BMW Financing Mileage Adjustment Program

Has anyone used the BMW Financing Mileage Adjustment Program?

http://www.bmwusa.com/Standard/Content/FinancialServices/mileage_adjustment_program.aspx

That program allows one to buy extra miles on a pre-existing lease (and presumably Owner's Choice) for $0.14 per mile.

The difference in payment for 12K vs 15K miles on the i3 leases seems to be about $19/month for a 48 month lease, for a total of $912 or $0.30 per mile!

So it would seem those who really want a 15K lease/Owners Choice should instead get the 12K, and pay the extra $420 just before returning the car.

--Woof!

woof said:

Has anyone used the BMW Financing Mileage Adjustment Program?

http://www.bmwusa.com/Standard/Content/FinancialServices/mileage_adjustment_program.aspx

That program allows one to buy extra miles on a pre-existing lease (and presumably Owner's Choice) for $0.14 per mile.

The difference in payment for 12K vs 15K miles on the i3 leases seems to be about $19/month for a 48 month lease, for a total of $912 or $0.30 per mile!

So it would seem those who really want a 15K lease/Owners Choice should instead get the 12K, and pay the extra $420 just before returning the car.

--Woof!

Click to expand...

Wow, if your analysis is correct, thanks for the tip -- and please delete your post pronto before someone at BMW Finance sees it and fixes their mistake!

woof said:

Has anyone used the BMW Financing Mileage Adjustment Program?

http://www.bmwusa.com/Standard/Content/FinancialServices/mileage_adjustment_program.aspx

That program allows one to buy extra miles on a pre-existing lease (and presumably Owner's Choice) for $0.14 per mile.

The difference in payment for 12K vs 15K miles on the i3 leases seems to be about $19/month for a 48 month lease, for a total of $912 or $0.30 per mile!

So it would seem those who really want a 15K lease/Owners Choice should instead get the 12K, and pay the extra $420 just before returning the car.

--Woof!

Click to expand...

How it works. If your account is current and you're in good financial standing,1 you can purchase additional miles at a discounted rate. You can do so at any point up until one day prior to your scheduled lease maturity date or the day you're turning in your vehicle, if you're planning to do so before the maturity date arrives.

How much will you save? For most models, miles are just $0.16 per additional mile versus $0.20 at the end of your lease. If you drive a 7 Series, additional miles are just $0.22 per mile versus $0.25 per mile at lease-end. Because additional miles cost up to 20% less than excess lease-end miles, you'll save money, no matter where the road takes you.

As the 7 series has a different rate, I wonder if BMW FS will assign a different cost/mile to the i3.

So I asked the finance person at the dealership several times and kept getting different answers. Then I asked using the "My BMW" login at bmwusa.com.

The answer is:
The Mileage Adjustment Program is not available on Owner's Choice (with or without Flex).

We'll see if that is still the case when it comes time to turn the car in ;-)

However, the "overage mileage" charge is only $0.20 on the Owner's Choice, vs about $0.30 if you pay up front. So it's STILL cheaper to get the 10K annual mileage and pay $0.10 less per mile at the end of the lease for the overages rather than prepaying the 12K or 15K annual mileage up front.

--Woof!

woof said:

Has anyone used the BMW Financing Mileage Adjustment Program?

The difference in payment for 12K vs 15K miles on the i3 leases seems to be about $19/month for a 48 month lease, for a total of $912 or $0.30 per mile!

So it would seem those who really want a 15K lease/Owners Choice should instead get the 12K, and pay the extra $420 just before returning the car.

--Woof!

Click to expand...

You're forgetting to factor in the term of the lease.

You get 3,000 miles per year for four years. That's a total of 12,000 miles.

$0.14 * 12,000 = $1,680

You're much better off paying $912 spread out over four years.