# BMW Financial ED Lease - Second Payment



## Eagle11 (Oct 6, 2013)

Is the second payment only good on leases? As we plan on doing the BMW Select on our 328i GT.


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## AggieKnight (Dec 26, 2008)

Eagle11 said:


> Is the second payment only good on leases? As we plan on doing the BMW Select on our 328i GT.


That's a great question for your CA (or someone here if they know). I've only done leases, but Georgia changed their tax laws and now Select is the better route. When you find out, please share it here, as I'd like to know that as well as if the .0003 adder applies as well.


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## Eagle11 (Oct 6, 2013)

Regarding ED and purchase or BMW select, I was informed by my CA is that BMW does not pick up the second payment, but the first payment is not due until 60 after signing all paperwork.


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## Ninong (May 20, 2014)

AggieKnight said:


> When you find out, please share it here, as I'd like to know that as well as if the .0003 adder applies as well.


Money factors only apply to lease calculations. Finance contracts use annual percentage rate (APR) to calculate payments. Sorry, I can't tell you for sure if there is a difference in the APR between European Delivery BMW Select and non-ED because I'm not current but I doubt it. I would expect the rates to be the same.

As far as when the first payment is due, leases always have the first payment due upon signing the lease contract and the second payment due 30 days after that. Finance contracts usually offer you a choice of first payment date starting 30 days after the date of signing the contract up to 45 days. You can pick whatever due date you want for your first payment as long as it's between 30-45 days after the date you sign the finance contract. The exceptions are that for European Delivery you can choose to go up to 60 days for the due date of your first payment.

In the past, at least, BMW sometimes had special promotions where the first payment wasn't due until 90 days after the date you signed the contract. Just remember that in every instance on a finance contract you are being charged interest from the date you signed the contract. In other words, if you make the first payment due in 30 days on a 60-month finance contract, you are being charged exactly 60 months of interest. If you make it due in 45 days, you are paying 60-1/2 months of interest. So if you decide to make your first payment due in 60 days on a European Delivery on a 5-yr finance contract, you are paying 61 months of interest.

In the past, at least, BMW did not pay any of the payments on a finance contract for you, whether it was for European Delivery or not. I assume that still holds true today but I can't be sure.


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## AggieKnight (Dec 26, 2008)

I was actually thinking of the "Owner's Choice" option for states that have made leasing disadvantagous. Not Select. Apologies. 

However, with what you've thrown out here Ninong, both the adder and the 2nd payment being covered may not apply (and let's face it, they kinda cancel each other out to begin with).


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## Eagle11 (Oct 6, 2013)

AggieKnight said:


> I was actually thinking of the "Owner's Choice" option for states that have made leasing disadvantagous. Not Select. Apologies.
> 
> However, with what you've thrown out here Ninong, both the adder and the 2nd payment being covered may not apply (and let's face it, they kinda cancel each other out to begin with).


Did you see post # 23?


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## AggieKnight (Dec 26, 2008)

Eagle11 said:


> Did you see post # 23?


Yes, hence my comment that I was referencing "Owner's Choice", not "Select".

Thank you, though.


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## Eagle11 (Oct 6, 2013)

AggieKnight said:


> Yes, hence my comment that I was referencing "Owner's Choice", not "Select".
> 
> Thank you, though.


From what I was told only the Leases did BMWFS picked up the second payment.. I was under the impression the Owner Choice was a just a fancy BMW Select.


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