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New Credit App with Active BMWFS account

2K views 5 replies 3 participants last post by  Vitacura 
#1 ·
So I lease X5 6 months ago and I got 3 separate hits on my credit - BMW dealer, BMWFS and another third party Credco something.

Now I'm trying to lease another BMW. Do I need new credit application?

I'm afraid it's going to be another 2-3 hits on my credit.

Any easy way to do this? Should I call BMWFS directly? I have active BMWFS account. I guess they are monitoring my overall credit on reoccurring basis like other credit card company does.

Thanks for the advice!
 
#2 ·
So I lease X5 6 months ago and I got 3 separate hits on my credit - BMW dealer, BMWFS and another third party Credco something.
You didn't get three separate hits on your credit, you got one "hit" because they were related and within a 30-day period. Besides, the "hits" you're talking about for inquiries is very low for that type of inquiry. The same thing applies when you're shopping for a mortgage to either buy a new home or refinance your current mortgage. Even if you have inquiries from four or five separate financial institutions they count as one "hit" because they're related and within a 30-day period.

Now I'm trying to lease another BMW. Do I need new credit application?
Yes.

I'm afraid it's going to be another 2-3 hits on my credit.
One "hit."

Any easy way to do this? Should I call BMWFS directly? I have active BMWFS account. I guess they are monitoring my overall credit on reoccurring basis like other credit card company does.
No, you can't call BMWFS directly because they're not licensed as a retail bank. They can't grant you a loan or lease directly. You contract with the dealer and then the dealer assigns the contract to BMWFS. They purchase the contract from their customer, the dealer. :)
 
#3 ·
You didn't get three separate hits on your credit, you got one "hit" because they were related and within a 30-day period. Besides, the "hits" you're talking about for inquiries is very low for that type of inquiry. The same thing applies when you're shopping for a mortgage to either buy a new home or refinance your current mortgage. Even if you have inquiries from four or five separate financial institutions they count as one "hit" because they're related and within a 30-day period.

Yes.

One "hit."

No, you can't call BMWFS directly because they're not licensed as a retail bank. They can't grant you a loan or lease directly. You contract with the dealer and then the dealer assigns the contract to BMWFS. They purchase the contract from their customer, the dealer. :)
Thanks Ninong for the clarification! appreciate it! I can fill in new credit app, no problem.

Due to work travel, I can't take delivery till Oct 12th. If I fill in credit app now, will I be locked into current numbers?
Will I have option to go with next months number if the numbers (MF/Residual) improves next month. Btw this is for 2015 3 series, sitting on lot.
 
#6 ·
By 'hit' you mean impact on score. FICO score modeling will count them as one inquiry if coded the same (auto loan), however on a manual review they will show up as separate credit inquiries. Some dealerships like to pull credit themselves and then submit to BMWFS.
 
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