Consumer complaint received 2024-11-12 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: BMW Financial Services NA, LLC
State: NJ

Complaint narrative:
Complaint Against BMW Financial Services Fraudulent Charges, Mishandling of Payments, and Credit Reporting Abuse 1. Loan Background and Unapproved Charges In XX/XX/XXXX, I took a loan from BMW Financial Services to purchase a Certified Pre-Owned XXXX BMW XXXX XXXX with XXXX miles. I paid {$12000.00} down and financed {$25000.00}, believing this covered the car and necessary financing terms. However, I later discovered that BMW Financial had added unauthorized warranties without my knowledge. 
Upon realizing this, I canceled what I could in XX/XX/XXXXXXXX  and received a partial refund of {$3800.00}, plus another {$940.00} from a separate warranty cancellation. I requested these credits be applied toward my loan balance. 

2. Inconsistent Payment Applications and Hidden Interest Charges BMW Financial deducted my monthly payment of {$390.00} but inconsistently applied these payments toward interest and principal. When I contacted them, they claimed my payments were processed but did not fully apply them to the principal balance. 
After months of automated deductions, BMW Financial charged me over {$700.00} in a sudden interest payment, claiming I hadnt paid sufficient interest in the prior months. This interest charge was applied retroactively without clear explanation. 
They falsely reported my account as overdue, and their practices led to a drastic drop in my credit scorefrom over XXXX to just above XXXXcausing significant financial damage as multiple credit lines reduced or closed my accounts. 

3. Erroneous Credit Reporting and Impact on My Financial Standing Despite making regular payments, BMW Financial has inaccurately reported my account as 30 days late since early XXXX. These repeated, false reports have caused substantial damage to my creditworthiness. 
I have contacted BMW Financial repeatedly, requesting accurate statements and dispute resolution, yet they have failed to correct the information. Their actions have resulted in multiple closures of credit lines and a major impact on my financial stability. 

4. Lack of Communication, Inconsistent Statements, and Website Issues BMW Financial has changed my email to an outdated account without my consent, leading to a lack of reliable communication and missing statements. Additionally, they have altered my account details, including removing my middle initial from my namea detail I had specified for fraud protection. 
For over two years, I have been unable to access my account online due to a non-functional website, despite contacting BMW Financial repeatedly for support. Their representatives have been dismissive and unresponsive to my issues, even denying awareness of my submitted documentation and evidence. 

5. Ongoing Financial Manipulation and Fraudulent Charges BMW Financial continues to claim I owe {$2700.00}, despite my payments totaling far beyond the agreed principal and interest. They appear to be charging excessive interest and daily fees that were neither disclosed nor agreed upon. Their documentation also shows discrepancies, with an inflated total loan amount of {$47000.00}, nearly double the initial cost of the vehicle. 
I suspect manipulation of my account and records, as BMW Financial has failed to provide accurate amortization schedules, consistently showing incorrect amounts that vary by a few cents each month, leading me to believe these records have been altered. 

6. Transfer of Payoff Information to an External Bank Without Justification BMW Financial has instructed me to make my final payoff to a third-party bank ( XXXXXXXX XXXX XXXX XXXXXXXX ) rather than their own institution. This transfer raises serious concerns, as I did not authorize this arrangement, and it was not disclosed when I signed the loan agreement with BMW Financial. 

7. Additional Evidence of Fraud and Security Concerns I was notified of potential website security breaches by another automotive loan provider ( XXXX ), not BMW Financial, despite the actual compromise of my sensitive financial data. Furthermore, the finance department at the dealership where I purchased the vehicle was terminated due to fraud, raising questions about BMW Financials role and accountability. 

Request for CFPB Action and Investigation I request a thorough investigation into BMW Financials interest calculation methods, hidden fees, and their unethical practices of handling payments and reporting to credit bureaus. 
Additionally, I request that BMW Financial correct all false reports on my credit, reimburse the excessive fees and interest payments, and clarify the discrepancies in the loan principal and payoff processes. 
BMW Financials lack of transparency, failure to provide accurate statements, and hostile credit reporting practices have caused severe financial harm and emotional distress. I request an immediate intervention from the CFPB to hold BMW Financial accountable and prevent further victimization of consumers. 
As well as make their web site compliant and secure, going over every string of code, especially when the button for the amortization schedule, when clicked returns a XXXX : null, and if I even get that far as into the broken account center, its usually just a white web page, with their header on it ; and a broken spinning wheel in the center that says sorry unable to process. See attached screen shots. 

There is not a single doubt in my mind, that BMW Financial knows they were hacked. Their car software is also curropt ; letting bad actors access the cars internal sim, and get into the car, by blue tooth as well. I have gone to sleep and woken up the next morning with all trunks, windows, sunroof open and down. And I cant do that even if I hit the key by accident. They have done nothing but inflate the value of their cars, and in stead of investing the money into the online presence and security, compliance and data regulations, or the cars systems themselves, they pay employees generously to falsely report to collection agencies ; and damage good customers, for life : XXXX credit score to XXXX, I checked today. All because they are reporting missed payments when there are none. They need to be held accountable. The XXXX XXXX XXXX BMW FINANCIAL WAS JUST investigated and audited and the funds were arrested, and held, by a criminal investigation, the XXXX sees the truth. Its time America hold these crooks accountable. All the big corporations and financial companies, whom us citizens, hard working and struggling, put our money and our trust into them, and all for them to rob us, and damage us for the rest of our life. Please, DO NOT OVER LOOK THIS. They are COMMITTING MANY VIOLATIONS. Look at the total math ; each XXXX ; because if its XXXX cents they over charged one person, imagine how much XXXX customers at XXXX cents adds upto on stolen money. 

Now looking back at the documents, the amortization schedule sent to me from the employee at bmw, it said that, total payments would be XXXX, XXXX, and when you look at the loan agreement it shows total payments are XXXX, XXXX  not including the XXXX they only put down for the down payment, which I handed them XXXX cash and I took an image of the cash all laid out in XXXX dollar stacks, on the finance department mans desk. As proof, but its in my old phone. Thats almost XXXX missing. Where is the other XXXX XXXX coming from that made the total payments go from XXXX, XXXX  to XXXX, XXXX  as on the loan ageeement. Why are they taking interest out every month, and then adding interest onto the monthly amount of the principal as seen in the actual mathematical calculations on the principal balance written on each statement. Hence where they are adding in an additional interest amount. How can they take XXXX every month and then take XXXX in interest saying it wasnt paid over 8months. Where is the credit for all the {$500.00} payments made, and why do the statements have random negatives ; when they were paid. They have a total of XXXX missing payments I paid them, they didnt credit me for. XX/XX/XXXX, bmwfs as an over the phone payment and as well as a check from writing and sending one in. Now, my sons father wrote me a check which bounced, to me ; but that was with XXXX XXXX, not with bmw. I paid them directly. They as well have been reporting 30 days late every single month, and I have paid them ; XXXX XXXX statements show it. I have every single bank printed rolling balance, directly from the XXXX XXXX employees screen with routing and transit numbers, I have my monthly bank statements that are mailed and I have the statements from bmw mailed. The amortization schedule I can not get still because the website it broken. I dont want to over load you with documents but I will send a beautiful and neat copy of every document and log and email, and statement, since the day I started with the loan, and send it to both bmw fs and CFPB.

Company response to consumer: Closed with explanation