BMW Financial Services Consumer Loan Complaint

Vehicle loan Managing the loan or lease

BMW Financial Services Consumer loan department,

Vehicle loan Managing the loan or lease Connecticut

On - - I sold back my vehicle to - in -, it was purchased on - -. They gave me 46k for it but took off 1k due to minor rim damage, some scratches on rims. At the time of purchase in - several warranties were also purchased including, rim/tire, theft, environment, etc. The dealer should have known about the rim/tire warranty as they sold it to me back in -, this would have covered damage. Instead, they took off 1k off the selling price of 46k. The warranties were never canceled by the dealer, I was referred back to them by the issuing companies for cancellation. Please note, this is not the - negative experience with - - -. In - I was advised by my sales rep, - -, I was approved for 25k by the bank. When I went in two days later on Monday, their business manager called and told me I was not approved after I left my car there to trade in. They pulled this stunt in order to get my car in, which they were very interested in with low miles, so they could buy it. My sales rep had sent me home thinking I had a bank approval. I spoke with a - in their corporate office yesterday, -, she stated if a claim had been submitted with warranty that would have lowered the refund amount when canceled. The cost of warranty is -, there is no way they would take 1k off that for damage, maybe pro-rate it if anything. Either their math is off or they are just lying, more than likely lying so they do not have to pay me back 1k. Please advise them I will need a check for 1k to cover the difference from what I should have gotten, the rim/tire coverage should have covered the damage. Their address is - - # - -, NY -. My address is - - - - -, - -, CT -.

BMW Financial Services customer in Connecticut
May 07, 2015

* Source: CFPB Complaint Database

BMW Financial Services response to complaint:
Closed with explanation

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