Consumer complaint received 2024-04-15
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: BMW Financial Services NA, LLC (GA)

I am writing to dispute the account referenced above listed on my credit report by BMW Financial Services and to address violations of California repossession laws regarding the recent repossession and sale of the vehicle. 
Regarding the account listed on my credit report, I assert that the debt has not been properly verified. Failure to comply with federal regulations by credit reporting agencies constitutes a serious violation of the Fair Credit Reporting Act ( FCRA ) and may be investigated by the Federal Trade Commission ( FTC ). I have maintained detailed records of all correspondence in preparation to file a complaint with the Attorney Generals office and the Consumer Financial Protection Bureau if BMW Financial Services continues to list this item on my credit report. 
Under the FCRA, BMW Financial Services is obligated to verify the validity of the item within 30 days. If the account can not be verified, it must be removed. Should verification be possible, I request the complete name of the person who verified the information, their telephone number, the date of verification, all documentation provided, and the method of verification. 
In the event that BMW Financial Services can not verify the item and continues to list the disputed item on my credit report, I will find it necessary to pursue legal action for actual damages and declaratory relief under the FCRA. Pursuant to this regulation, I may sue in any qualified state or federal court, including small claims court in my area. While I prefer not to litigate, I will use the courts as needed to enforce my rights under the FCRA. 
Additionally, I raise concerns regarding the recent repossession and sale of my vehicle, Upon reviewing the circumstances surrounding the repossession, I have identified several violations of California repossession laws. 
Firstly, proper notice of the lender 's intent to repossess the vehicle, as required by California law, was not provided to me. This deprived me of the opportunity to address any alleged default and potentially avoid repossession altogether. 
Furthermore, I was not provided with the post-repossession notice outlining my rights, including the right to redeem the vehicle or reinstate the contract. This omission deprived me of crucial information regarding my options following repossession and hindered my ability to take appropriate action. 
Additionally, it appears that the sale of the repossessed vehicle may not have been conducted in a commercially reasonable manner, as mandated by California law. There was a lack of adequate notice of the sale, and it appears that the vehicle was sold at a price significantly below its fair market value. This improper sale has resulted in financial loss on my part and further compounds the violations of California repossession laws. 
In light of these violations, I request that BMW Financial Services take immediate corrective action, including : Providing restitution for any financial losses incurred as a result of the improper repossession and sale of the vehicle. 
Providing a full accounting of the repossession and sale process, including documentation of notices sent and actions taken. 
Ceasing any further collection activities related to the repossession until these violations are rectified. 
I expect a prompt response to this letter and resolution of the issues outlined above. Failure to address these violations in a satisfactory manner may compel me to pursue further legal action to protect my rights as a consumer. 
Please respond to this letter within 30 days from the date of this correspondence. 
Thanks for your help!