I have a 2005 SMG which BMW is taking back and calling it a Coladeral Buyback. Any experaince on this forum on this?

I don't know what my rights are and the process. I want to be informed on what I can and cannot do.

Any suggestions or help would be appreciated.

I loved the 545 SMG

 

I think they mean a collateral buyback. Don't know they particlars, but if the car has enough issues to be taken back, I'd likely take a lawyer and go sit down with the manager for a detailed explanation of what they mean by a collateral buyback, in terms of their obligations and yours. You don't want to agree to something you don't fully understand, and even though this board has some very knowledgable folks, I'd have a professional involved. Just my 0.02

 

Plus, our rates are higher anyway...

 

Plus, our rates are higher anyway...
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What!! I thought all this good info was pro bono work...

 

Are they taking your car and giving you another?

 

Not a good idea to show up with a lawyer...its been done before and BMW essentially freezes and will do nothing until a court forces them to a year later. Just go ask them what they are offering...no reason to bring an attorney into it....it may be a great deal and you'll go away happy. Just be sure to address issues such as sales tax, registration fees and stuff like that.

 

Not a good idea to show up with a lawyer...its been done before and BMW essentially freezes and will do nothing until a court forces them to a year later. Just go ask them what they are offering...no reason to bring an attorney into it....it may be a great deal and you'll go away happy. Just be sure to address issues such as sales tax, registration fees and stuff like that.
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Good point on the lawyer. See what they are offering. Maybe don't bring him/her along, but my real point was make damn sure of what they are offering you for your troubles/old car. Straight swap for a new one, new car but you pay some cash for "depreciation" of the old car. Just make sure you know the whole deal.

 

If you do not bring a lawyer with you, make sure you take good notes on what is said and offered...and BEFORE you sign anything have a lawyer look it over. These BMW guys are professionals at this and obviously you are not. Make sure you don't get screwed - get legal help before you commit to anything.

 

Not a good idea to show up with a lawyer...its been done before and BMW essentially freezes and will do nothing until a court forces them to a year later. Just go ask them what they are offering...no reason to bring an attorney into it....it may be a great deal and you'll go away happy. Just be sure to address issues such as sales tax, registration fees and stuff like that.
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Good point on the lawyer. See what they are offering. Maybe don't bring him/her along, but my real point was make damn sure of what they are offering you for your troubles/old car. Straight swap for a new one, new car but you pay some cash for "depreciation" of the old car. Just make sure you know the whole deal.
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Ya, take some time to think over whatever they are offering you. Come ask us if we think its fair.

 

Did BMW explain the reason for the buyback?? More importantly, what kind of problems are you having with your 545 SMG that BMW wants to buy back??

Assuming that you have no issues with selling the car back to BMW, then the situation should be pretty simple -- you need to evaluate what price BMW is offering you to buy back your car and whether or not it is a reasonable and fair price for the car. If you have had significant problems with the car, there are not significant miles on the car and there is no other damage to the car (from accidents, vandalism, etc.), you may be able to get back your full purchase price (from your signature, it appears the car is less than 6 months old).

Of course, what you do with the payout from BMW is your own choice. If you want another BMW, then you should request that BMW offer you no worse than the same deal that you initially negotiated for the car they are buying back. Keep in mind that the buyback is a separate "deal"/transaction from the buy back itself (i.e., BMW is not obligated to give you a great deal on another purchase, so any "demands" from you may not be taken well by BMW and may even cause BMW to withdraw its buy back offer) -- however, if you negotiate reasonably with BMW, they may in good faith offer you a good deal on the purchase of another BMW vehicle (especially in view of the inconvenience to you).

The worst thing you can do is invite or take a lawyer with you to discuss these items with BMW -- as has been pointed out in a prior response, BMW may then "see you in court" and force you to pay significant legal fees to your lawyer to resolve the situation.

Bottom line -- be humble, listen to what BMW is offering, and act reasonably and fairly with BMW to resolve the situation.