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Offline wilbert

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BMW Finance - Legal Question
« on: August 18, 2018, 11:51:23 AM »
I bought my XR in May on a PCP deal. I'm in the process of getting a mortgage on a house and they said I needed to pay off my bike and car loan to get the mortgage. So I ring up BMW Finance and get a settlement figure which I paid over the phone. I then received a letter saying that as I had paid in full they no longer had any financial interest in my bike. This is all good and as expected but 7 days later I receive a letter saying I am in arrears and owe £1667.  I have never missed any payment in my life and I paid the exact figure I was quoted. So I rang them up and they say I was given the wrong figure. Where was this figure obtained from?

So to my main question. As I have written confirmation that they no longer hold any financial interest in my bike, do I have to pay them a penny if it is shown that I do?

Offline wessie

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Re: BMW Finance - Legal Question
« Reply #1 on: August 18, 2018, 12:29:04 PM »
These financial contracts are usually written in the favour of the lender so you probably do owe them the money. If you refuse to pay then they will just send in the debt collection agency and this will ramp up the charges.

I would write to them asking for a full breakdown of how they made the mistake - make them work for the money. State that you will not make any further payment until such time as you have this breakdown figure. Explain that their error has seriously affected your financial planning as you are in the process of buying a house so relied on their original settlement figure before agreeing the deposit on the property.

If you are lucky they will send a grovelling apology and offer a compromise with a reduced payment.

If they do reply with a breakdown but no offer of a reduced payment then write again. Suggest that you are impoverished and cannot afford the full figure. Make an offer in full & final settlement of 50%.

Offline S1000XR

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Re: BMW Finance - Legal Question
« Reply #2 on: August 18, 2018, 12:37:37 PM »
Hmmm interesting.... think you might need some formal legal advice on that one before doing anything...

Offline Bree

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Re: BMW Finance - Legal Question
« Reply #3 on: August 18, 2018, 02:40:42 PM »
Before going for Legal advice. I would approach BMWs Department, and ask them for a full explanation as to how they arrived at the settlement figure. And tell them you are prepared to take legal action. With a bit of luck they may except an offer, on that figure. Its worth a punt, and also pointing out that you have written proof, from them that you had repaid the sum in full.  :211: :211: 
Everything  Will Be Alright In The End, If Not Then Its Not The End.

Offline wilbert

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Re: BMW Finance - Legal Question
« Reply #4 on: August 18, 2018, 02:49:47 PM »
They are going to contact me in 48 hrs after they have listened to the recording of the phone call I made. Will see what they say after this and take things from there.

Offline Bree

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Re: BMW Finance - Legal Question
« Reply #5 on: August 18, 2018, 04:03:08 PM »
Way to go. Keep us informed. :305: :305:
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Offline LAMBO281

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Re: BMW Finance - Legal Question
« Reply #6 on: August 18, 2018, 04:17:08 PM »
Sounds like their error!!!! If it’s on the phone conversation with a settlement figure then they have to honour it!!!! Just because they messed up is not your problem, you paid the amount they asked!  :047: :062:

Offline zbdmark

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Re: BMW Finance - Legal Question
« Reply #7 on: August 18, 2018, 08:32:27 PM »
If the first letter you received does indeed say quite clearly that you have paid in full and also has the words that they have no financial interest in the bike then I can't see how they can then send you another letter 7 days later saying you owe them! Their mistake surely  :087:
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Offline S1000XR

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Re: BMW Finance - Legal Question
« Reply #8 on: August 18, 2018, 10:46:14 PM »
*Originally Posted by zbdmark [+]
If the first letter you received does indeed say quite clearly that you have paid in full and also has the words that they have no financial interest in the bike then I can't see how they can then send you another letter 7 days later saying you owe them! Their mistake surely  :087:

+1

I'm no legal beaver but that's the bit that makes me think it's settled. You paid what they asked and they confirmed it in writing. It's the confirmation letter that's key.


Offline aviator

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Re: BMW Finance - Legal Question
« Reply #9 on: August 19, 2018, 01:07:35 AM »
Get a lawyer.
Aviator
Current Bikes: 2018 BMW S1000XR, BMW 1200GSAw, Husqvarna FE501s, Suzuki DR650 SE

 



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