|
|
02-23-2010, 02:18 AM | #1 |
Brigadier General
77
Rep 3,268
Posts |
BMWFS question
Does BMWFS finance the loan or do they use another bank (eg: B of A; Wachovia)?
If I applied for a loan in a BMW dealership and get approved for a certain rate, is it a BMWFS loan or will they still try to submit the car loan application through other banks? Is there a chance that after driving off the lot with the car, they will contact you a couple weeks later because they couldn't find a bank to finance the loan? Thank you. |
02-23-2010, 07:51 AM | #2 | |
Colonel
360
Rep 2,451
Posts |
Quote:
BMW Financial does it all |
|
Appreciate
0
|
02-23-2010, 09:50 AM | #4 |
First Lieutenant
14
Rep 397
Posts |
They function as their own bank. If they approve you for the loan you are good to go.
__________________
09 E92 M3, Space Grey, Fox Red, DCT - Current
05 E46 M3 - Gone 02 330ci - Gone 99 Lexus GS400 - Gone |
Appreciate
0
|
02-23-2010, 10:28 AM | #5 |
Brigadier General
77
Rep 3,268
Posts |
Sounds good. Thanks for the response. So it's not unusual to be receiving letters from other banks saying that they can't approve you for the loan application on his behalf through the dealership?
Just asking because my brother-in-law was approved and took home the car with him. That was early this month and now he just received two letters (Bank of America & Wachovia Dealer Services, both using Experian) stating they could not approve the loan app on his behalf through the dealership. Thanks again. Last edited by armorrig; 02-23-2010 at 10:29 AM.. Reason: clarification |
Appreciate
0
|
02-23-2010, 02:01 PM | #6 | |
Rocket Scientist
33
Rep 948
Posts |
Quote:
Did you brother-in-law sign a contract with specified payment, etc?
__________________
2015 BMW M5 Sedan Returned to BMW at end of lease.
|
|
Appreciate
0
|
02-23-2010, 02:22 PM | #7 | |
Brigadier General
77
Rep 3,268
Posts |
Quote:
When we apply for a loan in a BMW dealership, aren't they supposed to submit it through BMWFS and you either get approved or denied right away? Thanks. |
|
Appreciate
0
|
02-23-2010, 02:30 PM | #8 | |
Rocket Scientist
33
Rep 948
Posts |
Quote:
__________________
2015 BMW M5 Sedan Returned to BMW at end of lease.
|
|
Appreciate
0
|
02-23-2010, 02:42 PM | #9 |
Brigadier General
77
Rep 3,268
Posts |
Ok thanks. I will tell him.
Maybe it is also written somewhere on the paperwork he signed that BMWFS was financing his loan? I'll tell him to try to take a look at that as well. |
Appreciate
0
|
02-23-2010, 07:56 PM | #10 |
Lieutenant Colonel
151
Rep 1,599
Posts |
Copy of BMW Financial Services Motor Vehicle Retail Installment Contract
Your brother should have a copy of the BMW Financial Service Motor Vehicle Retail Installment Contract that he surely would have signed before taking delivery that spells out all the terms of payment for the car. Mine happens to be yellow and about 3 feet long.
If it's been 2 or 3 weeks since delivery, he should be able to sign up on the BMWNA website and access/manage his loan.
__________________
|
Appreciate
0
|
02-23-2010, 08:37 PM | #11 |
Brigadier General
77
Rep 3,268
Posts |
Yes, I believe he has that yellow sheet. It's needed for the auto insurance isn't it? Doesn't he have to wait for his statement to know his account number so he can sign up?
|
Appreciate
0
|
02-23-2010, 09:07 PM | #12 |
Lieutenant Colonel
151
Rep 1,599
Posts |
I Don't Remember
I already had a BMWNA site account (not connected to finance side) from my previous car. I did have to sign up for the loan management part. I did it before I got any paper work from BMWFS. I think all I needed was the VIN and my social. It's actually pretty nice. You can pay online manually or set up scheduled payments by giving them your checking account info. They credit the payment the day that you initiate the it.
__________________
|
Appreciate
0
|
Post Reply |
Bookmarks |
|
|