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      02-03-2016, 01:30 AM   #1
mmmmQuattro
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BMW Finance Australia fined for bad business practices

This reminds me of the NIJA loans...

http://www.msn.com/en-au/money/marke...ine/ar-BBp0lWC

What's interesting is that I got a quote recently from BMW Finance for a non-BMW vehicle and the quote was 6.99%, which was a bit high. I then checked the calculated repayments on my spreadsheet and the actual rate was nearly 9%.
How do they get away with that?
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      02-03-2016, 07:49 AM   #2
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Quote:
Originally Posted by jp330Cic.au
This reminds me of the NIJA loans...

http://www.msn.com/en-au/money/marke...ine/ar-BBp0lWC

What's interesting is that I got a quote recently from BMW Finance for a non-BMW vehicle and the quote was 6.99%, which was a bit high. I then checked the calculated repayments on my spreadsheet and the actual rate was nearly 9%.
How do they get away with that?
That article was about irresponsible lending. No mention of them lying about rates. I agree banks have to stop enabling people on spending above their means so that things like the housing market crash dont keep happening, but people have to take responsibility for their own actions. Dont jump off a bridge and blame the architects for not making the railing high enough.

In terms of your 9%, maybe check your calculations again. On my last car, i locked in a rate with BMW NA, a month later, they notified me of a change and actually dropped my rate by 0.5%. Unless you have another article showing your problem isnt a one off event, I'm more inclined to think your math is wrong.
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