Keep away from this cartel! I have dealt twice with this company over 10 years and recommend you steer clear of them. They received a scathing mention in the recent Banking Financial Royal Commission. I can see why. My 40% residual came up in July during the Covid pandemic. BMW quickly chased me for the payout figure mercilessly. I asked them to continue the repayments as is but that was not allowed. They insisted I seek alternative refinancing or payout. Really seek alternative refinancing in this climate? Once pressed on Government Covid Legislation and rules they agreed to extend the payout for a few months but on a much higher interest rate. The RBA rate is 0.25% and my investment properties are on 3.44%. BMW are now frisking me for 9.75% unlike my original contract which was 6.75%. As per the Royal Commissions report keep away from this extortionist organisation! Wolves in sheep's clothing!
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