BMW Coronavirus Financial Relief and New Car Incentives

Rebecca A. Lindland | May 11, 2020

The COVID-19 pandemic is affecting everyone with its devastating impact on public health and the global economy. Despite substantial efforts devoted to minimizing the spread of the coronavirus, it continues to unsettle every society and every industry.

BMW Coronavirus Financial Relief and New Car Incentives

In response, BMW is working to balance the needs of its owners, dealers, and employees around the world by implementing coronavirus car payment plans along with new car incentives on a local basis, while more widely halting production and changing the way the company does business. 

“The top priority for us during this global crisis is the health and well-being of our customers, dealers, and employees,” said Bernhard Kuhnt, president and CEO, BMW of North America, in a statement.

Here are the details about what BMW is doing to manage through the coronavirus crisis.

BMW Customer Relief Programs - Find the best deals!

Acutely aware of the unexpected burdens many of its current customers might be experiencing, BMW is assisting owners by assessing individual financial needs, and is among a long list of manufacturers offering coronavirus car payment plans and programs.

Customers who financed or leased a car using BMW Financial Services may be eligible for a modified payment plan, depending on their individual circumstances. They can direct questions about their account and payment options to BMW Financial Services by phone (1-800-578-5000) or email. Or, BMW owners can sign into their online account for 24/7 chat support. Those preferring an analog solution can write to BMW Financial Services to the attention of Customer Correspondence at P.O. Box 3608 Dublin, OH 43016-0306.

Additionally, BMW extended all warranty and maintenance plans set to expire after March 16, 2020. They’re in full effect through June 1. BMW dealers are also offering “touchless” vehicle pick-up and delivery service for maintenance or repair.

 
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BMW New Car Incentives - Find the best deals!

To reward loyal BMW owners and to entice new customers, BMW is offering a variety of loan, lease, and payment programs to keep new and certified pre-owned vehicle sales going.

For new 2019 and 2020 BMWs, and for 2016-2018 certified pre-owned BMWs, the automaker is offering 0.9% APR financing for as long as 60 months and customers can defer their first monthly payment for up to 90 days. Additionally, depending on the model, up to a $2,500 credit is available to new BMW buyers. The offer is valid through June 1, 2020, and vehicles must be financed through BMW Financial Services.

Along with the 90-day deferred payment plan for people who buy a BMW, the company is offering loyal owners a special lease payment waiver. Depending on the model, it is worth up to $1,250 per month for two months. Customers must lease through BMW Financial Services and meet specific requirements, and this offer is valid through June 1.

Clearly, if you’re in the market for a new or CPO BMW, it’s well worth checking with your local dealership for further information and available inventory.

BMW Factory Closures - Find the best deals!

In an effort to “flatten the curve” of COVID-19, BMW closed factories around the world, halting production and allowing employees to follow stay-at-home guidelines. Now, the automaker is taking a measured approach to re-starting production lines.

“Quite clearly, the situation remains serious and market forecasts are subject to constraints under these circumstances. We are gradually ramping up our production again according to demand in each market. However, we are monitoring developments extremely closely to be able to respond with maximum flexibility," said Oliver Zipse, Chairman of the Board of Management of BMW AG, in a statement.

BMW’s huge factory in Spartanburg, South Carolina restarted production on May 4. The factory produces the X3, X4, X5, X6 and X7 models, and exports them to markets all around the planet. The plant is the U.S.’s biggest automobile exporter by value and BMW’s largest factory in the world with production capacity of 450,000 units and approximately 11,000 employees.

Even as BMW cranks up production, many states and municipalities remain under stay-at-home guidance. Nevertheless, most dealerships are open for sales, service, and repair business, and some are offering online sales to help facilitate the process.

BMW Economic Outlook & Sales Forecast - Find the best deals!

BMW reported U.S. first-quarter sales of just under 60,000 units, a 15.3% decline in year-over-year sales directly attributable to the coronavirus pandemic. The automaker expects the effects of the global health emergency to have a significant impact on sales and earnings through the remainder of 2020. Nevertheless, BMW is optimistic, saying it is “in a strong position and well prepared to handle the challenges” related to the pandemic.

Retrospectively, the U.S. auto industry was off to a raring start in the first two months of the year. March came in like a lion but went out like a lamb with the COVID-19 pandemic in full effect. Before the virus, J.D. Power's 2020 new car sales forecast was 16.9 million. Now, the forecast picture is complicated. As of this writing, the new J.D. Power forecast ranges from 12.6 to 14.5 million units.

The information in this article is from BMW and was accurate as of May 8, 2020. Plans and programs may have changed since that date. Be sure to confirm with BMW that offers discussed in this article remain valid.

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