305B2 1 t1bmw20091.htm T1

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

___________________________


FORM T-1


STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE


Check if an application to determine eligibility of a Trustee

pursuant to Section 305 (b)(2) ____


________________________


CITIBANK, N.A.


A National Banking Association

13-5266470

(I.R.S. employer

identification no.)


399 Park Avenue, New York, New York

10043

(Address of principal executive office)

(Zip Code)

_______________________


BMW AUTO LEASING LLC

 (Exact name of Obligor specified in its charter)


Delaware

51-6518223

(State or other jurisdiction of

(I.R.S. employer

incorporation or organization)

identification no.)


300 Chestnut Ridge Road

Woodcliff Lake, New Jersey

07677


BMW VEHICLE  VEHICLE LEASE TRUST 2009-1

(Exact name of Obligor specified in its charter)


Delaware

Applied for

(State or other jurisdiction of

(I.R.S. employer

incorporation or organization)

identification no.)


c/o Wilmington Trust Company, as Owner Trustee

Attn: Corporate Trust Administration

Rodney Square North

1100 North Market Street

Wilmington, Delaware

19890-1600

Or such other address specified in the applicable

Prosepctus Supplement

(Address of principal executive offices)

(Zip Code)



_________________________

Asset Backed Securities


Title of Indenture Securities




Item 1.

General Information.


Furnish the following information as to the trustee:


(a)

Name and address of each examining or supervising authority to which it is subject.


Name

Address

Comptroller of the Currency

Washington, D.C.


Federal Reserve Bank of New York

New York, NY

33 Liberty Street

New York, NY


Federal Deposit Insurance Corporation

Washington, D.C.


(b)

Whether it is authorized to exercise corporate trust powers.


Yes.


Item 2.

Affiliations with Obligor.


If the obligor is an affiliate of the trustee, describe each such affiliation.


None.


Item 16.

List of Exhibits.


List below all exhibits filed as a part of this Statement of Eligibility.


Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as exhibits hereto.


Exhibit 1 - Copy of Articles of Association of the Trustee, as now in effect.  (Exhibit 1 to T-1 to Registration Statement No. 2-79983)


Exhibit 2 - Copy of certificate of authority of the Trustee to commence business.  (Exhibit 2 to T-1 to Registration Statement No. 2-29577).


Exhibit 3 - Copy of authorization of the Trustee to exercise corporate trust powers.  (Exhibit 3 to T-1 to Registration Statement No. 2-55519)


Exhibit 4 - Copy of existing By-Laws of the Trustee.  (Exhibit 4 to T-1 to Registration Statement No. 33-34988)


Exhibit 5 - Not applicable.



Exhibit 6 - The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939.  (Exhibit 6 to T-1 to Registration Statement No. 33-19227.)


Exhibit 7 - Copy of the latest Report of Condition of Citibank, N.A. (as of December 31, 2008 - attached)


Exhibit 8 -  Not applicable.


Exhibit 9 -  Not applicable.


__________________



SIGNATURE


Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, Citibank, N.A., a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York and State of New York, on the 21 day of  May, 2009.




CITIBANK, N.A.


By

 /s/ Louis Piscitelli

Louis Piscitelli

Vice President





CONSOLIDATED BALANCE SHEET

Citibank, N.A. and Subsidiaries


 

 

December 31

In millions of dollars, except shares

2008

2007

Assets

Cash and due from banks

$ 22,107

$ 28,966

Deposits with banks

156,774

57,216

Federal funds sold and securities purchased under agreements to resell

41,613

23,563

Trading account assets (Including $12,092 and $22,716 pledged to creditors at December 31, 2008 and December 31, 2007, respectively)

197,052

215,454

Investments (including $3,028 and $3,099 pledged to creditors at December 31, 2008 and December 31, 2007, respectively)

165,914

150,058

Loans, net of unearned income

555,198

644,597

Allowance for lean losses

(18,273)

(10,659)

Total loans, net

$ 536,925

$ 633,938

Goodwill

10,148

19,294

Intangible assets

7,689

11,007

Premises and equipment, net

5,331

8,191

Interest and fees receivable

7,171

8,958

Other assets

76,316

95,070

Total assets

$ 1,227,040

$ 1,251,715

Liabilities

Non-interest-bearing deposits in U.S. offices

$ 59,808

$ 41,032

Interest-bearing deposits in U.S. offices

180,737

186,080

Non-interest-bearing deposits in offices outside the U.S.

33,769

38,775

Interest-bearing deposits in offices outside the U.S.

480,984

516,517

Total deposits

$ 755,298

$ 782,404

Trading account liabilities

110,599

59,472

Purchased funds and other borrowings

116,333

74,112

Accrued taxes and other expenses

8,192

12.752

Long-term debt and subordinated notes

113,381

184,317

Other liabilities

41,879

39,352

Total liabilities

$1,145,682

$1,152,409

Stockholder's equity

Capital stock ($20 par value) outstanding shares:  37,534,553 in each period

$ 751

$ 751

Surplus

74,767

69,135

Retained earnings

21,735

31,915

Accumulated other comprehensive income (loss)(1)

(15,895)

(2,495)

Total stockholder's equity

$ 81,358

$ 99,306

Total liabilities and stockholder's equity

$1,227,040

$1,251,715


(1)

Amounts at December 31, 2008 and December 31, 2007 include the after-tax amounts for net unrealized gains (losses) on investment securities of ($8,008) billion and ($1,262) billion, respectively, for foreign currency translation of ($3,964) billion and $1.687 billion, respectively, for cash flow hedges ($3,247) billion and ($2,085) billion, respectively, and for pension liability adjustments of ($676) million and ($835) million, respectively.


See Notes to the Consolidated Financial Statements.