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The ED Lease
Quesiton about ED and Leaseing
I have already made 2 lease payments (up-front) because I'm using BMW's ED program. That's fine, and I accept that.
Question:
Does my 36 month (time frame) lease start upon making these 2 payments?
As it stands, I've already provided BMWFS with two monthly payments and my car has not even been built yet. That is, it does not yet exist. I can't even pick it up (in Munich) until the end of this month. It would seem (to me) that the lease (36 Month period) would not start until I actually take delivery. I accept that fact that I must start making payments once I start driving the car in Munich, but the car does not even exist yet. And If my payments are to begin now, when does my lease expire --
1) 36 months after I told BMW to "build this car"?
2) 36 months after I "take delivery of the car"?
Thanks in advance to whom ever can shed some light.
Wil
| | Reply » The ED Lease |
I think you should only have to pay one payment fourteen days before your pickup date. That's when the 36 months begins. Are you sure you didn't pay a deposit that will be used towards the car when you sign the final contracts?
Here's the latest from BMW about the ED program effective 12/1/04:
- The length of time for contract signing before delivery has been
reduced from thirty (30)days to fourteen (14) days.
- Customers can stay abroad for up to 90 days. During that time,
insurance is required, listing BMW FS as loss payee. Easy Pay will be
required for customers who extend their stay.
- Customers will no longer be required to make two (2) payments at
contract signing.
- BMW FS will pay the second payment for the customer (on lease only).
This payment will appear on the customer's first invoice as a credit.
If the customer opts for a Pre-Pay Lease, the total amount due should
be reduced by one monthly payment.
- A lease rate adder of .0003 will be added to the published
applicable rate for all ED leases.
- Retail contracts will continue to have 60 days until first payment.
-BMW ED will only provide insurance for 2 weeks (formerly 1 month is
free) due to the increase in insurance cost. The 2 additional weeks
of insurance will vary depending on the vehicle.
Quote: Quesiton about ED and Leaseing
I have already made 2 lease payments (up-front) because I'm using BMW's ED program. That's fine, and I accept that.
Question:
Does my 36 month (time frame) lease start upon making these 2 payments?
As it stands, I've already provided BMWFS with two monthly payments and my car has not even been built yet. That is, it does not yet exist. I can't even pick it up (in Munich) until the end of this month. It would seem (to me) that the lease (36 Month period) would not start until I actually take delivery. I accept that fact that I must start making payments once I start driving the car in Munich, but the car does not even exist yet. And If my payments are to begin now, when does my lease expire --
1) 36 months after I told BMW to "build this car"?
2) 36 months after I "take delivery of the car"?
Thanks in advance to whom ever can shed some light.
Wil |
| | Reply » The ED Lease |
Quote: Quesiton about ED and Leaseing
I have already made 2 lease payments (up-front) because I'm using BMW's ED program. That's fine, and I accept that.
Question:
Does my 36 month (time frame) lease start upon making these 2 payments?
As it stands, I've already provided BMWFS with two monthly payments and my car has not even been built yet. That is, it does not yet exist. I can't even pick it up (in Munich) until the end of this month. It would seem (to me) that the lease (36 Month period) would not start until I actually take delivery. I accept that fact that I must start making payments once I start driving the car in Munich, but the car does not even exist yet. And If my payments are to begin now, when does my lease expire --
1) 36 months after I told BMW to "build this car"?
2) 36 months after I "take delivery of the car"?
Thanks in advance to whom ever can shed some light.
Wil | Your lease starts when you make your initial lease payments. For me, my lease started 30 days prior to pickup (now I understand it's 14 days). So I made my first 2 payments on March 30th for an April 30th Munich pick-up date. My last lease payment is Feb 28 2007.
Congrats...the whole Munich delivery is really fun...take 2 or 3 days to enjoy Munich and leave the car parked...you really don't need the car in the city.
| | Reply » The ED Lease |
Quote: I think you should only have to pay one payment fourteen days before your pickup date. That's when the 36 months begins. Are you sure you didn't pay a deposit that will be used towards the car when you sign the final contracts?
Here's the latest from BMW about the ED program effective 12/1/04:
- The length of time for contract signing before delivery has been
reduced from thirty (30)days to fourteen (14) days.
- Customers can stay abroad for up to 90 days. During that time,
insurance is required, listing BMW FS as loss payee. Easy Pay will be
required for customers who extend their stay.
- Customers will no longer be required to make two (2) payments at
contract signing.
- BMW FS will pay the second payment for the customer (on lease only).
This payment will appear on the customer's first invoice as a credit.
If the customer opts for a Pre-Pay Lease, the total amount due should
be reduced by one monthly payment.
- A lease rate adder of .0003 will be added to the published
applicable rate for all ED leases.
- Retail contracts will continue to have 60 days until first payment.
-BMW ED will only provide insurance for 2 weeks (formerly 1 month is
free) due to the increase in insurance cost. The 2 additional weeks
of insurance will vary depending on the vehicle. | Thank you! You just saved me over $800. Everything you said is correct. BMW is going to re-credit my account AND dismiss the .003 add on.
Wil
| | Reply » The ED Lease |
MMike70....can you tell me the source for the information about the 14 day lease payment provision? I was at the dealer yesterday and they said the requirement is 30 days prior to delivery. I told them about your post but they said it was not correct. I would like to get back to them about the lease period but need a reference. Thanks
Andy
Quote: I think you should only have to pay one payment fourteen days before your pickup date. That's when the 36 months begins. Are you sure you didn't pay a deposit that will be used towards the car when you sign the final contracts?
Here's the latest from BMW about the ED program effective 12/1/04:
- The length of time for contract signing before delivery has been
reduced from thirty (30)days to fourteen (14) days.
- Customers can stay abroad for up to 90 days. During that time,
insurance is required, listing BMW FS as loss payee. Easy Pay will be
required for customers who extend their stay.
- Customers will no longer be required to make two (2) payments at
contract signing.
- BMW FS will pay the second payment for the customer (on lease only).
This payment will appear on the customer's first invoice as a credit.
If the customer opts for a Pre-Pay Lease, the total amount due should
be reduced by one monthly payment.
- A lease rate adder of .0003 will be added to the published
applicable rate for all ED leases.
- Retail contracts will continue to have 60 days until first payment.
-BMW ED will only provide insurance for 2 weeks (formerly 1 month is
free) due to the increase in insurance cost. The 2 additional weeks
of insurance will vary depending on the vehicle. |
| | Reply » The ED Lease |
Quote: MMike70....can you tell me the source for the information about the 14 day lease payment provision? I was at the dealer yesterday and they said the requirement is 30 days prior to delivery. I told them about your post but they said it was not correct. I would like to get back to them about the lease period but need a reference. Thanks
Andy | I had the same resistance from my dealer about a month ago. I just told them to call BMW NA and get themselves up to date on the new policy. They called me back the next day and confirmed 14 days. No problem. Push your dealer to educate themselves.
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