0000929638-18-000136.txt : 20180205 0000929638-18-000136.hdr.sgml : 20180205 20180205162902 ACCESSION NUMBER: 0000929638-18-000136 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180122 0001126530 0001541188 FILED AS OF DATE: 20180205 DATE AS OF CHANGE: 20180205 ABS ASSET CLASS: Auto leases FILER: COMPANY DATA: COMPANY CONFORMED NAME: BMW Vehicle Lease Trust 2016-1 CENTRAL INDEX KEY: 0001663274 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-205553-02 FILM NUMBER: 18574550 BUSINESS ADDRESS: STREET 1: 300 CHESTNUT RIDGE RD CITY: WOODCLIFF LAKE STATE: NJ ZIP: 07675 BUSINESS PHONE: 2013074000 MAIL ADDRESS: STREET 1: 300 CHESTNUT RIDGE RD CITY: WOODCLIFF LAKE STATE: NJ ZIP: 07675 10-D 1 form10d.htm ASSET-BACKED ISSUER DISTRIBUTION REPORT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from December 1, 2017 to December 31, 2017

Commission File Number of issuing entity:  333-205553-02
Central Index Key Number of issuing entity:  0001663274

BMW VEHICLE LEASE TRUST 2016-1
(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor:  333-205553
Central Index Key Number of depositor:  0001126530

BMW AUTO LEASING LLC
(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable):  0001541188

BMW FINANCIAL SERVICES NA, LLC
(Exact name of sponsor as specified in its charter)

FINANCIAL SERVICES VEHICLE TRUST
(Exact name of co-registrant as specified in its charter)

Mathew Morgenstern, (201) 307-4000
(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware
 (State or other jurisdiction of incorporation or organization of the issuing entity)

22-2013053
(I.R.S. Employer Identification No.)

c/o BMW Financial Services NA, LLC
300 Chestnut Ridge Road
Woodcliff Lake, New Jersey
(Address of principal executive offices of the issuing entity)
 
 
07677
 (Zip Code)

201-307-4000
 (Telephone number including area code)

Not Applicable
 (Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)
               
Name of exchange
                 Title of class
  
Section 12(b)
  
Section 12(g)
  
Section 15(d)
  
(If Section 12(b))
Fixed Rate Class A-1 Notes
   ☐   ☐   ☒    
Fixed Rate Class A-2a Notes
   ☐   ☐   ☒    
Floating Rate Class A-2b Notes
   ☐   ☐   ☒    
Fixed Rate Class A-3 Notes
   ☐   ☐   ☒    
Fixed Rate Class A-4 Notes
   ☐   ☐   ☒    

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐
 
PART I — DISTRIBUTION INFORMATION
 
Item 1.  Distribution and Pool Performance Information.
 
Distribution and pool performance information with respect to the assets of BMW Vehicle Lease Trust 2016-1 is set forth in the Statement relating to the January 22, 2018 distribution, which is attached as Exhibit 99.1.
 
There is no activity to report under Rule 15Ga-1(a) under the Securities Exchange Act of 1934 with respect to BMW Vehicle Lease Trust 2016-1 for the distribution period commencing on December 1, 2017 and ending on December 31, 2017.  BMW Financial Services NA, LLC (Central Index Key Number: 0001541188), as securitizer, most recently filed a Form ABS-15G on February 10, 2017 with respect to all asset-backed securities sponsored by it, including those securities issued by BMW Vehicle Lease Trust 2016-1.
 
PART II — OTHER INFORMATION
 
Item 10.  Exhibits.
 
(a)
The following is a list of documents filed as part of this Report on Form 10-D:
 
Exhibit 99.1
Statement relating to the January 22, 2018 distribution.
 
(b)
The exhibit required to be filed by the registrant pursuant to Item 601 of Regulation S-K is listed above and in the Exhibit Index that immediately follows the signature page hereof.
 
EXHIBIT INDEX

Exhibit Number
  
Description
 




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
Dated: February 5, 2018

BMW VEHICLE LEASE TRUST 2016-1
    (Issuing Entity)
 
By:  BMW Financial Services NA, LLC,
       solely as servicer
 
 
By:  /s/ Ritu Chandy                                                
       Name:     Ritu Chandy
       Title:         Vice President – Finance & CFO
 
 
 
 
 
 
 
 
 EX-99.1 2 exhibit99-1.htm STATEMENT RELATING TO THE JANUARY 22, 2018 DISTRIBUTION exhibit99-1.htm
BMW Vehicle Lease Trust 2016-1
 
Collection Period Ending:
12/31/17
Previous Payment Date:
12/20/17
Current Payment Date:
1/22/18
Accrued Interest Days (30/360):  30
Accrued Interest Days (act/360):  33
 
Balances
                   
   
Initial
    
Beginning of Period
    
End of Period
  
Aggregate Securitization Value
   $
1,201,923,080.70
     $
503,174,266.44
     $
468,627,621.94
  
Aggregate Discounted ALG Residual Value
   $
754,508,558.93
     $
432,330,823.48
     $
408,349,563.80
  
Reserve Fund
   $
3,004,807.70
     $
3,004,807.70
     $
3,004,807.70
  
                         
Notes
                        
Class A-1 Notes
   $
183,000,000.00
      
-
      
-
  
Class A-2a Notes
   $
200,000,000.00
      
-
    
-
  
Class A-2b Notes
   $
200,000,000.00
      
-
    
-
  
Class A-3 Notes
   $
337,000,000.00
     $
207,429,073.45
     $
172,882,428.95
  
Class A-4 Notes
   $
80,000,000.00
     $
80,000,000.00
     $
80,000,000.00
    $
1,000,000,000.00
     $
287,429,073.45
     $
252,882,428.95
  
                         
Overcollateralization
   $
201,923,080.70
             $
215,745,192.99
  
 
Current Collection Period
               
Beginning Securitization Value
   $
503,174,266.44
          
Principal Reduction Amount
    
34,546,644.50
          
Ending Securitization Value
   $
468,627,621.94
          
                 
First Priority Principal
                
Aggregate Outstanding Note Balance (Beginning of Period)
   $
287,429,073.45
          
Aggregate Securitization Value (End of Period)
   $
468,627,621.94
          
First Priority Principal Distribution Amount
     -          
                 
Target Note Balance
   $
252,882,428.95
          
Target Overcollateralization Amount
   $
215,745,192.99
          
Target Overcollateralization Percentage
    
17.95
 %        
                 
                 
Determination of Available Funds
                
Collections
                
                 
Monthly Payments (net of Daily Advance Reimbursements)*
   $
10,702,100.75
          
Reallocation Payment
    
98,151.29
          
Sale Proceeds
    
6,300,094.18
        
Termination Proceeds
    
20,669,030.35
          
Recovery Proceeds
    
18,068.06
          
Total Collections
   $
37,787,444.63
          
                 
Advances
                
Monthly Payment Advance
   $
804,440.08
          
Sales Proceeds Advance
     -          
Total Advances
   $
804,440.08
          
Optional Purchase Price
     0.00          
Net Investment Earnings on SUBI Collection Account
     -          
Total Available Funds
   $
38,591,884.71
          
 
Collection Account
             
Total Available Funds
   $
38,591,884.71
        
Withdrawals from SUBI Collection Account
              
Payment Date Advance Reimbursement
    
864,161.52
        
Servicing Fees
    
419,311.89
        
Note Distribution Account (Interest Due)
    
332,295.80
        
Note Distribution Account (First Priority Principal Distribution Amount)
     -        
Reserve Fund Deposit
      -          
Note Distribution Account (Regular Principal Distribution Amount)
    
34,546,644.50
          
                        Amounts paid to Indenture Trustee, Owner Trustee and Asset Representations Reviewer (subject to annual cap)
    
-
          
Amounts paid to Indenture Trustee, Owner Trustee and Asset Representations Reviewer (not subject to annual cap)
     -          
Certificate Distribution Account (any remaining payments)
    
2,429,471.00
          
Total Distributions from SUBI Collection Account
   $
38,591,884.71
          
 
Servicer Advance Amounts
               
Beginning Period Unreimbursed Servicer Advance
   $
1,108,475.01
          
Current Period Monthly Payment Advance
    
804,440.08
          
Current Period Sales Proceeds Advance
     -          
Current Reimbursement of Previous Servicer Advance
    
864,161.52
          
Ending Period Unreimbursed Previous Servicer Advances
   $
1,048,753.57
          
 
Note Distribution Account
      
               
Amount Deposited from the Collection Account
   $
34,878,940.30
          
Amount Deposited from the Reserve Fund
     -          
Amount Paid to Noteholders
   $
34,878,940.30
          
 
Payments to Indenture Trustee, Owner Trustee and Asset Representations Reviewer
      
               
     Indenture Trustee                
Amount due and payable to Indenture Trustee before giving effect to payments on current Payment Date:
  
-
          
Amount due and payable to Indenture Trustee after giving effect to payments on current Payment Date:
    
-
          
                 
      Owner Trustee
                
            Amount due and payable to Owner Trustee before giving effect to payments on current Payment Date:   -          
                Amount due and payable to Owner Trustee after giving effect to payments on current Payment Date:     -          
                 
      Asset Representations Reviewer Trustee                
            Amount due and payable to Asset Representations Reviewer before giving effect to payments on current Payment Date:    
-
          
            Amount due and payable to Asset Representations Reviewer after giving effect to payments on current Payment Date:
     -          
 
Distributions
                                     
Priority Principal
                                    
Aggregate Outstanding Note Principal
   $
287,429,073.45
                                
                                       
Monthly Principal Distributable Amount
  
First Priority Principal
    
Current Payment
    
Total Payment
    
Ending Balance
    
Per $1,000
    
Note Factor
  
                                       
Class A-1 Notes
     -      
-
      
-
      
-
      
-
      
-
  
Class A-2a Notes
     -      
-
      
-
    
-
      
-
      
-
  
Class A-2b Notes
     -      
-
    
-
    
-
       -      
-
  
Class A-3 Notes
     -     $
34,546,644.50
     $
34,546,644.50
     $
172,882,428.95
       103       0.51  
Class A-4 Notes
     -       -       -     $
80,000,000.00
       -       1.00  
      -     $
34,546,644.50
     $
34,546,644.50
     $
252,882,428.95
                  
                                                 
                                                 
Interest Distributable Amount
        
Interest Rate
    
Current Payment
      
Per $1,000
                  
                                                 
Class A-1 Notes
            
0.63000
 %    
-
      
0.00
                  
Class A-2a Notes
            
1.17000
 %    
-
      
0.00
                  
Class A-2b Notes
            
0.00000
 %    
-
      
0.00
                  
Class A-3 Notes
            
1.34000
 %   $
231,629.13
      
0.69
                  
Class A-4 Notes
            
1.51000
 %   $
100,666.67
      
1.26
                  
             
 
     $
332,295.80
                          
 
Carryover Shortfalls
                   
   
Prior Period Carryover
    
Current Payment
    
Current Period Carryover
  
                   
Class A-1 Interest Carryover Shortfall
     -       -       -  
Class A-2a Interest Carryover Shortfall
     -       -       -  
Class A-2b Interest Carryover Shortfall
     -       -       -  
Class A-3 Interest Carryover Shortfall
     -       -       -  
Class A-4 Interest Carryover Shortfall
     -       -       -  
 
Reserve Fund
               
Beginning Period Required Amount
   $
3,004,807.70
          
Beginning Period Amount
    
3,004,807.70
          
Current Period Deposit
     -          
Net Investment Earnings
    
1,276.27
          
Reserve Fund Draw Amount
     -          
Release to Certificateholder
    
1,276.27
          
Ending Period Required Amount
    
3,004,807.70
          
Ending Period Amount
   $
3,004,807.70
          
 
Pool Characteristics
                         
   
Initial
    
End of Period
              
Number of Specified Leases
    
32,198
      
15,078
              
Weighted Average Remaining Term
    
25.00
      
7.58
              
Weighted Average Original Term
    
36.00
      
35.93
              
Weighted Average Seasoning
    
11.00
      
28.35
              
                             
   
Units
    
Securitization Value
              
                             
Early Terminations
    
312
     $
8,419,795.01
              
Scheduled Terminations
    
847
     $
23,217,033.76
              
                             
Residual Value Losses for the Current Period
  
Beginning
    
Current Period
    
Cumulative
          
Sales and Termination Proceeds
   $
408,825,992.51
     $
26,392,345.84
     $
435,218,338.35
          
ALG Residual Values
    
400,945,935.87
      
26,150,029.44
    
427,095,965.31
          
Residual Value Loss / (Gain)
    
 
   $
(242,316.40
 )   $
(8,122,373.04
 )         
                                 
Cumulative Residual Value Loss / (Gain) as of the end of the prior period
     $
(7,880,056.64
 )        
Cumulative Residual Value Loss / (Gain) as of the end of the 2nd preceding period
     $
(7,634,661.90
 )        
Cumulative Residual Value Loss / (Gain) as of the end of the 3rd preceding period
     $
(7,499,132.41
 )        
                                 
Delinquencies as of the end of the current period
  
Units
    
Securitization Value
    
Percentage
          
31-60 Days Delinquent
    
96
      
2,926,491.57
      
0.62
 %        
61-90 Days Delinquent
    
20
      
551,922.43
      
0.12
 %        
91-120 Days Delinquent
     4      
143,600.72
      
0.03
 %        
121 - 150 Days Delinquent
     4      
120,210.21
      
0.03
 %        
151 Days or More Delinquent
     2      
83,846.05
      
0.02
 %        
                                 
Total 30+ Days Past Due as of the end of the current period
     126     $
3,826,070.98
      
0.82
 %        
                        Total 60+ Days Past Due as of the end of the current period     30     $
899,579.42
      
0.19
 %         
                                 
Delinquencies as of the end of prior periods
                                
Total 30+ Days Past Due as of the end of the prior period
      
0.70
 %        
Total 30+ Days Past Due as of the end of the 2nd preceding period
      
0.70
 %        
Total 30+ Days Past Due as of the end of the 3rd preceding period
        
0.70
 %        
                                 
Credit Losses as of the end of the current period
    
Units
      
Dollar Amount
                  
Gross Credit Losses
     8      
53,418.74
                  
Recoveries
     10      
14,269.32
                  
                                 
Net Credit Losses
            
39,149.42
                
Cumulative Net Credit Losses
     155     $
841,787.14
                
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
            
0.17
 %                
Charge Off Rate ***
            
0.07
 %                
                                 
Average of Net Credit Losses ****
           $
5,430.88
                  
                                 
                                 
Historical Loss Information                                
Credit Losses as of the end of the prior period
    
Units
      
Dollar Amount
                  
Gross Credit Losses
     6      
40,829.36
                  
Recoveries
     6      
1,112.96
                  
Net Credit Losses
            
39,716.40
                  
Cumulative Net Credit Losses
     147     $
802,637.72
                  
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
            
0.15
 %                
Charge Off Rate ***
            
0.07
 %                
Average of Net Credit Losses ****
            
5,460.12
                  
                                 
Credit Losses as of the end of the 2nd preceding period
    
Units
      
Dollar Amount
                  
Gross Credit Losses
     11      
96,107.10
                  
Recoveries
     16      
19,526.66
                  
Net Credit Losses
            
76,580.44
                  
Cumulative Net Credit Losses
     141     $
762,921.32
                  
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
            
0.14
 %                
Charge Off Rate ***
            
0.06
 %                
Average of Net Credit Losses ****
            
5,410.79
                  
                                 
Credit Losses as of the end of the 3rd preceding period
    
Units
      
Dollar Amount
                  
Gross Credit Losses
     7      
40,565.41
                  
Recoveries
     9      
7,318.75
                  
Net Credit Losses
            
33,246.66
                
Cumulative Net Credit Losses
     130     $
686,340.88
                  
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
            
0.12
 %                
Charge Off Rate ***
            
0.06
 %                
Average of Net Credit Losses ****
            
5,279.55
                  
 
* Includes Pull Ahead amounts
** Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value is calculated by dividing the Cumulative Net Credit Losses by the Avg Aggregate Sec Value for the period.
Avg Aggregate Sec Value for a period is equal to the average of the Beginning Securitization Value and the Ending Securitization Value for such period.
*** Charge Off Rate is calculated by dividing Cumulative Net Credit Losses by Initial Aggregate Securitization Value as of the Cut-off date.
**** Average of Net Credit Losses is calculated by dividing Cumulative Net Credit Losses by the aggregate number of Leases that have experienced a net credit loss.