# ED + Financing + H1-B visa



## aish (Mar 31, 2009)

I was planning on taking advantage of the .9% APR via the BMW select program. I was told today that BMWFS rejected my application as my visa is expiring.  I am told am not even eligible for a lease.

I was initially very surprised when they asked me the type of a visa I had and I felt a bit offended.

I have a 730+ credit score and the value of the car is roughly 40% of my annual salary so this was quite a rude shock to me. 

Yes, I am on H1B and my visa renewal is coming up in a few months, after which I should get a visa for 3 more years, extending every year thereafter.

I am very disappointed and am right now kicking myself for spending much time and energy in looking around for a bimmer. 

Seems like others had faced this issue but it did resolve for them ultimately... but not for me


----------



## Kamdog (Apr 15, 2007)

aish said:


> I was planning on taking advantage of the .9% APR via the BMW select program. I was told today that BMWFS rejected my application as my visa is expiring.  I am told am not even eligible for a lease.
> 
> I was initially very surprised when they asked me the type of a visa I had and I felt a bit offended.
> 
> ...


Corrected.

A temporary work permit is temporary. I am not predicting that you won't be extended, but, what happens if your sponsor goes out of business or you get laid off?


----------



## chrischeung (Sep 1, 2002)

Kamdog said:


> Corrected.
> 
> A temporary work permit is temporary. I am not predicting that you won't be extended, but, what happens if your sponsor goes out of business or you get laid off?


AFAIK, you're allowed to find another job in a similar role, within a limited time (I believe 2 months), and the visa gets transferred. Your new employer has to go through some paperwork hurdles, and the processing cost is minimal.

If you can't find employment, you have to leave.


----------



## Kamdog (Apr 15, 2007)

chrischeung said:


> AFAIK, you're allowed to find another job in a similar role, within a limited time (I believe 2 months), and the visa gets transferred. Your new employer has to go through some paperwork hurdles, and the processing cost is minimal.
> 
> If you can't find employment, you have to leave.


That's what I thought. So, it would make sense to me (even though making sense means nothing when it comes to these things) that BMW might not want to lease a car. I mean, if they sell it, it is the buyers problem, but if they lease it, and the guy has to split the country, it is BMWs problem.

But like I said, just because something makes sense, doesn't really mean much anymore.


----------



## chrischeung (Sep 1, 2002)

Kamdog said:


> That's what I thought. So, it would make sense to me (even though making sense means nothing when it comes to these things) that BMW might not want to lease a car. I mean, if they sell it, it is the buyers problem, but if they lease it, and the guy has to split the country, it is BMWs problem.


What may work is a huge down payment - something that would cover any residual loses by BMWFS if they had to repo the car.

If an H1-B lost employment, they may as well drive the car to the airport and leave it in the lot there. Unfortunately, there's no financial incentive to make BMWFS whole if you don't plan on returning to the US in the short-medium term.


----------



## aish (Mar 31, 2009)

Kamdog said:


> That's what I thought. So, it would make sense to me (even though making sense means nothing when it comes to these things) that BMW might not want to lease a car. I mean, if they sell it, it is the buyers problem, but if they lease it, and the guy has to split the country, it is BMWs problem.
> 
> But like I said, just because something makes sense, doesn't really mean much anymore.


Hehe. It appears to be the other way around, looks like they might be okay with a 36 month lease on a 36 month visa, but they aren't that comfy with selling the car with a loan for a period beyond the visa duration.

A huge downpayment is? 5K + trade in for my present car? I was doing so already


----------



## TofuTurkey (Mar 15, 2009)

aish said:


> Yes, I am on H1B and my visa renewal is coming up in a few months, after which I should get a visa for 3 more years, extending every year thereafter.


What happens if you can't stay in the country, for whatever reason? Will you pay the penalty for breaking the contract early? If you leave the car at the airport and do nothing more, will BMW ban you for life? Will Interpol list you as a wanted person, denying you entry into most of the countries in the world? :rofl:

But I am kind of interested to know the possible outcomes...


----------



## aish (Mar 31, 2009)

TofuTurkey said:


> What happens if you can't stay in the country, for whatever reason? Will you pay the penalty for breaking the contract early? If you leave the car at the airport and do nothing more, will BMW ban you for life? Will Interpol list you as a wanted person, denying you entry into most of the countries in the world? :rofl:
> 
> But I am kind of interested to know the possible outcomes...


Yeah, I guess the right and responsible thing is to pay the penalty. It's a small world and a bad credit would only lead to trouble while/after entering the country some time later. I don't think getting 'blacklisted' by bmwfs and related credit facility is worth it, the early lease termination fees would be much cheaper in the long run.

For now, I am going get the visa stuff sorted first and try my luck with bmwfs again. In a way it's good that it happened 'coz now when I'll be getting it renewed, I'll have more things be worried about than my shiny new bimmer.

I sincerely do hope interpol has better things to do than track down people who left their half paid bimmers at the airport... ...But not bad eh?! you save up on the taxi fare 

cheers


----------

