BMW Financial Services (BMWFS) has announced a
new “50:50” product, which allows customers to pay 50% of a car’s
value up front, then absolutely nothing for two years, following
which they may either pay the balance to take ownership of the car,
part exchange the car for a new one, or hand it back to the
dealer.
Joe Pattinson, BMWFS’s sales and marketing
manager, commented: “Customers need only spend half the money up
front that they normally would, the car has a guaranteed minimum
future value which negates concerns around depreciation and
customers can keep their future options open throughout. Better
still, if a customer chooses to part exchange the car at the end of
the agreement they could end up driving a brand new car every two
years.”
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Pattinson said that the product was aimed at
traditional cash purchase customers who might not usually opt for
finance offers. It is currently available on BMW 6 Series, 7
Series, X6, X5 and M3 models – chosen because they in particular
are likely to maintain strong residual values
While the scheme was only launched during May,
more than 100 cars have been sold with the product already.
Talking about upcoming product development,
Pattinson said that BMWFS would be focusing on finance for smaller
models, and looking at “how new customer segments want to interact
with finance companies with regard to paying for mobility” – a sign
that developments in personal leasing might be on the agenda.
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By GlobalData
