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      10-05-2017, 10:35 AM   #1
silencer2008
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BMW Customer Remediation Program

Anyone receive a letter regarding customer remediation program ?
I guess its to do with the fine the BMW Financial Services received from ASIC.
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      10-06-2017, 06:12 PM   #2
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It appears that letters would be sent to customers that had shown ?financial hardship? as a result of BMW Finance?s lending practices. Perhaps that means a demonstrated inability to make repayments on time; can?t imagine what other indicator there would be for this?

More info on their site.

https://www.bmw.com.au/financeremediationprogram
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      10-06-2017, 06:23 PM   #3
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http://download.asic.gov.au/media/4095034/029804328.pdf
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      10-06-2017, 11:48 PM   #4
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Quote:
Originally Posted by ontheway View Post
Well apparently everyone who had a loan between 2011 and 2016 are being selected.
I had a two loans between those period which were paid off and got a new one running now, not sure how I qualified, because the customer rep on the phone was saying had to demonstrate financial hardship (missed payments, credit rating etc) which I didn't happen to me ?

So not sure how they make the selection
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      10-17-2017, 05:17 AM   #5
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Quote:
Originally Posted by silencer2008 View Post
Well apparently everyone who had a loan between 2011 and 2016 are being selected.
I had a two loans between those period which were paid off and got a new one running now, not sure how I qualified, because the customer rep on the phone was saying had to demonstrate financial hardship (missed payments, credit rating etc) which I didn't happen to me ?

So not sure how they make the selection
Did you end up making a claim?

I am in the same situation as you. Never missed any payments but there may be factors which could affect me in the future financially e.g. 45% balloon
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      10-17-2017, 06:01 AM   #6
silencer2008
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Quote:
Originally Posted by motlking View Post
Did you end up making a claim?

I am in the same situation as you. Never missed any payments but there may be factors which could affect me in the future financially e.g. 45% balloon

Are residuals counted towards this ?
I didn't make a claim though, as I didn't think I qualified to show financial issues due to the loan. Did you get the letter as well ?
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      12-01-2017, 12:59 AM   #7
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Quote:
Originally Posted by silencer2008 View Post
Well apparently everyone who had a loan between 2011 and 2016 are being selected.
I had a two loans between those period which were paid off and got a new one running now, not sure how I qualified, because the customer rep on the phone was saying had to demonstrate financial hardship (missed payments, credit rating etc) which I didn't happen to me ?

So not sure how they make the selection
I've also had 3 loans with them during this period. Like you, first two paid off and third one currently active.

I haven't heard a peep from them...
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