Bmw College Grad Credit (Med Students)

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1

To satisfy the “verifiable offer of employment” prong for the BMW College Grad Credit, has anyone had success showing the dealer a match letter for medical residency? Dealer is asking for a pay stub, but I am thinking there have to be other things you can use to show an “offer” (as opposed to having started work).

Thanks in advance.

2

Eligibility Requirements.

To participate in the College Graduate Program, you must:

  • Have earned an undergraduate, graduate, or associate’s degree from a U.S. accredited college or university within the previous 24 months, OR be eligible to graduate within the next 6 months and have a verifiable offer of employment. A copy of your diploma or official transcript will be required.
  • Have at least 6 months of credit history with no previous derogatory marks on any credit lines.
  • A debt-to-income ratio of 20% or less.

https://www.bmwusa.com/college-graduate-program.html

3

Thanks.

But I am wondering how do you show verifiable offer of employment. Will a match letter for medical residency work?

4

I was trying to address the pay stub part of your question. The terms do not have a pay stub requirement.

Someone else will probably have more info, or it’s probably a quick call to BMWFS.

5

What’s the big deal, just show them the pay stub? Must not have one

6

My friend got the rebate showing his residency offer letter. You may have to call corporate

7

Residency programs start in July, so OP won’t have a paystub yet.

8

Yes, that is the issue. No pay stub. Only an offer of employment (ie, a medical residency letter).

9

Thanks 000

1 Like
10

Do you already have your match letter? Or just anticipating it next week?

11

With my previous interactions with corporate bmw, They won’t deny a future physician and potential lifetime bmw client the incentive. Please post back if you’re successful for future graduates!

1 Like
12

This is for my wife who is anticipating it next week (would give an arm and a leg to have it now and avoid all the stress).

The other hurdle is debt to income ratio as she will not have any income until June. I assume as a married couple, they will take our household income (and I think I read that in another thread of this forum). Let me know if you can shed any light on that. Many thanks!

13

Will do and will escalate to corporate if needed.

14

First off, congrats to you and your wife.

They will look at household income if you both are on the lease.

15

Typically something on official letterhead will suffice for verifiable offer of employment. If you have a letter stating you have been hired and it has a payment plan (salary, hourly, etc.), that should be ok with FS.

16

Awesome. Thanks all.

17

Received the match email (due to COVID-19, hard copy letters were not provided). Dealer is saying BMW financial does not accept the match email as an offer of employment and needs a formal letter with salary and start date on letter head. They have also not been willing to accept the sample residency contracts that were provided at the interview.

Anyone have any suggestions on how to proceed? Given the COVID-19 situation I would prefer not to bother the program director with a rush request for a letter of employment. I suspect the hospital has bigger issues. Is there a number that one can use to call the BMW department that handles this directly?

Thanks all and hope everyone is staying safe and sheltered.

18

they wanted my actual diploma after undergrad, Probably will want an md diploma/official letter if I lease a bmw. (I called and asked) (in year 3, so it doesn’t matter for me anyway, but I was looking at next year)

I scrolled through the thread not reading too much in detail, when will your wife get her diploma? May? You could send official transcripts maybe?

19

A letter that states the following will satisfy BMWFS:

  • Name of the facility
  • Capacity of the employment
  • The start date of the medical residency
  • The salary
  • Contact information for the employer.

As long as it comes with the rest of the required stips for the College Grad Program you will be fine,

Any other questions, feel free to reach out.

20

Thanks.

Yes, it seems like I need to reach out to the program director to get a letter since they won’t accept the match email. Will write a summary outlining everything that is needed once everything goes through so others have it.