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      03-23-2020, 09:19 PM   #1
chenry
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Current BMW Financing and Lease payment deferral information

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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
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Thank you!
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      03-25-2020, 11:38 AM   #3
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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
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how do you defer the payments on the lease? do you have to call in or is that feature available online?
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      03-25-2020, 11:40 AM   #5
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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, 11:41 AM   #6
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Quote:
Originally Posted by ChOy BoY View Post
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.
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      03-25-2020, 11:42 AM   #7
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Quote:
Originally Posted by ///M TOWN View Post
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
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      03-25-2020, 11:43 AM   #8
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Quote:
Originally Posted by psuibmw View Post
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 ‼️
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      03-25-2020, 11:45 AM   #9
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Quote:
Originally Posted by ChOy BoY View Post
Quote:
Originally Posted by ///M TOWN View Post
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.
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      03-25-2020, 11:48 AM   #10
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It doesn't get reported to the credit bureau?
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      03-25-2020, 11:55 AM   #11
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It doesn't get reported to the credit bureau?
Lates will not appear on credit if you sign an agreement for such extension.
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      03-25-2020, 11:55 AM   #12
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It doesn't get reported to the credit bureau?
This is my main concern
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      03-25-2020, 11:58 AM   #13
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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   #14
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Quote:
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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.
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      03-25-2020, 12:00 PM   #15
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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, 12:03 PM   #16
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Quote:
Originally Posted by MindFusion FX View Post
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.
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      03-25-2020, 12:05 PM   #17
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What do I have to do to get that extension ... call BMWFS????
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      03-25-2020, 12:07 PM   #18
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Quote:
Originally Posted by ///M TOWN View Post
Quote:
Originally Posted by MindFusion FX View Post
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.
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      03-25-2020, 12:10 PM   #19
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Quote:
Originally Posted by MindFusion FX View Post
Quote:
Originally Posted by ///M TOWN View Post
Quote:
Originally Posted by MindFusion FX View Post
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.
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      03-25-2020, 12:11 PM   #20
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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
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As a BMWFS employee i can say we are taking this situation seriously!
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      03-25-2020, 12:22 PM   #22
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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.
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