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Financial Services FAQs

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BMW FINANCIAL
SERVICES FAQS

FREQUENTLY ASKED QUESTIONS

Account Information

When will I receive my monthly Account Statements?

Approximately 14 days before your due date. If you would like to see your Account Statement sooner, visit My BMW. With paperless statements, you will receive an email alerting you to view your statements online.

How are my payments applied?

Payments are first credited to unpaid finance charges, then to the outstanding principal balance, then to any outstanding fees. Your Account Statement will break down how your payments have been allocated, or visit My BMW at to view your amortization schedule.

Can I make a payment with my debit or credit card?

You can make a payment with your debit card, but we do not accept credit cards for regular monthly payments.

Is there a grace period for late charges?

Your State regulates the grace period (the amount of time from your due date to when your account will be assessed a late charge). Please refer to the Account Summary section of your Account Statement to determine if you are eligible for a grace period.

What happens when I make payments greater than my regular scheduled monthly payment?

If you pay more than the total amount due, this amount will be applied to the principal balance. This may reduce the interest you pay over the life of your account and may reduce your final payment or shorten the term of your financing agreement.

How are payment credits applied?

Payment credits will be applied on your scheduled due date and will be reflected on your Account Statement. Please see your Account Statement for details.

When is my account reported to the credit reporting agencies?

Federal law requires us to advise you that we may report information about your account to credit bureaus. Late payments (more than 29 days past due), missed payments, or other defaults on your account may be reflected on your credit report. As required by law, you are hereby notified that a negative credit report reflecting on your credit records may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligation.

Financing Information

How does BMW financing work?

BMW Financial Services offers competitive interest rates and flexible contract terms from 24 to 84 months with a wide range of down payment options. Depending on what works best for your budget, you can choose weekly, bi-weekly or monthly payment options.

We also offer two balloon financing options, BMW Select and BMW OwnersChoice — both provide all the benefits and security of ownership with low monthly payments. Learn more about our balloon financing options.

What credit score do I need to finance a BMW?

We always look for ways to help you get behind the wheel of a BMW. When you apply for financing, you'll submit a credit application to ensure you meet current qualifications. If you have questions about your eligibility or how the financing approval process works, contact your local BMW Center.

Can I finance a BMW with no money down?

Yes, in certain cases you can finance a BMW without putting money down. Most drivers prefer to make a down payment, however, because it reduces monthly payments.

Can I finance a used BMW?

BMW Financial Services offers financing on BMW Certified vehicles and pre-owned vehicles. To qualify, the BMW must be a 2016 model year or newer.

How long does it take BMW to approve financing?

We strive to provide a fast response to all financing applications. Typically, you can expect a result within 12-24 hours.

Does BMW require proof of income?

Like other financial intuitions, BMW Financial Services requires proof of income on all financing applications.

Leasing Information

How does BMW leasing work?

With BMW Financial Services, you can personalize a lease around your driving needs – choosing term lengths, mileage needs, and more with low monthly payments. Your interest rate and the residual value of your vehicle will be built into your contract to ensure total visibility into your lease terms.

What credit score do I need to lease a BMW?

We always look for ways to help you get behind the wheel of a BMW. When you apply for leasing, you'll submit a financing application to ensure you meet current qualifications. If you have questions about your eligibility or how the approval process works, contact your local BMW Center.

Can I lease a BMW with no money down?

Yes, in certain cases you can lease a BMW without putting money down. Most drivers prefer to pay a down payment, however, because it reduces monthly payments.

Can I lease a used BMW?

In most cases BMW Certified vehicles qualify for leasing. The BMW Certified Program is an extensive certification program for pre-owned BMWs. To earn the distinction of being certified, vehicles must have more than 300 miles but less than 60,000 miles on the odometer. We review each vehicle's CARFAX™ or AutoCheck® report, and ensure that it has genuine BMW parts, plus an up-to-date maintenance history. Next, 360° vehicle inspections, reconditioning, and approvals are completed by trained technicians who know BMW best. A comprehensive road test by BMW experts is the next step in the process, using all-BMW diagnostic equipment.

Does BMW offer an unlimited mileage car lease?

No, BMW Financial Services does not offer an unlimited mileage car lease. You will have options if you happen to go over your mileage allowance, however. You can buy out the lease at the end of your lease term, purchase additional miles at a discounted rate prior to returning your BMW, or pay a set amount per overage mile.

Are there mileage limits on a leased car?

There's no need to worry about overages when you set your mileage up front. With the Mileage Adjustment Program, you can purchase additional miles at a discounted rate, right up until the day before you turn in your vehicle. Learn more about the Mileage Adjustment Program.

Need to go the extra mile? Purchase additional lease miles by calling (800)-959-4269 or by signing into My BMW.

What if my leased vehicle is damaged?

While you’re enjoying your new BMW, there is the potential for excess wear and use charges at lease-end. That’s why we offer optional BMW Lease-End Protection. This protection package covers excess wear and use charges for interior stains, tire wear, chips, dents, dings, and more, at the end of your lease – up to $5,000 total.

Simply visit MyBMW to confirm if your current BMW has Lease Protection or contact your local BMW Center for details on purchasing BMW Lease Protection for your next vehicle.

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BMW Financial Services

P.O. Box 3608
Dublin, OH 43016

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