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The book is easy to understand and clearly explains the rights
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After a very stressful few weeks we have decided to give back our car to BMW.
We would like to inform anyone that is in arrears on their unregulated credit agreeement with BMW Finance that they do not have a leg to stand on.
We are 3 months in arrears due to a business overdraft being wiped off without warning by HSBC , we contacted BMW and informed them of the problem we faced to be told the following..
We can half your payments for three months ( great you say ! ) and the catch ? on the fourth month you must pay all the arrears plus your regular monthly payment ( wow they are helpful ! )
It goes without saying we fell behind and called them again only to be told ,go and sell the car !!
Well we phoned the company direct and spoke to what we believe the finance manager who informed us that yes we could indeed sell our car to a dealer or anyone in fact, and they would give us a letter to give to the dealer to release them from the finance. Happy days we went got a good price for the car and called BMW , they said ok that leaves you a shortfall of £6000 which we will require paying over 12 months at £500 PER MONTH..no negotiation 12 months or we will re possess,we asked for 24 months, and unless you agree to that you cannot sell the car and they would not release the letter .
In closing they refuse to listen and will not under any circumstances extend your term of credit, we are returning the car this week and as far as we are concerned they can take us to court .
Make sure if are in this position put everything in writing any offers of payments ect as it will stand you well in court .
Is the credit agreement actually unenforceable? My must say, I do admire your spirit though. You are quite right, they can take you to court for any shortfall but you can only pay what you can afford and a judge would recognise that fact. If you had your overdraft taken away then there is little more that you can do. Isn't it nice of the banks though - the recession hits all of us; however, when things turn ugly they adopt the old pull the ladder up jack.
Good Luck and keep us updated.
TFT
09/07/09 Business Studies BA(Hons) 2:1
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Hi suggest you read the contract in the clause to see how they sell the vehicle and how much you are asked to pay in the shortfall. Be aware they might used a closed auction to dispose of the car. Just be careful. My advice do not surrender as if you sell the car will be better than any price they acheive.
I have a bad experience with Mercedes Benz and I have been to court over an unregulated agreement, they are just as bad except they lost £5,000.00 over two agreements on regulated and the other unregulated.
If they take you to court be aware that the could load up your debt with interest and and fees. They will not sell it for a good price.
If you want any more info then do not hesitate to contact.
I'm being taken to Trial by Wragge Solicitors/BMW.
I have an unregualted agreement. I gave back the Car in November 2008 they sold it for £14,400, I 'd paid £5,000 myself, they are trying to get £20k back from me now plus interest. I have been to Court today for a directions hearing, the Judge has put this in the multi track court and we will be in court week commencing 2nd August,2010. I have spoken to the FSO and National Debtline who have all said the same thing. BMW should of added up the price they got for the car plus my payments, costs of sale and respossesion costs and then they should of taken the amount of finance and then taken off the final optional payment. My agrument is that the BMW Select Unregualted agreement states the cost of your 35 payments and then the final 1 is optional, on the website and what the garage told me was the final payment is optional, I an give the car back and walk away, or the amount can be used as a deposit towards a new BMW or I could re-fiance the last payment myself and keep the car. I'm not sure what course of action I have but BMW did the same as the original post I was 3 months behind and they wouldnt help at all they wanted me to clear the debt by repaying 2 payments each month to clear, I had been made redundant so couldnt so this, they told me then they would take the car back, I actually drove the car to auction house for them. In Jan 2009 they sent me the outstanding charges, I questioned this and asked for a Breakdown told them I was redundant and before 28 days were up had a solicitors letter taking me to court, everytime I disputed over 2 months they didnt want to listen so I'm now on trial. If you can help at all I would be grateful for any advice.
I found out they forged my signiature on agreements for GAP Insurance and Tyre Protection insurance.
They cancelled the policies when I said I hadnt asked for them but they didnt refund me any money as they said all the policies they issues are non refundable. What a load of rubbish.
I told them the agreement was in dispute to which they did not agree, and messed up my credit file, then unlawfully reposessed the vehicle with no default notice.
When they tried to take the car, I offered to make all payments to the end of the contract but they didnt accept and took the car anyway.
Now they are after 4k, as they sold the car for next to nothing.
When I took out the agreement they told me the car would have a ton of equity in it at the end of the contract, this was before the end of the contract and they sold it for even less.
Hi, I have filed my Case Summary myself with the Court last week, I have noted in it all actions and have told the court that BMW are seeking to claim a 2nd and optional payment of £17,796 which I was told by the BMW garage was optional as I mentioned above. The solicitors are saying that becuase I broke the agreement with BMW that all payments were due as BMW have suffered afinancial loss because of me. I think nearer the time I'll get a solicitor to represent me, I have a couple of really good friends who are solicitors, but I have been a bit embarassed at being in this situation. Also a friend of mine told me to keep it quiet as my work wouldn't like the situation I'm in also. I have suffered over this, I cant get credit at all, I had a spell of being redundant last year and told BMW this they actually noted it on a letter but still got their solcitors involved, I have offered twice to repay them at a monthly payment both times rejected, the last time they wanted me to secure the debt on my home. I really fed up and concerned about going to court. They sent a young girl to the directions hearing not part of their practise who tried to win the judge round by saying you know your thoughts on the optional payment it wont stand up. The Judge just agreed and said he'd make sure he didn't hear the next time it was in court.
Hi, can someone help me please, My court case has now been allocated to Multi Track and I submitted my case summary last week, I need to submit a standard disclosure list to all parties concerned and any requests for inspection for the disclosed documents need to be requested within 7 days - not sure what this means
BMW Finance and how badly they treat you
being wiped off without warning by HSBC
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Business Studies BA(Hons) 2:1