WOODCLIFF LAKE, N.J. — As a way to hook young professionals to its brand, BMW Group Financial Services recently rolled out a new College Graduation Program that includes special incentives on certified pre-owned vehicles.

The program encompasses both leases and loans and applies to new and certified pre-owned BMW and Mini vehicles 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.  

Management contends the BMW Group Financial Services College Graduate program taps a distinct audience of college graduates and graduate students. The program guidelines include one of two conditions:

—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).

—Eligible for graduation from an accredited college or university with an undergraduate or graduate degree within the next four months and have a verifiable firm offer of employment commencing after graduation.

BMW pointed out other requirements include:

—Proof of income, or the employer's letter with contact information stating position/title and income.

—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 percent.

—Gross automotive-payment-to-income ratio of less than 25 percent.

The company went on to note all applicants are required to complete a credit application for final approval. 

Officials also mentioned the College Graduate Program is exclusively from BMW and Mini Financial Services. They plan to market the program through social media platforms, as well as through the BMW and Mini retail network.

"As a captive finance company, we have the capacity to be more flexible than other institutions," explained 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," Swecker continued. "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," he concluded.