Consumer complaint received 2024-02-26
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with fees charged
Company: BMW Financial Services NA, LLC (FL)

In response to complaint XXXX I am very concerned with BMW Financial Services , and my current vehicle model XXXX XXXX  XXXX. I have registered mail a security and am awaiting correspondence regarding resolving this matter. 

As of XX/XX/XXXX, I have brought my vehicle in for service as it continues to signal me of malfunctions, this vehicle has been an issue since inception. I would like a new vehicle gifted, upon receipt of my security. I do not feel safe in this vehicle, I am currently in a loaner, in which BMW could not even furnish the same model vehicle, they placed me In a lesser model vehicle XXXX  XXXX now as of today, after making several complaints, requested I pick up a XXXX  XXXX model as loaner, while expressing to me, I need an entirely new transmission. This is absurd as I purchased this vehicle brand new in XX/XX/XXXX, and only have driven XXXX miles since then, very unwarranted, Im aware of the lemon laws etc, yet I believe this is beyond lemon laws, they are violating many UCC laws as well. Ive expressed to the service manager, I would like to file a complaint to the finance manager, and he expressed any decisions would be made with them. 

Ive sent a letter of instructions registered mail, Debt validation letter and fully endorsed payment coupon as of today. I am a secured party seeking remedy at this stage, see below, all parties need to be put on notice. 

Please see attachments regarding LOI and DVL along with the Indentured Act of 1939.

Please refer to 15 U.S. Code 77ooo - Duties and responsibility of the trustee BMW Prospectus Section 2.02. Financial Assets Election. The Securities Intermediary hereby agrees that each item of property ( whether investment property, financial asset, security, instrument or cash ) credited to the Accounts shall be treated as a financial asset within the meaning of Section 8-102 ( a ) ( 9 ) of the UCC.

a ) Each Account has been established as set forth in Section 2.01 and each Account will be maintained in the manner set forth herein until termination of this Agreement. The Securities Intermediary shall not change the name or account number of any Account without the prior written consent of the Secured Party. The Securities Intermediary is acting hereunder in the capacity of a securities intermediary within the meaning of Section 8-102 ( a ) ( 14 ) of the UCC.

( b ) No financial asset carried in an Account is or will be registered in the name of the Issuer, payable to the order of the Issuer, or specially endorsed to the Issuer, except to the extent that such financial asset has been endorsed to the Securities Intermediary or in blank.

( c ) This Agreement is the valid and legally binding obligation of the Securities Intermediary.

( d ) The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement pursuant to which it agrees to comply with Entitlement Orders of any Person other than the Secured Party or the Issuer, in each case to the extent provided in Section 2.03, with respect to the Accounts.

If at any time the Securities Intermediary shall receive any Entitlement Order from the Secured Party with respect to an Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Issuer or any other Person. If at any time the Secured Party notifies the Securities Intermediary in writing that the lien of the Indenture has been released, the Securities Intermediary shall thereafter comply with Entitlement Orders with respect to such Account from the Issuer without further consent by the Issuer or any other Person.

Section 4.05. Notices. All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed by registered mail, return receipt requested, to, in the case of ( i ) the Issuer, at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XXXX, XXXX, Delaware XXXX XXXX Attention : Corporate Trust Administration , with a copy to BMW Financial Services NA , LLC, as Administrator, atXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NJ XXXX, Attention : General Counsel ; ( ii ) the Indenture Trustee and the Secured Party XXXX XXXX XXXX South XXXX XXXX XXXX XXXX XXXX XXXX, Illinois XXXX XXXX Attention : Global Structured Finance/BMW Vehicle Lease Trust XXXX XXXX and ( iii ) the Securities Intermediary, at XXXXXXXX XXXX XXXXXXXX XXXX, XXXX XXXX  XXXX XXXX XXXX Illinois XXXX, Attention XXXX Global XXXX Finance/BMW Vehicle Lease Trust XXXX ; or as to any of such parties, at such other address as shall be designated by such party in a written notice to the other parties.

Also, regarding FCRA laws, Any credit reporting regardless of on time payments is still a violation of privacy, Public Law 73, Privacy Act or XXXX. I am a loyal consumer, and remain on time and deserve compensation.

REVOCATION- What happens when the consumer has used the new car for a lengthy period of time? This is the typical lemon car case. The UCC provides that a buyer may revoke his acceptance of goods whose non-conformity substantially impairs the value of the goods to him when he has accepted the goods without discovery of a non-conformity because it was difficult to discover or if he was assured that non-conformities would be repaired. Of course, the average new car buyer does not learn of the nonconformity until hundreds of thousands of miles later. And because quality is job one, and manufacturers are competing on the basis of their warranties, the consumer always is assured that any noncomformities he does discover will be remedied. 
What is a noncomformity substantially impairing the value of the vehicle?

1 A noncomformity may include a number of relatively minor defects whose cumulative total adds up to a substantial impairment. This is the XXXX XXXX XXXX first stated in the XXXX case. For a majority of people the purchase of a new car is a major investment, rationalized by the peace of mind that flows from its dependability and safety. Once their faith is shaken, the vehicle loses not only its real value in their eyes, but becomes an instrument whose integrity is substantially impaired and whose operation is fraught with apprehension.

2 A substantial noncomformity may include a failure or refusal to repair the goods under the warranty. In XXXX XXXX XXXX XXXX Imports, the Minnesota XXXX held that the XXXX owner that was plagued by a series of of annoying minor defects and stalling, which were never repaired after a number of attempts, could revoke, if repairs are not successfully undertaken within a reasonable time, the consumer may elect to revoke.Substantial Non Conformity and Lemon Laws often define what may be considered a substantial impairment. These definitions have been successfully used to flesh out the substantial impairment in the UCC.

TENDER-The tender provisions of the Uniform Commercial Code contained in Section2-601 provide that the buyer is entitled to reject any goods that fail in any respect to conform to the contract. Unfortunately, new cars are often technically complex and their innermost workings are beyond the understanding of the average new car buyer. The buyer, therefore, does not know whether the goods are then conforming.

ACCEPTANCE-The new car buyer accepts the goods believing and expecting that the manufacturer will repair any problem he has with the goods under the warranty.

REJECTION-The new car buyer may discover a problem with the vehicle within the first few miles of his purchase. This would allow the new car buyer to reject the goods. If the new car buyer discovers a defect in the car within a reasonable time to inspect the vehicle, he may reject the vehicle. This period is not defined. On the one hand, the buyer must be given a reasonable time to inspect and that reasonable time to inspect will be held as an acceptance of the vehicle. The Courts will decide this reasonable time to inspect based on the knowledge and experience of the buyer, the difficulty in discovering the defect, and the opportunity to discover the defect.