BMW Group Financial Services has added a new College Graduation Program to target those who have or soon will graduate college. The Program includes both leases and loans and applies to new and certified pre-owned BMW and MINI automobiles, as well as BMW motorcycles. Buyers who meet the program requirements may be able to get better rates based on their FICO scores. In addition, lease customers will qualify for a waiver of the security deposit.
The requirements include graduation from an accredited college or university with an undergraduate or graduate degree earned within the previous 12 months (requires a copy of the graduate’s diploma or official transcript) or eligible for graduation within the next four months and have a verifiable firm offer of employment after graduation. BMW Financial also requires proof of income (or letter from an employer stating position/title and income), a minimum of 24 months of credit on file and no previous derogatory credit on any held credit trades, gross debt to income ratio of less than 45%, gross automotive payment to income ratio of less than 25% and all applicants are required to complete a credit application for final approval.
“As a captive finance company, we have the capacity to be more flexible than other institutions,” said Steve Swecker, general manager of sales operations. “We developed the College Graduate program to target one of the most essential customer bases, that of the entry-level buyer. The program provides young professionals the accessibility to our brands based on their ability to pay, rather than a capped allowance.” Swecker maintains that this program opens the world of BMW and MINI to those rewarding themselves upon graduation. “Completing college is an exciting point in life, and graduates want to reward themselves for the accomplishment. Our College Graduate program helps make this reward attainable.”