02-06-2024, 08:23 PM | #23 | |
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21 G05 > 20 G05 > 17 G30 > 14 F30 > 08 E90
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02-07-2024, 12:19 PM | #24 |
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What other items? Just curious. I just spent $2k on new tires but I think those are added to the value of the car. There’s also the vehicle license fee refund, which should probably come back to me with the taxes. Anything else?
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02-14-2024, 08:59 AM | #25 |
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As a broker with 1400+ cars delivered, I try to keep my finger on the pulse on issues like this.
Previously, BMW would offer you 50% of the difference between your lease payoff and the insurance payoff as a Loyalty Payment Credit (which for some reason they abbreviate as "LCP" rather than "LPC," hah). HOWEVER - A client who experienced a total loss has received an email from BMW stating the following: "In light of the circumstances, we would like to inform you of a Loyalty Payment Credit for which you may be eligible, should you choose to lease or finance your next vehicle with BMW Financial Services. The Loyalty Payment Credit amount can be up to 100% of the amount remaining after subtracting your contractual Lease payoff from the insurance settlement resulting from the total loss. Please note, the Loyalty Payment Credit cannot exceed 50% of the sum of total monthly payments on the new lease or finance agreement. This offer, if eligible, is good for one year from the date of loss. Here's how the Loyalty Payment Credit (LCP) program works: Once your new BMW Financial Services account is established, the loyalty credit reflecting up to 100% of the amount remaining after subtracting your contractual Lease payoff from the insurance settlement resulting from the total loss is applied within two weeks after the account is opened. The LCP payment will reflect on your account as a credit to which you may either reduce your monthly payments each month by a certain amount or use the credit to satisfy your monthly payments until the balance is used." They state "up to 100%" so it isn't certain, however previous emails I've seen have stated 50%, so this is good news for anyone in a similar situation. And if you're in need of any allocations, feel free to reach out, as we have allocations nationwide on all X5 trim levels (50e and V8 allocations for 2025 should come out next month). Hope this helps some people out, cheers! |
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02-14-2024, 07:16 PM | #26 | |
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02-22-2024, 07:12 PM | #27 |
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Update here: they are giving me most of the roughly 20k overage as a credit, minus my $2500 deductible that I still have to pay to them. It would seem this should be added to the credit, since it increases the amount they received as payment for the total loss, but I don’t know if I should push it, or just be glad that the credit is now 100% of the amount they received from insurance. Any thoughts? I tried to call and they do not appear to understand that the deductible is part (albeit my portion) of the total loss settlement they are receiving and they said the offered credit will not be revised. My insurance also would not separate the lease tax refund directly to me, but should not matter as it was basically added to the credit amount.
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02-22-2024, 07:41 PM | #28 | |
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2021 BMW G20 M340i xDrive - Verde Ermes/Black - 03/2024.40
2019 BMW G05 X5 xDrive40i - Phytonic Blue/Cognac - 11/2023.50 |
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02-22-2024, 07:47 PM | #29 | |
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Edit: I think you might have misunderstood me. They are deducting it from the credit AND still requiring it to be paid. You’d think it would be one or the other (the email also says this: ie if deductible is not paid, we will use the credit to cover the deductible, so they’re double dipping). |
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02-22-2024, 07:56 PM | #30 | |
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2021 BMW G20 M340i xDrive - Verde Ermes/Black - 03/2024.40
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Brendan///M48.00 |
05-08-2024, 02:52 PM | #31 |
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Just dealing with this now. Can’t believe the insurance company sent them every penny of the settlement. So they got back the sales tax that *I* paid to the state?
How can this even be legal. Just got my demand from them for my deductible! And here is the kicker, I cannot use the credit for another car, so I need to leave $8k on the table. I am furious about this. |
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