Ride Share FAQ
THE BMW CAR & RIDE SHARING LEASE: FAQ
Q: What is the BMW Car & Ride Sharing Lease?
A: The BMW Car & Ride Sharing Lease, available exclusively through BMW Financial Services, gives you the flexibility to earn income by driving passengers or renting out your BMW through car and ride sharing services. Plus, it offers peace of mind knowing that your right to participate in car and ride sharing services is legally authorized by your lease contract. All other standard terms and conditions apply as they would for a vehicle leased without the car and ride sharing option through BMW Financial Services.
Q: Is the BMW Car & Ride Sharing Lease available nationwide?
A: Currently it is only available for residents of California, Washington, and Oregon. Please check with your dealer to confirm availability.
Q: What are the requirements to participate?
A: All our usual credit guidelines apply. This lease is available to anyone leasing through BMW Financial Services for standard terms. If you currently lease through BMW Financial Services and would like to upgrade, your account must be current.
Q: When is the best time to take advantage of this lease?
A: We recommend that you choose the BMW Car & Ride Sharing Lease when you initially lease your vehicle. You also have the option to upgrade to this lease at any time.
Q: Is there any additional cost for the BMW Car & Ride Sharing Lease?
A: Yes. The additional cost varies depending on the model. If you lease a BMW 2 Series, 3 Series, 4 Series, 5 Series, any X Model other than the X6, or the BMW i3, the additional cost to authorize car and ride sharing is $2,100 over normal lease cost. If you lease a BMW 6 Series, 7 Series, 8 Series, M Model, Alpina Model, or the BMW X6 or BMW i8, the additional cost to authorize car and ride sharing is $3,700 over normal lease cost. At the initiation of your lease, you may pay this cost in full or spread the cost out over your scheduled payments. If you choose to upgrade after the initiation of your lease, we ask that you have a credit card available to make a full payment.
Q: Which vehicles are eligible for this product?
A: All BMW and MINI vehicles are eligible. We do not currently offer this product for Rolls-Royce Motor Cars or BMW Motorcycles. BMW Financial Services does not guarantee that any particular car or ride sharing service will authorize the use of a vehicle on its platform, or that you will be qualified as a driver or user of the platform.
Q: Are there any vehicle requirements for car and ride sharing?
A: Many car and ride sharing platforms insist that your vehicle meet certain requirements to qualify for use. These vary from platform to platform. For information on vehicle requirements, contact your car or ride sharing platform provider directly.
Q: How soon can I start sharing my vehicle?
A: As soon as you have signed your BMW Car & Ride Sharing Lease contract or upgrade to this lease option, you may put your car to work for reputable car and ride sharing services that adhere to state requirements for safe operation. The requirements for the use of such services vary, and BMW Financial Services is unable to provide any specific timeline for use. We strongly recommend that you secure additional insurance coverage for this intended use. Some states or municipalities may also require users to obtain a chauffeur license. Please consult your car or ride sharing platform provider or other appropriate expert to determine whether your state or municipality may impose additional licensing or insurance requirements.
Q: Can I opt out of the program if I change my mind?
A: The BMW Car & Ride Sharing Lease enables you to share your vehicle for the entirety of your lease contract. At present, we do not offer an opt-out option after your lease has been signed, even if you are informed by a car or ride sharing service that you are no longer eligible to use their platform.
Q: How much can I earn in this program?
A: You have the ultimate control. BMW Financial Services does not make guarantees of potential income, or of your ability to qualify to use a particular car or ride sharing platform. For specific earnings estimates, contact car and ride sharing service providers.
Q: Will you collect or apply any generated income to my monthly lease payment?
A: No. You are required to make the payments you agreed to in your lease contract. We do not accept payments from third parties nor collect payments on your behalf. BMW Financial Services requires that you adhere to all terms and conditions as the lessee.
Q: Is my identity secure in this program?
Q: Is there a cap on the amount of time or number of clients allowed for car or ride sharing?
A: No. BMW Financial Services does not specify a minimum or maximum on the amount of time or the number of times your leased vehicle can be offered for car and ride sharing.
Q: I have more questions about car and ride sharing. Where is the best place to get answers?
A: You may wonder whether you can provide discounts, whether a renter’s driving record will be screened before using your vehicle, and so on. If you have inquiries like these that are specific to car or ride sharing, you’ll receive the most accurate answers from your car or ride sharing platform provider.
EQUIPMENT, INSURANCE, MAINTENANCE, AND LEASE-END
Q: Will my vehicle require any additional equipment for this program?
A: BMW Financial Services does not require you to purchase any additional parts or equipment. However, we advise you to consult your car or ride sharing platform provider, as they may require you to do so.
Q: Do you recommend I use a particular car or ride sharing platform provider?
A: BMW Financial Services does not endorse a specific provider or sharing platform. We do, however, strongly recommend that you work only with reputable providers who meet all state guidelines regarding insurance, registration, and operating conditions. We also advise that you speak with your legal and/or financial advisor to secure and maintain a personal automobile liability policy. This policy should comply with the required insurance coverage under the car or ride sharing contract and should not be cancelled based solely upon your vehicle’s use in connection with a transportation network company or a personal vehicle sharing program.
Q: Will there be changes to the normal maintenance plan?
A: No. You should bring in your car for routine scheduled maintenance, which is determined by miles driven. Using your vehicle for car or ride sharing may mean less time between mileage intervals. We advise you to pay close attention to your odometer, as miles could add up quickly. If they do, our Mileage Adjustment Program may help you avoid excess mileage charges at the completion of your lease term.
Q: Will I be compensated for loss of income if my vehicle is removed from operation due to a mandatory recall?
A: No. Also note that, while maintenance services can be planned to work with your schedule, we recommend you consider any recall notices with appropriate urgency.
Q: What happens if my vehicle is stolen?
A: You are required to inform your insurance provider about the usage of your vehicle for car and ride sharing and ensure compliance with your policy, which your lease requires to cover theft.
Q: What happens at the completion of my lease?
A: The lease return process for a shared vehicle is the same as for a private-use-only vehicle. If you have leased with BMW Financial Services before, you will find your lease return process quite familiar. If not, your dealer will help you through the process.