BMW Car Payment Relief

Lenders and Auto Loan Relief Programs

Are you feeling the financial implications of the COVID-19 pandemic? While the economy is booming in some sectors, it is struggling in others. Many people are dealing with joblessness, reduced work hours, and other factors that ultimately cut into their income. This financial blow could be magnified by the impact of high medical bills and other unexpected expenses. Many auto lenders are offering various types of loan relief to help drivers get through this stressful time. Are you wondering what options are available for your BMW lease or loan?

BMW Financial Services

The best time to connect with BMW Financial Services is as soon as you discover your inability to make a lease or loan payment as scheduled. The lender does not have a specific loan relief program in place as some other auto lenders do, but it may offer financial relief based on your specific circumstances. For example, some individuals may qualify for a loan or lease payment deferment. Your account details and your situation must be reviewed by BMW Financial Services before you can learn about your financial relief possibilities.

End of Lease Options

If you took advantage of the benefits of a BMW lease a few years ago before the pandemic hit, you may have not anticipated any challenges returning the leased vehicle at the scheduled time. However, now may not be the ideal time to trade up to a new vehicle or to surrender the vehicle. Several end-of-lease options could be available to you through BMW Financial Services. Contact the lender directly to explore your specific options in detail.

Loan Deferment FAQs

What is a BMW Loan or Lease Deferment?

In some cases, the ability to push back a loan or a lease payment by a few months could make a world of difference to a driver. BMW Financial Services may approve you for a loan or lease payment deferral. If a deferral request is approved, you could skip your next few payments without penalty. Your loan term will be extended by the length of the approved deferment, and all of the skipped payments must be made at that time. Loan interest will still accrue during the deferment period.

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

A loan or lease deferment is an approved alteration of the original loan or lease agreement. As long as you abide by the full requirements of the deferment, your credit rating will not be impacted. If you miss payments outside of the deferment period or if you fail to make up the payments at the end of your loan or lease term, this may be reflected as negative activity on your credit report.

How Do I Request a BMW Loan Deferment?

All types of debt relief available through BMW Financial Services are approved individually. To request a deferment or another type of debt relief, contact the BMW Financial Services customer service department by phone today.