Current BMW Financing and Lease payment deferral information

chenry · 03-23-2020, 09:19 PM

Featured on BIMMERPOST.com

Here is what I was told today by BMW financial services:

Finance accounts:
Presently offering the opportunity to defer two payments - payments will be added to the end of your existing contract and you will still accrue interest for the months deferred. Your contract will be extended by the number of payments you deferred.

Lease accounts (at least mine which is up in June):
Similar to finance....presently up to two lease payments can be deferred and they will become due at the time your lease is up however your lease term is not extended. They act like a balloon payment payable at the end of your lease term. That said you can of course make these payments anytime before the end of your lease if you wish.

Disclaimer:
This is simply what was shared with me today by the rep I happened to get on the phone

cb804 · 03-24-2020, 06:10 AM

Thank you!

///M TOWN · 03-25-2020, 11:38 AM

Great post... FYI for all....

This option is always available by any lending institution or bank.

The consumer must ask, then sign an extension to the original note, thus allowing the extension.

purpl3ish · 03-25-2020, 11:39 AM

how do you defer the payments on the lease? do you have to call in or is that feature available online?

psuibmw · 03-25-2020, 11:40 AM

For leases, they are postponing the payment, which is good

but for finance, it sounded like they trying to incur additional interest, disappointing

///M TOWN · 03-25-2020, 11:41 AM

Quote:

Originally Posted by ChOy BoY

how do you defer the payments on the lease? do you have to call in or is that feature available online?

Call their customer service.

Tell them you need a two month break.

The downside is interest continues to accumulate.

purpl3ish · 03-25-2020, 11:42 AM

Quote:

Originally Posted by ///M TOWN

Call customer service.

Tell them you need a two month break.

The downside is interest continues to accumulate.

sorry i edited my post it's for my lease not the finance

///M TOWN · 03-25-2020, 11:43 AM

Quote:

Originally Posted by psuibmw

For leases, they are postponing the payment, which is good

but for finance, it sounded like they trying to incur additional interest, disappointing

That's unfortunately how installment loans work.

No break on interest being collected.

REFI will reset the interest ‼️

///M TOWN · 03-25-2020, 11:45 AM

Quote:

Originally Posted by ChOy BoY

Quote:

Originally Posted by ///M TOWN

Call customer service.

Tell them you need a two month break.

The downside is interest continues to accumulate.

sorry i edited my post it's for my lease not the finance

It's the same on both as far as asking for extension.

No interest penalty on lease if delayed like an installment loan.

BigSky702 · 03-25-2020, 11:48 AM

It doesn't get reported to the credit bureau?

///M TOWN · 03-25-2020, 11:55 AM

Quote:

Originally Posted by BigSky702

It doesn't get reported to the credit bureau?

Lates will not appear on credit if you sign an agreement for such extension.

mymfive · 03-25-2020, 11:55 AM

Quote:

Originally Posted by BigSky702

It doesn't get reported to the credit bureau?

This is my main concern

SoCali E36 · 03-25-2020, 11:58 AM

They are also offering a 60 day grace period if your lease is up right now.

F85MTuNED · 03-25-2020, 12:00 PM

Quote:

Originally Posted by BigSky702

It doesn't get reported to the credit bureau?

No it does not... most banks are doing this not just BMW so you guys really need to jump at the opportunity. It doesn't matter how much money you have right now everyone can use a bit of help in these rough times.

Clutched_M3 · 03-25-2020, 12:00 PM

My lease is due back 4/20. I previously saw they were extending leases with a complimentary 30 days if your return was coming up. Anyone spoken to bmw about this?

///M TOWN · 03-25-2020, 12:03 PM

Quote:

Originally Posted by MindFusion FX

My lease is due back 4/20. I previously saw they were extending leases with a complimentary 30 days if your return was coming up. Anyone spoken to bmw about this?

Ask for 90 days.

Tell BMWFS the timing is bad currently.

Balazzo556 · 03-25-2020, 12:05 PM

What do I have to do to get that extension ... call BMWFS????

Clutched_M3 · 03-25-2020, 12:07 PM

Quote:

Originally Posted by ///M TOWN

Quote:

Originally Posted by MindFusion FX

My lease is due back 4/20. I previously saw they were extending leases with a complimentary 30 days if your return was coming up. Anyone spoken to bmw about this?

Ask for 90 days.

Tell BMWFS the timing is bad currently.

Not a bad idea. The Mexico plant shut down so who knows when I'll get
The m340 I have on order.

///M TOWN · 03-25-2020, 12:10 PM

Quote:

Originally Posted by MindFusion FX

Quote:

Originally Posted by ///M TOWN

Quote:

Originally Posted by MindFusion FX

My lease is due back 4/20. I previously saw they were extending leases with a complimentary 30 days if your return was coming up. Anyone spoken to bmw about this?

Ask for 90 days.

Tell BMWFS the timing is bad currently.

Not a bad idea. The Mexico plant shut down so who knows when I'll get
The m340 I have on order.

Why not.

We all have to be extremely flexible during these extremely difficult and challenging times.

Y3MUR · 03-25-2020, 12:11 PM

Hi guys im in uk and currently on a pcp deal am I entitled too for this many thanks

Ramesses · 03-25-2020, 12:18 PM

As a BMWFS employee i can say we are taking this situation seriously!

///M TOWN · 03-25-2020, 12:22 PM

Quote:

Originally Posted by Ramesses

As a BMWFS employee i can say we are taking this situation seriously!

We're all in this together.

It's a time to invest in relationships like never before.

03-23-2020, 09:19 PM	#1
chenry Colonel 2448 Rep 2,958 Posts Drives: BMWs Join Date: Feb 2012 Location: SoCal Huntington Beach iTrader: (8)	Current BMW Financing and Lease payment deferral information Featured on BIMMERPOST.com Here is what I was told today by BMW financial services: Finance accounts: Presently offering the opportunity to defer two payments - payments will be added to the end of your existing contract and you will still accrue interest for the months deferred. Your contract will be extended by the number of payments you deferred. Lease accounts (at least mine which is up in June): Similar to finance....presently up to two lease payments can be deferred and they will become due at the time your lease is up however your lease term is not extended. They act like a balloon payment payable at the end of your lease term. That said you can of course make these payments anytime before the end of your lease if you wish. Disclaimer: This is simply what was shared with me today by the rep I happened to get on the phone
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03-24-2020, 06:10 AM	#2
cb804 Captain 2561 Rep 976 Posts Drives: 340 xDrive, M2C Join Date: Jul 2014 Location: Chicago iTrader: (0)	Thank you!
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03-25-2020, 11:38 AM	#3
///M TOWN . 35381 Rep 10,500 Posts Drives: M GmbH Join Date: Aug 2018 Location: Seattle Washington iTrader: (0) Garage List 2026 Z4 M40i [9.54]	Great post... FYI for all.... This option is always available by any lending institution or bank. The consumer must ask, then sign an extension to the original note, thus allowing the extension.
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03-25-2020, 11:39 AM	#4
purpl3ish Major 793 Rep 1,065 Posts Drives: 2023 G80 Velvet Orchid M3 Join Date: Sep 2007 Location: Brooklyn, NY iTrader: (9)	how do you defer the payments on the lease? do you have to call in or is that feature available online? __________________ 2020 G20 Twilight Purple M340i xDrive, 2017 F80 30 Jahre, 2011 E92 335i xDrive///M3, 2012 E93 ///M3 -- Retired
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03-25-2020, 11:40 AM	#5
psuibmw Brigadier General 4282 Rep 3,247 Posts Drives: G06/G20/F30/F15/F10/E90 Join Date: Feb 2011 Location: Baltimore, MD iTrader: (0) Garage List 2025 BMW G80 [10.00] 2023 BMWM2 [10.00]	For leases, they are postponing the payment, which is good but for finance, it sounded like they trying to incur additional interest, disappointing
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03-25-2020, 11:48 AM	#10
BigSky702 Captain 699 Rep 911 Posts Drives: 2016 M4 Sakhir Orange Join Date: May 2016 Location: Ohio iTrader: (0)	It doesn't get reported to the credit bureau? __________________ Current: 2020 M340i Previous: 2016 M4 Sakhir Orange Not too distant future: ///M3 or ///M5 (ED)
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03-25-2020, 11:58 AM	#13
SoCali E36 BMW Client Advisor 1343 Rep 3,608 Posts Drives: X5 40e/e36 M3 Sedan Join Date: Jan 2008 Location: Where the road takes me... iTrader: (10)	They are also offering a 60 day grace period if your lease is up right now. __________________
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03-25-2020, 12:00 PM	#15
Clutched_M3 Second Lieutenant 147 Rep 240 Posts Drives: 2020 BMW M340i Join Date: Aug 2014 Location: United States iTrader: (1)	My lease is due back 4/20. I previously saw they were extending leases with a complimentary 30 days if your return was coming up. Anyone spoken to bmw about this? __________________
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03-25-2020, 12:05 PM	#17
Balazzo556 WOLF Pack Member 80 Rep 63 Posts Drives: 2012 BMW 535i w M Package Join Date: Dec 2012 Location: Bowie, MD iTrader: (0) Garage List 2020 BMW/X5 [0.00] 2019 BMW/ M5 Compet ... [0.00] 2015 BMW X5 35i [6.00] 2012 BMW 535i [10.00]	What do I have to do to get that extension ... call BMWFS????
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03-25-2020, 12:11 PM	#20
Y3MUR Enlisted Member 27 Rep 43 Posts Drives: X3 M40i Join Date: Feb 2020 Location: United Kingdom iTrader: (0)	Hi guys im in uk and currently on a pcp deal am I entitled too for this many thanks
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03-25-2020, 12:18 PM	#21
Ramesses New Member 21 Rep 7 Posts Drives: 13' 750Lix M-Sport Join Date: Nov 2018 Location: Ohio iTrader: (0)	As a BMWFS employee i can say we are taking this situation seriously!
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