ComplaintsforBMW Financial Services NA, LLC

• Initial Complaint

  06/11/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Upon paying the remainder of my car lease on time and in full in May of 2024 after never missing a payment during the duration of my lease, *** sent a settlement notification to my credit report instead of a payoff notification and it dropped my credit score down 111 points right before I am due to purchase a home. I have leased 6 cars with other dealers and *** is the only one that has reported to the credit bureaus in this manner.I am requesting the updated and correct measure be sent to all 3 credit bureaus as soon as possible to remove misleading and incorrect reporting. Disputes through the credit reports have been made. Zero action by *** has been taken.

  Business response

  06/25/2024

  Dear ************:
  
  Thank you for giving us the opportunity to address your issues regarding credit reporting through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  In an effort to resolve your request, we researched your account and verified that we provide an electronic update to Experian, Equifax, Innovis, and TransUnion regarding your account history. On June 3, 2024, we reported your account as closed with a zero balance and that the obligation was fully satisfied. This removed the settlement reporting from June 1, 2024. It may take approximately 10 business days for each of the consumer reporting agencies to change the information in their systems.
  
  If you have any further questions regarding the credit reporting of your account,please contact us in writing at the mailing address listed on this letter.
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

• Initial Complaint

  05/23/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I was charged penalties totaling $463 by the California DMV, made up of a $15 transfer penalty, a $436 use tax penalty, and a $12 city tax penalty for not transferring the vehicle by 5/2/2024. However, the timeline of events that led to this charge requires an in-depth review.

  As per the bill of sale provided by BMW Financial, the sale date was listed as 4/2/2024. My understanding was that I should initiate the transfer process post the receipt of the vehicle title. Unfortunately, the title, according to its documentation, was not released from BMW Financial until 4/19/2024 and was not sent out until 4/24/2024, as verified by the postmark. This left me with the title-in-hand only during the last day of April, thus pressing me in a tight time frame to complete the transfer process.

  I responded promptly by scheduling an available DMV appointment with *** on 5/8/2024, which, given the circumstances, was the earliest possible date. Having explained the situation in my previous call to BMW Financial, I was advised to provide these details for the review of my penalty charges.

  Therefore, I kindly request a thorough review of my case and the potential for reimbursement of these fees, given the outlined circumstances beyond my control.

  Ultimately, BMW FS denied my claim stating 22 days to send a title is standard business.

  Business response

  06/06/2024

  Dear ******* ******,
  
  Thank you for giving us the opportunity to address your concerns through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  Your correspondence requests reimbursement of $463.00 in penalties and interest by the California Department of Motor Vehicles (CA DMV). In this instance, your payment was received on Tuesday, April 1, 2024, the payoff was processed on Wednesday, April 2, 2024, and credited to your account the date it was received. Additionally, because the final payment was made with non-certified funds, BMW Financial Services NA, LLC’s standard policy is to hold all title releases for 15 days from the date of payoff. Therefore, your title was scheduled for release on Friday, April 19, 2024 and mailed via USPS to the address above on Wednesday, April 24, 2024. As your vehicle payoff was received one day before your registration’s expiration date April 2, 2024 and no title processing error was found in our records, the registration delay was not caused by BMW Financial Services NA, LLC and therefore, no reimbursement is due.
  
  We are committed to providing you with the highest level of service. If you have any questions, please contact us at ###-###-####, Monday through Thursday, from 9:00 a.m. to 9:00 p.m. ET and Friday, from 9:00 a.m. to 6:00 p.m. ET, or by mail at either address listed on this letter.             
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

  Customer response

  06/10/2024

  This is not a registration issue, this is a title issue. Attached is proof my registration was renewed and issued a week prior to 4/2/24.

  The issue at hand is BMW not sending the title until 22 days after payoff. California requires, within 10 days, buyers to re-title and pay taxes with a total 30 day period before penalties are incurred. Considering California is an electronic title state, it's baffling why BMW doesn't leverge the Electronic DMV system to avoid these issues.

  Regardless, BMW's failure to send the title more efficiently led to 29 days until the title was delivered. 

   Regards,

  ******* ******

  Business response

  06/17/2024

  We feel as though our previous response addresses the issue. We have answered why the title was sent when it was.

   

  BMW Financial Services

  Customer response

  06/17/2024

  The standard procedure of withholding a title for 15 days following the payment is excessively long, and such terms should be explicitly outlined in all buyout documents. The buyout transaction was facilitated by **** ** *******, one of the largest and most reputable financial institutions globally. Therefore, it's unclear why BMW would hesitate to release the title once the funds were received. Relying on the notion of "standard process" seems unproductive and like an avoidance of accountability or potential improvement, almost amounting to an attitude of "just because". Given that most states provide a limited timeframe for re-titling a vehicle and settling taxes and fees, a hold period of 15 days presents a challenging, if not impossible, predicament that hinders the ability to meet the required deadlines.

  
  Regards,
  
  ******* ******

• Initial Complaint

  05/22/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I got in a car accident which resulted in a total loss. This company provided a payoff quote to my insurance company. My insurance company paid this quote but BMW Financial did not cash the check for whichever reason. My insurance company provided proof of the check they sent. After BMW Financial claimed they didnt receive the payment, they charged a higher payoff quote than what was discussed to my insurance, which led to a negative impact on my credit report and an out of pocket payment of almost $1,000 which was not being covered by GAP insurance. No other auto loan company has done this in a total loss accident situation. I was also told by consult that it was unacceptable and uncommon practice that could possibly lead to a civil lawsuit. I tried to dispute it directly and all they did was change the date of a late payment on my credit report and did not want to reimburse my money which should have been covered by my insurance based on the initial payoff quote they were given.

  Business response

  05/30/2024

  Dear Ms. ******:
  
  Thank you for giving us the opportunity to address your issues regarding credit reporting through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  In an effort to resolve your request, we researched your account and verified your account was reported as 30-59 days past due on one occasion. The payment due on September 20, 2023 was unsatisfied and 47 days past due upon our receipt of the insurance payoff on November 6, 2023. This resulted in a 30-59 day delinquency reporting for October 2023.
  
  According to our records, *********** Insurance reported the total loss of the above-referenced vehicle on September 20, 2023. We sent the Letter of Guarantee (our promise to release our lien on the vehicle in exchange for the payoff *********** offered) on September 25, 2023. The Letter of Guarantee provided a mailing address and instructed *********** to issue a check for payoff.
  
  When we did not receive the payment from ***********, we sent you an email on October 10, 2023 and another on October 20, 2023. On October 30, 2023, we spoke with **** at ***********, who claimed the payoff had been remitted via our online payment portal. We informed **** that our website does not accept payments above $7,500.00 and that the payment was to be mailed as instructed in our Letter of Guarantee. **** then informed us the payment had been wired by ******* *****. We informed her we cannot accept insurance payoffs via ******* ***** and that the payment was to be mailed as instructed in our Letter of Guarantee. **** then told us *********** had sent the check by mail as instructed. She claimed she would call back with the tracking information for the check. Later on October 30, 2023, *********** contacted us again. They did not provide a tracking number, but instead informed us they would be mailing the payoff check that day.
  
  Pursuant to your Motor Vehicle Retail Installment Contract, in the event of an insurance loss, you remain responsible for monthly payments as scheduled until we receive the full payoff from your insurance company. We are sorry to learn of any delay with your insurance or whichever courier or service they may have used to send the initial check. However, payments are considered satisfied upon our receipt of valid funds. Even presuming *********** attempted to remit payment in late September as they claim, because it did not arrive to us, the responsibility for maintaining the account remained with you.
  
  The remaining deficiency balance on your account after the insurance payoff is a product of amounts duly owed pursuant to your Motor Vehicle Retail Installment Contract that were not covered by the insurance payoff. This balance included interest that accrued between your last payment in August 2023 and the payoff in November 2023, as well as late fees for the payments you did not make in the intervening time. Our investigation has confirmed these charges are accurate, and no refund is due.
  
  Although we empathize with your situation, your correspondence does not provide sufficient justification to change the way we are reporting your payment history to the consumer reporting agencies under the guidelines and regulations we are required to follow as a Data Furnisher. As a result of your dispute, we will provide an update to the consumer reporting agencies to reflect the results of our investigation.
  
  Given our investigation’s findings, your correspondence does not provide sufficient justification to change the way we are reporting your payment history to the consumer reporting agencies under the guidelines and regulations we are required to follow as a Data Furnisher. As a result of your dispute, we will provide an update to the consumer reporting agencies to reflect the results of our investigation.
  
  If you have any further questions regarding the credit reporting of your account, please contact us in writing at the mailing address listed on this letter, as disclosed on your monthly Account Statement.
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

• Initial Complaint

  05/16/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I am currently in a dispute with BMW concerning the amounts and processes they have executed in an attempt to repossess my vehicle. This includes damaging my credit report with a delinquent account without providing a notice to cure or verification of the amounts being reported, which I believe to be a violation of the Fair Credit Reporting Act (FCRA). In accordance with my rights under UCC Article 9 for Secured Transactions,

  I hereby request the following documentation to which I am entitled:

  1.Copy of the original contract upon the close of sale with BMW.

  2.My full payment history, including all interest and other miscellaneous charges.

  3.Notice of default.

  4.Notice of sale.

  5.Explanation of the calculation of surplus and deficiency.

   

  Business response

  05/23/2024

  Dear Ms. ********:
  
  Thank you for giving us the opportunity to address your issues regarding credit reporting through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  In an effort to resolve your request, we researched your account and verified your account was reported as 30-59 days past due on three occasions and 60-89 days past due on two occasions. Enclosed for your review is a payment delinquency statement detailing when your payments were due and satisfied.
  
  Our records indicate that the referenced vehicle was involuntarily repossessed on October 31, 2023, due to failure to make payments. Prior to the repossession, we provided the required cure notice on both June 22, 2023, and August 19, 2023. On November 1, 2023, we sent you a Notice of Sale letter, notifying you of our intention to sell the vehicle after November 11, 2023, and the steps required to regain possession of the vehicle prior to the sale date. We then sold the vehicle at auction and applied the auction proceeds toward the contractual balance owed. On March 2, 2024, we mailed you an Auction Sale Breakdown, which detailed the contractual balance, the application of the auction proceeds, and the remaining deficiency balance due. In this instance, the remaining deficiency balance was $27,477.78.
  
  The dispute you submitted to us does not contain specific details or documentation demonstrating an error with the information we furnished to the consumer reporting agencies regarding your account. Therefore, we conducted a thorough investigation of your dispute based upon our account records. Our investigation confirmed the information we furnished to the consumer reporting agencies in association with your account is accurate. Please find enclosed the documentation you requested.
  
  Given our investigation’s findings, your correspondence does not provide sufficient justification to change the way we are reporting your account history to the consumer reporting agencies. As a result of your dispute, we will provide an update to the consumer reporting agencies to reflect the results of our investigation.
  
  If you have any further questions regarding the credit reporting of your account, please contact us in writing at the mailing address listed on this letter, as disclosed on your monthly Account Statement.
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

• Initial Complaint

  05/15/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I opened an Auto Loan with BMW Financial services on 8/22/2022 with account # **********. I have made every payment on time per their own account statement. I have never had a late or missed payment in my life. In October of 2023 BMW double charged my checking account. I notified BMW and ******** **** of this error as it had made my checking account overdrawn. BMW replace on of the payments to my checking account a short time later. I proceeded as if this matter was adjudicated. Several months later, BMW also paid back ******** **** the other Payment. There was no notification to me that both payments had been repaid. BMW then proceed to report to credit bureaus that I had a late, missing payment. All attempts to rectify this with BMW supervisors have been futile. Very rudely stating that there was nothing they can do and to contact the credit agencies. After contacting the credit agencies, I was informed that BMW confirmed my missing payment & it could be only rectified by BMW. This error has cause my considerable financial damage as my credit score plumeted more than 100 points and has cost me a home equity loan.

  Business response

  05/23/2024

  Dear Mr. ******:
  
  Thank you for giving us the opportunity to address your issues regarding credit reporting through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  In an effort to resolve your request, we researched your account and verified your account was reported as 30-59 days past due on one occasion. The payment due on December 22, 2023 was satisfied on January 22, 2024 which was 31 days after the payment due date and resulted in a 30-59 day delinquency reporting for January 2024.
  
  According to our records, you posted a payment via your MyBMW online account on November 16, 2023. On November 17, 2023, another payment was posted automatically due to a payment you had scheduled earlier on November 15, 2023. Pursuant to your request on November 20, 2023, we refunded your November 16, 2023 payment on December 2, 2023, leaving the November 17, 2023 payment to cover your required monthly payment. However, on February 16, 2024, your bank requested we return the November 17, 2023 payment. We complied and sent a notice to you that this was done. The returned payment caused the prior payments back to November 2023 to become 30 days further past due, causing the above-referenced delinquency.
  
  In your dispute, you claim we directed you to the consumer reporting agencies and informed you we were unable to assist you directly regarding your dispute. However, our records do not support this claim. Our records indicate you spoke with us on February 21, and March 5, 2024, and on both occasions, we advised you to file a credit dispute with us and provided you written instructions to do so. To date, we have been notified of two disputes filed with the consumer reporting agencies, but your present dispute is the only one we have received directly from you.
  
  Unfortunately, as we are not affiliated with ******** ****, we do not have details regarding why the payment was returned, which is why we previously advised you to consult your bank regarding this matter. If ******** **** requested this return in error, please send a signed letter from ******** **** on their company letterhead describing the error that occurred to the mailing address at the bottom of this letter. We would be happy to re-investigate your claims.
  
  Lacking such evidence at present, we are unable to comply with your request to change the way we are reporting your account to the consumer reporting agencies. As a result of your dispute, we will provide an update to the consumer reporting agencies to reflect the results of our investigation.
  
  If you have any further questions regarding the credit reporting of your account, please contact us in writing at the mailing address listed on this letter, as disclosed on your monthly Account Statement.
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

• Initial Complaint

  05/02/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Dear Sir/Madam, I am writing to dispute the repossession listed on my credit report.

  After thorough review and consultation with legal counsel, I have determined that the repossession was conducted in violation of consumer protection laws in New York City, including the New York City Consumer Protection Law, the New York General Business Law, Article 29-H - Consumer Credit Fair Practices Act, and the New York Uniform Commercial Code (UCC), Article 9.

  The repossession listed on my credit report is false and misleading. The car in question, a BMW X3 was seized by the New York City Police Department (NYPD) due to circumstances entirely out of my control. On [date], a burglar attempted to hide in the car and stash items before being apprehended by the NYPD. The NYPD required the vehicle as evidence in their investigation, as evidenced by the attached letter directly from the NYPD.

  Furthermore, despite this unforeseen event, I continued to fulfill my financial obligations to BMW Financial Services by making four additional payments after the incident occurred. I also proactively notified BMW Financial Services of the situation and recorded each conversation where they assured me that this information would not be reported on my credit file.

  Based on the aforementioned reasons, and in accordance with New York City consumer protection laws, the repossession of the vehicle in question cannot be lawfully categorized as such.

  Therefore, I request the immediate removal of the repossession from my credit report. I also request a thorough investigation into this matter to ensure that such unauthorized actions are not repeated in the future.

  Please find enclosed copies of the letter from the NYPD, as well as evidence of the additional payments made to BMW Financial Services and recordings of conversations with their representatives.

  I kindly request that you review this information and update my credit report accordingly.

  Business response

  05/09/2024

  Dear ******* ******:
  
  Thank you for giving us the opportunity to address your issues regarding how we are reporting your payment history to the consumer reporting agencies through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  In an effort to resolve your request, we researched your account and verified your account was reported as 30-59 days past due on one occasion. The payment due on September 2, 2021 was satisfied on October 4, 2021, which was 32 days after the payment due date and resulted in a 30-59 day delinquency reporting for October 2021.
  
  As stated in our previous correspondence, we contacted the New York City Police Department 120th Precinct and confirmed you were involved in an incident, which prompted your arrest and the above referenced vehicle was seized as arrest evidence. The New York City Police Department 120th Precinct confirmed you were not in protective custody as you are the defendant.
  
  Due to the vehicle seizure, you were considered to be in default pursuant to the terms of your signed Motor Vehicle Lease Agreement (Lease Agreement). Per Section 24 of the Lease Agreement, if you are in default, we may terminate the Lease, your rights to possess the vehicle, repossess the vehicle and you would be responsible for any remaining cost associated with the above referenced account. Our records indicate the above referenced account is closed with a zero balance.
  
  If you have any questions, please contact us at ###-###-####, Monday through Thursday, from 9:00 a.m. to 9:00 p.m. ET and Friday, from 9:00 a.m. to 6:00 p.m. ET, or by mail at either address listed on this letter.        
  Yours sincerely,
  
  BMW Financial Services NA, LLC 

• Initial Complaint

  04/11/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  My car was totaled on November 30, 2023. As I was only one year into my purchase and warranty, I cancelled the warranty and was told by BMW financial services that I would receive a refund for the warranty amount as my insurance paid off the balance of the loan. I received a confirmation notice on 2/15/24 that I would receive that refund check by March 1. March 1 came and went. I called again, was told that they would void the first check and send me another one. I moved during this process and changed my address with them which I must now confirm each time I call, so I know they have the correct address. The second date I was given was March 27, 2024. I called on March 26, 2024 (because it does not take three weeks for mail between Ohio and TN) and was told the error with the second check was that it was not sent to a certain department and had not been processed and that this new check would now take 7-14 days to arrive. It has now been 17 days since I was told this, and 16 days beyond the date I was initially quoted via email. At this point it is clear to me that no check has been mailed as there is no way that two checks have been lost in the mail. Every time I call, I am given conflicting information and at this point am insisting I receive the money I am owed. Do not tell me it was mailed. Overnight it to me or send it certified mail at this point and stop playing games.

  Business response

  04/25/2024

  Dear ***** ********,
  
  Thank you for giving BMW Financial Services NA, LLC (BMW Financial Services) the opportunity to address your issues regarding your refund check through the Better Business Bureau complaint process. We hope the following information and explanation will fully assist you.
  
  We are sorry to hear you did not receive the first two refund checks we sent. Our records indicate the original check was sent to **** ********* **** *** **** ********** ** on February 15, 2024, and the second check was sent to *** ******** ****** *** ********** ** on March 12, 2024. Because you advised you did not receive them, the first two checks were voided, and a third check was sent overnight to your above address via ******* ******* on April 17, 2024. Tracking number ************ indicates the check was delivered on April 18, 2024. In light of your poor experience, we have enclosed a BMW tumbler. BMW Financial Services sincerely appreciates your loyalty, and we hope we can make it up to you in the future.
  
  We are committed to providing you with the highest level of service. If you have any questions, please contact us at ###-###-####, Monday through Thursday, from 9:00 a.m. to 9:00 p.m. ET and Friday, from 9:00 a.m. to 6:00 p.m. ET, or by mail at either address listed on this letter.             
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

• Initial Complaint

  04/04/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Was charged by BMW dealership an extra $600 for document fee when buying out my lease. BMW Financial emailed me within their app to apologize and tell me they would be sending me a check within 6 weeks. Now they are denying any refund owed and told me to contact the dealership. They also conveniently deleted all correspondence within the app. They are disgusting and I will never do business with them again. I want my $600 back!!!!!

  Business response

  04/12/2024

  Dear ******** *****,
  
  Thank you for giving us the opportunity to address your issues regarding your above account through the Better Business Bureau complaint process. We hope the following information is helpful.
  
  We again apologize your experience with BMW Financial Services NA, LLC did not meet your expectations. We sincerely appreciate your feedback and patience while we resolve the issue.
  
  Please find attached our April 8, 2024 executive complaint response indicating your $599.00 refund is being processed. Check number ********* was mailed to the address above on April 9, 2024 and should be received within 7-10 business days.
  
  We are committed to providing you with the highest level of service. If you have any questions, please contact us at ###-###-####, Monday through Thursday, from 9:00 a.m. to 9:00 p.m. ET and Friday, from 9:00 a.m. to 6:00 p.m. ET, or by mail at either address listed on this letter.             
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

• Initial Complaint

  03/25/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  We had a lease with BMW that ended after 3 years and the car ended up getting damaged and became a total loss about one year into the lease. The car had a lot of equity left in the vehicle and instead of giving us 100% of the extra they only gave us 50%. All other car companies give 100% of the excess equity and what BMW did to keep the extra 50% is illegal and against the law. They have to abide by the Federal govt law for "consumer fair lending act". We read online as well that they have done this to many others and there are many lawsuits out there regarding this issue. We are just seeking the full equity amount back as we had to work very hard with the insurance company to get to the highest number possible for a payout.

  Business response

  04/02/2024

  Dear ****** *********,
  
  Thank you for giving BMW Financial Services NA, LLC (BMW Financial Services) the opportunity to address your issues regarding your total loss settlement through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  We understand you are requesting a refund of the full difference between the insurance settlement amount paid by ***** **** and the amount you would have paid to purchase your leased vehicle. As servicer for the owner of the leased vehicle, and pursuant to the terms outlined in Section 20 of your Motor Vehicle Lease Agreement (Lease Agreement), BMW Financial Services is listed as loss payee on the vehicle’s insurance policy. Under Section 25, the insurance company is required to settle with BMW Financial Services for the actual cash value of the vehicle at the time of loss. Your obligations under Section 25 are limited to any past due payments, property taxes, any deductible, or other items deducted from the actual cash value of the vehicle by your insurance company. The Lease Agreement provides for a “gap waiver” if the actual cash price were less than the Adjusted Lease Balance; however, as the owner of the leased vehicle, BMW Financial Services is entitled to the insurance proceeds in the event of a total loss.
  
  Once we received confirmation your insurance company determined the vehicle was a total loss, your Lease Agreement was terminated through the process outlined in Section 24, “I agree to immediately notify you if the Vehicle is damaged or destroyed in an accident, stolen, abandoned, or taken by a police or other government agency. If any of the above events occur, you reserve the right to terminate this Lease.” Once the Lease Agreement was terminated, the Purchase Option was no longer in effect.
  
  As you are aware, a $5,613.04 Loyalty Payment Credit, representing fifty percent of the difference between the insurance settlement amount and the payoff amount prior to the date of loss, was applied to your new account as a courtesy on March 21, 2023. Although we sincerely appreciate your loyalty, we are unable to offer any additional credits or refunds.
  
  We are committed to providing you with the highest level of service. If you have any questions, please contact us at ###-###-####, Monday through Thursday, from 9:00 a.m. to 9:00 p.m. ET and Friday, from 9:00 a.m. to 6:00 p.m. ET, or by mail at either address listed on this letter.             
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

  Customer response

  04/03/2024

  [We understand that the insurance company needs to pay BMW first, which they did but any excess should be given to the customer in full 100%. BMW just needs to get there balance that is owed which they did in full but any excess of equity is customers advantage as we are the lease holders. We didn't terminate the lease, BMW did on their own. We also do not see anywhere on the lease documents that we signed and that BMW countersigned (legal contract) saying any excess of money is kept by BMW in the event of total loss.

  All other car companies like ****, ****, ***** give any excess back to the customer in full and that is the correct way and the legal way. Reading reviews online on car forums of others that this was done too and talking to other people in the car finance industry they are telling me what BMW did is illegal and not allowed under federal law. Some have even sued BMW regarding this and have won. I would rather avoid going this route but there are attorneys that are working on this for other clients already.

  We still are requesting the other half of the amount credited back to us via check or applied as a credit to another car we have leased with you as what BMW did is highly illegal and not allowed by federal law.

  
  Regards,
  
  ****** *********

• Initial Complaint

  03/20/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I extended my lease on my BMW X5 online. I called shortly after to get Where the money goes at the end of the lease. I was assured that I would receive the money back if the account was closed within seven days or prorated if it goes over. so I called today to get clarification on how to get the difference back and I was told that I would only get the money back if I was to return the vehicle and not pay it off. When I spoke to them about extending the lease that I was going to pay the car off, and she assured me that I would get The difference back. Fast forward to today they’re now telling me that that money goes to fees and other things and I would only get the money back if they received the vehicle back. if I was told the right information from the gecko, I would’ve canceled the payment because I sent the check in before the due date of the lease and payment.

  Business response

  04/02/2024

  Dear **** *****,
  
  Thank you for giving us the opportunity to address your issues regarding your lease extension through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  We understand you believed you would receive a full or prorated refund for the $1,177.47 lease extension payment you made on February 22, 2024, because the account was closed prior to the extended maturity date of March 25, 2024. While BMW Financial Services NA, LLC (BMW Financial Services) does provide refunds for lease extension payments when the vehicle is returned prior to the extended maturity date, lease buyouts do not qualify for such refunds. We are sorry for the misunderstanding regarding our policy. After reviewing your account, we determined that by extending your lease and making the February payment, you paid $178.00 that did not go towards lowering the residual. Therefore, we have elected to issue you a $178.00 refund. Please note, the refund check is expected to be sent to your above address on or around April 4, 2024.
  
  We are committed to providing you with the highest level of service. If you have any questions, please contact us at ###-###-####, Monday through Thursday, from 9:00 a.m. to 9:00 p.m. ET and Friday, from 9:00 a.m. to 6:00 p.m. ET, or by mail at either address listed on this letter.             
  
  Yours sincerely,
  
  BMW Financial Services NA, LLC

  Customer response

  04/03/2024

  I accept the business's response to resolve this complaint.
  
  Regards,
  
  **** *****

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩