I leased a BMW from a dealership in NY mid-August, however, I just received a letter from BMW Financial dated on September 1, that my application/credit was not approved. How does this make sense?
I tried calling that specific department, but they only contact via writing with mail.
Has anyone heard of this? Does this mean I have to return my car? haha
It likely means you were initially denied and they got it approved.
All declined applications receive notice in the mail with reasons for the decision
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Its called and adverse action notice. It’s not a big deal.
An adverse action notice is to inform you that you have been denied credit, employment, insurance, or other benefits based on information in a credit report. The notice should indicate which credit reporting agency was used, and how to contact them.