He was trying to overtake another vehicle when he lost control and hit a tree, at 21:40 BST on Thursday, police said.
Officers have yet to trace the owner of the BMW 318SE, and do not yet know if the car was stolen.
The boy was taken to hospital from the scene in Ridge Avenue, Burnley, Lancashire, but died later as a result of multiple injuries, police said.
Lancashire Police Sgt Nigel Ralphson said it was "an extremely tragic incident".
He urged any witnesses, particularly the driver of a car travelling in the opposite direction towards Queen's Park who may have had to swerve to come forward.
A 16-year-old boy driving a BMW has died in a crash.