BMW Vehicle Owner Trust 2002-A Rated 'AAA' By Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 24, 2002

Fitch rates BMW Vehicle Owner Trust 2002-A as follows:

--$311,000,000 class A-1 1.91% asset-backed notes 'F1+';

--$358,426,000 class A-2 2.83% asset-backed notes 'AAA';

--$446,779,000 class A-3 3.80% asset-backed notes 'AAA';

--$251,253,000 class A-4 4.46% asset-backed notes 'AAA'

--$27,907,000 class B 4.85% asset-backed notes 'A+'.

The ratings on the class A and B notes are based upon their respective levels of subordination, funds in the reserve account, overcollateralization, and the yield supplement overcollateralization amount (YSOC, explained below). All ratings reflect the transaction's sound legal structure, and the high quality of the retail auto receivables originated and serviced by BMW Financial Services NA, LLC (BMW FS).

The 2002-A transaction incorporates the YSOC feature to compensate for receivables in the pool whose interest rates are below 6.10%. The YSOC is calculated on each distribution date as the sum of the excess if any of the present value of the remaining scheduled payments due on each receivable discounted at its APR over the present value of the remaining scheduled payments due on each receivable discounted at the greater of the APR on the contract or 5.30%. The bonds issued by the trust will be sized off the collateral balance minus the initial YSOC, resulting in overcollateralization that generates 'synthetic' excess spread available to fund the reserve account to its target and to cover losses.

Initial enhancement for the class A notes is 3% and consists of 2% subordination from the class B notes, and the 1% initial deposit to the reserve account. Initial enhancement for the class B notes is provided by the 1% initial deposit to the reserve fund. Excess spread is used to fund the reserve account to its target of 2% of the ongoing pool balance providing both the class A and B notes with additional enhancement.

Interest and principal on the notes is distributed monthly, beginning June 25, 2002. The 2002-A transaction incorporates a payment mechanism that can redirect Class B interest payments to pay principal on higher rated classes. This is done through the utilization of a first priority principal distribution amount (FPPDA). For a more detailed explanation of the FPPDA, RPDA, and other structural features, please see the Fitch Ratings' 'BMW Vehicle Owner Trust 2002-A' presale report available at 'www.fitchratings.com'.

Based on the loss statistics of BMW FS's U.S. retail portfolio performance, Fitch expects excellent performance from the pool of receivables in the 2002-A pool. For the year ending Dec. 31, 2001, BMW's retail portfolio of approximately $3.206 billion had 60+ day delinquencies as a percentage of average principal amount outstanding of 0.41%, and net losses as a percentage of the average principal amount outstanding were 0.57%.