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      09-15-2020, 08:44 AM   #1
KRS_SN
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I bought a x5 on 3/8/20 4 yr pcp from Sandal Wakefield.
Called bmwfs a week later and said would like to pay in a sum (25k) they gave me account numbers etc. Made the transfer 13/8
Next day thought might as well pay the rest off as keeping the car.
Phoned and an agent said sorry you can't pay it off as you've paid partially so can't settle it.
Thought about it that night and felt surely can't be true as i wasn't told about this when paying.
Called on 15/8 and another agent and quoted my right to settle in 1st 14 days and she said pay off the balance from principle amount borrowed and thats you settled.
Transferred money(full purchase price of the car using another 2 transactions) and Called on 17/8 to be told bmwfs had recieved the money all is fine you have now settled car will be transferred to your name you neednt do anything.

Called again on 23rd and Same info given.

1st September £780 was taken from my account!!

I called them and the agent said sorry you were given wrong information you see you weren't told you have to pay a Daily interest until the date you made full payment and within 72hrs manager will phone with a resolution.

4 days later no call
so raised a formal complaint via email.

They have replied last week with a standard template we take up to 8 weeks to resolve your complaint.

so I am over £700 credit to bmwfs just now and they have the license to take another 2 £780 payments from me as they've said it will take them up to 8 weeks to investigate.


I have completely lost trust plus whenever I call it takes a long time to get through and inaccurate advice etc any suggestions from anyone?
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      09-15-2020, 09:00 AM   #2
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Quote:
Originally Posted by KRS_SN View Post
I bought a x5 on 3/8/20 4 yr pcp from Sandal Wakefield.
Called bmwfs a week later and said would like to pay in a sum (25k) they gave me account numbers etc. Made the transfer 13/8
Next day thought might as well pay the rest off as keeping the car.
Phoned and an agent said sorry you can't pay it off as you've paid partially so can't settle it.
Thought about it that night and felt surely can't be true as i wasn't told about this when paying.
Called on 15/8 and another agent and quoted my right to settle in 1st 14 days and she said pay off the balance from principle amount borrowed and thats you settled.
Transferred money(full purchase price of the car using another 2 transactions) and Called on 17/8 to be told bmwfs had recieved the money all is fine you have now settled car will be transferred to your name you neednt do anything.

Called again on 23rd and Same info given.

1st September £780 was taken from my account!!

I called them and the agent said sorry you were given wrong information you see you weren't told you have to pay a Daily interest until the date you made full payment and within 72hrs manager will phone with a resolution.

4 days later no call
so raised a formal complaint via email.

They have replied last week with a standard template we take up to 8 weeks to resolve your complaint.

so I am over £700 credit to bmwfs just now and they have the license to take another 2 £780 payments from me as they've said it will take them up to 8 weeks to investigate.


I have completely lost trust plus whenever I call it takes a long time to get through and inaccurate advice etc any suggestions from anyone?
Surely £780 isn't the sum of a bit of daily interest over a month or more? Is it not the original PCP monthly payment?
[ETA - rereading your post, I think that is what you are saying]

I've had similar when ending my BMW and LR PCPs early, a payment is taken and then comes back a few days/weeks later.

I think they are entitled to charge daily interest, but that should be relative buttons.

My advice would be to clearly lay out the information on balance, payment, running balance. And calculate the daily interest rate for yourself. Have it all clearly documented and ready to send to them.

They will have to abide by the prevailing regulations and are a pretty big organisation so ultimately I think it will work out fine. But you need to be able to check and double check every number.
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      09-15-2020, 09:07 AM   #3
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yes 780 was the monthly pcp amount.
Your idea of writing out all facts and figures and sending it to them makes sense.
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      09-15-2020, 09:07 AM   #4
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As per your contract if you settle within 30 days you must pay equivalent interest for the amount of days you've owned it. Although, on my 340i it was under £10.00 a day if I remember correctly.

Why they're randomly taking money out of your account is beyond me (unless you had a payment due but that's after 30 days) and I'd have a word with your bank about it. Then I'd regularly call BMW FS until some sort of resolution is reached.

E-mails for various things are out of bounds at the moment, I sent BMW FS a generic question the other week and just got a bounce back saying their box was full. Don't rely on them getting back to you via this method.
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      09-15-2020, 09:09 AM   #5
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It just sounds like their systems are behind.

I had similar with my X3 that was just paid off. They said on the phone that it was all received, but would take a while to physically be taken off their book.

I asked for an email to confirm it was all settled, and the third person I spoke to actually did that. It was a bit of a pain though, differing people telling me different information.

The £780 is just your pcp payment, I’d stop that direct debit with your bank and then wait for a bill for the interest, which is totally separate and will be much less I’m sure.
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      09-15-2020, 09:13 AM   #6
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Do you have confirmation in writing that the balance is settled?

If so Invoke the direct debit guarantee and get your money back.
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      09-15-2020, 10:01 AM   #7
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didn't ask for confirmation in writing looking back that would have been ideal.

thanks for the input guys. from what yoy all are saying shouldn't sweat too much and let time take its course. will update.
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      09-15-2020, 05:51 PM   #8
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If you log on to bmwfs, all correspondence should be there.
Sold my F31 and bmwfs told me it will take few days for acknowledgment but next day was letter stating that car be payoff and nothing is outstanding.
Over the phone was told to leave DD just in case or any refunds, payoff car and I cancelled DD.
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      09-15-2020, 06:34 PM   #9
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Quote:
Originally Posted by KRS_SN View Post
thanks for the input guys. from what yoy all are saying shouldn't sweat too much and let time take its course. will update.
Exactly that. DDs get set up in advance, they'll have been a bit slow to cancel. You'll get back whatever you're owed.

I really wouldn't bother contacting them, claiming through your bank or whatever, and it's actually better not to cancel the mandate, as it's easier for them to return the DD than to make a payment.
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      09-16-2020, 03:40 AM   #10
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Quote:
Originally Posted by ZedsRedBaby View Post
Exactly that. DDs get set up in advance, they'll have been a bit slow to cancel. You'll get back whatever you're owed.

I really wouldn't bother contacting them, claiming through your bank or whatever, and it's actually better not to cancel the mandate, as it's easier for them to return the DD than to make a payment.
2 weeks for a financial institute to stop a DD?

I would actually say that's pretty incompetent no?
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      09-16-2020, 05:40 AM   #11
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Quote:
Originally Posted by speedski View Post
Quote:
Originally Posted by ZedsRedBaby View Post
Exactly that. DDs get set up in advance, they'll have been a bit slow to cancel. You'll get back whatever you're owed.

I really wouldn't bother contacting them, claiming through your bank or whatever, and it's actually better not to cancel the mandate, as it's easier for them to return the DD than to make a payment.
2 weeks for a financial institute to stop a DD?

I would actually say that's pretty incompetent no?
Absolutely, but par for the course unfortunately. In my experience (my last 2 VTs were overcharged) it gets sorted fairly quickly without intervention so time spent chasing BMWFS or phoning the bank is just time wasted.
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      09-20-2020, 06:39 AM   #12
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Quote:
Originally Posted by KRS_SN View Post
I bought a x5 on 3/8/20 4 yr pcp from Sandal Wakefield.
Called bmwfs a week later and said would like to pay in a sum (25k) they gave me account numbers etc. Made the transfer 13/8
Next day thought might as well pay the rest off as keeping the car.
Phoned and an agent said sorry you can't pay it off as you've paid partially so can't settle it.
Thought about it that night and felt surely can't be true as i wasn't told about this when paying.
Called on 15/8 and another agent and quoted my right to settle in 1st 14 days and she said pay off the balance from principle amount borrowed and thats you settled.
Transferred money(full purchase price of the car using another 2 transactions) and Called on 17/8 to be told bmwfs had recieved the money all is fine you have now settled car will be transferred to your name you neednt do anything.

Called again on 23rd and Same info given.

1st September £780 was taken from my account!!

I called them and the agent said sorry you were given wrong information you see you weren't told you have to pay a Daily interest until the date you made full payment and within 72hrs manager will phone with a resolution.

4 days later no call
so raised a formal complaint via email.

They have replied last week with a standard template we take up to 8 weeks to resolve your complaint.

so I am over £700 credit to bmwfs just now and they have the license to take another 2 £780 payments from me as they've said it will take them up to 8 weeks to investigate.


I have completely lost trust plus whenever I call it takes a long time to get through and inaccurate advice etc any suggestions from anyone?
Be careful also. Oddly also on an X5 I paid off £10k once to reduce monthlies etc etc all good.

Excerpt the agent set that up as my monthly payment!!! Next month the same £10k came out on the same day! Glad I noticed and called it to obviously point out the error and arrange the return.

I'm sure just a one off but have a look on next payment due.
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      09-21-2020, 09:14 AM   #13
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This came through the post today
It was titled 'right to withdraw'.
It doesn't say Anything about the £780 they took as d/d and how much of that they are going to return.
I think I'll wait. Anyway they'll have to reply to my complaint.
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      09-21-2020, 09:24 AM   #14
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You'll get it back. I don't know why it takes so long either but when I did similar at least they told me that as the regular monthly payment was 10 days away "it was too late to stop it(!)".

Anyway, three days after the deduction it was credited back.
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      10-20-2020, 09:18 AM   #15
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just a quick update.
Got back my 1st PCP monthly in full.
Got a £50 extra credit for my distress.
Thanks to all who took time to reply.
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      10-20-2020, 11:41 AM   #16
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Quote:
Originally Posted by KRS_SN View Post
just a quick update.
Got back my 1sr PCP monthly in full.
Got a £50 extra credit for my distress.
Thanks to all who took time to reply.
Glad you got it all sorted in the end. It's frustrating when things go wrong like this. The £50 is probably nothing in terms of the time you've spent worrying about this and your time chasing them but at least it's finally resolved!
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