According to Automotive News, BMW Financial Services is looking to add two new items to the offerings for lease and pre-owned vehicle customers.
One is an excess-wear-and-tear policy for lease customers that will allow for additional insurance when the vehicle is returned. By adding this policy to their lease, customers will be less responsible for wear-and-tear items at the end of their lease, and additional charges could be avoided.
The other is a “CPO wraparound” product that would enable certified pre-owned vehicle customers to purchase coverage beyond the standard 6-year/100,000-mile warranty. For those that don’t know, in BMW terms, the certified pre-owned program is a service you can opt for on any BMW over about 10,000 and under 60,000 miles. However, for a vehicle that is less than 4 years old and has mileage that low then you should hold off as the factory warranty is still more than likely available on the car. As for the warranty itself, it’s good for 2 years or the next 50,000 miles from when it is certified.
“We’re in our due diligence” on those products, says Shaun Bugbee, vice president of sales and marketing at BMW Financial Services.
If approved, he said, the products probably would launch around the end of the year.
For more information on BMW warranties, read our “What to do if your BMW warranty has expired.”