Question about BMW Financial

I had several loans and leases with BMW Financial over the past 15 years but about 6 yeas ago I had a business loss and was force to include my last BMW loan in a personal chapter 7 bankruptcy. I have since rebounded and my Mercedes lease is coming to an end. I am interested in another BMW but I was wondering how likely would BMW Financial take a look at me? I have a solid rebuild with several paid off auto loans and a mortgage since the BK. Any idea what my chances are? Thanks

@trism is our resident credit guru.

Thanks for the tag.

I’m better equipped to comment on general credit reporting matters and credit scoring, as well as macro-level areas of residential real estate finance (mortgages).

I can’t comment on the proclivities of BMWFS on credit-app-level decisions when there’s a BK present, but what I can say is that auto-enhanced FICO scores weigh installment accounts more heavily than other models (like the ubiquitous FICO 8), and @nykos5000 has multiple auto loans, a recent/current MB lease and a mortgage, all of which point :arrow_up: for his auto-enhanced FICO scores.

This is beyond the scope of the question, but I will add that most negative info by statute can only report for ~7 years from the date of first delinquency , so any negative info (like late payments and charge-offs) that’s still reporting but preceded the BK is close to falling off.

If this was a Chapter 13, the BK itself should also drop at 7 years, so OP could be one year away from putting this all behind him (at least credit-wise).

If this was a Chapter 7 (less common), the BK will generally report for 10 years.

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