Correction: Fitch Expects to Rate BMW Vehicle Owner Trust 2004-A 'F1+/AAA/A'.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 5, 2004

(This is a revised version of a press release issued May 3, 2004. The transaction is expected to close on May 12, 2004. For more information please refer to the presale report issued on May 3, 2004.)

Fitch expects to rate BMW Vehicle Owner Trust 2004-A as follows:

-- $306,000,000 Class A-1 1.11% Asset-Backed Notes 'F1+';

-- $426,368,000 Class A-2 1.82% Asset-Backed Notes 'AAA';

-- $461,746,000 Class A-3 2.58% Asset-Backed Notes 'AAA';

-- $262,196,000 Class A-4 3.21% Asset-Backed Notes 'AAA'

-- $33,521,000 Class B 3.42% Asset-Backed Notes 'A'.

The expected ratings on the class A and B notes are based upon their respective levels of subordination, funds in the reserve account, and the yield supplement overcollateralization amount (YSOC, explained below). All expected 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 2004-A transaction will incorporate the YSOC feature to compensate for receivables in the pool that have a low rate of interest. 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 will be 2.90% and consist of 2.25% subordination from the class B notes, and the .65% initial deposit to the reserve account. Initial enhancement for the class B notes will be provided by the .65% initial deposit to the reserve fund. Excess spread will be used to fund the reserve account to its target of 1.75% of the aggregate outstanding notes balance.

Interest and principal on the notes will be distributed monthly, beginning June 25, 2004. The 2004-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). Please see Fitch Ratings' 'BMW Vehicle Owner Trust 2004-A Presale Report' for a more detailed explanation of the FPPDA, RPDA, and other structural features.

Based on the loss statistics of BMW FS's U.S. retail portfolio performance, Fitch Ratings expects excellent performance from the pool of receivables in the 2004-A pool. For the year ending December 31, 2003, BMW's retail portfolio of approximately $4.37 billion, had 60+ day delinquencies as a percentage of average principal amount outstanding of 0.31%, and net losses as a percentage of the average principal amount outstanding were 0.48%.