Are you a resident of California, Washington, or Oregon looking for a smart way to offset the costs of your BMW lease or even generate income? The Bmw Car Rental Program, officially known as the BMW Car & Ride Sharing Lease, offers a unique opportunity to leverage your leased BMW for car and ride sharing services. This innovative program, available exclusively through BMW Financial Services, empowers you to participate in the growing sharing economy with the full backing and authorization of your lease agreement.
This comprehensive guide answers your frequently asked questions about the BMW Car Rental Program, providing clarity on its benefits, requirements, costs, and how you can get started.
Understanding the BMW Car Rental Program
What Exactly is the BMW Car Rental Program?
The BMW Car Rental Program is a specialized lease agreement from BMW Financial Services designed to explicitly allow and support your participation in car and ride sharing platforms. Unlike standard leases that may have restrictions on commercial use, this program provides peace of mind, legally authorizing you to earn income by renting out your BMW or driving passengers through various sharing services. It adheres to all standard terms and conditions of a typical BMW Financial Services lease, with the added benefit of car and ride sharing authorization clearly outlined in your contract.
Is the BMW Car Rental Program Available Everywhere?
Currently, the BMW Car Rental Program has limited availability. It is exclusively offered to residents of California, Washington, and Oregon. If you reside in one of these states and are interested in this program, it’s essential to confirm availability with your local BMW dealer, as program specifics and availability can be subject to change.
Who is Eligible for the BMW Car Rental Program?
Eligibility for the BMW Car Rental Program is straightforward and aligns with standard BMW Financial Services lease requirements. Anyone who meets BMW Financial Services’ regular credit guidelines can apply. Whether you’re a new customer or currently leasing a BMW, you can take advantage of this program. Existing BMW lessees looking to upgrade to the Car Rental Program simply need to ensure their current account is in good standing.
When is the Ideal Time to Consider This Lease?
The most convenient time to enroll in the BMW Car Rental Program is when you initially lease your vehicle. This ensures that the car sharing authorization is integrated from the outset of your lease term. However, BMW Financial Services also offers the flexibility to upgrade to this lease at any point during your existing lease contract, providing options for those who decide to participate in car sharing after their initial lease agreement.
Costs, Eligible Vehicles, and Platform Requirements
Are There Additional Costs Associated with the BMW Car Rental Program?
Yes, there is an additional cost to participate in the BMW Car Rental Program, which varies depending on the BMW model you choose.
- For leases of BMW 2 Series, 3 Series, 4 Series, 5 Series, any X Model (excluding X6), or the BMW i3, the additional authorization cost for car and ride sharing is $2,100 over the normal lease cost.
- For leases of BMW 6 Series, 7 Series, 8 Series, M Models, Alpina Models, BMW X6, or BMW i8, the additional authorization cost is $3,700 over the normal lease cost.
You have the option to pay this additional fee upfront at the lease initiation or spread it out across your scheduled lease payments. If you choose to upgrade to the Car Rental Program after your lease has begun, full payment via credit card is required at the time of upgrade.
Which BMW Vehicles Qualify for the Car Rental Program?
A significant advantage of the BMW Car Rental Program is its broad vehicle eligibility. All new BMW and MINI vehicles are eligible for this program. This extensive selection ensures that you can choose the BMW model that best suits your needs and income goals within the car sharing market. It’s worth noting that Rolls-Royce Motor Cars and BMW Motorcycles are currently excluded from this program. Furthermore, BMW Financial Services emphasizes that program enrollment does not guarantee vehicle authorization on any specific car or ride sharing platform, nor does it guarantee driver qualification for those platforms.
Are There Specific Vehicle Requirements for Car and Ride Sharing Platforms?
While BMW Financial Services authorizes your vehicle for car rental activities, individual car and ride sharing platforms often have their own vehicle requirements that you must meet to list your BMW on their service. These requirements can vary significantly between platforms and may include factors such as vehicle age, mileage, condition, and specific features. It is crucial to directly contact your chosen car or ride sharing platform providers to understand their specific vehicle requirements and ensure your BMW meets their criteria for participation.
Getting Started, Operational Aspects, and Income
How Quickly Can I Begin Renting Out My BMW?
Once you have finalized your BMW Car Rental Program lease contract or successfully upgraded to this lease option, you can immediately start making your car available on reputable car and ride sharing platforms. As long as these platforms operate within state regulations for safe operation, you are authorized to begin earning. The exact timeframe for listing and activating your vehicle will depend on the chosen platform’s onboarding process and your compliance with their requirements. BMW Financial Services recommends securing additional insurance coverage to protect yourself and your vehicle for this commercial use. Additionally, some states or local municipalities may require a chauffeur license or other specific permits for operating a vehicle for hire. Consult your car or ride sharing platform provider and local authorities to ensure full compliance with all legal and regulatory requirements.
Can I Discontinue the Program if I Change My Mind?
The BMW Car Rental Program is designed to provide you with the authorization to share your vehicle for the entire duration of your lease contract. Currently, there is no opt-out option available once your lease agreement is signed, even if you are later deemed ineligible by a car or ride sharing service. This underscores the importance of carefully considering your commitment to car sharing before enrolling in the program.
What Kind of Income Can I Expect to Generate?
The income potential within the BMW Car Rental Program is ultimately determined by you. BMW Financial Services does not provide any guarantees regarding potential earnings or your acceptance onto any particular car or ride sharing platform. Your income will depend on factors such as vehicle type, location, platform choice, rental rates, and vehicle availability. For realistic earnings projections, it is best to consult directly with car and ride sharing service providers. They can offer insights into earning potential based on your specific vehicle and market conditions.
Will BMW Financial Services Manage My Rental Income?
No, BMW Financial Services does not collect or manage any income generated from your car rental activities, nor will they apply any earnings towards your monthly lease payments. You are solely responsible for making your agreed-upon lease payments as outlined in your contract. BMW Financial Services does not accept payments from third parties or act as a payment intermediary. As the lessee, you are expected to adhere to all lease terms and conditions independently of any income you generate through car sharing.
How Secure is My Personal Information in This Program?
BMW Financial Services is committed to protecting your privacy. They do not share personal information related to your participation in the Car Rental Program, except as explicitly outlined in their privacy policy. You can be assured that your personal data is handled with diligence and in accordance with established privacy practices.
Are There Restrictions on Rental Frequency or Client Volume?
BMW Financial Services does not impose any limits on the amount of time your leased vehicle is offered for car and ride sharing or the number of clients you serve. This provides maximum flexibility for you to utilize your BMW for rental purposes as much or as little as you desire, allowing you to tailor your car sharing activities to your schedule and income goals.
Where Can I Get More Specific Information About Car and Ride Sharing Operations?
For questions specifically related to the operational aspects of car and ride sharing, such as pricing strategies, renter screening processes, insurance coverage offered by platforms, and maximizing your listing’s visibility, the best resource is your chosen car or ride sharing platform provider. They are equipped to provide the most accurate and up-to-date information regarding their specific platform policies and best practices for success.
Equipment, Maintenance, Insurance, and Lease-End Considerations
Do I Need to Install Additional Equipment for the Program?
BMW Financial Services does not mandate the purchase of any additional equipment for participation in the Car Rental Program. However, individual car and ride sharing platforms may have equipment requirements to enhance the user experience or for safety and tracking purposes. These could include GPS tracking devices, keyless entry systems, or specific car accessories. It is advisable to consult with your chosen car sharing platform provider to determine if any additional equipment is recommended or required for their service.
Does BMW Financial Services Recommend Specific Car or Ride Sharing Platforms?
BMW Financial Services does not endorse any particular car or ride sharing platform. However, they strongly advise that you partner only with reputable providers that adhere to all state and local guidelines concerning insurance, registration, and operational standards. Furthermore, it is crucial to consult with your legal and financial advisors to secure and maintain a personal automobile liability insurance policy that specifically covers car sharing activities and complies with the insurance requirements of your chosen platform. Ensure that this policy cannot be canceled solely due to your vehicle’s use in connection with a transportation network company or personal vehicle sharing program.
Will Car Sharing Affect My BMW Maintenance Plan?
Participating in car sharing does not alter your standard BMW maintenance plan. Routine scheduled maintenance for your BMW is determined by mileage intervals. However, using your vehicle for car and ride sharing may result in accumulating miles more quickly, potentially leading to more frequent maintenance intervals. It is important to monitor your odometer closely and adhere to the recommended maintenance schedule to keep your BMW in optimal condition. BMW Financial Services offers a Mileage Adjustment Program that may help you manage potential excess mileage charges at the end of your lease term if you anticipate significantly higher mileage due to car sharing.
Will I Be Compensated if My Vehicle is Out of Service Due to a Recall?
No, BMW Financial Services does not provide compensation for lost income if your vehicle is removed from service due to a mandatory recall. While you can schedule maintenance services to minimize disruption, recall notices should be addressed promptly to ensure vehicle safety and compliance.
What Happens if My BMW is Stolen While in the Program?
Your lease agreement requires you to maintain comprehensive insurance coverage, including theft protection. It is essential to inform your insurance provider about your participation in the BMW Car Rental Program and ensure that your policy adequately covers vehicle usage for car and ride sharing, including theft scenarios.
Is the Lease Return Process Different for Shared Vehicles?
The lease return process for a vehicle used in the Car Rental Program is identical to the standard lease return process for privately used vehicles. Whether you are familiar with BMW Financial Services lease returns or this is your first time, your BMW dealer will guide you through the process, ensuring a smooth and straightforward lease-end experience.
Conclusion
The BMW Car Rental Program presents a compelling opportunity for eligible lessees in California, Washington, and Oregon to unlock the earning potential of their BMW. By providing explicit authorization for car and ride sharing, this program empowers you to participate in the sharing economy while enjoying the luxury and performance of a BMW. While it’s essential to carefully consider the costs, requirements, and operational aspects, the BMW Car Rental Program can be a smart financial strategy for those seeking to offset lease costs or generate income from their vehicle. Contact your local BMW dealer today to explore if the BMW Car Rental Program is the right fit for you and to begin your journey towards earning with your BMW.
