[arciga18]

Here is the language on the new certificate.

2020 BMW PenFed Incentives
Incentives for eligible 2020 models
-$500 Incentive for Lease and Retail Loan financed through BMW Financial Services. Exception: BMW FS Lease not available for i3.
-Incentives are combinable with eligible new car sales programs* Exception i3 Cash/FS Retail Loan not combinable.
*i3 PenFed Cash and BMW FS Retail Loan $11,000. Not combinable with monthly sales programs. Not eligible for BMW FS lease.

Special BMW Incentive offer is valid at any authorized BMW Center in the United States. Cash incentives are not applicable for vehicles leased/financed through BMW Financial Services. Member must take retail delivery January 4, 2021 - January 3, 2022. Incentive offer is subject to change without prior notice. This incentive offer is available to PenFed members. BMW requires presentation of a photo ID your BMW Manufacturer Certificate with a unique Customer ID and Offer Code. Visit the PenFed Car Buying Service to receive BMW Certificate. One incentive per member, per offer code, per calendar year for new BMW vehicles. Eligible member must be the purchaser. See your authorized BMW Center for complete program details.



EDIT*****

There were more pages.

2021 BMW PenFed Incentives
Incentives for eligible 2021 models
-$500 Incentive for Lease and Retail Loan financed through BMW Financial Services. Exception: BMW FS Lease not available for i3.
-Incentives are combinable with eligible new car sales programs* Exception i3 Cash/FS Retail Loan not combinable.
*i3 PenFed Cash and BMW FS Retail Loan $11,000. Not combinable with monthly sales programs. Not eligible for BMW FS lease.
Special BMW Incentive offer is valid at any authorized BMW Center in the United States. Cash incentives are not applicable for vehicles leased/financed through BMW Financial Services. Member must take retail delivery January 4, 2021 - January 3, 2022. Incentive offer is subject to change without prior notice. This incentive offer is available to PenFed members. BMW requires presentation of a photo ID your BMW Manufacturer Certificate with a unique Customer ID and Offer Code. Visit the PenFed Car Buying Service to receive BMW Certificate. One incentive per member, per offer code, per calendar year for new BMW vehicles. Eligible member must be the purchaser. See your authorized BMW Center for complete program details.