BMW Finance Scam

John_Bains

The bigger the company the worse they behave. Be warned dealing with this company could ruin your life. I confirmed today that BMW acted illegally when they took back my car without serving a default notice registered post. I missed two payments because I was in hospital. I contacted BMW on Wednesday and made arrangements to pay the amounts missed. On the next day Thursday morning they turned up to my house at 10.30 AM. They made it clear what they wanted and if I did not remove my goods from the car they would take the car by force with my goods in it. Since they had not served me a default notice it was illegal for them to be on my property and illegal for them to take the car by force. Over night I am left with no transport and no means to get to the hospital for my outpatients appointments. There is no direct bus service from the village I live in. Worst thing is I have the means to pay BMW but they were just not interested. It is my understanding that they will sell it to one of their dealers at rock bottom price, charge me the differance between wht they get for the car and what i owe them. The dealer will then bump up the price and charge some poor punter exajurated rates on another BMW finance deal. hence they will be receiving two lots of finance for the same car. What a scam!!!

ArsenalFC

Sorry to hear your plight. I dont know the law on this, but if you are adamant they took illegal action then you seek the advice from trading standard or citizen advice bereau. And you should then sue them for damages; ie what it cost u without transport and compensation.

Perhaps someone with better legal advice can help you out here.

burbs_2

John_Bains wrote:

The bigger the company the worse they behave. Be warned dealing with this company could ruin your life. I confirmed today that BMW acted illegally when they took back my car without serving a default notice registered post. I missed two payments because I was in hospital. I contacted BMW on Wednesday and made arrangements to pay the amounts missed. On the next day Thursday morning they turned up to my house at 10.30 AM. They made it clear what they wanted and if I did not remove my goods from the car they would take the car by force with my goods in it. Since they had not served me a default notice it was illegal for them to be on my property and illegal for them to take the car by force. Over night I am left with no transport and no means to get to the hospital for my outpatients appointments. There is no direct bus service from the village I live in. Worst thing is I have the means to pay BMW but they were just not interested. It is my understanding that they will sell it to one of their dealers at rock bottom price, charge me the differance between wht they get for the car and what i owe them. The dealer will then bump up the price and charge some poor punter exajurated rates on another BMW finance deal. hence they will be receiving two lots of finance for the same car. What a scam!!!

Its not really a scam though, its the way finance works im afraid. If you miss payments then you are going to lose the vehicle, simple and as plain as that. If you did ring them and arranged to make payments why did you not just pay them there and then? Im sure that BMW would rather sort it out and get the finance back on track, especially if you have the means to pay it. Have you spoken to them?

Exemplar

Sorry about your plight mate, but if I had a penny for every time I heard it!!!! As Burbs says, the finance companies do not want to take the car off you as it causes a bucket load of paperwork for them and expense, then they have to sell the car on knowing that it's a finance repo that will be worth less to most people dealers. As an example I am trying to source a one series BMW for my wife as she is pregnant, we have been offered three by Sytner Nottingham, all the same except one is a repo (Therefore no history and only one key) and it is £1000 cheaper.

With all due respect to you , you should have sorted it before it came to this, or got someone to sort it for you.

Alex

waster_2

John_Bains wrote:

............ It is my understanding that they will sell it to one of their dealers at rock bottom price, charge me the differance between wht they get for the car and what i owe them. The dealer will then bump up the price and charge some poor punter exajurated rates on another BMW finance deal. hence they will be receiving two lots of finance for the same car. What a scam!!!

This is not lawful. The law reuires that they mitigate their loses and doing what you suggest is not fulfilling this obligation.

However, you would need to fight them to prove it. More hassle, but you'd win.

MickKnipfler

Don't talk to me about BMW.....I had a terible experience with them a few years back....