Be very carefully when visit BMW. Push a few thousand dollars deposit and confiscation of deposit is how they make money
Be very carefully when visit BMW. They push you to pay a few thousand dollars deposit and oral approve your loan immediately. Took 3 months to process my loan application and requested me to cancel two credit cards. Eventually deny loan and confiscation of deposit is how they make money. My case is under negotiation now, and potential end up to go Fair Trade Centre or court later.
An ongoing saga with BMW finance - keep away from this unethical organization.
A copy below of a communique I sent BMW finance on the 7th of Jan 2021. The rest should be fairly self explanatory. I will add further details as this goes on. What is strikingly alarming is that BMW finance merciless and relentless pursued me during Covid to payout my contract. When the table is flipped and you engage them to explain and resolve serious contractual breaches it goes on and on. In fact I'm still waiting. After 5 weeks and numerous communiques to them and AFCA I'm still waiting. What is the point of having a government toothless ...tiger organization such as AFCA when they don't pull these people into line? To whom it may concern, Unfortunately I’ve had to deal with BMW finance recently which was an unsavory experience. Putting it mildly. However lets move on to my latest inquiry and allegations. After the episode of discharging our Zagame A3 acquired vehicle I decided to clean out much of my old paperwork. In doing so I found my original docs of the BMW 320i (appended for reference) which was traded in on an A3. Firstly there were serious typo mistakes in the contract regarding vehicle description and model. By all accounts it was a 320i and not a 323i as per contract. Perhaps what is more concerning, in fact 'alarming' is that $1000 of a $2000 deposit is unaccounted for in the Contract. Why? If you read the dealer Tax Invoice and the appended receipt both clearly show $2000 dollars was in fact deposited. On the other hand their contract clearly and in error tells us only $1000 was handed over. Put simply that is a serious accounting breach in BMW finances favor. This is nothing but simple blatant fraud and extortion. Clearly the evidence shows $1000.00 has been taken and not accounted for. Again why? This matter may have to be referred onto our legal counsel. Regards Bob Below of what BMW finance just sent me. In short they are willing to reimburse through a good faith gesture the $1000 they took and kept for 10 years. No additional compensation offer, no interest rate recovery and no apologies. They have the audacity to call it a Gesture of Good will!!!
high Fees and Average Rates
I've used dealer finance on a number of occasions because it is usually better and easier than my bank. I found my dealer was slower than normal to get documents and details to me and although the approval was fast I was surprised by the dealer and BMW establishment fees which were $1000. At the end of the day fees and interest rates are not the key factors to worry about, you need to look at the total you end up paying. No real complaint, my fault for trusting the dealer and not insisting on getting all the documents up front, I certainly wont be using BMW Finance and that dealer again
Deceptive & misleading organization
If I could give them 0 stars I would. I will be reporting them to the relevant authorities for failing to disclose that I had been paying unemployment insurance for 5 years. I became unemployed due to Covid, informed BMW finance and they gave me hardship relief which meant I got a holiday from repayments. However nothing in life is free as they put additional charges against my loan for this privilege . When they should of been telling me to use the insurance I had. Yes, I should of been more informed, but who remembers the fine print of a ...finance agreement they signed 5 years ago? Furthermore... Highway robbery when you compare them to other finance options, I didn't read the fine print which is 100% on me, nevertheless they tell you mistruths throughout the whole process.
BMW FINANCE is a rip off
I would never recommend BMW Finance to any one. I have been a customer for more than 15 years, but how I was treaded this time by BMW finance is discussing, there are a total rip of, never go with them. Be very careful to what you sign. They don't explant clearly but at the end of the contract they stab you bad. even though they had made so much profit for 5 years of the contract. Dont go with bmw finance trust me.
BMW Finance makes a profit on Agent fee
Been using BMW finance for 5 years, after we paid out the balance of the loan, found out today that BMW finance is making a profit by using Mercantile Agent as well and the margin is around 300%, good on them
Daylight Robbery from BMW Finance
We have been using BMW Finance since 2012 till 2020, brought 3 cars from them, never missed a payment until 2020 March as our business got impacted by Covid-19,
Instead of talking to us first, BMW has hired agent broken into our property and towed away one of the car with no show of paper works and left no paper works behinds.
Caught by our security cameras that the agent forced the front gate open and then took photos from his own photo to pretend the front gate has been left open since he's there.
We try to speak to BMW about the issues instead of investigate into the matter BMW send us a invoice of $1500 for the towing and break in.
Such good business model BMW!
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.
Don’t be fooled with them
Just a waste of time and will be giving the car back as there are lenders that respect the consumer as people below have said
They are terrible but at the end they will not get there money back. Beware people not to get a loan with them.
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 $2000 back to him and the rest was admin fees, I phoned them to say My son had no will and I was his next of kin but they refused to send the money anyway wanting me...
Questions & Answers
What the lowest repayment on the new x5 hybrid
Well simply for 65000k vehicle the repayments where 820 a month$ with 20000$ ballon at the end of 5years
So can we say 100k car could have $40000 ballon at the same repaying?
Depends on the residual. 40% of 100k would be 40k.
As for the rate, that's between you and your finance company. Rates depend on many things, including credit rating, vehicle specs etc.
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
Many thanks CJ114 and Savlong I have applied sealer finance 4 days ago still
Waiting for reply from them...
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