# BMWFS Leasing Online Application Denied



## miamiboyca (Jun 19, 2012)

Lees9 said:


> My aunt did the application without me and got approved . Just wanted to know can I insure this vehicle or insure it in my name ? Any way around this ?


You should to insure it in both...

You have to insure it with your aunts name since she is on the paper work
You should insure in your name too since you will be operating the vehicle. You can leave your name off, however might cause you some headaches if you are ever in an accident. You will have to lie and say you borrowed it, etc. On the unlikely even you get caught in a lie, then your aunt could be liable for the damage.

Better to be safe and insure both of you at your address.


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## Lees9 (Aug 12, 2012)

So you are saying I can insure it in my name and also include her name on the insurance ?


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## Orient330iNYC (Jul 30, 2002)

Lees9 said:


> So you are saying I can insure it in my name and also include her name on the insurance ?


who is the primary applicant on the lease?

iirc, if she is just the cosigner, you can insure and register it under her name.


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## Lees9 (Aug 12, 2012)

The lease is in her name . They declined our co-sign application


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## miamiboyca (Jun 19, 2012)

Lees9 said:


> So you are saying I can insure it in my name and also include her name on the insurance ?


Talk to your insurance agent - but you Aunt *will have to be on the insured.*

My suggestion is you get the insurance, and try to add her to yours. Not sure how the underwriter will want to do it. In the end HER name must go on the insurance.


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## Lees9 (Aug 12, 2012)

miamiboyca said:


> Talk to your insurance agent - but you Aunt *will have to be on the insured.*
> 
> My suggestion is you get the insurance, and try to add her to yours. Not sure how the underwriter will want to do it. In the end HER name must go on the insurance.


Thanks. Yes I would make sure she is on it . I just wanted to make sure before I went to my insurance


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## 01Byte (Jun 22, 2003)

Jon Shafer said:


> This is not true. 95% of my buyers apply and are granted approvals online. If the application for credit is declined, I call them same as I would otherwise,
> and get it done (i.e., APPROVED). End of story.
> 
> The online app is a wonderful tool for buyers (many benefits).
> ...


Not here to start an argument but I was just relaying information that has been confirmed by F&I managers across several brand models (inclusive of BMW). If you are able to work you magic after the fact, then kudos to you. But, I would caution against making a general statement out of it.


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## miamiboyca (Jun 19, 2012)

01Byte said:


> Not here to start an argument but I was just relaying information that has been confirmed by F&I managers across several brand models (inclusive of BMW). If you are able to work you magic after the fact, then kudos to you. But, I would caution against making a general statement out of it.


I think that is some the Finance guys push so that you do everything with them rather than realizing you have other options. Also this gives them an opportunity to find financing elsewhere (at more cost to you) rather than just have you walk away. Just my 2 cents.


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## 01Byte (Jun 22, 2003)

miamiboyca said:


> I think that is some the Finance guys push so that you do everything with them rather than realizing you have other options. Also this gives them an opportunity to find financing elsewhere (at more cost to you) rather than just have you walk away. Just my 2 cents.


It's actually based in bank policy. Most banks have a standard approval policy that states that once a credit decision is reached, the only way to reverse it is if there is a conditional change to the app (i.e. income changed, co-signer added, credit score changed). The engine that decides if a particular app is approved or not is used by both, the dealers and the on-line process. The difference being that the dealer can call and ask for an override (which is usually based on the relationship between the dealer and the bank).

Most F&I manager clearly understand what it takes to get the engine to approve and can structure the request in a way that gives it a better chance. If you get declined on-line, then you are forced to rely on the dealer-bank relationship as they try to overturn the decision.

Since there isn't any financial benefit to applying on line, I always recommend that people wait until they are ready to buy and let the dealer do the submission. This reduces any complications that might arise.


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## chrischeung (Sep 1, 2002)

01Byte said:


> Not here to start an argument but I was just relaying information that has been confirmed by F&I managers across several brand models (inclusive of BMW). If you are able to work you magic after the fact, then kudos to you. But, I would caution against making a general statement out of it.


What's the problem? Say he is wrong - bottom line is, you're better off working with F&I than not. There is no additional cost to it, so why not? It's not as though applying online gives you a guaranteed lower rate.


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## SARAFIL (Feb 19, 2003)

Lees9 said:


> Thanks. Yes I would make sure she is on it . I just wanted to make sure before I went to my insurance


I work for a personal lines insurance carrier. What you are trying to do will not fly with your insurance company.

If the lease is only in your aunt's name, you can not put the car on your policy. BMW will want it on a policy in her name, i.e. her own insurance policy.

You can not just add her as a named insured on your own policy since there is no legal common insurable interest between both of you. She is not your spouse or partner so she can not be a named insured on your policy.

Similarly, you can not be added as a named insured on her policy for the same reasons. The only thing they can do is add you as an _authorized driver_ on her policy.

p.s. I mentioned in your other thread that what you are trying to do is called a "straw purchase" (obtaining credit to buy a car under someone else's name when that other person is not going to be an actual operator of the car) and BMW FS does not accept this type of transaction. They probably don't realize what you are trying to do from the application (though I am surprised that they don't recognize her name from the previous app that was declined) but if they find out you will have problems with this deal.


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## 01Byte (Jun 22, 2003)

chrischeung said:


> What's the problem? Say he is wrong - bottom line is, you're better off working with F&I than not. There is no additional cost to it, so why not? It's not as though applying online gives you a guaranteed lower rate.


Jon isn't wrong. If his F&I dept is very strong and has a lot of pull with BMWFS, then maybe they can reverse most declines. The issue that I wanted to point out is that ability is dealer based and not all dealers can do it (or will even try).


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## Lees9 (Aug 12, 2012)

SARAFIL said:


> I work for a personal lines insurance carrier. What you are trying to do will not fly with your insurance company.
> 
> If the lease is only in your aunt's name, you can not put the car on your policy. BMW will want it on a policy in her name, i.e. her own insurance policy.
> 
> ...


Well guess I better get use to the idea of been the authorize driver


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