ComplaintsforBMW Financial Services NA, LLC

• Initial Complaint

  07/31/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have paid off my BMW vehicle VIN# ***************** and paid for overnight service. I won't mention that it took a lot longer. But, real problem that I have NEVER RECEIVED TITLE in my name! I received package with standard letter stating lien satisfied and it says: Enclosed is motor vehicle Title and Lien release. I received only LIEN release. No TITLE. We called BMW customer service, were transferred few times then we got spoke to very rude person and we got no information where is my TITLE?

  Business response

  08/08/2024

  Dear ***** ******,
  
  Thank you for giving us the opportunity to address your issues regarding your title through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  First and foremost, we regret to learn your experience and interactions with BMW Financial Services did not meet your expectations. We value customer feedback as it can help improve our processes, ultimately improving our customers’ experiences.
  
  Upon receipt of your complaint, we reviewed your account and confirm it was paid in full and closed on July 24, 2024. As advised by our representative during a call with you July 31, 2024, because you are in a title holding state, BMW Financial Services NA, LLC sent you a lien release to the above address on July 29, 2024, instructing you to take the lien release to the New York Department of Motor Vehicles (NYDMV) who will assist you in removing our lien from the certificate of title.

  Please note, if you have misplaced your vehicle title, you will need to contact the NYDMV for further assistance. You may reach their Title Service Bureau at ###-###-####.
  
  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

  07/22/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had my BMW financial services account set up for automatic withdrawals. I called in to change the banking information 2 months ago with BMW financial services. BMW financial services failed to properly continue to withdraw money from the new bank account and as a result they marked my account as delinquent and reported my account as delinquent to all of the credit reporting agencies. I want them to remove the negative credit reporting, and ensure that all of my accounts are showing good standing.

  Business response

  07/30/2024

  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 June 15, 2024 was satisfied on July 22, 2024 which was 37 days after the payment due date and resulted in a 30-59 day delinquency reporting for July 2024.       
  
  In your letter, you claim you called and asked one of our Representatives to update the banking information used for your account’s automated recurring payments (EasyPay). However, our records do not support this claim. We do not have record of any calls received from you during the year 2024 prior to the date of delinquency. In your previous conversations with us, you instead told us you had updated your EasyPay preferences online. However, this claim is also not supported by our records. Our records indicate you logged in to your MyBMW online account and added a new payment source on May 31, 2024. However, you did not change the terms of your EasyPay enrollment to use this new payment source. Lacking this authorization, EasyPay continued to attempt withdrawals from the original bank account, leading to a returned payment on June 20, 2024.
  
  We sent notice of this returned payment to you on June 20, 2024. We also sent notice of the past due status of your account with your Account Statement on June 28, 2024. Although we regret to learn of any confusion you may have experienced in using the MyBMW online tools, you are expected to monitor and manage your account on a regular basis to avoid errors. It is solely your responsibility to remit payment in a timely manner, using valid funds from valid sources.
  
  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

  Customer response

  07/31/2024

  I incorrectly stated in my original complaint that I had called in to update my bank account information . After further reviewing my records, I realized I  had updated my bank account information online.  I spoke to a supervisor at BMW Financial and they stated that after I updated my bank account information, their automated system continued to try and pull funds from an old, deactivated bank account (weeks after I had updated the online system to the new, correct banking information).  They said that the error was caused by an internal IT related malfunction, and have reached out to the IT department to investigate.  As the system was attempting to pull funds from a deactivated bank account, it automatically suspended my autopay feature.  As it has been found the errors are a result of an internal BMW Financial system, and I was never notified that there were any payment processing issues, I would appreciate it if the negative reporting would be removed from the credit bureaus.  As soon as the error was uncovered (I was notified by the credit bureaus, not by BMW) I called in to correct the issues and bring the accounts into good standing.  Had BMW notified me there were any issues with my account, we likely could have resolved these payment issues immediately.  Thank you for your consideration, and please, next time, contact your customers when there is an issue vs resorting to harm their credit profiles.
  
  Regards,
  
  ******* ******

  Business response

  08/08/2024

  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 June 15, 2024 was satisfied on July 22, 2024 which was 37 days after the payment due date and resulted in a 30-59 day delinquency reporting for July 2024.
  
  As we summarized in our prior letter, our records show you logged in to your MyBMW online account and added a new payment source on May 31, 2024. However, you did not change the terms of your automated recurring payment (EasyPay) enrollment to use this new payment source. Lacking this authorization, EasyPay continued to attempt withdrawals from the original bank account, leading to a returned payment on June 20, 2024.
  
  In your current dispute, you claim you called and spoke to a supervisor who told you an IT related malfunction was responsible for the failure of the above-referenced payment. However, our records do not support this claim. Our records show you spoke with two Escalation Supervisors on July 22, 2024. During these conversations, you were told that we would investigate your claims, but we did not suggest any specific causal factor at that time. The investigation you were promised was performed and the conclusion we reached is consistent with the information summarized above: you added a new payment source to your profile but did not update EasyPay to use this new banking information. We had already received your prior BBB complaint by this time, and so included the findings of this investigation in our July 29, 2024 response.
  
  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

  07/20/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  BMWFS received my lease buyout payment in full on April 18, 2024. My bill of sale and release information wasn't mailed to me until June 7, 2024 and as such, wasn't received by me until after this date. Due to the late mailing of this documentation, CA DMV assessed penalties of $507. Per BMW"s own documentation, I should receive this information within 15 business days depending on state law. I am sure BMW does countless transactions in California and is familiar with the required turnaround time and the filing requirement to avoid penalties (30 days from the sale date). I did everything I was supposed to do. I am requesting that BMW reimburse me the $507 of penalties that were incurred.

  Business response

  07/30/2024

  Dear **** ******,
  
  Thank you for giving us the opportunity to address your issues regarding your title through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  BMW Financial Services strives to offer all our customers with a premium level of customer service, and we regret to hear you feel we failed to provide you with that level of service. We apologize your title was not received within the timeframe you expected.
  
  Upon receipt of your letter, we reviewed your account and confirm your vehicle payoff was received on April 16, 2024 and posted to your account on April 18, 2024. As the payoff was non-certified, your title was scheduled for release 15 business days after receipt on May 6, 2024. In California vehicle titles are issued electronically therefore, in hopes of expediting your title delivery, the paper title was ordered from the California Department of Motor Vehicles (CA DMV) on April 18, 2024. The paper title was received from the CA DMV on June 7, 2024 and sent to you via USPS to the address above. Although we empathize with your situation, because we find no fault on our part, we are unable to afford you a refund. A copy of the Customer Payoff Information letter sent to you on April 12, 2024 has been enclosed. Please review the highlighted “How and when will the title be received?” portion for details on title receipt expectations.
  
  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
  
  enclosures:        Customer Payoff Information

  Customer response

  07/31/2024

  The response only explains why they unable to deliver the title in a timely manner however their problem should not cost me $500.  Happy to see you in small claims BMW.
  
  Regards,
  
  **** ******

• Initial Complaint

  07/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  June 26, 2024 letter sent: To Whom This May Concern, Please be advised that I am enclosing the verification from *** **** Certified Checks that were mailed and processed to BMW Financial Services (*******). The payments of $2,666.30 and $9,778.41 were received / will be received by your company. The $9,778.41 will arrive on 6/27/2024 by 10:30AM via *****. Due to the overnight process to obtain the title next day, I have incurred Fedex fees of $61.85 and a fee of $30 dollars for ****. Due to not receiving the title the next day, I have been hindered from selling and purchasing a new vehicle. As a proud customer of BMW, I would hope that you can return my overpayment of $2,666.30 and the additional fee from Fedex of $61.85. All proper documents will be attached to this email. If you need any further information do not hesitate to contact me or my mother ***** ****. Also our bank manager information will be shared. ***** *** *** ****: ###-###-####

  Business response

  07/26/2024

  Dear *********************,
  
  Thank you for giving us the opportunity to address your issues regarding your vehicle payoff and title through the Better Business Bureau complaint process. We hope the following information and explanation will answer the issues addressed in your complaint.
  
  BMW Financial Services NA LLC (BMW Financial Services) strives to provide all customers with a premium level of customer service, and we regret to hear you feel we failed to provide you with that level of service. We sincerely apologize your title was not sent via ***** overnight as requested. Please know, your feedback has been forwarded to the appropriate levels of management within the titles department. A token of our appreciation has been enclosed.
  
  Your complaint states your payoff and title were delayed leading to a missed opportunity to sell your vehicle. A review of the account confirms your original payoff in the amount of $7,100.00 received on June 25, 2024 was returned by your bank on June 26, 2024 as an invalid bank account number was provided. On June 28, 2024 a second payoff check in the amount of $9,778.41 was received and credited to your account on July 3, 2024. As the check was certified, your title was then scheduled to be released three business days from the date of credit. Because July 4, 2024 and July 5, 2024 were observed Holidays for BMW Financial Services, your title was released on July 8, 2024. We regret to discover the final payoff was not credited to your account within 24 business hours and the title was not sent via ***** overnight. However, please note, the credit date did not further delay the release date to the Holiday.
  
  In an effort to resolve your fee concerns, two $30.00 late charges were waived from your account on June 28, 2024 and the $15.00 ***** overnight charge was reimbursed to you. Our records indicate refund check number ********* for the $15.00 overnight charge and $2,737.58 account overpayment was cashed by you on July 17, 2024. Further, although we empathize with your situation, we are not able to compensate you for the alleged loss of profit from a private vehicle sale believed to be due to the title receipt delay.
  
  Please understand, BMW Financial Services is a separate financing entity from the independently owned and operated *** Centers.As such we are only able to address issues dealing with your Motor Vehicle Retail Installment Contract (Contract), or your account with us. Any branded item offers made by *** of Greenwich at the time of purchase exist between you and *** of Greenwich only; we cannot enforce any agreements made outside the parameters of your existing Contract. We encourage you to contact them directly at ************** for further assistance.
  
  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

  06/26/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Assistance in correcting my credit report that was ruined by BMW Financial/Open Road BMW of ****** **

  Business response

  07/22/2024

  Dear Dr. ******:
  
  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 and 60-89 days past due on one occasion. The payment due on January 29, 2024, was satisfied on April 25, 2024, which was 87 days after the due date and resulted in a 30-59 day delinquency reporting for February 2024 and a 60-89 day delinquency reporting for March 2024.
  
  In your dispute, you state you signed up for automatic recurring payments (EasyPay) at Open Road BMW, but they mistakenly signed you up for paperless invoicing instead. Our records show paperless invoicing was not initiated at Open Road BMW. Rather, you signed up for paperless invoicing through the My BMW website on December 26, 2023. Additionally, we do not have a record of receiving an EasyPay application from Open Road BMW. When we reached out to Open Road BMW, they advised us that you did not complete an EasyPay application with them and there was no error on their part. Our records indicate you logged into your My BMW account on December 26, 2023, to make an online payment three days in advance of your due date, demonstrating you were aware your account was not set up for EasyPay.
  
  Outbound contacts related to past due balances are a courtesy and are not a requirement prior to reporting the payment history to the consumer reporting agencies. Nonetheless, when we did not receive the payment due on January 29, 2024, in a timely manner, we placed multiple unanswered outbound courtesy calls and sent multiple email messages requesting that you please contact our office regarding your account. Additionally, January’s past due balance was accurately reflected on your account statements dated February 13, 2024, March 12, 2024, and April 12, 2024. The paperless statement notification emails were sent to the dr.*********************** email address you requested when signing up for paperless invoicing on December 26, 2023, through the My BMW website.
  
  We greatly appreciate your loyalty and longstanding history with BMW. However, we are unable to make goodwill or courtesy adjustments to the information we have furnished to the consumer reporting agencies, not even for customer loyalty. In our role as a Data Furnisher, BMW Financial Services does not instruct the consumer reporting agencies to remove derogatory information unless we find our reporting of an account to be inaccurate. In this instance, the data furnished to the consumer reporting agencies is accurate.
  
  Given our investigation’s findings, we are unable 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

  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

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