What's Needed for BMW Financial Approval

[seattlecredit08]

Two quick questions about BMW Financial:

1. Does BMW Financial generally pull Experian (EX) or is there a way to get them to use Equifax (EQ)? I have heard of premium dealers pulling all 3 and choosing the best score, is there a way to do this with BMW Financial?
2. Do they ask for Proof of Income when leasing?

Thanks in advance!!

[19eighty5]

Curious to know the answers to these questions as well. 

[FeeBear]

Hey Guys,

       If you do a search on the website you will see this topic covered many of times. From my personal experience as long as you have 690 score or above you should be okay to get approve (Your Miles May Vary). I have gotten top tier financing w/ 690 or above in the past. As far as your income, the most they asked me for is 2 months of Paystubs. Hope that helps.

Felix

[seattlecredit08]

Thanks!

Just to follow up, is it possible to get BMW Financial to use a particular CRA with the highest score?

Let's say one's scores are (this is a slightly simplified example):

Experian:  610

Equifax: 785

TransUnion: 625

Would one be able to get BMW Financial to use only Equifax?

And, if the score is high enough (e.g. 785), would one be able to completely bypass/avoid Proof of Income process?

Thanks again!!!

[Anonymous]

Proof of income stipulation is usually dependent on your credit history, as well as comparable credit.

A lender is much more apt to stipulate for POI if credit isn't good, or if an applicant has no comparable credit to the credit requested. (ie: looking to finance a 50k vehicle when previously the most you have ever borrowed in 10k)

To answer your question regarding what bureau they pull I do not have that answer. You may be best off calling your local BMW dealer and speaking with the finance department and inquring about which bureau they typically pull and if they have the ability to pull a different bureau if it is more favorable.

[seattlecredit08]

Just to clarify-- so we don't know if it's possible to get BMW Financial to use the highest score and ignore score provided from their preferred credit reporting agency? (e.g. get BMW Financial to use Equifax 785 and ignore Experian 610 as in the simplified example above).

The reason I was asking this in the first place is I heard that for example certain high end auto dealers customarily do this for their customers but perhaps not BMW dealers/BMW Financial.

Of course, if anyone else has information/experience with this, I would love to know!

And thanks again!!

[iced]

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@seattlecredit08 wrote:

Two quick questions about BMW Financial:

1. Does BMW Financial generally pull Experian (EX) or is there a way to get them to use Equifax (EQ)? I have heard of premium dealers pulling all 3 and choosing the best score, is there a way to do this with BMW Financial?
2. Do they ask for Proof of Income when leasing?

Thanks in advance!!

---

In terms of requirements, BMW usually requires a pulse and not much more. The last time I financed with them, they pulled all 3 bureaus.

Was not asked for proof of income. A pulse did just fine.

[Anonymous]

From your post it sounds like you dont have a way to prove you income. I used to work for BMW. The finance manager can call the credit agent at BMW and ask them to pull a specific CRA AFTER you have submitted. They will usually require some Stips if approved such as pay stubs etc.

[Schwartzinator]

BMW pulled TU and EX on my app in September and from the documents they had me sign, they appear to have based everything off the TU report. They also asked for POI. This could be because of my scores and or reports as I was a first time car buyer right out of college. YMMV.