Lenders and Auto Loan Relief Programs

The COVID-19 pandemic has substantially impacted many BMW drivers in different ways. In addition to potentially dealing with the ramifications of this deadly virus on your health, you may be reeling from the financial blow that it deals with. Layoffs and reduced job responsibilities have resulted in a significant loss of income. Medical bills may be stressing your budget with extra expenses. Regardless of how the pandemic is affecting your finances, you may be wondering if debt relief is available for your BMW loan or lease payment.

BMW Financial Services

If you are unable to make your auto loan or lease payment to BMW Financial Services, you should connect directly with your lender as soon as possible. BMW Financial Services does not have a predetermined relief program established, but it may review your request for loan or lease relief on a case by case basis. One of the possibilities for loan or lease payment relief would be a deferment, and BMW Financial Services will tell you if you qualify for this type of assistance after your account details are reviewed.

End of Lease Options

When the end of your BMW lease is looming on the horizon, you must plan ahead for the surrender of your vehicle to the dealership or for the purchase of your BMW. Unfortunately, the financial woes that are affecting many people today may make both of these possibilities impossible or challenge for the time being. BMW Financial Services may be able to work with you on a case-by-case basis to make arrangements that are manageable for your unique financial situation. The best way to learn about the options available for your lease is to contact BMW Financial Services.

Loan Deferment FAQs

What is a BMW Loan or Lease Deferment?

BMW Financial Services may entertain requests for a loan or lease payment deferment. If your application for a deferment is approved, payments that would have been due during the deferment period may be skipped without penalty. Interest on auto loans will still apply, but late fees will not be assessed. All of the missed payments will be made at the end of the loan or lease term during a predetermined extension period.

How Does a BMW Lease or Loan Deferment Impact My Credit Score?

If BMW Financial Services provides you with a loan or lease deferment, it is agreeing to move back the payment dates for a specified period. Because the lender has agreed to the arrangement, the deferment will not be reported as a negative credit event to the three credit bureaus. Any missed, or late payments that are not covered under the deferment will still be reported to the credit bureaus.

How Do I Request a BMW Loan Deferment?

Because BMW Financial Services has not created any formal guidelines or requirements for a deferment or for other types of debt relief, you will need to reach out to the customer service department directly to discuss your situation and to learn about the debt relief possibilities available at the moment.