With the launch of the BMW i3, the brand’s first premium electric vehicle, BMW Group Financial Services becomes one of the first in the industry to create a financial solution to ownership that provides eligible customers with the options to lower their monthly payment and return the vehicle at the end of their contract term. The financing product called ‘OwnersChoice with Flex,’ provides eligible BMW i3 customers the option to increase their final OwnerChoice balloon payment due at the end of their contract term by up to $7,500. This increased final balloon payment reduces the amount of the customer’s required monthly payment. Eligible buyers of a new i3 may also be able to receive a Federal EV Income Tax Credit. Customers should consult with tax professionals to determine if they qualify for the tax credit as eligibility is complicated and subject to change.
According to Fred Isele, Vice President of Sales and Marketing for BMW Group Financial Services, ‘OwnersChoice,’ is similar to a lease program in that the retail contract provides low monthly payments followed by a balloon payment at the end – however, the distinct difference remains in ownership.
“Owners can gain a comfortable payment for one of the highest technological and efficient premium electric vehicles available to date, and know that we’ve created end-of-term options including optional return of the vehicle, while providing them a means to own the vehicle,” said Isele.
End-of-term options include completing the purchase of the car by paying the full balloon payment due at the end of their contract term, or returning the car in exchange for a pre-determined vehicle price and paying the remaining amount of the balloon payment at that time.
‘OwnersChoice’ will be available in 48 states for the new BMW i3 subject to credit approval, state restrictions, and other conditions. Isele notes that while the program provides ownership, it includes a walkaway vehicle return option similar to a lease.
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