Leasing a BMW is different from leasing an average car. For starters, luxury cars tend to hold their value. In fact, a high resale value creates a low monthly lease payment. Individuals interested in leasing a luxury car usually prefer convenience and like to avoid maintenance or repair work.
Decide what you want to lease. The 2009 and 2010 model years of BMW offer more than a dozen models to lease. Each car has different options and features. Consider whether you want a well-equipped car or a standard edition.
Determine your ideal financing and leasing structure. Keep in mind variables such as length of the lease and mileage allowance. One lease advertised by BMW is a 36-month lease, well equipped, for $369 per month. Some leases have a cash offer depending on the model and year.
Understand the terms of the lease. Considerations include down payment, first month's down payment, security deposit, acquisition fee and cash due at signing. Some of these factors might be fixed depending on the dealership, but changing any of them usually affects your monthly lease payment or the amount due at signing.
Estimate your monthly payment. The BMW website has a robust tool for estimating monthly payments based on the state of purchase, model type and dealer accessories.
Decide on financing. Payment options include EasyPay (paying directly through your financial institution), PrePay lease (single upfront payment that is less than the sum of monthly payments on a traditional lease), Multiple Lease Security Deposits (reduced lease payments resulting in a higher refundable security deposit), and Advanced Financing Payments (pay in advance without prepayment penalties).
Contact the dealer. Locate a dealer in your area at bmsusa.com and make an appointment; or, to speak to a BMW representative, call toll free (800) 578-5000.
Use non-BMW dealership resources. Sites like swapalease.com allow car leaseholders to negotiate exchanges on leases. BMWs swaps are popular. Note that a swap implies that you already hold a lease.
- BMW: Benefits of Leasing
- Kiplinger. "Five Myths About Leasing a Car." Accessed Aug. 15, 2020.
- Nolo. "Car Leasing: Maintenance, Repairs, and More." Accessed Aug. 15, 2020.
- Internal Revenue Service. "Publication 463 (2019), Travel Gift, and Car Expenses." Accessed Aug. 15, 2020.
- Edmunds. "Looking to lease? Read our car leasing basics." Accessed Aug. 15, 2020.
Working as a full-time freelance writer/editor for the past two years, Bradley James Bryant has over 1500 publications on eHow, LIVESTRONG.com and other sites. She has worked for JPMorganChase, SunTrust Investment Bank, Intel Corporation and Harvard University. Bryant has a Master of Business Administration with a concentration in finance from Florida A&M University.