To update your personal data, please log in to your contract via MyBMW Finance. BMW is the ULTIMATE driving machine and you can DRIVE at will without mileage limit – in a BMW SELECT agreement you are the owner of the vehicle. To change your payment date, you can either log in to your contract via MyBMW Finance or contact us via customer service. If the originally estimated mileage has increased, please contact your bmw Financial Services advisor so that your contract can be recalculated. Please complete a new direct debit mandate form using the link at the bottom of this section and send it to BMW Financial Services, Phoenix One, 59 – 63 Farnham Road, Slough, Berkshire, SL1 3TN. Upon receipt, it will take five working days for this to be set up at your bank. You may need to make alternative arrangements for your next payment if it is due within five days of submitting the application. Please note that we cannot collect funds due under the Agreement from anyone other than you. Below is a selection of the most frequently asked questions that can help you answer your questions about your financing contract. If you cannot find the answer to your request or would like more information, please contact BMW Financial Services customer service.
If you have opted for an installment loan, the vehicle belongs to you once you have paid the final payment of the financing at the end of the contractual period. With BMW Select and BMW Select Leasing, you can decide at the end of the contract whether you want to terminate the loan or leasing agreement and take possession of the vehicle or whether you want to continue financing the target rate or residual value comfortably for you. You can also return the vehicle to your dealer and sign a contract for a new BMW. With a traditional loan, your monthly payments will depend on your down payment, the duration of the contract and the APR. If you opt for a BMW Select loan, the last payment you have agreed will also affect your monthly expenses. Lease payments are determined by advance payment, down payment, contract term and mileage as well as residual value. If the amount paid by your insurance company is not sufficient to cover the outstanding balance of your contract, you must pay the difference between the amount of the insurance company`s settlement and the amount to which we are entitled in the processing of your contract. However, if you have BMW deficit insurance and have paid all the premiums, it will pay the difference between the insurance company`s billing and the amount due to pay your contract. If you are experiencing financial difficulties, please call our dedicated debt collection team via customer service who can help you and discuss possible options. Please note that if you choose not to maintain your monthly payments, this can negatively impact your credit score and affect your ability to get credit in the future. Interest may be charged on unpaid amounts.
Payments by cheque – Please pay all cheques to BMW Financial Services and send them to the following address with your contract number on the back of the cheque: you can choose from a range of insurance products for your contract. These include BMW car insurance with full and liability insurance, BMW personal insurance and BMW residual debt insurance. BMW Financial Services does not apply any payment obligations. However, if you are concerned that you may be able to pay for your financing contract as a direct result of COVID-19, you can rest assured that BMW Financial Services will support our clients with a range of alternative options depending on their individual situation, which can result in a significant reduction in payments for several months. We believe that treating each client as an individual, based on an understanding of their personal needs and situation, is the best way for us to provide support during difficult times and especially during the unprecedented COVID-19 emergency. Please note that our teams offering this one-on-one support are currently experiencing unprecedented demand. Our teams are working hard to support customers who currently need it most, which means our phone and email wait times are much longer than usual. Our team of experienced consultants reviews each individual`s situation and works with them to provide appropriate support. Due to the nature of our financing agreements, it is not possible to fully defer your payment, although we can significantly reduce your payments for a few months. We kindly ask you to contact us via the online payment form below so that we can prioritize our phone lines for the people who need our help the most at this time. .