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BMW Coronavirus Financial Relief and New Car Incentives

While the scourge of the Coronavirus continues to ripple throughout the globe, people from every corner of the world are feeling its effects. In spite of continued efforts to diminish the spread of COVID-19, the virus continues to wreak havoc on both the health of the world’s citizens, as well as the global economy.

BMW Coronavirus Financial Relief and New Car Incentives

BMW is actively working to meet the needs of its vehicle owners, dealers, and employees by executing relief programs and new car incentives in the wake of COVID-19. Bernhard Kuhnt, the president and CEO of BMW of North America, released the following statement regarding the company’s response to concerns around the Coronavirus. “The top priority for us during this global crisis is the health and well-being of our customers, dealers, and employees,” Kuhnt said.

BMW realizes that many of its current and potential customers are experiencing financial hardships during this global pandemic. In response, BMW is providing assistance to current vehicle owners and potential customers by evaluating their economic needs and offering payment deferment options to both new and existing customers. The following is an overview of what BMW is doing to help customers, and what the brand is contributing to the growing list of Coronavirus car payment plans.

BMW Customer Relief Programs - Find the best deals!

BMW is one of many auto brands that are offering numerous programs and incentives in an effort to provide much-needed relief.

For BMW customers who leased or financed their vehicle through BMW Financial Services may potentially qualify for an adapted payment schedule. Eligibility will be determined on a case-by-case basis and will be assessed accordingly. Customers with questions regarding their account and payment options are encouraged to contact BMW Financial Services by phone at 1-800-578-5000. Current account holders can also reach out by messaging through the customer portal on https://myaccount.bmwfs.com/contactus.

For rural customers or those with limited online capabilities, you can write to BMW directly at the following address:

Financial Services ATTN Customer Correspondence at P.O. Box 3608 Dublin, OH 43016-0306.

 
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BMW New Car Incentives - Find the best deals!

While painfully aware of the financial struggles facing millions of Americans as a result of the COVID-19 outbreak, BMW is seeking to appeal to potential customers through a number of incentives. The auto brand is currently offering a 90-day first payment deferral program for new customers on both new and certified pre-owned vehicles that are financed through BMW Financial Services between now and June 30th, 2020. This offer is available to eligible buyers and unfortunately doesn’t apply to lease customers. Also, the availability of this program varies by state, so potential customers should check with their local dealer to inquire about availability.

In addition to the 90-day deferred payment program, BMW is also offering numerous financing and lease incentives on a range of its products for both new and existing owners. While none have directly tied to a promotion associated with the fallout from the Coronavirus, many of these available offers are currently set to expire on April 30th.

BMW North America Factory Closures - Find the best deals!

BMW North America announced it was halting production at its Spartanburg, South Carolina assembly plant on March 25th. The closure was originally slated to last from April 3rd through April 19th. However, the stay-at-home orders that have been extended throughout much of the nation forced BMW to reevaluate, setting May 11th as its tentative date to resume production.

The Spartanburg plant produces the X3, X4, X5, X6 and X7 models for BMW, and then exports them to other countries around the world. The South Carolina factory is the U.S.’s largest automobile exporter in terms of value and BMW’s largest manufacturing plant in the world, employing approximately 11,000 employees and boasting a production capacity of 450,000 units.

With many states and locales currently under shelter in place orders, BMW estimates that up to 70% of its U.S. dealerships sales departments are closed, though many service centers remain open. Vehicle service is deemed an essential business in many states and locales.

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

No person or business has been spared when it comes to the economic fallout caused by COVID-19. BMW was no exception. The auto brand reported first-quarter sales of just under 60,000 units, representing a 15.3% decline in year-over-year sales. These figures were negatively impacted by restrictions put on BMW dealership showrooms due to the Coronavirus. To date, BMW has yet to release any specific guidance or information regarding its projections for the remainder of the year.

J.D. Power released a statement regarding its 2020 outlook of 16.8 million U.S. light-vehicle sales, an outlook that was calculated before the globe was ground to a halt because of COVID-19. Due to the substantial strain the virus has put on the entire economy, it is no longer feasible to realistically attain these figures. J.D. Power expects sales to likely fall in the range of 14 to 16 million units due to the growing recovery efforts ahead due to the Coronavirus.