Business Profile

Auto Financing

BMW Financial Services NA, LLC

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Complaints

This profile includes complaints for BMW Financial Services NA, LLC's headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

168 total complaints in the last 3 years.
39 complaints closed in the last 12 months.

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The complaint text that is displayed might not represent all complaints filed with BBB. 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.

Initial Complaint
Date:03/26/2025
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I have been faithfully paying without missing any payment to BMW Financial services since July 2022. I have been charged a late fee every month & reported late to the credit bureau since February 2023. A double payment was made, one was returned by my bank. This doesn’t make my account delinquent, as another payment was made the next due date. I have proof of all my payments coming out of the same checking, leaving an almost 3 year paper trail. BMW Financial is reporting to the credit bureaus that I am late every month since 2/2023 having 30 to 60 to even 90 day past due marks on my credit report. if I have proof that I am paying you consistently for years, there’s no reason that it should not reflect on my credit. It’s impossible that my account is behind and/or past due. I need this to be updated on my credit to show my account as CURRENT. As a current BMW Financial services account holder, this entire process has made me decide to NEVER finance with BMW Financial again. I will be trading my car to get a finance contract that is fair, from a company that has better customer service.
Business Response
Date: 04/03/2025
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 11 occasions and 60-89 days past due on 12 occasions. Enclosed for your review is a payment delinquency statement detailing when your payments were due and satisfied.

BMW Financial Services reports information to the consumer reporting agencies in compliance with all applicable regulations and guidelines. Under those guidelines, an account is reported current during a given month if a payment is received within 29 days of the payment due date. If you have evidence to support your dispute, such as bank statements indicating your payments were made in a timely manner, you may submit the documentation to us at the mailing address listed on this letter, attention Credit Disputes, and we will be happy to reinvestigate your dispute.

In the absence of such documentation, your correspondence does not provide sufficient justification to change the way we are reporting your payment 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
Date:03/25/2025
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Business is reporting false information on my credit profile. The car was totaled insurance paid for the car .
Business Response
Date: 04/03/2025
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 a collections account beginning in the month of April 2020 prior to its being deemed uncollectable on May 3, 2024.

Our records indicate the above referenced account was deemed a total loss on March 21, 2019 by ***** Insurance. On April 12, 2019, we received a payoff check from ***** in the amount of $18,360.02, which was short of the required payoff by $6,946.78. We then submitted the remaining balance as a claim to your Total Loss Protection Plan (GAP). On July 18, 2019, a payment was received in the amount of $289.43, leaving an unpaid balance of $6,657.35. On September 3, 2019, GAP concluded the claim and paid an additional $5,743.62, leaving an unpaid balance of $913.73. On September 30, 2019, a refund was received from your cancelled warranty products for $309.99, leaving an unpaid balance of $603.74.

On February 4, 2020, a balance due letter was sent to you, which indicated your GAP claim concluded and all proceeds have been applied and the remaining outstanding balance was $603.74. During the normal course of our business cycle, we placed your account with third party collection agencies.

Following an insurance payoff, we provide a 365-day period in which your account balance was reported as an open balance on a terminated account. Should any portion of the balance remain unpaid 365 days after the account is paid off, the balance would be reported as a collections balance on a terminated account.

Due to non-payment the above referenced account was closed as uncollectable on May 3, 2024. In accordance with Internal Revenue Service (IRS) guidelines, we issued a Form 1099-C, Cancellation of Debt, on January 3, 2025 for the Tax Year of 2024. Neither the cancellation of your debt nor the collection of taxes on the cancelled balance by the IRS is grounds to alter or remove the accurate data we have furnished regarding this account’s history.

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
Date:03/19/2025
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On October 10 and November 8 I accidentally sent a payment of $500.00 each for a total of $1000.00 to BMW financial services. The BMW financial services account was for a leased vehicle I had in 2015. The lease was completed in 2018 but I did not delete the account in my bill payments and sent the payment to the wrong account. I have called, my husband called, I sent emails and I have not been able to get my money back so I can send it to the credit card company. The two payments should have gone to *** Elan financial services.
Business Response
Date: 03/21/2025
BMW Financial Services is unable to research these alleged payments without additional information. However we would recommend to have the customer dispute the payment(s) directly with their banking institution.
Business Response
Date: 03/21/2025
BMW Financial Services is unable to research these alleged payments without additional information. However we would recommend to have the customer dispute the payment(s) directly with their banking institution.
Customer Answer
Date: 03/22/2025
[If you do not say why you are rejecting the company's response, BBB must close your complaint.]

Complaint: 23090061

I am rejecting this response because: ******* said that *** did not reject/return the payments. Truist advised me that they could not help me and I needed to go to ***.

Regards,

**** ******
Business Response
Date: 03/27/2025
BMW Financial Services is unable to research these payments with the information provided. Again, we recommend to have the customer dispute the payments directly with their banking institution.
Customer Answer
Date: 03/27/2025
[If you do not say why you are rejecting the company's response, BBB must close your complaint.]

Complaint: 23090061

I am rejecting this response because: the bank is telling me I need to contact *** due to BMW
Accepted the payments and did not return them.
What information do you need to finalize this and return the payments that should have been returned.
Regards,

**** ******
Business Response
Date: 04/10/2025
After extensive research, we were able to locate the payments and a refund is being processed.
BMW Financial Services
Customer Answer
Date: 04/15/2025
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

Better Business Bureau:

I accept the business's response to resolve this complaint. Than you for returning the erroneous payments.

Regards,

**** ******
Initial Complaint
Date:03/17/2025
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I leased a vehicle through BMW Financial Services and returned it two months early. Before returning the car, BMW Financial Services called me and I asked am I still responsible for remaining monthly installation fee if I return the car early. Their financial advisor clearly told me that there would be no monthly fees, which led me to return the vehicle early. However, after returning the car, I received a bill that included two months of lease payments ($1,540). When I contacted BMW Financial Services, they now claim they have no record of this conversation and are pushing the responsibility onto the dealership—despite the fact that my call was with BMW Financial Services, not the dealership. I made my decision based on the information their representative provided, and now they are refusing to take responsibility for their misleading statement.
Business Response
Date: 03/27/2025
Dear ****** **,

Thank you for allowing BMW Financial Services NA, LLC (BMW Financial Services) the opportunity to address your concerns through the Better Business Bureau complaint process. We hope you find the following information helpful.

BMW Financial Services prides itself on offering premium customer service. We regret to learn your lease end experience and interactions with BMW Financial Services did not meet your expectations. We value customer feedback as it can help improve our processes, which ultimately will improve our customers’ experiences.

Your correspondence disputes the remaining payments portion of your $2,515.06 lease end charges, which includes two contractual monthly payments totalling $1,540.62. Upon receipt of your correspondence, we reviewed your account history, the assessed charges, and the inspection completed by AutoVIN on February 28, 2025. Your account history indicates you returned the vehicle to *** ** ******* on February 27, 2025 and first spoke with a BMW Financial Services representative via telephone on March 13, 2025. BMW Financial Services does not currently communicate with customers by text. Our review of this information confirmed the charges are valid and assessed according to your Motor Vehicle Lease Agreement (Lease Agreement), and therefore cannot be waived. A copy of the Lease Agreement is enclosed for review.

Please understand, BMW Financial Services is a separate financing entity from the independently owned and operated BMW Centers. As such we are only able to address issues dealing with your Lease Agreement, or your account with us. Any agreement you may have with *** ** ******* exists between you and *** ** ******* only; we cannot enforce any agreements made outside the parameters of your existing Lease Agreement. We recommend contacting *** ** ******* directly to discuss this issue at ###-###-####.

If you have further questions regarding your balance, we encourage you to please contact us directly at the telephone number listed below. Otherwise, to close the account, you may remit payment using one of the following methods:

Online: Access your BMW Financial Services NA, LLC account at ******************** and click on the “End of Term charges” link to pay via Visa/MasterCard/Discover/American Express or UltimatePay (automatic debit from your checking or savings account). No service fees.

Automated Phone System: Payments can be made 24 hours a day, 7 days a week from the automated phone system at ###-###-####. Payments can be made via Visa/MasterCard/Discover/American Express or UltimatePay (automatic debit from your checking or savings account). No service fees.

Check by Mail: Checks should be made payable to BMW Financial Services NA, LLC and sent to ** *** ****** ******** ** **********. Please be sure to note your full account number on payments made via check or money order.

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 Answer
Date: 03/27/2025
I don’t accept BMW’s response.I don’t understand why they have no record of this. I’ve attached my conversation with them, along with the call log. Their representative clearly told me there would be no fee for returning the car early, and that’s the only reason I made this decision.
Regards,

****** **
Initial Complaint
Date:03/13/2025
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On November 29th 2024 BMW financial sent a late payment for October 30th 2024 to my creditors on the 29th day when I have 30 days to make my payment. I made my payment on November 29th in the amount of $710.25 bc I payed a little extra the previous month. My monthly payment is due on the 30th of every month in the amount of $717.00.
Business Response
Date: 04/03/2025
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.

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 October 30, 2024 was satisfied on November 19, 2024 which was 30 days after the payment due date and resulted in a 30-59 day delinquency reporting for November 2024.

BMW Financial Services reports data to the consumer reporting agencies in accordance with Consumer Data Industry Association guidelines, and in compliance with the Fair Credit Reporting Act (FCRA). Under those guidelines, an account is reported current if a payment is received within 0-29 days of the payment due date. November 29, 2024 is the 30th day after your October 30, 2024 due date. As the above-referenced payment was not posted to your account within 0-29 days of the payment due date, your account was reported delinquent to the consumer reporting agencies in November 2024, the month it exceeded that parameter.

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
Date:03/05/2025
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I was involved in an accident where my car (2024 BWW model iX) was deemed a total loss. The insurance provider issued settlement payment to BMW Financial Services in the amount of $73,974.61 (this covered the Actual Cash Value and taxes). The taxes would be due to me as lessee. I paid the taxes at the lease origination. BMW Financial Services has refused to return the tax portion to me despite my having contacted the ********************* and addressed a letter to them regarding the matter. The taxes were itemized in the settlement letter provided by State Farm to BMW Financial Services, making clear the Actual Cash Value of the vehicle as agreed by the insurer (State Farm) and lienholder (BMW Financial Services). The tax amounts total $5,716.61. Even under the lease (a copy of which is being provided to BBB), *** Financial is not entitled to retain such amounts (see section 27).
Business Response
Date: 03/12/2025
Dear ******** *********,

Thank you for giving us the opportunity to address your issues regarding the insurance settlement through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.

Our records indicate we received your original letter dated February 19, 2025, on February 24, 2025, and responded on March 5, 2025. A copy of our response is enclosed for your review. Please note, our stance has not changed. BMW Financial Services is entitled to the full insurance proceeds, and we are unable to issue a refund.

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 ****** 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
Date:03/04/2025
Type:Order Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On 2/12/2025 at 12:43PM I sent priority mail to BMW Financial services for the payoff of my car. I followed the payoff instructions. On 2/20/2025 I was deducted a car payment in the amount of $637.00 from my account. On 3/4/2025 my husband reached out to *** to confirm they received our payoff check. *** stated NO they had not. I went to **** where they traced the envelope and found it to be delivered to the pay off location. I then contacted our ************ who provided us an image that *** endorsed the check and cashed it. *** is stating they did not receive the check - however we have proof of their endorsement. Attached to the check was the payoff documents specific to my account - along with written information on where to send the title. I am now experiencing emotional anxiety and severe stress over this amount of money not being appropriately accounted for.
Business Response
Date: 03/12/2025
Dear *** *******,

Thank you for giving us the opportunity to address your issues regarding your payoff through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.

Our records indicate your payoff check numbered ********** for $32,577.66 was received on February 19, 2025, and applied on March 7, 2025. We apologize for the delay in processing your payoff and for any stress this may have caused you. We are pleased to confirm your account is now closed with a $0.00 balance.Due to an account overage, a $595.16 refund is being processed. You can expect the refund to be applied to your checking account on file on or around March 19, 2025.

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 ****** 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
Date:02/24/2025
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I am writing to formally lodge a complaint regarding inaccuracies on my credit report, which have caused me considerable distress and inconvenience. I recently reviewed my credit report and discovered an account listed under my name that I did not open. This account is as follows:Creditor Name: BMW Financial Services Opened Date: 07/31/2017 Account Number: ********** I want to make it clear that I am a victim of identity theft. I did not authorize or open this account, and it appears that my personal information was used fraudulently. In light of this, I have taken the appropriate steps to protect myself, including filing a complaint with *****************. I have enclosed copies of this complaint and all supporting documentation for your review.I kindly request that the BBB assist me in resolving this matter by contacting BMW Financial Services to investigate the legitimacy of this account and ensure its removal from my credit report. It is crucial to rectify this error to protect my credit standing and personal financial security.Thank you for your attention to this matter. I look forward to your assistance in resolving this issue promptly.
Business Response
Date: 03/07/2025
Dear Mr. ********************** 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.

Upon receipt of your correspondence, we conducted a thorough investigation into your claim of identity theft. After reviewing internal documents, account records, and any available external information, we do not have reasonable cause to believe your account was opened as a result of identity theft. Based on the results of our investigation, you remain liable for the terms of your enclosed financial agreement with us.

We researched your account and verified your account was reported as ***** days past due on one occasion. The payment due on February 28, 2019, was satisfied on March 31, 2019, which was 31 days after the due date and resulted in a ***** day delinquency reporting for March 2019.

If you have any further questions regarding your account, please contact us in writing at the mailing address listed on this letter.

Yours sincerely,

BMW Financial Services NA, LLC
Initial Complaint
Date:02/20/2025
Type:Order Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
************
Dear National Credit Manager, I am writing to formally dispute the denial of my credit application dated January 6, 2025. The reasons provided—“serious delinquency,” “too few accounts paid as agreed,” and “number of recent inquiries”—do not accurately reflect my financial situation. Moreover, I believe this decision involves several compliance violations under federal and state laws, as well as inconsistencies with BMW Financial Services’ own policies and disclosures. Violations and Inconsistencies Identified: 1. Fair Credit Reporting Act (FCRA) Violations (15 U.S.C. § 1681): • Accuracy and Integrity of Information: The FCRA mandates that furnishers of information to credit reporting agencies ensure the accuracy and integrity of the data provided. The reasons cited for my application’s denial suggest potential inaccuracies in the information reported or considered. • Adverse Action Notification: The FCRA requires that any adverse action based on credit report information must be accompanied by a notice detailing the specific reasons. The generic reasons provided fail to offer the specificity required under the law. 2. Equal Credit Opportunity Act (ECOA) Violations (15 U.S.C. § 1691): • Specificity of Denial Reasons: The ECOA requires creditors to provide specific reasons for credit denial. The vague statements given do not meet this requirement, hindering my ability to understand and address the issues. 3. BMW Financial Services’ Internal Policy Inconsistencies: • Collateral Consideration: According to BMW Financial Services’ underwriting standards, as detailed in your prospectus, applications with sufficient collateral should be favorably considered.
Business Response
Date: 03/12/2025
Dear ***** *******:

Thank you for giving us the opportunity to address your issues regarding the recent application we received in your name through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.

Our records indicate we received an application for auto financing in your name on December 17, 2024, for a BMW 550e xDrive, submitted by BMW of Manhattan. Upon receipt of your application, we applied the same underwriting standards we apply to all applicants and determined we were unable to proceed with an approval for the following reason:

-              Delinquent Past or Present Credit Obligations
-              Does not meet minimum credit requirements

If you have any further questions about this application, or to request a copy of your application, please contact BMW of Manhattan directly. You may reach them at ###-###-####.

Yours sincerely,

BMW Financial Services NA, LLC
Customer Answer
Date: 03/13/2025
*************
I am writing in response to BMW Financial Services’ recent letter dated March 13, 2025, regarding my application for financing submitted on December 17, 2024, for a BMW 550e xDrive through BMW of Manhattan. Unfortunately, BMW Financial Services continues to avoid addressing the primary concern I raised in my complaint.

I must emphasize that this was not a credit transaction. I submitted a security collateral along with my application — something of value, which BMW Financial Services is legally obligated to recognize under their own corporate filings, including their 10-K form and prospectus filed with the Securities and Exchange Commission (SEC).

Despite my repeated attempts to explain this, BMW Financial Services continues to respond by incorrectly claiming that my application was denied based on creditworthiness. This is irrelevant because this was not a credit transaction — it was a security-based submission. Their repeated failure to address my actual concern raises serious questions about their business practices.

I respectfully request that the BBB insist BMW Financial Services respond directly to the issue at hand: why they have failed to acknowledge and act upon the security collateral I provided. I further request that BMW Financial Services provide a clear explanation for why they continue to characterize my submission as a credit transaction, in direct contradiction to their own regulatory filings.

I trust that the BBB will take this matter seriously and ensure BMW Financial Services is held accountable for their continued failure to address my valid concerns.

Thank you for your time and assistance in resolving this matter. Please feel free to contact me if you require any additional information.

Sincerely,
***** **** ******* **** *** ****** ********* ** ***** ****** ************ ****** ************************** ********** ******** * ** ********* **** ******** ******** ******** ***** *******
Initial Complaint
Date:02/03/2025
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I recently submitted a complaint to the Better Business Bureau regarding the inaccurate reporting of a charge-off on my credit report. Unfortunately, the response I received seemed generic and did not adequately address the specifics of my situation.
It is important to note that this charge-off debt has been mitigated and fully paid, yet it continues to negatively impact my credit profile.
Furthermore, according to 15 USC 1681 EB, a charged-off debt that has been settled should no longer be reported as it is considered taxable income. The continued presence of this inaccurate information on my credit report violates my rights under the Fair Credit Reporting Act.
I urge you to review this matter thoroughly and take the necessary steps to remove this erroneous entry from my credit history, as it is unjustly affecting my financial reputation.
Customer Answer
Date: 02/03/2025
Thank you for your response regarding my complaint about BMW Financial Services. However, I would like to clarify that my complaint is not about disputing inaccuracies on my credit report, but rather about the practices of BMW Financial Services themselves.

I have raised concerns that they have violated the Fair Credit Reporting Act, specifically 15 USC 1681 EB, by continuing to report a charged-off debt that has been settled. This debt should not be reflected on my credit report, as it is considered taxable income and should no longer be reported.

I also want to express my concern regarding the handling of this complaint. It seems that there is a tendency to close out complaints without a thorough investigation. I hope you will process this complaint with the seriousness it deserves, as this issue directly affects my financial standing and is critical for my future.

My issue lies directly with BMW Financial Services, as they are the entity responsible for this inaccurate reporting. I believe my complaint warrants further investigation into their business practices, rather than being categorized as a simple dispute with credit bureaus.

I appreciate your attention to this matter and look forward to a resolution that addresses the core issue regarding BMW Financial Services.

Thank you for your understanding.
Customer Answer
Date: 02/04/2025

***** ******* <********************************>
Feb 3, 2025, 4:56 PM (15 hours ago)
to disputeresolution

I just received a response regarding my complaint about BMW Financial Services. However, I would like to clarify that my complaint is not about disputing inaccuracies on my credit report, but rather about the practices of BMW Financial Services themselves.

I have raised concerns that they have violated the Fair Credit Reporting Act, specifically 15 *** 1681 EB, by continuing to report a charged-off debt that has been settled. This debt should not be reflected on my credit report, as it is considered taxable income and should no longer be reported.

I also want to express my concern regarding the handling of this complaint. It seems that there is a tendency to close out complaints without a thorough investigation. I hope you will process this complaint with the seriousness it deserves, as this issue directly affects my financial standing and is critical for my future.

My issue lies directly with BMW Financial Services, as they are the entity responsible for this inaccurate reporting, so my complaint is not with the ************* but the instuation of BMW Financial services. I believe my complaint warrants further investigation into their business practices, rather than being categorized as a simple dispute with credit bureaus.

I appreciate your attention to this matter and look forward to a resolution that addresses the core issue regarding BMW Financial Services.

Thank you for your understanding.

--
Regards,

Malik | *******

Email: ********************************

Phone: ************ | Fax: ************
Business Response
Date: 02/18/2025
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 our records and confirmed the referenced vehicle was declared a total loss by *************** as of March 26, 2018. On April 30, 2018, we received a payoff check from Geico, which was short of the required payoff by $1,248.80.

As a courtesy,we allow 365 days from the date of billing before referring end-of-lease balances to collections and reporting them as such to the consumer reporting agencies. This balance reached ******************** April 2019 and was reported to the consumer reporting agencies.

Our records confirm the above-referenced account was closed with a zero balance as of July 2022, when we accepted a settlement from you in the amount of $588.00. We then reported the balance of the account as zero and have not sent any further updates since. As such, we are not reporting an existing debt for this account and have not done so for three years. The cancelation of a debt in whole or in part does not invalidate previous negative data submitted to the consumer reporting agencies such as payment delinquencies or collections activity continue to be reflected in your credit history profile after the closure of the account. The data will remain on record with the consumer reporting agencies until the data is expired according to the agencies internal purge rules.

In your complaint,you claim your intent is not to dispute way we have reported your account to the consumer reporting agencies. However, the only issues raised by your complaint are related to the reporting of your account and our credit reporting practices. We have 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. As a result of your dispute, we will provide an update to the consumer reporting agencies indicating the receipt of your dispute and 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

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