BMW Finance / PPI


I just wondered if anybody has any experience of reclaiming PPI from BMW Finance?
I no longer have any of my agreements, so I called BMW up to check if they have anything on record and they have found 5 documents - 4 with PPI. They emailed me the 3 documents straight away and they have requested the 4th from their archive, which should be with me on Monday. They also gave me the address of the Compliance Team who I need to address any claims to.

The agreements cover a period of 4 years between 2001-2005, are there any pitfalls with a claim beginning over 10 years ago or do I simply follow normal procedure and write a letter enclosing all the agreements? The PPI amount is in black and white on all the agreements and it was most definitely mis-sold to me. It's a decent amount of money too, and as I said at the top I just wanted to see if anybody has any inside knowledge on BMW Finance before I begin the process.


  • amersall
    amersall Posts: 17,002
    First Post Combo Breaker First Anniversary
    If this ppi was mis sold, then put a claim in to BMW.
    If the ppi is added to the loan and you pay one monthly payment together for both, this is front loaded ppi and is a reason for mis sell and the most upheld of all ppi, look here for other reasons that may apply to you.
  • I too have sent off a claim to BMW Finance to see if I can claim back the PPI that I was mis sold. I wrote to BMW, who told me that they never sold the finance agreement to me and that it was a franchise company under their name (this confuses me, as they are still the same company? But maybe I am mis understanding).

    I have since, re written to the BMW garage that I was informed to contact and have included my agreement in with it. I am aware that they have 8 weeks to contact me, before I can take this further and the 8 weeks will be up in the first week of April.

    Still no reply, but am interested to see how you also get on.
  • amersall
    amersall Posts: 17,002
    First Post Combo Breaker First Anniversary
    Thanks for this,hopefully the dealer will give you a response that is favourable.
  • Thanks for this. The cars were bought from an official BMW dealership, not a private garage as such, so it's all under the BMW banner. I do not see how they can squirm - it's like a football club going bust and saying: "It's the holding company and nothing to do with us!" The two are intrinsically linked; Dealer or Finance Company, it's all BMW.

    Looking at the agreements you are right in that the PPI amount is added to the monthly rental to give me one monthly payment.
    The PPI was mis-sold many several times over, almost brushed under the carpet and barely explained at all apart from: "You need this mate, just in case, ya know...". But I am self-employed and you haven't even asked if I have other policies in place...
    I keep seeing articles about how much harder it is to claim back past 6 years (my first loan was in 2000) although I am under the impression it is harder to get documents past 6 years, but if you have all your paperwork, as I do, then time isn't really an issue?

    Out of interest why is front loaded PPI the most upheld?
  • amersall
    amersall Posts: 17,002
    First Post Combo Breaker First Anniversary
    It can sometimes be harder to get info from more than 6 years ago, but there are posters who have had info from way back, think it depends on the company.

    Self employed would be a reason for mis sell and front loaded.

    Front loaded is the most upheld because it is a loan on a loan and you pay this back over term with interest, if you wanted to cancel this after the 30 days cooling off period it can sometimes be left on the loan less a rebate they may give you and the cover may sometimes only last a few years but the loan term is longer, so you pay this back until the term end with interest for cover you no longer have ( don't know if this applies to you) or when you cancel the ppi the loan may be reset without ppi and could make the loan term and apr longer.

    With a monthly ppi payment, you can cancel this and pay no more insurance or interest, so you are in effect "tied in" with front loaded.
  • Just one more thing if you can help, I have read the Guaranteed Payments Plan small print relating to the PPI on my Agreements and there are some pretty standard clauses I signed up to:

    I/We have received information setting out the benefits and exclusions of Guaranteed Payments Plan
    I/We understand that Guaranteed Payments Plan is optional
    I/We confirm that the person to be insured is working and has been so continuously for at least the previous 6 months
    I/We agree to the above and the terms and conditions on page 2 of this Agreement

    Are these clauses standard on all PPI documents (as I can't imagine any PPI document would have no clauses) and does the whole 'mis-selling' bit over-ride the clauses? BMW vaguely (and I mean vaguely!) explained the benefits and exclusions, but still mis-sold it several times over. I am aware it was optional, but they certainly never asked if (being self employed) I had other cover in place, or in fact I was entitled to seek PPI cover elsewhere. I was not aware of a 'cooling off' period and the subsequent pitfalls of making a claim as a self-employed person were never explained. Are these good enough reasons for a claim? I could think of more, these are just the ones that spring to mind.

    So regardless of me signing up to their clauses I am adamant I was mis-sold PPI, should I press on and submit my claim on Monday?
    Can I ask for compensation, or just the return of my premiums? Bearing in mind these Agreements ended in 2002 / 03 & 05 how does the interest bit work? Is it 8% across the total amount, or 8% per year since each Agreement finished?
  • The first 2 agreements ran for 6 months before cars were changed and new agreements drawn up. Every time I had a new agreement the dealer would add PPI on the basis I 'had it' with the previous agreement. That itself (on top of the initial mis-sell on very first agreement) is an ongoing case of gross mis-selling, surely?
    People's circumstances change all the time - especially being self-employed, but that was never questioned when it came to a new agreement and PPI was automatically added by the Dealer. I bet they couldn't believe their luck!

    Looking at my paperwork, the first loan finished in Feb 2002 and the PPI paid totalled £456.78, how do you calculate the interest and what would that amount be worth today?

    Should I address my claim to the BMW Dealer where the cars were purchased (which is still trading) or BMW Finance?
  • Hi, I was just wondering if you've had any joy with your claim with bmw finance?
    I am about to look into my finance agreement that I had with bmw a few years ago which, probably had ppi on it without my knowledge.
    Just wanted to know the route you took to claiming yours back?
  • eversleigh
    eversleigh Posts: 13 Forumite
    does any one have the contact details for BMW finance?
    i used to have a car and finance agreement but no longer have any docs or even the reg number.
    any addresses or email would be much appreciated.
  • brokendown
    brokendown Posts: 5 Forumite
    edited 23 July 2012 at 4:06PM
    I bought a BMW in 2004 from a reputable BMW main dealer. I took out finance with BMW finance and PPI was included in the repayments I made. I have decided to try and reclaim the PPI as this was not needed (unsuitable for my needs) and emailed BMW finance with my details. They replied telling me that I needed to take my case up with the dealer directly. I have been in touch with the dealer but they told me that because I took out the PPI before Jan 2005, I could not claim as they were not regulated by the FSA. Is this a lost cause?


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