So Long Story Short… I lease a 530 from a dealership on Aug 18 2019 I had given the dealer all the required documents for College Grad, my wife was going to graduate within 6 months and we had gave the dealer the transcript as well as paystubs to prove that.
September 18th came which was supposed to be the first payment, however no letter or email from BMWFS that the payment was due, so I called the dealership and they said they forgot to submit the college grad stuff. So they submitted it and told me to pay my monthly payment to the dealership and then that they would pay it on my behalf, which I ended up doing. Now it’s October and I checked again still no letter or car on the Financial Services portal. I called Financial again and they said they still have nothing. The dealer is now telling me that they need a letter from College stating that I am graduating within 6 months, which is proving pretty hard for me to get as the colleges is extremely busy.
They said without that letter they can not fund the deal and I would have to pay 1000 to offset the college grad incentive. They are also stating that financial services is the one saying they need that letter not the dealer.
I called financial to confirm this and they stated that tit doesn’t matter to them as they just deal with the bank aspect of everything.
So now I am confused as to my option, should I pay that 1000 or what other option do I have
I have had the car for 2 months now and put around 3k miles on it so just not understanding what the possible options are
The docs I have currently is the transcript that has her credits listed on it and she’s literally short 3 credits which is one class which she is taking this month, however it could take a week or two to get that letter saying she is graduating within 6 months as colleges like taking there sweet time
This shouldn’t be that hard. If you show up to the admissions office or call them, there should be some proof. At least get the process going so you can give BMW a timeline.
Side note- weren’t you a broker recently? what is your CA saying?
Yeah but that isn’t the problem the problem is that my wife works full time so it makes it kind of hard going to the admissions office email would prjabbly be the best bet, which she will do so like you said the ball can get rolling… however if there was a scenario which the college would not be able to give this what other options do I have if any? @osiq
Did you ask BMW financial if they received the payment the dealer told you to pay to them ? This doesn’t make sense because it’s BMW Financial that takes the lease payment. They may have collected that payment towards the $1000 rebate they aren’t able to collect.
I’d say try to get the proof of grad ASAP. But also make sure about that payment
Yeah so my dealing the entire time has been with the finance manager, he’s the one who collected the payment for the second month as well, if I were not able to get the college letter for whatever reason is there any other way to go about it. Also I never heard of them requiring a separate letter stating that your graduating within 6 months. The way it has always worked is the you provide your transcript and proof of Paystubs or Proof of a job offer letter if your graduating within 6 months and Diploma if you have graduated within the last 24 months, correct me if I’m wrong
Didn’t see anyone mention this but if they’re being difficult with you for no reason then simply offer to bring the car in to be taken back and unwind the contract. As to whether you want to/should do that is entirely up to you.
Yeah was thinking this , I mean I could just tell them bring the SP down another 1k on the contract to buffer the 1k college grad as taking the car back for them would be a huge loss I’m guessing
Yep exactly. I claimed college grad 6 months ago and all they needed was one document which showed the name of school and tentative graduation date/graduated date. I would definitely not pony up another $1k because they can’t get Shit figured out and on top of that for lying to accept one payment on BMWFS’s behalf.
How did you get the document stating the Name of school and tentative graduating date, would it be possible for you to share a pic of how it looks (blanking our all important info) if you still have it?
No that’s correct that’s usually how it works but they may need that letter as well. Sometimes it can be an additional document they request.
If he has collected two payment and Bmw has received nothing it seems he’s trying to collect that $1k in a shady way. I would not be making payments to a dealer. BMW Financial only
Yeah my next payment is OCT 18 and I’m not going to pay the dealer that one, in the meanwhile I’m going to try to get a letter stating expected date of graduation
Well he only collected 1 on Sept 18 as the first payment when we signed (Aug 18) was paid upfront
IMO the dealer is jerking you around and collecting the additional funds for themselves. If you were brokering, should should realize this right away, but you are going along w/ it. Unwind deal or have the dealer get it straighten out ASAP.
Also, your story sounds a little fishy, either she’s ready to graduate or not, but it should be fairly straight forward to prove. But you’re here asking for other ways about and other folks to share copies of their documentation, for what purpose, how does their proof help you?
