The BMW i3 has gotten the company’s financial arm, BMW Group Financial Services, to tailor a new spin on creative financing to the buyers of this new EV.
With the launch of the BMW i3, the brand’s first premium electric vehicle, BMW Group Financial Services (BMW GFS) said it created 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, said BMW GFS. This increased final balloon payment reduces the amount of the customer’s required monthly payment, it said – without getting into details like the actual amount of likely or potential monthly payments.
BMW GFS added eligible buyers of a new i3 may also be able to receive a Federal EV Income Tax Credit.
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.”
BMW GFS added 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.
BMW GFS’s ”OwnersChoice” will be available in 48 states for the new BMW i3 subject to credit approval, state restrictions, and other conditions.
”While the program provides ownership, it includes a walkaway vehicle return option similar to a lease,” said Isele.