BMW Finance FAQs

General Questions

What finance options does BMW offer?

BMW Financial Services offers a range of options including:

• Retail Financing (Loan): You own the vehicle after making all payments.
• Leasing: You pay for the use of the vehicle over a set period, returning it at the end of the lease or purchasing it.
• BMW Select Financing: Combines some elements of financing and leasing, typically with lower monthly payments and a balloon payment at the end.

How do I apply for BMW financing?

You can apply through a BMW dealership or directly through BMW Financial Services’ website. You’ll typically need to provide information like your income, employment history, credit history, and the vehicle you’re interested in.

What credit score do I need to qualify for BMW financing?

While there’s no specific minimum score, a good to excellent credit score (generally 680+) significantly increases your chances of approval and potentially gets you better interest rates. However, BMW Financial Services considers various factors beyond just your credit score, including your income and debt-to-income ratio.

Can I finance a used BMW?

Yes, BMW Financial Services typically offers financing for Certified Pre-Owned (CPO) BMW vehicles. Check with your dealership for details on specific programs and eligibility requirements.

What is an APR?

APR stands for Annual Percentage Rate. It represents the total cost of borrowing money, including the interest rate and any fees associated with the loan, expressed as a yearly rate.

Leasing Specific Questions

What is a lease?

A lease is an agreement where you pay for the use of a vehicle for a specified period (typically 24-48 months) rather than owning it. You make monthly payments and return the vehicle at the end of the lease term.

What happens at the end of my lease?

At the end of your lease, you have several options:

• Return the vehicle: You simply return the vehicle to the dealership, provided it meets the lease agreement’s condition and mileage restrictions.
• Purchase the vehicle: You can buy the vehicle at a predetermined price outlined in your lease agreement.
• Lease or finance a new BMW: You can trade in your current leased BMW for a new model.

What are mileage limits in a BMW lease?

Leases typically include mileage limits (e.g., 10,000, 12,000, or 15,000 miles per year). If you exceed these limits, you’ll be charged a per-mile fee at the end of the lease. You can often purchase additional mileage upfront at a lower cost than paying the overage fee later.

What is wear and tear in a BMW lease?

Lease agreements define acceptable wear and tear. Excessive damage, such as dents, scratches, or interior stains, can result in charges when you return the vehicle. BMW Financial Services provides guidelines to help you understand what’s considered normal wear and tear.

Payment & Account Management

How can I make payments on my BMW finance or lease account?

You can typically make payments online, by mail, or through automatic withdrawals.

How do I update my contact information or billing address?

You can usually update your information online through your BMW Financial Services account or by contacting customer service.

What happens if I can’t make a payment?

Contact BMW Financial Services as soon as possible if you anticipate difficulty making a payment. They may be able to work with you on a solution, such as a deferment or payment plan. However, late payments can negatively impact your credit score.

Where can I find more information?

Visit the BMW Financial Services website or contact your local BMW dealership for the most up-to-date information and specific details about their financing and leasing programs.