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BMW settles U.S. claims it refused lease refunds to military personnel

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BMW AG agreed to pay more than $2.2 million to settle U.S. government claims that it failed to provide required refunds to 492 military personnel who lawfully terminated their vehicle leases because they were called to duty.

In the first case of its kind, the U.S. Department of Justice on Thursday said BMW Financial Services NA violated the federal Servicemembers Civil Relief Act by having since August 2011 refused to reimburse so-called capitalized cost reductions to service members who ended their leases early.

BMW's payout includes $2.17 million to compensate the 492 service members, plus $60,788 to the U.S. Treasury. The German automaker did not admit or deny wrongdoing.

Capitalized cost reductions are upfront payments made to reduce monthly lease payments, and typically amount to thousands of dollars.

In papers filed with the federal court in Newark, New Jersey, the government said BMW violated the law by refusing as a matter of policy to refund such payments to service members who were called to duty for 180 days, or permanently assigned to new locations.


Source :- yahoonews
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