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      02-24-2013, 12:32 AM   #1
PetoM3
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BMW Financing terms for H1-b

Just posting this to clear up confusion on BMW financing for folks on working visa here in US.

According to official requirement, your end term must be before you're visa expires. However, they can make an exception if they see it as not as big risk, like in my case.
I have 2 years & 5 months left on my H1-b visa and BMW FS offered a loan only up to 36 month, but they did offer . I'm also putting down 30% downpayment and I did have my current car financed here in US and payed off, which probably helped the offer. I also stressed out I'm getting permanent residency soon/ or can easily extend H1-b. See next post for the official response from BMW FS.
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Last edited by PetoM3; 02-24-2013 at 02:09 AM. Reason: Made the thread more focused
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      02-24-2013, 12:34 AM   #2
PetoM3
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BMW Financial Services does offer an International Executive Program to qualifying participants. This program is designed to assist international workers without credit in the United States, who are in this country for a specific period of time on a work visa. The International Executive Program is not designed for individuals that are visitors, students, permanent resident aliens, or have asylum status.

To process a credit application using the International Executive Program, we would need the following information included with the application. Providing this information does not guarantee credit approval. Additionally, if a co-applicant is an international executive, the same information must be provided.

1. Current employer information on corporate letterhead. This letter must include:
- Terms of employment
- Expected term in the United States
- Position / title and salary
- Employer contact name and direct business telephone number


2. Copy of a driver's license.
- Must be a valid U.S., Canadian, or International Driver's License
- A driver's license from the country of origin must accompany the International Driver's License
- Driver's License must include expiration date

3. US Domestic/Foreign credit references. (Please have copies of supporting documentation.)
- Contact names and phone numbers
- Bank information
- Prior BMW Financial Services or other automotive financing information

4. Copy of a valid passport.
- Information page containing photograph, expiration date, and signature

5. Copy of valid Visa and I-94 card.
- Valid visa classifications are: E-1, E-2, H-1B1, H-1C, H-2A, H-2B, L-1A, L-1B, O-1, O-2, P-1, P-3, R-1, and R-2
- Admitted term and Visa term must equal or exceed the term of the contract
- Documents must be legible


Additional information, other than that listed above, may be required.

Q: "Can you make an exception for the end term to exceed the visa term?"
Your BMW center will be able to communicate directly with our credit credit department to see if an exception is possible once they have had a chance to review the credit application
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Last edited by PetoM3; 02-24-2013 at 12:41 AM.
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      02-24-2013, 07:46 AM   #3
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if u have a mortgage , u will get the loan or lease from bmw financial no matter what visa or length of ur visa .
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      02-28-2013, 02:53 PM   #4
mdosu
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makes sense, they just want to make sure you're on the hook and they can come after you, or that you're not a deadbeat. A prior credit history is sufficient.

they know that at any point, you can elect to leave the country before you H1-b expires too.

good luck on your visa status. H1-bs are tough to come by these days outside of the tech world.
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