Declined Proposals
Declined Proposals.
Please find below some of the most common decline terms that you will see on FAMOS notes with a further explanation of these terms.
DECLINE APPEALS PROCESS.
Please communicate the decision to the customer before appealing.
If you believe the incorrect decision has been made. Please contact your Business Development Manager to appeal the decision, ensuring that the template below is completed. We will not review any decline appeals where the template has not been completed.
Please note we will only look to review the application further with new information that the Underwriters were not aware of on the first submission.
Please fill in the below template layout for ALL appeals & send to appeals@bmwfin.com
Any that are sent without the template & lacking information will be returned with the request to fill it in.
- Customer name:
- Prop no.
- Current hirer?
- Any settlement? (include figures):
- Other useful information:
Useful information could include:
- Additional sources of verified income – such as rental income or a 2nd job
- A recent pay rise or new car allowance (anything related to income will need to be verified)
- Recent changes to credit file not yet reflected, such as credit card balance fully paid off
- Significant incorrect information proposed on first submission
Before appealing, please note the decline term:
Proposals with unsupportive information seen at the Credit Reference Agencies are unlikely to get overturned.
We may not be able to review proposals declined for being too high risk, if there is other concerning information found that we are unable to share.
Customer Decline Appeals
If the customer is still not satisfied with the decision they are able to contact us with their own appeal with further justification via email on underwriting@bmwfin.com, please note there is no set template required for customer appeals.
(Please note we aim to respond to all customer decline appeals within 5 working days).
Information on Proposal Decline Reasons
"The Proposal has been declined based on a full review of the Businesses Financial Performance."
"We have declined this customer due to unsupportive information held against them at the Credit Reference Agencies. If the customer is unaware of the information, we strongly suggest that they obtain a copy of their credit file for all addresses where they have lived or applied for credit in the past 6 years. We are not in a position to reconsider this decision."
"The overall profile of this application is considered too high risk to approve. Information has been obtained from various sources, including credit reference and other agencies that prevents us from offering an approval. We are not in a position to reconsider this decision."
"This proposal has failed to meet our minimum Underwriting criteria. We are not in a position to reconsider this decision."
"Following a full review of the customer's credit file, we consider the applicant to be fully financially committed. We are not in a position to reconsider this decision."
"Thank you for supplying additional information for this customer. The information has been reviewed in full and is not deemed supportive of this application."
The company proposed is not supportive. Information will be taken from public records, such as Companies House and Credit Safe, as well as credit reference agency date.
The customer will have been declined due to adverse information. Such as account defaults, County Court Judgements and arrears on current pieces of credit.
This can be for a variety of reasons. Inaccuracies seen for the customer across their current financial agreements. The vehicle and lend is too ambitious (for example an 18 year old student looking for an X7) fraudulent information given or a fronted application.
A weak modest customer profile.
The customer is heavily using all available credit. Their credit cards are at or over limits, cash advances taken. Multiple loans and overdraft usage seen. If you have informed the underwriters of settlement this would be taken into consideration when making the decision.
The additional info such as bank statements, or tax return is not supportive. For reasons such as returned direct debits on bank statements, heavy use of planned or unplanned overdraft facility.
For tax returns this will be down to the declared income being too low to offer any type of lend.
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