Claim BMW car finance compensation

BMW car financing is one of the most popular ways to obtain a loan for purchasing a BMW vehicle. This option gives you access to all of the money you need to purchase your chosen BMW by setting up an agreement where you pay a dealership directly over time.

In some cases, these financing options haven’t been clearly explained to customers, resulting in defaulted payments and other problems with the loan. This could be classified as irresponsible lending if they’ve failed to factor in your financial situation when setting up the loan terms. So if you’ve received the loan in spite of a poor credit rating or insufficient savings, then they haven’t performed sufficient due diligence when providing you with the loan.

It’s because of this that many BMW car finance loan customers are looking to seek compensation for mis-sold loans. If you think you’re in a similar situation, where you’ve been poorly treated or mis-sold a loan by a BMW car finance company, then our team at Claims Bible can help you claim compensation.

Understanding BMW Car Finance Loan Claims

According to the Financial Conduct Authority (FCA)  all lenders must perform an affordability assessment to ensure prospective borrowers are able to make repayments on loans. This goes beyond the means to pay, and incorporates the idea of repaying a loan sustainably so you won’t face financial hardship.

So, per the FCA guidelines, you may have been mis-sold your BMW car finance loan if repayments are unaffordable or if the lender hasn’t performed sufficient financial credit checks. Mis-sold loans can be incredibly detrimental to your financial help, so you may be eligible for compensation if you’ve been mis-sold a BMW car finance loan.

How Do I Know if I Have a Claim Against BMW Car Finance?

BMW car finance companies offer customers the funds they need to buy a car, even if some other lenders and banks won’t provide it. To know if you have a claim against them, you’ll need to understand whether or not your claim is valid. Thankfully, our team at Claims Bible can help with this for you. We’ll compile all relevant information to help you find out if you were mis-sold your loan. Below are a few things to consider before filing a complaint against the BMW car finance company:

• Did the lender perform reasonable and proportional financial checks to determine that you could sustainably repay the loan?
• Did they ask you to provide evidence of your finances?
• Did you receive any prior warning from the Continuous Payment Authority that money would be taken from your account?
• Did you have to extend your loan or borrow from elsewhere to repay?
• Did the lender utilise a debt collection agency without speaking to you about repayment plans?
• Did the lender’s advertising warn you about the consequences of not making repayments?
• Was there any point where the lender should have realised they were putting you into more financial debt?
• Do you believe the lender acted in an unreasonable or unfair manner?
• Did you use another loan to repay the original loan due to financial issues?

How to Make a Claim Against BMW Car Financing Companies

You can usually begin a claim against these lenders by communicating with them directly, through email, telephone or letters. However, if you feel that the offer they offer is insufficient, or your claim was rejected, you can escalate it to the Financial Ombudsman Service (FOS)  The FOS will independently look into your claim and ensure valid claims are correctly compensated.

How Long Do I Have to Make a Claim Against BMW Car Financing Companies?

You’ve got up to 3 years from the ‘date of knowledge’ to make your claim against the BMW car financing company. The date of knowledge refers to the first time that you were made aware that you potentially had a claim against the lender.

What Can I Get as Compensation for Irresponsible Lending?

If your claim is upheld, then you’re entitled to compensation as your loan was mis-sold. Our team at Claims Bible works to ensure that you’ll get an adequate refund of all charges and interest on your loan, as well as compensatory interest on the agreed refund amount. Any reimbursement is treated on a case-by-case basis, so exact figures will vary. You can expect to receive anywhere from £100s to £1,000s in terms of compensation, but specific figures will depend on the loan size, term length and nature of the complaints made.

There are a few different things you can ask for as compensation, such as:

• Any difference between the interest rate you were quoted and the rate you should have been quoted.
• Compensation pertaining to mis-selling.
• Any money that you would have saved had you taken out a less expensive credit agreement elsewhere.
• A full refund of what you were overcharged.

Why Choose Claims Bible for Your BMW Car Finance Loan Claim?

Seeking compensation from your BMW car finance lender is challenging, and often quite a stressful experience. Thankfully, our experienced team at Claims Bible are here to help. Our legal partners are specialists in mis-sold loan claims, so if you’d like us in your corner just fill out this form  and we’ll be in touch.