BMW Finance - response - help needed LOOK!

[m3man]

Hi all

 

I have an unregulated HP agreement with BMW finance and its not covered by the CCA1974, it is covered by the sales of goods act (implied terms) 1973. BMW Finance have stated that the dealer did not act as an agent for the negotiations of the agreement, so do i have a case? I feel i have been ripped off!

 

Here's my response:

 

Dispute of BMW Hire Purchase Agreement

Account No.**********

Dear *********

Thank you for your letter dated 17th January 2009 with reference ********, the contents of which are duly noted.

Please note that, I have since been informed that where goods are bought under a Hire Purchase agreement, the contract is governed by the Supply of Goods (Implied Terms) Act 1973. My rights are against the credit provider rather than the trader who supplied the goods. Please explain why I should be addressing my concerns to Hexagon BMW?

I will also be addressing my concerns to the Office of Fair Trading and Trading Standards informing them of the situation. I feel that I have been misled as at no point during the negotiation of this agreement was I made aware that it was not regulated by the consumer credit act, nor informed that Hexagon BMW were not acting as an agent of BMW Financial Services. To this end, the agreement is not valid? I refer you to the unfair contract terms act 1977 and the Misrepresentation Act 1967

I would appreciate if you could hold any action on the above account for a period of at least 28 days which should be sufficient time for an amicable solution.

 

Also, during this period, could you please freeze interest and/or any other charges accruing on the above account until the dispute is resolved.

 

I look forward to hearing from you as soon as possible.

Regards

 

 

So, what do you think?

[m3man]

Just made some tweaks, any advice gratefully recieved:

 

Dispute of BMW Hire Purchase Agreement

Account No. ******

Dear ***********

Thank you for your letter dated 17th January 2009 with reference ********** the contents of which are duly noted.

Please note that, I have since been informed that where goods are bought under a Hire Purchase agreement, the contract is governed by the Supply of Goods (Implied Terms) Act 1973. My rights are against the credit provider rather than the trader who supplied the goods. Please explain why I should be addressing my concerns to Hexagon BMW?

I feel that I have been misled as at no point during the negotiation of this agreement was I made aware that it was not regulated by the consumer credit act, nor informed that Hexagon BMW were not acting as an agent of BMW Financial Services. I am also concerned that I was informed at the time that some of the deposit (£1000) we made had to be returned as the agreement had to amount to £25,001. This is also where I believe I have been deceived as no protection is available for agreements made over £25,000. To this end and it is my belief, the agreement is not valid. I refer you to the unfair contract terms act 1977 and the Misrepresentation Act 1967

To supplement this, I also understand that BMW Financial Services Limited holds a Consumer Credit Licence number 025593 issued by the Office of Fair Trading. If this agreement is not covered by the consumer credit act, why do you not have a sale of goods licence? Again, another reason why I believe this agreement is NOT valid.

I will also be addressing my concerns to the Office of Fair Trading, Trading Standards, The Finance and Leasing Association and the British Vehicle Finance and Leasing Association informing them of the situation should I not receive a satisfactory response within the next 12 working days.

I would appreciate if you could hold any action on the above account for a period of at least 28 days which should be sufficient time for an amicable solution. Also, during this period, could you please freeze interest and/or any other charges accruing on the above account until the dispute is resolved.

 

Yours faithfully

[m3man]

bump - please help

[millymollymoo]

Hi m3 man:)

 

What has happened, you say you have been ripped off? The agreement is over £25K and thats why it becomes an unregulated agreement normally.

 

My partner has an m3 which cost £30K in 2007, it was suggested by specialist cars BMW to put down a deposit over £5k to keep within the £25K.

 

He feels gutted at the mo as he owes £20K still to BMW finance and the dealer on a part ex will only give £17K so he's gonna be £3K down to carry over to a new one if he doesnt put down an even larger deposit:rolleyes:

 

I do know that even though the dealers look like officail BMW agents they are not as they own their own franchises Well Specialist Cars do and they normally go with BMW finance [commission I am sure] then Black Horse etc.

 

Milly X

Edited January 23, 2009 by millymollymoo
added info

[millymollymoo]

oops read your letter properly ...mmmmmmmmmm it seems the dealer has misled you there as their finance person would have known that:mad: