BMW Vehicle Lease Trust 2024-1
|
||||||
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
|
$
|
1,496,835,259.20
|
$
|
952,923,162.68
|
$
|
909,026,926.62
|
||||||
Aggregate Discounted ALG Residual Value
|
$
|
774,810,633.13
|
$
|
670,943,188.44
|
$
|
652,689,760.27
|
||||||
Reserve Fund
|
$
|
3,742,088.15
|
$
|
3,742,088.15
|
$
|
3,742,088.15
|
||||||
Notes
|
||||||||||||
Class A-1 Notes
|
$
|
195,000,000.00
|
-
|
-
|
||||||||
Class A-2a Notes
|
$
|
290,000,000.00
|
$
|
60,182,254.24
|
$
|
34,069,621.50
|
||||||
Class A-2b Notes
|
$
|
197,500,000.00
|
$
|
40,986,190.38
|
$
|
23,202,587.06
|
||||||
Class A-3 Notes
|
$
|
487,500,000.00
|
$
|
487,500,000.00
|
$
|
487,500,000.00
|
||||||
Class A-4 Notes
|
$
|
130,000,000.00
|
$
|
130,000,000.00
|
$
|
130,000,000.00
|
||||||
$
|
1,300,000,000.00
|
$
|
718,668,444.62
|
$
|
674,772,208.56
|
|||||||
Overcollateralization
|
$
|
196,835,259.20
|
$
|
234,254,718.06
|
||||||||
Current Collection Period
|
||||
Beginning Securitization Value
|
$
|
952,923,162.68
|
||
Principal Reduction Amount
|
43,896,236.06
|
|||
Ending Securitization Value
|
$
|
909,026,926.62
|
||
First Priority Principal
|
||||
Aggregate Outstanding Note Balance (Beginning of Period)
|
$
|
718,668,444.62
|
||
Aggregate Securitization Value (End of Period)
|
$
|
909,026,926.62
|
||
First Priority Principal Distribution Amount
|
-
|
|||
Target Note Balance
|
$
|
674,772,208.56
|
||
Target Overcollateralization Amount
|
$
|
234,254,718.06
|
||
Target Overcollateralization Percentage
|
15.65
|
%
|
||
Determination of Available Funds
|
||||
Collections
|
||||
Monthly Payments (net of Daily Advance Reimbursements) *
|
$
|
23,515,964.72
|
||
Reallocation Payment
|
407,542.85
|
|||
Sale Proceeds
|
3,560,447.22
|
|||
Termination Proceeds
|
28,132,912.32
|
|||
Recovery Proceeds
|
61,518.63
|
|||
Total Collections
|
$
|
55,678,385.74
|
||
Advances
|
||||
Monthly Payment Advance
|
$
|
1,677,017.81
|
||
Sales Proceeds Advance
|
-
|
|||
Total Advances
|
$
|
1,677,017.81
|
||
Optional Purchase Price
|
0.00
|
|||
Net Investment Earnings on SUBI Collection Account
|
-
|
|||
Total Available Funds
|
$
|
57,355,403.55
|
||
Collection Account
|
||||
Total Available Funds
|
$
|
57,355,403.55
|
||
Withdrawals from SUBI Collection Account
|
||||
Payment Date Advance Reimbursement
|
1,772,150.34
|
|||
Servicing Fees
|
794,102.64
|
|||
Note Distribution Account (Interest Due)
|
2,976,469.90
|
|||
Note Distribution Account (First Priority Principal Distribution Amount)
|
-
|
|||
Reserve Fund Deposit
|
-
|
|||
Note Distribution Account (Regular Principal Distribution Amount)
|
43,896,236.06
|
|||
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)
|
7,916,444.61
|
|||
Total Distributions from SUBI Collection Account
|
$
|
57,355,403.55
|
||
Servicer Advance Amounts
|
||||
Beginning Period Unreimbursed Servicer Advance
|
$
|
2,004,023.61
|
||
Current Period Monthly Payment Advance
|
1,677,017.81
|
|||
Current Period Sales Proceeds Advance
|
-
|
|||
Current Reimbursement of Previous Servicer Advance
|
1,772,150.34
|
|||
Ending Period Unreimbursed Previous Servicer Advances
|
$
|
1,908,891.08
|
||
Note Distribution Account
|
||||
Amount Deposited from the Collection Account
|
$
|
46,872,705.96
|
||
Amount Deposited from the Reserve Fund
|
-
|
|||
Amount Paid to Noteholders
|
$
|
46,872,705.96
|
||
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
|
$
|
718,668,444.62
|
||
Monthly Principal Distributable Amount
|
First Priority Principal
|
Current Payment
|
Total Payment
|
Ending Balance
|
Per $1,000
|
Note Factor
|
||||||||||||||||||
Class A-1 Notes
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Class A-2a Notes
|
-
|
$
|
26,112,632.74
|
$
|
26,112,632.74
|
$
|
34,069,621.50
|
90
|
0.12
|
|||||||||||||||
Class A-2b Notes
|
-
|
$
|
17,783,603.32
|
$
|
17,783,603.32
|
$
|
23,202,587.06
|
90
|
0.12
|
|||||||||||||||
Class A-3 Notes
|
-
|
-
|
-
|
$
|
487,500,000.00
|
-
|
1.00
|
|||||||||||||||||
Class A-4 Notes
|
-
|
-
|
-
|
$
|
130,000,000.00
|
-
|
1.00
|
|||||||||||||||||
-
|
$
|
43,896,236.06
|
$
|
43,896,236.06
|
$
|
674,772,208.56
|
||||||||||||||||||
Interest Distributable Amount
|
Interest Rate
|
Current Payment
|
Per $1,000
|
|||||||||
Class A-1 Notes
|
5.50800
|
%
|
-
|
0.00
|
||||||||
Class A-2a Notes
|
5.10000
|
%
|
$
|
255,774.58
|
0.88
|
|||||||
Class A-2b Notes
|
4.72197
|
%
|
$
|
155,903.65
|
0.79
|
|||||||
Class A-3 Notes
|
4.98000
|
%
|
$
|
2,023,125.00
|
4.15
|
|||||||
Class A-4 Notes
|
5.00000
|
%
|
$
|
541,666.67
|
4.17
|
|||||||
$
|
2,976,469.90
|
|||||||||||
Carryover Shortfalls
|
||||||||||||
Prior Period Carryover
|
Current Payment
|
Current Period Carryover
|
||||||||||
Class A-1 Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Class A-2a Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Class A-2b Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Class A-3 Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Class A-4 Interest Carryover Shortfall
|
-
|
-
|
-
|
|||||||||
Reserve Fund
|
||||
Beginning Period Required Amount
|
$
|
3,742,088.15
|
||
Beginning Period Amount
|
3,742,088.15
|
|||
Current Period Deposit
|
-
|
|||
Net Investment Earnings
|
13,494.77
|
|||
Reserve Fund Draw Amount
|
-
|
|||
Release to Certificateholder
|
13,494.77
|
|||
Ending Period Required Amount
|
3,742,088.15
|
|||
Ending Period Amount
|
$
|
3,742,088.15
|
||
Pool Characteristics
|
||||||||
Initial
|
End of Period
|
|||||||
Number of Specified Leases
|
28,505
|
20,553
|
||||||
Weighted Average Remaining Term
|
28.00
|
12.97
|
||||||
Weighted Average Original Term
|
36.00
|
35.97
|
||||||
Weighted Average Seasoning
|
8.00
|
22.99
|
||||||
Units
|
Securitization Value
|
|||||||
Early Terminations
|
319
|
$
|
14,237,695.54
|
|||||
Scheduled Terminations
|
367
|
$
|
12,053,255.90
|
|||||
Residual Value Losses for the Current Period
|
Beginning
|
Current Period
|
Cumulative
|
|||||||||
Sales and Termination Proceeds
|
$
|
277,664,733.42
|
$
|
30,011,666.07
|
$
|
307,676,399.49
|
||||||
ALG Residual Values
|
215,827,632.55
|
24,721,909.15
|
240,549,541.70
|
|||||||||
Residual Value Loss / (Gain)
|
$
|
(5,289,756.92
|
)
|
$
|
(67,126,857.79
|
)
|
||||||
Cumulative Residual Value Loss / (Gain) as of the end of the prior period
|
$
|
(61,837,100.87
|
)
|
|
Cumulative Residual Value Loss / (Gain) as of the end of the 2nd preceding period
|
$
|
(56,450,388.84
|
)
|
|
Cumulative Residual Value Loss / (Gain) as of the end of the 3rd preceding period
|
$
|
(51,593,780.07
|
)
|
|
Delinquencies as of the end of the current period
|
Units
|
Securitization Value
|
Percentage
|
|||||||||
31-60 Days Delinquent
|
93
|
4,456,681.54
|
0.49
|
%
|
||||||||
61-90 Days Delinquent
|
37
|
1,896,714.79
|
0.21
|
%
|
||||||||
91-120 Days Delinquent
|
5
|
197,820.82
|
0.02
|
%
|
||||||||
121 - 150 Days Delinquent
|
5
|
222,673.93
|
0.02
|
%
|
||||||||
151 Days or More Delinquent
|
0
|
0.00
|
0.00
|
%
|
Total 30+ Days Past Due as of the end of the current period
|
140
|
$
|
6,773,891.08
|
0.75
|
%
|
|||||||
Total 60+ Days Past Due as of the end of the current period
|
47
|
$
|
2,317,209.54
|
0.25
|
%
|
|||||||
Delinquencies as of the end of prior periods
|
||||
Total 30+ Days Past Due as of the end of the prior period
|
0.75
|
%
|
||
Total 30+ Days Past Due as of the end of the 2nd preceding period
|
0.76
|
%
|
||
Total 30+ Days Past Due as of the end of the 3rd preceding period
|
0.63
|
%
|
||
Credit Losses as of the end of the current period
|
Units
|
Dollar Amount
|
||||||
Gross Credit Losses
|
5
|
19,746.42
|
||||||
Recoveries
|
4
|
48,941.50
|
||||||
Net Credit Losses
|
-29,195.08
|
|||||||
Cumulative Net Credit Losses
|
49
|
$
|
556,121.10
|
|||||
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
|
0.06
|
%
|
||||||
Charge Off Rate ***
|
0.04
|
%
|
||||||
Average of Net Credit Losses ****
|
$
|
11,349.41
|
||||||
Historical Loss Information
|
||||||||
Credit Losses as of the end of the prior period
|
Units
|
Dollar Amount
|
||||||
Gross Credit Losses
|
6
|
94,666.57
|
||||||
Recoveries
|
8
|
73,047.95
|
||||||
Net Credit Losses
|
21,618.62
|
|||||||
Cumulative Net Credit Losses
|
44
|
$
|
585,316.18
|
|||||
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
|
0.06
|
%
|
||||||
Charge Off Rate ***
|
0.04
|
%
|
||||||
Average of Net Credit Losses ****
|
13,302.64
|
|||||||
Credit Losses as of the end of the 2nd preceding period
|
Units
|
Dollar Amount
|
||||||
Gross Credit Losses
|
7
|
94,796.88
|
||||||
Recoveries
|
2
|
5,377.82
|
||||||
Net Credit Losses
|
89,419.06
|
|||||||
Cumulative Net Credit Losses
|
38
|
$
|
563,697.56
|
|||||
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
|
0.06
|
%
|
||||||
Charge Off Rate ***
|
0.04
|
%
|
||||||
Average of Net Credit Losses ****
|
14,834.15
|
|||||||
Credit Losses as of the end of the 3rd preceding period
|
Units
|
Dollar Amount
|
||||||
Gross Credit Losses
|
4
|
140,243.12
|
||||||
Recoveries
|
2
|
852.80
|
||||||
Net Credit Losses
|
139,390.32
|
|||||||
Cumulative Net Credit Losses
|
31
|
$
|
474,278.50
|
|||||
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
|
0.04
|
%
|
||||||
Charge Off Rate ***
|
0.03
|
%
|
||||||
Average of Net Credit Losses ****
|
15,299.31
|
|||||||
* 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.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||