[S6F]

At a time like this, when many of us have little use for our leased cars, one might think that Financial Services would offer a bone to its loyal customers. Some auto insurance companies have seen, well, a bit of light, and are rebating a few dollars to their customers for having cars but not having anywhere to drive them! How about a month’s extension on our leases, gratis. Thanks,
Steve Foster
‘19 540ixMsport
Loyal owner since 1985

[Mach550]

BMW and Mini are urging customers in need of financial or account assistance to contact their financial services customer service to discuss what assistance may be available. They will be working with customers on a case-by-case basis.

contact bmw...

[SteveinArizona]

Originally Posted by stevefoster

At a time like this, when many of us have little use for our leased cars, one might think that Financial Services would offer a bone to its loyal customers. Some auto insurance companies have seen, well, a bit of light, and are rebating a few dollars to their customers for having cars but not having anywhere to drive them! How about a month’s extension on our leases, gratis. Thanks,
Steve Foster
‘19 540ixMsport
Loyal owner since 1985

If that means that in lieu of giving everyone a "bone" BMW is going to give several bones to those who need it and no bones to those who don't, then i say bravo. If, on the other hand, it just means that BMW is cheapening out on this, then I say shame. Hopefully the former.

[Pictor]

For now anyway, I have my job and my health. I don't expect anyone to throw me a bone unless I fall on hard times.

Insurance is easy to cancel and start up again if I'm really not driving my car.

That said, BMWFS has been great to work with over the decades that I've been with them.

[LogicalApex]

I am sure lease extensions are happening. Dealerships aren't allowed to have their sales floors open in PA, for instance, so I'm very sure they are unable to process lease returns. It will be an easy one for BMW so deal with as I'm sure the lower mileage as a result of the stay at home orders will give them better values on the other end.

[jjscsix]

I don't get it. By this logic, anything I bought in the past few months, or even year or two, that I can't use because of what's going they should give me a rebate on?

A lease does not change the equation for the leasing company. They bought the car from BMW and need to get their money to make a fair profit. I could not drive mine for seven weeks due to open heart surgery. Would that have qualified for a break to? Where does it end?

The difference with an insurance company is that their cost has tangibly gone down. If you have not had a claim, you have not gotten anything in return for what you have paid them. If claims are down the expenses have gone down.

Leasing companies costs have not gone down. The notion that the lower miles helps them is all theory until turn in time. There is a very good chance they will take a hit on reselling the car because many people are not buyers due to the economic recession caused by the pandemic.

[DBV1]

I don’t get that either? I leased a vehicle, I should be expected to pay for it. Not BMW’s fault, I am not driving as much now.

If you have severe hardship, I understand, but no one should be buying or leasing a vehicle if you can’t afford to pay for it after only month of down time. You are in over your head, if you do and should not be in a BMW.... Sounds cruel, but true and is true on any payment, but I am old fashioned and not many think that way anymore...

[forza1976]

Originally Posted by stevefoster

At a time like this, when many of us have little use for our leased cars, one might think that Financial Services would offer a bone to its loyal customers. Some auto insurance companies have seen, well, a bit of light, and are rebating a few dollars to their customers for having cars but not having anywhere to drive them! How about a month’s extension on our leases, gratis. Thanks,
Steve Foster
‘19 540ixMsport
Loyal owner since 1985

Are you in some sort of financial distress? If so, I’m sure BMWFS can work with you in these strange times.

But if you are just asking for a handout because you have been a “loyal owner since 1985”, then no one owes you a handout. This is the worst type of entitlement. If this the case, you should really think about what you ask for in life. Honestly!

[tnd720]

This is the weirdest understanding of how lease and contract works. If I mortgage a house in Florida as summer home, and only live there during the summer, would my mortgage company be okay with me paying for summer only?

[Titan2004]

Originally Posted by stevefoster

At a time like this, when many of us have little use for our leased cars, one might think that Financial Services would offer a bone to its loyal customers. Some auto insurance companies have seen, well, a bit of light, and are rebating a few dollars to their customers for having cars but not having anywhere to drive them! How about a month’s extension on our leases, gratis. Thanks,
Steve Foster
‘19 540ixMsport
Loyal owner since 1985

Your letter doesn't reference financial hardship so one would assume you're looking for a handout during this month or 2 shutdown. Contact BMW if you're having difficulty making payments or can no longer afford the car, otherwise this current draft won't gain traction since there's no substance

It will be interesting to see how the auto industry handles leased vehicles since many will have fewer miles than originally expected. Perhaps extensions will be offered in lieu of common, early turn in offers

[SteveinArizona]

I agree with most of the posts here. I do not need a handout and wouldn't want one. But if BMWFS is helping those who do, that is terrific. For those of us who don't need a handout...lets get on with life and leave the assistance to the many, unfortunately, who do.

[S6F]

Hi, I’m the OP and I’d like to thank you guys for the replies. Quite an education! But I really wasn’t questioning one’s obligations under contract law. I was merely suggesting that BMW consider a gesture of good will. BMW has made such gestures in the past. I received a few hundred bucks after lease end due to under-mileage, for example. Recently, they made CarPlay free. Neither was required by contract. Just good will.
Lastly, this open letter doesn’t really apply to me since, as l’ve done with a few previous BMWs, I plan to buy it out after lease end. There’s a big difference between leasing and buying/financing/mortgaging. In the latter, each payment goes toward an ultimate goal. Leasing is not like that. I was actually thinking of my friend, Gary, who took delivery of his ‘20 540ixMsport literally 3 days after the shutdown (special arrangement)! Now he makes his $725 payments and can drive nowhere. Nor would BMW loose that much money collecting 36 payments and giving you a 37th month. Anyway, thanks again.

[steve090619]

Originally Posted by stevefoster

Hi, I’m the OP and I’d like to thank you guys for the replies. Quite an education! But I really wasn’t questioning one’s obligations under contract law. I was merely suggesting that BMW consider a gesture of good will. BMW has made such gestures in the past. I received a few hundred bucks after lease end due to under-mileage, for example. Recently, they made CarPlay free. Neither was required by contract. Just good will.
Lastly, this open letter doesn’t really apply to me since, as l’ve done with a few previous BMWs, I plan to buy it out after lease end. There’s a big difference between leasing and buying/financing/mortgaging. In the latter, each payment goes toward an ultimate goal. Leasing is not like that. I was actually thinking of my friend, Gary, who took delivery of his ‘20 540ixMsport literally 3 days after the shutdown (special arrangement)! Now he makes his $725 payments and can drive nowhere. Nor would BMW loose that much money collecting 36 payments and giving you a 37th month. Anyway, thanks again.

Originally Posted by stevefoster

Hi, I'm the OP and I'd like to thank you guys for the replies. Quite an education! But I really wasn't questioning one's obligations under contract law. I was merely suggesting that BMW consider a gesture of good will. BMW has made such gestures in the past. I received a few hundred bucks after lease end due to under-mileage, for example. Recently, they made CarPlay free. Neither was required by contract. Just good will.
Lastly, this open letter doesn't really apply to me since, as l've done with a few previous BMWs, I plan to buy it out after lease end. There's a big difference between leasing and buying/financing/mortgaging. In the latter, each payment goes toward an ultimate goal. Leasing is not like that. I was actually thinking of my friend, Gary, who took delivery of his '20 540ixMsport literally 3 days after the shutdown (special arrangement)! Now he makes his $725 payments and can drive nowhere. Nor would BMW loose that much money collecting 36 payments and giving you a 37th month. Anyway, thanks again.

What's stopping you from going on a good drive that starts at your house and ends at your house?

[Warp Ten]

Originally Posted by steve090619

What's stopping you from going on a good drive that starts at your house and ends at your house?

That's what I plan to do. Seems like that is the ultimate in social distancing, and fun too. Plan to get the Corvette down off the lift once the temps get out of the 40s here. --Bob

[bimmer_335]

BMW is offering option to postpone max 2 lease payments until the end of contract. Process is pretty clear and easy to follow.

[steve090619]

Originally Posted by Warp Ten

That's what I plan to do. Seems like that is the ultimate in social distancing, and fun too. Plan to get the Corvette down off the lift once the temps get out of the 40s here. --Bob

Originally Posted by Warp Ten

That's what I plan to do. Seems like that is the ultimate in social distancing, and fun too. Plan to get the Corvette down off the lift once the temps get out of the 40s here. --Bob

My wife wants a vette, i want a used 911. For now, my 540 works.

[jjscsix]

Originally Posted by stevefoster

Hi, I’m the OP and I’d like to thank you guys for the replies. Quite an education! But I really wasn’t questioning one’s obligations under contract law. I was merely suggesting that BMW consider a gesture of good will. BMW has made such gestures in the past. I received a few hundred bucks after lease end due to under-mileage, for example. Recently, they made CarPlay free. Neither was required by contract. Just good will.
Lastly, this open letter doesn’t really apply to me since, as l’ve done with a few previous BMWs, I plan to buy it out after lease end. There’s a big difference between leasing and buying/financing/mortgaging. In the latter, each payment goes toward an ultimate goal. Leasing is not like that. I was actually thinking of my friend, Gary, who took delivery of his ‘20 540ixMsport literally 3 days after the shutdown (special arrangement)! Now he makes his $725 payments and can drive nowhere. Nor would BMW loose that much money collecting 36 payments and giving you a 37th month. Anyway, thanks again.

Your comment about leasing vs buying has some merit. But again, it's not the leasing companies fault or responsibility. As I said in my first post, they bought the car and have a financial model that they need to meet to be profitable.

Anything they do would be more likely for someone nearing the end of the lease where they would be trying to entice you into buying/leasing another BMW.

One way you can beat the house is to buy it off lease for the residual. You'll be getting a lower mileage car that you know how it has been cared for.

[TreyWaters]

Originally Posted by jjscsix

The difference with an insurance company is that their cost has tangibly gone down. If you have not had a claim, you have not gotten anything in return for what you have paid them. If claims are down the expenses have gone down.

I am not saying you are wrong, at all...but it's probably not the whole story. Auto insurance companies that are giving rebates/reduced premiums aren't doing so out of the goodness of their hearts - it's likely a CYA move on their part. In (some/many/all?) states, insurance rates are regulated. If profits of the insurance companies jump too much, regulators are going to say "I don't think you need that rate increase", or even ,"Whoa! maybe you can reduce rates permanently!" By giving a rebate now, they're making themselves look good, but also mitigating the potential side effects of their savings, too.