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Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period __________ to __________
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Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)
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Exhibit No. |
Description
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Exhibit 99.1 |
Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated June 30, 2023.
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BMW FS SECURITIES LLC
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(Depositor)
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By:
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/s/ Ole Jensen
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Name: Ole Jensen
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Title: Chief Executive Officer and Vice President - Finance
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KPMG LLP
Suite 700
20 Pacifica
Irvine, CA 92618-3391
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(i) |
specified attributes in an electronic data file entitled “2023-A Initial pool Loans to Banks $2.7BB (71,690) 05.18.23 to KPMG.csv” provided by the Company on May 18, 2023, containing information on 71,690
automobile retail installment sale contracts (the “Receivables”) as of April 30, 2023 (the “Data File”) and
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(ii) |
specified attributes in an electronic data file entitled “2023-A ALD Tape for 100 KPMG Samples 05.18.23 to KPMG.csv” provided by the Company on May 18, 2023, containing information on the Selected Receivables
(defined below) as of April 30, 2023 (the “XML Data File”)
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The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the
reporting threshold.
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The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if
differences were within the reporting threshold.
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The term “reporting threshold” means that dollar amounts were within $0.01, and dates were within 1 day, unless otherwise stated.
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KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.
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The term “Cutoff Date” means April 30, 2023.
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The term “Title Document” means the Certificate of Title, Application for Title, Lien Statement, Electronic Title Document, or Title Request Form.
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The term “Electronic Lien Title State List” means a list of states provided by the Company for which Title Documents are filed electronically. The list included the states of California and Florida.
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The term “Data File Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, methodology, or value related to the Data File, as stated in Exhibit B.
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The term “XML Data File Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, methodology, or value related to the XML Data File, as stated in Exhibit C.
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The term “Source Documents” means the following information provided by the Company for each Selected Receivable (defined below): Motor Vehicle Installment Sale Contract, Modification Letter, Florida Vehicle
Website, Electronic Lien Title State List, Title Document, Registration Application, Credit Application, information obtained from the Company’s Customer Express System, Company’s Funding System, Company’s Credit Flow System, and Loan Center
System.
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The term “Provided Information” means the Data File Instructions, XML Data File Instructions, and Source Documents.
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I. |
Data File Procedures
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A. |
We randomly selected 100 Receivables from the Data File (the “Selected Receivables”). A listing of the Selected Receivables is attached hereto as Exhibit A. For purposes of this procedure, the Company did not
inform us of the basis they used to determine the number of Receivables we were instructed to randomly select from the Data File.
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B. |
For each Selected Receivable, we compared or recomputed the specified attributes in the Data File listed below to or using the corresponding information included in the Source Documents, utilizing the Data File
Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Source Documents or the inability to agree the indicated information from the Data File to the Source Documents for each of the
attributes identified, utilizing the Data File Instructions as applicable, constituted an exception. The Source Documents are listed in the order of priority.
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Attribute (Field Name in the Data File)
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Source Document(s)/Data File Instructions
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First Payment Date (FirstPaymentDate)
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Motor Vehicle Installment Sale Contract
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Original Amount Financed (FinanceAmt)
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Motor Vehicle Installment Sale Contract
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Current Principal Balance (RemainingBalanceAmt)
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Company’s Customer Express System
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New/Used Classification (NewUsedCode)
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Motor Vehicle Installment Sale Contract, Company’s Funding System, and Data File Instructions
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Interest Rate (APR)
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Motor Vehicle Installment Sale Contract, Modification Letter
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Monthly Base Payment Amount (MonthlyPaymentAmt)
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Company’s Customer Express System, Motor Vehicle Installment Sale Contract, Modification Letter
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Attribute (Field Name in the Data File)
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Source Document(s)/Data File Instructions
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Maturity Date (ContractEndDate)
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Company’s Customer Express System, Motor Vehicle Installment Sale Contract
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State of Registration (GaragingStateCode)
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Title Document
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Vehicle Identification Number (VIN)
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Motor Vehicle Installment Sale Contract
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Vehicle Model Year (ModelYear)
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Motor Vehicle Installment Sale Contract
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Adjusted Manufacturer’s Suggested Retail Price (MSRPAmt)
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Company’s Funding System, Credit Application, Motor Vehicle Installment Sale Contract
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FICO Credit Score (HighestTotalCreditScore)
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Company’s Funding System, Company’s Credit Flow System, and Data File Instructions
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Remaining Term to Maturity (RemainingTerm)
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Motor Vehicle Installment Sale Contract and Data File Instructions
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Days Past Due (MaxDaysOver)
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Company’s Customer Express System and Data File Instructions
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C. |
For each Selected Receivable, we observed the presence of the following in the Source Documents:
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Title Document utilizing the Data File Instructions. We did not perform any procedures to determine if the Title Document complied with the Company’s guidelines for preparation and we make no representation
regarding the validity or enforceability of the security interest.
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Signed Original Motor Vehicle Installment Sale Contract. We make no representation regarding the authenticity of the signatures.
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II. |
XML Data File Procedures
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Attribute (Field Name in the XML Data File)
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Source Document(s)/XML Data File Instructions
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Receivable Number (PCD_ACCT_NBR)
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Company’s Customer Express System
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Origination Date (OriginationDate)
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Motor Vehicle Installment Sale Contract
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Original Receivable Amount (FinanceAmt)
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Motor Vehicle Installment Sale Contract
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Original Term to Maturity (OriginalTerm)
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Motor Vehicle Installment Sale Contract
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Maturity Date (ContractEndDate)
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Company’s Customer Express System, Motor Vehicle Installment Sale Contract
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First Payment Date (FirstPaymentDate)
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Motor Vehicle Installment Sale Contract
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Attribute (Field Name in the XML Data File)
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Source Document(s)/XML Data File Instructions
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Subvented - Yes/No (Subvented)
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Company’s Funding System, Motor Vehicle Installment Sale Contract, and XML Data File Instructions
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Vehicle Model (ModelName)
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Motor Vehicle Installment Sale Contract
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Vehicle Model Year (ModelYear)
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Motor Vehicle Installment Sale Contract
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Vehicle Type (VehicleTypeCode)
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Motor Vehicle Installment Sale Contract, Credit Application, and XML Data File Instructions
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Original Vehicle Value (MSRPAmt)
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Company’s Funding System, Credit Application, Motor Vehicle Installment Sale Contract
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FICO Credit Score (HighestTotalCreditScore)
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Company’s Funding System, Company’s Credit Flow System, and XML Data File Instructions
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Cosigner – Yes/No (CoSignerIndicator)
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Credit Application, Loan Center System, and XML Data File Instructions
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State of Registration (GaragingStateCode)
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Title Document
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Monthly Base Payment Amount (MonthlyPaymentAmt)
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Company’s Customer Express System, Motor Vehicle Installment Sale Contract, Modification Letter
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Remaining Term to Maturity (RemainingTerm)
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Motor Vehicle Installment Sale Contract and XML Data File Instructions
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Days Past Due (MaxDaysOver)
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Company’s Customer Express System, and XML Data File Instructions
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Selected Receivable Number
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Receivable Number
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Selected Receivable Number
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Receivable Number
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Selected Receivable Number
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Receivable Number
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1
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****995425
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35
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****266591
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69
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****552953
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2
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****256921
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36
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****275339
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70
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****571717
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3
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****303187
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37
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****277271
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71
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****602204
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4
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****306003
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38
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****285639
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72
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****603938
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5
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****416722
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39
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****292089
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73
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****608875
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6
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****519750
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40
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****313887
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74
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****622398
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7
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****533961
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41
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****318234
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75
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****632432
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8
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****625883
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42
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****319047
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76
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****639477
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9
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****635140
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43
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****328507
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77
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****643174
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10
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****654361
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44
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****339388
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78
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****644348
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11
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****677281
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45
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****341871
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79
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****657487
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12
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****681554
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46
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****345250
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80
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****665219
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13
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****687333
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47
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****356483
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81
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****667957
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14
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****774758
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48
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****357604
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82
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****672423
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15
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****788083
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49
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****366063
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83
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****674491
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16
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****803651
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50
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****367596
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84
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****674793
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17
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****824416
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51
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****369842
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85
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****681654
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18
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****834622
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52
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****407803
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86
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****692997
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19
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****907925
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53
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****424709
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87
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****700064
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20
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****918833
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54
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****451840
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88
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****701607
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21
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****930821
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55
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****457575
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89
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****707853
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22
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****939251
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56
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****462155
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90
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****712475
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23
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****942870
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57
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****472757
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91
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****713188
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24
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****963062
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58
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****473602
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92
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****719180
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25
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****008819
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59
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****486746
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93
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****726772
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26
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****043718
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60
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****495539
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94
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****731217
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27
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****078480
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61
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****498147
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95
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****732226
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28
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****080633
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62
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****500736
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96
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****744570
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29
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****135922
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63
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****501673
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97
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****754251
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30
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****165495
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64
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****502774
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98
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****760054
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31
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****176364
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65
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****520185
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99
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****766213
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32
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****193109
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66
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****527539
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100
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****797204
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33
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****259246
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67
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****534749
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34
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****260488
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68
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****543087
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Attribute
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Data File Instructions
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New/Used Classification (NewUsedCode)
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Compare to the Company’s Funding System if the vehicle was a service loaner car and deem the New/Used Classification to be “New” if the motor vehicle was a service loaner car.
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FICO Credit Score (HighestTotalCreditScore)
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Recompute the FICO Credit Score as the greater of:
(i) the
Borrower’s Bureau Score from the Company’s Funding System, and
(ii) the
Co-Applicant Bureau Score from the Company’s Credit Flow System, if applicable.
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Remaining Term to Maturity (RemainingTerm)
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Recompute the Remaining Term to Maturity using the Maturity Date contained in the Motor Vehicle Installment Sale Contract and the Cutoff Date.
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Days Past Due (MaxDaysOver)
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Recompute the Days Past Due as follows:
(i) If the payment received date from the Company’s Customer Express System was before the Cutoff Date:
a. If
the payment due date from the Company’s Customer Express System was before or equal to the Cutoff Date, recompute the number of Days Past Due as the number of days between and including the Cutoff Date and the payment due date from the
Company’s Customer Express System; and
b. if
the payment due date from the Company’s Customer Express System was after the Cutoff Date, assume the number of Days Past Due to be zero.
(ii) if
the payment received date from the Company’s Customer Express System was after the Cutoff Date:
a. if
the payment due date from the Company’s Customer Express System was equal to the Cutoff Date, recompute the number of Days Past Due as the number of days between and including the Cutoff Date and the payment received date from the Company’s
Customer Express System; and
b. if
the payment due date from the Company’s Customer Express System was not equal to the Cutoff Date, assume the number of Days Past Due to be zero.
(iii) if the payment received date from the Company’s Customer Express System was equal to the Cutoff Date and the payment due date from the Company’s Customer Express System was equal to the Cutoff Date, assume the number of Days Past Due
to be zero.
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Attribute
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Data File Instructions
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Title Document
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Observe the Title Document for each Selected Receivable listed the Company’s security interest in the motor vehicle as “BMW Bank of North America” and named as the owner of the vehicle on the observed Title
Document
In the event there was no Title Document available and the State of Registration was on the Electronic Lien Title State List, perform the following procedures: (i) observe that the Electronic
Lien Title was issued in the Company’s Customer Express System, and (ii) observe that the Company’s security interest in the motor vehicle was listed as “BMW Bank of North America” and named as the owner of the vehicle on the Registration
Application.
In the event the Title Document related to Selected Receivables in the State of Florida was missing, search for the Title Document using the VIN on the Florida Vehicle Website at
https://services.flhsmv.gov/MVCheckWeb/ and identify that the Company’s security interest in the motor vehicle was listed as “BMW Bank of North America” and named as the owner of the vehicle on the observed Title Document.
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Attribute
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XML Data File Instructions
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Subvented - Yes/No (Subvented)
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For the purposes of identifying if a Selected Receivable was subvented (listed as 1, 2, or 98 in the (Subvented) field in the XML Data File):
(i) If the Rate Type in the Company’s Funding System indicates “Sales Support,” the receivable is considered “subvented.”
(ii) If the Rate Type in the Company’s Funding System is “New,” perform the following procedures:
a. if the BMW Defined Rate in the Company’s Funding System is not equal to the rate on the Motor Vehicle Installment Sale Contract, the receivable is considered “subvented.”
b. if the Motor Vehicle Installment Sale Contract indicates a cash rebate was used, the receivable is considered “subvented.”
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Vehicle Type (VehicleTypeCode)
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Consider a Vehicle Type (VehicleTypeCode) of “1” to be a car, a Vehicle Type (VehicleTypeCode) of “3” to be an SUV, and a Vehicle Type (VehicleTypeCode) of “4” to be a
motorcycle.
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FICO Credit Score (HighestTotalCreditScore)
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Recompute the FICO Credit Score as the greater of:
(i) the Borrower’s Bureau Score from the Company’s Funding System, and
(ii) the Co-Applicant Bureau Score form the Company’s Credit Flow System, if applicable.
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Cosigner – Yes/No (CoSignerIndicator)
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Consider business receivables for which an individual signed as the guarantor for the receivable to be “Yes” in the Consigner (CoSignerIndicator) field.
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Remaining Term to Maturity (RemainingTerm)
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Recompute the Remaining Term to Maturity using the Maturity Date contained in the Motor Vehicle Installment Sale Contract and the Cutoff Date.
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Days Past Due (MaxDaysOver)
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Recompute the Days Past Due as follows:
(i) If the payment received date from the Company’s Customer Express System was before the Cutoff Date:
a. If the payment due date from the Company’s Customer Express System was before or equal to the Cutoff Date, recompute the number of Days Past Due as the number of days between and including the Cutoff Date and the
payment due date from the Company’s Customer Express System; and
b. if the payment due date from the Company’s Customer Express System was after the Cutoff Date, assume the number of Days Past Due to be zero.
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Attribute
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XML Data File Instructions
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(ii) if the payment
received date from the Company’s Customer Express System was after the Cutoff Date:
a. if the payment due date from the Company’s Customer Express System was equal to the Cutoff Date, recompute the number of Days Past Due as the number of days between and including the Cutoff Date and the payment
received date from the Company’s Customer Express System; and
b. if the payment due date from the Company’s Customer Express System was not equal to the Cutoff Date, assume the number of Days Past Due to be zero.
(iii) if the payment received date from the Company’s Customer Express System was equal to the Cutoff Date and the payment due date from the Company’s Customer Express System was equal to the Cutoff Date, assume the number of Days Past
Due to be zero.
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