# New CPO warranty rules as of 1/1/2014?



## BmwLoosingFaith (Aug 25, 2015)

Maybe a little crazy due to frustration... 

And yes that was what was explained to me by sales that I would have full warranty for the 6 year or up to 100k miles. The actual paperwork was done out of state and I had the car shipped to me. Had my m6 shipped to them.

You can't post late on credit without being in written notice or 30 days past due which i was never 30 days past due on payment and eXtra mone was pit to principle of loan. you are correct the bill is extending the life of the loan and i am fine with that. 

But posting to credit after all forms of payment post directly to loan. When I paid more it took it off next month payment so actually paying the late fee was impossible through the online or phone payment systems.

It is the credit hit I am mostly pissed off with bmw financial. They have to show the bill either on my statement or send me the bill and request for the payment due. Not just go post late notice on my credit. Worth 5k for me to get it removed from my credit report if I had to and prove a point.

I was not talking about just the headlight washer flaps blowing off I am talking about the pump completely coming out of its housing and both within 3 seconds from each other and put a deep scratch down my car. What if it caused an accident? There was a motorcycle in front of me when it happened. What if he was behind me and both blew off and caused the biker to loose control and hit something. Who is at fault? 

Any comments on the car falling apart in a sunny day wind?

Seems my most frustration was not discussed...

BMW servers clearly need a service upgrade to handle late fees. I can't pay them by any normal means.


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## Ninong (May 20, 2014)

Nothing gets reported, by any creditors, until it is over-30 days late. Payments that are made beyond the grace period only show up on that particular lender's records. That's how it works with everybody -- banks, credit unions, credit cards, dept stores, etc.

However, unpaid balances do get reported once they are over-30. All banks simply add the late charges to the end of the loan. That's always a shock to some customers who wonder why their payoff is higher than they think it should be and then it has to be explained to them that the payoff includes x-amount for late fees.

If an unpaid balance gets beyond over-120, it usually gets reported as a charge-off. Some lenders may even sell the account to a collection company and it could get reported as an unpaid collection.

Points get deducted from your credit score by the credit reporting company's computer based on their unique methods for calculating their credit scores, even if they're using the same FICO system or Vantage system of scoring. Obviously an over-60 is worse than an over-30. An over-120 is much worse.

Unfortunately this is often a problem with customers who were unaware that their account was accumulating late charges. The computers do that and actual people may never know about it until you get over-30 days late. That's when your account starts showing up on their list of loans in default. With cars, some lenders don't start to freak out until you are more than 40 days late -- meaning two payments are past due. That's when repo notices usually go out. 

BMWFS is not unique in the way they handle their accounts. The same thing would happen if you used Bank of America, or Wells Fargo, or Chase, etc. 

As far as your car falling apart, that's between you and BMW. Not much I can offer on that point. I'm just trying to point out that reading the documents would have avoided all the other confusion. Even if you did this long distance, you still should have read everything once you received it. If you took over an open BMWFS loan, you had to sign the loan agreement and everything about the due date and late fees is right on there in detail. If the due date was inconvenient, you can usually call the lender to arrange a different due date but that has to be done and your account has to be changed to show the new due date. You can't just decide on your own to send all of the payments in 15 days late. That's how you got into trouble and ended up with all those late fees.


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## Ninong (May 20, 2014)

tturedraider said:


> When I bought my non-CPO 2006 E90 330i I also bought an exclusionary warranty that ran five years from the inception date or 72,000 miles from inception mileage which would take my car to 125,000 miles.


I should have said that I'm not aware of any BMW warranties that go beyond 100,000 miles. 

I'm not a fan of any third party warranties. There are probably some "good" ones but I don't trust any of them. One of the largest, if not _the_ largest, such companies, US Fidelis, went bankrupt because they were a scam. They weren't putting nearly enough money into the reserve for claims account. They spent millions on national TV commercials and mail-outs to anyone whose factory warranty was in its last year. They were even tied in with NASCAR. All of the people holding their policies were literally left holding the bag when they went under. http://www.forbes.com/sites/jimhenr...-common-scams-related-to-extended-warranties/

Maybe I'm more skeptical than most people because remember when these things were first dreamed up and know how many of them were not worth the paper they were written on. Even today you have extended warranties and other types of coverage written by the various national auto chains. How do you know what's going on? Who's holding the reserve account? Is it audited frequently? What if they go under? Sometimes the money simply isn't there because it wasn't submitted in a timely manner and instead was used to cover operating expenses. Whenever you buy any such product that doesn't have the manufacturer's name on it, _*caveat emptor*_. Be sure to google the company first, especially for bbb reports.


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