BMWFS question

[armorrig]

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.

[RRGOO7]

Originally Posted by armorrig

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.

BMW Financial does it all

[calintexas]

Originally Posted by RRGOO7

BMW Financial does it all

Yes, you make payments to BMW Bank of North America.

[RevFreak14]

Originally Posted by calintexas

Yes, you make payments to BMW Bank of North America.

They function as their own bank. If they approve you for the loan you are good to go.

[armorrig]

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.

[///M Rakete]

Originally Posted by armorrig

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.

Sounds unusual to me. It sounds like the dealer F&I guy "approved" him, your brother-in-law took the car, and the dealer was going to shop the financing. If it were through BMWFS this should have all happened on the spot. Now it seems that the dealer's approval might have been premature or the financing that inevitably gets secured will be at less than favorable rates.

Did you brother-in-law sign a contract with specified payment, etc?

[armorrig]

Originally Posted by ///M Rakete

Sounds unusual to me. It sounds like the dealer F&I guy "approved" him, your brother-in-law took the car, and the dealer was going to shop the financing. If it were through BMWFS this should have all happened on the spot. Now it seems that the dealer's approval might have been premature or the financing that inevitably gets secured will be at less than favorable rates.

Did you brother-in-law sign a contract with specified payment, etc?

Yes, as far as I know, the application was processed through BMWFS and he was given a certain rate, signed everything and completed the sale process. That's why I thought it was unusual that he was receiving denial letters from 2 banks so far that they couldn't extend him a loan based on his Experian score. Also, when the dealer ran his credit history he was informed that they base it on the highest score, upon which he was approved.

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.

[///M Rakete]

Originally Posted by armorrig

Yes, as far as I know, the application was processed through BMWFS and he was given a certain rate, signed everything and completed the sale process. That's why I thought it was unusual that he was receiving denial letters from 2 banks so far that they couldn't extend him a loan based on his Experian score. Also, when the dealer ran his credit history he was informed that they base it on the highest score, upon which he was approved.

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.

Odd. I would suggest that he contact the dealership and inquire as to why he is receiving those notices, that he call BMWFS and verify that they in fact did do the financing (unless he's already gotten statements, etc.), and that he get a three-bureau credit report to make sure everything is what it should be.

[armorrig]

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.

[calintexas]

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.

[armorrig]

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?

[calintexas]

Originally Posted by armorrig

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?

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.