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BMW Financial Services


BMW Financial Services

Hello, everyone!


I am in the process of trying to get out of one lease with a different manufactuor by trading in my car and leasing with BMW Financial Services. I am curious if anyone has any inisght if I might be approved.


*I am carrying about 20-25K in negative equity. I tried to lease the vehicle before and BMW wanted 19K down for an approval at 1100 a month.


I went back to another dealer and offered 15K down and the dealer is saying I am approved. However, that is the finance managers opnion but not the loan officer at BMW Financial Services. I've paid a deposit for a vehicle that I would like to have transferred in but the dealer has yet to submit my deal to the bank for offical approval. I am giving them until 2PM today before I work with another deal with someone else.


Here is a little insight on my sitution:

Current Lease, 32 payments left- payoff 51K.

Current Vehicle Apprasial, 32K

Monthly payment 1100.

New Vehicle MSRP 71K.

4-5K in rebates

Downpayment: 15K

Estimated monthly payment 1180.


Credit Scores:

Auto Fico 8: EQ-729, TU-796, EX-694

Auto Fico 5,4,2: EQ-749, TU-740, EX-680.


No baddies on report. Double Digit inquires. Based on the info above, anyone think I will be approved? *Please do not tell me, I should stay in my current vehicle. I am not interested in doing so.*


Message 1 of 9

Re: BMW Financial Services

The cash into the deal isn't washing the underwater lease, and then the new vehicle will be instantly underwater on top of that. My take is that given your scores you'll probably get an approval, but potentially at terms that aren't stellar (and should be with that much $ into the deal). 


I could very well be wrong though, but leases can be fickle things. 

Message 2 of 9
Regular Contributor

Re: BMW Financial Services

All of the BMW dealerships go thru the same district for BMW financial.  So, if you were approved for one dealership thru BMW, then that approval will apply to any dealership you go to, as long as the car qualifies for BMW financing.  Sounds like yours definitely would.  I would call the finance manager that said you are approved, and ask him to see your approval in writing, directly from BMW Financial.  You can also call BMW Financial and speak to them yourself.  (614) 718_6350..Let them know you have a pending application, but that you have questions about which dealership you'll be using.   I bought a 2005 x5 and was qualified before actually purchasing.  BMW was easy to deal with.  Unfortunately, that car turned out to be a lemon and was bought back 2 years after purchase.  No more BMW's for me! lol...Good Luck!

Message 3 of 9

Re: BMW Financial Services

Thank you so much, Sadie. If I call that number, will they actually talk with me? I've tried that at Mercedes and they told me to deal with the dealership directly. So I was approved before but they wanted 19K down at the time. I only proposed providing 10K. So I am nervous that they might still want 19K vs the 15K. The finance manager/sales consultant keeps saying I am 100% approved. However, I am going to ask to see the approval in writing. Do you think this is something they can email or text to me? I am working the deal with them over the phone. As I do not want to go to the dealership to spend hours to only find out that I can't get the car based on 15K down VS 19.

Message 4 of 9

Re: BMW Financial Services

That is a very valid point and was something I was thinking about also. The deal isn't getting rid of ALL the negative equity. I suppose it's getting rid of some, if they apply it to it? I asked the dealer if I should just pay down the current lease directly by 10K and put down 5K into the lease and was told it would be the same thing. My thought process was that by paying down my lease by 10K - that reduces the pay off and the negative equity being rolled in. Knowing that each 1000 only subtracts 20 off the monthly payment. Any thoughts on this?


The deal I was just provided MSRP$ 70,135

I asked for a discount and was initially told $200 off, then was told the selling price is $65,185.

Not sure I believe that.

The payment terms are: 1218, 12K miles, 36 months OR 1198 for 10K/36 months- with 15K down.


Message 5 of 9
Regular Contributor

Re: BMW Financial Services



I don't see why BMW wouldn't talk with you.  Afterall, you're considering a lease on one of their vehicles.  I also don't see why the finance manager wouldn't show you the approval.  In fact, I think I would pitch the fact that you had to give him some pretty confidential information (your financial history, including SSN and CR) over the phone.  The least he could do is send you the approval letter.  I know some lenders have issues with email breaches, but will have no problem faxing that same communication.  

It's interesting that you say Mercedes wouldn't talk with you either.  I just leased a Mercedes and wanted to ask them some questions directly before going to the dealership.  They were happy to go over the application that I submitted online two days prior.  My main reason for contacting them, was that I had a bad feeling about the dealership I had been in contact with.  I was very specific on the car that I wanted, and they told me they would have the exact car there when I got there the next day.  Well, you guessed it.. Of course they didn't.  Not sure why they thought they could talk me into a WHITE one, when I specifically said I wanted BLACK and w/ the AMG package.  My question to Mercedes Financial was if I had the option to buy at any dealership without having to go thru the entire finance portion of the visit.   We got Tier 1 rate.

I saw that you listed your deal with BMW.. Not sure if this helps you or not, but the stats on my car are as follows:

2018 GLC300 coupe with AMG package.

MSRP was $61,067 with all of the options I wanted

Negotiated down to $54,863 plus tax, license, and pre-paid maintenance package $1400 (talked that down from $2300, rip-off)

Paid $1579 down that day.  That included my first mo payment ($679.12 plus tax $56.88)

Total monthly payment $736.00 for 48 mo with 12,000 annual mileage allowance.  Residual at end will be $26,144

I love this car.... It has more power than I would've ever expected.  The most fun I've had in any car EVER.... 

Hope you score a great deal on your Beemer... although we called ours "the Bummer."  LOL.... With that price, are looking at a 7 series?

Message 6 of 9

Re: BMW Financial Services



I absolutely love the GLC300. It's absolutely beautifual. I've always wondered if they were fast Smiley Happy. Thanks for confirming. I took your advice and called BMWFS yesterday and just as I thought - the dealer did not submit the deal for approval. I spoke with the sales person and told her I was extremely upset that I have wasted my time over a nonexistent deal and she promised me the deal was submitted. I called BMWFS again and the deal was submitted a few minutes prior to my second call. Waiting to hear back on the approval today and then will work with another dealer, most likely. 


While,I love the 7 series. The vehicle is a little too big for my taste. However, now you're making me wonder about the monthly payment I am being quoted for a 5 series with my negative equity - not even sure if those numbers make sense.


I will keep you posted. Fingers crossed!

Message 7 of 9

Re: BMW Financial Services

Just curious what car you have that you recently got that is carrying 20k-25k negative equity.  You must really hate that car to eat that much in negative equity!  Usually I will eat at most a few thousand.   Current driving an C43 AMG and love it although looking at getting a M4 BMW.  Pros and cons of both.  I am close to 2 year in financed on my AMG C43 and only about 4k upside down figure in 5-6 months will be a wash and look at options then although very happy with the c43 as more power than you can imagine.  Payment 1200 @ 60 month term at 2.49 apr I am on.

Message 8 of 9

Re: BMW Financial Services

Its an embarrasment to even say. Its a 2019 lease of a japenese brand. I've always had german cars, 3 series, 4 series, A5, A6, BMW 650, VW touraeg. I thought I would try something different and a huge mistake.  I'd rather eat the negative equity and be happy paying for what I'm driving. Sounds foolish but we all like something(s) that is foolish to others. 


I had a 435 hardtop convertible and it was AMAZING. I bet you will love the M4. Are you going for coupe or sedan?

Message 9 of 9
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