Early Settlement Refunds FAQs

Why am I getting a refund?
We discovered an error in the calculation of your settlement figure, resulting in your quoted settlement figure being too high. The refund rectifies the situation. We are contacting all customers affected by this error. You do not need to contact us.

Is everyone getting a refund?
No. We are contacting all customers entitled to a refund. You do not need to contact us.

How was the refund amount calculated?
The amount of the refund is the difference between the amount of your original settlement quote and the correctly recalculated amount. By way of compensation, there will also be interest added to this amount from the date on which the agreement was settled.

How will I get it?
We will send you a letter containing a cheque in full and final settlement of the issue.

How much will it cost me? Are there any additional costs?
You should not incur any additional costs (apart from your normal banking fees, if any).

What information do I need to provide to get the refund?
None – we have all the information required and will send the refund to you.

I have had multiple finance agreements with BMW Financial Services, MINI Financial Services or ALPHERA Financial Services. Will I get refunds for the other agreements?
We are reviewing all agreements to determine if they meet the criteria for a refund. You will be contacted separately for each agreement that qualifies for a refund.

The name on the cheque is incorrect as my name has changed. How can I change the name?
Please contact us on the number included in the letter, and request a name change and a reissue of the cheque. You may be required to provide evidence of the name change before the cheque can be re-issued.

I have lost my cheque. How can I get a new cheque issued?
Please contact us on the number included in the letter and request a reissue of the cheque.

How can I deposit the cheque?
Most banking apps will allow you to scan a cheque and deposit it that way; alternatively, you can take it into a branch of your bank, and deposit it with them.

Can you transfer the funds to my bank account instead?
All refunds are being processed by cheque. If you do not have an account into which you can deposit the funds then please contact us on the number included in the letter and we will endeavour to find an alternative method for you.

The bank has refused to accept the cheque. What can I do now?
All cheques should be valid for 6 months from the date of issue. If your cheque has gone beyond the validity date, or your bank will not accept it for some other reason, then please contact us on the number included in the letter and request a reissue of the cheque.

What if I still have questions or need to talk to someone?
Please contact us on the number included in your letter or send an email to the address listed in your letter.

I no longer own the vehicle. Will I still get the refund?
The refund is not dependent on the current ownership of the vehicle.

Why have you deducted tax from the refund?
HMRC have instructed us to deduct tax on the interest at the standard rate.

Do I need to declare the refund to HMRC?
If you are concerned, please contact your tax advisor to review your position.

It was a company car. Will I still get a refund?
The refund will be issued to the party that signed the agreement with BMW Financial Services, MINI Financial Services or ALPHERA Financial Services.

How do I know this is not a scam?
We will never ask you for any information, nor require any payment to enable this refund. Please feel free to contact BMW via the telephone number listed on the website, and request verification of the refund.

Will this affect my credit score?
This refund will not affect your credit score.

Can I make a complaint if I cash the cheque?
We are sending the cheque in full and final settlement of the error. If you deposit the cheque, we will consider the matter closed.

How do I make a complaint?
If you are unhappy with our service, please contact us and we will endeavour to address your issue. You can contact our Customer Complaints service on 0370 5050 197 or email them at csescalations@bmwfin.com.

If you are dissatisfied with our final response to your complaint, or the reasons for any delay in providing our final response within eight weeks from the day we received your complaint, you can usually ask the Financial Ombudsman Service for an independent review. Further information is available on their website https://www.financial-ombudsman.org.uk

I currently have an active agreement. Will I still get a cheque?
Yes, you will get the cheque, and your current agreement will be unaffected.

My account is in arrears. Will I still get a cheque?
Any refund will first go to pay off any arrears.  If there are funds remaining, you will receive them via a cheque.