OP: Its not a lease extension, its a re-lease. Its a minimum of 1 year and a max of 3 years IIRC. I did it with my 03 E46 330i when the original 3 year lease ended. An additional 2 years reduced monthly payment by $60/month. There was a $325 acq. fee. I did it to tide me over until the 335 came out. On hindsight I should have done it for just one year as warranty was 4 years and 335 came out in 2007. If I were you I would get a 3 year lease from the get-go and not mess with 2+1 as you may end up in a worse position due to residual.