Question about adjusting Mileage per year during lease time

Dear All,
I was talking to a friend of mine who told me that with BMW FS, they give you the chance to adjust for your mileage usage when leasing thru them. For example, if you lease with 12K a year and find your self approaching 15K vs 12K, you can buy extra miles at 16 cents. He explained itto me that this way you reduce your monthly and at the same time get the option to buy the miles for only one cent more than if you lock in at lease signing.
It would be great if someone can confirm this and share experience as well as shed some light on pros and cons.

As always, thanks very much for your input.

Absolutely possible to buy more miles during your lease up to (I think) 4 months before lease end at the reduced rate. Worked for me a couple years ago, signed a 10k mile/year lease and I bought about 5k miles 6 months before lease end and it ended up being cheaper than if I had gotten a 12k miles/year lease.

Yes, this is true.

Be careful on the math, though. It is only $0.15 per mile for extra miles above 15,000 miles per year. The actual cost to go from 10-12k and 12-15k upfront works out to less than $0.15 per mile, but it varies based on the numbers for your particular lease.

One other difference is that if you buy more miles above 15k per year, they will refund the unused ones at the end. If you buy more miles during the lease, they do not refund you for unused ones. So if you buy 20k miles per year, but only use 17k... they refund you the 3k miles per year at the price you paid. If you lease for 15k but use less, you get nothing back... only for miles you buy above 15k per year. If you buy more miles during the lease but don't use them all, you get nothing.

It's possible!

I had a 2yr lease for 20k miles.

Bought 4000 miles to get me to 24k.

I had a payment of $628 and it jumped to $807!!! I did the mileage adjustment 4 months before the end, which is why my payment jumped so high.

I suggest you make the decision earlier rather than later!

Originally Posted by blake1224

It's possible!

I had a 2yr lease for 20k miles.

Bought 4000 miles to get me to 24k.

I had a payment of $628 and it jumped to $807!!! I did the mileage adjustment 4 months before the end, which is why my payment jumped so high.

I suggest you make the decision earlier rather than later!

Thanks for your quick response. Very helpful!

Originally Posted by blake1224

It's possible!

I had a 2yr lease for 20k miles.

Bought 4000 miles to get me to 24k.

I had a payment of $628 and it jumped to $807!!! I did the mileage adjustment 4 months before the end, which is why my payment jumped so high.

I suggest you make the decision earlier rather than later!

Actually, you had the "MAP" mileage you purchased amortized into your remaining payments and that's what caused the big jump. You also have to choice of just getting billed in a lump sum at the end. It's a matter of how you want to budget for it- over a few months or just writing a check.

Originally Posted by blake1224

I had a payment of $628 and it jumped to $807!!! I did the mileage adjustment 4 months before the end, which is why my payment jumped so high.

I suggest you make the decision earlier rather than later!

Also you got hit with the now higher CA Sales Tax rate too.