Credit Approval Transferrable to Another Dealership?

[bimmerfan15]

I'm in the process of getting final approval from BMWFS. I was preapproved by the dealer and I expect to hear back in a day or so as to whether BMW approves me for the loan.

If they approve me and for some reason I can't work out the final deal with the dealership on the car I want can I go to another dealership if i am forced to and will that credit approval from BMW transfer or will I have to have the new dealership run my credit again and get approval again through BMWFS?

This is more hypothetical really. I don't forsee there being a big issue but I have a number in mind and the dealer I am working with is close but I will be forced to go to another dealership who is contacting me daily with a better deal (though one I will have to wait a bit till they get the exact vehicle in stock).

Thanks in advance

[templarklimek]

You should be fine. only possible issue if terms were tight, then it may affect numbers. BMW approved you regardless of dealer choice.

[amglol]

Usually it's not transferable, but you shouldn't have to worry about it. If BMWFS approves you, they'll approve you at the next dealer you go to.

We placed an order through one dealer who was jerking us around, so we went to another, and they still had to submit the paperwork, but it was instantly approved, just like at the first.

[bimmerfan15]

Thanks for the input. Is it possible to cut to the chase and call BMWFS directly and work with them on approval?

I don't want to waste my time on a dealership who decides to take their sweet time in getting around to me when I can just go to another dealership who is eager to take my business.

[Smokey]

You can use bmw's website to get preapproved. Go online and build a car with the spec you're interested in and apply for financing listing your preferred dealership. You'll receive email notification of your approval in about 10- 30 mins. Take the approval to the dealership you listed and get your car . The approval is not transferable, but you can obtain multiple approvals online, but they'll make you sign a letter upon delivery of the car that you'll not attempt to buy more than one vehicle, plus bmw financial will notify the other dealerships you listed of your purchase.

[BMW Fanatic]

Approvals are not transferable simply because you get approved on a SINGLE car that you have chosen, obviously if you decide to change dealerships that car will no longer be the one you end up buying.. Pre-approval by the dealership is also just complete bullcrap, they will 99.9% of the time say 'sir/madam you have been pre-approved, now we just have to wait and see what BMW financial services says'.. But in all honesty I have noticed BMWFS very rarely declines an application, hell I got approved a month ago with 'no job' although I did have an extremely strong co-signer.

Good luck

[edgar]

I am wondering whether BMW approves me for the loan. I don't have a job (full time college student), no co-signer, and no loan history before, although I have a good credit and own house (no loan and no payment).

[spdy330]

They had to run mine again.