Consumer complaint received 2019-04-09
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Credit denial
Company: BMW Financial Services NA, LLC (GA)

I purchased my car at XXXX of XXXX and financed my car through BMW Financial Services in XX/XX/XXXX. The car has required substantial repairs ever since I purchased it. Ive contacted XXXX of XXXX and XXXX of North America about each issue from having to have the alternator replaced 3 months after purchase ; air bag malfunctions ; battery problems ; and excessive oil consumption issues with the XXXX engine. I had previously received notice that I had the XXXX engine and that I could have oil consumption testing, have the engine replaced based on mileage at a discounted rate, or trade the car in with special pricing. 
I decided to trade the car into dealership where I purchased the car on XX/XX/XXXX. I called the number for online sales and spoke with customer service rep XXXX XXXX about a specific car and explained my situation and the problems with the car. She scheduled a meeting for me to speak with a manager at XXXX. When I got there no one knew what I was talking about but I did speak with a manager explained the situation and he had a sales associate named XXXX work with me. The sales associate gave me an estimate of the costs, trade in value, and including a monthly payment amount. I initially thought that the rates and amounts given were based on my current rate with BMW Financial Services. The sales associate came back with a monthly payment of {$710.00} at 72 months with {$2000.00} down and an interest rate at 6 %. I was not sure about making a down payment because I had dumped enough money into the car and the trade in value was lower than expected. I asked about what was taken into consideration regarding the trade in value and the sales associate stated that one factor was due to me not having run flat tires and that my tires needed to be replaced. I have run flat tires and I just purchased them less than 6 months ago from XXXX with supporting documentation. I asked about the interest rate and he said that the 6 % is not my interest rate and that they needed to run my credit. How exactly can you give me my monthly payment and the amount to put down but not know my financing or run my credit. I stated multiple times that I already have financing through BMW Financial Services and told him to use the same address and information that is used for my BMW Financial Services Account. He filled out my application and on a separate piece of paper asked for a signature. 
Two hours later while Im sitting in the dealership, Im told that BMW Financial Services declined my loan request because my revolving credit was a red flag and too high. I came back to BMW because Im already established customer and they sold me a car with documented issues. However Instead of talking to me about why BMW Financial Services turned their current customer down the sales associate and XXXX in financing/credit ran my credit through 5 more financial institutions.

I asked what is the required DTI because my income should still balance out my revolving credit. She said she didnt know what was required by BMW Financial Services? I asked to see my reports because something is wrong and she brought in one credit report from XXXX stating Too Many Revolving Credit Accounts. I asked about the other reports but she said she couldnt remember what they listed. As Im reading through the report, Im looking for late or unpaid debts because there has got to be more than Too Many Revolving Accounts as the reason that Im being declined. She pointed to a {$80.00} medical bill that shouldnt even be applicable to the decision because first of all it doesnt belong to me and second of all its under {$100.00}. Medical bills under {$100.00} shouldnt factor into my credit. She stated that I couldnt keep a copy of any of the report. 
I know several other customers with the XXXX engine and they expressed that BMW and BMW Financial Services worked with them on their trade in however Im not getting the same assistance or options. My trade in is valued lower without cause and it was disclosed to me that my loan was denied because I have Too many Revolving Accounts or High amount of Revolving Accounts. If BMW, BMW Financial Services, and BMW Certified deny all customers because they have Too many Revolving Accounts or High amount of Revolving Accounts then I would say that I have been treated fairly and that the disclosure of that reason was compliant Regulation B and the Equal Credit Opportunity Act. However, BMW Financial Services has approved new and established customers with Too many Revolving Accounts or High amount of Revolving Accounts. As an established customer I expected better service and I dont believe I have been treated fairly nor in compliance with the requirements of Regulation B and ECOA regarding my denial or the trade in value.