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Hi All,
This is my first post to the forum however I shall tell the story as follows:
I rang BMW financial services on Friday the 11th of May 2018 to make a lump sum payment of £1600, i did this with the intention of getting to the 50% point as defined under the terms and conditions of the PCP agreement. The payment was authorised and the money cleared within a number of days, of which i received a receipt of payment from BMW today.
I then after writing the later informing BMW of my statutory right to VT the agreement (as of Friday the 18th of May) sent said letter by recorded delivery on Saturday the 12th of May 2018, I know that this letter was signed for and received by BMW financial services on Tuesday the 15th of May.
Having waited a number of days for any kind of response I thought it best to chase them, I was eventually put through to there "terminations" team earlier this evening.
When holding discussion with the customer service "advisor" I made it clear that I had invoked my right and that I knew they received the letter and when could I expect a formal response, what I was then told by the CSA in response to me sounds like complete nonsense.
BMW financial services are claiming that because I made a lump sum payment with the intention to either:
A) reduce my payments
B) bring the end of my contractual term forward
That they will not action the VT for a period of 28 days because there "processes" will not allow them to, I reminded the advisor that I have paid 50% of the total amount owed, given them adequate notice and taken adequate care of the car! To which he responded there is nothing we can do for 28 days, this cannot possibly right?
I also made clear that when I made the lump sum payment, as I also am entitled to do under the terms of the agreement no such "28 day" period was explained nor warning given with regard to not being able to terminate the car. Are they simply trying it on?
Has anybody else had a similar experience elsewhere?
Any help would be greatly appreciated, I have taken delivery of my new car and am having to keep my BMW insured whilst I wait for them to collect it.
This is my first post to the forum however I shall tell the story as follows:
I rang BMW financial services on Friday the 11th of May 2018 to make a lump sum payment of £1600, i did this with the intention of getting to the 50% point as defined under the terms and conditions of the PCP agreement. The payment was authorised and the money cleared within a number of days, of which i received a receipt of payment from BMW today.
I then after writing the later informing BMW of my statutory right to VT the agreement (as of Friday the 18th of May) sent said letter by recorded delivery on Saturday the 12th of May 2018, I know that this letter was signed for and received by BMW financial services on Tuesday the 15th of May.
Having waited a number of days for any kind of response I thought it best to chase them, I was eventually put through to there "terminations" team earlier this evening.
When holding discussion with the customer service "advisor" I made it clear that I had invoked my right and that I knew they received the letter and when could I expect a formal response, what I was then told by the CSA in response to me sounds like complete nonsense.
BMW financial services are claiming that because I made a lump sum payment with the intention to either:
A) reduce my payments
B) bring the end of my contractual term forward
That they will not action the VT for a period of 28 days because there "processes" will not allow them to, I reminded the advisor that I have paid 50% of the total amount owed, given them adequate notice and taken adequate care of the car! To which he responded there is nothing we can do for 28 days, this cannot possibly right?
I also made clear that when I made the lump sum payment, as I also am entitled to do under the terms of the agreement no such "28 day" period was explained nor warning given with regard to not being able to terminate the car. Are they simply trying it on?
Has anybody else had a similar experience elsewhere?
Any help would be greatly appreciated, I have taken delivery of my new car and am having to keep my BMW insured whilst I wait for them to collect it.
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