PCP refused as won’t use Open Banking

pacemaker1000

Hi,
BMW finance has turned wife down as she won’t give permission for Open Banking.
document says use link to sign up or provide last three bank statements, which we have done.
response has come back as there is not an affordable issue but an identity one. We’ve offered to supply any information they require but this is not acceptable.
Checked with a high up banker I know and even he thinks it’s a scam. They are demanding personal login identity and also to generate and send a log in password?

dumpster_fire2025

If you've gone into a BMW dealer I don't see how this would be a scam.

Obviously giving them login credentials is a non-starter. A bit of an odd request if you've refused to allow them access through Open Banking. Why would you hand over the username and password if you were unhappy with them viewing your statements via Open Banking?

However, I'm not sure why you're refusing to allow them access via Open Banking. It's not an unreasonable request and ultimately he who pays the piper picks the tune. If you want their money, you'll have to comply. Otherwise, look for finance elsewhere.

tacpot12

Don't give them any personal login or password. Open Banking doesn't need you to do this, so any request is likely to be fraudulent. I would make notes about what you have been asked to provide and by whom (you need their name), and then make a complaint to BMW Financial Services. See here: Contact BMW Financial Services UK | Contact | BMW UK

Perhaps someone who has allowed BMW Financal Services to use Open Banking to look at their bank accounts will be able to confirm that they do have this capability. It seems a reasonable thing for them to do and while they should provide an alternative, there is no rule that says they must do so. So if this really is BMW Finacial Services, your wife may have to find a different route to finance the car. 

pacemaker1000

Thanks guys,
excuse has come back as to do with remote selling. Have now been given an option to complete finance in showroom on day of pickup.
did buy another BMW remotely in the summer with no problem so may be a new thing. Still, the personal information they required was not acceptable. From what a gather Open Banking should require nothing more than sort code and account number and my permission.

Grumpy_chap

dumpster_fire2025 said:

ultimately he who pays the piper picks the tune. If you want their money, you'll have to comply. 

Isn't it the OP that is paying the piper and BMW that want the OP's money (plus interest)?

Hoenir

pacemaker1000 said:

Checked with a high up banker I know and even he thinks it’s a scam. 

It's on their own website. Sounds as if your friend isn't that clued up. 

What is Open Banking?

Open Banking is a quick and efficient way for you to provide us with information regarding your income and expenditure.  As responsible lenders, this is information we require to allow us to assess your current financial position to help us consider an affordable repayment plan. When you agree to participate in Open Banking, you will be sent a link, either by email or SMS, which will allow you to provide us one-time access to your banking information. Once you have identified the appropriate bank account(s) and agreed to provide the information to us, we are sent a breakdown of your average monthly income and expenditure, providing insight to the disposable income available to you each month after your essential expenditure.  We can then review this information and contact you to discuss how we may be able to assist you.

https://faq.bmw.co.uk/s/article/FSOPS-open-banking-ZO2oA?language=en_GB

martinbainbridge1975

asking for bank log ins is a red flag for me, providing last 3 payslips / 3 bank statements should suffice.

last month I had a similar issue with northridge finance - it turns out the broker had put the wrong details on the proposal, in the end I just went to another lender and got approved within half hour.