BMW FINANCiAL SERVICES - disgraceful!!

daveyjp

Far easier to pay what is due every month, save the overpayments then after 10 months get a settlement figure and pay the loan off.

lucyhope

My DD works for BMW Financial Services and she says yes you can make an overpayment this is called a lump sum payment (she knows this as she is one of the staff that can do them) if you call and ask for a callback this will happen within 48 hrs. With regards to the settlement figure if you call 08705050150 and press option 1 and then option 1 again that will take you through to the settlements team (they are rather busy at the moment due to plate changes but they will give you a settlement figure).

Puff1n1234

Thanks everyone for the responses - the telephone number suggested we have already tried, it takes a month to get a settlement figure, no one can help us at BMW financial services, I wonder how these people work in finance if they can't work out monies. Once we pay the loan off I will be do relieved, it's appalling service for a high end car company. My advice would be NEVER buy a brand new BMW and DO not take out finance under any circumstances, in hindsight I wish we went through our bank to obtain the money. Lesson learnt. I will be taking further action and ensuring those at Head Office are informed of the problems we've encountered.

chanz4

BMW used to be high end, now they just rely on the name with not as good quality

t508

Following changes made to the cca in 2010 partial settlements have to accepted put your offer in writing to the finance company, fax rec del and email if you can. They have to accept your overpayment and give you any rebate etc.

debtcutter

daveyjp wrote: »

Far easier to pay what is due every month, save the overpayments then after 10 months get a settlement figure and pay the loan off.

In what way is that easier? That's bad advice on a money saving forum as it's definitely not "money saving".

If you could only afford an extra £50/month, you're better off paying that off the balance each month and not being charged interest on the money that you don't owe anymore, unless you can put the money somewhere that earns more than the interest on the loan is costing (unlikely with current saving rates).