BMW South Africa has launched the BMW Charter and Mini Charter products, a new “all-inclusive financial solution” that let companies and individuals rent a vehicle from one of these brands over an extended period of time without buying it.
“The BMW Group Financial Services Charter solution allows consumers the use of a BMW or Mini vehicle, at a fixed monthly rental payment, without the need to consider a deposit, depreciating values, interest rate fluctuations, or final balloon payments,” said the company.
The Charter products are aimed at motorists who drive fewer than 20,000km per year, who prefer an all-encompassing finance agreement, and who do not want the responsibility of owning a car in their name.
How it works
BMW said applying for its Charter products is as simple as setting your budget, choosing a car, and checking out.
The financial service is currently available for new vehicles only and no deposit is required to be approved.
The fixed monthly fee for your purchase is calculated based on the chosen rental period, ranging from 12 to 54 months, as well as the agreed-upon mileage capped at a maximum of 20,000km per year.
If you have a vehicle to trade in, this is also taken into account and affects your monthly rental fee.
“This fee includes comprehensive insurance cover, as well as the BMW Group’s signature Motorplan service plan for added peace of mind,” said BMW.
“Excluded from the monthly fee are fuel and toll fees, as well as certain wear-and-tear items.”
At the end of the rental period, the vehicle can be returned to a preferred approved BMW or Mini retailer, however it can’t be purchased outright.
Provided that there is no damage beyond fair wear and tear or excess mileage, there will be nothing more to pay, but if something must be repaired it will come out of the driver’s pocket.