Alphera/BMW finance customer for over 20 years, never
missed a payment, never an issue until now. Apparently if I don’t buy a BMW or Mini from one of their dealers I can take my business elsewhere!
I can and I will........... but what an attitude!...........
Great way to lose customers guys, on finance and car sales!
Very easy to deal with
I approached BMW after reading about their offer of 0% loan on select motorcycles. I was a little worried at first because my credit score, when plotted on a chart, looks like a roller-coaster ride. However, unlike big banks that crimilise you for a credit inquiry on your file two years ago, BMW Finance asked me questions and let me explain my credit history. Two days later, my application was approved and I was riding into the sunset. Just what I'd expect from a reputable brand.
Better finance company than others, low interest rate and low fees.
I've been with BMW finance before and satisfied basically no monthly fees and low interest rate. the only issue is you need to be registered for GST otherwise its hard to obtain approval. You can customise your residual to suit your repayments. I had loans with other finance firms but interest and fees were high over 15% overall plus had to pay huge early repayment penalty. With BMW this is not the case, you can repay early if you like only now small fee applies. Still better deal than other companies on the market and super low rate of under 6%.
In 2016 BMW Finance was slapped down by ASIC with the largest remediation program in Australian corporate history: $77m. This followed several other fines for poor repossession practices. They are slow learners and they do not care.
My partner's experience with this company has ruined his life. They lied to him on the phone about rescheduling his loan, then swooped in a police-coordinated raid and repossessed his car. In the process he was injured by the reposession agent and finished in hospital suffering from a total breakdown. As a result h...e lost his business and everything he had worked for for six years. Ritu Chandy, the regional CEO, doesn't have the balls to address his requests directly, but palms off the job to her Melbourne underlings. Her company employs thugs, uses deceitful tactics, refuses to acknowledge any responsibility and will never offer compensation. Take a tip and NEVER take out a loan with BMW.
Disgusting and unconscionable
Do not deal with this company. I made the mistake of signing up with BMW Finance / Alphera Finance at a dealership when buying a new car. The instructions I gave to the Finance Rep was that I needed to ensure that I could claim my vehicle use on tax and that I had never had a new car, so I wanted everything explained to me. Loan offered was a very low monthly repayment amount, which I thought was excellent at the time, except the finance rep had neglected to explain to me that he had put a 60% residual on the loan - something I had no idea what...it even meant at the time (fast-forward 4 years to today, I'm far more educated and significantly more distrustful and jaded). My Accountant at tax time pointed out that the car had a 60% residual which was likely to be more than double of the value of the car at the end of the loan. I promptly went back to Alphera Finance who told me that it wasn't a problem, and they would simply redo to the residual to a more appropriate level. The monthly costs increased by 50%, but now I had a residual which made more sense. What they didn't tell me was they had increased the term of the loan to 5 years again, and rewritten a new loan and lumped on another 5 years of interest even though I had only been in the loan for 12 months (I didn't find out about this for another 2 years) Tax time came around again, and submitting to the ATO the costs on the car, they rejected my claim because the loan hadn't been set up correctly, even though this was one of the main reasons for getting the loan, so now I was out of pocket to the tune of about a $20,000 reduction on my taxable income. I again went back to Alphera and they again told me "Not a problem". No apologies, about screwing up my tax return or costing me thousands of dollars. They the refinanced the loan into a business loan.
Why is my review so different?
I've read the other reviews and I note that they are all negative. Is this because most people only write a review when they're unhappy? I've written a number of reviews, both positive and negative, always trying to be honest.
My recent experience with BMW Finance/Alphera has been nothing short of excellent.
Refinanced at end of lease, pleasure to deal with!
My late son who passed away 2014 had finance on his car through BMW/Alphera finance.
That time I made sure everything was done and sent the car back to them. Couple of months ago my late son received a letter to say that they over charged him around $2800 in interest and only that the ACCC had investigate they had done this to so many clients . they were offering to give just over $2000 back to him and the rest was admin fees, I phoned them to say My son had no will and I was his next of kin but they refused to send the money anyway wanting me...
Unprofessional Finance team, can do damage and create havoc.
Very happy with my purchase but the Finance team created so much personal drama with incorrect reporting.
Took action with Finance Ombudsman to resolve as BMW Finance did not understand the serious nature of their incompetence. Stay clear use any other finance group but BMW. Their negligence and ruin people with their poor level service.
Never Get Close To Them.
Although I love BMW car but "BMW Finance" made me to change my mind and think about other brands for my next car!
Having a loan with them for 3 years without missing any repayment after term request for refinance my residual and it took several months while asking 10 times more information than when a bank want to give you few million dollar loan and won't give us any clear answer what happening on my application. Not to mention my credit score is over 850//1000 owning several businesses and full time job and few property still they freeze my...
Do not use BMW/Alphera Finance
Over a week ago we applied for a simple 30k loan for a new car - the balance was being paid cash.
We have had no end of issues and drama with Alphera finance.
Pre-approving the loan, then coming back 24hrs later saying - oh hold on no we need XYZ now we forgot about this before.
Alphera in one instant were telling us it's preapproved again and then wanting my partner on the loan - even though I serviced more than enough on the application - which they pre-approved.
Confused - yes, so was I.
'Sheer Driving Pleasure!' - are you kidding me?
After just a week at the wheel of my first BMW, I was hooked and could not imagine driving anything else. I admired, respected and believed in the brand. So much so that over the last 12 years I’ve spent over $750,000 on 7 new BMW’s.
The turning point in my love affair with the German car maker came 10 months into the lease of my latest purchase, an M series. It was December 2013 and I found myself in a dispute with a major insurance company. My legal counsel said there was no doubt the matter would settle in my favour but warned it could t...ake months. In the meantime, it would cause a cash-flow crisis. So, I called BMW Finance to ask for short-term financial hardship assistance. My purchase history would qualify me as a highly-valued client in anyone’s language and you would think such loyalty would account for something. However, it did nothing of the sort. What I experienced at the hands of BMW Finance beggar’s belief and is now the subject to an investigation by the Ombudsman. Instead of the help I needed and asked for they worsened the situation, caused me to incur additional costs and added to the stress and anxiety I was suffering. The fact they lost the Contract was a sign of things to come. Next was the Hardship Application. Not for the faint hearted, it’s a document to rival ‘war and peace’ and before my ordeal was over they would make me complete and submit this on 3 separate occasions. It would have been nice and even helpful to know what assistance I was applying for, but they kept this secret along with the outcome of the applications themselves. Well except for the third application that I was accused of not returning. It was rejecting on the grounds I failed to provide the support evidence that was in fact sent and received. To make matters worse, instead of a single point of contact I had to respond to 13 different people. I would reply to one with an update on my case and confirm I was unable to make payments until the settlement was agreed; only to receive an email from someone else asking for an update and another issuing a Repossession Notice.
Misleading and an absolute Joke
Took out car finance for a new vehicle in 2014. Paid out the loan through a refinance in August 2016. Confirmation email received, thanking me for my payment and that the loan is paid out in full.
2 months later
(1st week October 2016) Email received saying there was an outstanding balance of $880.
BMW finance is pointing the finger at Alphera, and vice versa. This is not only unacceptable behavior, but also exceptionally unprofessional and an absolute joke. Considering Alphera Finance is a Subsidiary of BMW the lack of ownership between these two companies is astounding.
Would avoid like the plague.
Questions & Answers
What the lowest repayment on the new x5 hybrid
Well simply for 65000k vehicle the repayments where 820 a month$ with 20000$ ballon at the end of 5years
I have visited deal in Melb CBD and applied finance on Monday .. how long does it take to process finance application to provide approval . Please help me with timeline need to decide somethign else based on the timeline
My recent application was processed directly through Alphera and it took about 2 days. There were some questions they asked that needed replying that might have slowed the process but they were very quick.
Hope that's of some help
It takes about 2 days but be careful of the interest rate they put you on as mine was 4.5 and then went down to 2.6 per annum and if you can service the loan aswell as they don’t help you if you are in financial hardship
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