BMW Financial Services Consumer Loan Complaint

BMW Financial Services Consumer Loan department,

Vehicle loan Taking out the loan or lease Taking out the loan or lease Georgia

On - -, 2015 I purchased a - BMW 528i from - BMW of - through their " Owner 's Choice '' finance program. Before visiting the dealership, I researched the lease specials available and intended on leasing a vehicle ; in fact, until I spoke with the Finance Manager, all payment terms discussed with the sales representative and sales manager were, as I understood, lease payments. After we came to what I felt was a satisfactory payment amount, I was sat with the finance manager who explained the " Owner 's Choice '' program to me. He explained that the differences between " owner 's Choice '' and leasing were : -The vehicle would be titled in my name, allowing me to reap tax savings should I trade the vehicle in-Instead of a residual, there would be a balloon payment at the end of my 36 month termI work in Consumer Banking Compliance and specialize in Consumer Lending, so I had a solid understanding of everything that was explained and decided to move forward. I elected to go with a - mile per year lease as I was under the impression that I would be able to purchase miles


I contacted BMW Finance and attempted to purchase additional miles and was informed that I could not do so with the " Owner 's Choice '' program ; the rep stated this option was only available for lease clients. I feel that this is unfair : the " Owner 's Choice '' program is something unique to BMW, and consumers have no reasonable means of understanding the nuances of the program other than through the dealership staff and loan documents. I reviewed the loan documents thoroughly and it does not state that customers can not buy additional miles before the end of the term at a discounted rate, as you can do with a lease. Had I known this at the time of origination, I would have chosen - miles per year. I feel this is a UDAAP, and I can only imagine how many other consumers have been blind sided by the failure of disclosure by BMW. Most consumers are not nearly as familiar with the complexities of consumer lending as I am, and I feel that at a minimum this major difference needs to be both explained to the consumer at origination and documented. Being able to purchase miles during the term of a lease adds a great deal of flexibility to the lease transaction, and that flexibility has been taken away from me by BMW and I will suffer financially as a result.