• Jul 25th 2011 at 7:55AM
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BMW Active E – Click above for high-res image gallery

Financial institution ING has agreed to sell its automotive leasing service, ING Car Lease, to BMW for an estimated €700 million ($994 million U.S. at the current exchange rate) as part of the Dutch firm's efforts to focus its portfolio on core activities and to repay its remaining €3 billion ($4.26 billion U.S.) debt.

The deal, expected to become official by the end of 2011, will see BMW Alpha Fleet Management (BAFM) acquiring lease contracts for some 240,000 additional vehicles, bringing the German automakers total amount of leased contracts to 540,000. Additionally, BAFM will be tasked with lease contracts for the automaker's upcoming electric vehicles, including the 1 Series Active E and i3. Leasing, it seems, is one way to avoid buying into technology that's likely to become obsolete.

Photos copyright ©2011 Drew Phillips / AOL

[Source: Detroit News via Green Car Reports]

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    • 1 Second Ago
      • 8 Months Ago
      make printing smaler
      Chris M
      • 8 Months Ago
      My experience with ING financial services was less than satisfactory. I'd warn anyone - before even considering doing any financial deal with ING, read the fine print CAREFULLY. ING has a rather nasty habit of throwing little "gotchas" in their financial contracts.
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