ONLINE APPLICATION
Frequently Asked Questions.
When will I receive my leasing or financing contract?
Your leasing or financing contract will be sent to your dealer after final approval of your application. For private applications it implies that all the submitted information as well as documentation has been verified by our Credit Department. If your application was submitted directly via BMW Group Financial Services, we will send the contract directly to the specified e-mail address.
What is 'VIS'?
VIS, or Verification Information System, is a notification of the BKR. Using this notification, the BKR informs her customers about travel documents which have been reported stolen, missing or invalid for any other reason, with the goal of preventing fraud.
Why am I not allowed to prepay one (or more) monthly installments?
Under the Dutch law, prepaid installments are considered undue payments. As a customer you therefore have the possibility of undoing those payments. As such, we are unable to accept those payments.
I have a negative registration at the BKR, can I still apply for financing?
It is our policy not to provide financing in case of a negative registration at the BKR.
To whom do I pay the downpayment?
You pay the downpayment to the party from which you buy the vehicle. In most cases this would be the dealer.
When will I receive my deposit back?
You will receive your deposit back eight weeks after your last payment.
I own a taxi company and would like to finance the BPM tax and pay it later, after receiving the refund from the government, is this possible?
Unfortunately we cannot include the BPM tax in your financing contract. Same as for the VAT (btw), you have to pay the BPM tax to your dealer.
I would like to finance a car for my company and include the VAT (btw) in the financing contract, is this possible? If not, to whom do I pay the VAT (btw)?
In case your company is required to pay VAT (btw) you can't include the VAT in your financing contract. You will have to pay the VAT to your dealer.
In case your company is not required to pay VAT, it is possible to include the VAT in your financing contract.
I have requested a change of debtor for my financing contract, changing the debtor from my company to my private person. How do I change the registration of the car?
After formal approval of the change of debtor and the signing of required documents, we can change the registration of the car with a digital authorization form.
I have requested a change of debtor for my financing contract, changing the debtor from company A to company B. How do I change the registration of the car?
The registration of the car will be changed by us. No personal appointment will be required.
What is the content of the income check?
Being a financial services provider, we have to act in compliance with various rules and regulations. The 'Wet Financieel Toezicht' or Wft (Dutch law for financial service providers), states that a customer requesting a financing contract must have a sufficient amount of income to meet monthly payment requirements.
To assess the financial situation of our customers, we use a calculation developed by the Wft which takes into account (among others) the income, family situation, housing costs, registered credit/loans and other financial obligations. These exclude non-BKR registered credit/loans such as alimony and private loans.
What exactly is understood by cost of living?
Cost of living are gross mortgage expenses or rent expenses. Gross mortgage expenses are all expenses related to the mortgage, such as interest, repayments, deposits and insurances. Tax-discount on interest costs is not taken into account.
What exactly are gross mortgage expenses?
Gross mortgage expenses are all expenses related to the mortgage, such as interest, repayments, deposits and insurances. Tax-discount on interest costs is not taken into account. The used calculation already takes these discounts into account.
My partner pays for our cost of living, why am I still required to fill in my cost of living?
In the income check, the fact that cost of living are paid by a partner or another third party is not taken taken into account. In order to get a correct and complete calculation we must take the cost of living into account and therefore require this information. The reason we use this method is that the customer should be able to pay his/her cost of living in case, for any reason, the partner/third party would no longer be able to make the payments.
I have used only €1.000 of my ongoing credit of €20.000, why do you still use a monthly installment of €400 (2%) in the income check?
The Wft (Dutch law for financial service providers) states that for every financing/credit (except a mortgage), 2% of total costs should be included in the income calculation. This approximately equals the interest and repayment costs in case of full usage of the credit. Because this situation might occur, we need to take the 2% into account.
I have a creditcard which I do not use. Does this influence the outcome of the income check?
The Wft (Dutch law for financial service providers) states that for every financing/credit (except a mortgage), 2% of total costs should be included in the income calculation. This approximately equals the interest and repayment costs in case of full usage of the credit. Because this situation might occur, we need to take the 2% into account.
Why do you need a copy of my drivers license, since I have already provided you a copy of my passport/ID-card?
We only finance motorised vehicles and assume that our customers are the daily drivers of these vehicles. Therefore we want to make sure that all of our customers are in the possession of a valid drivers license.
Who is accepted as a co-signer for my financing contract?
Our policy is to only accept co-signers with whom our customer shares a household, for instance your parents or partner.
In case your income is not sufficient for the requested financing, it is possible to have a co-signer for the financing contract. This person then shares the liability of the financing contract. This increases the chances of receiving an approval of your application.
I would like to refinance my balloon payment. Despite the fact that I have been a loyal customer for a long time you still require my income data (again). Why do you require this information again?
The Wft (Dutch law for financial service providers) states that for applications older than six months all income data must again be requested and assessed. Therefore, in case your current contract started more than 6 months ago, for a refinancing contract we again require your income data.
The data on my quotation is incorrect, what should I do?
Check the box stating the data on the quotation is incorrect and fill in the contact form on the bottom of the page. We kindly request you to contact the salesperson who has created your quotation.
I do not have any bank statements and have no access to a printer. How can I provide the required information?
You can either make a screenshot of your bank statement or make a picture of the printed document. The screenshot or picture can be uploaded to the portal. How to make a screenshot or picture depends on the device you are using.
I have a variable income, which information should I deliver?
You should deliver the specification of your three most recent incomes, accompanied by the bank statements which show the deposits on your account.
I am married on equal terms, do I need to provide my partner's information?
Yes, you do need to provide your partner's information. It does not matter whether your partner has an income. In case your partner does not have an income, you do not need to fill in his/her salary and upload his/her bank statements.
I am married with a prenuptial agreement, do I need to provide my partner's information?
No, you are not required to provide your partner's information. It could however increase the chances of receiving an approval of your application.
I am retired and receive a pension, what should I upload as salary slip / income statement?
As a salary slip / income statement you should upload an annual report of your pension earnings.
My only income is alimony, what should I upload as salary slip / income statement?
As a salary slip / income statement you should upload a divorce agreement stating the alimony payments.
Can my deposit be repaid by a reduction of the first installments?
No, a deposit is an additional security. Therefore we cannot allow the deposit to be repaid by a reduction of the first installments.
What is an 'UBO'?
Due to new laws and regulations we are required to identify the 'Ultimate Beneficial Owner' (UBO) of our business customers. An UBO is a private person with a 25% or higher share of the company. Of course it is possible that a company is owned by multiple persons, all with a share under 25%. In that case no UBO can be identified.
I am a guarantor for a financing contract. Will this be registered at the BKR?
No, as a private guarantor you will not (directly) be registered at the BKR. However, in case the debtor is unable to make his monthly payments and we are forced to request the guarantor for payments, we will register the financing agreement with the BKR.
Why am I required to provide my complete set of yearly figures? I have already published the summary at the Chamber of Commerce (KvK)
Unlike the summary published at the Chamber of Commerce (KvK), the complete set or yearly figures includes the income statement and an explanation/notes concerning the balance sheet. We require this information to gain a clear view of the financial information of your company.
Why do you require my most recent tax statement? I have recently started as an entrepreneur.
Staring entrepreneurs often have performed wage labor in the past. Using the most recent tax statement, we can assess the credit rating of our customers.
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