10-K - BMW Vehicle Lease Trust 2022-1 (0001897660) (Filer)

Tue, Mar 26, 4:21 PM (415 days ago)

The annual report for BMW Vehicle Lease Trust 2022-1, as filed with the SEC, outlines the trust's operations and financial status for the fiscal year ending December 31, 2023. This report indicates that BMW Auto Leasing LLC, under the sponsorship of BMW Financial Services NA, LLC, has not encountered any single obligor representing 10% or more of the asset pool, nor has it required external credit enhancement or derivative instruments significant to cash flow. Legal proceedings are reportedly absent that would materially impact note holders. Notably, U.S. Bank N.A., serving as the indenture trustee, is involved in litigation related to its trustee roles in RMBS trusts, with outcomes and impacts yet undetermined. Additionally, The Bank of New York Mellon, involved in a trustee capacity, faces lawsuits concerning RMBS transactions, asserting expansive trustee duties; however, outcomes remain speculative. The report omits standard sections under General Instruction J, focusing instead on regulatory compliance, particularly in servicing criteria, where no material noncompliance was identified for BMW Financial Services NA, LLC or U.S. Bank N.A. for the reporting period. The document concludes with a declaration of no securities registered under Section 12(b), affirming the trust's compliance with filing requirements and internal control assessments without detailing financial performance metrics or market position changes.