EX-99.1 2 exhibit99-1.htm STATEMENT RELATING TO THE NOVEMBER 20, 2019 DISTRIBUTION exhibit99-1.htm
BMW Vehicle Lease Trust 2018-1
 
Collection Period Ending:
10/31/19
Previous Payment Date:
10/21/19
Current Payment Date:
11/20/19
Accrued Interest Days (30/360):  30
Accrued Interest Days (act/360):  30
 
Balances
                   

 
Initial
    
Beginning of Period
    
End of Period
  
Aggregate Securitization Value
   $
1,164,824,956.68
     $
862,435,278.76
     $
829,846,632.20
  
Aggregate Discounted ALG Residual Value
   $
701,657,729.70
     $
650,667,227.00
     $
635,780,042.44
  
Reserve Fund
   $
2,912,062.39
     $
2,912,062.39
     $
2,912,062.39
  
                         
Notes
                        
Class A-1 Notes
   $
189,000,000.00
      
-
    
-
  
Class A-2 Notes
   $
355,500,000.00
     $
217,068,810.82
     $
184,480,164.26
  
Class A-3 Notes
   $
355,500,000.00
     $
355,500,000.00
     $
355,500,000.00
  
Class A-4 Notes
   $
100,000,000.00
     $
100,000,000.00
     $
100,000,000.00
    $
1,000,000,000.00
     $
672,568,810.82
     $
639,980,164.26
  
                         
Overcollateralization
   $
164,824,956.68
             $
189,866,467.94
  
 
Current Collection Period
               
Beginning Securitization Value
   $
862,435,278.76
          
Principal Reduction Amount
    
32,588,646.56
          
Ending Securitization Value
   $
829,846,632.20
          
                 
First Priority Principal
                
Aggregate Outstanding Note Balance (Beginning of Period)
   $
672,568,810.82
          
Aggregate Securitization Value (End of Period)
   $
829,846,632.20
          
First Priority Principal Distribution Amount
     -          
                 
Target Note Balance
   $
639,980,164.26
          
Target Overcollateralization Amount
   $
189,866,467.94
          
Target Overcollateralization Percentage
    
16.30
 %        
                 
Determination of Available Funds
                
Collections
                
Monthly Payments (net of Daily Advance Reimbursements)*
   $
18,531,801.22
          
Reallocation Payment
    
319,621.29
          
Sale Proceeds
    
6,515,887.15
       
Termination Proceeds
    
14,829,573.62
          
Recovery Proceeds
    
13,876.15
          
Total Collections
   $
40,210,759.43
          
                 
Advances
    
         
Monthly Payment Advance
   $
1,221,030.85
          
Sales Proceeds Advance
     -          
Total Advances
   $
1,221,030.85
          
Optional Purchase Price
     0.00          
Net Investment Earnings on SUBI Collection Account
     -          
Total Available Funds
   $
41,431,790.28
          
 
Collection Account
             
Total Available Funds
   $
41,431,790.28
        
Withdrawals from SUBI Collection Account
              
Payment Date Advance Reimbursement
    
1,308,203.79
        
Servicing Fees
    
718,696.07
        
Note Distribution Account (Interest Due)
    
1,783,020.31
        
Note Distribution Account (First Priority Principal Distribution Amount)
     -        
Reserve Fund Deposit
     -          
Note Distribution Account (Regular Principal Distribution Amount)
    
32,588,646.56
          
                        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)
     5,033,223.55          
Total Distributions from SUBI Collection Account
   $
41,431,790.28
          
 
Servicer Advance Amounts
               
Beginning Period Unreimbursed Servicer Advance
   $
1,472,904.74
          
Current Period Monthly Payment Advance
    
1,221,030.85
          
Current Period Sales Proceeds Advance
     -          
Current Reimbursement of Previous Servicer Advance
    
1,308,203.79
          
Ending Period Unreimbursed Previous Servicer Advances
   $
1,385,731.80
          
 
Note Distribution Account
               
Amount Deposited from the Collection Account
   $
34,371,666.87
          
Amount Deposited from the Reserve Fund
     -          
Amount Paid to Noteholders
   $
34,371,666.87
          
 
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
   $
672,568,810.82
                                
                                       
Monthly Principal Distributable Amount
  
First Priority Principal
    
Current Payment
    
Total Payment
    
Ending Balance
    
Per $1,000
    
Note Factor
  
                                       
Class A-1 Notes
     -      
-
      
-
    
-
       -       -  
Class A-2 Notes
     -     $
32,588,646.56
     $
32,588,646.56
     $
184,480,164.26
       92      
0.52
  
Class A-3 Notes
     -       -       -     $
355,500,000.00
       -       1.00  
Class A-4 Notes
     -       -       -     $
100,000,000.00
       -       1.00  
      -     $
32,588,646.56
     $
32,588,646.56
     $
639,980,164.26
                  
                                                 
                                                 
Interest Distributable Amount
        
Interest Rate
    
Current Payment
      
Per $1,000
                  
                                                 
Class A-1 Notes
            
2.49584
 %    
-
      
0.00
                  
Class A-2 Notes
            
2.97000
 %   $
537,245.31
      
1.51
                  
Class A-3 Notes
            
3.26000
 %   $
965,775.00
      
2.72
                  
Class A-4 Notes
            
3.36000
 %   $
280,000.00
      
2.80
                  
             
 
     $
1,783,020.31
                          
 
Carryover Shortfalls
                   
   
Prior Period Carryover
    
Current Payment
    
Current Period Carryover
  
                   
Class A-1 Interest Carryover Shortfall
     -       -       -  
Class A-2 Interest Carryover Shortfall
     -       -       -  
Class A-3 Interest Carryover Shortfall
     -       -       -  
Class A-4 Interest Carryover Shortfall
     -       -       -  
 
Reserve Fund
               
Beginning Period Required Amount
   $
2,912,062.39
          
Beginning Period Amount
    
2,912,062.39
          
Current Period Deposit
     -          
Net Investment Earnings
    
4,435.61
          
Reserve Fund Draw Amount
     -          
Release to Certificateholder
    
4,435.61
          
Ending Period Required Amount
    
2,912,062.39
          
Ending Period Amount
   $
2,912,062.39
          
 
Pool Characteristics
                         
   
Initial
    
End of Period
              
Number of Specified Leases
    
33,670
      
27,563
              
Weighted Average Remaining Term
    
25.00
      
12.69
              
Weighted Average Original Term
    
36.00
      
35.82
              
Weighted Average Seasoning
    
11.00
      
23.13
              
                             
   
Units
    
Securitization Value
              
Early Terminations
    
104
     $
2,947,482.35
              
Scheduled Terminations
    
611
     $
15,078,388.41
              
                             
Residual Value Losses for the Current Period
  
Beginning
    
Current Period
    
Cumulative
          
Sales and Termination Proceeds
   $
125,249,181.78
     $
20,756,645.01
     $
146,005,826.79
          
ALG Residual Values
    
110,957,598.27
      
19,103,939.15
    
130,061,537.42
          
Residual Value Loss / (Gain)
    
 
  $
(1,652,705.86
 )     $
(15,944,289.37
 )         
                                 
Cumulative Residual Value Loss / (Gain) as of the end of the prior period
     $
(14,291,583.51
 )
       
Cumulative Residual Value Loss / (Gain) as of the end of the 2nd preceding period
     $
(12,830,101.42
 )
       
Cumulative Residual Value Loss / (Gain) as of the end of the 3rd preceding period
     $
(11,514,443.02
 )        
                                 
Delinquencies as of the end of the current period
  
Units
    
Securitization Value
    
Percentage
          
31-60 Days Delinquent
     94      
2,838,580.37
      
0.34
 %        
61-90 Days Delinquent
     25      
768,261.99
      
0.09
 %        
91-120 Days Delinquent
     11      
341,241.09
      
0.04
 %        
121 - 150 Days Delinquent
     1      
41,402.81
      
0.00
 %        
151 Days or More Delinquent
     0      
0.00
      
0.00
 %        
                                 
Total 30+ Days Past Due as of the end of the current period
     131     $
3,989,486.26
      
0.48
 %        
                        Total 60+ Days Past Due as of the end of the current period     37     $
1,150,905.89
      
0.14
 %         
                                 
Delinquencies as of the end of prior periods
                                
Total 30+ Days Past Due as of the end of the prior period
      
0.45
 %        
Total 30+ Days Past Due as of the end of the 2nd preceding period
      
0.47
 %        
Total 30+ Days Past Due as of the end of the 3rd preceding period
        
0.36
 %        
                                 
Credit Losses as of the end of the current period
    
Units
      
Dollar Amount
                  
Gross Credit Losses
     4      
10,473.95
                  
Recoveries
     3      
777.67
                  
                                 
Net Credit Losses
            
9,696.28
               
Cumulative Net Credit Losses
     36     $
123,309.98
               
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
            
0.01
 %                
Charge Off Rate ***
            
0.01
 %                
                                 
Average of Net Credit Losses ****
           $
3,425.28
                  
  
Historical Loss Information
Credit Losses as of the end of the prior period
  
Units
    
Dollar Amount
    
         
Gross Credit Losses
     1       1,436.46                  
Recoveries
     3      
1,647.05
                  
Net Credit Losses
            
(210.59
 )
               
Cumulative Net Credit Losses
     32     $
113,613.70
                  
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
            
0.01
 %                
Charge Off Rate ***
            
0.01
 %                
Average of Net Credit Losses ****
            
3,550.43
                  
                                 
Credit Losses as of the end of the 2nd preceding period
    
Units
      
Dollar Amount
                  
Gross Credit Losses
     7      
18,518.86
                  
Recoveries
     2      
142.92
                  
Net Credit Losses
            
18,375.94
                  
Cumulative Net Credit Losses
     31     $
113,824.29
                  
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
            
0.01
 %                
Charge Off Rate ***
            
0.01
 %                
Average of Net Credit Losses ****
            
3,671.75
                  
                                 
Credit Losses as of the end of the 3rd preceding period
    
Units
      
Dollar Amount
                  
Gross Credit Losses
     5      
21,855.37
                  
Recoveries
     2      
5,788.50
                  
Net Credit Losses
            
16,066.87
                  
Cumulative Net Credit Losses
     24     $
95,448.35
                  
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
            
0.01
 %                
Charge Off Rate ***
            
0.01
 %                
Average of Net Credit Losses ****
            
3,977.01
                  
 

* 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.