What happens at the end of a BMW lease? – BMW of Norwood, serving Canton and Dedham

July 12th, 2021 by

If you like to enjoy the latest BMW features and tech more often, you may choose to lease your next vehicle for the option to upgrade sooner. Another benefit to leasing over financing is that, due to lower monthly payments and sales tax, a lease typically costs less over the same time period. Additionally, leased vehicles are always covered by a warranty, and lessees aren't responsible for unforeseen depreciation.

So, leases cost less and are more flexible than financing; but what happens at the end of the term? To facilitate an easy lease return, follow these simple steps:

1. Schedule a Pre-Inspection

BMW Financial Services will be in touch when it's time to schedule a pre-inspection. But you can schedule one on your own by contacting BMW of Norwood or visiting My BMW. You can also check out the inspection guidelines below to get an idea of what the inspection entails.

2. View the Results

You can access the results of your pre-inspection online via the Vehicle Return Estimate on My BMW. There, you'll find a clear summary of estimated charges, recommended repairs, and remaining payments.

If you find you've exceeded your mileage limitations, you can purchase additional miles at a discounted rate before returning your vehicle via BMW Financial Services Mileage Adjustment Program.

3. Make Necessary Repairs

If your BMW needs some repairs, visit our service center to ensure that all work is performed to the highest standards using only original BMW parts. This can help avoid unexpected delays or additional charges resulting from the use of unapproved parts.

If you notice a charge for a previously completed repair, you can submit a Repair Receipt for review via My BMW.

4. Return Your Vehicle

Contact BMW of Norwood to schedule a final inspection and vehicle return, during which you'll sign a Federal Odometer Statement serving as confirmation of the return. Be sure to bring all items that originally came with the vehicle, like keys, manuals, and accessories. If you've taken advantage of the complimentary pre-inspection and made necessary repairs, you'll be on your way in no time. If not, don't worry; everything will be covered during this appointment.

5. Choose Your Next BMW

At the end of your lease, you have three options: choose a new BMW, purchase your current BMW, or return your BMW and walk away. You can contact BMW of Norwood for more information on the option that is best for you.

BMW recognizes loyalty. So, as a way of saying thank you, BMW Financial Services offers an Unused Mileage Loyalty Credit for drivers who return their BMW with fewer than their contractual miles on the odometer. And, if you choose to finance or lease your next BMW through BMW Financial Services, the $350 disposition fee will be waived.

If you have any questions about leasing a new BMW or the lease return process, please reach out to BMW of Norwood at your convenience. We'll be happy to assist you.

Source: blog

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