[silencer2008]

Anyone receive a letter regarding customer remediation program ?
I guess its to do with the fine the BMW Financial Services received from ASIC.

[adge7]

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

[ontheway]

http://download.asic.gov.au/media/4095034/029804328.pdf

[silencer2008]

Originally Posted by ontheway

http://download.asic.gov.au/media/4095034/029804328.pdf

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

[motlking]

Originally Posted by silencer2008

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

[silencer2008]

Originally Posted by motlking

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 ?

[Harlequin]

Originally Posted by silencer2008

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...