BMW Vehicle Lease Trust 2023-1

05/06/2024 | Press release | Distributed by Public on 05/06/2024 12:06

Asset-Backed Issuer Distribution Report - Form 10-D

BMW Vehicle Lease Trust 2023-1
Collection Period Ending:
3/31/24
Previous Payment Date:
3/25/24
Current Payment Date:
4/25/24
Accrued Interest Days (30/360): 30
Accrued Interest Days (act/360): 31
Balances

Initial
Beginning of Period
End of Period
Aggregate Securitization Value
$
1,151,428,801.99
$
737,623,067.04
$
695,633,812.78
Aggregate Discounted ALG Residual Value
$
668,004,165.88
$
551,195,266.74
$
526,262,740.03
Reserve Fund
$
2,878,572.00
$
2,878,572.00
$
2,878,572.00
Notes
Class A-1 Notes
$
155,000,000.00

-

-
Class A-2 Notes
$
370,500,000.00
$
82,924,459.53
$
40,935,205.27
Class A-3 Notes
$
370,500,000.00
$
370,500,000.00
$
370,500,000.00
Class A-4 Notes
$
104,000,000.00
$
104,000,000.00
$
104,000,000.00

$
1,000,000,000.00
$
557,424,459.53
$
515,435,205.27
Overcollateralization
$
151,428,801.99
$
180,198,607.51
Current Collection Period
Beginning Securitization Value
$
737,623,067.04
Principal Reduction Amount
41,989,254.26
Ending Securitization Value
$
695,633,812.78
First Priority Principal
Aggregate Outstanding Note Balance (Beginning of Period)
$
557,424,459.53
Aggregate Securitization Value (End of Period)
$
695,633,812.78
First Priority Principal Distribution Amount
-
Target Note Balance
$
515,435,205.27
Target Overcollateralization Amount
$
180,198,607.51
Target Overcollateralization Percentage
15.65
%
Determination of Available Funds
Collections
Monthly Payments (net of Daily Advance Reimbursements)*
$
17,345,920.54
Reallocation Payment
54,611.46
Sale Proceeds
7,190,681.01

Termination Proceeds
29,756,548.23
Recovery Proceeds
24,636.28
Total Collections
$
54,372,397.52
Advances

Monthly Payment Advance
$
1,169,111.30
Sales Proceeds Advance
-
Total Advances
$
1,169,111.30
Optional Purchase Price
0.00
Net Investment Earnings on SUBI Collection Account
-
Total Available Funds
$
55,541,508.82
Collection Account
Total Available Funds
$
55,541,508.82
Withdrawals from SUBI Collection Account

Payment Date Advance Reimbursement
1,320,939.66
Servicing Fees
614,685.89
Note Distribution Account (Interest Due)
2,396,726.58
Note Distribution Account (First Priority Principal Distribution Amount)
-
Reserve Fund Deposit
-
Note Distribution Account (Regular Principal Distribution Amount)
41,989,254.26
Amounts paid to Indenture Trustee, Owner Trustee and Asset Representations Reviewer (subject to annual cap)

3,000.00
Amounts paid to Indenture Trustee, Owner Trustee and Asset Representations Reviewer (not subject to annual cap)
-
Certificate Distribution Account (any remaining payments)
9,216,902.43
Total Distributions from SUBI Collection Account
$
55,541,508.82
Servicer Advance Amounts
Beginning Period Unreimbursed Servicer Advance
$
1,509,843.08
Current Period Monthly Payment Advance

1,169,111.30
Current Period Sales Proceeds Advance
-
Current Reimbursement of Previous Servicer Advance
1,320,939.66
Ending Period Unreimbursed Previous Servicer Advances
$
1,358,014.72
Note Distribution Account

Amount Deposited from the Collection Account
$
44,385,980.84
Amount Deposited from the Reserve Fund
-
Amount Paid to Noteholders
$
44,385,980.84
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:
$
3,000.00
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
$
557,424,459.53
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
- $
41,989,254.26
$
41,989,254.26
$
40,935,205.27
113 0.11
Class A-3 Notes
-
-

-
$
370,500,000.00
- 1.00
Class A-4 Notes
- - - $
104,000,000.00
- 1.00
- $
41,989,254.26
$
41,989,254.26
$
515,435,205.27
Interest Distributable Amount
Interest Rate
Current Payment
Per $1,000
Class A-1 Notes
4.83100
%
-
0.00
Class A-2 Notes
5.27000
% $
364,176.58
0.98
Class A-3 Notes
5.16000
% $
1,593,150.00
4.30
Class A-4 Notes
5.07000
% $
439,400.00
4.23
$
2,396,726.58
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
$
2,878,572.00
Beginning Period Amount
2,878,572.00
Current Period Deposit
-
Net Investment Earnings
12,830.91
Reserve Fund Draw Amount
-
Release to Certificateholder
12,830.91
Ending Period Required Amount
2,878,572.00
Ending Period Amount
$
2,878,572.00
Pool Characteristics
Initial
End of Period
Number of Specified Leases
26,919
18,410
Weighted Average Remaining Term
24.00
11.66
Weighted Average Original Term
36.00
35.98
Weighted Average Seasoning
12.00
24.32
Units
Securitization Value
Early Terminations
144
$
5,210,644.03
Scheduled Terminations
848
 $
24,981,605.96
Residual Value Losses for the Current Period
Beginning
Current Period
Cumulative
Sales and Termination Proceeds
$
260,631,275.13
$
35,354,665.34
$
295,985,940.47
ALG Residual Values
198,875,012.90
29,556,668.15
228,431,681.05
Residual Value Loss / (Gain)

$
(5,797,997.19
) $
(67,554,259.42
)
Cumulative Residual Value Loss / (Gain) as of the end of the prior period
$
(61,756,262.23
)
Cumulative Residual Value Loss / (Gain) as of the end of the 2nd preceding period
$
(57,512,210.54
)
Cumulative Residual Value Loss / (Gain) as of the end of the 3rd preceding period
$
(52,258,728.28
)
Delinquencies as of the end of the current period
Units
Securitization Value
Percentage
31-60 Days Delinquent
92
3,714,318.79
0.53
%
61-90 Days Delinquent
25
991,230.83
0.14
%
91-120 Days Delinquent
9
346,139.27
0.05
%
121 - 150 Days Delinquent
9
394,606.18
0.06
%
151 Days or More Delinquent
0
0.00
0.00
%
Total 30+ Days Past Due as of the end of the current period
135 $
5,446,295.07
0.78
%
Total 60+ Days Past Due as of the end of the current period 43
 $
1,731,976.29
0.25
%
Delinquencies as of the end of prior periods
Total 30+ Days Past Due as of the end of the prior period
0.65
%
Total 30+ Days Past Due as of the end of the 2nd preceding period
0.69
%
Total 30+ Days Past Due as of the end of the 3rd preceding period
0.68
%
Credit Losses as of the end of the current period
Units
Dollar Amount
Gross Credit Losses
8
105,263.08
Recoveries
2
2,934.31

Net Credit Losses

102,328.77

Cumulative Net Credit Losses
29 $
381,222.12


Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
0.05
%
Charge Off Rate ***
0.03
%
Average of Net Credit Losses ****
$
13,145.59
Historical Loss Information
Credit Losses as of the end of the prior period
Units
Dollar Amount
Gross Credit Losses
5
132,271.14
Recoveries
1
500.00

Net Credit Losses
131,771.14

Cumulative Net Credit Losses
21 $
278,893.35
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
0.04
%
Charge Off Rate ***
0.02
%
Average of Net Credit Losses ****

13,280.64
Credit Losses as of the end of the 2nd preceding period
Units
Dollar Amount
Gross Credit Losses
4
15,736.36
Recoveries
0
-
Net Credit Losses
15,736.36

Cumulative Net Credit Losses
16
 $
147,122.21
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
0.02
%
Charge Off Rate ***
0.01
%
Average of Net Credit Losses ****
9,195.14
Credit Losses as of the end of the 3rd preceding period
Units
Dollar Amount
Gross Credit Losses
4 14,628.62
Recoveries
0
-
Net Credit Losses
14,628.62

Cumulative Net Credit Losses
12
 $
131,385.85
Ratio of Cumulative Net Credit Losses to Aggregate Securitization Value **
0.02
%
Charge Off Rate ***
0.01
%
Average of Net Credit Losses ****
10,948.82

* 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.