The following are Vehicle Eligibility Conditions for a Used Vehicle Purchase from a Franchise Dealership:
- Loan-to-Value (LTV) not greater than 110% Kelley Blue Book (KBB) retail value. Multiply the KBB Retail Value by 1.10 (or 110%). The value of your vehicle cannot exceed this value.
- Mileage: cannot exceed 75,000 miles
- Vehicle Age: If the requested loan term is less than or equal to 60 months, vehicle must be no older than 6 years. If the requested refinance term is greater than 60 months, vehicle must be no older than 4 years
Other conditions that apply:
- May not be used at a BMW or MINI Dealership
- No Purchases from private sellers - FRANCHISED DEALERSHIPS ONLY!
- No purchases of auto leases.
- You may only purchase one vehicle with the Drive Check.
- No vehicles manufactured by Suzuki, recreational vehicles, ATV’s, jet skis, boats, mobile homes, motor homes, camper vans, trailers, conversion vans, commercial vehicles, business vehicles, leased vehicles, amphibious vehicles, armored vehicles, motorcycles, limousines, taxis, tow trucks, tractors, dump trucks, freight liners, farm equipment, kit cars, show cars, branded/junk/salvaged/rebuilt title vehicles, gray market vehicles, lemon law vehicles, converted engine vehicles, three-wheeled vehicles, vehicles that do not have a Vehicle Identification Number (VIN) or title issued, repossessed vehicles, vehicles sold through brokers/auction houses, vehicle sold through independent dealers (non-franchised), vehicles sold to members of the same family/same address and vehicles being sold by a business
- No powers-of-attorney on Used Franchised Dealership vehicle purchases.
Upon approval for a Used Franchise Dealer loan, the customer will be sent an up2drive loan package and Drive Check.
- Follow the step-by-step instructions attached to the Drive Check.
- Locate a Franchise Vehicle Dealership and confirm with the dealership the vehicle meets the Vehicle Eligibility Conditions listed in the loan package.
- Provide the Franchise Dealership the step-by-step instructions.
- Complete and fax required documents listed in the step-by-step instructions.
- An authorization will be provided to place on the Drive Check.
- Once authorized, the dealership can deposit the Drive Check.
The Franchise Dealership is responsible for titling the vehicle in your name as registered owner and BMW Bank of North America as the lienholder
Detailed step-by-step instructions are provided with the Drive Check to facilitate a smooth transaction.
A franchise vehicle dealership operates under a dealer agreement with a motor vehicle manufacturer and regularly engages in the business of buying selling or exchanging that manufacturers motor vehicles. A franchise vehicle dealership normally includes the manufacturer in the dealership’s name (ex. Bob Smith Ford; Saturn of San Diego; Bob Jones Chevrolet, etc.).
Independent used car lots and automobile brokers are not franchise vehicle dealerships.
You should apply for an amount greater than the amount you think you will need in order to give yourself some flexibility. Your actual loan amount will be the amount of the vehicle you purchase from a Used Franchised Dealership, which can include the sale price of the vehicle, taxes, licensing and registration fees, extended warranty/service and any other fees normally associated with a franchise dealership vehicle purchase. Up2drive does have vehicle eligibility conditions which include year, Loan-to-Value (LTV) and mileage restrictions that must be met in order to use our used vehicle loan product.
Up2drive finances vehicles for personal use only. Vehicles we are unable to finance include: Vehicles manufactured by Suzuki, recreational vehicles, ATV’s, jet skis, boats, mobile homes, motor homes, camper vans, trailers, conversion vans, commercial vehicles, business vehicles, leased vehicles, amphibious vehicles, armored vehicles, motorcycles, limousines, taxis, tow trucks, tractors, dump trucks, freight liners, farm equipment, kit cars, show cars, branded/junk/salvaged/rebuilt title vehicles, gray market vehicles, lemon law vehicles, converted engine vehicles, three-wheeled vehicles, vehicles that do not have a Vehicle Identification Number (VIN) or title issued, repossessed vehicles, vehicles sold through brokers/auction houses, vehicle sold through independent dealers (non-franchised), vehicles being sold by a business and vehicles greater than 75,000 miles.
Upon approval for a New Franchise Dealer loan, the customer will be sent an up2drive loan package and Drive Check.
- Follow the step-by-step instructions attached to the Drive Check.
- Locate a Franchise New Vehicle Dealership and confirm with the dealership the vehicle meets the Vehicle Eligibility Conditions listed in the loan package.
- Provide the Franchise Dealership the step-by-step instructions.
- Complete and fax required documents listed in the step-by-step instructions.
- Once documents are reviewed, an authorization number is provided to place on the Drive Check.
- Once authorized, the dealership can deposit the Drive Check.
The Franchise Dealership is responsible for titling the vehicle in your name as registered owner and BMW Bank of North America as the lienholder.
Detailed step-by-step instructions are provided with the Drive Check to facilitate a smooth transaction.
You should apply for an amount greater than the amount you think you will need in order to give yourself some flexibility. Your actual loan amount will be the amount of the vehicle you purchase from a franchised dealership; which can include the sale price of the vehicle, taxes, licensing and registration fees, extended warranty/service and any other fees normally associated with a franchise dealership vehicle purchase. Up2drive does have vehicle eligibility conditions which include year, Loan-to-Value (LTV) and mileage restrictions that must be met in order to use our New Franchised Dealership vehicle loan product.
The following are Vehicle Eligibility Conditions for a New Vehicle Purchase from a Franchise Dealership:
- Loan-to-Value (LTV) not greater than 110% of Manufactures Suggested Retail Price (MSRP).
- Mileage cannot exceed 6000 miles.
- Vehicle cannot be previously titled.
Other conditions that apply:
- May not be used at a BMW or MINI Dealership.
- No purchases from Private Sellers - FRANCHISE DEALERSHIPS ONLY!
- No purchases of Auto leases.
- You may only purchase one (1) vehicle with the Drive Check.
- No vehicles manufactured by Suzuki, recreational vehicles, ATV’s, jet skis, boats, mobile homes, motor homes, camper vans, trailers, conversion vans, commercial vehicles, business vehicles, leased vehicles, amphibious vehicles, armored vehicles, motorcycles, limousines, taxis, tow trucks, tractors, dump trucks, freight liners, farm equipment, kit cars, show cars, branded/junk/salvaged/rebuilt title vehicles, gray market vehicles, lemon law vehicles, converted engine vehicles, three-wheeled vehicles, vehicles that do not have a Vehicle Identification Number (VIN) or title issued, repossessed vehicles, vehicles sold through brokers/auction houses, vehicle sold through independent dealers (non-franchised), vehicles being sold by a business.
- No powers-of-attorney on Franchised Dealership vehicle purchases.
A franchise vehicle dealership operates under a dealer agreement with a motor vehicle manufacturer and regularly engages in the business of buying selling or exchanging that manufacturers motor vehicles. A franchise vehicle dealership normally includes the manufacturer in the dealership’s name (ex. Bob Smith Ford; Saturn of San Diego; Bob Jones Chevrolet, etc.).
Independent used car lots and automobile brokers are not franchise vehicle dealerships.
Up2drive finances vehicles for personal use only. Vehicles we are unable to refinance include: Vehicles manufactured by Suzuki, recreational vehicles, ATV’s, jet skis, boats, mobile homes, motor homes, camper vans, trailers, conversion vans, commercial vehicles, business vehicles, leased vehicles, amphibious vehicles, armored vehicles, motorcycles, limousines, taxis, tow trucks, tractors, dump trucks, freight liners, farm equipment, kit cars, show cars, branded/junk/salvaged/rebuilt title vehicles, gray market vehicles, lemon law vehicles, converted engine vehicles, three-wheeled vehicles, vehicles that do not have a Vehicle Identification Number (VIN) or title issued, repossessed vehicles, vehicles sold through brokers/auction houses, vehicle sold through independent dealers (non-franchised), vehicles being sold by a business and vehicles greater than 75,000 miles
up2drive finances vehicles for personal use only. Vehicles must be purchased from a Franchise Dealership.
The vehicle you are refinancing must meet these Vehicle Eligibility Conditions.
- Loan-to-Value not greater than 110% of Manufacturers Suggested Retail Price (MSRP). Multiply the MSRP by 1.10 (or 110%). The final sale price you negotiate with the dealer cannot exceed this value.
- Mileage: cannot exceed 6,000 miles.
- Vehicle Age: Cannot be previously titled.
Other restrictions:
- May not be used at a BMW or MINI Dealership.
- No purchases from private sellers - FRANCHISED DEALERSHIPS ONLY!
- No purchase of auto leases.
- You may only purchase one vehicle with the drive check.
- No vehicles manufactured by Suzuki, recreational vehicles, ATV’s, jet skis, boats, mobile homes, motor homes, camper vans, trailers, conversion vans, commercial vehicles, business vehicles, leased vehicles, amphibious vehicles, armored vehicles, motorcycles, limousines, taxis, tow trucks, tractors, dump trucks, freight liners, farm equipment, kit cars, show cars, branded/junk/salvage/rebuilt title vehicles, grey market vehicles, lemon law vehicles, converted engine vehicles, three-wheeled vehicles, vehicles that do not have a Vehicle Identification Number (VIN) or title issued, repossessed vehicles, vehicles sold through through brokers/auction houses, vehicles sold through independent dealers (non-franchised), vehicles sold to members of the same family/same address and vehicles being sold by a business.
- No powers-of-attorney on Franchised Dealership vehicle purchases.
- No cash back to borrowers on Franchised Dealership vehicle purchases.