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BMW Financial Services Targets College Graduates and Young Professionals with an Expanded College Graduate Program – Reduces Hurdles Providing Best Available Rates
Fri Sep 23 15:50:00 CEST 2011 Press Release
Woodcliff Lake, NJ – September 23, 2011 – BMW Group Financial Services has opened the door for college graduates and young professionals to increase their purchase power through the company’s College Graduation Program. The Program encompasses both leases and loans and applies to new and certified pre-owned BMW and MINI automobiles, as well as BMW motorcycles. Customers who meet the program criteria will be offered the best available rates based on their FICO scores. In addition, lease customers will qualify for a waiver of the security deposit.
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BMW Group
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Kenn Sparks
BMW Group
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Program Designed to Extend Purchase Power for Young Professional Segment While Showcasing Value and Flexibility of BMW’s Captive Finance Group
Woodcliff Lake, NJ – September 23, 2011 –BMW Group Financial Services has opened the door for college graduates and young professionals to increase their purchase power through the company’s College Graduation Program. The Program encompasses both leases and loans and applies to new and certified pre-owned BMW and MINI automobiles, as well as BMW motorcycles. Customers who meet the program criteria will be offered the best available rates based on their FICO scores. In addition, lease customers will qualify for a waiver of the security deposit.
“As a captive finance company, we have the capacity to be more flexible than other institutions,” said Steve Swecker, general manager of sales operations. “We developed the College Graduate program to target one of the most essential customer bases, that of the entry-level buyer. The program provides young professionals the accessibility to our brands based on their ability to pay, rather than a capped allowance.” Swecker maintains that this program opens the world of BMW and MINI to those rewarding themselves upon graduation. “Completing college is an exciting point in life, and graduates want to reward themselves for the accomplishment. Our College Graduate program helps make this reward attainable.”
The BMW Group Financial Services College Graduate program taps a distinct audience of college graduates and graduate students. The program guidelines include:
- Graduation from an accredited college or university with an undergraduate or graduate degree earned within the previous 12 months (requires a copy of the graduate’s diploma or official transcript).
OR
- Eligible for graduation from an accredited college or university with an undergraduate or graduate degree within the next 4 months and have a verifiable firm offer of employment commencing after graduation.
Other requirements include proof of income or the employer’s letter with contact information stating position / title and income, a minimum of 24 months of credit on file and no previous derogatory credit on any held credit trades; gross debt to income ratio of less than 45%; gross automotive payment to income ratio of less than 25%. All applicants are required to complete a credit application for final approval.
The College Graduate Program is exclusively from BMW and MINI Financial Services and will be marketed through social media platforms, as well as through the BMW and MINI retail network.