This document is subject to completion and amendment.  This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state or foreign jurisdiction where the offer or sale is not permitted.

BMW Vehicle Owner Trust 2026-A Issuing Entity (CIK Number: 0002143474)
BMW FS Securities LLC Depositor (CIK Number: 0001136586)	BMW Financial Services NA, LLC Sponsor, Originator, Seller, Servicer and Administrator (CIK Number: 0001541188)	BMW Bank of North America Originator and Seller

•	The issuing entity’s main sources for payment of the notes will be payments generated by a pool of retail installment sale contracts secured by BMW passenger cars, BMW light trucks, BMW motorcycles and MINI passenger cars.

•	See “Risk Factors” beginning on page 26 of this prospectus for a discussion of risks that you should consider in connection with an investment in the notes.

•

The notes are asset backed securities and represent the obligations of the issuing entity only and do not represent the obligations of or an interest in the sponsor, the sellers, the originators, the depositor or any of their affiliates.  Neither the notes nor the receivables are insured or guaranteed by any government agency.  Only the notes are being offered by this prospectus.

•	Credit enhancement for the notes consists of excess interest on the receivables, overcollateralization, the reserve account and the yield supplement overcollateralization amount.

Notes	Initial Principal Amount(2)	Interest Rate	Accrual Method	Expected Final Payment Date(3)	Final Scheduled Payment Date	Initial Price to Public	Underwriting Discount	Proceeds to Depositor
Class A-1	$330,000,000	__%	Actual/360	February 25, 2027	August 25, 2027	____%	____%	____%
Class A-2a	$537,500,000 (aggregate)(4)	__%	30/360	March 27, 2028	June 25, 2029	____%	____%	____%
Class A-2b		Benchmark + __%(5)(6)	Actual/360	March 27, 2028	June 25, 2029	____%	____%	____%
Class A-3	$537,500,000	__%	30/360	December 26, 2029	April 25, 2031	____%	____%	____%
Class A-4	$95,000,000	__%	30/360	May 28, 2030	January 25, 2034	____%	____%	____%
Total	$1,500,000,000					$______	$_______	$_______

(1)	The issuing entity will issue asset backed notes with an aggregate initial principal amount of $1,500,000,000 or $1,750,000,000.

(2)

If the aggregate initial principal amount of the notes is $1,750,000,000, the following notes will be issued: $385,000,000 of Class A-1 Notes, $627,080,000 of aggregate initial principal amount of Class A-2a Notes and Class A-2b Notes, $627,080,000 of Class A-3 Notes and $110,840,000 of Class A-4 Notes.  BMW Financial Services NA, LLC will make the determination regarding the aggregate initial principal amount of the notes based on, among other considerations, market conditions at the time of pricing. See “Risk Factors—Risks Primarily Related to the Nature of the Notes and the Structure of the Transaction—Risks associated with unknown aggregate initial principal amount of the notes.”  All or a portion of one or more classes of notes may be retained by the depositor or an affiliate of the depositor on the closing date.

(3)	Based on the assumptions set forth under the heading “Weighted Average Lives of the Notes.”

(4)

The allocation of the initial principal amount between the Class A-2a Notes and the Class A-2b Notes will be determined on the day of pricing of the notes offered hereunder.  If the aggregate initial principal amount of the notes is $1,500,000,000, the depositor expects that the initial principal amount of the Class A-2b Notes will not exceed $268,750,000.  If the aggregate initial principal amount of the notes is $1,750,000,000, the depositor expects that the initial principal amount of the Class A-2b Notes will not exceed $313,540,000.

(5)

The Class A-2b Notes will accrue interest at a floating rate based on a spread over a benchmark rate, which initially will be the SOFR Rate.  However, the benchmark rate may change in certain situations.  For more information on how the SOFR Rate will be determined and the circumstances in which the benchmark rate may change, you should read “Description of the Notes—Interest” in this prospectus.

(6)

If the sum of the Benchmark plus the spread is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2b Notes for such interest accrual period will be deemed to be 0.00%.  For a description of how interest will be calculated on the Class A-2b Notes, see “Description of the Notes—Interest” in this prospectus.

Barclays

Citigroup

Mizuho

SMBC Nikko

SOCIETE GENERALE

Important Notice About Information Presented in this Prospectus	1
Notice to Investors: United Kingdom	1
Notice to Investors: European Economic Area	2
Copies of the Documents	2
Summary of Transaction	3
Summary of Monthly Deposits to and Withdrawals from Accounts	4
Summary of Monthly Distributions of Available Amounts (Prior to an Acceleration of the Maturity of the Notes)	5
Summary of Terms	6
Summary of Risk Factors	24
Risk Factors	26
Defined Terms	46
The Issuing Entity	46
Capitalization of the Issuing Entity	48
The Depositor	48
The Sponsor, Originator, Seller, Administrator and Servicer	49
General	49
Securitization Experience	49
Origination	49
Electronic Contracts and Electronic Contracting	50
Servicing Experience	50
BMW Bank of North America	50
Credit Risk Retention	51
Repurchase Requests	54
Affiliations and Related Transactions	54
The Owner Trustee and the Indenture Trustee	54
Wilmington Trust, National Association	54
U.S. Bank Trust Company, National Association	55
The Owner Trustee and the Indenture Trustee	56
Asset Representations Reviewer	57
General	57
Fees and Expenses	58
Resignation and Removal	58
Indemnity and Liability	58
BMW FS’ and BMW Bank’s Financing Programs	59
General	59
Underwriting	59
Physical Damage and Liability Insurance	61
Certified Pre-Owned Program	61
Servicing	61
Assets of the Issuing Entity	62
The Receivables	63
General	63
Characteristics	63
Delinquencies, Repossessions and Loss Information	75
Static Pools	77
Asset-Level Data for the Receivables	77
Pool Underwriting	77
Review of Pool Assets	78
Description of the Notes	79
General	79
Interest	79

Principal	85
Damages Paid by the FDIC	86
Allocation of Losses	87
Indenture Events of Default; Change in Priority of Payments Following Acceleration	87
Repurchase Obligations	88
Asset Representations Review	88
Dispute Resolution for Repurchase Request	92
Notices	93
Governing Law	93
Definitive Securities	93
Book-Entry Registration	94
Payments on the Notes	96
Determination of Available Amounts	97
Payment of Distributable Amounts	98
The Certificates	99
Credit Enhancement	99
Reserve Account	100
Overcollateralization	101
Excess Interest	101
Yield Supplement Overcollateralization Amount	101
Maturity, Prepayment and Yield Considerations	101
Weighted Average Lives of the Notes	102
Note Factors	115
Use of Proceeds	115
Statements to Noteholders	115
Where You Can Find More Information About Your Notes	115
The Issuing Entity	115
The Depositor	115
Description of the Transfer and Servicing Agreements	116
Sale and Assignment of Receivables	116
Maintenance and Safekeeping of the Receivables	118
Accounts	119
Servicing Procedures	121
Collections	122
Advances	123
Permitted Deferments	123
Servicing Compensation	124
Net Deposits	124
Optional Purchase	124
Termination	125
Investor Communications	125
The Indenture	126
FDIC Rule Covenant	131
The Owner Trustee and the Indenture Trustee	132
Duties of the Owner Trustee and the Indenture Trustee	133
Fees and Expenses	134
Statements to Trustees and the Issuing Entity	134
Statements to Noteholders and Certificateholders	134
Evidence as to Compliance	136
Certain Matters Regarding the Servicer	136
Servicer Default	137
Rights Upon Servicer Default	138
Waiver of Past Defaults	138
Amendment	138
Removal of Servicer	140
Insolvency Event	140

Administration Agreement	140
Removal or Resignation of the Administrator	142
Notes Owned by the Depositor, the Servicer or Affiliates	142
Lists of Noteholders and Certificateholders	142
Certain Legal Aspects of the Receivables	143
General	143
Security Interests in Financed Vehicles	143
Repossession	145
Notice of Sale; Redemption Rights	146
Deficiency Judgments and Excess Proceeds	146
Certain Bankruptcy Considerations	146
Certain Matters Relating to Insolvency	147
FDIC Rule	148
Other Statutory Powers of the FDIC	150
Consumer Protection Laws	151
Other Limitations	153
Dodd Frank Orderly Liquidation Framework	154
Legal Proceedings	156
Material U.S. Federal Income Tax Considerations	156
Tax Characterization of the Issuing Entity	157
Partnership Audit Rules	158
Treatment of the Notes as Debt	158
Tax Considerations for U.S. Note Owners	158
Tax Considerations for Foreign Note Owners	161
FATCA Withholding	162
Backup Withholding	162
Reportable Transaction Disclosure	162
Possible Alternative Treatments of the Notes	163
State and Local Tax Considerations	163
ERISA Considerations	163
Ratings of the Notes	165
Plan of Distribution	165
European Economic Area	166
United Kingdom	167
Requirements for Certain European Economic Area and United Kingdom Regulated Investors and Affiliates	167
Legal Opinions	169
Index of Principal Terms	170
APPENDIX A  -  Static Pool Information	Ap-A-1
ANNEX A  -  Global Clearance, Settlement and Tax Documentation Procedures	A-1

RELEVANT PARTIES
Issuing Entity	BMW Vehicle Owner Trust 2026-A, which we refer to as the “issuing entity,” is a Delaware statutory trust.  The issuing entity will be established by the trust agreement.
Depositor	BMW FS Securities LLC.  The depositor’s address and phone number are c/o BMW Financial Services NA, LLC, 200 BMW Drive, Woodcliff Lake, New Jersey 07677 and (201) 307-4000.
Sponsor, Originator, Seller, Servicer and Administrator	BMW Financial Services NA, LLC, which we refer to as “BMW FS.”  The sponsor’s address and phone number are 200 BMW Drive, Woodcliff Lake, New Jersey 07677 and (201) 307‑4000.
Seller and Originator	BMW Bank of North America, a wholly owned subsidiary of BMW FS, which we refer to as “BMW Bank.”  BMW Bank will also be a seller and originator of receivables.
Indenture Trustee	U.S. Bank Trust Company, National Association.
Securities Intermediary	U.S. Bank National Association.
Owner Trustee	Wilmington Trust, National Association.
Asset Representations Reviewer	Clayton Fixed Income Services LLC.
RELEVANT AGREEMENTS
Indenture	The indenture between the issuing entity and the indenture trustee.  The indenture provides for the terms of the notes.
Trust Agreement	The trust agreement, as amended and restated, between the depositor and the owner trustee.  The trust agreement governs the creation of the issuing entity and provides for the terms of the certificates.
Sale and Servicing Agreement	The sale and servicing agreement among the issuing entity, the indenture trustee, the securities intermediary, the servicer and the depositor.  The sale and servicing agreement governs the transfer of the receivables by the depositor to the issuing entity and the servicing of the receivables by the servicer.
Administration Agreement	The administration agreement among the administrator, the issuing entity and the indenture trustee.  The administration agreement governs the provision of reports by the administrator and the performance by the administrator of other administrative duties for the issuing entity.

Receivables Purchase Agreement	The receivables purchase agreement between the depositor and BMW FS.  The receivables purchase agreement governs the sale of the applicable receivables from BMW FS to the depositor.
Bank Receivables Purchase Agreement	The receivables purchase agreement between the depositor and BMW Bank.  The bank receivables purchase agreement governs the sale of the applicable receivables from BMW Bank to the depositor.
Asset Representations Review Agreement	The asset representations review agreement among the asset representations reviewer, the servicer and the issuing entity, which provides for the review, in certain circumstances, of certain representations made by the sellers with respect to the receivables.
RELEVANT DATES
Closing Date	Expected to be on or about August 19, 2026.
Cutoff Date	The cutoff date for the pool of receivables described in this prospectus is the close of business on June 30, 2026.  The issuing entity will be entitled to all collections in respect of the receivables received after the cutoff date.
Collection Period	For any payment date other than the first payment date, the month immediately preceding the month in which the related payment date occurs.  The collection period for the September 2026 payment date will begin on July 1, 2026 and end on August 31, 2026.
Payment Dates	The issuing entity will pay interest on and principal of the notes on the 25th day of each month using amounts received from collections on the receivables during the immediately preceding collection period, together with other amounts available for such purpose on deposit in the reserve account, after payment of certain amounts due and owing to the servicer, the indenture trustee, the owner trustee and the asset representations reviewer.  If the 25th day of the month is not a business day, payments on the notes will be made on the next business day.  The date that any payment is made is called a payment date.  The first payment date is expected to be September 25, 2026.
Final Scheduled Payment Dates	The final principal payment for each class of notes is due and payable on the applicable final scheduled payment date specified on the front cover of this prospectus.
Expected Final Payment Dates	The final principal payment for each class of notes is expected to be made on the applicable expected final payment date specified on the front cover of this prospectus.  However, due to a variety of factors described herein, there can be no assurance that your class of notes will not actually be paid in full on an earlier or on a later payment date.  We refer you to “Risk Factors” in this prospectus for discussions of certain of these factors.
Record Date	So long as the notes are in book-entry form, the issuing entity will make payments on the notes to the related holders of record at the close of business on the business day immediately preceding the

	payment date or redemption date, as applicable.  If the notes are issued in definitive form, the record date will be the last business day of the month preceding the month in which the payment date or redemption date, as applicable, occurs.
DESCRIPTION OF THE ASSETS OF THE ISSUING ENTITY
Receivables	The issuing entity’s main source of funds for making payments on the notes will be collections on motor vehicle retail installment sale contracts, known as the receivables.  All of the receivables are secured by passenger cars, light trucks and motorcycles manufactured by Bayerische Motoren Werke Aktiengesellschaft, which we refer to as “BMW AG,” or its subsidiaries. The statistical information presented in this prospectus relates to two pools of receivables, in each case, as of the cutoff date.  The smaller pool of receivables presented in this prospectus relates to the offering of notes having an aggregate initial principal amount of $1,500,000,000. The larger pool of receivables presented in this prospectus relates to the offering of notes having an aggregate initial principal amount of $1,750,000,000. As of the cutoff date, if the aggregate initial principal amount of the notes is $1,500,000,000, the receivables had the following characteristics:
	• aggregate principal balance: $1,625,105,653.98 • number of receivables: 38,539 • average principal balance: $42,167.82 • weighted average annual percentage rate: 5.34% • weighted average original term to maturity: 66.08 months • weighted average remaining term to maturity: 53.44 months
	As of the cutoff date, if the aggregate initial principal amount of the notes is $1,750,000,000, the receivables had the following characteristics: • aggregate principal balance: $1,895,478,687.80 • number of receivables: 44,721 • average principal balance: $42,384.53 • weighted average annual percentage rate: 5.36% • weighted average original term to maturity: 66.14 months • weighted average remaining term to maturity: 53.58 months

	For information regarding the eligibility criteria for receivables being acquired by the issuing entity, you should refer to “The Receivables—Characteristics” in this prospectus. All of the receivables to be owned by the issuing entity are classified as simple interest receivables, which are described in more detail under “The Receivables” in this prospectus.
Review of Pool Assets	In connection with the offering of the notes, the depositor has performed a review of the receivables and certain disclosures in this prospectus relating to the receivables and certain asset-level data disclosures incorporated by references into this prospectus, and has concluded that it has reasonable assurance that such disclosure is accurate in all material respects, as described under “Review of Pool Assets” below. The receivables sold by BMW FS and BMW Bank to the depositor were originated in accordance with the underwriting guidelines of BMW FS and BMW Bank, respectively.  As described in “BMW FS’ and BMW Bank’s Financing Programs—Underwriting” in this prospectus, in accordance with BMW FS’ and BMW Bank’s respective underwriting guidelines, credit applications are evaluated when received and are either automatically approved, automatically rejected or forwarded for review by one or more BMW FS credit representatives or by a credit manager with appropriate approval authority.  The BMW FS credit representative or credit manager reviews each application forwarded to it for review through the use of a system of rules and scorecards, including an evaluation of the customer demographics, income and collateral, review of a credit bureau report, use of internet verification tools and a review of the applicant’s credit score based on a combination of their credit bureau score and BMW FS’ or BMW Bank’s, as applicable, own internal credit scoring process. If the aggregate initial principal amount of the notes is $1,500,000,000, 30,736 receivables, having an aggregate principal balance of $1,252,180,469.21 as of the cutoff date (approximately 77.05% of the aggregate principal balance of the receivables as of the cutoff date), were automatically approved. If the aggregate initial principal amount of the notes is $1,750,000,000, 35,642 receivables, having an aggregate principal balance of $1,458,875,224.72 as of the cutoff date (approximately 76.97% of the aggregate principal balance of the receivables as of the cutoff date), were automatically approved. No completed applications for the receivables were automatically rejected.  None of the receivables in the pool described in this prospectus were originated with exceptions to BMW FS’ or BMW Bank’s underwriting guidelines.  We refer you to “Pool Underwriting” in this prospectus.
Removal of Pool Assets	Breaches of Representations and Warranties.  Upon sale to the depositor, each seller will make certain representations and warranties to the depositor, and upon sale to the issuing entity, the depositor will make certain representations and warranties to the

	issuing entity.  The depositor will also assign all of its rights under the receivables purchase agreement and the bank receivables purchase agreement to the issuing entity.  The sellers are required to repurchase from the issuing entity any receivable for which certain representations or warranties of such seller with respect to that receivable have been breached if any such breach materially and adversely affects the interests of the issuing entity or the noteholders in such receivable and such breach has not been timely cured.
	We refer you to “Description of the Transfer and Servicing Agreements—Sale and Assignment of Receivables” in this prospectus.
	Breach of Servicer Covenants.  The servicer will be required to purchase any receivable materially and adversely affected by breaches of certain of the servicer’s covenants under the sale and servicing agreement to the extent such breach is not timely cured and materially and adversely affects the interests of the issuing entity or the noteholders in any receivable.
	We refer you to “Description of the Transfer and Servicing Agreements—Servicing Procedures” in this prospectus.
	BMW Bank will also have the option to repurchase from the depositor, from time to time, any of the receivables sold by it to the depositor under the bank receivables purchase agreement; provided, that the aggregate outstanding principal balance of all such receivables repurchased and to be repurchased does not exceed 2.0% of the aggregate outstanding principal balance of all of the receivables sold to the depositor under the bank receivables purchase agreement, in each case measured as of the cutoff date.
Asset Representations Review	The asset representations reviewer will perform a review of certain receivables for compliance with certain representations made with respect to such receivables if:   • a delinquency trigger for the receivables is reached; and • the required amount of noteholders vote to direct the review. The asset representations reviewer is not and will not be affiliated with any of the sponsor, the depositor, the servicer, the indenture trustee, the owner trustee or any of their respective affiliates, and has not performed, and is not affiliated with any party hired by the sponsor or any underwriter to perform, pre-closing due diligence work on the receivables.   For more information regarding the asset representations review see “Description of the Notes—Asset Representations Review” in this prospectus.
Repurchase Dispute Resolution	If a request is made for the repurchase of a receivable due to a breach of a representation or warranty, and the request is not resolved within 180 days of receipt by BMW FS or BMW Bank of

	such request, the party submitting the request will have the right to refer the matter to either arbitration or mediation.   For more information regarding the dispute resolution procedures, see “Description of the Notes—Dispute Resolution for Repurchase Request” in this prospectus.
Credit Risk Retention	The risk retention regulations in Regulation RR of the Securities Exchange Act of 1934, as amended, require the sponsor, either directly or through its majority-owned affiliates, to retain an economic interest in the credit risk of the receivables.  The sponsor intends to satisfy its obligation to retain credit risk by causing the depositor and BMW Bank, its wholly-owned affiliates, to retain the certificates. The certificates represent the right to all funds not needed to make required payments on the notes, pay fees and expenses of the issuing entity or make deposits to the reserve account on each payment date.  The certificates represent a first-loss interest in this securitization transaction. None of the sponsor, the depositor or any of their affiliates may hedge, sell or transfer the required retention except to the extent permitted by Regulation RR.   For more information regarding the risk retention regulations and the sponsor’s method of compliance with those regulations, see “Credit Risk Retention” in this prospectus.
EU Securitization Regulation and UK Securitization Framework	The transaction described in this prospectus has not been structured with the objective of enabling or facilitating compliance by any person with the due diligence or other requirements of: (i) Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017, as amended (the “EU Securitization Regulation”) or (ii) the framework for the regulation of certain aspects of securitization in the United Kingdom (the “UK”) comprising (A) the Securitisation Regulations 2024, as amended (the “SR 2024”), (B) the Securitisation sourcebook of the handbook of rules and guidance adopted by the UK Financial Conduct Authority, as amended (the “FCA Securitization Rules”), (C) the Securitisation Part of the rulebook of published policy of the Prudential Regulation Authority of the Bank of England, as amended (the “PRASR”) and (D) relevant provisions of the Financial Services and Markets Act 2000, as amended (the “FSMA”), in each case as further amended, supplemented or replaced (collectively, the “UK Securitization Framework”). Consequently, the notes may not be a suitable investment for investors who are subject to the EU Securitization Regulation or the UK Securitization Framework.  See “Risk Factors––Risks Primarily Related to Legal and Regulatory Matters—The notes may not be a suitable investment for investors subject to the EU Securitization Regulation or the UK Securitization Framework” and “Plan of Distribution—

	Requirements for Certain European Economic Area and United Kingdom Regulated Investors and Affiliates” in this prospectus.
DESCRIPTION OF THE NOTES
General	The notes consist of: • the Class A-1 Notes; • the Class A-2a Notes and the Class A-2b Notes (the “Class A-2 Notes”); • the Class A-3 Notes; and • the Class A-4 Notes. The issuing entity will issue asset-backed notes with an aggregate initial principal amount of $1,500,000,000 or $1,750,000,000.  The initial principal amount of each class of notes is specified on the front cover of this prospectus, except that the allocation of the initial principal amount of the Class A-2a Notes and the Class A-2b Notes will be determined on the day of pricing of the notes offered hereunder.  If the aggregate initial principal amount of the notes is $1,500,000,000, the depositor expects that the initial principal amount of the Class A-2b Notes will not exceed $268,750,000.  If the aggregate initial principal amount of the notes is $1,750,000,000, the depositor expects that the initial principal amount of the Class A-2b Notes will not exceed $313,540,000. The sponsor will make the determination regarding the aggregate initial principal amount of the notes based on, among other considerations, market conditions at the time of pricing. See “Risk Factors—Risks Primarily Related to the Nature of the Notes and the Structure of the Transaction—Risks associated with unknown aggregate initial principal amount of the notes.” All or a portion of one or more classes of the notes may be retained by the depositor or an affiliate of the depositor on the closing date. The issuing entity will also issue certificates representing the equity interest in the issuing entity.  The certificates will initially be held by the depositor and BMW Bank.  The certificates are not being offered to you by this prospectus.  Neither the depositor nor BMW Bank currently expects to sell the certificates, but may do so, to the extent permitted by Regulation RR.  Any information in this prospectus relating to the certificates is presented solely to provide you with a better understanding of the notes.
Terms of the Notes	In general, noteholders will receive payments of interest and principal on the notes from the issuing entity only to the extent that collections from the issuing entity’s assets are sufficient to make those payments.  Collections from the issuing entity’s assets will be divided among the classes of notes in specified proportions.  The issuing entity will pay interest and principal on each payment date to noteholders of record as of the record date preceding such payment date.

	Interest.  The interest rate for each class of notes (other than the Class A-2b Notes) will be a fixed rate, as set forth on the cover of this prospectus.  The interest rate for the Class A-2b Notes will be a floating rate equal to the applicable benchmark plus the spread set forth on the cover page of this prospectus.  As of the closing date, the benchmark will be the SOFR Rate; however, the benchmark may change following the occurrence of a Benchmark Transition Event (as defined under “Description of the Notes–Interest”).  See “Description of the Notes–Interest” in this prospectus.
	The Class A-1 Notes and the Class A-2b Notes will accrue interest on an actual/360 basis from (and including) a payment date to (but excluding) the next payment date, except that the first interest accrual period for the Class A-1 Notes and the Class A-2b Notes will be from (and including) the closing date to (but excluding) the first payment date.  This means that the interest due on each of the Class A-1 Notes and the Class A-2b Notes on each payment date will be the product of:
	• the outstanding principal amount of such class of notes;
	• the related interest rate; and
	• the actual number of days from (and including) the previous payment date (or, in the case of the first payment date, the actual number of days from (and including) the closing date) to (but excluding) the current payment date, divided by 360.
	If the sum of the applicable benchmark and the spread set forth on the front cover of this prospectus is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2b Notes for such interest accrual period will be deemed to be 0.00%.  For a description of how interest will be calculated on the Class A-2b Notes, see “Description of the Notes—Interest” in this prospectus.
	The Class A-2a Notes, the Class A-3 Notes and the Class A-4 Notes will accrue interest on a 30/360 basis from (and including) the 25th day of the calendar month preceding a payment date to (but excluding) the 25th day of the calendar month in which the payment date occurs, except that the first interest accrual period for the Class A-2a Notes, the Class A-3 Notes and the Class A-4 Notes will be from (and including) the closing date to (but excluding) September 25, 2026. This means that the interest due on each of the Class A-2a Notes, the Class A-3 Notes and the Class A-4 Notes on each payment date will be the product of:
	• the outstanding principal amount of such class of notes;
	• the related interest rate; and
	• 30 (or, in the case of the first payment date, the number of days from (and including) the closing date to (but excluding) September 25, 2026 (assuming a 30-day calendar month)) divided by 360.

	Each class of notes will be entitled to interest at the same level of priority with all other classes of notes.  If the noteholders of any class of notes do not receive all interest owed to them on a payment date, the issuing entity will make payments of interest on later payment dates to make up the shortfall together with interest on those amounts at the related interest rate, to the extent lawful and to the extent funds from specified sources are available to cover the shortfall.
	Principal.  The issuing entity generally will pay principal sequentially to the earliest maturing class of notes then outstanding until that class is paid in full (and principal of the Class A-2a Notes and the Class A-2b Notes will be paid pro rata, based on the outstanding principal amount of each such class of notes, until each such class is paid in full).
Priority of Payments	On each payment date prior to the acceleration of the notes, the issuing entity will pay the following amounts in the following order of priority, from amounts collected or received in respect of the receivables during the related collection period and, in the event of a shortfall in making the payments described in clauses first through fourth below, amounts withdrawn from the reserve account:
	• first, to the servicer, the servicing fee and all unpaid servicing fees from prior collection periods and amounts in respect of reimbursement for non-recoverable servicer advances;
	• second, to the indenture trustee (in each of its capacities under the transaction documents), the owner trustee and the asset representations reviewer, the amount of any unpaid fees, expenses, indemnification amounts and other payments due and owing to each such party, pro rata, based on amounts due to each such party, in an aggregate amount not to exceed $250,000 in any calendar year;
	• third, to the noteholders, the accrued interest on the notes;
	• fourth, to the principal distribution account, the first priority principal distribution amount, which will generally be an amount equal to the excess of:
	• the aggregate outstanding principal amount of the notes as of the preceding payment date (after giving effect to all payments of principal made on the notes on that preceding payment date); minus
	• the aggregate principal balance of the receivables as of the last day of the related collection period less the yield supplement overcollateralization amount with respect to such payment date (referred to as the “adjusted pool balance”);

	• fifth, to the reserve account, the amount, if any, necessary to cause the amount on deposit in the reserve account to equal the specified reserve account balance (as defined under “—Credit Enhancement—Reserve Account,” below);
	• sixth, to the principal distribution account, the regular principal distribution amount, which will generally be an amount equal to the excess of:
	• the aggregate outstanding principal amount of the notes as of the preceding payment date (after giving effect to all payments of principal made on the notes on that preceding payment date); minus
	• the adjusted pool balance less the target overcollateralization amount (as defined below), in each case with respect to that payment date; minus
	• any amounts previously deposited in the principal distribution account in accordance with clause fourth above;
	• seventh, pro rata, based on amounts due and owing, to the indenture trustee (in each of its capacities under the transaction documents), the owner trustee and the asset representations reviewer, the amount of any fees, expenses, indemnification amounts and other payments due and owing to each such party and remaining unpaid as a result of the cap set forth in clause second above; and
	• eighth, to the holders of the certificates, any remaining amounts.
	On the final scheduled payment date of each class of notes, the amount required to be allocated to the principal distribution account will include the amount necessary to reduce the outstanding principal amount of that class of notes to zero. The “target overcollateralization amount” with respect to each payment date will be equal to approximately 2.50% of the adjusted pool balance with respect to the closing date.
Distributions from the Principal Distribution Account	From deposits made to the principal distribution account, the issuing entity will generally pay principal on the notes in the following order of priority on each payment date prior to the acceleration of the notes:
	• to the Class A-1 Notes until they are paid in full; • to the Class A-2a Notes and the Class A-2b Notes, pro rata, based on the outstanding principal amounts of each such class of notes, until each such class is paid in full;

	• to the Class A-3 Notes until they are paid in full; and • to the Class A-4 Notes until they are paid in full.
Acceleration of the Notes; Change in Priority of Payments upon Acceleration of the Notes	Following the occurrence of any of the following events of default, the indenture trustee may (and, at the written direction of the holders of a majority of the aggregate outstanding principal amount of the notes, shall) accelerate the notes to become immediately due and payable:
	• a default for five days or more in the payment of interest on the notes when the same becomes due and payable;
	• a default in the payment of principal of any note on the related final scheduled payment date or on the redemption date; • a default in the observance or performance of any covenant or agreement of the issuing entity or breach of any representation or warranty of the issuing entity (that is not cured or eliminated) under the indenture or in connection therewith, other than a default in the performance of a covenant or agreement pursuant to the FDIC Rule Covenant described in this prospectus; or
	• particular events of bankruptcy, insolvency, receivership or liquidation of the issuing entity;
	provided that a delay in or failure of performance referred to under the first bullet point above for a period of 45 days or less, under the second bullet point above for a period of 60 days or less or under the third bullet point above for a period of 120 days or less, will not constitute an event of default if that failure or delay was caused by a force majeure or other similar occurrence; provided, further, that the notes will be automatically accelerated upon the occurrence of an event of default due to an event of bankruptcy, insolvency, receivership or liquidation of the issuing entity.
	In addition, upon an event of default and acceleration of the notes, the indenture trustee may (subject to the terms of the indenture) liquidate or sell the assets of the issuing entity; provided that if such event of default is not caused by a failure to pay interest or principal, then at least one of the following conditions must be met:
	• the proceeds of the sale or liquidation of the issuing entity’s assets would be sufficient to repay the noteholders in full; • 100% of the noteholders consent to such sale or liquidation; or • the indenture trustee has determined pursuant to the provisions of the indenture that the assets of the issuing entity will be insufficient to continue to make all required

	payments of principal and interest on the notes when due and payable, and noteholders holding at least 66-2/3% of the aggregate outstanding principal amount of notes consent to such sale or liquidation. Following the acceleration of the notes, the issuing entity will pay any unpaid fees, expenses, indemnification amounts and other payments due and owing to the indenture trustee, the owner trustee and the asset representations reviewer before making any payments to noteholders and without regard to any annual cap on such amounts. Following the acceleration of the notes, the issuing entity will pay principal first, to the Class A-1 Notes until the Class A-1 Notes are paid in full, and second, to the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, based on the outstanding principal amounts of those classes of notes, until each such class is paid in full. Following the occurrence of an event of default that has not resulted in an acceleration of the notes, no change will be made to the priority of payments on the notes described under “—Priority of Payments” above.
Minimum Denominations, Registration, Clearance and Settlement	The notes of each class will be issued in U.S. Dollars in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.  The notes will be issued in book-entry form and will be registered in the name of Cede & Co., as the nominee of The Depository Trust Company, the clearing agency.
Optional Purchase	The servicer may, at its option, cause the issuing entity to redeem any outstanding notes by purchasing all remaining receivables when the aggregate outstanding principal balance of the receivables declines to 5% or less of the aggregate outstanding principal balance of the receivables as of the cutoff date.
	We refer you to “Description of the Transfer and Servicing Agreements—Optional Purchase” in this prospectus for more detailed information.
Credit Enhancement	Credit enhancement is intended to protect you against losses and delays in payments on your notes by absorbing credit losses on the receivables and other shortfalls in cash flows.  The available credit enhancement is limited.  Losses on the receivables in excess of available credit enhancement will not result in a writedown of the principal amounts of the notes.  Instead, if losses on the receivables exceed the amount of available credit enhancement, the amount available to make payments on the notes will be reduced to the extent of such losses.

	The credit enhancement for the notes will include: • the reserve account, • overcollateralization, • the yield supplement overcollateralization amount, and • excess interest.
	If the credit enhancement is not sufficient to cover all amounts payable on the notes, notes having a later final scheduled payment date generally will bear a greater risk of loss than notes having an earlier final scheduled payment date.  See “Risk Factors—Risks Primarily Related to the Nature of the Notes and the Structure of the Transaction—Because the issuing entity has limited assets, there is only limited protection against potential losses,” “—Payment priorities increase risk of loss or delay in payment to certain notes” and “Payments on the Notes” in this prospectus.
	Reserve Account.  On each payment date, the issuing entity will use funds in the reserve account to cover shortfalls in payments of the servicing fee, certain capped fees, expenses, indemnification amounts and other payments due and owing to the indenture trustee, the owner trustee and the asset representations reviewer, interest due on the notes and the first priority principal distribution amount.
	The sale and servicing agreement sets forth the specified reserve account balance, which is the amount that is required to be on deposit in the reserve account.  On the closing date, the issuing entity will cause to be deposited into the reserve account an amount equal to at least 0.25% of the adjusted pool balance with respect to the closing date.  On each payment date, after making certain required payments to the servicer, the indenture trustee, the owner trustee, the asset representations reviewer and to the holders of the notes, the issuing entity will make a deposit into the reserve account to the extent necessary to maintain the amount on deposit in the reserve account at the specified reserve account balance. The “specified reserve account balance” with respect to any payment date will be equal to the lesser of (a) the aggregate outstanding principal amount of the notes on such payment date (after giving effect to all payments of principal to the noteholders on such payment date) and (b) the amount deposited into the reserve account on the closing date.
	On each payment date, after all required distributions have been made, the amount on deposit in the reserve account in excess of the specified reserve account balance will be released to the depositor.
	For more detailed information about the reserve account, we refer you to “Credit Enhancement—Reserve Account” in this prospectus.

	Overcollateralization.  Overcollateralization represents the amount by which the adjusted pool balance exceeds the aggregate principal amount of the notes.  Overcollateralization will be available to absorb losses on the receivables that are not otherwise covered by excess interest on or in respect of the receivables, if any.  If the aggregate initial principal amount of the notes is $1,500,000,000, it is expected that the initial amount of overcollateralization will be $38,490,143.18 and if the aggregate initial principal amount of the notes is $1,750,000,000, it is expected that the initial amount of overcollateralization will be $44,912,685.88, which, in each case, is approximately 2.50% of the related adjusted pool balance with respect to the closing date.  Clause sixth under “Priority of Payments” above results in the application of all remaining funds, including any excess interest, to maintain overcollateralization at the target overcollateralization amount.
	For more detailed information about overcollateralization, we refer you to “Credit Enhancement—Overcollateralization” in this prospectus.
	Yield Supplement Overcollateralization Amount.  The yield supplement overcollateralization amount is intended to compensate (through overcollateralization) for the low APRs on some of the receivables.  As of the closing date and any payment date, the yield supplement overcollateralization amount is the aggregate amount by which (i) the principal balance, as of the cutoff date or the last day of the related collection period, as applicable, of each receivable (other than liquidated receivables) with an APR less than the “required rate”, exceeds (ii) the present value, calculated using a discount rate equal to the required rate, of the sum of the scheduled payments due on each such receivable, assuming each such scheduled payment is made on the last day of each month and each month has 30 days.  As used herein, the term “required rate” means 7.85%.  As of the closing date, if the aggregate initial principal amount of the notes is $1,500,000,000, this amount will equal $86,615,510.80, which is approximately 5.33% of the aggregate principal balance of the related receivables as of the cutoff date and, if the aggregate initial principal amount of the notes is $1,750,000,000, this amount will equal $100,566,001.92, which is approximately 5.31% of the aggregate principal balance of the related receivables as of the cutoff date. For more detailed information about the yield supplement overcollateralization amount, we refer you to “Credit Enhancement—Yield Supplement Overcollateralization Amount” in this prospectus.
	Excess Interest.  More interest is expected to be paid by the obligors in respect of the receivables than is necessary to pay the related servicing fee, annual fees due to the indenture trustee, the owner trustee and the asset representations reviewer, and interest on the notes for each collection period. Any such excess in interest payments from obligors will serve as additional credit enhancement.

Advances	The servicer will be obligated to advance amounts to the issuing entity for shortfalls in scheduled payments of interest on the receivables received from obligors, except to the extent that such shortfall results from application of the Servicemembers Civil Relief Act or the servicer has determined that such advance would constitute a non-recoverable advance.  To the extent the servicer determines that any such advance has become non-recoverable, the servicer will be reimbursed for such non-recoverable amount on the related payment date at the same level of payment priority as the servicing fee due on such payment date and prior to all other distributions to be made on such payment date.  The servicer also will be entitled to reimbursement of advances made with respect to a receivable from any payments subsequently received on such receivable (to the extent allocable to interest).
Servicer Compensation	As compensation for its roles as servicer and administrator, BMW FS will be entitled to receive a servicing fee for each collection period in an amount equal to the product of 1/12 and 1.00% of the aggregate outstanding principal balance of the receivables as of the first day of such collection period; provided that in the case of the first payment date, the servicing fee will be an amount equal to the sum of (a) the product of 1/12 and 1.00% of the aggregate outstanding principal balance of the receivables as of the cutoff date and (b) the product of 1/12 and 1.00% of the aggregate outstanding principal balance of the receivables as of the close of business on July 31, 2026.  In addition, as additional servicing compensation, the servicer will be entitled to retain any late fees, prepayment charges, deferment fees and any other administrative fees or similar charges received with respect to any receivable.  The servicing fee and the reimbursement of non-recoverable advances will be payable on each payment date from available amounts prior to any other distributions. For more detailed information about additional servicing compensation, we refer you to “Description of the Transfer and Servicing Agreements—Servicing Compensation” in this prospectus.
Trustee Fees and Expenses	Each of the indenture trustee and the owner trustee will be entitled to a fee in connection with the performance of its respective duties under the applicable transaction documents.  The issuing entity will pay (i) the indenture trustee an annual fee equal to $3,000, and (ii) the owner trustee an annual fee equal to $3,000. Each of the indenture trustee and the owner trustee will also be entitled to reimbursement or payment by the issuing entity for all costs, expenses and indemnification amounts incurred by it in connection with the performance of its respective duties under the applicable transaction documents.
Asset Representations Reviewer Fees and Expenses	The asset representations reviewer will be entitled to a fee in connection with the performance of its duties under the asset representations review agreement.  The issuing entity will pay the

	asset representations reviewer an annual fee equal to $5,000 and, in the event an asset representations review occurs, the asset representations reviewer will be entitled to a fee of $175 for each receivable reviewed by it, as described under “Asset Representations Reviewer” in this prospectus.  The asset representations reviewer will also be entitled to reimbursement or payment by the issuing entity for all costs, expenses and indemnification amounts incurred by it in connection with the performance of its duties under the asset representations review agreement.
CUSIP Numbers	Class A-1 Notes: Class A-2a Notes:    Class A-2b Notes: Class A-3 Notes: Class A-4 Notes:	05595NAA7 05595NAB5 05595NAC3 05595NAD1 05595NAE9
FDIC Rule	The transaction contemplated by this prospectus is intended to comply with the Federal Deposit Insurance Corporation’s rule, which we refer to as the “FDIC Rule”, on treatment of financial assets transferred in connection with a securitization or participation, and to come within the safe harbor for securitization transactions that are not treated as sales for accounting purposes.  Although we intend the transaction to comply in all material respects with this FDIC Rule, the application of the rule to the transaction is subject to several ambiguities and untested interpretive issues, particularly in the case of a transaction with multiple originators, and there can be no guarantee that the Federal Deposit Insurance Corporation will agree that the transaction satisfies all of the requirements to qualify for such safe harbor despite our intention to comply. One of the requirements of the FDIC Rule is that the agreements for the related transaction require the retention of an economic interest in the credit risk of the securitized assets in accordance with Regulation RR of the Securities Exchange Act of 1934, as amended.  BMW FS and BMW Bank intend to take the position that, solely for purposes of the FDIC Rule, BMW Bank (and not BMW FS) is the “sponsor” with respect to the receivables transferred by BMW Bank to the depositor on the closing date, and that the applicable disclosure and reporting covenants in the FDIC Rule apply to BMW Bank.  BMW FS, as the sponsor under Regulation RR, intends to satisfy its obligation to retain credit risk by causing the depositor and BMW Bank, its wholly-owned subsidiaries, to retain the certificates, which they believe will satisfy the requirement of the FDIC Rule. BMW FS believes that, in the event of a repudiation by the Federal Deposit Insurance Corporation of the bank receivables purchase agreement, the calculation of damages under the FDIC Rule should be at least equal to a pro rata principal amount of the notes based on the relative principal balance of the receivables that were sold by BMW Bank to the principal balance of all of the receivables

	held by the issuing entity at the date of repudiation, plus accrued interest on such principal amount at the applicable interest rate on the notes accrued to the date of repudiation.  However, this interpretive position is untested and there appears to be no authority for interpreting the application of the FDIC Rule where the institution is not the only seller of receivables in a securitization.  If the Federal Deposit Insurance Corporation were successful in asserting that this transaction does not comply with the FDIC Rule, whether because it takes the position that BMW Bank should not be treated as the sponsor for purposes of the FDIC Rule, or for any other reason, you could suffer a loss on your investment.  In addition, if the Federal Deposit Insurance Corporation takes a different, less favorable position as to the calculation of damages, you could suffer a loss on your investment.  Additionally, if the Federal Deposit Insurance Corporation were to release interpretative guidance contrary to the positions taken by BMW FS and BMW Bank subsequent to the closing date, you could suffer a loss if the market or a rating agency then rating the notes believes the interpretive guidance negatively affects the notes. For more information, see “Risk Factors—Risks Primarily Related to Bankruptcy and Insolvency of Transaction Parties and Perfection of Security Interests—FDIC receivership or conservatorship of BMW Bank could result in delays in payments or losses on your notes,” “Description of the Transfer and Servicing Agreements—FDIC Rule Covenant,” “Credit Risk Retention” and “Certain Legal Aspects of the Receivables—FDIC Rule” in this prospectus.
Tax Status	Tax counsel to the depositor is of the opinion, subject to the assumptions set forth in this prospectus, that although there is no authority with respect to a transaction closely comparable to that contemplated herein: • as of their issuance date, the notes held by parties unaffiliated with the issuing entity for U.S. federal income tax purposes will be characterized as debt for U.S. federal income tax purposes, and • the issuing entity will not be characterized as an association or a publicly traded partnership, in either case taxable as a corporation for U.S. federal income tax purposes. By accepting a note, each noteholder or beneficial owner will be deemed to have agreed to treat such note as debt for purposes of U.S. federal, state and applicable local income and franchise taxes, and for purposes of any other tax measured in whole or in part by income. You should consult your own tax advisor regarding the U.S. federal income tax consequences and the tax consequences arising under the laws of any state or other taxing jurisdiction, of the purchase, ownership and disposition of the notes.

	We refer you to “Material U.S. Federal Income Tax Considerations” in this prospectus.
ERISA Considerations	The notes are generally eligible for acquisition by employee benefit plans, individual retirement accounts and other retirement plans or arrangements, subject to those considerations discussed under “ERISA Considerations” in this prospectus. We refer you to “ERISA Considerations” in this prospectus.  If you are a benefit plan fiduciary considering acquisition of the notes you should, among other things, consult with your counsel in determining whether all required conditions have been satisfied.
Eligibility for Purchase by Money Market Funds	The Class A-1 Notes have been structured to be “eligible securities” as defined in paragraph (a)(11) of Rule 2a-7 under the Investment Company Act of 1940, as amended. Rule 2a-7 includes additional criteria for investments by money market funds, including requirements relating to portfolio maturity, liquidity and risk diversification.  A money market fund should consult its legal advisers regarding the eligibility of the Class A-1 Notes under Rule 2a-7 and whether an investment in the Class A-1 Notes satisfies the fund’s investment policies, ratings requirements and objectives.
Ratings	The sponsor has hired two rating agencies and will pay them a fee to assign ratings on the notes.  It is a condition to the issuance of the notes that they receive certain credit ratings from the two rating agencies hired by the sponsor.  The sponsor has not hired any other  nationally recognized statistical rating organization, or “NRSRO,” to assign ratings on the notes and is not aware that any other NRSRO has assigned or intends to assign ratings on the notes.
	None of the sponsor, the depositor, the servicer, the administrator, the sellers, the originators, the indenture trustee, the owner trustee, the asset representations reviewer, the underwriters or any of their affiliates will be required to monitor any changes to the ratings on the notes.
Certain Investment Company Act Considerations	In determining that the issuing entity is not required to register as an investment company under the Investment Company Act of 1940, as amended, the issuing entity will be relying on an exemption from the definition of the term “investment company” contained in Rule 3a-7 under the Investment Company Act of 1940, as amended, although additional exemptions or exclusions may be applicable.  The issuing entity is being structured so as not to constitute a “covered fund” for purposes of the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

•

the limited pool of receivables and other assets available to make payments on the notes;

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the unknown aggregate initial principal amount of the notes;

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the unknown allocation of the Class A-2a Notes and the Class A-2b Notes;

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unpredictability of the rate at which the notes will amortize, and the potential acceleration of payments on the notes due to the occurrence of an event of default or the optional purchase of the receivables;

•

the possible insufficiency of proceeds from the sale of the issuing entity’s assets to repay all of the notes;

•

the subordination of certain classes of the notes to other more senior classes of the notes and to certain fees and other payments;

•

the limited control of certain classes of notes over actions of the issuing entity; and

•

the retention by the depositor of certain of the notes.

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the issuing entity will not enter into any swap agreements or interest rate cap agreements with respect to the Class A-2b Notes;

•

the impact of negative benchmark rates on the Class A-2b Notes;

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the Class A-2b Notes accrue interest based on the SOFR Rate, which is a relatively new reference rate in asset-backed securities transactions, and there may be unanticipated problems in the use, calculation or performance of SOFR;

•

uncertainty about SOFR’s differences from the former LIBOR benchmark, including its composition, characteristics and market acceptance, which may have an adverse impact on the Class A-2b Notes;

•

the determination of the SOFR Rate for each interest accrual period based on the average of the daily compounded SOFR rates for the preceding 30 days, which may result in a potential mismatch compared to daily rates actually in effect on the calculation date; and

•

changes to, or the elimination of, SOFR or the determinations made by the administrator may adversely affect the Class A-2b Notes.

•

the effect of health epidemics and other outbreaks, and related measures taken in response to such epidemics or outbreaks, on the obligors of the receivables, and on the abilities of the transaction parties to perform their respective obligations under the transaction documents;

•

geographic concentrations of the receivables and extreme weather conditions and natural disasters (including any such conditions and disasters resulting from climate change), public health concerns, economic developments and other similar events in specific geographic areas;

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the failure of obligors to maintain physical damage insurance;

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potential adverse effects of any recalls with respect to the financed vehicles; and

•

the impact of receivables with low annual percentage rates.

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federal and state consumer protection laws regulating the creation, collection and enforcement of the receivables;

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regulatory reform (including reform intended to address climate change);

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the Servicemembers Civil Relief Act and other similar state laws potentially limiting the ability of the servicer to collect from certain obligors; and

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the potential lack of suitability of the notes as investments for investors subject to the EU Securitization Regulation or the UK Securitization Framework.

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the potential cost of transferring servicing responsibilities to a successor servicer, in the event of a servicer default, and the potential inability to obtain a successor servicer;

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the ability of the servicer to commingle collections for a limited time; and

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the potential that a security breach or cyber-attack could adversely affect BMW FS’ business and its ability to service the receivables.

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the bankruptcy or insolvency, as applicable, of BMW FS, BMW FS Securities LLC or BMW Bank;

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interests of other persons in the receivables could be superior to the issuing entity’s interest therein; and

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the failure of the servicer to maintain control of the authoritative copies of electronic contracts evidencing receivables.

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the complexity of the notes and the potential absence of a secondary market for the notes;

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withdrawal or downgrade of the initial ratings of the notes, the potential issuance of unsolicited ratings on the notes, rating agency conflicts of interest and related regulatory scrutiny; and

•

limitations on your ability to exercise rights directly, due to the absence of physical notes, and potential delays in receiving payments as the result of the notes being held in book-entry form.

•

make early payments, since receivables will generally be prepayable at any time without penalty,

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default, resulting in the repossession and sale of the financed vehicle,

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damage the financed vehicle or become unable to make payments due to death or disability, resulting in payments to the servicer under any existing physical damage, credit life or other insurance, or

•

sell their financed vehicles or be delinquent or default on their receivables as a result of a manufacturer defect.

State		Percentage of Aggregate Principal Balance as of the Cutoff Date
California		15.82%
Texas		13.20%
Florida		11.01%
New York		5.29%

State		Percentage of Aggregate Principal Balance as of the Cutoff Date
California		15.87%
Texas		13.25%
Florida		10.94%
New York		5.31%

•

gives the Federal Deposit Insurance Corporation authority to act as receiver of bank holding companies, financial companies and their respective subsidiaries in specific situations under the Orderly Liquidation Authority, or the OLA, as described in more detail under “Certain Legal Aspects of the Receivables—Dodd Frank Orderly Liquidation Framework”;

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strengthened the regulatory oversight of securities and capital markets activities by the Securities and Exchange Commission; and

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created the Consumer Financial Protection Bureau (“CFPB”), which is responsible for administering and enforcing the laws and regulations for consumer financial products and services.

•

the cost of the transfer of servicing to the successor; the ability of the successor to perform the obligations and duties of the servicer under the servicing agreement; or

•

the servicing fees charged by the successor.

•

the “automatic stay,” which prevents a secured creditor from exercising remedies against a debtor in bankruptcy without permission from the court, and provisions of the United States bankruptcy code that permit substitution for collateral in limited circumstances,

•

tax or government liens on the servicer’s or the depositor’s property (that arose prior to the transfer of the receivables to the issuing entity) having a prior claim on collections before the collections are used to make payments on the notes, and

•

the issuing entity or the indenture trustee not having a perfected security interest in the receivables or any cash collections of the receivables held by the servicer at the time that a bankruptcy proceeding begins.

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require the issuing entity, as assignee of the depositor, to go through an administrative claims procedure to establish its rights to payments collected on the receivables; or

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request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against BMW Bank; or

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invoke the automatic stay to prevent the indenture trustee and other transaction parties from exercising their rights, remedies and interests for up to 90 days.

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acquiring, holding and managing a pool of motor vehicle retail installment sale contracts (“Receivables”) for BMW passenger cars, BMW light trucks, BMW motorcycles, MINI passenger cars originated by BMW Financial Services NA, LLC (“BMW FS”) and BMW Bank of North America (“BMW Bank”) and the other assets of the Issuing Entity and proceeds from those assets;

•

issuing the classes of asset-backed notes described in this prospectus (the “Notes”) and one class of asset-backed certificates (the “Certificates”);

•

making payments on the Notes and the Certificates; and

•

engaging in other activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental to or connected with those activities.

Class A-1 Notes	$   330,000,000
Class A-2a Notes(1)	$   __________
Class A-2b Notes(1)	$   __________
Class A-3 Notes	$   537,500,000
Class A-4 Notes	$     95,000,000
Total	$1,500,000,000

(1)

If the aggregate initial principal amount of the Notes is $1,500,000,000, the aggregate initial principal amount of the Class A-2a Notes and the Class A-2b Notes will be $537,500,000. The allocation of the aggregate initial principal amount of the Class A-2 Notes between the Class A-2a Notes and Class A-2b Notes will be determined at the time of pricing of the Notes offered hereunder. If the aggregate initial principal amount of the Notes is $1,500,000,000, the Depositor expects that the aggregate initial principal amount of the Class A-2b Notes will not exceed $268,750,000.

Class A-1 Notes	$   385,000,000
Class A-2a Notes(1)	$   __________
Class A-2b Notes(1)	$   __________
Class A-3 Notes	$   627,080,000
Class A-4 Notes	$   110,840,000
Total	$1,750,000,000

(1)

If the aggregate initial principal amount of the Notes is $1,750,000,000, the aggregate initial principal amount of the Class A-2a Notes and the Class A-2b Notes will be $627,080,000. The allocation of the aggregate initial principal amount of the Class A-2 Notes between the Class A-2a Notes and Class A-2b Notes will be determined at the time of pricing of the Notes offered hereunder. If the aggregate initial principal amount of the Notes is $1,750,000,000, the Depositor expects that the aggregate initial principal amount of the Class A-2b Notes will not exceed $313,540,000.

•

Level 1 – inputs include quoted prices for identical instruments and are the most observable;

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Level 2 – inputs include quoted prices for similar instruments and observable inputs such as interest rates and yield curves; and

•

Level 3 – inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instrument.

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except as otherwise described in the following bullets, cash flows in respect of each pool of receivables are calculated using the related assumptions described under the heading “Weighted Average Lives of the Notes” in this prospectus;

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interest accrues on the Notes at the rates described above;

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in determining the interest payments on the Class A-2b Notes, the SOFR Rate is assumed to reset consistent with the applicable forward rate curve as of August 4, 2026 and it is assumed that no Benchmark Transition Event has occurred;

•

the Servicer exercises its option to purchase the receivables on the first Payment Date on which such option becomes available to it and before giving effect to any payment of principal required to be made on that Payment Date;

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the receivables prepay at a rate equal to the 1.40% Prepayment Assumption described under the heading “Weighted Average Lives of the Notes” in this prospectus;

•

cash flows in respect of the Certificates are discounted at 12.00%; and

•

each pool of receivables experiences a lifetime cumulative net loss rate of 1.30% (as a percentage of the Pool Balance with respect to the Closing Date) and a loss severity rate of 50%, and these losses are incurred based on the following timing curve beginning in the month after the Cutoff Date and distributed equally within each range of months described below:

Months 1 - 3:	0%
Months 4 - 12:	40%
Months 13 - 24:	40%
Months 25 - 36:	15%
Months 37 - 48:	5%
Months 49+:	0%

•

The prepayment rate assumption was developed considering the composition of each pool of receivables and the performance of prior pools of receivables securitized by the Sponsor;

•

The cumulative net loss rate was estimated using assumptions for both the magnitude of lifetime cumulative net losses and the shape of the cumulative net loss curve.  The lifetime cumulative net loss assumption and the shape of the cumulative net loss curve were developed considering the composition of each pool of receivables, the performance of prior pools of receivables securitized by the Sponsor, the performance of receivables in the Sponsor’s managed portfolio, trends in used vehicle values, economic conditions, and the cumulative net loss assumptions of the Rating Agencies.  Default and recovery rate estimates are included in the cumulative net loss assumption; and

•

The discount rate applicable to the cash flows in respect of the Certificates was estimated to reflect the credit exposure to such cash flows and market interest rates.  Due to the lack of an actively traded market in residual interests similar to the Certificates, the discount rate was derived using qualitative factors that consider the equity-like component of the Certificates.

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the Receivables as of the close of business on the Cutoff Date;

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all rights, benefits, obligations and proceeds arising from or in connection with the Receivables, including the right to receive payments collected after the Cutoff Date with respect to the Receivables;

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security interests in the financed vehicles securing the Receivables, and any other interest of the Issuing Entity in such financed vehicles;

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the related Receivable files, and any other property securing a Receivable;

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all rights to insurance proceeds and liquidation proceeds with respect to the Receivables;

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certain rights under the Receivables Purchase Agreement and the Bank Receivables Purchase Agreement; and

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funds on deposit from time to time in the Collection Account, Reserve Account and the Note Distribution Account, and the proceeds thereof (excluding investment earnings on such accounts to the extent described herein).

•

that portion of all amounts actually received on or prior to the close of business on the last day of the related Collection Period allocable to principal using the simple interest method;

•

any Warranty Purchase Payment or Administrative Purchase Payment with respect to the Receivable allocable to principal (to the extent not included in the first bullet above); and

•

any Prepayments or other payments applied to reduce the unpaid principal balance of the Receivable (to the extent not included in the first bullet above).

•

has an original term of not more than 84 months,

•

has a current principal balance of at least $1,765.94,

•

has an APR within the range of 0.90% to 14.99%,

•

provides for level monthly payments that fully amortize the amount financed over the original term of the related contract,

•

is not more than 29 days delinquent as of the Cutoff Date,

•

does not have a maturity date later than the last day of the Collection Period immediately preceding the Final Scheduled Payment Date of the Class A-4 Notes, and

•

does not have any notation in the Servicer’s records indicating the Obligor is the subject of a bankruptcy proceeding.

Aggregate Principal Balance	$1,625,105,653.98
Number of Contracts	38,539
Average Principal Balance Outstanding	$42,167.82
Principal Balance (range)	$1,765.94 to $206,657.01
Average Original Amount Financed	$56,033.19
Original Amount Financed (range)	$4,604.14 to $219,645.91
Weighted Average APR(1)	5.34%
APR (range)	0.90% to 14.99%
Weighted Average Original Term(1)	66.08 months
Original Term (range)	24 months to 84 months
Weighted Average Remaining Term(1)	53.44 months
Remaining Term (range)	5 months to 83 months
Weighted Average FICO Score(1)	788
__________
(1) Weighted by principal balance as of the Cutoff Date.

Aggregate Principal Balance	$1,895,478,687.80
Number of Contracts	44,721
Average Principal Balance Outstanding	$42,384.53
Principal Balance (range)	$1,765.94 to $206,657.01
Average Original Amount Financed	$56,120.33
Original Amount Financed (range)	$4,604.14 to $219,645.91
Weighted Average APR(1)	5.36%
APR (range)	0.90% to 14.99%
Weighted Average Original Term(1)	66.14 months
Original Term (range)	24 months to 84 months
Weighted Average Remaining Term(1)	53.58 months
Remaining Term (range)	5 months to 83 months
Weighted Average FICO Score(1)	788
__________
(1) Weighted by principal balance as of the Cutoff Date.

Range of APRs		Number of Receivables				Percentage of Number of Receivables(1)				Aggregate Principal Balance(2)				Percentage of Aggregate Principal Balance(1)
0.51% to 1.00%			304				0.79	%		$	14,829,284.84				0.91	%
1.01% to 1.50%			30				0.08				1,649,901.31				0.10
1.51% to 2.00%			2,912				7.56				134,786,557.89				8.29
2.01% to 2.50%			609				1.58				33,654,238.18				2.07
2.51% to 3.00%			4,528				11.75				180,529,982.31				11.11
3.01% to 3.50%			1,229				3.19				57,548,351.21				3.54
3.51% to 4.00%			4,689				12.17				176,970,133.88				10.89
4.01% to 4.50%			1,911				4.96				90,520,311.13				5.57
4.51% to 5.00%			2,622				6.80				93,999,336.97				5.78
5.01% to 5.50%			2,247				5.83				105,119,311.03				6.47
5.51% to 6.00%			2,753				7.14				97,450,002.02				6.00
6.01% to 6.50%			3,939				10.22				185,587,171.16				11.42
6.51% to 7.00%			2,959				7.68				119,743,138.02				7.37
7.01% to 7.50%			1,661				4.31				69,142,189.05				4.25
7.51% to 8.00%			2,368				6.14				89,821,041.16				5.53
8.01% to 8.50%			888				2.30				36,292,600.52				2.23
8.51% to 9.00%			1,100				2.85				47,574,743.62				2.93
9.01% to 9.50%			457				1.19				22,991,933.68				1.41
9.51% to 10.00%			508				1.32				26,602,954.08				1.64
10.01% to 10.50%			246				0.64				14,227,484.24				0.88
10.51% to 11.00%			258				0.67				12,360,571.61				0.76
11.01% to 11.50%			117				0.30				5,599,124.77				0.34
11.51% to 12.00%			66				0.17				2,693,476.44				0.17
12.01% to 12.50%			49				0.13				1,932,107.61				0.12
12.51% to 13.00%			39				0.10				1,389,879.32				0.09
13.01% to 13.50%			24				0.06				1,025,904.35				0.06
13.51% to 14.00%			15				0.04				617,405.87				0.04
14.01% to 14.50%			5				0.01				169,098.05				0.01
14.51% to 15.00%			6				0.02				277,419.66				0.02
Totals			38,539				100.00	%		$	1,625,105,653.98				100.00	%

Range of APRs		Number of Receivables				Percentage of Number of Receivables(1)				Aggregate Principal Balance(2)				Percentage of Aggregate Principal Balance(1)
0.51% to 1.00%			304				0.68	%		$	14,829,284.84				0.78	%
1.01% to 1.50%			30				0.07				1,649,901.31				0.09
1.51% to 2.00%			3,366				7.53				155,510,521.23				8.20
2.01% to 2.50%			725				1.62				39,965,635.10				2.11
2.51% to 3.00%			5,223				11.68				209,251,264.04				11.04
3.01% to 3.50%			1,413				3.16				67,224,662.93				3.55
3.51% to 4.00%			5,417				12.11				206,011,182.73				10.87
4.01% to 4.50%			2,239				5.01				106,835,635.04				5.64
4.51% to 5.00%			3,014				6.74				108,717,695.66				5.74
5.01% to 5.50%			2,594				5.80				122,443,904.17				6.46
5.51% to 6.00%			3,172				7.09				112,025,755.63				5.91
6.01% to 6.50%			4,566				10.21				217,579,642.76				11.48
6.51% to 7.00%			3,462				7.74				140,565,214.40				7.42
7.01% to 7.50%			1,940				4.34				81,139,773.20				4.28
7.51% to 8.00%			2,750				6.15				104,179,333.96				5.50
8.01% to 8.50%			1,043				2.33				42,778,941.04				2.26
8.51% to 9.00%			1,319				2.95				57,091,113.62				3.01
9.01% to 9.50%			553				1.24				27,865,390.57				1.47
9.51% to 10.00%			609				1.36				31,960,830.28				1.69
10.01% to 10.50%			292				0.65				16,588,634.13				0.88
10.51% to 11.00%			313				0.70				14,925,913.69				0.79
11.01% to 11.50%			137				0.31				6,866,792.65				0.36
11.51% to 12.00%			74				0.17				3,108,482.08				0.16
12.01% to 12.50%			62				0.14				2,371,537.64				0.13
12.51% to 13.00%			45				0.10				1,558,176.93				0.08
13.01% to 13.50%			28				0.06				1,245,645.89				0.07
13.51% to 14.00%			17				0.04				672,091.49				0.04
14.01% to 14.50%			7				0.02				197,480.58				0.01
14.51% to 15.00%			7				0.02				318,250.21				0.02
Totals			44,721				100.00	%		$	1,895,478,687.80				100.00	%

Geographic Location		Number of Receivables				Percentage of Number of Receivables(2)				Aggregate Principal Balance(3)				Percentage of Aggregate Principal Balance(2)
Alabama			429				1.11	%		$	20,158,097.18				1.24	%
Alaska			24				0.06				701,256.78				0.04
Arizona			711				1.84				32,521,535.81				2.00
Arkansas			198				0.51				8,972,511.36				0.55
California			6,417				16.65				257,079,966.14				15.82
Colorado			696				1.81				29,074,553.46				1.79
Connecticut			542				1.41				20,726,345.23				1.28
Delaware			240				0.62				9,454,683.54				0.58
Florida			3,968				10.30				178,875,050.39				11.01
Georgia			1,616				4.19				72,082,073.85				4.44
Hawaii			159				0.41				5,857,418.26				0.36
Idaho			50				0.13				2,343,826.64				0.14
Illinois			1,642				4.26				70,644,099.18				4.35
Indiana			309				0.80				13,458,265.42				0.83
Iowa			126				0.33				5,524,230.67				0.34
Kansas			155				0.40				6,256,068.65				0.38
Kentucky			192				0.50				7,518,528.05				0.46
Louisiana			507				1.32				23,516,221.38				1.45
Maine			191				0.50				7,340,401.72				0.45
Massachusetts			1,306				3.39				49,490,202.14				3.05
Michigan			665				1.73				27,607,219.47				1.70
Minnesota			435				1.13				17,907,307.43				1.10
Mississippi			197				0.51				8,910,032.86				0.55
Missouri			349				0.91				15,249,217.12				0.94
Montana			48				0.12				2,854,882.47				0.18
Nebraska			72				0.19				3,527,575.76				0.22
Nevada			288				0.75				12,497,178.10				0.77
New Hampshire			4				0.01				18,368.36				*
New Jersey			2,136				5.54				80,675,875.58				4.96
New Mexico			183				0.47				8,341,715.78				0.51
New York			2,216				5.75				86,033,342.16				5.29
North Carolina			1,207				3.13				51,719,733.50				3.18
North Dakota			5				0.01				142,878.11				0.01
Ohio			732				1.90				29,361,568.10				1.81
Oklahoma			211				0.55				10,366,655.77				0.64
Oregon			341				0.88				14,153,456.52				0.87
Pennsylvania			1,466				3.80				58,301,846.92				3.59
Rhode Island			180				0.47				7,629,246.46				0.47
South Carolina			722				1.87				28,918,603.69				1.78
South Dakota			33				0.09				1,279,604.36				0.08
Tennessee			547				1.42				23,803,798.46				1.46
Texas			4,719				12.24				214,518,449.47				13.20
Utah			166				0.43				8,843,589.33				0.54
Vermont			67				0.17				2,329,495.25				0.14
Virginia			1,144				2.97				48,413,862.28				2.98
Washington			623				1.62				27,475,223.76				1.69
West Virginia			63				0.16				2,645,007.90				0.16
Wisconsin			227				0.59				9,316,611.48				0.57
Wyoming			15				0.04				667,971.68				0.04
Totals			38,539				100.00	%		$	1,625,105,653.98				100.00	%

___________________

Geographic Location		Number of Receivables				Percentage of Number of Receivables(2)				Aggregate Principal Balance(3)				Percentage of Aggregate Principal Balance(2)
Alabama			522				1.17	%		$	24,393,191.22				1.29	%
Alaska			30				0.07				932,872.29				0.05
Arizona			803				1.80				37,173,719.02				1.96
Arkansas			216				0.48				9,965,362.39				0.53
California			7,505				16.78				300,766,317.60				15.87
Colorado			796				1.78				33,271,058.73				1.76
Connecticut			630				1.41				24,255,572.27				1.28
Delaware			278				0.62				11,128,078.81				0.59
Florida			4,579				10.24				207,326,685.20				10.94
Georgia			1,880				4.20				84,441,931.48				4.45
Hawaii			178				0.40				6,733,829.00				0.36
Idaho			63				0.14				2,922,385.72				0.15
Illinois			1,920				4.29				83,218,742.15				4.39
Indiana			351				0.78				15,420,543.34				0.81
Iowa			142				0.32				6,199,106.12				0.33
Kansas			184				0.41				7,425,209.13				0.39
Kentucky			217				0.49				8,507,926.58				0.45
Louisiana			588				1.31				26,705,566.12				1.41
Maine			228				0.51				8,618,204.00				0.45
Massachusetts			1,523				3.41				57,827,436.12				3.05
Michigan			775				1.73				32,490,881.79				1.71
Minnesota			503				1.12				21,035,284.93				1.11
Mississippi			237				0.53				10,806,652.86				0.57
Missouri			397				0.89				17,142,226.81				0.90
Montana			52				0.12				2,932,222.24				0.15
Nebraska			90				0.20				4,194,483.71				0.22
Nevada			347				0.78				15,666,853.29				0.83
New Hampshire			7				0.02				38,806.50				*
New Jersey			2,469				5.52				93,941,326.56				4.96
New Mexico			225				0.50				10,001,058.07				0.53
New York			2,555				5.71				100,562,409.06				5.31
North Carolina			1,372				3.07				58,820,331.83				3.10
North Dakota			6				0.01				161,428.39				0.01
Ohio			844				1.89				34,504,832.18				1.82
Oklahoma			238				0.53				11,368,397.91				0.60
Oregon			397				0.89				16,461,959.07				0.87
Pennsylvania			1,686				3.77				68,382,172.41				3.61
Rhode Island			198				0.44				8,250,307.70				0.44
South Carolina			835				1.87				33,975,575.66				1.79
South Dakota			39				0.09				1,614,666.18				0.09
Tennessee			636				1.42				27,965,313.38				1.48
Texas			5,504				12.31				251,105,249.71				13.25
Utah			196				0.44				10,439,257.89				0.55
Vermont			77				0.17				2,773,227.97				0.15
Virginia			1,324				2.96				56,363,397.10				2.97
Washington			723				1.62				32,469,230.03				1.71
West Virginia			78				0.17				3,350,752.21				0.18
Wisconsin			259				0.58				10,539,781.72				0.56
Wyoming			19				0.04				886,863.35				0.05
Totals			44,721				100.00	%		$	1,895,478,687.80				100.00	%

Range of Remaining Terms to Scheduled Maturity		Number of Receivables				Percentage of Number of Receivables(1)				Aggregate Principal Balance(2)				Percentage of Aggregate Principal Balance(1)
6 months or less			444				1.15	%		$	2,031,973.35				0.13	%
7 months to 12 months			1,065				2.76				7,645,033.73				0.47
13 months to 18 months			1,196				3.10				15,396,426.38				0.95
19 months to 24 months			1,247				3.24				23,423,095.54				1.44
25 months to 30 months			1,434				3.72				35,334,161.28				2.17
31 months to 36 months			2,381				6.18				70,175,454.58				4.32
37 months to 42 months			3,990				10.35				153,673,914.98				9.46
43 months to 48 months			5,425				14.08				215,710,240.84				13.27
49 months to 54 months			5,208				13.51				241,550,877.42				14.86
55 months to 60 months			7,708				20.00				372,588,403.17				22.93
61 months to 66 months			3,769				9.78				212,478,839.83				13.07
67 months to 72 months			4,175				10.83				239,340,024.15				14.73
73 months to 78 months			313				0.81				22,561,000.10				1.39
79 months to 84 months			184				0.48				13,196,208.63				0.81
Totals			38,539				100.00	%		$	1,625,105,653.98				100.00	%

Range of Remaining Terms to Scheduled Maturity	Number of Receivables	Percentage of Number of Receivables(1)	Aggregate Principal Balance(2)	Percentage of Aggregate Principal Balance(1)
6 months or less	501	1.12%	$           2,296,164.10	0.12%
7 months to 12 months	1,202	2.69	8,560,600.50	0.45
13 months to 18 months	1,374	3.07	17,601,946.86	0.93
19 months to 24 months	1,406	3.14	26,425,277.48	1.39
25 months to 30 months	1,590	3.56	39,293,060.69	2.07
31 months to 36 months	2,720	6.08	80,057,477.32	4.22
37 months to 42 months	4,584	10.25	176,582,912.16	9.32
43 months to 48 months	6,314	14.12	252,028,175.46	13.30
49 months to 54 months	6,057	13.54	281,828,285.30	14.87
55 months to 60 months	9,027	20.19	436,639,473.74	23.04
61 months to 66 months	4,429	9.90	249,712,879.29	13.17
67 months to 72 months	4,923	11.01	282,321,035.64	14.89
73 months to 78 months	370	0.83	26,107,105.02	1.38
79 months to 84 months	224	0.50	16,024,294.24	0.85
Totals	44,721	100.00%	$1,895,478,687.80	100.00%

Range of Remaining Principal Balances ($)		Number of Receivables				Percentage of Number of Receivables(1)				Aggregate Principal Balance(2)				Percentage of Aggregate Principal Balance(1)
0.01 to 2,500.00			156				0.40	%		$	332,868.18				0.02	%
2,500.01 to 5,000.00			881				2.29				3,382,209.52				0.21
5,000.01 to 7,500.00			1,010				2.62				6,302,308.54				0.39
7,500.01 to 10,000.00			1,039				2.70				9,088,189.04				0.56
10,000.01 to 12,500.00			1,033				2.68				11,639,830.78				0.72
12,500.01 to 15,000.00			1,226				3.18				16,883,496.19				1.04
15,000.01 to 17,500.00			1,295				3.36				21,075,800.67				1.30
17,500.01 to 20,000.00			1,391				3.61				26,108,631.31				1.61
20,000.01 to 22,500.00			1,497				3.88				31,834,263.01				1.96
22,500.01 to 25,000.00			1,545				4.01				36,673,872.83				2.26
25,000.01 to 27,500.00			1,631				4.23				42,772,200.39				2.63
27,500.01 to 30,000.00			1,646				4.27				47,300,259.89				2.91
30,000.01 to 32,500.00			1,701				4.41				53,115,176.90				3.27
32,500.01 to 35,000.00			1,640				4.26				55,328,096.97				3.40
35,000.01 to 37,500.00			1,614				4.19				58,535,941.45				3.60
37,500.01 to 40,000.00			1,546				4.01				59,896,333.08				3.69
40,000.01 to 42,500.00			1,451				3.77				59,832,680.69				3.68
42,500.01 to 45,000.00			1,373				3.56				60,068,902.35				3.70
45,000.01 to 47,500.00			1,277				3.31				58,987,512.48				3.63
47,500.01 to 50,000.00			1,210				3.14				58,991,753.57				3.63
50,000.01 to 52,500.00			1,108				2.88				56,755,410.22				3.49
52,500.01 to 55,000.00			1,073				2.78				57,667,757.24				3.55
55,000.01 to 57,500.00			965				2.50				54,273,451.45				3.34
57,500.01 to 60,000.00			931				2.42				54,686,087.33				3.37
60,000.01 to 62,500.00			885				2.30				54,191,903.02				3.33
62,500.01 to 65,000.00			830				2.15				52,903,959.16				3.26
Greater than 65,000.00			6,585				17.09				576,476,757.72				35.47
Totals			38,539				100.00	%		$	1,625,105,653.98				100.00	%

Range of Remaining Principal Balances ($)		Number of Receivables				Percentage of Number of Receivables(1)				Aggregate Principal Balance(2)				Percentage of Aggregate Principal Balance(1)
0.01 to 2,500.00			180				0.40	%		$	383,793.89				0.02	%
2,500.01 to 5,000.00			1,007				2.25				3,877,136.74				0.20
5,000.01 to 7,500.00			1,166				2.61				7,281,134.67				0.38
7,500.01 to 10,000.00			1,202				2.69				10,519,773.97				0.55
10,000.01 to 12,500.00			1,172				2.62				13,200,106.77				0.70
12,500.01 to 15,000.00			1,399				3.13				19,267,738.67				1.02
15,000.01 to 17,500.00			1,480				3.31				24,076,242.54				1.27
17,500.01 to 20,000.00			1,607				3.59				30,162,381.77				1.59
20,000.01 to 22,500.00			1,733				3.88				36,870,611.87				1.95
22,500.01 to 25,000.00			1,797				4.02				42,664,309.45				2.25
25,000.01 to 27,500.00			1,880				4.20				49,304,529.69				2.60
27,500.01 to 30,000.00			1,912				4.28				54,945,325.78				2.90
30,000.01 to 32,500.00			1,950				4.36				60,908,672.80				3.21
32,500.01 to 35,000.00			1,908				4.27				64,398,451.93				3.40
35,000.01 to 37,500.00			1,845				4.13				66,899,577.89				3.53
37,500.01 to 40,000.00			1,808				4.04				70,047,872.08				3.70
40,000.01 to 42,500.00			1,706				3.81				70,358,701.21				3.71
42,500.01 to 45,000.00			1,613				3.61				70,553,771.28				3.72
45,000.01 to 47,500.00			1,496				3.35				69,100,970.19				3.65
47,500.01 to 50,000.00			1,399				3.13				68,201,847.01				3.60
50,000.01 to 52,500.00			1,283				2.87				65,719,885.67				3.47
52,500.01 to 55,000.00			1,235				2.76				66,376,147.72				3.50
55,000.01 to 57,500.00			1,111				2.48				62,496,577.01				3.30
57,500.01 to 60,000.00			1,082				2.42				63,554,868.41				3.35
60,000.01 to 62,500.00			1,032				2.31				63,185,078.84				3.33
62,500.01 to 65,000.00			967				2.16				61,646,674.99				3.25
Greater than 65,000.00			7,751				17.33				679,476,504.96				35.85
Totals			44,721				100.00	%		$	1,895,478,687.80				100.00	%

FICO® Score Range(1)		Number of Receivables				Percentage of Number of Receivables(2)				Aggregate Principal Balance(3)				Percentage of Aggregate Principal Balance(2)
601 to 650			754				1.96	%		$	35,558,090.24				2.19	%
651 to 700			3,070				7.97				148,613,938.48				9.14
701 to 750			6,368				16.52				283,008,287.61				17.41
751 to 800			8,693				22.56				365,698,960.79				22.50
801 to 850			11,395				29.57				462,314,503.52				28.45
851 to 900			8,259				21.43				329,911,873.34				20.30
Total:			38,539				100.00	%		$	1,625,105,653.98				100.00	%

FICO® Score Range(1)		Number of Receivables				Percentage of Number of Receivables(2)				Aggregate Principal Balance(3)				Percentage of Aggregate Principal Balance(2)
601 to 650			908				2.03	%		$	42,917,624.75				2.26	%
651 to 700			3,613				8.08				175,522,479.47				9.26
701 to 750			7,401				16.55				329,205,451.03				17.37
751 to 800			10,116				22.62				428,446,035.72				22.60
801 to 850			13,193				29.50				537,403,852.88				28.35
851 to 900			9,490				21.22				381,983,243.95				20.15
Total:			44,721				100.00	%		$	1,895,478,687.80				100.00	%

Powertrain		Number of Receivables				Percentage of Number of Receivables(2)				Aggregate Principal Balance(3)				Percentage of Aggregate Principal Balance(2)
Internal Combustion			34,184				88.70	%		$	1,406,285,361.68				86.54	%
Hybrid Electric(1)			2,720				7.06				150,713,715.42				9.27
Battery Electric			1,635				4.24				68,106,576.88				4.19
Total:			38,539				100.00	%		$	1,625,105,653.98				100.00	%

Powertrain		Number of Receivables				Percentage of Number of Receivables(2)				Aggregate Principal Balance(3)				Percentage of Aggregate Principal Balance(2)
Internal Combustion			39,643				88.65	%		$	1,637,670,431.12				86.40	%
Hybrid Electric(1)			3,171				7.09				178,279,537.17				9.41
Battery Electric			1,907				4.26				79,528,719.51				4.20
Total:			44,721				100.00	%		$	1,895,478,687.80				100.00	%

		Delinquency Experience(1) (Dollars In Thousands)
		At March 31,					At December 31,
		2026		2025			2025		2024		2023		2022		2021
Number of Contracts Outstanding		609,617		656,469			618,341		659,459		656,934		661,560		688,973
Delinquencies as a Percent of Contracts Outstanding
30-59 days		1.01%		0.93%			1.00%		0.94%		0.84%		0.70%		0.58%
60-89 days		0.35%		0.30%			0.41%		0.36%		0.33%		0.30%		0.24%
90 days or more		0.26%		0.27%			0.29%		0.28%		0.31%		0.33%		0.31%
Total		1.62%		1.50%			1.70%		1.58%		1.48%		1.33%		1.13%
Dollar Delinquencies as a Percent of Principal Balance Outstanding
30-59 days		0.96%		0.96%			1.06%		0.96%		0.90%		0.69%		0.52%
60-89 days		0.35%		0.33%			0.40%		0.39%		0.36%		0.30%		0.21%
90 days or more		0.25%		0.29%			0.30%		0.30%		0.32%		0.29%		0.23%
Total		1.56%		1.58%			1.76%		1.65%		1.58%		1.28%		0.96%

		Net Credit Loss and Repossession Experience(1) (Dollars in Thousands)
		For the three months ended March 31,					For the year ended December 31,
		2026		2025			2025		2024		2023		2022		2021
Principal Balance Outstanding		$20,662,602		$20,922,911			$20,557,818		$20,843,924		$19,972,060		$18,855,226		$18,426,354
Average Principal Balance Outstanding		$20,610,210		$20,883,418			$20,700,871		$20,407,992		$19,413,643		$18,640,790		$17,454,096
Number of Contracts Outstanding		609,617		656,469			618,341		659,459		656,934		661,560		688,973
Average Number of Contracts   Outstanding		613,979		657,964			638,900		658,197		659,247		675,267		677,621
Charge-offs(2)—full period actuals		$30,007		$32,916			$136,798		$120,884		$90,193		$41,834		$47,485
Recoveries—full period actuals		$(4,335)		$(2,704)			$(12,447)		$(9,319)		$(9,402)		$(8,418)		$(11,675)
Net Losses		$25,672		$30,212			$124,351		$111,564		$80,791		$33,416		$35,811
Number of Repossessions sold		1,062		996			4,524		3,573		2,550		1,511		2,721
Number of Repossessions sold as a percent of the Average Number of Contracts Outstanding		0.69%*		0.61%*			0.71%		0.54%		0.39%		0.22%		0.40%
Net Losses as a percent of Average Principal Balance Outstanding		0.50%*		0.58%*			0.60%		0.55%		0.42%		0.18%		0.21%

•

Available Amounts remaining after (i) the Servicer has been paid the related Servicing Fee and reimbursed for non-recoverable Advances, and (ii) the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer have been paid all unpaid fees, expenses, indemnification amounts and other payments due and owing to each such party (subject to an aggregate cap prior to the acceleration of the Notes), and

•

amounts drawn from the Reserve Account to fund any Available Amounts Shortfall, to the extent available.

•

an amount equal to (i) the aggregate principal amount of the Notes outstanding as of the preceding Payment Date (after giving effect to any principal payments made on the Notes on that preceding Payment Date) or the Closing Date (in the case of the first Payment Date), as the case may be, minus (ii) the Adjusted Pool Balance with respect to that Payment Date less the Target Overcollateralization Amount with respect to that Payment Date; minus

•

the First Priority Principal Distribution Amount with respect to that Payment Date to the extent paid;

•

first, to the Class A-1 Notes until paid in full;

•

second, to the Class A-2a Notes and the Class A-2b Notes (together, the “Class A-2 Notes”), pro rata, based on the outstanding principal amount of each such class of Notes, until each such class is paid in full;

•

third, to the Class A-3 Notes until paid in full; and

•

fourth, to the Class A-4 Notes until paid in full.

•

first, to the Class A-1 Notes until paid in full; and

•

second, to the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, based on the outstanding principal amount of those classes of Notes, until each such class is paid in full.

•

first, to the Notes, ratably, interest on the Notes in the amount accruing up to such distribution date, computed by pro rating the amount that would otherwise be payable on the next succeeding Payment Date on the basis of (x) the number (in the case of the Notes other than the Class A-1 Notes and the Class A-2b Notes, not to exceed 30) of days elapsed from the preceding Payment Date divided by (y) 30; provided that if there are not sufficient funds available to pay the entire amount of the accrued and unpaid interest on the Notes, the amounts available shall be applied to the payment of such interest on the Notes on a pro rata basis based upon the amount of interest due on each class of Notes;

•

second, to the Noteholders in the order and priority set forth in the third to last paragraph under the heading “—Principal” above, in an amount equal to the FDIC Principal Amount for such distribution date;

•

third, to the Reserve Account, the amount, if any, necessary to cause the amount on deposit in the Reserve Account to equal the Specified Reserve Account Balance (calculated as if such distribution date were a Payment Date); and

•

fourth, any remaining amounts, to the Certificateholders.

•

first, to the Noteholders, ratably, interest on the Notes in the amount accruing up to such distribution date, computed by pro rating the amount that would otherwise be payable on the next succeeding Payment Date on the basis of (x) the number (in the case of Notes other than the Class A-1 Notes and the Class A-2b Notes, not to exceed 30) of days elapsed from the preceding Payment Date divided by (y) 30; provided that if there are not sufficient funds available to pay the entire amount of the accrued and unpaid interest on the Notes, the amounts available shall be applied to the payment of such interest on the Notes on a pro rata basis based upon the amount of interest due on each class of Notes;

•

second, to the Class A-1 Notes until paid in full; and

•

third, to the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, based on the outstanding principal amount of those classes of Notes, until each such class is paid in full.

•

first, pro rata, to the Indenture Trustee (in each of its capacities under the Transfer and Servicing Agreements), the Owner Trustee and the Asset Representations Reviewer, based on amounts due and owing to each such party, the amount of any unpaid fees, expenses, indemnification amounts and other payments due and owing to each such party pursuant to the terms of the Indenture, the Trust Agreement and the Asset Representations Review Agreement, respectively;

•

second, to the Servicer for amounts due in respect of unpaid Servicing Fees and unreimbursed Advances;

•

third, to the Notes, due and unpaid interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes in respect of interest;

•

fourth, to the holders of the Class A-1 Notes to pay due and unpaid principal on the Class A-1 Notes, until paid in full;

•

fifth, ratably, without preference or priority of any kind, according to the amounts due and payable on the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes in respect of principal, until paid in full; and

•

sixth, to the Certificateholder, any remaining amounts.

•

a Delinquency Trigger occurs; and

•

the required amount of Noteholders vote to direct an Asset Representations Review.

•

a trade confirmation;

•

an account statement;

•

a letter from a broker dealer that is acceptable to the Indenture Trustee or Administrator, as applicable; or

•

any other form of documentation that is acceptable to the Indenture Trustee or the Administrator, as applicable.

•

its experience with delinquency in its securitization transactions, and in its portfolio of receivables,

•

its experience setting delinquency triggers in its private securitization programs,

•

its observation that 60 or more days delinquency rates and cumulative losses in its securitization transactions increase over time, and

•

its assessment of the amount of cumulative losses that would result in a greater risk of loss to noteholders of the most junior notes issued in its securitization transactions.

•

the Administrator advises the Indenture Trustee in writing that DTC is no longer willing or able to discharge properly its responsibilities as depository with respect to those Notes and the Depositor, the Administrator or the Indenture Trustee is unable to locate a qualified successor;

•

the Administrator, at its option, with the consent of the applicable DTC Participants, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through DTC; or

•

after the occurrence of an Event of Default with respect to the Notes, holders representing in the aggregate at least a majority of the outstanding principal amount of the Notes acting together as a single class advise the Indenture Trustee through DTC in writing that the continuation of a book-entry system through DTC (or its successor) with respect to those Notes is no longer in the best interests of the holders of those Notes.

•

Available Amounts,

•

the Noteholders’ interest distributions,

•

the Principal Distribution Amount, and

•

based on the Available Amounts and other amounts available for payment on the related Payment Date as described below, the amount to be distributed to the Noteholders.

•

that portion of all collections on Receivables (excluding any collections constituting late fees, prepayment charges, deferment fees and other administrative fees or similar charges) allocable to interest (including the amount, if any, of Advances for that Collection Period, but excluding the amount, if any, of reimbursements of Advances previously made with respect to a Receivable to the Servicer from amounts received in respect of the Receivable);

•

the Administrative Purchase Payments or Warranty Purchase Payments with respect to each Administrative Receivable or Warranty Receivable purchased from the Issuing Entity with respect to the related Collection Period, respectively, to the extent attributable to accrued interest on that Receivable (less the amount, if any, of reimbursements of Advances previously made with respect to a Receivable to the Servicer from the Administrative Purchase Payments or Warranty Purchase Payments with respect to the Receivable);

•

Recoveries for that Collection Period to the extent allocable to interest;

•

Liquidation Proceeds for that Collection Period to the extent allocable to interest; and

•

net losses on investments deposited by the Servicer;

•

the portion of all collections on Receivables (excluding any collections constituting late fees, prepayment charges, deferment fees and other administrative fees or similar charges) allocable to principal;

•

Recoveries for that Collection Period to the extent allocable to principal;

•

Liquidation Proceeds for that Collection Period to the extent allocable to principal; and

•

that portion allocable to principal of the Administrative Purchase Payments or Warranty Purchase Payments with respect to all Administrative Receivables or Warranty Receivables, respectively, purchased from the Issuing Entity with respect to the related Collection Period;

•

the related financed vehicle has been repossessed and liquidated,

•

the related financed vehicle has been repossessed in excess of 90 days and has not yet been liquidated,

•

the Servicer has determined in accordance with its collection policies that all amounts that it expects to receive with respect to the Receivable have been received, or

•

the end of the Collection Period in which the Receivable becomes 150 days or more delinquent.

•

first, to the Servicer, the Servicing Fee, including any unpaid Servicing Fees with respect to prior Collection Periods, and non-recoverable Advances;

•

second, to the Indenture Trustee (in each of its capacities under the Transfer and Servicing Agreements), the Owner Trustee and the Asset Representations Reviewer, the amount of any unpaid fees, expenses, indemnification amounts and other payments due and owing to each such party, pro rata, based on amounts due and owing to each such party, in an aggregate amount not to exceed $250,000 per year;

•

third, to the Noteholders, the aggregate amount of interest accrued for the related interest accrual period on each of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes, at their respective interest rates on the principal amount outstanding as of the previous Payment Date after giving effect to all payments of principal to the Noteholders on the preceding Payment Date, and the excess, if any, of the amount of interest payable to the Noteholders on prior Payment Dates over the amounts actually paid to the Noteholders on those prior Payment Dates, plus interest on that shortfall at the related interest rate, to the extent permitted by law;

•

fourth, to the Principal Distribution Account, the First Priority Principal Distribution Amount, if any, which will be allocated among the Notes as described above under “Description of the Notes— Principal”;

•

fifth, to the Reserve Account, from Available Amounts remaining, the amount, if any, necessary to cause the amount on deposit in that account to equal the Specified Reserve Account Balance;

•

sixth, to the Principal Distribution Account, the Regular Principal Distribution Amount, if any, which will be allocated among the Notes as described above under “Description of the Notes—Principal”;

•

seventh, pro rata, based on amounts due and owing, to the Indenture Trustee, the Owner Trustee, and the Asset Representations Reviewer the amount of any fees, expenses, indemnification amounts and other payments due and owing to each such party and remaining unpaid as a result of the cap set forth in clause second above; and

•

eighth, any Available Amounts remaining, to the Certificateholders.

•

the Receivables prepay in full at the specified constant percentage of ABS monthly, with no defaults, losses or repurchases;

•

each scheduled monthly payment on each Receivable is scheduled to be made and is made on the last day of each month and each month has 30 days;

•

payments are made on the Notes on each Payment Date, and each Payment Date is assumed to be the 25th day of each applicable month;

•

the balance in the Reserve Account on each Payment Date is equal to the lesser of (a) (i) if the aggregate initial principal amount of the Notes is $1,500,000,000, $3,846,225.36, and (ii) if the aggregate initial principal amount of the Notes is $1,750,000,000, $$4,487,281.71, and (b) the aggregate outstanding principal amount of the Notes on such Payment Date (after giving effect to all payments of principal to the Noteholders on such Payment Date);

•

except as indicated in the ABS Tables, the Servicer does not exercise its option to purchase the Receivables on the earliest Payment Date on which its option may be exercised;

•

the related pool of Receivables has a cutoff date as of the close of business on June 30, 2026;

•

the Servicing Fee is equal to the product of 1/12 and 1.00% of the aggregate outstanding principal balance of the Receivables as of the first day of the related Collection Period; provided that, in the case of the first Payment Date, the Servicing Fee will be an amount equal to the sum of (a) the product of 1/12 and 1.00% of the aggregate outstanding principal balance of the Receivables as of the Cutoff Date and (b) the product of 1/12 and 1.00% of the aggregate outstanding principal balance of the Receivables as of the close of business on July 31, 2026;

•

there are no fees, expenses, indemnification amounts or other payments due and payable to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer in any monthly period;

•

the Closing Date is August 19, 2026;

•

if (i) the aggregate initial principal amount of the Notes is $1,500,000,000, the initial principal amount of the Class A-1 Notes is $330,000,000, of the Class A-3 Notes is $537,500,000 and of the Class A-4 Notes is $95,000,000, and (ii) the aggregate initial principal amount of the Notes is $1,750,000,000, the initial principal amount of the Class A-1 Notes is $385,000,000, of the Class A-3 Notes is $627,080,000 and of the Class A-4 Notes is $110,840,000;

•

if (i) the aggregate initial principal amount of the Notes is $1,500,000,000, the initial principal amount of the Class A-2 Notes is allocated to the Class A-2a Notes in the amount of $268,750,000 and to the Class A-2b Notes in the amount of $268,750,000 and (ii) the aggregate initial principal amount of the Notes is $1,750,000,000, the initial principal amount of the Class A-2 Notes is allocated to the Class A-2a Notes in the amount of $313,540,000 and to the Class A-2b Notes in the amount of $313,540,000;

•

the interest rate on the Class A-1 Notes is 4.210% based on an actual/360 day count, on the Class A-2a Notes is 4.66% based on a 30/360 day count, on the Class A-2b Notes is 4.09875% based on an actual/360 day count, on the Class A-3 Notes is 4.92% based on a 30/360 day count, and on the Class A-4 Notes is 5.02% based on a 30/360 day count; and

•

the Yield Supplement Overcollateralization Amount schedules set forth below are utilized to calculate the weighted average lives and percentages of original principal amounts at various ABS percentages.  The actual Yield Supplement Overcollateralization Amount may differ depending on the actual prepayments, losses and repurchases on the Receivables with APRs less than the Required Rate.  For purposes of the Yield Supplement Overcollateralization Amount schedules set forth below, the Required Rate is assumed to be 7.85% for any Payment Date.  As of the Closing Date, the Yield Supplement Overcollateralization Amount will equal the Initial Yield Supplement Overcollateralization Amount.

Payment Date		Yield Supplement Overcollateralization Amount		Payment Date		Yield Supplement Overcollateralization Amount
Closing Date		$86,615,510.80		February 2030		$5,951,869.64
September 2026		$80,529,447.71		March 2030		$5,329,621.73
October 2026		$77,568,147.10		April 2030		$4,750,895.07
November 2026		$74,662,116.40		May 2030		$4,214,068.02
December 2026		$71,811,948.41		June 2030		$3,717,942.08
January 2027		$69,018,240.64		July 2030		$3,260,843.32
February 2027		$66,280,671.58		August 2030		$2,842,026.08
March 2027		$63,599,227.47		September 2030		$2,460,939.27
April 2027		$60,974,032.50		October 2030		$2,116,959.88
May 2027		$58,405,253.12		November 2030		$1,809,326.07
June 2027		$55,893,078.58		December 2030		$1,537,200.48
July 2027		$53,437,506.17		January 2031		$1,299,452.92
August 2027		$51,038,740.63		February 2031		$1,093,911.28
September 2027		$48,696,849.01		March 2031		$915,729.28
October 2027		$46,411,870.82		April 2031		$760,276.45
November 2027		$44,184,014.33		May 2031		$624,616.99
December 2027		$42,013,482.00		June 2031		$506,736.32
January 2028		$39,900,425.00		July 2031		$404,131.02
February 2028		$37,844,899.42		August 2031		$314,785.73
March 2028		$35,846,886.31		September 2031		$238,244.26
April 2028		$33,906,343.22		October 2031		$174,005.28
May 2028		$32,023,443.26		November 2031		$121,572.29
June 2028		$30,198,423.44		December 2031		$80,423.63
July 2028		$28,431,430.79		January 2032		$49,792.58
August 2028		$26,722,666.36		February 2032		$28,501.51
September 2028		$25,072,307.15		March 2032		$14,574.37
October 2028		$23,480,591.03		April 2032		$6,069.02
November 2028		$21,947,754.20		May 2032		$1,588.74
December 2028		$20,474,044.67		June 2032		$64.93
January 2029		$19,059,695.18		July 2032		$46.50
February 2029		$17,704,908.23		August 2032		$34.31
March 2029		$16,409,103.82		September 2032		$24.14
April 2029		$15,171,721.35		October 2032		$16.01
May 2029		$13,992,824.27		November 2032		$9.96
June 2029		$12,872,264.74		December 2032		$6.00
July 2029		$11,809,212.58		January 2033		$3.01
August 2029		$10,803,495.54		February 2033		$1.01
September 2029		$9,854,776.27		March 2033		$0.00
October 2029		$8,962,713.95
November 2029		$8,126,983.54
December 2029		$7,347,178.56
January 2030		$6,622,610.72

Payment Date		Yield Supplement Overcollateralization Amount		Payment Date		Yield Supplement Overcollateralization Amount
Closing Date		$100,566,001.92		February 2030		$6,929,012.05
September 2026		$93,512,926.44		March 2030		$6,204,615.05
October 2026		$90,080,636.60		April 2030		$5,530,831.38
November 2026		$86,712,082.71		May 2030		$4,905,790.45
December 2026		$83,407,949.53		June 2030		$4,328,099.20
January 2027		$80,168,927.23		July 2030		$3,795,836.27
February 2027		$76,994,665.64		August 2030		$3,308,165.84
March 2027		$73,885,167.65		September 2030		$2,864,447.14
April 2027		$70,840,569.62		October 2030		$2,463,972.47
May 2027		$67,861,097.63		November 2030		$2,105,877.97
June 2027		$64,946,997.75		December 2030		$1,789,144.98
July 2027		$62,098,300.46		January 2031		$1,512,474.16
August 2027		$59,315,270.29		February 2031		$1,273,435.29
September 2027		$56,597,981.58		March 2031		$1,066,258.30
October 2027		$53,946,482.11		April 2031		$885,458.44
November 2027		$51,361,016.85		May 2031		$727,577.71
December 2027		$48,841,774.49		June 2031		$590,292.58
January 2028		$46,388,953.37		July 2031		$470,723.54
February 2028		$44,002,654.52		August 2031		$366,616.36
March 2028		$41,682,872.11		September 2031		$277,432.97
April 2028		$39,429,531.97		October 2031		$202,581.71
May 2028		$37,242,854.27		November 2031		$141,479.89
June 2028		$35,123,138.28		December 2031		$93,512.46
July 2028		$33,070,575.39		January 2032		$57,834.77
August 2028		$31,085,430.49		February 2032		$33,066.58
September 2028		$29,167,912.15		March 2032		$16,881.24
October 2028		$27,318,295.93		April 2032		$7,010.73
November 2028		$25,536,876.82		May 2032		$1,816.93
December 2028		$23,823,954.93		June 2032		$64.93
January 2029		$22,179,813.54		July 2032		$46.50
February 2029		$20,604,715.37		August 2032		$34.31
March 2029		$19,098,004.38		September 2032		$24.14
April 2029		$17,659,049.37		October 2032		$16.01
May 2029		$16,287,911.95		November 2032		$9.96
June 2029		$14,984,359.69		December 2032		$6.00
July 2029		$13,747,491.29		January 2033		$3.01
August 2029		$12,577,126.85		February 2033		$1.01
September 2029		$11,472,927.36		March 2033		$0.00
October 2029		$10,434,521.76
November 2029		$9,461,556.33
December 2029		$8,553,590.45
January 2030		$7,709,913.86

Pool		Aggregate Principal Balance		Weighted Average APR		Weighted Average Original Term (in Months)		Weighted Average Stated Remaining Term (in Months)
1		$               578,764.92		2.639%		60		6
2		2,389,525.71		3.346%		60		10
3		4,782,838.66		4.430%		58		16
4		8,327,042.85		4.988%		58		22
5		11,779,128.89		5.276%		60		28
6		19,563,552.79		4.945%		59		34
7		35,635,766.67		4.392%		60		40
8		34,503,355.02		4.700%		62		45
9		39,428,269.79		4.261%		64		52
10		53,142,375.49		3.426%		63		57
11		22,309,067.30		4.487%		72		64
12		20,176,454.57		3.955%		72		69
13		1,453,208.43		3.131%		62		5
14		5,255,508.02		3.777%		64		10
15		10,613,587.72		4.319%		58		16
16		15,096,052.69		5.064%		49		21
17		23,555,032.39		5.020%		54		28
18		50,611,901.79		4.883%		55		34
19		118,038,148.31		4.335%		59		41
20		181,206,885.82		4.879%		61		45
21		202,122,607.63		5.094%		65		52
22		319,446,027.68		5.691%		68		57
23		190,169,772.53		6.309%		72		64
24		219,163,569.58		5.939%		73		69
25		22,561,000.10		9.455%		81		75
26		13,196,208.63		9.436%		83		81
Total		$1,625,105,653.98		5.338%

Pool		Aggregate Principal Balance		Weighted Average APR		Weighted Average Original Term (in Months)		Weighted Average Stated Remaining Term (in Months)
1		$           578,764.92		2.639%		60		6
2		2,389,525.71		3.346%		60		10
3		4,782,838.66		4.430%		58		16
4		8,327,042.85		4.988%		58		22
5		11,779,128.89		5.276%		60		28
6		19,563,552.79		4.945%		59		34
7		35,635,766.67		4.392%		60		40
8		34,503,355.02		4.700%		62		45
9		39,428,269.79		4.261%		64		52
10		53,142,375.49		3.426%		63		57
11		22,309,067.30		4.487%		72		64
12		20,176,454.57		3.955%		72		69
13		1,717,399.18		3.115%		62		5
14		6,171,074.79		3.768%		64		10
15		12,819,108.20		4.324%		58		16
16		18,098,234.63		5.059%		49		21
17		27,513,931.80		4.963%		54		28
18		60,493,924.53		4.871%		55		34
19		140,947,145.49		4.358%		59		41
20		217,524,820.44		4.886%		61		45
21		242,400,015.51		5.073%		65		52
22		383,497,098.25		5.665%		68		57
23		227,403,811.99		6.299%		72		64
24		262,144,581.07		5.956%		73		69
25		26,107,105.02		9.420%		81		75
26		16,024,294.24		9.432%		83		81
Total		$1,895,478,687.80		5.358%

Payment Date		0.50%		1.00%		1.40%		1.60%		2.00%
Closing Date		100.00%		100.00%		100.00%		100.00%		100.00%
September 2026		78.48%		72.62%		67.08%		63.78%		54.82%
October 2026		67.78%		59.18%		51.08%		46.30%		34.47%
November 2026		57.13%		45.91%		35.39%		29.24%		14.65%
December 2026		46.52%		32.81%		20.01%		12.62%		0.00%
January 2027		36.05%		19.97%		5.00%		0.00%		0.00%
February 2027		25.65%		7.32%		0.00%		0.00%		0.00%
March 2027		15.29%		0.00%		0.00%		0.00%		0.00%
April 2027		4.98%		0.00%		0.00%		0.00%		0.00%
May 2027		0.00%		0.00%		0.00%		0.00%		0.00%
Weighted Average Life to Maturity (years)(2)		0.38		0.30		0.25		0.23		0.19
Weighted Average Life to Call (years)(2)(3)		0.38		0.30		0.25		0.23		0.19

(1)

Percentages assume that an optional purchase by the Servicer does not occur.

(2)

The weighted average life of the Class A-1 Notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a).

(3)

The weighted average life to call assumes that an optional purchase by the Servicer occurs (i) at the earliest possible opportunity and is exercised on such Payment Date and (ii) before giving effect to any payment of principal required to be made on that Payment Date.

Payment Date		0.50%		1.00%		1.40%		1.60%		2.00%
Closing Date		100.00%		100.00%		100.00%		100.00%		100.00%
September 2026		78.57%		72.72%		67.20%		63.92%		55.10%
October 2026		67.92%		59.33%		51.26%		46.50%		34.81%
November 2026		57.31%		46.11%		35.62%		29.51%		15.05%
December 2026		46.75%		33.06%		20.29%		12.93%		0.00%
January 2027		36.32%		20.26%		5.32%		0.00%		0.00%
February 2027		25.96%		7.65%		0.00%		0.00%		0.00%
March 2027		15.64%		0.00%		0.00%		0.00%		0.00%
April 2027		5.38%		0.00%		0.00%		0.00%		0.00%
May 2027		0.00%		0.00%		0.00%		0.00%		0.00%
Weighted Average Life to Maturity (years)(2)		0.38		0.30		0.25		0.23		0.19
Weighted Average Life to Call (years)(2)(3)		0.38		0.30		0.25		0.23		0.19

(1)	Percentages assume that an optional purchase by the Servicer does not occur.

(2)

The weighted average life of the Class A-1 Notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a).

(3)	The weighted average life to call assumes that an optional purchase by the Servicer occurs (i) at the earliest possible opportunity and is exercised on such Payment Date and (ii) before giving effect to any payment of principal required to be made on that Payment Date.

Payment Date		0.50%		1.00%		1.40%		1.60%		2.00%
Closing Date		100.00%		100.00%		100.00%		100.00%		100.00%
September 2026		100.00%		100.00%		100.00%		100.00%		100.00%
October 2026		100.00%		100.00%		100.00%		100.00%		100.00%
November 2026		100.00%		100.00%		100.00%		100.00%		100.00%
December 2026		100.00%		100.00%		100.00%		100.00%		97.14%
January 2027		100.00%		100.00%		100.00%		97.80%		85.61%
February 2027		100.00%		100.00%		94.05%		88.10%		74.41%
March 2027		100.00%		96.83%		85.21%		78.64%		63.54%
April 2027		100.00%		89.28%		76.57%		69.44%		53.15%
May 2027		96.76%		81.83%		68.11%		60.47%		43.06%
June 2027		90.62%		74.60%		59.90%		51.72%		33.25%
July 2027		84.51%		67.47%		51.87%		43.20%		23.74%
August 2027		78.43%		60.45%		44.01%		34.90%		14.52%
September 2027		72.38%		53.53%		36.33%		26.83%		5.59%
October 2027		66.35%		46.71%		28.83%		18.97%		0.00%
November 2027		60.35%		40.00%		21.51%		11.34%		0.00%
December 2027		54.55%		33.53%		14.45%		3.97%		0.00%
January 2028		48.78%		27.16%		7.56%		0.00%		0.00%
February 2028		43.03%		20.89%		0.84%		0.00%		0.00%
March 2028		37.31%		14.72%		0.00%		0.00%		0.00%
April 2028		31.62%		8.66%		0.00%		0.00%		0.00%
May 2028		26.08%		2.79%		0.00%		0.00%		0.00%
June 2028		20.63%		0.00%		0.00%		0.00%		0.00%
July 2028		15.21%		0.00%		0.00%		0.00%		0.00%
August 2028		9.82%		0.00%		0.00%		0.00%		0.00%
September 2028		4.45%		0.00%		0.00%		0.00%		0.00%
October 2028		0.00%		0.00%		0.00%		0.00%		0.00%
Weighted Average Life to Maturity (years)(2)		1.47		1.20		1.01		0.92		0.76
Weighted Average Life to Call (years)(2)(3)		1.47		1.20		1.01		0.92		0.76

(1)

Percentages assume that an optional purchase by the Servicer does not occur.

(2)

The weighted average lives of the Class A-2a Notes and the Class A-2b Notes are determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a).

(3)

The weighted average life to call assumes that an optional purchase by the Servicer occurs (i) at the earliest possible opportunity and is exercised on such Payment Date and (ii) before giving effect to any payment of principal required to be made on that Payment Date.

Payment Date		0.50%		1.00%		1.40%		1.60%		2.00%
Closing Date		100.00%		100.00%		100.00%		100.00%		100.00%
September 2026		100.00%		100.00%		100.00%		100.00%		100.00%
October 2026		100.00%		100.00%		100.00%		100.00%		100.00%
November 2026		100.00%		100.00%		100.00%		100.00%		100.00%
December 2026		100.00%		100.00%		100.00%		100.00%		97.42%
January 2027		100.00%		100.00%		100.00%		98.02%		85.93%
February 2027		100.00%		100.00%		94.27%		88.35%		74.75%
March 2027		100.00%		97.06%		85.46%		78.91%		63.90%
April 2027		100.00%		89.53%		76.84%		69.73%		53.54%
May 2027		97.02%		82.10%		68.40%		60.78%		43.46%
June 2027		90.90%		74.89%		60.20%		52.05%		33.66%
July 2027		84.81%		67.77%		52.18%		43.54%		24.16%
August 2027		78.75%		60.77%		44.34%		35.25%		14.94%
September 2027		72.71%		53.86%		36.67%		27.18%		6.02%
October 2027		66.71%		47.06%		29.18%		19.33%		0.00%
November 2027		60.73%		40.36%		21.87%		11.71%		0.00%
December 2027		54.94%		33.90%		14.81%		4.34%		0.00%
January 2028		49.18%		27.53%		7.92%		0.00%		0.00%
February 2028		43.45%		21.27%		1.21%		0.00%		0.00%
March 2028		37.74%		15.11%		0.00%		0.00%		0.00%
April 2028		32.06%		9.05%		0.00%		0.00%		0.00%
May 2028		26.54%		3.20%		0.00%		0.00%		0.00%
June 2028		21.10%		0.00%		0.00%		0.00%		0.00%
July 2028		15.69%		0.00%		0.00%		0.00%		0.00%
August 2028		10.30%		0.00%		0.00%		0.00%		0.00%
September 2028		4.94%		0.00%		0.00%		0.00%		0.00%
October 2028		0.00%		0.00%		0.00%		0.00%		0.00%
Weighted Average Life to Maturity (years)(2)		1.47		1.20		1.01		0.92		0.76
Weighted Average Life to Call (years)(2)(3)		1.47		1.20		1.01		0.92		0.76

(1)	Percentages assume that an optional purchase by the Servicer does not occur.

(2)

The weighted average lives of the Class A-2a Notes and the Class A-2b Notes are determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a).

(3)	The weighted average life to call assumes that an optional purchase by the Servicer occurs (i) at the earliest possible opportunity and is exercised on such Payment Date and (ii) before giving effect to any payment of principal required to be made on that Payment Date.

Payment Date		0.50%		1.00%		1.40%		1.60%		2.00%
Closing Date		100.00%		100.00%		100.00%		100.00%		100.00%
September 2026		100.00%		100.00%		100.00%		100.00%		100.00%
October 2026		100.00%		100.00%		100.00%		100.00%		100.00%
November 2026		100.00%		100.00%		100.00%		100.00%		100.00%
December 2026		100.00%		100.00%		100.00%		100.00%		100.00%
January 2027		100.00%		100.00%		100.00%		100.00%		100.00%
February 2027		100.00%		100.00%		100.00%		100.00%		100.00%
March 2027		100.00%		100.00%		100.00%		100.00%		100.00%
April 2027		100.00%		100.00%		100.00%		100.00%		100.00%
May 2027		100.00%		100.00%		100.00%		100.00%		100.00%
June 2027		100.00%		100.00%		100.00%		100.00%		100.00%
July 2027		100.00%		100.00%		100.00%		100.00%		100.00%
August 2027		100.00%		100.00%		100.00%		100.00%		100.00%
September 2027		100.00%		100.00%		100.00%		100.00%		100.00%
October 2027		100.00%		100.00%		100.00%		100.00%		97.00%
November 2027		100.00%		100.00%		100.00%		100.00%		88.70%
December 2027		100.00%		100.00%		100.00%		100.00%		80.69%
January 2028		100.00%		100.00%		100.00%		96.81%		72.97%
February 2028		100.00%		100.00%		100.00%		89.86%		65.59%
March 2028		100.00%		100.00%		94.30%		83.12%		58.50%
April 2028		100.00%		100.00%		87.93%		76.60%		51.69%
May 2028		100.00%		100.00%		81.80%		70.35%		45.18%
June 2028		100.00%		97.08%		75.87%		64.31%		38.95%
July 2028		100.00%		91.46%		70.11%		58.48%		33.01%
August 2028		100.00%		85.95%		64.51%		52.86%		27.36%
September 2028		100.00%		80.54%		59.09%		47.44%		22.03%
October 2028		99.12%		75.23%		53.84%		42.24%		16.97%
November 2028		93.81%		70.02%		48.76%		37.24%		12.17%
December 2028		88.74%		65.06%		43.93%		32.50%		7.64%
January 2029		83.69%		60.21%		39.27%		27.95%		3.43%
February 2029		78.67%		55.45%		34.77%		23.61%		0.00%
March 2029		73.68%		50.79%		30.44%		19.47%		0.00%
April 2029		68.72%		46.23%		26.28%		15.53%		0.00%
May 2029		63.79%		41.78%		22.28%		11.80%		0.00%
June 2029		59.21%		37.65%		18.57%		8.33%		0.00%
July 2029		54.67%		33.61%		15.02%		5.05%		0.00%
August 2029		50.15%		29.67%		11.62%		1.95%		0.00%
September 2029		45.65%		25.83%		8.38%		0.00%		0.00%
October 2029		41.18%		22.07%		5.30%		0.00%		0.00%
November 2029		36.74%		18.42%		2.37%		0.00%		0.00%
December 2029		32.46%		14.95%		0.00%		0.00%		0.00%
January 2030		28.66%		11.85%		0.00%		0.00%		0.00%
February 2030		24.88%		8.84%		0.00%		0.00%		0.00%
March 2030		21.12%		5.91%		0.00%		0.00%		0.00%
April 2030		17.38%		3.06%		0.00%		0.00%		0.00%
May 2030		14.40%		0.75%		0.00%		0.00%		0.00%
June 2030		11.45%		0.00%		0.00%		0.00%		0.00%
July 2030		8.51%		0.00%		0.00%		0.00%		0.00%
August 2030		5.58%		0.00%		0.00%		0.00%		0.00%
September 2030		2.68%		0.00%		0.00%		0.00%		0.00%
October 2030		0.00%		0.00%		0.00%		0.00%		0.00%
Weighted Average Life to Maturity (years)(2)		3.10		2.71		2.35		2.15		1.78
Weighted Average Life to Call (years)(2)(3)		3.10		2.71		2.35		2.15		1.78

(1)	Percentages assume that an optional purchase by the Servicer does not occur.

(2)

The weighted average life of the Class A-3 Notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a).

(3)	The weighted average life to call assumes that an optional purchase by the Servicer occurs (i) at the earliest possible opportunity and is exercised on such Payment Date and (ii) before giving effect to any payment of principal required to be made on that Payment Date.

Payment Date		0.50%		1.00%		1.40%		1.60%		2.00%
Closing Date		100.00%		100.00%		100.00%		100.00%		100.00%
September 2026		100.00%		100.00%		100.00%		100.00%		100.00%
October 2026		100.00%		100.00%		100.00%		100.00%		100.00%
November 2026		100.00%		100.00%		100.00%		100.00%		100.00%
December 2026		100.00%		100.00%		100.00%		100.00%		100.00%
January 2027		100.00%		100.00%		100.00%		100.00%		100.00%
February 2027		100.00%		100.00%		100.00%		100.00%		100.00%
March 2027		100.00%		100.00%		100.00%		100.00%		100.00%
April 2027		100.00%		100.00%		100.00%		100.00%		100.00%
May 2027		100.00%		100.00%		100.00%		100.00%		100.00%
June 2027		100.00%		100.00%		100.00%		100.00%		100.00%
July 2027		100.00%		100.00%		100.00%		100.00%		100.00%
August 2027		100.00%		100.00%		100.00%		100.00%		100.00%
September 2027		100.00%		100.00%		100.00%		100.00%		100.00%
October 2027		100.00%		100.00%		100.00%		100.00%		97.43%
November 2027		100.00%		100.00%		100.00%		100.00%		89.12%
December 2027		100.00%		100.00%		100.00%		100.00%		81.10%
January 2028		100.00%		100.00%		100.00%		97.18%		73.37%
February 2028		100.00%		100.00%		100.00%		90.23%		65.98%
March 2028		100.00%		100.00%		94.67%		83.49%		58.87%
April 2028		100.00%		100.00%		88.30%		76.96%		52.05%
May 2028		100.00%		100.00%		82.17%		70.70%		45.52%
June 2028		100.00%		97.49%		76.24%		64.66%		39.27%
July 2028		100.00%		91.87%		70.47%		58.82%		33.31%
August 2028		100.00%		86.36%		64.87%		53.19%		27.65%
September 2028		100.00%		80.95%		59.44%		47.76%		22.29%
October 2028		99.61%		75.64%		54.18%		42.55%		17.20%
November 2028		94.31%		70.43%		49.09%		37.54%		12.38%
December 2028		89.24%		65.47%		44.26%		32.78%		7.83%
January 2029		84.19%		60.61%		39.58%		28.22%		3.59%
February 2029		79.17%		55.84%		35.08%		23.86%		0.00%
March 2029		74.18%		51.18%		30.73%		19.71%		0.00%
April 2029		69.21%		46.61%		26.55%		15.76%		0.00%
May 2029		64.28%		42.14%		22.55%		12.01%		0.00%
June 2029		59.69%		38.00%		18.82%		8.52%		0.00%
July 2029		55.13%		33.96%		15.26%		5.22%		0.00%
August 2029		50.60%		30.00%		11.84%		2.11%		0.00%
September 2029		46.10%		26.14%		8.59%		0.00%		0.00%
October 2029		41.62%		22.38%		5.49%		0.00%		0.00%
November 2029		37.17%		18.72%		2.55%		0.00%		0.00%
December 2029		32.86%		15.22%		0.00%		0.00%		0.00%
January 2030		29.04%		12.11%		0.00%		0.00%		0.00%
February 2030		25.23%		9.08%		0.00%		0.00%		0.00%
March 2030		21.45%		6.13%		0.00%		0.00%		0.00%
April 2030		17.70%		3.27%		0.00%		0.00%		0.00%
May 2030		14.71%		0.94%		0.00%		0.00%		0.00%
June 2030		11.73%		0.00%		0.00%		0.00%		0.00%
July 2030		8.77%		0.00%		0.00%		0.00%		0.00%
August 2030		5.84%		0.00%		0.00%		0.00%		0.00%
September 2030		2.92%		0.00%		0.00%		0.00%		0.00%
October 2030		0.02%		0.00%		0.00%		0.00%		0.00%
November 2030		0.00%		0.00%		0.00%		0.00%		0.00%
Weighted Average Life to Maturity (years)(2)		3.11		2.72		2.35		2.16		1.79
Weighted Average Life to Call (years)(2)(3)		3.11		2.72		2.35		2.16		1.79

(1)	Percentages assume that an optional purchase by the Servicer does not occur.

(2)

The weighted average life of the Class A-3 Notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a).

(3)	The weighted average life to call assumes that an optional purchase by the Servicer occurs (i) at the earliest possible opportunity and is exercised on such Payment Date and (ii) before giving effect to any payment of principal required to be made on that Payment Date.

Payment Date		0.50%		1.00%		1.40%		1.60%		2.00%
Closing Date		100.00%		100.00%		100.00%		100.00%		100.00%
September 2026		100.00%		100.00%		100.00%		100.00%		100.00%
October 2026		100.00%		100.00%		100.00%		100.00%		100.00%
November 2026		100.00%		100.00%		100.00%		100.00%		100.00%
December 2026		100.00%		100.00%		100.00%		100.00%		100.00%
January 2027		100.00%		100.00%		100.00%		100.00%		100.00%
February 2027		100.00%		100.00%		100.00%		100.00%		100.00%
March 2027		100.00%		100.00%		100.00%		100.00%		100.00%
April 2027		100.00%		100.00%		100.00%		100.00%		100.00%
May 2027		100.00%		100.00%		100.00%		100.00%		100.00%
June 2027		100.00%		100.00%		100.00%		100.00%		100.00%
July 2027		100.00%		100.00%		100.00%		100.00%		100.00%
August 2027		100.00%		100.00%		100.00%		100.00%		100.00%
September 2027		100.00%		100.00%		100.00%		100.00%		100.00%
October 2027		100.00%		100.00%		100.00%		100.00%		100.00%
November 2027		100.00%		100.00%		100.00%		100.00%		100.00%
December 2027		100.00%		100.00%		100.00%		100.00%		100.00%
January 2028		100.00%		100.00%		100.00%		100.00%		100.00%
February 2028		100.00%		100.00%		100.00%		100.00%		100.00%
March 2028		100.00%		100.00%		100.00%		100.00%		100.00%
April 2028		100.00%		100.00%		100.00%		100.00%		100.00%
May 2028		100.00%		100.00%		100.00%		100.00%		100.00%
June 2028		100.00%		100.00%		100.00%		100.00%		100.00%
July 2028		100.00%		100.00%		100.00%		100.00%		100.00%
August 2028		100.00%		100.00%		100.00%		100.00%		100.00%
September 2028		100.00%		100.00%		100.00%		100.00%		100.00%
October 2028		100.00%		100.00%		100.00%		100.00%		100.00%
November 2028		100.00%		100.00%		100.00%		100.00%		100.00%
December 2028		100.00%		100.00%		100.00%		100.00%		100.00%
January 2029		100.00%		100.00%		100.00%		100.00%		100.00%
February 2029		100.00%		100.00%		100.00%		100.00%		97.27%
March 2029		100.00%		100.00%		100.00%		100.00%		76.52%
April 2029		100.00%		100.00%		100.00%		100.00%		57.97%
May 2029		100.00%		100.00%		100.00%		100.00%		40.90%
June 2029		100.00%		100.00%		100.00%		100.00%		26.32%
July 2029		100.00%		100.00%		100.00%		100.00%		12.65%
August 2029		100.00%		100.00%		100.00%		100.00%		0.00%
September 2029		100.00%		100.00%		100.00%		94.62%		0.00%
October 2029		100.00%		100.00%		100.00%		79.28%		0.00%
November 2029		100.00%		100.00%		100.00%		65.03%		0.00%
December 2029		100.00%		100.00%		98.00%		51.93%		0.00%
January 2030		100.00%		100.00%		84.14%		40.07%		0.00%
February 2030		100.00%		100.00%		71.04%		29.14%		0.00%
March 2030		100.00%		100.00%		58.72%		19.14%		0.00%
April 2030		100.00%		100.00%		47.18%		10.10%		0.00%
May 2030		100.00%		100.00%		37.37%		2.05%		0.00%
June 2030		100.00%		91.47%		28.15%		0.00%		0.00%
July 2030		100.00%		79.10%		19.55%		0.00%		0.00%
August 2030		100.00%		67.10%		11.56%		0.00%		0.00%
September 2030		100.00%		55.48%		4.18%		0.00%		0.00%
October 2030		98.86%		44.25%		0.00%		0.00%		0.00%
November 2030		82.67%		33.40%		0.00%		0.00%		0.00%
December 2030		70.49%		25.08%		0.00%		0.00%		0.00%
January 2031		58.38%		17.04%		0.00%		0.00%		0.00%
February 2031		46.36%		9.28%		0.00%		0.00%		0.00%
March 2031		34.41%		1.82%		0.00%		0.00%		0.00%
April 2031		22.56%		0.00%		0.00%		0.00%		0.00%
May 2031		16.23%		0.00%		0.00%		0.00%		0.00%
June 2031		9.93%		0.00%		0.00%		0.00%		0.00%
July 2031		3.67%		0.00%		0.00%		0.00%		0.00%
August 2031		0.00%		0.00%		0.00%		0.00%		0.00%
Weighted Average Life to Maturity (years)(2)		4.55		4.20		3.73		3.43		2.78
Weighted Average Life to Call (years)(2)(3)		4.48		4.13		3.65		3.38		2.74

(1)	Percentages assume that an optional purchase by the Servicer does not occur.

(2)

The weighted average life of the Class A-4 Notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a).

(3)	The weighted average life to call assumes that an optional purchase by the Servicer occurs (i) at the earliest possible opportunity and is exercised on such Payment Date and (ii) before giving effect to any payment of principal required to be made on that Payment Date.

Payment Date		0.50%		1.00%		1.40%		1.60%		2.00%
Closing Date		100.00%		100.00%		100.00%		100.00%		100.00%
September 2026		100.00%		100.00%		100.00%		100.00%		100.00%
October 2026		100.00%		100.00%		100.00%		100.00%		100.00%
November 2026		100.00%		100.00%		100.00%		100.00%		100.00%
December 2026		100.00%		100.00%		100.00%		100.00%		100.00%
January 2027		100.00%		100.00%		100.00%		100.00%		100.00%
February 2027		100.00%		100.00%		100.00%		100.00%		100.00%
March 2027		100.00%		100.00%		100.00%		100.00%		100.00%
April 2027		100.00%		100.00%		100.00%		100.00%		100.00%
May 2027		100.00%		100.00%		100.00%		100.00%		100.00%
June 2027		100.00%		100.00%		100.00%		100.00%		100.00%
July 2027		100.00%		100.00%		100.00%		100.00%		100.00%
August 2027		100.00%		100.00%		100.00%		100.00%		100.00%
September 2027		100.00%		100.00%		100.00%		100.00%		100.00%
October 2027		100.00%		100.00%		100.00%		100.00%		100.00%
November 2027		100.00%		100.00%		100.00%		100.00%		100.00%
December 2027		100.00%		100.00%		100.00%		100.00%		100.00%
January 2028		100.00%		100.00%		100.00%		100.00%		100.00%
February 2028		100.00%		100.00%		100.00%		100.00%		100.00%
March 2028		100.00%		100.00%		100.00%		100.00%		100.00%
April 2028		100.00%		100.00%		100.00%		100.00%		100.00%
May 2028		100.00%		100.00%		100.00%		100.00%		100.00%
June 2028		100.00%		100.00%		100.00%		100.00%		100.00%
July 2028		100.00%		100.00%		100.00%		100.00%		100.00%
August 2028		100.00%		100.00%		100.00%		100.00%		100.00%
September 2028		100.00%		100.00%		100.00%		100.00%		100.00%
October 2028		100.00%		100.00%		100.00%		100.00%		100.00%
November 2028		100.00%		100.00%		100.00%		100.00%		100.00%
December 2028		100.00%		100.00%		100.00%		100.00%		100.00%
January 2029		100.00%		100.00%		100.00%		100.00%		100.00%
February 2029		100.00%		100.00%		100.00%		100.00%		98.06%
March 2029		100.00%		100.00%		100.00%		100.00%		77.17%
April 2029		100.00%		100.00%		100.00%		100.00%		58.50%
May 2029		100.00%		100.00%		100.00%		100.00%		41.28%
June 2029		100.00%		100.00%		100.00%		100.00%		26.61%
July 2029		100.00%		100.00%		100.00%		100.00%		12.85%
August 2029		100.00%		100.00%		100.00%		100.00%		*
September 2029		100.00%		100.00%		100.00%		95.45%		0.00%
October 2029		100.00%		100.00%		100.00%		80.02%		0.00%
November 2029		100.00%		100.00%		100.00%		65.70%		0.00%
December 2029		100.00%		100.00%		98.91%		52.51%		0.00%
January 2030		100.00%		100.00%		84.98%		40.58%		0.00%
February 2030		100.00%		100.00%		71.80%		29.58%		0.00%
March 2030		100.00%		100.00%		59.41%		19.52%		0.00%
April 2030		100.00%		100.00%		47.80%		10.42%		0.00%
May 2030		100.00%		100.00%		37.93%		2.32%		0.00%
June 2030		100.00%		92.50%		28.65%		0.00%		0.00%
July 2030		100.00%		80.05%		20.00%		0.00%		0.00%
August 2030		100.00%		67.98%		11.96%		0.00%		0.00%
September 2030		100.00%		56.29%		4.54%		0.00%		0.00%
October 2030		100.00%		44.99%		0.00%		0.00%		0.00%
November 2030		83.81%		34.08%		0.00%		0.00%		0.00%
December 2030		71.53%		25.69%		0.00%		0.00%		0.00%
January 2031		59.34%		17.59%		0.00%		0.00%		0.00%
February 2031		47.22%		9.78%		0.00%		0.00%		0.00%
March 2031		35.18%		2.26%		0.00%		0.00%		0.00%
April 2031		23.24%		0.00%		0.00%		0.00%		0.00%
May 2031		16.84%		0.00%		0.00%		0.00%		0.00%
June 2031		10.48%		0.00%		0.00%		0.00%		0.00%
July 2031		4.17%		0.00%		0.00%		0.00%		0.00%
August 2031		0.00%		0.00%		0.00%		0.00%		0.00%
Weighted Average Life to Maturity (years)(2)		4.56		4.21		3.74		3.43		2.78
Weighted Average Life to Call (years)(2)(3)		4.48		4.13		3.65		3.38		2.75

(1)	Percentages assume that an optional purchase by the Servicer does not occur.

(2)

The weighted average life of the Class A-4 Notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a).

(3)	The weighted average life to call assumes that an optional purchase by the Servicer occurs (i) at the earliest possible opportunity and is exercised on such Payment Date and (ii) before giving effect to any payment of principal required to be made on that Payment Date.

•

Reports on Form 8-K (Current Report) including as exhibits thereto the Transfer and Servicing Agreements;

•

Reports on Form 8-K (Current Report), following the occurrence of events specified in Form 8-K requiring disclosure, which are required to be filed within the time-frame specified in Form 8-K related to the type of event;

•

Reports on Form 10-D (Asset-Backed Issuer Distribution Report), containing the distribution and pool performance, asset representations review and investor communication information required on Form 10-D, which are required to be filed 15 days following the related Payment Date;

•

Reports on Form ABS-EE (Submission of Electronic Exhibits for Asset-Backed Securities), including as exhibits thereto monthly asset-level data for the related Collection Period and the Receivables, which exhibits will be incorporated by reference into the related Form 10-D; and

•

Report on Form 10-K (Annual Report), containing the items specified in Form 10-K with respect to a fiscal year, and the items required pursuant to Items 1122 and 1123 of Regulation AB of the Securities Act.

•

Each Receivable (a) was originated in the United States of America by the Seller (in the case of any Receivable originated through the “lease to loan” program described in this prospectus), by BMW Bank (in the case of any Receivable acquired by BMW FS from BMW Bank) or by a Dealer located in the United States of America, in each case in the ordinary course of such originator’s business and in compliance with the Seller’s customary credit policies and practices as of the date of origination or acquisition of such Receivable, (b) is payable in United States dollars, (c) has been fully and properly executed or electronically authenticated by the parties thereto, (d) except in the case of any Receivable originated through the “lease to loan” program or acquired by BMW FS from BMW Bank, has been (i) purchased by the Seller from the Dealer under an existing Dealer Agreement and (ii) validly assigned by such Dealer to the Seller, and (e) in the case of any Receivable purchased by BMW FS from BMW Bank, has been (i) purchased by BMW FS from BMW Bank under an existing purchase agreement and (ii) validly assigned by BMW Bank to BMW FS.

•

As of the Closing Date, the Seller has, or has started procedures that will result in the Seller having, a perfected, first priority security interest in the financed vehicle related to each Receivable, which security interest was validly created and has been assigned by the Seller to the Depositor, and will be assigned by the Depositor to the Issuing Entity.  The certificate of title for the financed vehicle related to each Receivable shows BMW FS or BMW Bank, as applicable, named as the original secured party (or a properly completed application for such certificate of title has been completed).

•

Each Receivable is on a form contract containing customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and represents the genuine, legal, valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity and consumer protection laws, regardless of whether such enforceability is considered in a proceeding in equity or at law.

•

Each Receivable (a) provides for fixed level monthly payments (provided that the payment in the last month of the term of the Receivable may be different from the level scheduled payments) that fully amortize the Amount Financed by maturity and yield interest at the APR and (b) amortizes using the simple interest method.

•

To the Seller’s knowledge, each Receivable complied in all material respects at the time it was originated with all requirements of applicable laws.

•

None of the Receivables is due from the United States of America or any State or any agency, department, subdivision or instrumentality thereof.

•

To the best of the Seller’s knowledge, as of the Cutoff Date, no Obligor of a Receivable is or has been, since the origination of the related Receivable, the subject of a bankruptcy proceeding.

•

As of the Cutoff Date, none of the Receivables has been satisfied, subordinated or rescinded, nor has any Financed Vehicle been released from the lien of the related Receivable in whole or in part, and, to the Seller’s knowledge, no Receivable is subject to any right of rescission, setoff, counterclaim, dispute or defense.

•

None of the terms of any Receivable has been deferred or otherwise modified except by instruments or documents identified in the related Receivable File.

•

None of the Receivables has been originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under the Receivables Purchase Agreement or the Bank Receivables Purchase Agreement, as applicable, or the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture.

•

Immediately prior to the transfers and assignments of the Receivables, the Seller has good and marketable title to the Receivable free and clear of all Liens (other than pursuant to the Transfer and Servicing Agreements) and, immediately upon the transfer and assignment thereof, the Depositor will have good and marketable title to each Receivable, free and clear of all Liens (other than pursuant to the Transfer and Servicing Agreements).

•

Each Receivable constitutes “chattel paper” within the meaning of the applicable UCC.  With respect to any Receivable evidenced by an authoritative copy of the related electronic contract, there is only one “authoritative copy” of the Receivable and, with respect to any Receivable evidenced by an authoritative tangible copy, there is no more than one original executed copy of such Receivable.

•

Except for a payment that is no more than 29 days delinquent, no payment default exists on any Receivable as of the Cutoff Date.

•

The Seller, in accordance with its customary procedures, has determined that the Obligor has obtained physical damage insurance covering each Financed Vehicle and, under the terms of the related Receivable, the Obligor is required to maintain such insurance.

•

No Receivable has a maturity date later than the last day of the Collection Period immediately preceding the maturity date of the latest maturing class of Notes.

•

Each Receivable had an original maturity of not less than 24 or more than 84 months.

•

All of the Receivables, as of the Cutoff Date, are due from Obligors with garaging addresses within the United States of America, its territories and possessions.

•

Each Receivable had a first scheduled payment due on or prior to 45 calendar days after the origination date thereof.

•

As of the Cutoff Date, each Receivable has a remaining term of at least 5 months and no more than 83 months.

•

As of the Cutoff Date, each Receivable has a remaining balance of at least $1,500.00.

•

The Obligor with respect to each Receivable has made at least one scheduled payment.

•

direct obligations of, and obligations fully guaranteed as to the full and timely payment by, the United States of America;

•

demand deposits, time deposits or certificates of deposit of any depository institution (including the Indenture Trustee acting in its commercial capacity or any affiliate of the Indenture Trustee) or trust company incorporated under the laws of the United States of America or any state thereof (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities; provided, however, that at the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the credit of a person other than such depository institution or trust company) thereof shall have a short-term deposit or issuer rating acceptable  to the Rating Agencies;

•

repurchase obligations held by the Indenture Trustee with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) described in clause (b) above;

•

securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any state thereof, including the Indenture Trustee acting in its commercial capacity or any affiliate of the Indenture Trustee, so long as at the time of such investment or contractual commitment providing for such investment either (i) the long-term, unsecured debt of such corporation has a rating acceptable to the Rating Agencies or (ii) the commercial paper or other short-term debt of such corporation has a rating acceptable to the Rating Agencies;

•

investments of proceeds maintained in sweep accounts, short-term asset management accounts and the like utilized for the commingled investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or any affiliate thereof; and

•

any other money market, common trust fund or obligation, or interest bearing or other security or investment (including those managed or advised by the Indenture Trustee or any affiliate thereof) which has a rating acceptable to the Rating Agencies.  Such investments in this subsection (f) may include money market mutual funds or common trust funds, including any fund for which U.S. Bank Trust Co., in its capacity other than as the Indenture Trustee, or an affiliate thereof serves as an investment advisor, administrator, shareholder, servicing agent, and/or custodian or subcustodian, notwithstanding that (x) U.S. Bank Trust Co., the Indenture Trustee or any affiliate thereof charges and collects fees and expenses from such funds for services rendered, (y) U.S. Bank Trust Co., the Indenture Trustee or any affiliate thereof charges and collects fees and expenses for services rendered pursuant to the Indenture, and (z) services performed by the Indenture Trustee for such funds and pursuant to the Indenture may converge at any time.  U.S. Bank Trust Co. or an affiliate thereof is authorized under the Indenture to charge and collect from the Indenture Trustee such fees as are collected from all investors in such funds for such services rendered to such funds (but not to exceed investment earnings thereon).

•

it will not release any financed vehicle from the security interest granted in the related Receivable;

•

it will do nothing to impair the rights of the Issuing Entity in the Receivables;

•

it will not alter the APR of any Receivable; and

•

it will not extend the maturity of a Receivable beyond the last day of the Collection Period immediately preceding the Final Scheduled Payment Date of the Class A-4 Notes.

•

the maturity or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any remaining Receivables;

•

the final distribution of all funds or other proceeds of the assets of the Issuing Entity in accordance with the terms of the Indenture, including the payment to Noteholders and Certificateholders of all amounts required to be paid to them pursuant to the related agreement; or

•

the optional purchase by the Servicer of all of the Receivables as described above under “—Optional Purchase”.

•

the name of the requesting Noteholder or Verified Beneficial Owner;

•

the date the request was received;

•

a statement that the Administrator has received the request, and that the Noteholder or Verified Beneficial Owner is interested in communicating with other Noteholders and Beneficial Owners about the possible exercise of rights under the Transfer and Servicing Agreements; and

•

a description of the method by which the other Noteholders and Beneficial Owners may contact the requesting Noteholder or Verified Beneficial Owner.

•

change:

○

the date of payment of any installment of principal of or interest on that Note or reduce the principal amount of that Note;

○

the interest rate for that Note or the redemption price for that Note;

○

provisions of the Indenture relating to the application of collections on, or proceeds of a sale of, the assets of the Issuing Entity to payments of principal of and interest on that Note; or

○

any place of payment where or the coin or currency in which that Note or any interest on that Note is payable;

•

impair the right to institute suit for the enforcement of specified provisions of the Indenture regarding payment;

•

reduce the percentage of the aggregate principal amount of the outstanding Notes, the consent of the holders of which is required for any supplemental indenture or any waiver of compliance with specified provisions of the Indenture or of specified defaults and their consequences as provided for in the Indenture;

•

modify or alter the provisions of the Indenture regarding the voting of Notes held by the Issuing Entity, any other Obligor on those Notes, the Depositor or an affiliate of any of them;

•

reduce the percentage of the aggregate principal amount of outstanding Notes required to direct the Indenture Trustee to sell or liquidate the Receivables if the proceeds of that sale would be insufficient to pay the principal balance of and accrued but unpaid interest on the outstanding Notes;

•

reduce the percentage of the aggregate principal amount of Notes required to amend the sections of the Indenture that specify the applicable percentages of aggregate principal amount of the Notes necessary to amend the Indenture;

•

modify any provisions of the Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any individual component of such calculation) or to affect the rights of the holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes; or

•

permit the creation of any lien ranking prior to or on a parity with the lien of the Indenture with respect to any of the collateral for that Note or, except as otherwise permitted or contemplated in the Indenture, terminate the lien of the Indenture on any of the collateral or deprive the holder of any Note of the security afforded by the lien of the Indenture.

•

to correct or amplify the description of any property at any time subject to the lien of the Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of the Indenture, or to subject additional property to the lien of the Indenture;

•

to evidence the succession, in compliance with the applicable provisions of the Indenture, of another Person to the Issuing Entity, and the assumption by any such successor of the covenants of the Issuing Entity contained in the Indenture and in the Notes;

•

to add to the covenants of the Issuing Entity for the benefit of the Noteholders, or to surrender any right or power under the Indenture conferred upon the Issuing Entity;

•

to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

•

to cure any ambiguity, correct or supplement any provision in the Indenture or in any supplemental indenture that may be inconsistent with any other provision in the Indenture or in any supplemental indenture or to add any other provisions with respect to matters or questions arising under the Indenture or in any supplemental indenture; provided that such other provisions will not adversely affect the interests of any Noteholder whose consent has not been obtained in respect thereof, as evidenced by an officer’s certificate;

•

to evidence and provide for the acceptance of the appointment under the Indenture by a successor trustee with respect to the Notes or to add to or change any of the provisions of the Indenture as are necessary to facilitate the administration of the trusts under the Indenture by more than one trustee, pursuant to the requirements set forth therein; or

•

to modify, eliminate or add to the provisions of the Indenture to the extent necessary to effect the qualification of the Indenture under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), or under any similar federal statute hereafter enacted and to add to the Indenture such other provisions as may be expressly required by the Trust Indenture Act.

•

a default for five days or more in the payment of any interest on any of the Notes when the same becomes due and payable;

•

a default in the payment of the principal of any Note on the related Final Scheduled Payment Date or on the redemption date;

•

a default in the observance or performance of any representation, warranty, covenant or agreement of the Issuing Entity (other than a covenant or agreement pursuant to the FDIC Rule Covenant) made in the Indenture or in any certificate or other writing delivered pursuant thereto or in connection therewith proving to have been incorrect in any material respect as of the time when the same has been made, and such default continues or is not cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect has not been eliminated or otherwise cured, for a period of 30 days after written notice is given to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the holders of at least 25% of the aggregate principal amount of the Notes then outstanding; or

•

particular events of bankruptcy, insolvency, receivership or liquidation of the Issuing Entity.

•

the Issuing Entity has paid or deposited with the Indenture Trustee a sum sufficient to pay:

○

all payments of principal of and interest on the Notes and all other amounts that would then be due on the Notes under the Indenture if the Event of Default giving rise to such acceleration had not occurred; and

○

all sums paid by the Indenture Trustee under the Indenture and the reasonable compensation, expenses and disbursements of the Indenture Trustee and its agents and counsel and the reasonable compensation, expenses and disbursements of the Owner Trustee and its agents and counsel; and

•

all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived.

•

institute proceedings to collect amounts due or foreclose on Issuing Entity property;

•

exercise remedies as a secured party;

•

if the maturity of the Notes has been accelerated, sell the assets of the Issuing Entity; or

•

elect to have the Issuing Entity maintain possession of those Receivables and continue to apply collections on those Receivables as provided in the Indenture.

•

100% of the Noteholders consent to the sale;

•

the proceeds of the sale are sufficient to pay in full the principal of and the accrued interest on all outstanding Notes at the date of the sale; or

•

in the case of an Event of Default resulting from an insolvency or bankruptcy with respect to the Issuing Entity, the Indenture Trustee determines that the Issuing Entity property would not be sufficient on an ongoing basis to make all payments of principal and interest on the outstanding Notes as those payments would have become due if the Notes had not been accelerated, and the Indenture Trustee obtains the consent of the holders of at least 66⅔% of the aggregate principal amount of the Notes outstanding.

•

the Noteholder previously has given to the Indenture Trustee written notice of a continuing Event of Default;

•

Noteholders holding not less than 25% of the aggregate principal amount of the Notes then outstanding have requested in writing that the Indenture Trustee institute the proceeding in its own name as Indenture Trustee;

•

the Noteholder has offered the Indenture Trustee reasonable indemnity;

•

the Indenture Trustee has for 60 days failed to institute that proceeding; and

•

no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the holders of a majority of the aggregate principal amount of the Notes then outstanding.

•

the entity formed by or surviving the consolidation or merger is organized under the laws of the United States or any state;

•

that entity expressly assumes the Issuing Entity’s obligation to make due and punctual payments upon the Notes and the performance or observance of every agreement and covenant of the Issuing Entity under the Indenture;

•

no Event of Default has occurred and is continuing immediately after the merger or consolidation;

•

the Rating Agency Condition has been satisfied in respect thereof;

•

the Issuing Entity has received an opinion of counsel to the effect that the consolidation or merger would have no material adverse tax consequence to the Issuing Entity or to any Noteholder or Certificateholder,

•

the parties take any action necessary to maintain the lien and security interest created by the Indenture; and

•

the Indenture Trustee has received an officer’s certificate and an opinion of counsel stating that the consolidation or merger comply with the terms of the Indenture and all conditions precedent provided in the Indenture have been complied with.

•

except as expressly permitted by the Indenture, the applicable Transfer and Servicing Agreements or other specified documents, sell, transfer, exchange or otherwise dispose of any of the assets of the Issuing Entity unless directed to do so by the Indenture Trustee;

•

claim any credit on or make any deduction from the principal of and interest payable on the Notes (other than amounts withheld under the Internal Revenue Code of 1986, as amended (the “Code”), or applicable state law) or assert any claim against any present or former holder of those Notes because of the payment of taxes levied or assessed upon the Issuing Entity;

•

except as expressly permitted by the Transfer and Servicing Agreements, dissolve or liquidate in whole or in part;

•

permit the validity or effectiveness of the Indenture to be impaired or permit any person to be released from any covenants or obligations with respect to the Notes under the Indenture except as may be expressly permitted by the Indenture;

•

permit any lien or other encumbrance to be created on or extend to or otherwise arise upon or burden the assets of the Issuing Entity or any part of the Issuing Entity, or any interest in the assets of the Issuing Entity or the proceeds of those assets;

•

permit the lien of the Indenture not to constitute a valid first priority (other than with respect to any tax, mechanics’ or other lien) security interest in the assets of the Issuing Entity; or

•

assume or incur any indebtedness other than the Notes or as expressly permitted by the Transfer and Servicing Agreements.

•

payment of principal and interest on the securitization obligations must be primarily based on the performance of the financial assets transferred to the Issuing Entity and will not be contingent on market or credit events that are independent of such financial assets (except for interest rate or currency mismatches between the financial assets and the securitization obligations);

•

information describing the financial assets, obligations, capital structure, compensation of the relevant parties and historical performance data must be made available to the investors, including, without limitation (i) information about the obligations and securitized financial assets in compliance with subpart 229.1100-Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as amended from time to time (“Regulation AB”), (ii) information about the transaction structure, performance of the obligations, priority of payments, subordination features, representations and warranties regarding the financial assets, remedies (and applicable cure periods), liquidity facilities, credit enhancement, waterfall

•

the obligations in the securitization cannot be predominantly sold to an affiliate (other than a wholly-owned subsidiary consolidated for accounting and capital purposes with BMW Bank or to an affiliated broker-dealer who purchased such obligations with a view to promptly resell such obligations to persons or entities that are neither affiliates (other than a wholly-owned subsidiary consolidated for accounting and capital purposes with BMW Bank) nor insiders of BMW Bank in the ordinary course of such broker-dealers business) or insider of BMW Bank; and

•

BMW Bank must identify in its financial asset databases and otherwise account for the financial assets transferred as specified by the FDIC Rule.

Party	Amount
Servicer(1)	The product of 1/12 and 1.00% of the Pool Balance with respect to such Payment Date; provided that, in the case of the first Payment Date, the Servicing Fee will be an amount equal to the sum of (a) the product of 1/12 and 1.00% of the aggregate outstanding principal balance of the Receivables as of the Cutoff Date and (b) the product of 1/12 and 1.00% of the aggregate outstanding principal balance of the Receivables (exclusive of all Liquidated Receivables and, if applicable, all Receivables that are the subject of damages paid by the FDIC to the Issuing Entity) as of the close of business on July 31, 2026.
Indenture Trustee(2)	An annual fee equal to $3,000 per annum, payable on the Payment Date occurring in September of each year, commencing in September 2027.
Owner Trustee(2)	An annual fee equal to $3,000 per annum, payable on the Payment Date occurring in September of each year, commencing in September 2027.
ARR Service Fee(2)	An annual fee equal to $5,000 per annum, payable on the Payment Date occurring in September of each year, commencing in September 2027.
ARR Review Fee(2)	$175 per Receivable reviewed, in the event of an Asset Representations Review.

(1)	To be paid before any amounts are distributed to Noteholders.  A portion of the Servicing Fee will be paid to the Administrator as the administrator fee.

(2)

Fees, expenses, indemnification amounts and other payments due and owing to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer are to be paid before any amounts are distributed to Noteholders, subject to an aggregate cap equal to $250,000 in any calendar year, prior to the acceleration of the Notes.  Amounts due and owing to any such party in excess of such aggregate cap will be payable after distributions of principal and interest to the Noteholders on any Payment Date prior to the acceleration of the Notes.  After the acceleration of the Notes, all unpaid fees, expenses, indemnification amounts and other payments due and owing to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer are to be paid before any amounts are distributed to Noteholders, without application of any cap on such amounts.

•

the amount of the Collections allocable to the principal balance of each class of Notes, expressed in the aggregate and as a dollar amount per $1,000 of the original principal balance of each class of Notes;

•

the amount of the collections allocable to interest on each class of Notes, expressed in the aggregate and as a dollar amount per $1,000 of the original principal balance of each class of Notes;

•

the amount of the Yield Supplement Overcollateralization Amount, if any;

•

the number of and the aggregate principal balance of the Receivables as of the close of business on the first day and last day of the related Collection Period after giving effect to payments allocated to principal reported under the first bullet above;

•

the amount of the Servicing Fee and the Supplemental Servicing Fee paid to the Servicer with respect to the related Collection Period;

•

the amount of interest accrued with respect to each class of Notes for the related interest accrual period, including the Benchmark and the interest rate for the related interest accrual period with respect to the Class A-2b Notes;

•

the interest and principal shortfall, if any, in each case as applicable to each class of Notes, expressed in the aggregate and as a dollar amount per $1,000 of the original principal balance of each class of Notes;

•

the aggregate principal balance of the Notes outstanding and the Note Pool Factor for each class of those Notes, each before and after giving effect to all payments reported under the first bullet above on that date;

•

the amount of non-recoverable Advances on that Payment Date;

•

the balance of the Reserve Account on that date, before and after giving effect to changes to the Reserve Account on that date and the amount of those changes;

•

amounts due and payable to each of the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, before and after giving effect to distributions on such Payment Date;

•

the Available Amounts;

•

the amount available under the Servicer’s letter of credit, surety bond or insurance policy, as provided in the Sale and Servicing Agreement, if any, and the amount as a percentage of the aggregate principal balance of the Receivables as of the last day of that Collection Period;

•

the applicable Record Date, Determination Date, interest accrual period and Payment Date for each class of Notes;

•

the pool characteristics as of the last day of the Collection Period, including, but not limited to, the weighted average Interest Rate and weighted average remaining term to maturity;

•

delinquency and loss information for the Collection Period;

•

a description of any material modifications, extensions or waivers to Receivables terms, fees, penalties or payments during the related Collection Period, or that have cumulatively become material over time;

•

a description of any material breaches of representations and warranties made with respect to the Receivables, or covenants, contained in the Transfer and Servicing Agreements;

•

whether a Delinquency Trigger has occurred as of the end of the related Collection Period;

•

notice of the making of any SOFR Adjustment Conforming Changes; and

•

notice of the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, the determination of a Benchmark Replacement, the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and the making of any Benchmark Replacement Conforming Changes.

•

any failure by the Servicer to deposit in or credit to the Collection Account any required payment and that failure continues unremedied for five Business Days after discovery of that failure by the Servicer or after receipt of written notice by the Servicer;

•

failure on the part of the Servicer duly to observe or perform, in any material respect, any covenants or agreements of the Servicer set forth in the Sale and Servicing Agreement (other than a covenant or agreement pursuant to the FDIC Rule Covenant, if applicable), which failure (i) materially and adversely affects the rights of the Noteholders and (ii) continues unremedied for a period of 60 days after discovery of such failure by the Servicer or after the date on which written notice of such failure requiring the same to be remedied has been given to the Servicer by any of the Owner Trustee, the Indenture Trustee or Noteholders evidencing not less than 50% of the aggregate principal amount of the Notes then outstanding, voting together as a single class; or

•

the occurrence of an Insolvency Event with respect to the Servicer.

•

the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such person or for any substantial part of its property, or ordering the winding-up or liquidation of such person’s affairs, and such decree or order remains unstayed and in effect for a period of 60 consecutive days; or

•

the commencement by such person of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such person to the entry of an order for relief in an involuntary case under any such law, or the consent by such person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such person or for any substantial part of its property, or the making by such person of any general

•

increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the Noteholders and/or Certificateholders; or

•

reduce the aforesaid percentage of the Notes or Certificates that is required to consent to the amendment.

•

the preparation of or obtaining of the documents and instruments required for authentication of the Notes and delivery of the same to the Indenture Trustee;

•

the notification of Noteholders and the Rating Agencies hired by the sponsor of the final principal payment on the Notes;

•

the preparation of definitive Notes in accordance with the instructions of the applicable clearing agency;

•

the preparation, obtaining or filing of the instruments, opinions and certificates and other documents required for the release of collateral;

•

the maintenance of an office for registration of transfer or exchange of the Notes;

•

the duty to cause newly appointed paying agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture regarding funds held in trust;

•

the direction to the Indenture Trustee to deposit monies with paying agents, if any, other than the Indenture Trustee;

•

the obtaining and preservation of the Issuing Entity’s qualifications to do business in each state where such qualification is required;

•

the preparation of all supplements and amendments to the Indenture and all financing statements, continuation statements, instruments of further assurance and other instruments and the taking of such other action as are necessary or advisable to protect the Issuing Entity’s property;

•

the delivery of the opinion of counsel on the closing date and the annual delivery of opinions of counsel as to the Issuing Entity’s property, and the annual delivery of the officer’s certificate and certain other statements as to compliance with the Indenture;

•

the notification of the Indenture Trustee and the Rating Agencies each Servicer Default and, if such Servicer Default arises from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the taking of all reasonable steps available to remedy such failure;

•

the notification of the Indenture Trustee of the appointment of a successor servicer;

•

the notification of the Indenture Trustee and the Rating Agencies of each Event of Default under the Indenture;

•

the monitoring of the Issuing Entity’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an officer’s certificate and the obtaining of the opinion of counsel and the independent certificate relating thereto;

•

the compliance with the Indenture with respect to the sale of the Issuing Entity property in a commercially reasonable manner if an Event of Default has occurred and is continuing;

•

the preparation of all required documents and delivery to Noteholders of notice of the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee;

•

the opening of one or more accounts in the Indenture Trustee’s name and the taking of all other actions necessary with respect to investment and reinvestment of funds in the accounts;

•

the preparation of issuer requests, the obtaining of opinions of counsel and the certification to the Indenture Trustee with respect to the execution of supplemental indentures and the mailing to the Noteholders of notices with respect to such supplemental indentures;

•

the duty to notify Noteholders and to make such notice available to the Rating Agencies of redemption of the Notes or to cause the Indenture Trustee to provide such notification pursuant to an optional purchase by the Servicer; and

•

the preparation and delivery of all officer’s certificates, opinions of counsel and independent certificates with respect to any requests by the Issuing Entity to the Indenture Trustee to take any action under the Indenture.

•

a court were to conclude that the assets and liabilities of the Issuing Entity should be consolidated with those of BMW FS or the Depositor in the event of the application of applicable Insolvency Laws to BMW FS or the Depositor;

•

a filing were made under any Insolvency Law by or against the Issuing Entity; or

•

an attempt were to be made to litigate any of the foregoing issues.

•

require the Issuing Entity, as assignee of the Depositor, to go through an administrative claims procedure to establish its rights to payments collected on the Receivables; or

•

request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against BMW Bank; or

•

invoke the automatic stay to prevent the Indenture Trustee and other transaction parties from exercising their rights, remedies and interests for up to 90 days.

•

require the Issuing Entity, as assignee of the Depositor, to go through an administrative claims procedure to establish its rights to payments collected on the Receivables; or

•

if the Issuing Entity were a covered subsidiary, require the Indenture Trustee to go through an administrative claims procedure to establish its rights to payments on the Notes; or

•

request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against BMW FS or a covered subsidiary (including the Issuing Entity); or

•

repudiate BMW FS’ ongoing servicing obligations under the Sale and Servicing Agreement, such as its duty to collect and remit payments or otherwise service the Receivables; or

•

prior to any such repudiation of the Sale and Servicing Agreement, prevent any of the Indenture Trustee or the Noteholders from appointing a successor Servicer.

•

if there are multiple Certificate Owners (as determined for U.S. federal income tax purposes), as a partnership for purposes of U.S. federal, state and applicable local income and franchise taxes and any other tax measured in whole or in part by income, with the assets of the partnership being the assets held by the Issuing Entity, the partners of the partnership being the Certificate Owners, and the Notes being debt of the partnership, or

•

if there is a single Certificate Owner (as determined for U.S. federal income tax purposes), as an entity disregarded as separate from such Certificate Owner for purposes of U.S. federal, state and applicable local

•

the Foreign Note Owner is not actually or constructively a “10 percent shareholder” of the Issuing Entity or the Depositor (including a holder of 10% or more of the outstanding Certificates issued by the Issuing Entity) or a “controlled foreign corporation” with respect to which the Issuing Entity or the Depositor is a “related person” within the meaning of the Code;

•

the Foreign Note Owner is not a bank receiving interest described in Section 881(c)(3)(A) of the Code;

•

the interest is not contingent interest as described in Section 871(h)(4) of the Code; and

•

the Foreign Note Owner does not bear any of certain specified relationships to any Certificateholder.

•

the gain is not effectively connected with the conduct of a trade or business in the United States by the Foreign Note Owner; and

•

in the case of an individual Foreign Note Owner, the Foreign Note Owner is not present in the United States for 183 days or more during the taxable year of disposition.

Underwriter		Class A-1 Notes		Class A-2a Notes(1)		Class A-2b Notes(1)		Class A-3 Notes		Class A-4 Notes
Barclays Capital Inc.		________		________		________		________		________
Citigroup Global Markets Inc.		________		________		________		________		________
Mizuho Securities USA LLC		________		________		________		________		________
SMBC Nikko Securities America, Inc.		________		________		________		________		________
SG Americas Securities, LLC		________		________		________		________		________
Total		$330,000,000(2)		$_________(3)		$_________(3)		$537,500,000(2)		$95,000,000(2)

(1)	The allocation of the initial principal amount between the Class A-2a Notes and Class A-2b Notes will be determined at the time of pricing of the Notes offered hereunder.

(2)

Represents the aggregate initial principal amount of the Class A-1 Notes, the Class A-3 Notes and the Class A-4 Notes to be underwritten if the aggregate initial principal amount of the Notes is $1,500,000,000.  If the aggregate initial principal amount of the Notes is $1,750,000,000  the aggregate initial principal amount of the Class A-1 Notes, the Class A-3 Notes and the Class A-4 Notes to be underwritten will be $385,000,000, $627,080,000 and $110,840,000, respectively.

(3)

If the aggregate initial principal amount of the Notes is $1,500,000,000, the aggregate initial principal amount of the Class A-2a Notes and the Class A-2b Notes to be underwritten will be $537,500,000.  If the aggregate initial principal amount of the Notes is $1,750,000,000, the aggregate initial principal amount of the Class A-2a Notes and the Class A-2b Notes to be underwritten will be $627,080,000.

Class of Notes		Selling Concession		Reallowance Discount
Class A-1		____%		____%
Class A-2a		____%		____%
Class A-2b		____%		____%
Class A-3		____%		____%
Class A-4		____%		____%

(a)

the expression “EU retail investor” means a person who is one (or more) of the following:

(i)

a retail client, as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (“MiFID II”); or

(ii)

a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client, as defined in point (10) of Article 4(1) of MiFID II; or

(iii)

not a qualified investor, as defined in Article 2 of Regulation (EU) 2017/1129, as amended; and

(b)

the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

(a)

it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”)) received by it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuing Entity or the Depositor; and

(b)

it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom (the “UK”).

(a)

the expression “UK retail investor” means a person who is either one (or both) of the following:

(i)

not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of the domestic law of the UK by virtue of the European Union (Withdrawal) Act 2018 (as amended), and as amended; or

(ii)

not a qualified investor, as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024, as amended; and

(b)

the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to buy or subscribe for the Notes.

BMW Vehicle Owner Trust 2020-A Static Pool Data Delinquency and Loss Experience
Composition of Original Pool Receivables
Closing Date	July 15, 2020		Original Term
Cutoff Date	May 31, 2020		Weighted Average Original Term	65.06 months
Number of Receivables	37,199		Longest Original Term	72 months
Aggregate Principal Balance	$1,054,601,017		Shortest Original Term	24 months
Principal Balance			Remaining Term
Average Principal Balance	$28,350		Weighted Average Remaining Term	51.84 months
Highest Principal Balance	$174,922		Longest Remaining Term	70 months
Lowest Principal Balance	$1,751		Shortest Remaining Term	6 months
Original Principal Balance			Composition of Top 5 States
Average Original Principal Balance	$37,604		California	16.24%
Highest Original Principal Balance	$206,249		Texas	12.37%
Lowest Original Principal Balance	$4,013		Florida	7.43%
Annual Percentage Rate (APR)			Pennsylvania	4.85%
Weighted Average APR	3.35%		Illinois	4.77%
Highest APR	15.35%
Lowest APR	0.01%		Percentage New and Used Composition
			New	70.51%
			Used	29.49%
			Weighted Average FICO	784

Month	Date	30-59 Days Delinquent	Number of 30-59 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60-89 Days Delinquent	Number of 60-89 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	90-119 Days Delinquent	Number of 90-119 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	120+ Days Delinquent	Number of 120+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60+ Days Delinquent	Number of 60+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance
1	07/31/2020	$867,345	30	0.09%	$378,193	13	0.04%	$0	0	0.00%	$0	0	0.00%	$378,193	13	0.04%
2	08/31/2020	$1,067,439	34	0.11%	$97,198	2	0.01%	$173,859	6	0.02%	$0	0	0.00%	$271,057	8	0.03%
3	09/30/2020	$1,403,984	46	0.16%	$308,985	9	0.03%	$89,144	2	0.01%	$112,745	4	0.01%	$510,874	15	0.06%
4	10/31/2020	$1,383,432	54	0.16%	$136,096	6	0.02%	$240,468	6	0.03%	$56,696	1	0.01%	$433,260	13	0.05%
5	11/30/2020	$1,369,514	52	0.17%	$293,944	12	0.04%	$48,310	2	0.01%	$85,947	4	0.01%	$428,201	18	0.05%
6	12/31/2020	$1,236,840	46	0.16%	$393,131	17	0.05%	$95,389	4	0.01%	$31,452	1	0.00%	$519,971	22	0.07%
7	01/31/2021	$1,099,782	37	0.15%	$278,270	10	0.04%	$215,060	9	0.03%	$77,960	3	0.01%	$571,290	22	0.08%
8	02/28/2021	$1,366,870	44	0.19%	$215,575	7	0.03%	$104,999	5	0.01%	$85,244	4	0.01%	$405,818	16	0.06%
9	03/31/2021	$1,106,472	38	0.16%	$284,651	7	0.04%	$181,023	5	0.03%	$97,274	4	0.01%	$562,947	16	0.08%
10	04/30/2021	$1,027,666	39	0.16%	$540,942	18	0.08%	$188,348	4	0.03%	$117,451	3	0.02%	$846,741	25	0.13%
11	05/31/2021	$891,269	33	0.14%	$107,918	4	0.02%	$332,853	11	0.05%	$113,036	3	0.02%	$553,808	18	0.09%
12	06/30/2021	$1,156,789	43	0.20%	$155,484	5	0.03%	$214,353	8	0.04%	$184,239	5	0.03%	$554,075	18	0.09%
13	07/31/2021	$907,592	37	0.16%	$213,331	8	0.04%	$108,430	4	0.02%	$145,864	5	0.03%	$467,626	17	0.08%
14	08/31/2021	$747,418	29	0.14%	$355,987	14	0.07%	$105,952	4	0.02%	$81,956	3	0.02%	$543,894	21	0.10%
15	09/30/2021	$825,453	39	0.16%	$262,683	11	0.05%	$122,818	5	0.02%	$59,675	2	0.01%	$445,176	18	0.09%
16	10/31/2021	$634,126	27	0.13%	$327,288	15	0.07%	$161,061	5	0.03%	$61,252	3	0.01%	$549,601	23	0.12%
17	11/30/2021	$836,631	36	0.19%	$134,039	5	0.03%	$209,426	9	0.05%	$97,888	3	0.02%	$441,353	17	0.10%
18	12/31/2021	$1,035,705	49	0.24%	$179,590	8	0.04%	$140,699	6	0.03%	$38,696	2	0.01%	$358,986	16	0.08%
19	01/31/2022	$816,662	35	0.20%	$260,664	11	0.06%	$82,584	4	0.02%	$111,265	5	0.03%	$454,513	20	0.11%
20	02/28/2022	$1,036,491	45	0.27%	$384,996	13	0.10%	$136,203	6	0.04%	$32,041	2	0.01%	$553,240	21	0.15%
21	03/31/2022	$762,198	34	0.21%	$622,085	26	0.17%	$121,624	3	0.03%	$43,754	3	0.01%	$787,463	32	0.22%
22	04/30/2022	$761,507	35	0.23%	$233,637	10	0.07%	$202,581	10	0.06%	$121,624	3	0.04%	$557,841	23	0.17%
23	05/31/2022	$967,361	46	0.30%	$278,834	10	0.09%	$92,966	5	0.03%	$24,274	1	0.01%	$396,075	16	0.12%
24	06/30/2022	$824,373	42	0.28%	$331,742	11	0.11%	$52,227	2	0.02%	$79,242	4	0.03%	$463,211	17	0.15%
25	07/31/2022	$737,566	39	0.26%	$297,336	13	0.11%	$139,212	4	0.05%	$49,574	3	0.02%	$486,122	20	0.17%
26	08/31/2022	$826,068	52	0.31%	$235,262	10	0.09%	$101,593	4	0.04%	$0	0	0.00%	$336,854	14	0.13%
27	09/30/2022	$761,575	46	0.31%	$351,764	16	0.14%	$60,774	4	0.02%	$49,813	2	0.02%	$462,351	22	0.19%
28	10/31/2022	$1,058,535	60	0.45%	$280,522	16	0.12%	$252,735	11	0.11%	$16,101	1	0.01%	$549,358	28	0.24%
29	11/30/2022	$1,018,049	56	0.47%	$321,358	20	0.15%	$167,104	8	0.08%	$109,254	6	0.05%	$597,716	34	0.27%
30	12/31/2022	$970,538	56	0.47%	$397,451	21	0.19%	$138,037	10	0.07%	$78,526	4	0.04%	$614,014	35	0.30%
31	01/31/2023	$894,838	52	0.47%	$269,071	17	0.14%	$196,131	13	0.10%	$66,800	5	0.04%	$532,002	35	0.28%
32	02/28/2023	$845,949	55	0.48%	$245,438	16	0.14%	$111,481	7	0.06%	$121,755	6	0.07%	$478,674	29	0.27%
33	03/31/2023	$977,934	59	0.60%	$163,678	10	0.10%	$35,210	2	0.02%	$51,159	5	0.03%	$250,046	17	0.15%
34	04/30/2023	$669,946	47	0.44%	$177,122	15	0.12%	$29,268	2	0.02%	$0	0	0.00%	$206,390	17	0.14%
35	05/31/2023	$734,622	52	0.52%	$230,635	17	0.16%	$24,851	2	0.02%	$13,422	1	0.01%	$268,908	20	0.19%
36	06/30/2023	$809,266	57	0.63%	$237,775	19	0.18%	$56,510	5	0.04%	$24,851	2	0.02%	$319,137	26	0.25%
37	07/31/2023	$893,808	59	0.75%	$207,069	18	0.17%	$32,321	3	0.03%	$16,201	3	0.01%	$255,591	24	0.22%
38	08/31/2023	$480,246	42	0.44%	$258,422	21	0.24%	$39,415	3	0.04%	$7,143	1	0.01%	$304,980	25	0.28%
39	09/30/2023	$608,126	47	0.61%	$266,247	20	0.27%	$30,089	3	0.03%	$20,736	3	0.02%	$317,072	26	0.32%
40	10/31/2023	$622,642	46	0.69%	$189,225	18	0.21%	$52,281	6	0.06%	$5,504	1	0.01%	$247,010	25	0.27%
41	11/30/2023	$445,951	41	0.55%	$211,000	18	0.26%	$108,187	10	0.13%	$17,236	3	0.02%	$336,423	31	0.41%
42	12/31/2023	$496,447	41	0.67%	$208,094	18	0.28%	$60,762	5	0.08%	$21,098	4	0.03%	$289,954	27	0.39%
43	01/31/2024	$517,139	46	0.79%	$181,679	17	0.28%	$51,813	5	0.08%	$6,737	1	0.01%	$240,229	23	0.37%

Month	Date	Ending Aggregate Principal Balance	Cumulative Loss	Cumulative Loss as a % of Original Aggregate Principal Balance	Prepayments	Weighted Average APR
1	07/31/2020	$973,144,297	$0	0.00%	$28,860,910	3.35%
2	08/31/2020	$934,335,785	$6,077	0.00%	$13,811,484	3.35%
3	09/30/2020	$895,299,195	$6,077	0.00%	$15,186,004	3.36%
4	10/31/2020	$858,426,901	($1,072)	0.00%	$12,995,426	3.36%
5	11/30/2020	$823,921,245	$13,155	0.00%	$12,851,570	3.37%
6	12/31/2020	$787,278,029	$13,155	0.00%	$13,859,871	3.37%
7	01/31/2021	$751,074,339	$57,907	0.01%	$13,863,220	3.37%
8	02/28/2021	$720,584,081	$57,907	0.01%	$10,073,414	3.38%
9	03/31/2021	$683,714,638	$59,972	0.01%	$14,843,952	3.38%
10	04/30/2021	$651,217,832	$68,054	0.01%	$12,241,649	3.38%
11	05/31/2021	$620,554,426	$68,054	0.01%	$11,819,295	3.38%
12	06/30/2021	$588,676,832	$67,315	0.01%	$13,324,370	3.39%
13	07/31/2021	$558,052,632	$73,701	0.01%	$12,442,193	3.39%
14	08/31/2021	$529,436,580	$70,936	0.01%	$11,224,913	3.40%
15	09/30/2021	$501,082,073	$78,857	0.01%	$11,427,333	3.40%
16	10/31/2021	$475,564,533	$82,451	0.01%	$8,751,932	3.40%
17	11/30/2021	$450,122,641	$79,225	0.01%	$9,478,687	3.41%
18	12/31/2021	$425,679,109	$78,748	0.01%	$8,656,988	3.41%
19	01/31/2022	$401,255,967	$78,748	0.01%	$9,458,013	3.41%
20	02/28/2022	$380,197,975	$77,475	0.01%	$6,674,090	3.42%
21	03/31/2022	$357,316,043	$93,067	0.01%	$7,958,255	3.43%
22	04/30/2022	$337,184,886	$105,934	0.01%	$6,127,683	3.43%
23	05/31/2022	$317,947,763	$107,176	0.01%	$5,872,603	3.43%
24	06/30/2022	$299,234,828	$102,861	0.01%	$5,721,478	3.44%
25	07/31/2022	$281,929,623	$118,242	0.01%	$4,620,248	3.45%
26	08/31/2022	$264,566,563	$116,321	0.01%	$4,942,846	3.46%
27	09/30/2022	$248,385,502	$127,910	0.01%	$4,322,333	3.47%
28	10/31/2022	$233,554,762	$137,725	0.01%	$3,493,518	3.48%
29	11/30/2022	$218,931,796	$147,607	0.01%	$3,498,490	3.48%
30	12/31/2022	$204,373,279	$146,407	0.01%	$3,341,813	3.50%
31	01/31/2023	$190,781,032	$144,759	0.01%	$2,975,350	3.51%
32	02/28/2023	$177,869,788	$143,480	0.01%	$2,792,756	3.52%
33	03/31/2023	$164,082,529	$142,842	0.01%	$3,335,994	3.53%
34	04/30/2023	$151,893,312	$150,482	0.01%	$2,741,031	3.54%
35	05/31/2023	$139,971,949	$159,347	0.02%	$2,650,304	3.55%
36	06/30/2023	$128,864,764	$171,411	0.02%	$2,267,096	3.57%
37	07/31/2023	$118,497,112	$171,411	0.02%	$1,898,751	3.58%
38	08/31/2023	$108,016,911	$180,037	0.02%	$2,144,362	3.59%
39	09/30/2023	$98,899,785	$180,037	0.02%	$1,381,013	3.61%
40	10/31/2023	$89,936,971	$180,037	0.02%	$1,508,084	3.62%
41	11/30/2023	$81,708,000	$186,405	0.02%	$1,209,692	3.63%
42	12/31/2023	$73,563,651	$186,405	0.02%	$1,333,672	3.64%
43	01/31/2024	$65,471,653	$213,124	0.02%	$1,517,357	3.66%
44	02/29/2024	$58,512,047	$215,002	0.02%	$865,225	3.68%
45	03/31/2024	$51,810,757	$225,901	0.02%	$852,272	3.70%

BMW Vehicle Owner Trust 2022-A Static Pool Data Delinquency and Loss Experience
Composition of Original Pool Receivables
Closing Date	May 18, 2022		Original Term
Cutoff Date	March 31, 2022		Weighted Average Original Term	63.93 months
Number of Receivables	54,064		Longest Original Term	72 months
Aggregate Principal Balance	$1,652,928,130		Shortest Original Term	18 months
Principal Balance			Remaining Term
Average Principal Balance	$30,574		Weighted Average Remaining Term	49.93 months
Highest Principal Balance	$176,473		Longest Remaining Term	68 months
Lowest Principal Balance	$1,757		Shortest Remaining Term	6 months
Original Principal Balance			Composition of Top 5 States
Average Original Principal Balance	$42,272		California	17.00%
Highest Original Principal Balance	$226,908		Texas	10.43%
Lowest Original Principal Balance	$4,770		Florida	8.95%
Annual Percentage Rate (APR)			Pennsylvania	4.93%
Weighted Average APR	2.81%		New Jersey	4.76%
Highest APR	14.59%
Lowest APR	0.01%		Percentage New and Used Composition
			New	69.31%
			Used	30.69%
			Weighted Average FICO	788

Month	Date	30-59 Days Delinquent	Number of 30-59 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60-89 Days Delinquent	Number of 60-89 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	90-119 Days Delinquent	Number of 90-119 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	120+ Days Delinquent	Number of 120+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60+ Days Delinquent	Number of 60+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance
1	05/31/2022	$1,214,862	38	0.08%	$101,476	2	0.01%	$0	0	0.00%	$0	0	0.00%	$101,476	2	0.01%
2	06/30/2022	$1,357,687	41	0.09%	$176,989	6	0.01%	$34,902	1	0.00%	$0	0	0.00%	$211,891	7	0.01%
3	07/31/2022	$1,950,766	51	0.14%	$130,413	3	0.01%	$153,207	4	0.01%	$38,657	2	0.00%	$322,276	9	0.02%
4	08/31/2022	$1,543,219	44	0.11%	$517,956	14	0.04%	$124,863	3	0.01%	$52,467	1	0.00%	$695,286	18	0.05%
5	09/30/2022	$2,160,052	65	0.17%	$543,339	14	0.04%	$206,595	5	0.02%	$38,077	1	0.00%	$788,011	20	0.06%
6	10/31/2022	$3,048,396	89	0.24%	$382,469	13	0.03%	$247,996	7	0.02%	$206,136	5	0.02%	$836,602	25	0.07%
7	11/30/2022	$2,841,463	78	0.24%	$1,201,449	33	0.10%	$126,496	4	0.01%	$179,337	4	0.01%	$1,507,282	41	0.12%
8	12/31/2022	$3,136,426	98	0.27%	$1,051,425	27	0.09%	$476,303	15	0.04%	$182,186	6	0.02%	$1,709,915	48	0.15%
9	01/31/2023	$2,958,883	92	0.27%	$1,221,952	36	0.11%	$447,795	12	0.04%	$133,266	7	0.01%	$1,803,014	55	0.16%
10	02/28/2023	$3,223,424	98	0.30%	$827,846	20	0.08%	$511,007	17	0.05%	$433,883	10	0.04%	$1,772,736	47	0.17%
11	03/31/2023	$3,651,127	109	0.36%	$1,141,693	32	0.11%	$132,842	3	0.01%	$299,936	10	0.03%	$1,574,470	45	0.15%
12	04/30/2023	$4,313,901	132	0.44%	$1,386,663	41	0.14%	$466,897	11	0.05%	$164,457	3	0.02%	$2,018,017	55	0.21%
13	05/31/2023	$4,154,410	132	0.45%	$1,502,422	46	0.16%	$491,606	14	0.05%	$305,127	6	0.03%	$2,299,155	66	0.25%
14	06/30/2023	$3,487,462	116	0.39%	$1,137,570	36	0.13%	$421,395	16	0.05%	$302,974	9	0.03%	$1,861,939	61	0.21%
15	07/31/2023	$4,256,788	140	0.50%	$1,422,262	46	0.17%	$309,506	13	0.04%	$293,483	12	0.03%	$2,025,251	71	0.24%
16	08/31/2023	$3,764,123	126	0.47%	$1,668,924	52	0.21%	$506,447	16	0.06%	$239,116	9	0.03%	$2,414,487	77	0.30%
17	09/30/2023	$3,201,597	115	0.42%	$1,462,418	47	0.19%	$554,186	17	0.07%	$251,896	8	0.03%	$2,268,500	72	0.30%
18	10/31/2023	$2,879,531	99	0.39%	$1,034,957	41	0.14%	$503,655	16	0.07%	$429,746	13	0.06%	$1,968,358	70	0.27%
19	11/30/2023	$3,127,740	114	0.45%	$1,512,750	54	0.22%	$494,569	19	0.07%	$345,716	10	0.05%	$2,353,035	83	0.34%
20	12/31/2023	$3,703,723	145	0.56%	$1,341,906	46	0.20%	$693,979	23	0.11%	$140,292	5	0.02%	$2,176,176	74	0.33%
21	01/31/2024	$3,792,529	139	0.61%	$1,467,063	54	0.23%	$531,069	18	0.09%	$432,695	14	0.07%	$2,430,827	86	0.39%
22	02/29/2024	$3,568,811	134	0.60%	$889,043	37	0.15%	$477,133	16	0.08%	$208,348	8	0.04%	$1,574,525	61	0.27%
23	03/31/2024	$3,175,831	127	0.57%	$1,423,213	49	0.25%	$348,304	10	0.06%	$194,185	6	0.03%	$1,965,702	65	0.35%
24	04/30/2024	$3,363,080	130	0.64%	$1,156,069	47	0.22%	$506,255	15	0.10%	$233,280	7	0.04%	$1,895,603	69	0.36%
25	05/31/2024	$3,157,251	127	0.64%	$1,387,139	54	0.28%	$201,796	9	0.04%	$380,994	11	0.08%	$1,969,929	74	0.40%
26	06/30/2024	$3,286,999	139	0.71%	$1,492,327	60	0.32%	$444,288	16	0.10%	$93,979	4	0.02%	$2,030,594	80	0.44%
27	07/31/2024	$3,540,755	149	0.81%	$1,268,265	54	0.29%	$300,276	15	0.07%	$259,551	8	0.06%	$1,828,092	77	0.42%
28	08/31/2024	$3,089,545	126	0.76%	$1,404,225	56	0.34%	$369,255	18	0.09%	$156,752	7	0.04%	$1,930,232	81	0.47%
29	09/30/2024	$3,271,874	145	0.86%	$1,030,281	40	0.27%	$483,153	20	0.13%	$201,547	9	0.05%	$1,714,982	69	0.45%
30	10/31/2024	$3,106,781	136	0.88%	$979,794	45	0.28%	$320,314	12	0.09%	$327,300	14	0.09%	$1,627,408	71	0.46%
31	11/30/2024	$3,328,048	158	1.01%	$1,057,686	47	0.32%	$243,941	11	0.07%	$189,978	7	0.06%	$1,491,606	65	0.45%
32	12/31/2024	$3,170,048	151	1.04%	$1,307,809	64	0.43%	$136,488	7	0.04%	$146,265	6	0.05%	$1,590,563	77	0.52%
33	01/31/2025	$2,835,639	132	1.01%	$784,303	39	0.28%	$540,180	29	0.19%	$85,728	4	0.03%	$1,410,211	72	0.50%
34	02/28/2025	$2,777,909	148	1.07%	$738,697	36	0.29%	$287,979	15	0.11%	$237,875	14	0.09%	$1,264,552	65	0.49%
35	03/31/2025	$3,233,742	160	1.36%	$607,021	34	0.26%	$172,536	10	0.07%	$147,028	7	0.06%	$926,585	51	0.39%
36	04/30/2025	$2,701,745	147	1.25%	$830,153	40	0.38%	$202,890	13	0.09%	$62,045	3	0.03%	$1,095,088	56	0.51%
37	05/31/2025	$2,799,251	141	1.42%	$650,876	39	0.33%	$168,242	9	0.09%	$81,299	5	0.04%	$900,417	53	0.46%
38	06/30/2025	$2,328,606	132	1.30%	$1,093,172	54	0.61%	$159,981	10	0.09%	$122,169	7	0.07%	$1,375,321	71	0.77%
39	07/31/2025	$2,185,347	137	1.36%	$808,773	37	0.50%	$284,222	16	0.18%	$43,598	3	0.03%	$1,136,593	56	0.71%
40	08/31/2025	$2,145,124	134	1.49%	$575,046	35	0.40%	$178,233	8	0.12%	$136,837	10	0.10%	$890,116	53	0.62%
41	09/30/2025	$2,042,582	137	1.59%	$728,460	40	0.57%	$126,496	7	0.10%	$27,188	3	0.02%	$882,144	50	0.69%
42	10/31/2025	$2,007,264	140	1.76%	$611,940	41	0.54%	$182,041	10	0.16%	$12,759	1	0.01%	$806,739	52	0.71%
43	11/30/2025	$1,820,759	132	1.79%	$817,519	56	0.80%	$248,679	17	0.24%	$35,033	3	0.03%	$1,101,231	76	1.08%

44	12/31/2025	$1,831,276	136	2.05%	$740,118	52	0.83%	$239,943	16	0.27%	$81,830	5	0.09%	$1,061,891	73	1.19%
45	01/31/2026	$1,679,697	135	2.15%	$665,822	49	0.85%	$232,942	17	0.30%	$38,207	4	0.05%	$936,970	70	1.20%

Month	Date	Ending Aggregate Principal Balance	Cumulative Loss	Cumulative Loss as a % of Original Aggregate Principal Balance	Prepayments	Weighted Average APR
1	05/31/2022	$1,532,141,718	$0	0.00%	$40,094,368	2.81%
2	06/30/2022	$1,472,087,151	$0	0.00%	$21,551,299	2.81%
3	07/31/2022	$1,417,146,470	$0	0.00%	$16,718,777	2.81%
4	08/31/2022	$1,361,430,311	$0	0.00%	$18,948,590	2.82%
5	09/30/2022	$1,305,886,738	$0	0.00%	$19,721,468	2.82%
6	10/31/2022	$1,255,034,841	$0	0.00%	$16,122,890	2.82%
7	11/30/2022	$1,206,567,182	$0	0.00%	$14,213,738	2.82%
8	12/31/2022	$1,159,632,531	$0	0.00%	$12,902,604	2.83%
9	01/31/2023	$1,112,208,159	$51,586	0.00%	$14,528,847	2.83%
10	02/28/2023	$1,069,209,854	$46,361	0.00%	$10,937,765	2.83%
11	03/31/2023	$1,021,462,873	$73,675	0.00%	$14,357,629	2.83%
12	04/30/2023	$977,871,906	$113,941	0.01%	$12,834,277	2.83%
13	05/31/2023	$933,111,907	$146,994	0.01%	$13,590,379	2.84%
14	06/30/2023	$889,921,578	$181,539	0.01%	$12,680,551	2.84%
15	07/31/2023	$849,069,981	$196,084	0.01%	$11,987,049	2.84%
16	08/31/2023	$806,960,541	$267,188	0.02%	$13,138,082	2.84%
17	09/30/2023	$768,404,081	$408,112	0.02%	$10,208,971	2.85%
18	10/31/2023	$730,311,849	$547,748	0.03%	$10,484,944	2.85%
19	11/30/2023	$694,954,854	$581,456	0.04%	$8,733,709	2.85%
20	12/31/2023	$659,801,403	$603,795	0.04%	$9,048,172	2.85%
21	01/31/2024	$624,358,784	$637,774	0.04%	$10,086,506	2.86%
22	02/29/2024	$591,617,471	$656,590	0.04%	$8,021,168	2.86%
23	03/31/2024	$558,684,352	$730,809	0.04%	$8,201,153	2.87%
24	04/30/2024	$526,655,037	$800,865	0.05%	$8,179,677	2.87%
25	05/31/2024	$494,575,644	$869,263	0.05%	$8,808,473	2.88%
26	06/30/2024	$465,773,809	$924,400	0.06%	$7,055,956	2.89%
27	07/31/2024	$436,464,193	$927,285	0.06%	$7,501,296	2.89%
28	08/31/2024	$407,720,605	$1,042,573	0.06%	$7,335,147	2.89%
29	09/30/2024	$381,509,548	$1,139,318	0.07%	$6,069,597	2.90%
30	10/31/2024	$354,768,828	$1,236,203	0.07%	$6,947,532	2.91%
31	11/30/2024	$329,738,871	$1,306,685	0.08%	$5,920,293	2.92%
32	12/31/2024	$304,792,609	$1,327,709	0.08%	$ 6,339,637	2.94%
33	01/31/2025	$281,075,538	$1,363,435	0.08%	$ 5,835,974	2.95%
34	02/28/2025	$259,188,293	$1,371,225	0.08%	$ 5,108,507	2.96%
35	03/31/2025	$237,306,317	$1,431,225	0.09%	$ 4,651,322	2.97%
36	04/30/2025	$216,188,361	$1,463,698	0.09%	$ 5,088,795	2.99%
37	05/31/2025	$196,684,130	$1,481,488	0.09%	$ 3,874,642	3.01%
38	06/30/2025	$178,564,053	$1,468,802	0.09%	$ 3,790,365	3.03%
39	07/31/2025	$160,576,279	$1,500,007	0.09%	$ 3,718,759	3.06%
40	08/31/2025	$143,879,224	$1,548,461	0.09%	$ 3,334,699	3.08%
41	09/30/2025	$128,483,271	$1,655,761	0.10%	$ 3,101,151	3.11%
42	10/31/2025	$114,190,990	$1,657,313	0.10%	$ 2,453,412	3.14%
43	11/30/2025	$101,851,765	$1,692,705	0.10%	$ 1,717,335	3.17%
44	12/31/2025	$89,343,285	$1,728,834	0.10%	$ 2,160,691	3.22%
45	1/31/2026	$78,280,150	$1,751,341	0.11%	$ 1,678,376	3.26%

BMW Vehicle Owner Trust 2023-A Static Pool Data Delinquency and Loss Experience
Composition of Original Pool Receivables
Closing Date	July 18, 2023		Original Term
Cutoff Date	May 31, 2023		Weighted Average Original Term	64.56 months
Number of Receivables	45,857		Longest Original Term	72 months
Aggregate Principal Balance	$1,670,093,595		Shortest Original Term	24 months
Principal Balance			Remaining Term
Average Principal Balance	$36,420		Weighted Average Remaining Term	51.78 months
Highest Principal Balance	$185,270		Longest Remaining Term	71 months
Lowest Principal Balance	$1,752		Shortest Remaining Term	6 months
Original Principal Balance			Composition of Top 5 States
Average Original Principal Balance	$49,079		California	18.14%
Highest Original Principal Balance	$210,255		Texas	12.21%
Lowest Original Principal Balance	$3,500		Florida	10.54%
Annual Percentage Rate (APR)			New Jersey	5.75%
Weighted Average APR	4.37%		Georgia	4.73%
Highest APR	14.99%
Lowest APR	0.01%		Percentage New and Used Composition
			New	80.52%
			Used	19.48%
			Weighted Average FICO	787

Month	Date	30-59 Days Delinquent	Number of 30-59 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60-89 Days Delinquent	Number of 60-89 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	90-119 Days Delinquent	Number of 90-119 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	120+ Days Delinquent	Number of 120+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60+ Days Delinquent	Number of 60+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance
1	07/31/2023	$2,577,887	57	0.17%	$496,184	9	0.03%	$13,803	1	0.00%	$0	0	0.00%	$509,987	10	0.03%
2	08/31/2023	$1,969,115	49	0.13%	$643,502	14	0.04%	$339,258	6	0.02%	$10,707	1	0.00%	$993,468	21	0.07%
3	09/30/2023	$2,548,622	58	0.18%	$610,255	15	0.04%	$402,828	10	0.03%	$188,322	3	0.01%	$1,201,405	28	0.08%
4	10/31/2023	$3,274,058	75	0.24%	$930,572	18	0.07%	$328,074	9	0.02%	$368,581	7	0.03%	$1,627,227	34	0.12%
5	11/30/2023	$3,262,383	83	0.24%	$1,187,519	25	0.09%	$455,204	10	0.03%	$220,448	6	0.02%	$1,863,171	41	0.14%
6	12/31/2023	$4,677,374	101	0.36%	$1,436,020	37	0.11%	$652,962	12	0.05%	$307,956	7	0.02%	$2,396,937	56	0.19%
7	01/31/2024	$4,443,409	98	0.36%	$1,609,795	35	0.13%	$752,712	16	0.06%	$457,875	9	0.04%	$2,820,383	60	0.23%
8	02/29/2024	$5,129,172	114	0.43%	$1,419,137	27	0.12%	$693,341	17	0.06%	$426,770	8	0.04%	$2,539,248	52	0.21%
9	03/31/2024	$5,794,860	119	0.51%	$1,699,050	40	0.15%	$642,688	12	0.06%	$781,054	15	0.07%	$3,122,791	67	0.27%
10	04/30/2024	$4,355,802	103	0.40%	$1,906,213	36	0.17%	$574,064	13	0.05%	$327,046	7	0.03%	$2,807,323	56	0.26%
11	05/31/2024	$5,107,012	110	0.49%	$1,986,790	43	0.19%	$843,338	15	0.08%	$264,151	7	0.03%	$3,094,279	65	0.30%
12	06/30/2024	$4,612,638	103	0.46%	$2,278,093	47	0.23%	$978,860	20	0.10%	$321,235	6	0.03%	$3,578,189	73	0.36%
13	07/31/2024	$5,945,827	149	0.62%	$1,801,563	43	0.19%	$1,171,246	21	0.12%	$589,038	10	0.06%	$3,561,847	74	0.37%
14	08/31/2024	$5,579,274	135	0.61%	$2,299,380	56	0.25%	$852,516	20	0.09%	$415,765	8	0.05%	$3,567,661	84	0.39%
15	09/30/2024	$5,204,932	127	0.60%	$2,984,669	63	0.34%	$955,980	21	0.11%	$357,382	10	0.04%	$4,298,030	94	0.49%
16	10/31/2024	$5,651,932	128	0.68%	$1,533,733	42	0.19%	$909,035	19	0.11%	$648,145	13	0.08%	$3,090,913	74	0.37%
17	11/30/2024	$5,240,123	136	0.67%	$2,249,785	48	0.29%	$711,412	18	0.09%	$692,954	13	0.09%	$3,654,151	79	0.47%
18	12/31/2024	$5,219,098	143	0.70%	$2,874,072	63	0.39%	$687,685	17	0.09%	$378,229	11	0.05%	$3,939,986	91	0.53%
19	01/31/2025	$5,535,298	142	0.79%	$2,330,859	58	0.33%	$1,069,878	22	0.15%	$482,985	9	0.07%	$3,883,723	89	0.55%
20	02/28/2025	$5,658,570	158	0.85%	$2,186,750	46	0.33%	$823,050	19	0.12%	$591,046	12	0.09%	$3,600,846	77	0.54%
21	03/31/2025	$6,055,118	173	0.96%	$1,861,968	50	0.30%	$698,677	14	0.11%	$331,722	8	0.05%	$2,892,367	72	0.46%
22	04/30/2025	$5,487,171	147	0.92%	$1,820,859	56	0.31%	$931,496	23	0.16%	$400,285	7	0.07%	$3,152,640	86	0.53%
23	05/31/2025	$4,498,089	141	0.80%	$1,905,839	48	0.34%	$623,980	20	0.11%	$362,769	8	0.06%	$2,892,588	76	0.52%
24	06/30/2025	$4,776,591	152	0.91%	$2,278,578	62	0.43%	$285,998	9	0.05%	$204,892	7	0.04%	$2,769,468	78	0.53%
25	07/31/2025	$4,884,967	160	0.99%	$2,031,036	56	0.41%	$537,335	13	0.11%	$171,784	5	0.03%	$2,740,156	74	0.56%
26	08/31/2025	$4,843,782	155	1.05%	$2,124,447	64	0.46%	$321,493	9	0.07%	$383,359	9	0.08%	$2,829,299	82	0.61%
27	09/30/2025	$4,763,131	143	1.11%	$1,818,484	51	0.42%	$550,069	17	0.13%	$95,219	4	0.02%	$2,463,772	72	0.57%
28	10/31/2025	$4,721,628	162	1.18%	$1,864,561	51	0.46%	$237,312	10	0.06%	$177,419	5	0.04%	$2,279,292	66	0.57%
29	11/30/2025	$4,358,481	158	1.16%	$1,977,478	58	0.53%	$284,963	8	0.08%	$102,967	4	0.03%	$2,365,408	70	0.63%
30	12/31/2025	$4,699,507	165	1.35%	$1,773,952	63	0.51%	$426,530	12	0.12%	$107,173	2	0.03%	$2,307,654	77	0.66%
31	01/31/2026	$4,392,443	162	1.36%	$1,921,375	60	0.60%	$541,404	19	0.17%	$122,456	4	0.04%	$2,585,235	83	0.80%
32	02/28/2026	$4,219,971	158	1.40%	$1,807,292	62	0.60%	$183,753	7	0.06%	$106,173	5	0.04%	$2,097,218	74	0.70%
33	03/31/2026	$4,211,547	169	1.52%	$1,228,173	44	0.44%	$264,263	11	0.10%	$21,389	3	0.01%	$1,513,825	58	0.55%
34	04/30/2026	$3,604,041	136	1.41%	$1,555,588	64	0.61%	$358,786	13	0.14%	$12,361	3	0.00%	$1,926,736	80	0.75%
35	05/31/2026	$3,496,642	145	1.49%	$1,378,329	50	0.59%	$167,233	12	0.07%	$165,601	5	0.07%	$1,711,163	67	0.73%

Month	Date	Ending Aggregate Principal Balance	Cumulative Loss	Cumulative Loss as a % of Original Aggregate Principal Balance	Prepayments	Weighted Average APR
1	07/31/2023	$1,552,523,972	$0	0.00%	$39,345,818	4.38%
2	08/31/2023	$1,495,318,211	$10,581	0.00%	$19,423,313	4.39%
3	09/30/2023	$1,443,665,830	$10,581	0.00%	$15,589,154	4.40%
4	10/31/2023	$1,390,630,776	$31,810	0.00%	$16,914,741	4.41%
5	11/30/2023	$1,338,612,742	$31,810	0.00%	$17,111,219	4.42%
6	12/31/2023	$1,286,662,336	$41,784	0.00%	$16,942,004	4.43%
7	01/31/2024	$1,235,070,202	$83,891	0.01%	$17,378,781	4.45%
8	02/29/2024	$1,187,451,828	$209,295	0.01%	$14,672,230	4.46%
9	03/31/2024	$1,138,896,035	$309,981	0.02%	$14,808,408	4.47%
10	04/30/2024	$1,090,831,079	$360,164	0.02%	$15,544,390	4.48%
11	05/31/2024	$1,042,683,889	$483,419	0.03%	$15,897,720	4.50%
12	06/30/2024	$999,147,798	$490,435	0.03%	$13,510,252	4.51%
13	07/31/2024	$953,880,719	$701,183	0.04%	$14,442,601	4.53%
14	08/31/2024	$910,149,113	$787,813	0.05%	$13,719,751	4.55%
15	09/30/2024	$869,793,535	$913,879	0.05%	$12,231,817	4.56%
16	10/31/2024	$825,756,212	$948,515	0.06%	$15,396,340	4.58%
17	11/30/2024	$785,372,812	$1,093,773	0.07%	$12,688,615	4.60%
18	12/31/2024	$743,088,856	$1,301,005	0.08%	$14,580,431	4.62%
19	01/31/2025	$702,378,370	$1,374,729	0.08%	$14,232,131	4.64%
20	02/28/2025	$666,893,199	$1,487,264	0.09%	$10,296,601	4.66%
21	03/31/2025	$629,845,680	$1,576,633	0.09%	$11,401,867	4.68%
22	04/30/2025	$593,454,756	$1,717,971	0.10%	$12,263,460	4.71%
23	05/31/2025	$558,788,869	$1,799,916	0.11%	$10,805,054	4.73%
24	06/30/2025	$525,917,203	$1,951,912	0.12%	$10,550,698	4.75%
25	07/31/2025	$492,877,639	$2,117,411	0.13%	$10,478,427	4.78%
26	08/31/2025	$461,495,225	$2,234,876	0.13%	$9,657,256	4.81%
27	09/30/2025	$430,855,639	$2,450,145	0.15%	$10,034,714	4.83%
28	10/31/2025	$401,090,250	$2,554,948	0.15%	$9,261,820	4.86%
29	11/30/2025	$375,366,708	$2,597,235	0.16%	$7,085,615	4.90%
30	12/31/2025	$347,425,580	$2,667,162	0.16%	$9,407,769	4.93%
31	01/31/2026	$322,607,736	$2,725,977	0.16%	$7,084,130	4.97%
32	02/28/2026	$300,373,869	$2,813,494	0.17%	$5,667,372	5.00%
33	03/31/2026	$276,881,495	$2,872,934	0.17%	$6,999,379	5.04%
34	04/30/2026	$255,747,200	$2,937,200	0.18%	$5,620,740	5.07%
35	05/31/2026	$235,373,622	$3,044,902	0.18%	$5,443,182	5.11%

BMW Vehicle Owner Trust 2024-A Static Pool Data Delinquency and Loss Experience
Composition of Original Pool Receivables
Closing Date	June 11, 2024		Original Term
Cutoff Date	April 30, 2024		Weighted Average Original Term	64.90 months
Number of Receivables	49,605		Longest Original Term	72 months
Aggregate Principal Balance	$1,909,993,688.45		Shortest Original Term	24 months
Principal Balance			Remaining Term
Average Principal Balance	$38,504		Weighted Average Remaining Term	52.11 months
Highest Principal Balance	$184,024		Longest Remaining Term	71 months
Lowest Principal Balance	$1,771		Shortest Remaining Term	6 months
Original Principal Balance			Composition of Top 5 States
Average Original Principal Balance	$51,987		California	16.65%
Highest Original Principal Balance	$206,170		Texas	13.10%
Lowest Original Principal Balance	$3,823		Florida	11.01%
Annual Percentage Rate (APR)			New Jersey	6.05%
Weighted Average APR	5.35%		Georgia	4.85%
Highest APR	14.84%
Lowest APR	0.09%		Percentage New and Used Composition
			New	81.03%
			Used	18.97%
			Weighted Average FICO	789

Month	Date	30-59 Days Delinquent	Number of 30-59 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60-89 Days Delinquent	Number of 60-89 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	90-119 Days Delinquent	Number of 90-119 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	120+ Days Delinquent	Number of 120+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60+ Days Delinquent	Number of 60+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance
1	06/30/2024	$2,589,674	54	0.15%	$460,739	8	0.03%	$0	0	0.00%	$0	0	0.00%	$460,739	8	0.03%
2	07/31/2024	$3,634,917	72	0.21%	$868,663	13	0.05%	$396,327	6	0.02%	$0	0	0.00%	$1,264,990	19	0.07%
3	08/31/2024	$3,525,006	69	0.21%	$1,325,561	25	0.08%	$336,585	6	0.02%	$388,734	5	0.02%	$2,050,880	36	0.12%
4	09/30/2024	$4,214,071	86	0.27%	$1,356,537	25	0.09%	$544,481	11	0.03%	$331,678	5	0.02%	$2,232,696	41	0.14%
5	10/31/2024	$4,671,477	90	0.31%	$1,258,995	26	0.08%	$221,623	7	0.01%	$377,098	6	0.02%	$1,857,716	39	0.12%
6	11/30/2024	$5,591,393	111	0.38%	$1,818,996	34	0.12%	$975,334	21	0.07%	$270,370	6	0.02%	$3,064,700	61	0.21%
7	12/31/2024	$5,128,782	113	0.37%	$1,941,736	39	0.14%	$1,028,689	17	0.07%	$701,043	15	0.05%	$3,671,467	71	0.26%
8	1/31/2025	$4,329,312	85	0.32%	$2,225,145	47	0.17%	$1,085,430	23	0.08%	$644,986	8	0.05%	$3,955,561	78	0.30%
9	2/28/2025	$4,846,450	104	0.38%	$1,848,863	34	0.14%	$614,404	16	0.05%	$374,324	9	0.03%	$2,837,591	59	0.22%
10	3/31/2025	$6,259,384	135	0.51%	$1,446,605	25	0.12%	$559,357	12	0.05%	$626,740	15	0.05%	$2,632,701	52	0.21%
11	4/30/2025	$5,510,602	123	0.47%	$1,768,455	39	0.15%	$322,036	5	0.03%	$257,835	6	0.02%	$2,348,327	50	0.20%
12	5/31/2025	$4,739,926	114	0.43%	$1,962,950	40	0.18%	$388,452	11	0.03%	$338,012	5	0.03%	$2,689,413	56	0.24%
13	6/30/2025	$5,022,919	117	0.47%	$1,469,825	35	0.14%	$862,311	18	0.08%	$223,964	6	0.02%	$2,556,101	59	0.24%
14	7/31/2025	$6,507,586	146	0.64%	$1,570,093	33	0.16%	$565,818	12	0.06%	$217,526	7	0.02%	$2,353,437	52	0.23%
15	8/31/2025	$5,391,095	142	0.56%	$1,964,404	36	0.20%	$834,546	17	0.09%	$157,870	5	0.02%	$2,956,820	58	0.31%
16	9/30/2025	$5,220,002	133	0.57%	$1,915,254	47	0.21%	$834,672	14	0.09%	$440,047	7	0.05%	$3,189,973	68	0.35%
17	10/31/2025	$6,342,503	167	0.74%	$1,804,829	47	0.21%	$322,544	12	0.04%	$334,951	8	0.04%	$2,462,324	67	0.29%
18	11/30/2025	$6,298,734	162	0.77%	$2,145,597	54	0.26%	$464,798	13	0.06%	$51,977	6	0.01%	$2,662,372	73	0.33%
19	12/31/2025	$5,873,253	162	0.77%	$1,797,943	49	0.23%	$831,658	21	0.11%	$99,489	4	0.01%	$2,729,090	74	0.36%
20	1/31/2026	$5,984,805	153	0.83%	$1,839,857	50	0.25%	$467,723	13	0.06%	$381,990	10	0.05%	$2,689,570	73	0.37%
21	2/28/2026	$4,433,838	124	0.65%	$2,206,823	54	0.32%	$678,022	14	0.10%	$103,351	4	0.02%	$2,988,195	72	0.44%
22	3/31/2026	$6,138,024	163	0.95%	$1,746,881	40	0.27%	$482,490	13	0.08%	$261,929	5	0.04%	$2,491,300	58	0.39%
23	4/30/2026	$4,096,269	125	0.68%	$2,604,505	67	0.43%	$451,755	10	0.07%	$253,159	5	0.04%	$3,309,419	82	0.55%
24	5/31/2026	$4,142,964	139	0.73%	$1,740,204	44	0.31%	$853,375	23	0.15%	$294,324	5	0.05%	$2,887,902	72	0.51%

Month	Date	Ending Aggregate Principal Balance	Cumulative Loss	Cumulative Loss as a % of Original Aggregate Principal Balance	Prepayments	Weighted Average APR
1	06/30/2024	$1,774,380,690	$0	0.00%	$44,481,644	5.37%
2	07/31/2024	$1,710,601,107	$55,478	0.00%	$20,001,239	5.38%
3	08/31/2024	$1,646,526,033	$59,229	0.00%	$21,412,274	5.39%
4	09/30/2024	$1,586,789,190	$116,936	0.01%	$19,427,530	5.40%
5	10/31/2024	$1,522,474,478	$167,341	0.01%	$23,377,281	5.41%
6	11/30/2024	$1,461,291,515	$285,374	0.01%	$21,495,564	5.42%
7	12/31/2024	$1,397,519,937	$273,091	0.01%	$24,466,244	5.43%
8	01/31/2025	$1,337,118,659	$318,491	0.02%	$22,157,725	5.45%
9	02/28/2025	$1,282,623,230	$524,299	0.03%	$17,168,466	5.46%
10	03/31/2025	$1,225,188,859	$685,318	0.04%	$20,061,895	5.47%
11	04/30/2025	$1,168,431,940	$895,288	0.05%	$20,821,528	5.48%
12	05/31/2025	$1,114,192,929	$988,924	0.05%	$19,217,909	5.50%
13	06/30/2025	$1,064,218,284	$1,233,845	0.06%	$16,733,604	5.51%
14	07/31/2025	$1,011,209,041	$1,355,738	0.07%	$19,276,685	5.52%
15	08/31/2025	$959,123,854	$1,487,132	0.08%	$19,195,529	5.54%
16	09/30/2025	$909,402,564	$1,683,797	0.09%	$18,229,452	5.55%
17	10/31/2025	$858,665,877	$1,852,810	0.10%	$19,503,221	5.56%
18	11/30/2025	$814,624,660	$1,925,556	0.10%	$15,074,062	5.58%
19	12/31/2025	$766,400,101	$2,041,985	0.11%	$19,458,486	5.60%
20	01/31/2026	$723,840,182	$2,148,347	0.11%	$14,557,333	5.61%
21	02/28/2026	$685,034,306	$2,229,260	0.12%	$12,109,634	5.63%
22	03/31/2026	$643,127,091	$2,356,015	0.12%	$14,447,465	5.65%
23	04/30/2026	$603,899,495	$2,488,054	0.13%	$13,947,486	5.67%
24	05/31/2026	$567,462,639	$2,564,922	0.13%	$12,061,466	5.69%

BMW Vehicle Owner Trust 2025-A Static Pool Data Delinquency and Loss Experience
Composition of Original Pool Receivables
Closing Date	February 12, 2025		Original Term
Cutoff Date	December 31, 2024		Weighted Average Original Term	65.37 months
Number of Receivables	48,610		Longest Original Term	84 months
Aggregate Principal Balance	$1,897,363,700		Shortest Original Term	24 months
Principal Balance			Remaining Term
Average Principal Balance	$39,032		Weighted Average Remaining Term	53.28 months
Highest Principal Balance	$197,730		Longest Remaining Term	83 months
Lowest Principal Balance	$1,761		Shortest Remaining Term	5 months
Original Principal Balance			Composition of Top 5 States
Average Original Principal Balance	$52,221		California	14.63%
Highest Original Principal Balance	$322,299		Texas	14.54%
Lowest Original Principal Balance	$3,502		Florida	11.63%
Annual Percentage Rate (APR)			New Jersey	5.42%
Weighted Average APR	5.41%		Georgia	4.59%
Highest APR	14.95%
Lowest APR	0.09%		Percentage New and Used Composition
			New	82.24%
			Used	17.76%
			Weighted Average FICO	790

Month	Date	30-59 Days Delinquent	Number of 30-59 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60-89 Days Delinquent	Number of 60-89 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	90-119 Days Delinquent	Number of 90-119 Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	120+ Days Delinquent	Number of 120+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance	60+ Days Delinquent	Number of 60+ Days Delinq. Receiv-ables	% by $ of Ending Aggregate Principal Balance
1	02/28/25	$4,350,159	84	0.25%	$1,167,031	20	0.07%	$0	0	0.00%	$0	0	0.00%	$1,167,031	20	0.07%
2	03/31/25	$4,153,612	86	0.25%	$1,257,808	24	0.07%	$747,162	12	0.04%	$0	0	0.00%	$2,004,970	36	0.12%
3	04/30/25	$4,083,897	77	0.25%	$1,289,798	25	0.08%	$656,144	11	0.04%	$393,933	5	0.02%	$2,339,875	41	0.14%
4	05/31/25	$4,383,176	87	0.28%	$1,752,484	28	0.11%	$232,553	6	0.01%	$217,525	3	0.01%	$2,202,561	37	0.14%
5	06/30/25	$4,023,035	85	0.27%	$1,314,662	26	0.09%	$861,647	16	0.06%	$203,109	5	0.01%	$2,379,417	47	0.16%
6	07/31/25	$4,828,937	98	0.34%	$1,162,382	25	0.08%	$564,912	9	0.04%	$312,192	8	0.02%	$2,039,486	42	0.14%
7	08/31/25	$5,043,754	106	0.37%	$1,783,158	38	0.13%	$514,311	9	0.04%	$147,879	2	0.01%	$2,445,348	49	0.18%
8	09/30/25	$6,288,723	135	0.48%	$2,268,834	44	0.17%	$447,748	12	0.03%	$120,660	3	0.01%	$2,837,242	59	0.21%
9	10/31/25	$6,159,152	133	0.49%	$2,418,554	57	0.19%	$412,859	9	0.03%	$232,871	7	0.02%	$3,064,284	73	0.24%
10	11/30/25	$5,695,851	133	0.47%	$2,041,525	48	0.17%	$1,254,330	25	0.10%	$109,989	5	0.01%	$3,405,844	78	0.28%
11	12/31/25	$6,786,072	141	0.59%	$1,320,939	37	0.11%	$1,090,542	27	0.09%	$619,815	10	0.05%	$3,031,296	74	0.26%
12	01/31/26	$6,022,000	134	0.54%	$1,785,992	39	0.16%	$733,071	23	0.07%	$520,770	12	0.05%	$3,039,833	74	0.27%
13	02/28/26	$6,909,404	147	0.65%	$1,369,343	33	0.13%	$798,650	20	0.08%	$225,727	6	0.02%	$2,393,721	59	0.23%
14	03/31/26	$5,773,301	135	0.57%	$2,496,254	49	0.25%	$532,872	14	0.05%	$214,242	6	0.02%	$3,243,368	69	0.32%
15	04/30/26	$6,200,705	151	0.65%	$1,780,521	40	0.19%	$898,875	17	0.09%	$288,335	9	0.03%	$2,967,731	66	0.31%
16	05/31/26	$5,948,700	144	0.66%	$1,975,728	45	0.22%	$514,608	13	0.06%	$225,235	5	0.02%	$2,715,571	63	0.30%

Month	Date	Ending Aggregate Principal Balance	Cumulative Loss	Cumulative Loss as a % of Original Aggregate Principal Balance	Prepayments	Weighted Average APR
1	2/28/2025	$1,762,358,746	$5,713	0.00%	$46,596,532	5.42%
2	3/31/2025	$1,694,036,283	$2,997	0.00%	$24,784,885	5.42%
3	4/30/2025	$1,627,783,218	$5,294	0.00%	$24,835,151	5.43%
4	5/31/2025	$1,565,422,091	$(14,302)	0.00%	$21,755,494	5.44%
5	6/30/2025	$1,503,107,848	$70,608	0.00%	$23,176,061	5.44%
6	7/31/2025	$1,440,187,246	$202,441	0.01%	$24,291,254	5.44%
7	8/31/2025	$1,380,744,250	$332,305	0.02%	$21,317,707	5.45%
8	9/30/2025	$1,323,648,312	$495,180	0.03%	$20,827,823	5.46%
9	10/31/2025	$1,264,332,439	$541,384	0.03%	$22,686,055	5.46%
10	11/30/2025	$1,212,869,191	$729,602	0.04%	$17,327,128	5.47%
11	12/31/2025	$1,158,027,414	$949,462	0.05%	$20,451,441	5.47%
12	1/31/2026	$1,105,920,104	$1,082,666	0.06%	$18,156,737	5.48%
13	2/28/2026	$1,057,897,782	$1,231,244	0.06%	$15,766,662	5.48%
14	3/31/2026	$1,006,016,843	$1,433,901	0.08%	$18,957,203	5.49%
15	4/30/2026	$955,290,910	$1,630,399	0.09%	$19,361,084	5.49%
16	5/31/2026	$906,998,493	$1,841,326	0.10%	$17,193,484	5.49%

1.

borrowing through Clearstream, Luxembourg for one day (until the purchase side of the day trade is reflected in their Clearstream, Luxembourg accounts) in accordance with the clearing system’s customary procedures;

2.

borrowing the Global Securities in the U.S. from a DTC Participant no later than one day prior to settlement, which would give the Global Securities sufficient time to be reflected in their Clearstream, Luxembourg account in order to settle the sale side of the trade; or

3.

staggering the value dates for the buy and sell sides of the trade so that the value date for the purchase from the DTC Participant is at least one day prior to the value date for the sale to the Clearstream, Luxembourg Participant.

BMW FS Securities LLC Depositor     BMW Financial Services NA, LLC Sponsor, Originator, Seller, Servicer and Administrator		BMW Vehicle Owner Trust 2026-A Issuing Entity
		PROSPECTUS
BMW Bank of North America Originator and Seller   Until ninety days after the date of this prospectus, all dealers effecting transactions in the notes, whether or not participating in this distribution, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.		Underwriters   Barclays Citigroup Mizuho     Co-Managers   SMBC Nikko SOCIETE GENERALE
		August __, 2026