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BMW i3 will come with unusual 'OwnersChoice' non-lease option

In case you were interested in driving a BMW i3 but were afraid of getting into a traditional lease, there's some good new for you. We think. BMW recently announced that it would offer something called "OwnersChoice" and "OwnersChoice with Flex" to make the elegant city EV an easier purchase. Or temporary purchase, anyway. Something called "OwnersChoice with Flex" is not listed on the federal government's consumer information page on vehicle financing and we couldn't get a better explanation out of BMW than the official announcement, but the gist appears to be that an i3 buyer can make a gigantic balloon payment at the end of the contract term in order to pay less in monthly costs along the way. The way Automotive News describes it, the typical balloon note chains the buyer to the car in such a way that, while you can get lower monthly payments, you're still on the hook for the amount of the financing even if you return the car. With OwnersChoice, if you give the i3 back after the contract is done (usually after three years), you're in the clear. With OwnersChoice with Flex, you need to pay up no matter if you keep the car or not, but you can take the $7,500 federal tax incentive and increase your balloon payment by - let's see here, what's the amount? ah, yes - up to $7,500, which would knock $208 (7,500 divided by 36) off your payment every month. BMW Group Financial Services (GFS) came up with this new lease/payment hybrid thing, and Fred Isele, BMW GFS vp of sales and marketing, says it lets owners get, "a comfortable payment for one of the highest technological and efficient premium electric vehicles available to date." BMW GROUP FINANCIAL SERVICES OFFERS 'OWNERSCHOICE WITH FLEX' FINANCING PRODUCT WITH PURCHASE OF NEW i3 -- PROVIDES END-OF-TERM OPTIONS SIMILAR TO LEASING, YET BENEFITS OF OWNERSHIP WOODCLIFF LAKE, NJ – February 25, 2014 – With the launch of the BMW i3, the brand's first premium electric vehicle, BMW Group Financial Services becomes one of the first in the industry to create a financial solution to ownership that provides eligible customers with the options to lower their monthly payment and return the vehicle at the end of their contract term. The financing product called 'OwnersChoice with Flex,' provides eligible BMW i3 customers the option to increase their final OwnerChoice balloon payment due at the end of their contract term by up to $7,500.

Weekly Recap: Ferrari plans to gradually increase production by 2019

Ferrari has long been known for the exclusivity of its performance machines. It's on a different level than Porsche, BMW, and Mercedes. But as it transitions to a new era of independence from Fiat Chrysler, Ferrari is going to get a little less exclusive. It's by design, and it means a subtle, slow ramp-up of production – a move Ferrari believes will ensure its future by meeting growing demand in new markets. The strategy was detailed in SEC documents filed this month as part of the company's pending stock offering. The files reveal Ferrari will gradually increase shipments to about 9,000 units per year by 2019. This is a reversal of Ferrari's 2013 plans to cap production at 7,000 cars annually, which it hit on the nose that year. Ferrari shipments inched up to 7,255 in 2014, though that's down from 2012's record tally of 7,405. Ferrari is a vastly different operation than it was in 2013. Longtime chairman Luca di Montezemolo stepped down last fall, and FCA chief executive Sergio Marchionne has been overseeing the company since then. Its IPO has attracted high levels of attention from enthusiasts and investors. As expected, demand has reportedly outstripped the availability of the stock, which has an estimated offering price of $48 to $52 a share. Speaking of more Ferraris, the company revealed a limited-edition model this week called the F12tdf (shown above). Based on the F12 Berlinetta, the car is a salute to the Tour de France endurance auto race that Ferrari dominated in the 1950s and '60s. The V12 engine's output increases to 769 horsepower, while weight is cut by 243 pounds – allowing for a sprint to 60 mph in 2.9 seconds. Dramatic carbon-fiber elements and a radical redesign of the body panels give the F12 a more dramatic look. It will be limited to 799 units over the life of the car. If this is how Ferrari is increasing production, we're more than okay with the company's new strategy. OTHER NEWS & NOTES Tesla software unlocks Autopilot features Tesla released the latest version of its software for the Model S this week, which allows the all-electric sedan to drive in a semi-autonomous state called Autopilot. Tesla Version 7.0 enables the Model S to maintain lane position, change lanes by touching the turn signal, and manage the car's speed using an advanced, traffic-sensing cruise control. It also has a parallel parking feature, which searches for open spots and then parks your Tesla.

2022 New York Auto Show Roundup | All the reveals, reviews, pictures

NEW YORK — In case you missed it, the New York Auto Show took place this year after being canceled in both 2020 and 2021 due to Covid. A lot of manufacturers showed up in force, but not everybody did. No matter, we were there, and we brought you news, photos and scoops from the floor throughout the show. All of our New York-related stories can be found at our central hub here, but if youÂ’d rather just get a small taste of everything in a quick and digestible format, keep scrolling. 2023 Kia Telluride and its new X-Pro trim Kia revealed the TellurideÂ’s first major refresh at New York, and it makes the three-row crossover a little bit more desirable without screwing up what we liked about it before. ThereÂ’s a new X-Line and X-Pro trim for someone who might want a little more off-road capability, and a number of tech improvements. Most notably, a newly-designed dash features new and bigger screens. 2023 Hyundai Palisade The TellurideÂ’s sister car from Hyundai was treated to a similar refresh. Like the Telluride, Hyundai gave the Palisade a slightly revised look, a new off-road trim (called XRT in the PalisadeÂ’s case), more tech inside and a new dash design with full-width air vents. If we had to choose, weÂ’re a little more impressed with the TellurideÂ’s refresh, as a number of us on staff actually prefer the pre-refresh Palisade styling over the new one. 2023 Jeep Wagoneer L and Grand Wagoneer L This one was inevitable. Jeep revealed the longer, roomier versions of its Wagoneer and Grand Wagoneer in New York, and theyÂ’re designated with an “L” at the end of their names. Total length grows by a foot, and the wheelbase goes up by 7 inches versus the standard Wagoneer models. Jeep has essentially allocated all this extra room to the cargo area, as it now offers a staggering 44.2 cubic-feet of space behind the third row. Besides the L, Jeep announced that its new Hurricane inline-six engine would find its first home in the Wagoneer. Efficiency gets a small boost, and power is more than sufficient at either 420 horsepower (standard output) or 510 horsepower (high-output version) from the twin-turbo I-6. Chrysler Airflow Graphite Concept The Stellantis party continues with Chrysler and its slightly revised Airflow. Re-styled for the New York market after initially debuting at CES in Las Vegas, the Airflow Concept gets new paint, changed accent colors, a slightly changed interior design and a new interpretation of the Chrysler logo.