[xtlwulf]

So.. I just received a very interesting letter from BMW Financial services today.

It was a letter stating that my "recent" credit application was denied.

The letter stated that the date the application was submitted was in March..the day I ordered my BMW.

However..I picked up my car last month.. and the car is sitting in my drive way.. I paid my first month and all already.

I did find it a bit odd that I have not received my bill for the 2nd month, which I was suppose to pay on the 26th of every month..
and when I tried to verify my account on the BMW website, my account does not exist?

I would call BMW FS, however I am assuming its too late ( 10 PM in NY ) and they do not open in the weekends

Anyone know what this means?

Does this mean that the car is not mine? Would I have to return this car?

Did my dealer do some shady business that I am not aware of?

[Col-Bimmer]

Talk to your dealer tomorrow. It would be in their interest (I would think) to figure out what is going on and to bat for you. If BMWFS accepts applications during the weekend, they should have somebody handy to answer questions.

[tke743]

Yes, had the "no loan" thing happen to me too. (But no denial letter.) It was a paperwork issue with my local dealer. 1 phone call to the dealer fixed everything. If the car is in your driveway, you were good, just something got screwed up.

I adopted the "well I have the title and possession, if you really don't have a plan for me to make my payments that is fine by me." Net result, 1 call and fixed in 24 hours.

[Kiwi]

I would just drive the car and not worry. BMW can sort it out but you'll need to keep the money in your account to pay later. If BMW cannot get their paper work correct it's their problem.

[Zooks527]

Originally Posted by Kiwi

I would just drive the car and not worry. BMW can sort it out but you'll need to keep the money in your account to pay later. If BMW cannot get their paper work correct it's their problem.

Right up until they report a late or skipped payment to the credit reporting bureaus and it becomes your problem.

Sure, you should eventually be able to get it off your report, but the effort and intensity to do that would be better avoided by calling the finance manager at the dealer today. There's at least one onsite every day of the week at the dealers I frequent.

[Cyberdemon]

Yeah call the dealer today to straighten it out.

[3.0L]

Or, say nothing and perhaps you just got a free car!

[AWheeler]

I would contact the dealer and BMWFS and present your story. That is either an administrative fault of the dealer, an administrative fault of BMWFS, or an additional (unauthorized) attempt to open credit.

If the dealer in fact let you drive the car away without your credit being approved, I would open a case with BMWNA pronto.

Good luck!

[Kiwi]

Originally Posted by Zooks527

Right up until they report a late or skipped payment to the credit reporting bureaus and it becomes your problem.

Sure, you should eventually be able to get it off your report, but the effort and intensity to do that would be better avoided by calling the finance manager at the dealer today. There's at least one onsite every day of the week at the dealers I frequent.

Easy pay each months payment until sorted.