I finally got a response from Penfed about the $2k finance incentive. Please see the attached email below. For those who still have questions, I would suggest calling them directly.
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She said there is no incentive for leasing. So the 500 credit is gone? 
Call them up or ask your local dealer.
Looks like they changed the program… if you look at the screenshots in the OP, program had an expiration date of 1/2/2020 and I noticed the website is definitely different as I wait for my certificate.
The MB programs look awesome. $1000 for MY2020 and according to my read, it should be applicable when leasing as well. So should be a sweet discount off the dealer negotiated prices…
I, , hereby authorize Dealer listed above to deduct the applicable Member incentive from the agreed upon transaction price for VIN listed above. I further hereby assign and transfer to Dealer, Purchaser’s right to receive from MBUSA said incentive amount. I acknowledge that once deducted from the transaction price, said Member incentive amount will not be owed to Purchaser by Mercedes-Benz USA with respect to the mentioned vehicle.
("5. Incentive must be used at time of purchase/lease. Purchaser granted control number must be the buyer/co-buyer or lessee/co-lessee. Fleet incentives cannot be used in conjunction with Diplomat, European Delivery, Courtesy Vehicle Program (CVP) vehicle that has not met the minimum service requirement, Special Demos, certificate programs, control number programs, Spring Bonus Program and other Fleet Programs (Corporate Sales or Fleet Employee Program (FEP)), or non-U.S. specification vehicles.)
Do you mind sharing where in your Penfed account you are seeing this info?
After logging into my account and clicking the link for the car buying service, I am only seeing a $750 incentive for MB. I have attached a screenshot below.
Just spoke with PenFed and confirmed that the $500 lease credit is still available & 60 day wait must be met, no exceptions.
That’s clearly not what their website says specific to BMW… there are still likely lease credits for other manufacturers so maybe they were referring to that
My dealer said it can’t be combined with things like loyalty… They called it a “g” code and they said that type of discount doesn’t stack. Definitely put the pressure on it. My sales guy was definitely trying
Yeah… I pointed to that repeatedly
It’s their car.
The dealer DNGAF.
They can do whatever they want with their car.
You can either do the current deal you have there or find another dealer.
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It’s conflicting — that part is the first part of the certificate staying $500 lease credit. But then further down in the next section of fine print it states only valid for purchase, not lease, and must not finance through BMWFS. 
My dealer ran it and Originally told me it “came back” as only $250, and I pointed them to that $500 lease cash. They are trying to figure it out with corporate.
Can these be stacked with OL and loyalty?
Any update on this? Curious if you got the $500 discount/
I did get the USAA, yessir. Found out it’s paid for by BMWNA, not BMWFS like the lease cash etc is so there is some confusion, but —yep $500 lease cash valid from USAA.
According to my dealer, USAA is not stackable with OL. I’ve seen different responses around on the interwebz on this. Anyone else had luck with this?
Oh, I thought you were talking about the Penfed $500! Which I gather is no more…
PenFed & USAA are the essentially the same program, both type J incentives. Should be $500 lease credit. The bigger amounts can such as $2k on 5 series and X5 are for financing, and it’s when you finance through PenFed/USAA, not BMWFS
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You are correct on Type J.