Look at MGP Caliper Covers. Same effect and you can take them off when lease is over. I have done both and would not paint again. The covers will also help with the brake dust.
2007 328xi E92 Coupe // 6 MT-Crimson Red, Black Interior, Brushed Silver Trim//Sport Seats//BMW Perf. SW Alcantara//CF Roof, Front Lip, Trunk Lip Spoilers//18" 197, F-5mm, R-15mm Spacers//BMW CF Perf. Strut Brace//LUX H8 v3.0 AE//6k HID Fogs//BMW PE//Macht Schnell Intake Scoops//BMW EURO Intake//AA Tune//188AWHP-->196AWHP-->216AWHP Coming Soon-BOOST 2007 328xi E90 Sedan//Auto-White, Black Interior Wood Trim 'OEM Plus Look'//Commuter