| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 363.0 | 19.0% | 2.75% | 0.25 | 5.51% | +12 I-curve | 2025-05-27 | A-1+ | P-1 |
| Class A-2a | 320.5 | 16.8% | 2.75% | 0.99 | 5.42% | +37 I-curve | 2027-02-25 | AAA | Aaa |
| Class A-2b | 320.5 | 16.8% | 2.75% | — | floating | +34 SOFR | 2027-02-25 | AAA | Aaa |
| Class A-3 | 641.0 | 33.6% | 2.75% | 2.34 | 5.18% | +54 I-curve | 2029-02-26 | AAA | Aaa |
| Class A-4 | 105.0 | 5.5% | 2.75% | 3.69 | 5.04% | +60 I-curve | 2031-04-25 | AAA | Aaa |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | BMW Financial Services NA, LLC |
|---|---|
| Servicer | BMW Financial Services NA, LLC |
| Depositor / Transferor | BMW FS Securities LLC |
| Indenture Trustee | Wilmington Trust, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | J.P. Morgan Securities, BNP Paribas Securities, U.S. Bancorp Investments, MUFG Securities Americas |
| BMWOT 2024-A | BMWOT 2023-A | BMWOT 2022-A | Source | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-06-11 | 2023-07-18 | 2022-05-18 | 424B5 |
| Pool balance | $1,910.0MM | $1,670.1MM | $1,652.9MM | 424B5 |
| WA Credit Score | 789+2 | 787 | 788 | 424B5 |
| WA APR | 5.35%+1.76pp | 4.37% | 2.81% | 424B5 |
| WA original term mo | 63.6+0.4 | 63.2 mo | 63.2 mo | 424B5 |
| % new vehicles | 68.2% | 60.1% | 60.1% | 424B5 |
| Geo top-3 | CA 16.7% TX 13.2% FL 11.0% | CA 18.2% TX 12.3% FL 10.5% | CA 17.2% TX 10.4% FL 8.9% | 424B5 |
| Enhancement beneath the AAA term notes | ||||
| Enhancement, initial | 2.75%0.00pp | 2.75% | 2.75% | calc |
| Enhancement, target | 2.75% | 2.75% | 2.75% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | calc |
| OC (initial) | 2.50% | 2.50% | 2.50% | 424B5 |
| OC target | 2.50% | 2.50% | 2.50% | 424B5 |
| OC floor | 2.50% | 2.50% | 2.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 6.03% | 7.88% | 6.93% | 424B5 |
| Pricing | ||||
| AAA spread | +54 bps−12bps A-3 · 2.3y | +76 bps A-3 · 2.3y | +57 bps A-3 · 2.2y | FWP |
| Terms | ||||
| Tranches | 5 | 5 | 5 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| BMWOT 2024-A | NAROT 2024-A | WOART 2024-B | HAROT 2024-2 | TAOT 2024-B | GMCAR 2024-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-06-11 | 2024-05-22 | 2024-05-22 | 2024-05-21 | 2024-04-30 | 2024-04-10 | 424B5 |
| Pool balance | $1,910.0MM | $1,424.1MM | $1,335.1MM | $2,159.3MM | $1,876.3MM | $1,654.1MM | 424B5 |
| WA Credit Score | 789+20 | 780 | 757 | 769 | 767 | 784 | 424B5 |
| WA APR | 5.35%−0.35pp | 4.81% | 7.32% | 4.74% | 5.70% | 6.23% | 424B5 |
| WA original term mo | 63.6−3.4 | — | 68.3 mo | 63.2 mo | 66.0 mo | 68.0 mo | 424B5 |
| % new vehicles | 68.2% | 10.5% | 95.3% | 86.0% | 86.7% | 87.7% | 424B5 |
| Geo top-3 | CA 16.7% TX 13.2% FL 11.0% | TX 17.8% FL 9.5% CA 6.6% | FL 43.8% GA 19.9% NC 16.8% | CA 16.6% TX 9.9% MD 6.1% | CA 23.9% TX 15.3% IL 4.6% | TX 14.4% FL 7.1% NY 5.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−1.50pp | 4.25% | 4.75% | 2.75% | 2.75% | 6.10% | calc |
| Enhancement, target | 2.75% | 4.25% | 5.65% | — | 3.60% | 6.60% | calc |
| Subordinate notes | 0.0%−2.5pp | 0.0% | 4.5% | 0.0% | 2.5% | 4.4% | calc |
| OC (initial) | 2.50% | 4.00% | 0.00% | 2.50% | 0.00% | 1.50% | 424B5 |
| OC target | 2.50% | 4.00% | 0.90% | — | 0.85% | 2.00% | 424B5 |
| OC floor | 2.50% | 4.00% | 0.50% | — | 0.85% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 6.03% | 8.57% | 7.70% | n.a. | 6.73% | 5.27% | 424B5 |
| Pricing | |||||||
| AAA spread | +54 bps−4bps A-3 · 2.3y | +58 bps A-3 · 2.3y | +65 bps A-3 · 2.7y | +58 bps A-3 · 2.3y | +55 bps A-3 · 2.5y | +57 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 5 | 5 | 7 | 4 | 6 | 8 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (172 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
BMW Financial Services NA, LLC — ticker BMWOT.
Peer tier: prime.
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FICO sub-band and new/used stratification.