BMW Financial Customer Service is the division that handles financing for new and used BMW vehicles. They work with customers and dealers to create auto loans and lease contracts. The company also provides insurance and warranty products for BMW vehicles. The company offers unique mobile apps and other services to enhance the ownership experience.
The BMW Group Financial Services segment was founded in 1991. Its mission was to support the sales of BMW Group products and reach new groups of customers. Its subsidiaries include BMW Bank and BMW Leasing GmbH. BMW Financial Services also supports the dealership network by offering products that increase business efficiency.
Among other things, the company provides a variety of credit card options to customers. These credit cards are designed to help people manage their finances and improve their credit score by making regular payments on time. They also provide a range of other benefits to their customers, including rewards and discounts.
Eligibility for BMW financing depends on a variety of factors. These factors include credit history and credit score, income and down payment size. In addition, the model and price of the vehicle are also important considerations. Getting financing from BMW Financial Services may be difficult for buyers with lower credit scores or who have less than ideal incomes.
In general, BMW Financial Services will approve car buyers with a FICO score of 720 or higher. However, a score below that will require more rigorous underwriting. Buyers with a lower credit score will typically need to provide more information and/or make a larger down payment.
The company will typically fund auto loans within seven days of application. They will then transfer the funds to a dealer, which will add the loan to the balance of the new or pre-owned vehicle. The lender will then begin to report the account activity to one or more of the credit bureaus. Making regular on-time payments can help improve the borrower’s credit report and increase their chances of obtaining future loans or leasing opportunities.
Those interested in applying for BMW financial services can do so online or at a local BMW Center. A complete list of locations can be found on the BMW website. Customers can also apply for a rate lock, which helps them secure an interest rate that will not change over the life of their contract. The terms and conditions of this offer may vary by state and dealership, so applicants should speak with a BMW Center for full details.