BMW Credit last week added hybrid and MINI vehicles to its Full Circle leasing program in Malaysia, as it aims to cater to consumers seeking shorter terms that fit their lifestyle, the company said in a press release.
BMW Full Circle Recharged will focus on the OEM’s hybrid models ranging from the 330e M Sport — for $721 per month — to the X5 xDrive40e M Sport — for $1,166 per month. The mass-market MINI Full Circle Urban Explorer starts at $666 a month. The programs are similar to those regularly offered in the U.S. or Europe.
In its 2018 automotive industry report, the Malaysian Automotive Institute noted a need to push lease options in the country, mainly as lease volume fell nearly 5% year over year to $1.1 billion in 2016, according to White Clarke’s 2018 Global Leasing Report.
“Our Malaysian customers are very advanced in terms of their needs for financial solutions,” Tobias Eismann, managing director and chief executive of BMW Group Financial Services Malaysia, said in a press release. “We are already seeing a shift with trends moving gradually from the conventional, straight-line financing driven solutions where customers finance their car for five years or more, toward a more modern lifestyle-oriented driving experience where customers can change their car every two to four years.”
The program differs from traditional leasing — which allows consumers to trade in or stay in the car they have — by offering warranty packages and maintenance options. It also guarantees a 50% residual value after three years — potentially providing consumers “credit” toward their next car purchase.
Auto Finance Summit Asia, taking place on September 5-6, 2018 at the Grand Hyatt Shanghai, will gather international leaders to provide insights and strategies on economic trends in the Chinese auto industry; an analysis of Asia’s used-car finance market; local implications of the car-sharing revolution; the rise of leasing in China; how to navigate Asia’s online environment; and much more. Additionally, the event will serve as a platform for companies to connect with Asian lenders in the market.
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