BMW Financial Services Reviews

3.4 out of 5 stars
12 Reviews

From Borrowers in the last year


Application Process

4 out of 5 stars

Customer Service

3 out of 5 stars

3.5 5

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Most Helpful Positive Review

Dec 08, 2014
Great experience
MESQUIBEL10 Borrower

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

Feb 11, 2014
Terrible Service!! You've been warned!!
Anonymous Borrower

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!!

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These reviews were written by current and former borrowers in the last year.

May 30, 2017
Watch out for these loan sharks!
Anonymous Borrower

If you defer a payment, or payments during the loan, they tell you the payments will be moved to the back of the loan, just extending payments. Not so! They will stick you with a huge lump sum payment at the end of the loan(interest), even after they required you to make an interest payment at the time of the deferment. Stay away from this subprime lender.

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May 11, 2017
These guys SUCK!!!
Anonymous Borrower

I had a loan with BMW and paid it off in advance electronically.. I tried to get my title however, was told I needed to wait 20 days to insure the funds cleared. What is this 1975. Funds to clear? It was sent to my account to theirs. Then I was told needed to wait at least 15 days so there wouldn't be a dispute. Idiots, a dispute can take place 6 months later. 

When I wanted to speak with a manager was flat our refused!

They are arrogant and rude!

The rates were great but customer service along the lines of a Comcast, United Airlines and Wells Fargo. 

Bottom of the barrel 

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Mar 13, 2017
Very deceptive people don't do business
Anonymous Borrower

When dealing with BMW Financial Services I was deceived and over charged for wanting to end lease

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Feb 24, 2017
seven entire payments to interest only
tiggerfll Borrower

The last seven payments went entirely to intrest, not one cent to principle.  Never been late, infact paid ahead by several hundred dollars.  Really shady company.

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Feb 06, 2017
Great Early-Pay Features
Anonymous Borrower

You can pay more than the minimum amount and your next payment and/or total interest charge is reduced.

Quick title if loan is payed off early - just follow their instructions on this.

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Dec 10, 2016
Anonymous Borrower

BMW customer service rude, unprofessional and doesn't even know how to treat customer. The worst part is they don't keep their promise. I had an arrangement with them to take care my past due. I was instructed to make payment through WU and I did. The reposession agent still showed up. It is just terrible period.

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Dec 04, 2016
Anonymous Borrower

Got 2.9 financing rate. No money down and just drove off!!

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1 Reply
Dec 30, 2016

What were your credit scores?

Nov 07, 2016
Got approved fast even with ok credit
Anonymous Borrower

Great service. Love my car

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Sep 28, 2016
Super easy to qualify.
v4u1000 Borrower

I bought my X1 last year. My credit was okay high 600's I got approved very fast with a 2.9 apr. Love my car they were friendly and helpful all around.

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Sep 08, 2016
Only 675 Credit Needed
Ivyleague08 Borrower

I was in for car service, but while talking with a salesman she did tell me that BMW only requires a 675 from at least one of the credit bureaus to qulaify for the credit offers and they also have  other companys to finance as well. Sounds great considering its a luxury manufacteror.

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