BMW Financial Customer Service is the finance arm of the German car maker Bayerische Motoren Werke AG. The company offers auto loans and leasing contracts for BMW-brand cars. It also offers a variety of discount programs, including discounts for active duty service members and college graduates. The company operates an online financing application, which makes it convenient for shoppers to find out if they qualify for BMW financing before they visit the dealer. However, it only partners with authorized BMW dealers, which can limit shopping options.
Besides providing auto loans and lease contracts, BMW FS offers vehicle protection plans and other related products and services. Its AutoPay program lets customers make monthly payments automatically, reducing the chances of missing a payment and incurring late fees. The company’s Anti-Theft Protection plan provides coverage in the event of a theft or attempted theft of a vehicle. Its Roadside Assistance is available to assist customers who are stranded due to an accident or breakdown. The company’s Mobile Key app allows drivers to lock and unlock their vehicles from a distance using their smartphone, as well as track the location of the car and receive roadside assistance.
In addition to its auto loan and lease offerings, BMW FS offers credit cards and insurance products. Its retail credit card is available to current or former BMW owners with good credit scores. The credit card features a rewards program that gives members points for every dollar they spend. It is also a reloadable credit card, meaning that it can be used for multiple purchases without having to wait until the balance is zero.
The auto lender also has a wide range of special incentives for its loyal customers, such as a 0% APR deal for people with good credit scores. It also offers a program for young people who are recent graduates, and it has a mobility program that provides reimbursement for adaptive equipment for disabled customers. Its corporate fleet program is another way that it tries to reward the companies that buy its cars.
Some consumers may be surprised to learn that BMW FS does not have a minimum credit score requirement. The company can approve borrowers with a credit score as low as 650. However, a lower score will increase the interest rate they pay. Borrowers can still apply for a loan with BMW FS even if they have a poor credit history.
BMW FS also offers a special lease program that provides customers with a lower annual mileage limit than traditional financing. The program is called “90 Days to First Payment,” and it allows buyers to get behind the wheel of a BMW for 90 days before they must make their first payment. The company’s website says that it is only available to qualified customers who are contracting through an Authorized BMW Center.
One of the downsides to working with BMW FS is that it only offers financing on BMW brand vehicles. This can limit shoppers’ shopping options, especially if they prefer to buy a car from another manufacturer. It is also possible to obtain financing through a non-BMW lender, so it’s important for potential borrowers to shop around before applying for a loan with BMW FS. BMW Financial Customer Service