| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 350.0 | 18.4% | 2.75% | 0.24 | 4.40% | +9 I-curve | 2026-02-25 | A-1+ | P-1 |
| Class A-2a | 306.2 | 16.1% | 2.75% | 0.95 | 4.43% | +30 I-curve | 2027-10-25 | AAA | Aaa |
| Class A-2b | 306.2 | 16.1% | 2.75% | 0.95 | floating | +30 SOFR | 2027-10-25 | AAA | Aaa |
| Class A-3 | 647.5 | 34.1% | 2.75% | 2.27 | 4.56% | +38 I-curve | 2029-09-25 | AAA | Aaa |
| Class A-4 | 140.0 | 7.4% | 2.75% | 3.66 | 4.66% | +43 I-curve | 2032-12-27 | 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 | Wells Fargo Securities, RBC Capital Markets, Barclays Capital, SMBC Nikko Securities, HSBC Securities |
| BMWOT 2025-A | BMWOT 2024-A | BMWOT 2023-A | BMWOT 2022-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-02-12 | 2024-06-11 | 2023-07-18 | 2022-05-18 | 424B5 |
| Pool balance | $1,897.4MM | $1,910.0MM | $1,670.1MM | $1,652.9MM | 424B5 |
| WA Credit Score | 790+2 | 789 | 787 | 788 | 424B5 |
| WA APR | 5.41%+1.04pp | 5.35% | 4.37% | 2.81% | 424B5 |
| WA original term mo | 65.1+1.8 | 63.6 mo | 63.2 mo | 63.2 mo | 424B5 |
| % new vehicles | 70.5% | 68.2% | 60.1% | 60.1% | 424B5 |
| Geo top-3 | CA 14.6% TX 14.6% FL 11.6% | 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% | 2.75% | calc |
| Enhancement, target | 2.75% | 2.75% | 2.75% | 2.75% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | calc |
| OC (initial) | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC target | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC floor | 2.50% | 2.50% | 2.50% | 2.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 5.40% | 6.03% | 7.88% | 6.93% | 424B5 |
| Pricing | |||||
| AAA spread | +38 bps−19bps A-3 · 2.3y | +54 bps A-3 · 2.3y | +76 bps A-3 · 2.3y | +57 bps A-3 · 2.2y | FWP |
| Terms | |||||
| Tranches | 5 | 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 2025-A | HAROT 2025-1 | TAOT 2025-A | WOART 2025-A | MBART 2025-1 | GMCAR 2025-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-02-12 | 2025-02-11 | 2025-01-29 | 2025-01-29 | 2025-01-23 | 2025-01-15 | 424B5 |
| Pool balance | $1,897.4MM | $2,429.2MM | $1,977.2MM | $1,305.7MM | $1,400.0MM | $1,644.9MM | 424B5 |
| WA Credit Score | 790+22 | 768 | 769 | 756 | 761 | 781 | 424B5 |
| WA APR | 5.41%−1.19pp | 4.96% | 6.00% | 6.60% | 7.95% | 7.03% | 424B5 |
| WA original term mo | 65.1−0.7 | 61.7 mo | 65.7 mo | 68.2 mo | 67.5 mo | 13.0 mo | 424B5 |
| % new vehicles | 70.5% | 86.2% | 91.0% | 95.6% | 40.2% | 87.9% | 424B5 |
| Geo top-3 | CA 14.6% TX 14.6% FL 11.6% | CA 16.5% NY 7.3% TX 7.3% | CA 19.7% TX 16.6% PA 4.2% | FL 49.1% GA 18.2% NC 17.8% | CA 21.6% TX 16.5% NY 8.8% | TX 13.9% FL 7.0% MI 5.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%0.00pp | 2.75% | 2.75% | 4.75% | 2.75% | 6.10% | calc |
| Enhancement, target | 2.75% | — | 3.60% | 5.65% | 2.75% | 6.10% | calc |
| Subordinate notes | 0.0%−2.5pp | 0.0% | 2.5% | 4.5% | 0.0% | 3.1% | calc |
| OC (initial) | 2.50% | 2.50% | 0.00% | 0.00% | 2.50% | 2.75% | 424B5 |
| OC target | 2.50% | — | 0.85% | 0.90% | 2.50% | 2.75% | 424B5 |
| OC floor | 2.50% | — | 0.85% | 0.50% | 2.50% | 2.75% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 5.40% | n.a. | 3.90% | 6.15% | 4.02% | 3.13% | 424B5 |
| Pricing | |||||||
| AAA spread | +38 bps−1bps A-3 · 2.3y | +39 bps A-3 · 2.4y | +37 bps A-3 · 2.4y | +45 bps A-3 · 2.6y | +41 bps A-3 · 2.5y | +38 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 5 | 4 | 6 | 7 | 5 | 7 | 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 (191 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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.