Presale Report — BMW Vehicle Lease Trust 2026-1

Capital Structure

Class	Size ($MM)	% of Pool	Sub %	CPN / Spread	WAL	Legal Final	Moody's	Fitch
Class A-1	249.6	14.5%	72.4%	3.83% fxd	0.26	2027-04-26	P-1	F1+
Class A-2a	490.2	28.4%	44.0%	4.03% fxd	1.04	2028-07-25	Aaa	AAA
Class A-2b	90.0	5.2%	38.8%	+37 bps SOFR	1.04	2028-07-25	Aaa	AAA
Class A-3	580.2	33.6%	5.2%	4.15% fxd	1.96	2029-05-25	Aaa	AAA
Class A-4	90.0	5.2%	0.0%	4.18% fxd	2.47	2029-11-26	Aaa	AAA

Sponsor	BMW Financial Services NA, LLC
Servicer	BMW Financial Services NA, LLC
Depositor / Transferor	BMW Auto Leasing LLC
Indenture Trustee	U.S. Bank Trust Company, National Association
Owner Trustee	Wilmington Trust, National Association
Asset Rep. Reviewer	Clayton Fixed Income Services LLC
Underwriters	J.P. Morgan Securities, RBC Capital Markets, MUFG Securities Americas, Mizuho Securities

Sponsor

BMW Financial Services NA, LLC

Servicer

BMW Financial Services NA, LLC

Depositor / Transferor

BMW Auto Leasing LLC

Indenture Trustee

U.S. Bank Trust Company, National Association

Owner Trustee

Wilmington Trust, National Association

Asset Rep. Reviewer

Clayton Fixed Income Services LLC

Underwriters

J.P. Morgan Securities, RBC Capital Markets, MUFG Securities Americas, Mizuho Securities

	BMWLT 2026-1	BMWLT 2025-2	BMWLT 2025-1	BMWLT 2024-2
Collateral (pool at cut-off)
Closing date	2026-04-22	2025-10-15	2025-06-10	2024-10-07
Pool balance	$1,727.1MM	$1,439.3MM	$1,554.4MM	$1,468.9MM
WA Lessee Credit Score	7920	792	792	789
WA original term mo	36.00.0	36.0 mo	36.0 mo	36.0 mo
WA Residual % MSRP	48.3%	48.3%	48.0%	48.4%
ALG-marked residuals	100.0%	100.0%	100.0%	100.0%
WA Securitization Value	$56,395	$46,784	$42,435	$51,501
Top-3 model concentration	20.7%	14.7%	17.6%	20.7%
Geo top-3	CA 20.8% FL 13.9% NY 10.1%	CA 20.4% FL 16.7% TX 8.7%	CA 18.0% FL 15.0% NY 9.3%	CA 19.2% FL 13.6% NJ 9.2%
Structure (at issuance)
AAA spread	+37 bps−2bps	+31 bps	+39 bps	+42 bps
AAA % of pool	72.4%−1.3pp	74.3%	73.7%	71.8%
Initial OC	13.15%	13.15%	13.15%	14.90%
Target OC	15.65%	15.65%	15.65%	17.40%
Subordination below AAA	0.0%0.0pp	0.0%	0.0%	0.0%
Total Hard CE (Initial)	13.40%	13.40%	13.40%	15.15%
Total Hard CE (Target)	15.90%	15.90%	15.90%	17.65%
Discount rate	10.75%	10.15%	10.85%	11.20%
Tranches	5	5	5	5

	BMWLT 2026-1	WOALT 2026-A	VWALT 2026-A	NALT 2026-A	GMALT 2026-1	FCALT 2026-A
Collateral (pool at cut-off)
Closing date	2026-04-22	2026-03-25	2026-03-24	2026-02-26	2026-02-12	2026-01-26
Pool balance	$1,727.1MM	—	$1,994.2MM	$1,299.5MM	$1,235.3MM	$2,068.3MM
WA Lessee Credit Score	792+29	741	774	759	781	763
WA original term mo	36.0−0.4	37.7 mo	—	36.0 mo	35.0 mo	36.8 mo
WA Residual % MSRP	48.3%	58.4%	47.3%	52.9%	64.7%	63.7%
ALG-marked residuals	100.0%	—	97.4%	99.8%	92.7%	86.8%
WA Securitization Value	$56,395	—	$33,479	$30,043	$37,340	$993,604,775
Top-3 model concentration	20.7%	—	48.3%	42.2%	36.2%	55.8%
Geo top-3	CA 20.8% FL 13.9% NY 10.1%	FL 64.9% NC 12.7% GA 8.7%	CA 19.6% FL 14.3% NY 11.8%	NY 16.7% NJ 15.5% FL 11.2%	MI 27.5% NY 13.2% FL 9.1%	MI 30.9% NY 10.2% CA 8.9%
Structure (at issuance)
AAA spread	+37 bps−7bps	+43 bps	+47 bps	+45 bps	—	+34 bps
AAA % of pool	72.4%+0.0pp	78.1%	72.4%	79.9%	62.0%	52.7%
Initial OC	13.15%	—	14.25%	12.10%	10.00%	7.00%
Target OC	15.65%	—	17.75%	—	10.50%	9.00%
Subordination below AAA	0.0%−7.7pp	9.4%	0.0%	7.7%	7.7%	9.7%
Total Hard CE (Initial)	13.40%	—	14.50%	20.52%	19.12%	22.67%
Total Hard CE (Target)	15.90%	—	18.00%	—	19.62%	24.67%
Discount rate	10.75%	—	9.95%	10.00%	8.75%	8.90%
Tranches	5	7	5	7	6	8

Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.

CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.