more?
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2010 FG XR50 Turbo | 2007 FPV BFII GT, BOSS 302 |
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15-01-2009, 08:20 AM | #3 | |||
Meep Meep
Join Date: Mar 2007
Location: Southside
Posts: 1,513
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Quote:
Might be a different story here in Australia. I thought the Government was backing car finace for $2 billion so they could keep their doors open.
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Thundering on.... |
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15-01-2009, 07:44 AM | #4 | ||
BOSS 5.4L Enthusiast
Join Date: Aug 2005
Posts: 21,943
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Any Links?
Will this affect current customers? |
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15-01-2009, 08:18 AM | #5 | ||
Banned
Join Date: Jul 2007
Location: new south wales
Posts: 1,153
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after leaving school many years ago I worked for city ford in their computer department and would install all the ford credit software onto the sales staff pc,s. I remember they use to charge 24% interest on car finance but that was in the late 80's early 90's.
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15-01-2009, 08:19 AM | #6 | ||
not here much anymore
Join Date: Dec 2004
Location: Sthn NSW
Posts: 22,918
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Mine has been changed over from Ford Credit to Toyota Credit by the dealer, which is good because I'm picking up the car tomorrow.
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2024 F150 XLT
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15-01-2009, 08:25 AM | #7 | |||
Banned
Join Date: Jul 2007
Location: new south wales
Posts: 1,153
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good to see you finally decided on the fg xr8. nice choice.let us know when you have it, although I,m sure you will. |
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15-01-2009, 09:58 AM | #8 | |||
not here much anymore
Join Date: Dec 2004
Location: Sthn NSW
Posts: 22,918
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Quote:
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2024 F150 XLT
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15-01-2009, 08:42 AM | #9 | |||
SY AWD Ghia
Join Date: Nov 2006
Posts: 576
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Quote:
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Would you say I have a plethora of pinatas? |
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15-01-2009, 08:24 AM | #10 | ||
777
Join Date: Oct 2008
Location: Neutral Bay, NSW. Born and Bred in the RSA!
Posts: 8,464
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So what happens to exisiting customers?
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15-01-2009, 08:30 AM | #11 | |||
Cuban... nothing like it
Join Date: Dec 2004
Location: Watching in amusement
Posts: 11,643
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15-01-2009, 08:32 AM | #12 | ||
you'd be popular too.....
Join Date: Jan 2005
Posts: 287
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Existing customers will continue to have support from Ford Credit. As of the 28th of Feb Ford Credit will no longer be taking retail applications. They will continue however to finance dealers. So they are not leaving Australia yet, Dealers will continue to have floorplan facilities.
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:eclipsee_ |
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15-01-2009, 11:32 AM | #13 | |||
777
Join Date: Oct 2008
Location: Neutral Bay, NSW. Born and Bred in the RSA!
Posts: 8,464
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Quote:
Thats good to hear
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15-01-2009, 10:05 AM | #14 | ||
Charger Lovin'
Join Date: Sep 2008
Location: Melbourne
Posts: 152
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Christ is this new news. I heard that they were closing down well before Christmas. If they ahven't gone public, wait for more to follow.
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15-01-2009, 10:12 AM | #15 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Central Q..10kms west of Rocky...
Posts: 8,318
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Victoria's embattled car industry is facing further job losses as Ford has decided to stop providing finance for retail car sales.
- Ford dumps finance for retail sales - Car industry in turmoil, job cuts loom - Dealers must make alternative arrangements Ford Credit Australia will no longer finance private car buyers from February 28, which gives dealers just six weeks to make alternative arrangements. The decision will also affect Volvo, Land Rover, Jaguar and Mazda dealerships, some of which use Ford Credit to finance retail sales. About 160 staff employed by Ford Credit's retail finance department will lose their jobs — the majority from the company's head office in South Melbourne. Just 40 staff, all from Ford Credit's wholesale finance department, will remain. Wholesale finance provides credit to dealers for the cars on their showroom floors — it is finance companies who really own the cars at a dealership. Ford Credit's decision has major implications for jobs in the local car industry. ¦A banking source told The Age that the decision was a "precursor" to Ford Credit pulling out of wholesale finance in Australia. Ford dealers will be forced to close down if they cannot finance their floor stock. ¦Many dealers told The Age they were considering switching to rival Japanese and Korean manufacturers and would stop selling Fords. ¦Ford Credit finances 10 per cent of Ford's retail sales. Ford sold 107,800 cars last year. ¦Regional dealerships are dependent on Ford Credit for retail finance and do not have adequate sales to find alternative financiers. The staff of Ford Credit and car dealers from across the country met at Melbourne Airport at lunchtime, where they were told the bad news. "This was a difficult but necessary decision," said Libbey Meredith, a spokeswoman for Ford Motor Credit in Detroit. The owner of one of Melbourne's largest Ford dealerships told The Age: "I'll be selling Mitsubishis and Toyotas by the end of the year, and I reckon about a third of Ford dealerships around the country are thinking the same thing. The company is falling into disarray, and customers just don't want the Ford product." Marcus Norton, who bought the Ford dealership in Warrnambool just six weeks ago, said about a quarter of his retail sales were financed by Ford Credit. "It's a shock, but we will just have to find another source of credit," he said. "I already have some irons in the fire. At least Ford are still backing the wholesale side for now." The decision comes as the Australian car industry faces its worst sales performance in 30 years. Last year marked a 14.5 per cent fall in annual sales by Australian car manufacturers, and Ford's local production was down 9000 cars on 2007. As a result of flagging car sales and difficulty sourcing money due to the global financial crisis, the two biggest specialist car financing companies — GMAC and GE Money — quit the Australian market at the end of last year. The Federal Government last month unveiled a rescue plan for car dealerships, announcing a $2 billion trust to provide loans to struggling car dealers. Announcing a Special Purpose Vehicle funding facility in December, Treasurer Wayne Swan said that both Ford US and Ford Australia had confirmed that Ford Credit would remain in Australia and continue to provide financing to its dealer network. Less than a month later, Ford Credit has done a backflip on that decision.
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15-01-2009, 10:24 AM | #16 | ||
Regular Member
Join Date: Nov 2006
Location: Half way between Syndey and the Southern Highlands
Posts: 43
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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...
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16-01-2009, 05:33 PM | #17 | |||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Geelong, VIC
Posts: 5,267
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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. |
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15-01-2009, 12:49 PM | #18 | ||
you'd be popular too.....
Join Date: Jan 2005
Posts: 287
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The AGE article is very badly written. Go Auto will have an article coming on soon that will have more of a dealer perspective.
As a dealer myself, it was made quite clear that Ford Credit were supporting the dealers. Why would Ford Motor Company (who owns Ford Credit) pull out of financing dealers and destroying a large number of its distribution network? At least for now the only impact on FORD Dealers is that we have to find an alternative to Ford Credit when a customer is looking to finance a vehicle.
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:eclipsee_ |
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15-01-2009, 03:21 PM | #19 | ||
Regular Schmuck
Join Date: Dec 2004
Posts: 5,640
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I think it's a little of the sky is falling here.
I was silly enough to finance with Ford Credit... TWICE! It would never have been a third time - the interest rates were never competitive but I just had to drive out in my new car as soon as possible.. :( News of Ford Credit pulling out I'm sure will have other finance companies knocking on the door asking dealers to set up shop inhouse to provide consumer finance. |
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15-01-2009, 03:27 PM | #20 | |||
FF.Com.Au Hardcore
Join Date: Dec 2004
Posts: 22,927
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Quote:
St George and Esanda are the only ones really doing it now.. and no they don't want anymore business as they are pretty full up with the whole GMAC / GE closure... I think some dealers are going to struggle, in particular if they want to keep their floor plan with Ford Credit and try and get someone else in to do the finance...
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15-01-2009, 04:03 PM | #21 | |||
you'd be popular too.....
Join Date: Jan 2005
Posts: 287
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Quote:
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:eclipsee_ |
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15-01-2009, 04:55 PM | #22 | |||
FF.Com.Au Hardcore
Join Date: Sep 2005
Posts: 1,848
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Quote:
I really cannot see that this heralds any Doom and Gloom - I imagine it is Ford consolidating onto its most profitable ventures. |
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15-01-2009, 05:28 PM | #23 | ||
Force Fed Fords
Join Date: Nov 2005
Location: Victoria
Posts: 5,556
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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.
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22-01-2009, 06:47 PM | #24 | ||
BF XR6
Join Date: Mar 2007
Location: Western Australia
Posts: 1,809
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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
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15-01-2009, 05:48 PM | #25 | |||
FF.Com.Au Hardcore
Join Date: Dec 2004
Posts: 22,927
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Quote:
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15-01-2009, 07:09 PM | #26 | ||
Regular Member
Join Date: Oct 2006
Posts: 258
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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 |
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15-01-2009, 08:58 PM | #27 | |||
Chasing a FORD project!
Join Date: Jul 2008
Location: adelaide
Posts: 5,114
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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.
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15-01-2009, 09:09 PM | #28 | ||
Regular Member
Join Date: Feb 2008
Posts: 276
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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......................... |
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15-01-2009, 09:12 PM | #29 | ||
Formally FairmontPom
Join Date: Mar 2006
Location: Melbourne
Posts: 1,126
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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 !!
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15-01-2009, 09:18 PM | #30 | |||
Chasing a FORD project!
Join Date: Jul 2008
Location: adelaide
Posts: 5,114
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how much furniture did they buy...that seems excessive!
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1996 BMW 740iL V8. TV, phone, leather, sunroof, satnav, all as standard. Now with 19" TSW Brooklands, 2 1/2" stainless steel exhaust, plus more coming soon. |
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