BMW will only cover what they call scheduled maintenance. Your car calculates when it needs an oil change. It is "supposed" to happen at around 15k miles. I had mine done at the 1 year mark and the two year mark as covered service, and they covered it as "low milage oil change" on the service paperwork. My experience is that they do change the oil either annually or when your car says it needs it. They will not change your oil (for free) when you feel it is needed.
One interesting thing to note... With my last oil service, they did not reset my oil service indicator, and it counted up to 17200 miles before it said the car needed one. This 17k miles is with me tracking and autocrossing my car.
That is why I change at 5k mile intervals (or less).
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