What Is BMW Select Financing?

BMW OwnersChoice is a specialized balloon financing option available to Normal and Decatur-area drivers. Designed specifically for residents in states with certain financial regulations, it combines the lower monthly payments typical of a lease with the security and benefits of traditional vehicle ownership. Learn more about how OwnersChoice works below, then contact your local authorized BMW finance center with any questions you may have.

What Is BMW OwnersChoice Balloon Financing?

This version of BMW balloon financing is available exclusively to residents of Illinois, Texas, and Georgia. It is structured as a retail installment sales contract where a large portion of the vehicle’s total financed amount is deferred to the end of the contract. This results in much lower scheduled monthly payments. More details about what the BMW OwnersChoice program entails are included below:

• You are purchasing the vehicle and it is titled in your name, meaning there are no mileage restrictions or fees during your ownership.
• When the contract is up, your balloon balance is due. You have flexible end-of-term options: you can pay the balance in full, apply to refinance your balance, trade the vehicle in, or—unique to OwnersChoice—you have the option to return the vehicle to BMW to satisfy the balloon payment (subject to terms and wear-and-use guidelines).
• The final balloon payment amount depends on several factors, including your creditworthiness, the contract terms, and the estimated future market value of the vehicle at the end of the term.

How Does it Differ from the BMW Select Program?

If you have lived out of state or researched BMW financing online, you may have seen advertisements for the BMW Select program. BMW Select is another retail installment contract with a balloon payment, but it is legally structured differently.

• The most important difference is that under BMW Select, you are solely responsible for the final balloon payment. It does not include the “walk-away” option to return the vehicle to BMW at the end of the term.
• Due to state laws, BMW Select is not available in the following states: IL, NC, ND, NH, NV, PA, TX, and WV.

Explore Your Financing Options at BMW of Bloomington

If you’re deciding between traditional financing, leasing, or balloon financing for your next vehicle, contact your local authorized BMW Center near Urbana. Our experts can help you compare traditional rates against BMW OwnersChoice to see which payment structure fits your lifestyle. You can also review our vehicle buying tips to help plan your purchase and get a head start before visiting BMW of Bloomington.