I know an approval at one dealership is non-transferrable, but if I were to apply at another dealer would the first one be voided?
Welcome to Leasehackr @dionicytt!
BMW FS does what’s called a match-call. The same approval you receive through one dealer as it pertains to tier and max advance would be valid at any BMW dealership and not overridable.
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Thanks for the response. Do you mean that I dont even need to submit a new BMWFS application at every dealer and they can just look at the approval #? In the email BMW sent me, it says “this Credit Approval is valid with BMW of _______ only”
You would still need to submit an application as they still need your express authorization to access your credit report, but once pulled they would see that you’re already approved.
ah got it. And lets say when I apply at dealer 2 my credit is better than when I apply at dealer 1, would that better tier I got approved for at dealer 2 be accessible to dealer 1 then or would I need to rerun my credit at dealer 1 again?
BMW utilizes TransUnion as their preferred credit bureau, so there wouldn’t be any differences between the various dealerships. If your credit improved enough to justify a tier increase, then you would be subject to those improvements. Keep in mind, if your credit improved but not enough to justify a tier change then it wouldn’t change anything.
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Thanks a bunch. That makes sense. Basically my situation is that I applied back in December at one dealership near me and my tier wasn’t tier 1, TU score was 630 I believe. I paid off some card balances and my TU score shot up to 710.
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Doubt that there would be any change that quick. Credit reporting times vary and are not that quick specifically from 630 to 710. Where are u checking this score change ? Credit karma ?
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been monitoring it on myfico. Paid down quite a bit of debt at the end of December and not all of it has updated on the report but my score still shot up to above 700
If you’re using myfico, what’s your TU Auto 8 look like? That’s what you should be looking at.
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The only score that matters at any point in time is the specific model + bureau combo that’s used to decision and price an application that’s submitted at that time.
Recently my Equifax “mortgage FICO” was 71 points lower than my FICO 8 on the other two bureaus (which were maxed at 850), and 121 points lower than the FICO 9 (“Credit Participation Trophy”) I get from one of my credit cards from time to time.
While my FICO 8s sometimes dip into the low 840s, I can’t remember the last time I saw a FICO 9 that wasn’t 900/900.
Sort of, kind of.
The approval would be the same at another dealer, but in many cases, BMWFS will ask the dealer to have the customer sign a “one-car letter” stating that you won’t go back to the other dealer and take the other car you were approved for.
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697 auto 8 score (TU) vs 703 fico 8 (TU)
Probably gonna be a wobbler and likely a Standard approval which places you 10bps over Elite/Super Elite or 1% over on finance rates.