Fees, Legal & Contracts.
1. Definition:
A credit contract is a consumer credit contract when
- it is for individuals and,
- the motor vehicle is primarily for personal, domestic, or household use.
You are protected by responsible lending laws. Because of these protections, the recommendations given to you about Motor Vehicle Loans & Finance Leases are not regulated financial advice.
This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.
2. Fees and Interest Rate.
|
Credit Fees: |
|
|
|---|---|---|
|
Establishment Fee |
$275 |
is charged for the establishment of a new contract. |
|
PPSR Fee |
$10.35 |
is charged for the registration of security interest. |
|
Other Fees: |
|
|
|---|---|---|
|
Dealer Origination Fee |
$350 |
may be charged by the dealer/ agent for the purpose for arranging a new consumer contract. |
|
Dealer Origination Fee |
$500 |
may be charged by the dealer/ agent for the purpose for arranging a new business contract. |
|
Default Fees: |
|
|
|---|---|---|
|
Dishonoured payment |
$9 |
is charged in the event that a payment tendered is dishonoured by your bank. |
|
ITR fee |
$9 |
is charged when an ITR (Intention to Repossess) letter is issued if your loan account goes into arrears. |
|
Warrant to Act fee |
$3 |
is charged when a Warrant to Repossess is issued due to a breach of terms. |
|
Post Repossession fee |
$40 |
is charged when a Post Repossession Notice is issued after we have repossessed the Motor Vehicle. |
|
Interest Rates: |
|
|---|---|
|
|
Current Annual Interest Rate |
|
Personal Loan/Finance Lease: BMW* - Motor Vehicle |
10.95% New |
|
Personal Loan/Finance Lease: BMW* - Motor Vehicle Used |
10.95% Used |
|
Personal Loan - Full Circle: BMW* - Qualifying New Motor Vehicles |
Up to 11.45% |
*Contact your nearest authorised BMW Dealership for details. BMW Financial Services terms, conditions and standard lending criteria apply. Interest rates and fees are subject to change at any time.
3. Complaints Process.
BMW Group Financial Services is committed to providing products and services of the highest standard. If for any reason you feel we have not lived up to your expectations or you are not entirely satisfied with any aspect of our service, please let us know. Click the link below to download information on how we deal with complaints, our customer complaints process and where to direct any complaints.
4. Downloads.
5. Q&A.
BMW Financial Services is a member of the Financial Services Federation - a non-profit organisation representing New Zealand’s responsible, non-bank financial institution.