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Chairman of the Bored
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Discussion Starter #1 (Edited)
As I said in another thread I bought a 2019 430i CPO a couple of weeks ago. Today it finally got on the BMWUSA website and it showed a payment of $300 on my new loan. I called BMWFS and they told me they paid it because we didn't use all the contracted miles on our 2017 320i lease. The 320i was my wife's car and she had some health problems and wasn't driving for a few months. I think she was about 15k miles under the 45k contracted. It was a pleasant surprise.:thumbup:
I just noticed I fat fingered the word got and I don't think there is anyway to fix it.
 

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That's $0.02/mile. Over-miles cost $0.25/mile. Not accurately predicting future annual mileage is another thing that can hurt you in a lease. One mitigation strategy would be for a multi-car household to only have one leased car. That way the annual mileage on the leased car could be adjusted up or down as necessary.
 

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///Monkeyazz Duck
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Were you a veterinary dentist in a prior life? Because you sure like to look a gift horse in the mouth.

McLaren there are two great things about your post. First, you mentioned your wife's medical issues in the past tense. And second, you got an unexpected gift from a company you do business with. One that is more useful than the key-fob-shaped-USB-drives and other things they send out. I think that is a great story.

Out of curiosity, did you do any checking of the other possible exit options? Like the lower-than-residual buyout price BMWFS is now offering as you near lease-end? Or swinging by CarMax or visiting Carvanna to see if your under-miles 320 could have been flipped for a bigger profit?
 

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Bimmerfest Founder
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UNUSED MILEAGE LOYALTY PROGRAM

"The Unused Mileage Loyalty Program is designed to reward customers who have not used all of their contracted miles. A credit for unused miles will be applied to the customers' new account, regardless if there is an outstanding balance on the previous account. A credit for unused miles will be applied to the customer's new account and is available to offset any outstanding liabilities during the account term, including monthly payments.

The calculated percentage of unused contractual mileage will not include mileage purchased in excess of the standard 15,000 miles per year. This portion of unused mileage will continue to be refunded to the customer as outlined in Section 15 of the lease contract.

The program excludes refunding any mileage purchased after lease inception using the Mileage Adjustment Program. Any balance remaining from the Mileage Adjustment purchase will continue to be applied to Excess Wear and Tear or other outstanding charges from the previous account including the disposition fee and remaining receivables."


The Unused Mileage Loyalty Program credits offered are below:



This is a standard BMW Financial Services program..


:thumbup:
 

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Chairman of the Bored
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Discussion Starter #5
Quack : I just turned in the car, I didn't explore any other options.
Jon : Thanks for fixing my fat finger. I posted this because I don't think it was known to most people that they had this program. You have explained it.
 

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Quack : I just turned in the car, I didn't explore any other options.
Jon : Thanks for fixing my fat finger. I posted this because I don't think it was known to most people that they had this program. You have explained it.

It's great info, I doubt many lease customers are aware of it. Thanks for sharing!

:thumbup:

Kudos to BMWFS as well for finding novel ways to reward brand loyalty as well...

I think this program is unique to BMWFS...
 

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As I said in another thread I bought a 2019 430i CPO a couple of weeks ago. Today it finally got on the BMWUSA website and it showed a payment of $300 on my new loan. I called BMWFS and they told me they paid it because we didn't use all the contracted miles on our 2017 320i lease. The 320i was my wife's car and she had some health problems and wasn't driving for a few months. I think she was about 15k miles under the 45k contracted. It was a pleasant surprise.:thumbup:
I just noticed I fat fingered the word got and I don't think there is anyway to fix it.
10k/yr versus 15k/yr is 3% MSRP difference in depreciation paid in 3-year lease, so 15k miles under did cost extra 3%.

For a $35k(e.g.) 320i, 3% is $1k+. At least the $300 credit recoups some of the $1k+ loss.

Obviously under mileage is a big hit on high-priced cars, e.g. 3% of $100k MSRP is $3k! :yikes:
 

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I received the $300 credit as well and decreased the allowed mileage on my next lease. MINI has a program that allows 7,500 miles/year and gives a bit more residual for doing so.

I know, I know. What's the advantage of leasing if you only put 7,000 miles/year on a car?

Advantage: New Car Smell fix every 36 months. ;)
 

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I received the $300 credit as well and decreased the allowed mileage on my next lease. MINI has a program that allows 7,500 miles/year and gives a bit more residual for doing so.

I know, I know. What's the advantage of leasing if you only put 7,000 miles/year on a car?

Advantage: New Car Smell fix every 36 months. ;)

There are so many advantages to leasing, I could write a book.
 

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FIFO
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Can confirm. We were about 25% under the allowed mileage this time around, and BMWFS was all quiet regarding the refund, even cutting a small refund check for another reason and calling the return closed. I called and talked to two different people who then confirmed that the refund was due and that they were putting it through personally. Looks like they may be slow-playing this process until you follow up directly. To their credit, once the call was made, the credit appeared two days later.
 

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I've received the credit on ALL of my cars.

I really wish BMW would offer a 7.5k lease on the more pedestrian models (you know, models in my price range :)).
 

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I second this...!

I've received the credit on ALL of my cars.

I really wish BMW would offer a 7.5k lease on the more pedestrian models (you know, models in my price range :)).
I have turned in two vehicles in the last year that were both around 50% of the 10K mileage on the lease. I do not recall getting the $300 on the wife's lease returned about a year ago, but I was informed that I had it for mine when returned about two weeks ago... I'd be doing the 7500 mile option if I could...
 

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I'd be doing the 7500 mile option if I could...
I'm in a 7.5K MINI lease. It makes no sense, but I did it and am happy. 8 months in I don't yet have 3,000 miles on the car. Is that extra 1% residual worth it? Well, does it make sense to lease a car you drive less than 8,000 miles/year? Well... life is short and new cars smell so nice.

Check out MINI. Fun cars.
 
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