My BMW 330i was totaled before the lease end, and insurance payout was $7k higher than the residual value. BMW FS is offering me ~$7k credit (LPC)
Question: Can I lease a new BMW using one of the deals/brokers on LH and have the credit applied towards the new lease account? What I’m looking for confirmation if this is indeed true or are there any catches that I need to be aware of. I’m looking to lease an i4.
P.S. Sorry if this has been answered before, but I did a search and I couldn’t find any topic related to this, but I’m new to LH so could be doing something wrong.
You absolutely can apply that credit to your next lease.
It can be applied up front to lower the monthly payments or be a credit that pays off your monthly until it runs out.
This is the wording from BMW FS Regarding Total Loss and LPC
“Here’s how the LPC program works: Once your new BMW Financial Services account is established, the LPC (calculated as discussed above) is applied as a credit within 2 weeks after the new account is opened. You may use the LPC credit either 1) to reduce your monthly payments each month by a certain amount or 2) to satisfy your monthly payments until the LPC balance is fully used.”. Seems to me IAC_Scott has the correct answer. But thank you everyone for responding and clarifying my concern. I don’t have an issue if it gets applied retroactively, but wanted to ensure that it will be applied to any lease deal that I get through BMW FS
