# CPO financing and credit score requirements



## gtfish (Feb 18, 2007)

Anyone know what the credit score requirements for BMWFS CPO financing are? Hoping to be able to get the .9% financing on a car. 
Thanks in advance.


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## Slick44 (Oct 22, 2009)

740 for tier one


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## renaultf1 (Sep 16, 2010)

+1 to what Slick wrote - that was what my CA told me when I ordered my car and got .9%. 

One other thing - I'm pretty sure they pull an auto-enhanced FICO score (which is only available to dealers) which shows specifically how you've paid on auto loans. So if you have 740 regular FICO but have been late on a car loan or repo'd or have never had a car loan before, you might not qualify Tier1.


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## Vitacura (Jul 22, 2005)

I truly don't understand the auto-enhanced score. In my case it is way lower than my standard FICO score, but I have never been late on a car payment. Only thing I can think of is that I usually pay off the car loans two years into a five year note. I really wish that the auto score would be something I could monitor with a soft pull.


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## SARAFIL (Feb 19, 2003)

Vitacura said:


> I truly don't understand the auto-enhanced score. In my case it is way lower than my standard FICO score, but I have never been late on a car payment. Only thing I can think of is that I usually pay off the car loans two years into a five year note. I really wish that the auto score would be something I could monitor with a soft pull.


Don't necessarily look at that way (i.e. "what is dragging me down?") but think about it this way-- what else do you have on your credit report that has boosted your regular score? You might have a very good regular credit score because of your payment history on credit cards, mortgages, etc. but on your auto loans you are a bit more "average".


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## ehchan (Feb 18, 2009)

I'm a former BMWFS customer, so I wonder if I got better treatment... Anyways, they approved me for 5 years at 2.9%, no money down with a 693 auto credit score. Perhaps your stated income has as much weight as the score itself... A high credit score is no good if your income can't cover the payment!


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## SARAFIL (Feb 19, 2003)

ehchan said:


> I'm a former BMWFS customer, so I wonder if I got better treatment... Anyways, they approved me for 5 years at 2.9%, no money down with a 693 auto credit score. Perhaps your stated income has as much weight as the score itself... A high credit score is no good if your income can't cover the payment!


Score is key. Income, payment, etc. will determine whether or not they approve you, but the decision about whether or not you qualify for a certain rate is based on your score and only your score. You can be a new customer or have leased 10+ BMWs, it won't make a difference-- your credit score determines if you qualify for certain rates. A 693 is perfectly fine, this would be a "Standard" approval for BMW. ("Elite" is 700-739, and "Super Elite" is 740+)


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## ard (Jul 1, 2009)

Vitacura said:


> t I have never been late on a car payment. Only thing I can think of is that I usually pay off the car loans two years into a five year note. .





SARAFIL said:


> You might have a very good regular credit score because of your payment history on credit cards, mortgages, etc. but on your auto loans you are a bit more "average".


If he has never been late on a car payment, how can that make him "more average"?


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## SARAFIL (Feb 19, 2003)

ard said:


> If he has never been late on a car payment, how can that make him "more average"?


If he does not have a lot of auto-specific credit, but he has a lot of "other" credit with very good payment history, low debt relative to credit limits, etc. and you take all that "other" good stuff out, I can see how it would result in a lower auto-specific score. Basically, he might have mostly "other" stuff on his credit report that has given him a very high score but there is not as much auto-specific credit history.


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## gregpoland (Dec 22, 2006)

Hey guys............ the bottom line is that you have to be standard i.e. 675 FICO score......... anything lower than that and the rate goes up.


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## AnonCA (Oct 26, 2010)

Greg is right. 675 clears the hurdle; doesn't matter on CPO rates if your score is better


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## eware3000 (Dec 28, 2010)

AnonCA said:


> Greg is right. 675 clears the hurdle; doesn't matter on CPO rates if your score is better


@ AnonCA
So what if you are >740 but want a CPO. Are you saying that doesn't matter?
I got a good rate from my credit union, but seems as if I want the No Cost Maintenance special on a CPO I have to finance through BMW Finance.


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## AnonCA (Oct 26, 2010)

If you pass the threshold of 675 (no matter if you're barely above or waaayyy above) you qualify for the best CPO rates. In addition, as long as you make 3 payments to BMW (check with your local CA to be certain), you can refi at your preferred bank/credit union and still benefit from the free Maintenance Plan Upgrade.


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## Steave (Jun 15, 2012)

*Auto financing after bankruptcy*

In my point of view, only some lenders look towards the credit score. There are lenders who wish to deal with people who have no credit or bad credit score as well. I suggest you to go with Complete Auto Loans, they deals better with such people. Hope you will experience it.


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## christianfahey (Apr 13, 2006)

SARAFIL said:


> Score is key. Income, payment, etc. will determine whether or not they approve you, but the decision about whether or not you qualify for a certain rate is based on your score and only your score. You can be a new customer or have leased 10+ BMWs, it won't make a difference-- your credit score determines if you qualify for certain rates. A 693 is perfectly fine, this would be a "Standard" approval for BMW. ("Elite" is 700-739, and "Super Elite" is 740+)


Interesting that they have a "super elite" category. Is there a special/lower rate or any other incentive for that?

EDIT: Sorry for the post, guess this question has been answered.


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