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PressClub USA · Article.
BMW Lease Protection Program Greatly Reduces Lease-End Surprises as BMW Financial Services Continues to Improve on the Ultimate Lease Experience
Mon Apr 23 19:43:00 CEST 2012 Press Release
Woodcliff Lake, NJ, April 23, 2012 – BMW Financial Services has taken the next step in offering its Ultimate Lease customer a smoother, less-stressful lease-end experience – and overall simpler leasing experience – with the introduction of its BMW Lease Protection Program.
Woodcliff Lake, NJ, April 23, 2012 – BMW Financial Services has taken the next step in offering its Ultimate Lease customer a smoother, less-stressful lease-end experience – and overall simpler leasing experience – with the introduction of its BMW Lease Protection Program.
“Our new BMW Lease Protection product , which some might refer to as extended-wear-and-tear coverage, virtually eliminates the potential out-of-pocket costs of common repairs at lease-end , thus making the leasing experience that much more pleasurable,” explained Lisa McPherson, BMW Financial Services general manager of insurance. “This is our latest program to make leasing a BMW (or a MINI) a pleasurable experience and minimizing issues surrounding wear and tear, tire and wheel problems and minor dings and dents which may become apparent when the vehicle is returned at the end of the lease.”
BMW Lease Protection joins BMW Tire & Wheel Protection, BMW Paintless Dent Repair and BMW Windshield Protection to provide coverage for everyday mishaps. These same programs are offered to MINI customers.
“One of the reasons people lease cars is for a virtually worry-free driving experience, one which enables them to enjoy their vehicles for the life of the lease and then either walk away or move into their next BMW or MINI,” explained McPherson. “We understand this and are continually upgrading the BMW Ultimate Lease to make the experience that much more pleasurable and rewarding for the BMW Financial Services customer.
“Taking the costly surprises out of the lease experience by providing BMW-level protection is the obvious way to do just that.”
The BMW Lease Protection Program, which must be purchased at time of new-vehicle delivery, covers up to $3,750 in billed excess wear and use charges at turn in (not during the life of the lease). Items covered by the program include:
- Dents and dings
- Tires
- Wheels
- Upholstery, rips, tears
- Glass
- Headlamps (including Xenon), fog lamps, tail-lamp assemblies
- Bumpers, step bumpers, surrounding trim
- Navigation/display screen
- Factory entertainment system
- Convertible tops
- Carpets
- Mufflers and tail pipes
- Rubber door seals
- Mirrors, mirror covers and housing
- Name-plate badges and hood ornaments
- Moldings, trim, metal and chrome
- Missing parts (up to $300 per occurrence)
The process for determining excess wear and use occurs at the lease-end inspection, generally performed at the BMW Center. There an inspector reviews the vehicle, noting if there are any items in need of attention. If so, the information is presented to the customer (who will receive a comprehensive lease-end inspection report) and the claim is submitted to BMW Financial Services directly by the dealer – the customer does not have to do anything.
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 $34 billion in serviced assets and 1,000,000 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 dealer and customer networks by offering various financing and leasing options. Alphera Financial Services was established in 2006 to provide financial services to dealers who are not part of the BMW and MINI networks.
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:
www.bmwgroupna.com
www.bmwusa.com
www.bmwmotorradusa.com
www.MINIusa.com
www.rolls-roycemotorcars.com
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