I have someone who submitted an application to assume my BMW lease and he got the following message:
“We have reached a decision regarding your credit application for a lease assumption. Please contact a Customer Service Advocate at 800-578-5000 to discuss your application.”
Of course, they’re closed, so he has to wait until Monday to call. Does anyone have any insight into this? If this means it’s a conditional approval, if he’ll need a co-signer, etc. I figured if it’s a denial, they would just deny him?
From the wording you posted, that sounds like the standard BMW denial email :-(. They will absolutely not discuss this with you (only the applicant). If they did not apply with a cosigner, BMW may allow them to append the app (without repaying the app fee) with a cosigner.
Unfortunately, his application was declined, however when your applicant calls BMW, they will have the option to reapply with a co-signer. Takes another day or so to get a decision, but they won’t have to pay the assumption fees again.