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New Member
Posts: 4
Registered: ‎01-10-2013
0

BMW Financial Services

Hello all,

 

Newbie here....been reading, very imformative stuff.

 

Quick question. After researching for a while I was pretty sure that BMW Financial (online) would pull my Equifax report as I live in Miami. My EQ (non auto enhanced) Fico is sitting at 713. My auto enhanced score is probabbly higher as I have several "never late, Paid in full auto loans over the last 11 years. I decided to apply today so I could line up an approval before going to the dealership. I got a "declined" response from BMW about a 1/2 hour after applying. Turns out they pulled my Experian report which is over a hundred points less than my EQ.

 

My question is, are my hopes of leasing through BMW financial services over or can I still go to the dealer and say "hey I was denied by BMW Financial as they pulled ExperianI which is my worst, can I resubmit using Equifax?" Is that possible or am I doomed by that Experian pull? Wouldn't BMW see my first denial and kick me to the curb?

 

Thanks!!!

Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: BMW Financial Services

if you have no baddie. or clean CA. i guess you have to go to dealer.

i was approved at BMW delaer 8.4 with EQ 620+ , TU 650+ Ex 610+. with 2 CO and 2 medical CA

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
New Member
Posts: 4
Registered: ‎01-10-2013
0

Re: BMW Financial Services


TrishN wrote:

if you have no baddie. or clean CA. i guess you have to go to dealer.

i was approved at BMW delaer 8.4 with EQ 620+ , TU 650+ Ex 610+. with 2 CO and 2 medical CA


Thanks Trish.....I know I would have been approved if BMW had pulled Equifax but they threw me a curve ball and pulled Experian. So does anyone know know if I go to the dealer can they submit my Equifax credit report to BMW Financial Services for approval or because BMW FS already has my social and EX report in their system would that now red flag the Equifax report and would be an automatic denial? Thanks

Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: BMW Financial Services

like I sais they will pull all 3 AT DELEAR I guess you will get approval if you dont have unpaid tax or any gov or CC CA on your credit report. dont worry buddy. go to delaer is better

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: BMW Financial Services

I would go to the dealer. Going to the dealer is the same as calling for a reconsideration on a credit card that was instantly denied by the computer. After lease approval through Acura, the dealer revealed to me that Acura is one of the hardest luxury dealerships to get approval through behind Jaguar but he said BMW Financial will approve almost anyone so I think the computer tripped you and if you go up to the dealer, they will call and discuss your file with a rep over the phone and you will probably get approved. Human interaction is always better than computer interaction. You could also just call a finance rep at the dealer and work it all over the phone. I worked my Acura lease approval over the phone and once approved, the dealership came to my house and picked me up in a courtesy vehicle since my car broke down and had to be towed early that day. Good Luck!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
New Member
Posts: 4
Registered: ‎01-10-2013
0

Re: BMW Financial Services


MovingForward_2012 wrote:
I would go to the dealer. Going to the dealer is the same as calling for a reconsideration on a credit card that was instantly denied by the computer. After lease approval through Acura, the dealer revealed to me that Acura is one of the hardest luxury dealerships to get approval through behind Jaguar but he said BMW Financial will approve almost anyone so I think the computer tripped you and if you go up to the dealer, they will call and discuss your file with a rep over the phone and you will probably get approved. Human interaction is always better than computer interaction. You could also just call a finance rep at the dealer and work it all over the phone. I worked my Acura lease approval over the phone and once approved, the dealership came to my house and picked me up in a courtesy vehicle since my car broke down and had to be towed early that day. Good Luck!

Thanks MovingForward_2012 I am going to stop by the dealer to see what options are still on the table and will post my findings. Thanks for your help.

Regular Contributor
Posts: 236
Registered: ‎05-06-2008
0

Re: BMW Financial Services

I applied for a BMW car loan and the guy told me as long as I pay off all my C/O accounts and or collections they would have an easy chance of approving me. I had a Credit score of about 530 he told me 600+ with no outstanding debts owed ( c/o or opencollections) he said would give you good apr. I paid off my collections and C/O and went to a honda dealer instead with a credit score of 540 and I got approved for a brand new 2012 civic SI with all the goodies and an apr of 4.9%. make sure you have a low uti. youll have no problem my next car after I pay this one off next year will be a BMW. Happy car buying Smiley Happy took me a good month to decide what i want and for what i want to pay. Other dealers tried to tell me 17% is the lowest they can go but dont believe their BS. they can go lower. trust me Smiley Happy i walked a couple times then got many many  phone calls a day later.

Starting: 6/2012 : EX: 485(FAKO) EQ: 490(FICO) Trans: 482(FAKO)
Current : 4/2014: EX: 650(FICO) EQ: 664 (FICO) Trans: 681 (FICO)

Cards: NPSL Amex Green (AU), $11500 Discover IT, $4000 Quicksilver One, $3500 Bank of America Travel Rewards,$3000 Amex BCE,$3000 Quicksilver One, $3000 AA, $2500 Sallie Mae MC, $5000 Citibank AA, $1500 Barclay, $1200 Macys
~Back to the Garden~

Goal Score: 700 Across!

Gardening til 8/2014!!
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