$500x2 Pandemic Lease Incentive

skioutwest · 09-15-2020, 06:22 PM

I have a question for those of you who took advantage of the "pandemic incentive" back in April/May.

I took delivery of my X4M in early May, and as is typical, paid my first payment up front ($850). The incentive was a complete surprise to me, however I was told that BMWFS would pay $500 of my first two payments. This seemed to occur without a hitch, but the dealership (BMW of Bayside) only sent BMWFS $350; the balance of my first month.

Is BMW of Bayside scamming me here? I have to assume that they took the remaining $500.

To make matters worse, they originally also paid the next months balance of $350, but it got reversed by BMWFS on Aug 20, and their systems tagged me as 60 day overdue. My credit score was just hit 60 pts! I am livid!

I would have assumed that the $850 I paid would have covered my first two months ($350-$500 incentive), with $150 covered of my third payment. Does this sound right?

Thanks!

-Mark

ChipC · 09-15-2020, 07:55 PM

I would get all of my documents together from the deal at the dealership and call BMWFS first thing tomorrow. They are usually very good to work with and will work to correct honest mistakes/miscommunications. I will give an example at the end.

As for the lease payment credits, that program was very poorly done. I cut my deal on our X3MC at the same you did. As soon as BMWFS setup my deal online, I set up autopay. So, when I did the deal, I paid the dealer fees and first months payment less the $500. All of this was clearly defined on the deal sheet. When my payment was approaching the due date, I called BMWFS. I asked about how the second $500 would be dealt with in my payment. They said that was to be paid by the dealership and that is was part of a different program that they were not involved in. I am glad I called because I was about to adjust my payment down by $500. The payment didn’t show until the next month due to processing delays (not sure whether it was dealer or BMWFS or both).

I say all of that because I was under the same impression as you about where this was happening and I was wrong.

As to how they worked with me was on the lease of our 2017 X5. It was up in May and we did the deal on the X3MC to replace it. In March with all of the pandemic stuff, I had called BMWFS about extending my lease month to month on the X5 since I wasn’t sure we would find a replacement. They said sure and extended thru Sept 2020 on a MONTH TO MONTH lease. Of course we found the X3MC and did that deal on time in May. We also were refinancing our house to lock in a super low fixed rate at that time. Guess what, our credit report in mid May showed we owed $4000 payout due to early term of lease that ran thru 9/2020. My lender called me with that info and I was very confused.

Called BMWFS and I explained the situation. They did some research and called me back. Their mistake they said. I thanked them, but pointed out how it was impacting my credit report and my refinance. They understood and had it all cleared in a week.

Nice surprise was they also reviewed the mileage on the X5 and it was about 2k under the lease amount and I received a $200 credit on our X3.

Good luck on getting that fixed. That program was a good idea, but not well executed. Too many moving parts.

Will Pwr · 09-15-2020, 11:07 PM

FWIW, mine went without a hitch. 1st statement illustrated as they described- $500 credit and the balance of the total contracted amount. When the 2nd statement posted, it showed the full payment amount as due. On the due date of the 2nd payment, there was a $500 credit posted to the account via BMWFS.

skioutwest · 09-16-2020, 07:52 PM

Thanks, Guys. I did speak to BMWFS and they have been useless. As I said, I did get the two $500 payments without an issue. The problem is the dealer only sent part of the first months payment that I paid at closing. BMWFS said this issue is between me and the dealer.

I am still waiting to speak to the dealer again, but they are giving me some bullshit that the money they kept lowered my payment. They must think I am an idiot.

I also filed a complaint against the dealer with BMWNA. Will see if that goes anywhere.

Appreciate the replies.

-Mark

ChipC · 09-16-2020, 08:30 PM

I understand. Those $500 incentives are between you and the dealer. I heard the same thing when I asked specifically.

I might go to the dealer and sit down with them and have them call BMWFS and work out the misunderstanding. Ultimately, BMWFS is the only one that can correct the late pay or 2 on your credit report. Those do stick around for a little bit.

Good luck.

09-15-2020, 06:22 PM	#1
skioutwest Second Lieutenant 85 Rep 262 Posts Drives: 2020 X4MC, 2017 M3ZCP, 2014 M5 Join Date: Sep 2007 Location: Collegeville, PA iTrader: (3)	$500x2 Pandemic Lease Incentive I have a question for those of you who took advantage of the "pandemic incentive" back in April/May. I took delivery of my X4M in early May, and as is typical, paid my first payment up front ($850). The incentive was a complete surprise to me, however I was told that BMWFS would pay $500 of my first two payments. This seemed to occur without a hitch, but the dealership (BMW of Bayside) only sent BMWFS $350; the balance of my first month. Is BMW of Bayside scamming me here? I have to assume that they took the remaining $500. To make matters worse, they originally also paid the next months balance of $350, but it got reversed by BMWFS on Aug 20, and their systems tagged me as 60 day overdue. My credit score was just hit 60 pts! I am livid! I would have assumed that the $850 I paid would have covered my first two months ($350-$500 incentive), with $150 covered of my third payment. Does this sound right? Thanks! -Mark
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09-15-2020, 07:55 PM	#2
ChipC Private 44 Rep 64 Posts Drives: 2020 X3MC Join Date: Jun 2020 Location: TN iTrader: (0)	I would get all of my documents together from the deal at the dealership and call BMWFS first thing tomorrow. They are usually very good to work with and will work to correct honest mistakes/miscommunications. I will give an example at the end. As for the lease payment credits, that program was very poorly done. I cut my deal on our X3MC at the same you did. As soon as BMWFS setup my deal online, I set up autopay. So, when I did the deal, I paid the dealer fees and first months payment less the $500. All of this was clearly defined on the deal sheet. When my payment was approaching the due date, I called BMWFS. I asked about how the second $500 would be dealt with in my payment. They said that was to be paid by the dealership and that is was part of a different program that they were not involved in. I am glad I called because I was about to adjust my payment down by $500. The payment didn’t show until the next month due to processing delays (not sure whether it was dealer or BMWFS or both). I say all of that because I was under the same impression as you about where this was happening and I was wrong. As to how they worked with me was on the lease of our 2017 X5. It was up in May and we did the deal on the X3MC to replace it. In March with all of the pandemic stuff, I had called BMWFS about extending my lease month to month on the X5 since I wasn’t sure we would find a replacement. They said sure and extended thru Sept 2020 on a MONTH TO MONTH lease. Of course we found the X3MC and did that deal on time in May. We also were refinancing our house to lock in a super low fixed rate at that time. Guess what, our credit report in mid May showed we owed $4000 payout due to early term of lease that ran thru 9/2020. My lender called me with that info and I was very confused. Called BMWFS and I explained the situation. They did some research and called me back. Their mistake they said. I thanked them, but pointed out how it was impacting my credit report and my refinance. They understood and had it all cleared in a week. Nice surprise was they also reviewed the mileage on the X5 and it was about 2k under the lease amount and I received a $200 credit on our X3. Good luck on getting that fixed. That program was a good idea, but not well executed. Too many moving parts.
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09-15-2020, 11:07 PM	#3
Will Pwr eM Power Me 749 Rep 698 Posts Drives: '23 AW i4 eDrive40 M Sport Join Date: Apr 2006 Location: So Cali iTrader: (2) Garage List 2023 BMW G26 i4 eDr ... [10.00] 2023 BMW G20 LCI 33 ... [0.00]	FWIW, mine went without a hitch. 1st statement illustrated as they described- $500 credit and the balance of the total contracted amount. When the 2nd statement posted, it showed the full payment amount as due. On the due date of the 2nd payment, there was a $500 credit posted to the account via BMWFS. __________________ Will - '23 Alpine White G26 ///i4 eDrive40 M Sport '23 Brooklyn Grey G20 ///330e M Sport '20 Alpine White F97 ///X3MC '20 Alpine White F39 ///X2 M Sport X
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09-16-2020, 07:52 PM	#4
skioutwest Second Lieutenant 85 Rep 262 Posts Drives: 2020 X4MC, 2017 M3ZCP, 2014 M5 Join Date: Sep 2007 Location: Collegeville, PA iTrader: (3)	Thanks, Guys. I did speak to BMWFS and they have been useless. As I said, I did get the two $500 payments without an issue. The problem is the dealer only sent part of the first months payment that I paid at closing. BMWFS said this issue is between me and the dealer. I am still waiting to speak to the dealer again, but they are giving me some bullshit that the money they kept lowered my payment. They must think I am an idiot. I also filed a complaint against the dealer with BMWNA. Will see if that goes anywhere. Appreciate the replies. -Mark
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09-16-2020, 08:30 PM	#5
ChipC Private 44 Rep 64 Posts Drives: 2020 X3MC Join Date: Jun 2020 Location: TN iTrader: (0)	I understand. Those $500 incentives are between you and the dealer. I heard the same thing when I asked specifically. I might go to the dealer and sit down with them and have them call BMWFS and work out the misunderstanding. Ultimately, BMWFS is the only one that can correct the late pay or 2 on your credit report. Those do stick around for a little bit. Good luck.
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