BMW Financial Services Consumer Loan Complaint

Vehicle loan Taking out the loan or lease

BMW Financial Services Consumer loan department,

Vehicle loan Taking out the loan or lease California

I went to - BMW in - - to purchase a car. I found - I wanted and I also had an older - to trade in. I worked out a deal with the dealer that they would pay off my loan for my older BMW for $12000.00. I got my payment numbers down to a number I could afford after the trade in etc of the old car ( $510.00 ). I went into the finance office to sign off on paperwork. He offered me of course several extra options for warranties etc, all to which i declined bc i could not afford more than $510.00 per month. He showed me on his computer the -, and if i added anything it would be $560.00. again, i said no to anything extra bc $510.00 was already the high end of my budget. So he printed out paperwork and I signed, not reading the fine print, of course. So I get my bill in the mail, and it is $560.00. I looked at the fine print of my contract and I notice that instead of paying my old car loan off, they only paid $10000.00, and added the extra $2500.00 ( my balance was - ) to my new loan. Thats interesting, and dishonest. Do n't tell me you are gon na pay it off then sneak the rest of the money u did n't wan na pay into my new loan. So, i call there, speak with managers etc, and of course all they say is, well you signed the paper. Yes the paper that was supposed to say all the things we agreed on verbally - minutes before you printed them out. This place is a joke. What can I do?? I ca n't pay $560.00 a month.

BMW Financial Services customer in California
Sep 28, 2015

* Source: CFPB Complaint Database

BMW Financial Services response to complaint:
Closed with explanation

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