We are operating in a different environment…you’d be right if this was a regular one off request.
A lot of ppl are dealing with unprecedented/unexpected crisis. In this case both parties are helping each other = fair.
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I don’t think he’s saying NOT paying the amount owed, but the bank providing a bit of a cushion to help out. Deferring the payments to the end vs paying them now seems pretty fair, although, I can see where you’re coming from regarding the bank being “generous.” I’d think of it more as a token good gesture than generous though. Waiving the 2 payments altogether would be generous IMO.
I think you guys are confusing partially fulfilled obligation to mean it’s fair. That’s like saying, I won’t punch you in the eye, instead I’ll punch you in the arm. It’ll hurt less so that’s “fair”, as opposed to, hey why don’t I just not punch you because I’ve practiced self control.
Without getting into a debate about semantics, I agree with @mllcb42 that “fair” is fulfilling the obligation as outlined in the signed contract (which probably doesn’t have a clause for disaster relief).
The financing company allowing deferral of payments in this environment is an example of them being generous to accommodate for hardship. On the flip side, that is the equivalent of the consumer saying, “hey finance company, I know you must be struggling, so here is 2 months of advance payments to help you stay afloat”.
The “issue” I see with considering it fair is the expectation by some that if the bank doesn’t change the terms of the contract to help you out, they’re somehow being unfair.
Hell, we already have one person posting about what assholes bmw are for offering him deferred payments.
Granted, this is just a pointless semantics argument.
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Now that I do agree with. I can guarantee those same people that don’t think it’s fair would scoff at the idea of turning in their $99/mo car early because the bank wants it back early to sell it now, as it’s worth more than the bank initially thought it was. So, it goes both ways, but only when it doesn’t benefit the consumer is it “unfair.”
Actually, BMWFS are a bunch of assholes because they didn’t just unwind his deal a year early, because, why not?
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Is this why ppl who drive BMWs have a bad rep?? 
Why should they unwind the deal a year early? You signed a contract that you would uphold your end of the bargain. Something unforeseen in the future is part of the risk a person takes when they purchase something. I drive a BMW leased through BMWFS and I will keep paying because that’s what I agreed to in my contract.
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You are what we call responsible. Others just look for loopholes and try to game the system (assuming this guy didn’t lose his job and simply can’t pay at this point).
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Banks have to be pragmatic. Better to defer payments than repo tons of cars when wholesale auctions are already backlogged
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Even if he did, deferred payments are a much better outcome for him than the financial and credit costs of getting repossessed
Depending on where you live, keeping the car might also be critical to looking for and getting to your next job.
I don’t disagree. Asking the bank just to eat 12 payments and drop their car off, and getting pissed off that they didn’t just jump for joy and send out a tow truck is just plain stupid. He gave BMW the finger. I’m sure BMW won’t let the door hit him in the ass on the way out either when they get their final payment.
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Agreed that deferring payments or working with someone that is in a true financial hardship is the best for everyone. But I don’t see how someone would get butt hurt because BMWFS didn’t instantly agree to eat the 12 payments. Like somehow he did them a favor…lol. Also, people will use this Coronavirus to try to dump vehicles that they simply don’t want anymore. There are always some out there looking for a way to take advantage of a bad situation. And that’s sad.
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Almost as bad as those that drum up frivolous lawsuits as a means to earn money.
It’s the American way.
You laugh, but that’s the exact reason McDonalds has to put “caution, hot” on their coffee cups.
Ah, the greatest misunderstood lawsuit of the modern era
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I know it wasn’t as cut and dry as that. She was partially held liable too. McDonalds knew their was a risk of serious burns from their coffee.
Yeah it actually wasn’t frivolous at all.
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I thought I may chime in here. I have my wife’s Range Rover lease that expires in about 2 weeks. Everything here in NJ is shut down. I called Land Rover Financial first and after waiting 42 minutes for someone to pick up they just told me to call my local dealer. They had no answers at the time of the call. The only thing she told told me was that if worse comes to worse they’ll arrange for the car to be picked up from home. I don’t see that happening though.
I called 2 dealerships and they both said that the sales departments are closed and I would have to speak with someone there. So that’s the current situation in NJ.
LR finance is Chase, right? I think non-captive banks are even more clueless at the moment.
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I’m in healthcare so I have no problems paying bills at the moment, and I have no intention of calling my lenders for any leeway.
That’s not to say I wouldn’t take some kind of forbearance if it was offered to me, but I’m not expecting or inquiring in any way.
I do own rental property and if I do receive some type of help from my lender, I would pay it forward to my renters in full.
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