BMW College Grad Program

Ask the Hackrs
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1

Hello Hackrs,

I have some questions regarding BMW’s college grad program.

Here is a little about me.
I graduated Undergraduate institution in May 2019, and am currently enrolled in a Graduate program (Class of 2023). So I am not employed, nor have an offer of employment. My wife, who is employed, will be consigning the lease. My wife and I both have a strong credit history.

According to BMWFS, one must qualify the following to be eligible for the College Grad Program.

  • 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.

Here are my questions.
If I have graduated a US accredited university within the previous 24 months and currently enrolled in a graduate program, do I need a verifiable offer of employment?

How does the third bullet point work if I do not have an income from an employer (but I do have income from other sources such as family allowance, and wife’s income)?

Thanks a lot!

2

Yes, you will need verifiable offer of employment. I had to send in a letter from my employer showing length of time at company and proof of income.

You’re correct, third bullet requires income. If you’re using your wife’s info, then it’s a unique situation. I would call BMWFS for clarity.

You might need your wife to lease the car since your income may not be sufficient to warrant the bank giving you a loan,

3

Thanks for your input.

When you are starting your lease, were you already graduated and have been working for some time?

If what you are telling me is the case, all recent undergraduate graduates enrolled in a graduate school with more than 6 month left until graduation cannot qualify. I find this quite ironic for a program named College Grad Program.

4

I graduated in May 2017, purchased car in September 2018. I graduated in May 2020, purchased car October 2020. I have been working before graduation.

If you are not employed, you’ll need a verifiable letter of employment. So I you have a job landed , that employer would issue the letter.

5

I see.

Thank you so much!