BMW Select Financing is a financing option with a balloon payment at the end of the term (select terms range from 36-48 months).

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BMW Select is designed for drivers who cannot afford a BMW but want to buy one with cash With select financing you pay monthly like you would with regular car payments, and at the end of your term (usually 36-48 months) you must pay off the loan (the balloon payment).

If you cannot pay off the balloon payment, you have a few options:
1. You can refinance the balloon payment with a new loan.
2. You can sell the car and use the money to pay off the loan.
3. You can trade in the car for a new one and start your of the term you owe the balloon payment.
The balloon payment is based on the car’s residual value, which is the estimated worth of the car at the end of the loan term. If you decide to trade in your BMW Select car before the end of the term, then you will only have to pay off whatever’s left on the car’s residual value.

How does the BMW Select program work?

How it works every month you will make a monthly car payment to BMW Financial Services (lease) or Chase (loan). At the end of your term, you’ll owe a balloon payment based on the residual value. You have a few options if you can’t pay off the balloon payment:

-Refinance the balloon payment with a new loan
-Sell the car and use the money to pay off the loan
-Trade in the car for a new one and start your term over again (with a new residual value)
If you choose to trade in your car before the end of the term, you’ll only have to pay off whatever’s left on the car’s residual value.