WOODCLIFF LAKE, NJ – February 25, 2014 – 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 46 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.
About BMW Group Financial Services
BMW Group Financial Services was established in the U.S. in 1992 to
support the sales and marketing of BMW products. Since then, the Group
has expanded to provide service to markets in multiple countries and
continues to evolve beyond its role as a captive finance unit.
BMW Group Financial Services offers a wide range of leasing, retail
and commercial financing and banking products tailored to meet the
needs of the BMW customer. The Group also provides financing to BMW
dealers for expanding dealership capabilities and enhancing overall
operations. With more than $36 billion in serviced assets and
1,031,000 automotive lending customers across the U.S., Canada and
Mexico, BMW Group Financial Services finances almost three-quarters of
the BMWs sold or leased in North America. BMW Group Financial Services
employs more than 800 people, including consultants and temporary
workers, most of whom are located in the Hilliard, Ohio, Regional
Service Center, which serves the U.S., Canada and Mexico.
In 2001, the MINI Financial Services division was established to
provide support for the brand’s dealers and its customers by offering
financing and leasing options and branded financial services products.
Alphera Financial Services was established in 2006 to provide
financial services to multi-brand dealers.
BMW Group Financial Services also offers credit card products through
its subsidiary, the BMW Bank of North America. up2drive.com is a
division of BMW Bank of North America, a wholly-owned subsidiary of
BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property
and casualty producer is also part of BMW Group Financial Services.
Information about BMW Group products is available to consumers via
the Internet at: