In an attempt to boost sales and lower its lease penetration level, BMW of North America LLC has introduced an incentive program that will make the first two payments for certain vehicles financed through its captive finance arm.
The two free payments of as much as $750 a month, a maximum of $1,500 combined, is being offered on 18 models with high inventory levels, says a BMW spokesman.
Eligible models include the 1 series and certain 3, 5, 6 and X5 variants. The offer does not include the 7 series, which is being replaced at the end of March, or the limited-production X6 crossover. The X3 crossover and Z4 roadster also are not eligible for the program because of low supply.
BMW says buyers can combine the two free payments with APR financing ranging from 0.9 percent to 3.9 percent a month. On two models, the 328i and 528i, rear- and all-wheel-drive models, theres a finance rate of 0.9 percent for up to 60 months.
The offer runs through March 2 on 2008 models and March 31 for 2009 vehicles.
BMW has been pushing its lease rate down since last year from about 60 percent to 50 percent at the beginning of this year.
Looking at the rest of 2009, we may get it down a little lower, but this isnt a drastic move away from leasing, says a spokesman.
BMW offered a similar two-free payment program on its certified pre-owned cars last year, the spokesman says.
All new BMW vehicles are covered by a 4-year/50,000-mile free maintenance program.