BMW Financial - BMW Luxury Touring Community
 
LinkBack Thread Tools Display Modes
post #1 of 13 Old Jan 5th, 2014, 11:18 am Thread Starter
Senior Member
 
Join Date: Aug 2011
Location: Erie, PA, USA
Posts: 2,119
BMW Financial

I'm going to have a fight with BMW financial tomorrow. I have a card with them which I use for bike related stuff, gas for the bike, etc... Always pay it off each month. When I purchased the bike I financed because the rate worked out better financially and with the intent to pay it off early. I did so this past summer. I hate to carry debt when I don't need to and it is better for credit rating.
Anyhow after 2 years and BMW bumping my line of credit up several times I get a notice Friday they are raising my interest rate on the card some 6%. They give a laundry list of reasons POSSIBLE for this change of which one or all might have been used in the decision.
Basically the only change to my credit history is the fact I paid off the loan on the bike early with them. So my take is they aren't making any money off me in interest, so they decided to bump up the rate on the card. It is really a non-factor since I always keep the card paid off so there isn't any interest penalty anyhow, but I hate being screwed with. So Monday they are going to get an ear full, and afterwards I'll cancel the card.
Anyone have a similar experience with them?
Teach is offline  
Sponsored Links
Advertisement
 
post #2 of 13 Old Jan 5th, 2014, 11:30 am
Senior Member
 
mwnahas's Avatar
 
Join Date: Dec 2004
Location: Bedford Hts, OH, USA
Posts: 4,215
Re: BMW Financial

I wish you luck. Be respectful but speak your mind. Too many of us just accept whatever rules they say. More consumers need to speak up and just say no.

Just Go
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Mike
Cleveland Ohio
2014 K1600 GTL Grey Wolf.
mwnahas is offline  
post #3 of 13 Old Jan 5th, 2014, 2:11 pm
Lifetime Supporter
 
PMitchell's Avatar
 
Join Date: Aug 2006
Location: Hudson, OH, USA
Posts: 2,878
Re: BMW Financial

What's the point of added stress?
  • You will talk to some credit clerk who doesn't give a damm anyway.
  • It's probably handled by another financial institution besides.
  • You pay off the balance monthly ( as do I).
  • It doesn't affect your credit rating
  • If you don't use it for a year or so, they will probably cancel it anyway.


pm
--
Life is too short to do anything
other than that about which you
are absolutely passionate . . .
Ride till you can't!

"Der Weg ist das Ziel"

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

2011 South Africa
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


2014 The Dolomites of Italy, Alps of Switzerland & Austria and returning to Milan via the "Gold Coast" of the French Riveria.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


2016 Spain & Portugal
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


2018 Central & Eastern Europe: Slovenia, Austria, Poland,Hungary, Czech Republic & Slovakia!

'18 R1200RTW
'00 K1200LTC (Dealer is taking on consignment!)
'90 K75-Sold to a new BMW owner (2016)
'62 R 50/2 (Rode hard and put away wet)-Sold in '81
'63 Vespa 150 (1st and only dirt bike!)
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Sold in '67


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
PMitchell is offline  
 
post #4 of 13 Old Jan 7th, 2014, 11:35 pm
Senior Member
 
lkchris's Avatar
 
Join Date: Feb 2012
Location: Albuquerque, NM, USA
Posts: 1,012
Re: BMW Financial

It's probably a mistake to assume they only did this to you.

Kent Christensen
Albuquerque
'12 R1200RT, '02 R1100S, '84 R80G/S
lkchris is offline  
post #5 of 13 Old Jan 8th, 2014, 5:26 am
Member
 
francis83's Avatar
 
Join Date: Feb 2013
Location: Trans en Provence, , France
Posts: 54
Re: BMW Financial

Hi Tim

you are in the BMW's world!!!

The maint point is invisible for the eyes

2007 K1200LT (actual)
1997 HONDA PC800 (SOLD)
1993 HONDA CBR1000F (SOLD)
1993 TRIUMPH SPRINT 900 (Explosed engine)
1989 KAWASAKI KLR650 TENGAI (SOLD)
1986 KAWASAKI KLR 600 (SOLD)
1980 YAMAHA DTMX 125 (SOLD)
1969 HONDA 750 K0 (SOLD)


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
francis83 is offline  
post #6 of 13 Old Jan 8th, 2014, 7:23 pm Thread Starter
Senior Member
 
Join Date: Aug 2011
Location: Erie, PA, USA
Posts: 2,119
Re: BMW Financial

Thanks guys, yep I know. I decided I'm going to cash in my rewards points and cancel the card. I don't need the card, nor the hassle of arguing with some phone answering kid who could care less.
I'd just cancel the card but I have over $100 bucks in rewards points and plan to have the ASC download done come spring. So I'll cash those in on that mod and then cancel.

lkchris, you are probably correct. I'm sure they run this drill all the time.
Teach is offline  
post #7 of 13 Old Jan 8th, 2014, 11:19 pm
Ted
Senior Member
 
Ted's Avatar
 
Join Date: Jun 2003
Location: Oxnard, CA, USA
Posts: 1,988
Re: BMW Financial

Canceling the card WILL impact your credit rating, because you will be reducing the amount of your available credit.

Ted

Camarillo, CA
2012 Ducati Multistrada 1200S - Red
2007 R1200S - Black - Sold
2003 K1200LTC - Silver - Sold
IBA# 16554

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Ted is offline  
post #8 of 13 Old Jan 9th, 2014, 12:38 am
Senior Member
 
hallzee's Avatar
 
Join Date: Mar 2006
Location: Gold Country, CA, USA
Posts: 2,571
Re: BMW Financial

This is common on "Rewards" cards. I have a "Cash Back" rewards card that is a whopping 18% APR. I don't care how high it is - I pay it off each month, and pay no interest.

Brian
CCR: 2008, Midway; 2011, Boise; 2012, Duluth; 2014, Chattanooga. MOA: Billings, 2015; SLC, 2017
CCR-R: 2018, Russellville
'13 K1600 GTL-P - "Eva"
Sold but "beloved" ride: K12 LT - "Pepe"
IBA #31242 (SSx2, BB, BBG)
MOA #136148

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
-
hallzee is offline  
post #9 of 13 Old Jan 10th, 2014, 1:40 pm
Wrencher Extraordinaire
 
jzeiler's Avatar
 
Join Date: May 2004
Location: Hazel Green, AL, USA
Posts: 13,071
Re: BMW Financial

Just received an offer for one from BMW it was a 1, 3 & 5 card. 6% APR for 6 months then 18-26% there after. Yeah it is in the trash bin.

John
2009 K1300GT Red Rocket
2009 R1200GS (Gone)
2005 K1200LT Ocean Blue Blue Wizard 110 K and counting...
2006 Bushtec Turbo+2 Spell
2004 330 Ci Convertable
K4AN

Have ridden a Motorcycle in all 48
But lack DE, MA, RI and CT with the 2005 LT

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
jzeiler is offline  
post #10 of 13 Old Jan 11th, 2014, 6:59 am
Senior Member
 
FrankNitti's Avatar
 
Join Date: Aug 2012
Location: Irmo, SC, USA
Posts: 387
Re: BMW Financial

Have always heard that if you cancel a card it hurts your credit rating...not sure why it would. I just shred the card and keep the account open.

If you pay the balance every month, the % rate won't matter.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
__________________________________________________ _________
John aka Frank Nitti

2003 K1200LT-E
1993 HD Fatboy...Gone, But not Forgotten
2000 Honda Gold Wing/Motor Trike Conv.
MOA #186960

Some people try to turn back their odometers. Not me; I want people to know 'why' I look this way.
I've traveled a long way, and some of the roads weren't paved.
Will Rogers
FrankNitti is offline  
post #11 of 13 Old Jan 11th, 2014, 9:32 pm
Ted
Senior Member
 
Ted's Avatar
 
Join Date: Jun 2003
Location: Oxnard, CA, USA
Posts: 1,988
Re: BMW Financial

When you cancel a card it lowers your total available credit. If you carry a balance, then your debt ratio goes up. If you don't carry a balance, your total available credit goes down. Both of these situations will negatively impact your credit rating.

Ted

Camarillo, CA
2012 Ducati Multistrada 1200S - Red
2007 R1200S - Black - Sold
2003 K1200LTC - Silver - Sold
IBA# 16554

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Ted is offline  
post #12 of 13 Old Jan 12th, 2014, 11:52 am
Member
 
Join Date: Apr 2012
Location: So Cal, Ca, USA
Posts: 71
Re: BMW Financial

Quote:
Originally Posted by Ted View Post
When you cancel a card it lowers your total available credit. If you carry a balance, then your debt ratio goes up. If you don't carry a balance, your total available credit goes down. Both of these situations will negatively impact your credit rating.
Boy, you are not kidding there. We just bought a motor home and found out that my credit rating had gone down. Seems that even though I have several credit cards, I pay them off, cars and toys paid off, and that kills the credit rating. I was going to just buy it without a loan, but instead financed a portion of it to get my credit rating back up. We do not buy any toys until we can afford it, just not the american way....

Mark
HeliMark is offline  
post #13 of 13 Old Jan 14th, 2014, 1:37 pm
Senior Member
 
Join Date: Nov 2010
Location: Harleysville , PA, USA
Posts: 471
Re: BMW Financial

Quote:
Originally Posted by HeliMark View Post
Boy, you are not kidding there. We just bought a motor home and found out that my credit rating had gone down. Seems that even though I have several credit cards, I pay them off, cars and toys paid off, and that kills the credit rating. I was going to just buy it without a loan, but instead financed a portion of it to get my credit rating back up. We do not buy any toys until we can afford it, just not the american way....

Mark
Not your way, perhaps (mine either) but Americans love debt and don't save enough. Most feel entitled to all the finer things in life, even if they can't afford them. Credit is too easy.

Greg
2011 R1200RT (sold)
2012 K1600GTL
GRB60 is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the BMW Luxury Touring Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Similar Threads
Thread Thread Starter Forum Replies Last Post
honda st1300 or bmw t1200rt? bmd RT Series 47 Feb 13th, 2013 12:38 pm
Registering a post 2004 LT in France mcousin Europe 7 Aug 15th, 2011 3:56 am
Riding impressions SwedishViking K1600GT/GTL 106 May 23rd, 2011 9:34 am
Importing BMW into Canada recall letter fees ellebal1111 Canada 22 Jun 17th, 2010 4:33 pm
article by Scott Mckay, Sierra BMW Service rkirker Bike Talk 2 Jan 3rd, 2007 7:23 pm

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome