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Having signed up here not too long ago in my quest to ascertain my rights with regards to whether or not I may have a valid claim against BMW Financial Services and/or the dealership that sold me the car, I now believe that I have been mis-sold PPI. In addition I also believe that the PPI product sold to me was misrepresented by the dealership. My reasons for posting here is to share my thoughts and to receive informed opinions and advice from the experts on this forum as to the validity of my beliefs. As such, any informed opinions or advice on the way forward will be hugely appreciated. Background: I purchased a BMW in April 1999 on a 36-month 'Hire-Purchase Agreement regulated by the Consumer Credit Act 1974'. This agreement was signed at the dealers' premises on the day I took delivery of the vehicle (30th April 1999). Having obtained a copy of the original credit agreement from BMW Financial Services, I see that PPI was definitely charged. I already had all bank statements (bar 3) showing the monthly payment, including PPI, being debited (via direct debit) in favour of BMW Financial Services. I also noted that the Agreement Number was handwritten but all other details were pre-printed, including the PPI Payments (referred to as ‘Credit Insurance premium payable with each rental’). The monthly payment made via direct debit included this premium – a total of 35 payments were made between 4th June 1999 and 4th April 2002 (inclusive). I then raised a PPI claim via resolver.co.uk stating the reasons as to why I believe the PPI was mis-sold. BMW Fin. Services wrote back stating "....can confirm that our records show that you were not sold a BMW-branded policy with your agreement" and goes on to say "You may wish to contact your BMW Centre to check whether you purchased a non-BMW-branded policy from them". The agreement clearly shows PPI being added (paid monthly, not front loaded). The agreement is signed just below a sentence stating "Signature on behalf of BMW Financial Services (GB) Limited accepting this Agreement". As such, this is where I believe the PPI product was misrepresented (I.e. nowhere was it apparent that there was another party involved other than the BMW dealership (Park Lane) and BMW Financial Services. Following the above I then wrote to BMW Park Lane forwarding the correspondence from BMW Financial Services and the PPI claim case notes downloaded from resolver.co.uk. Received a response from the Compliance Manager stating that my PPI claim was rejected, but no mention as to why I was sold a 'non-BMW-branded' PPI product. The reasons for rejection appear to be standard response, which has no bearing to my circumstances as they were in April 1999, further reinforcing my view that the PPI policy was mis-sold (i.e. they seem to hold that the fact that I was in fulltime employment at the time was a sufficient reason to take out PPI, notwithstanding the fact that I had life, critical illness and sickness cover from my employer, and had good grounds to be certain that I will not be made redundant, and if I was, then my remuneration package would have covered the outstanding balance). It appears to me that the dealership has implicitly acknowledged that they sold the PPI policy, but there is nothing with regards to it being a 'non-BMW-branded' product. As such, where do I stand with regards to the following, and what would be the best way forward; Pursuing the PPI Claim - BMW Park Lane have not stated that the correspondence I received reject my PPI claim was their Final Response, which I gather needs to be the case before I take the claim to FOS. Until 26th June 2017 I did not know that I had being sold a 'non-BMW-branded' PPI product since there is no indication whatsoever in the agreement I signed, and I don't recall BMW Park Lane even discussing the PPI policy with me. Their recent response also indicates that they did not know my circumstances, and did not attempt to understand them before adding PPI to the agreement. There was now clear way of refusing the PPI product when signing the agreement. Any and all advice gratefully received. Thanks in advance.
In 2008 I purchased a BMw car from a Main BMW dealership, 2nd user car but only had 800 miles on clock. I paid 36k for this car which apparently cost 60k to build as this car had every specification available. It was stunning. I paid 4k deposit and financed the remainder through BMW financial services. 3 yrs warranty, 3 yrs free servicing. 1st payment was 816.00 and remaining payments were 617.00 per month. I was happy, then 10 months later my circumstances changed and I needed a 4 wheel drive instead, so I took the car back to the main dealer to see if they would offer me a good deal against an BMW X5. I was staggered when he offered me 17k, this car only had 8000 miles on the clock, Looking round the 2nd user showroom I could see cars of higher / similar mileage less specification in the 30k region. I argued the case and they simply blamed recession! I pointed out that it effected everyone, including the cars they were trying to sell. I stormed off in a huff, I took my car to Land rover, they offered 19k against a Discovery, I then went to Toyota, they offered 20k against a land cruiser. I WAS FLABBERGASTED AT THE PRICE. When I questioned the price point It was pointed out that the car was an Import.... I stated that I had purchased this from a main dealer.. I left the garage and called the dealer immediately and they totally denied that they had sold me an imported car. I contacted BMW direct and offered the chassis number. They confirmed that the car had been registered in germany in 2007 and used as a BMW press car all over Europe and eventually I end up with it. But in legal terms its classed as an import. My insurance was invalid as I had not told them that this was an import... how did I know? I could not advise them if I did not know myself. I then set about challenging the BMW dealer and they continued to tell me that this car was a UK car. Eventually after weeks of debating they offered to buy the car back, with some negotiating they eventually offered 28k for my car and said it was a gesture of goodwill (11k more than originally offered) however the settlement of the car with the finance company meant I had to cough up a further 1500. No one else would take the car off me and I felt I had no choice but to let them buy it back. Foolishly I then offered a further 3k deposit and refinanced a BMW X5. I have since been advised that BMW financial services do not finance imported cars, obviously had I defaulted they would have got peanuts for the car. Within 10 months I had paid just over 10k towards that imported car and also lost out in the end, BMW Finance have admitted they don't finance imported cars, the Finance agreement and the log book don't match and I have now asked the finance company to refund me my losses. They claim my argument is with the dealership, but I said that BMW financial services have taken the money from my bank account, My claim is with the party that received my monies. I have no leverage with the dealer, although I suggested that BMW financials services deals with them every day and have a better chance of leveraging monies to compensate my losses. I was never made aware of this car's history, I NEVER EXPECTED TO DO AN HPI CHECK AT THE MAIN BMW DEALER especially as the car was financed through BMW finance. I have asked for my monies back as I have lost out. To add insult to injury the dealership did not settle the car for 60 days which resulted in a small negative on my credit file as they say a further payment was due, which took me months to get removed. I am told that if anything is incorrect on the finance agreement and the goods are not as detailed etc etc, then the agreement is not valid. whilst I accept that I used the car for 7200 miles, I lost out in the end. I have spoken with BMW finance, I have written letters and they don't care. There letters have shot themselves in the foot, THEY CLEARLY SAY THEY DO NOT FINANCE IMPORTED CARS. and the dealer offered me in excess of 11k above the cars value. Why would a car financed at 36k be only worth 18k some 10months 7200 miles later. especially with this spec. and whom in the right mind offers 11k more as a gesture of goodwill. BMW financial services say the dealer has purchased the car back and that is the end. WHAT ABOUT MY 10K that you took and I end up with nothing? and you get a further agreement on a new X5. Only one winner... Any advise on this would be appreciated, I am sorry if this is in the wrong group, but I spent a while searching for the correct catagory. Regards Leeby