Duplicative post please delete
Duplicative post please delete
Unclear to me what a late cc payment has to do with your graduate status
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https://www.bmwusa.com/college-graduate-program.html
Check out the terms on the website. Dealers have similar terms on theirs as well.
You have a late payment…that makes the offer null and void according to the terms of the incentive. I’m not sure what you’re looking for here.
It sucks, yes…but rules are rules.
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Perhaps a co-sign would help?
A miracle apparently?
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Co-signer won’t work. Offer states “no late payments.” Cosigner or not, the late remains.
Any late is considered “major derogatory.”
@samson, @bmw_dave, does a late have to be within 6 months, or anything late over the last 7-10 years as I suspect?
Is BMW refusing you credit outright, or only the extra rebate? I can see where a late payment might affect approval, but do not see how it should affect a rebate.
From the way it reads, your credit history has to have an age of at least 6 months and you have to have no major derogatory remarks. I would imagine just like any decision made by a creditor, the older the derogatory remark is, the less of an effect it will have. However, one that is 4 years old plus just graduated is a red flag for the creditor.
I would also be interested to know if OP was denied just the discount and was assigned to a lower tier (2, 3, 4, etc.) or was completely denied of the discount and loan amount.
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That’s how I read it as well. I’ve consulted with 2 of the esteemed bmw dealers here to confirm though.
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Read the fine print on that particular rebate. It clearly states that no derogatory remarks.
It makes sense when you consider someone coming out of college probably has little credit to begin with and is young.
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Directly from the fine print on BMW’s website: “To qualify, you must have a minimum of 6 months of credit on file and no previous derogatory credit on any credit lines” https://www.bmwusa.com/college-graduate-program.html
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That’s unfortunate, especially if you don’t know what the mark is for. Disputes for those remarks generally take a while. I remember it taking several months to get one off of my credit history when my SSN used without my consent years ago.
But as a side note – congratulations on the degree. And best of luck with the dispute. If you can track down who it’s with, I might suggest contacting them directly to resolve it and then writing a letter to all 3 bureaus to let them know it has been resolved. They may reach out to the creditor and if they agree that the case is closed, there’s a good chance you get it removed. I believe that’s the process I went through but this was something like 6 or 7 years ago.
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I 100% agree with you that a missed payment from 4 years ago should not be a huge deal and I would be upset if I were in your shoes. My advice would be to talk to the GSM or GM if you have not already if the finance manager is not being helpful. Usually dealers can get a few “favors” called in each month if one of the managers has good rapport with an underwriter.
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I don’t believe the favor necessarily costs the dealer anything other that a bit of personal goodwill between GM/GSM and underwriter.
Dealer discount comes out of their pocket. The incentive comes from BMW, so yes, they could call in a favor.
In general I think BMW is shooting their own foot if they are too restrictive granting the recent college grad discount. Usually recent grads are young with the potential to buy many more BMWs once they become exposed to the brand.
Technically it seems that the late payment disqualifies you. So yes, either the dealer can get the discount for you, or look for a different car brand. Alfa Romeos are very nice to drive if you are looking for that (lease, don’t buy), or Volkswagen / Audi if you want to go German.
My theme: If they don’t want my business, I go elsewhere spending my money…
@F30Daniel made it plain and simple and that’s correct. You have to be squeaky clean. Luckily you said “The dealer is really giving me a blowout deal” so you’re still in great shape! You can’t be mad that you don’t qualify for a program that they tried to get for you. There’s nothing else they can do. College Grad is a hard line and no grey area from FS whatsoever. I had a client denied who was 3 days outside of the 24 month period. No go.
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