BMW Vehicle Lease Trust 2023-2
|
||||||
Collection Period Ending:
|
5/31/25
|
|||||
Previous Payment Date:
|
5/27/25
|
|||||
Current Payment Date:
|
6/25/25
|
Accrued Interest Days (30/360):
|
30
|
|||
Accrued Interest Days (act/360):
|
29
|
Balances
|
||||||||||||
Initial
|
Beginning of Period
|
End of Period
|
||||||||||
Aggregate Securitization Value
|
$
|
1,439,263,098.40
|
$
|
543,954,066.90
|
$
|
502,082,280.67
|
||||||
Aggregate Discounted ALG Residual Value
|
$
|
823,565,558.28
|
$
|
423,058,749.93
|
$
|
397,655,274.83
|
||||||
Reserve Fund
|
$
|
3,598,157.75
|
$
|
3,598,157.75
|
$
|
3,598,157.75
|
||||||
Notes
|
||||||||||||
Class A-1 Notes
|
$
|
187,500,000.00
|
-
|
-
|
||||||||
Class A-2 Notes
|
$
|
468,750,000.00
|
-
|
-
|
||||||||
Class A-3 Notes
|
$
|
468,750,000.00
|
$
|
193,709,392.00
|
$
|
151,837,605.77
|
||||||
Class A-4 Notes
|
$
|
125,000,000.00
|
$
|
125,000,000.00
|
$
|
125,000,000.00
|
||||||
$
|
1,250,000,000.00
|
$
|
318,709,392.00
|
$
|
276,837,605.77
|
|||||||
Overcollateralization
|
$
|
189,263,098.40
|
$
|
225,244,674.90
|
||||||||
Current Collection Period
|
||||
Beginning Securitization Value
|
$
|
543,954,066.90
|
||
Principal Reduction Amount
|
41,871,786.23
|
|||
Ending Securitization Value
|
$
|
502,082,280.67
|
||
First Priority Principal
|
||||
Aggregate Outstanding Note Balance (Beginning of Period)
|
$
|
318,709,392.00
|
||
Aggregate Securitization Value (End of Period)
|
$
|
502,082,280.67
|
||
First Priority Principal Distribution Amount
|
-
|
|||
Target Note Balance
|
$
|
276,837,605.77
|
||
Target Overcollateralization Amount
|
$
|
225,244,674.90
|
||
Target Overcollateralization Percentage
|
15.65
|
%
|
||
Determination of Available Funds
|
||||
Collections
|
||||
Monthly Payments (net of Daily Advance Reimbursements) *
|
$
|
14,379,305.02
|
||
Reallocation Payment
|
253,933.37
|
|||
Sale Proceeds
|
5,651,030.10
|
|||
Termination Proceeds
|
31,489,672.75
|
|||
Recovery Proceeds
|
65,780.35
|
|||
Total Collections
|
$
|
51,839,721.59
|
||
Advances
|
||||
Monthly Payment Advance
|
$
|
1,455,046.11
|
||
Sales Proceeds Advance
|
-
|
|||
Total Advances
|
$
|
1,455,046.11
|
||
Optional Purchase Price
|
0.00
|
|||
Net Investment Earnings on SUBI Collection Account
|
-
|
|||
Total Available Funds
|
$
|
53,294,767.70
|
||
Collection Account
|
||||
Total Available Funds
|
$
|
53,294,767.70
|
||
Withdrawals from SUBI Collection Account
|
||||
Payment Date Advance Reimbursement
|
1,552,195.12
|
|||
Servicing Fees
|
453,295.06
|
|||
Note Distribution Account (Interest Due)
|
1,589,849.39
|
|||
Note Distribution Account (First Priority Principal Distribution Amount)
|
-
|
|||
Reserve Fund Deposit
|
-
|
|||
Note Distribution Account (Regular Principal Distribution Amount)
|
41,871,786.23
|
|||
Amounts paid to Indenture Trustee, Owner Trustee and Asset
|
-
|
|||
Representations Reviewer (subject to annual cap)
|
||||
Amounts paid to Indenture Trustee, Owner Trustee and Asset
|
-
|
|||
Representations Reviewer (not subject to annual cap)
|
||||
Certificate Distribution Account (any remaining payments)
|
7,827,641.90
|
|||
Total Distributions from SUBI Collection Account
|
$
|
53,294,767.70
|
||
Servicer Advance Amounts
|
||||
Beginning Period Unreimbursed Servicer Advance
|
$
|
1,839,948.25
|
||
Current Period Monthly Payment Advance
|
1,455,046.11
|
|||
Current Period Sales Proceeds Advance
|
-
|
|||
Current Reimbursement of Previous Servicer Advance
|
1,552,195.12
|
|||
Ending Period Unreimbursed Previous Servicer Advances
|
$
|
1,742,799.24
|
||
Note Distribution Account
|
||||
Amount Deposited from the Collection Account
|
$
|
43,461,635.62
|
||
Amount Deposited from the Reserve Fund
|
-
|
|||
Amount Paid to Noteholders
|
$
|
43,461,635.62
|
||
Payments to Indenture Trustee, Owner Trustee and Asset Representations Reviewer
|
||||
Indenture Trustee
|
||||
Amount due and payable to Indenture Trustee before giving effect to
|
-
|
|||
payments on current Payment Date:
|
||||
Amount due and payable to Indenture Trustee after giving effect to
|
-
|
|||
payments on current Payment Date:
|
||||
Owner Trustee
|
||||
Amount due and payable to Owner Trustee before giving effect to
|
-
|
|||
payments on current Payment Date:
|
||||
Amount due and payable to Owner Trustee after giving effect to
|
-
|
|||
payments on current Payment Date:
|
||||
Asset Representations Reviewer Trustee
|
||||
Amount due and payable to Asset Representations Reviewer before
|
-
|
|||
giving effect to payments on current Payment Date:
|
||||
Amount due and payable to Asset Representations Reviewer after
|
-
|
|||
giving effect to payments on current Payment Date:
|
||||
Distributions
|
|||
Priority Principal
|
Aggregate Outstanding Note Principal
|
$
|
318,709,392.00
|
||
Monthly Principal Distributable Amount
|
First Priority Principal
|
Current Payment
|
Total Payment
|
Ending Balance
|
Per $1,000
|
Note Factor
|
||||||||||||||||||
Class A-1 Notes
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Class A-2 Notes
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Class A-3 Notes
|
-
|
$
|
41,871,786.23
|
$
|
41,871,786.23
|
$
|
151,837,605.77
|
89
|
0.32
|
|||||||||||||||
Class A-4 Notes
|
-
|
-
|
-
|
$
|
125,000,000.00
|
-
|
1.00
|
|||||||||||||||||
-
|
$
|
41,871,786.23
|
$
|
41,871,786.23
|
$
|
276,837,605.77
|
||||||||||||||||||
Interest Distributable Amount
|
Interest Rate
|
Current Payment
|
Per $1,000
|
|||||||||
Class A-1 Notes
|
5.68700
|
%
|
-
|
0.00
|
||||||||
Class A-2 Notes
|
5.95000
|
%
|
-
|
0.00
|
||||||||
Class A-3 Notes
|
5.99000
|
%
|
$
|
966,932.72
|
2.06
|
|||||||
Class A-4 Notes
|
5.98000
|
%
|
$
|
622,916.67
|
4.98
|
|||||||
$
|
1,589,849.39
|
|||||||||||
Carryover Shortfalls
|
||||||||||||
Prior Period Carryover
|
Current Payment
|
Current Period Carryover
|
||||||||||
Class A-1 Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Class A-2 Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Class A-3 Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Class A-4 Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Reserve Fund
|
||||
Beginning Period Required Amount
|
$
|
3,598,157.75
|
||
Beginning Period Amount
|
3,598,157.75
|
|||
Current Period Deposit
|
-
|
|||
Net Investment Earnings
|
12,975.73
|
|||
Reserve Fund Draw Amount
|
-
|
|||
Release to Certificateholder
|
12,975.73
|
|||
Ending Period Required Amount
|
3,598,157.75
|
|||
Ending Period Amount
|
$
|
3,598,157.75
|
||
Pool Characteristics
|
||||||||
Initial
|
End of Period
|
|||||||
Number of Specified Leases
|
32,105
|
12,848
|
||||||
Weighted Average Remaining Term
|
24.00
|
9.11
|
||||||
Weighted Average Original Term
|
36.00
|
35.98
|
||||||
Weighted Average Seasoning
|
12.00
|
26.87
|
||||||
Units
|
Securitization Value
|
|||||||
Early Terminations
|
289
|
$
|
11,248,537.49
|
|||||
Scheduled Terminations
|
531
|
$
|
18,301,518.85
|
|||||
Residual Value Losses for the Current Period
|
Beginning
|
Current Period
|
Cumulative
|
|||||||||
Sales and Termination Proceeds
|
$
|
654,895,939.69
|
$
|
35,467,715.94
|
$
|
690,363,655.63
|
||||||
ALG Residual Values
|
533,476,841.62
|
29,373,060.20
|
562,849,901.82
|
|||||||||
Residual Value Loss / (Gain)
|
$
|
(6,094,655.74
|
)
|
$
|
(127,513,753.81
|
)
|
||||||
Cumulative Residual Value Loss / (Gain) as of the end of the prior period
|
$
|
(121,419,098.07
|
)
|
|
Cumulative Residual Value Loss / (Gain) as of the end of the 2nd preceding period
|
$
|
(114,628,666.82
|
)
|
|
Cumulative Residual Value Loss / (Gain) as of the end of the 3rd preceding period
|
$
|
(108,472,097.45
|
)
|
|
Delinquencies as of the end of the current period
|
Units
|
Securitization Value
|
Percentage
|
|||||||||
31-60 Days Delinquent
|
137
|
5,954,501.66
|
1.19
|
%
|
||||||||
61-90 Days Delinquent
|
45
|
2,075,731.42
|
0.41
|
%
|
||||||||
91-120 Days Delinquent
|
6
|
287,315.00
|
0.06
|
%
|
||||||||
121 - 150 Days Delinquent
|
6
|
227,600.20
|
0.05
|
%
|
||||||||
151 Days or More Delinquent
|
0
|
0.00
|
0.00
|
%
|
Total 30+ Days Past Due as of the end of the current period
|
194
|
$
|
8,545,148.28
|
1.70
|
%
|
|||||||
Total 60+ Days Past Due as of the end of the current period
|
57
|
$
|
2,590,646.62
|
0.52
|
%
|
|||||||
Delinquencies as of the end of prior periods
|
||||
Total 30+ Days Past Due as of the end of the prior period
|
1.56
|
%
|
||
Total 30+ Days Past Due as of the end of the 2nd preceding period
|
1.53
|
%
|
||
Total 30+ Days Past Due as of the end of the 3rd preceding period
|
1.39
|
%
|
||
Credit Losses as of the end of the current period
|
Units
|
Dollar Amount
|
||||||
Gross Credit Losses
|
6
|
51,622.86
|
||||||
Recoveries
|
14
|
59,928.92
|
||||||
Net Credit Losses
|
-8,306.06
|
|||||||
Cumulative Net Credit Losses
|
79
|
$
|
704,635.53
|
|||||
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
|
0.13
|
%
|
||||||
Charge Off Rate ***
|
0.05
|
%
|
||||||
Average of Net Credit Losses ****
|
$
|
8,919.44
|
||||||
Historical Loss Information
|
||||||||
Credit Losses as of the end of the prior period
|
Units
|
Dollar Amount
|
||||||
Gross Credit Losses
|
8
|
103,267.38
|
||||||
Recoveries
|
7
|
3,638.72
|
||||||
Net Credit Losses
|
99,628.66
|
|||||||
Cumulative Net Credit Losses
|
73
|
$
|
712,941.59
|
|||||
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
|
0.13
|
%
|
||||||
Charge Off Rate ***
|
0.05
|
%
|
||||||
Average of Net Credit Losses ****
|
9,766.32
|
|||||||
|
||||||||
Credit Losses as of the end of the 2nd preceding period
|
Units
|
Dollar Amount
|
||||||
Gross Credit Losses
|
7
|
139,653.01
|
||||||
Recoveries
|
6
|
8,452.72
|
||||||
Net Credit Losses
|
131,200.29
|
|||||||
Cumulative Net Credit Losses
|
65
|
$
|
613,312.93
|
|||||
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
|
0.10
|
%
|
||||||
Charge Off Rate ***
|
0.04
|
%
|
||||||
Average of Net Credit Losses ****
|
9,435.58
|
|||||||
Credit Losses as of the end of the 3rd preceding period
|
Units
|
Dollar Amount
|
||||||
Gross Credit Losses
|
6
|
38,508.13
|
||||||
Recoveries
|
5
|
21,756.84
|
||||||
Net Credit Losses
|
16,751.29
|
|||||||
Cumulative Net Credit Losses
|
58
|
$
|
482,112.64
|
|||||
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
|
0.07
|
%
|
||||||
Charge Off Rate ***
|
0.03
|
%
|
||||||
Average of Net Credit Losses ****
|
8,312.29
|
|||||||
* Includes Pull Ahead amounts
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
** Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value is calculated by dividing the Cumulative Net Credit Losses by the Avg Aggregate Sec Value for the period.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg Aggregate Sec Value for a period is equal to the average of the Beginning Securitization Value and the Ending Securitization Value for such period.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*** Charge Off Rate is calculated by dividing Cumulative Net Credit Losses by Initial Aggregate Securitization Value as of the Cut-off date.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
**** Average of Net Credit Losses is calculated by dividing Cumulative Net Credit Losses by the aggregate number of Leases that have experienced a net credit loss.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||