Woodcliff Lake, NJ – BMW Group Financial Services has opened the door for college graduates and young professionals to increase their purchase power through the company’s College Graduation Program. The Program encompasses both leases and loans and applies to new and certified pre-owned BMW and MINI automobiles, as well as BMW motorcycles. Customers who meet the program criteria will be offered the best available rates based on their FICO scores. In addition, lease customers will qualify for a waiver of the security deposit.
“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.”
The BMW Group Financial Services College Graduate program taps a distinct audience of college graduates and graduate students. The program guidelines 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 from an accredited college or university with an undergraduate or graduate degree within the next 4 months and have a verifiable firm offer of employment commencing after graduation.
Other requirements include proof of income or the employer’s letter with contact information 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%. All applicants are required to complete a credit application for final approval.
The College Graduate Program is exclusively from BMW and MINI Financial Services and will be marketed through social media platforms, as well as through the BMW and MINI retail network.
About BMW Group Financial Services
BMW Group Financial Services was established in the U.S. in 1992 to support the sales and marketing of BMW products. Since then, the Group has expanded to provide service to markets in multiple countries and continues to evolve beyond its role as a captive finance unit.
BMW Group Financial Services offers a wide range of leasing, retail and commercial financing and banking products tailored to meet the needs of the BMW customer. The Group also provides financing to BMW dealers expanding dealership capabilities and enhancing overall operations. With more than $34 billion in serviced assets and 1,000,000 automotive lending customers across the U.S. Canada and Mexico, BMW Group Financial Services finances almost three-quarters of the BMWs sold or leased in North America.
BMW Group Financial Services employs more than 800 people, including consultants and temporary workers, most of whom are located in the Hilliard, Ohio Regional Service Center which serves the U.S., Canada, and Mexico.
In 2001, the MINI Financial Services division was established to provide support for the brand’s dealer and customer networks by offering various financing and leasing options. Alphera Financial Services was established in 2006 to provide financial services to dealers who are not part of the BMW and MINI networks.
BMW Group Financial Services also offers credit card products through its subsidiary, the BMW Bank of North America. up2drive.com is a division of BMW Bank of North America, a wholly-owned subsidiary of BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property and casualty producer, is also part of BMW Group Financial Services.
Information about BMW Group products is available to consumers via the Internet at:
