Was approved with a 670 score and a discharged BK from 2011, fast process and low 3.9 interest on my 2014 328i, so happy with my loan terms and my car.
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Most Helpful Negative Review
I purchased a BMW motorcycle in February 2013 taking advantage of BMW financial services to supply the finance on the motorcycle. I purchased it through my business and a few months later was obliged to dissolve the initial business and open a new business for various shareholding reasons. As a consequence I had to get in touch with BMW financial services to notify them of this and have the name changed on the agreement. It was at this point that the apparently 'slick and well oiled' machine fell to bits (and no I am not talking about the motorcycle!!)!.
As a summary:
- On my initial call I was told that this process would take about 2 weeks which was already a surprise as the initial process to setup the agreement took a day or two.
- however, 4 months later I was still waiting for closure to have this process completed. I have had to remember to call each month on the day of my direct debit to pay for the monthly instalment as they refused to 'just change the bank details' (in spite of myself being the only signatory for the bank account of both businesses).
- my final month's payment was missed due in part to my forgetting to sign the posted cheque ... and although my error, it was an inevitable consequence that comes with the pressures of a small business and the reason for having a direct debit in the first place.
- each set of requested paperwork was sent in a timely manner back to them (within a couple of days of the request being made), yet there was an 'outstanding request' on 3 separate occasions that mean’t sufficient evidence wasn't requested in the previous round of paperwork by BMW financial services. As a consequence I was asked each time for further evidence which could all have been requested upfront if they had their house in order but ultimately delayed the process (they blamed me for not sending it all together, yet I sent completely everything that was requested of me each time a request was made). Sometimes there would be a gap of a month to 6 weeks with no communication.
- The final straw was that I was charged a £100 transfer admin cost for their service of changing the name on the account.
- I am yet to find out if the missed payment has in anyway impacted my credit score (they assure me it hasn't as it was paid the day I received their threatening letters, but with the level of efficiency they have demonstrated to date I am not holding my breath)!
- Their crowning glory was when I complained; it was all laid at my feet and I was told they had acted impeccably and essentially it was all down to my lack of efficiency (I para-phrase). They wouldn't even waive the £100 for their lack of poor customer service even though on at least 3 occasions their initial customer service agent who answered the phone when I called to find out what was happening admitted they couldn't understand why this process had taken so long!
Needless to say I will be looking elsewhere in the future!!