Standard & Poor's Assigns Preliminary Ratings to BMW Vehicle Owner Trust 2001-A Notes

    NEW YORK, May 15 Standard & Poor's today assigned its
preliminary ratings to BMW Vehicle Owner Trust 2001-A's $1,581 million
asset-backed notes (see list).
    The preliminary ratings are based on information as of May 15, 2001.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
    The preliminary ratings reflect subordination of 2% for the class A notes;
a reserve account with an initial deposit of 1.50% of the initial and
subsequent receivables balance, building to a cap of 2.50% of the outstanding
receivables and a floor equal to 0.75% of the combined balance of the initial
receivables and the prefunded amount; and favorable performance trends in BMW
Financial Services N.A. Inc.'s loan portfolio.
    Based on BMW Financial Services underwriting guidelines, the good
performance of all previously originated loans, and BMW Financial Services
obligor characteristics, the expected loss levels of the pool properly reflect
the credit risk for loans to be included in this securitization.  The required
credit enhancement provides sufficient protection under Standard & Poor's
triple-'A' and single-'A' stress scenarios.
    A copy of Standard & Poor's complete presale report for this transaction
is available on RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com.  The report is also available on
Standard & Poor's Ratings Services Web site at
http://www.standardandpoors.com/ratings.  Under Presale Reports, select
Structured Finance, then Asset-Backed Securities, Standard & Poor's said.
 -- CreditWire

    PRELIMINARY RATINGS ASSIGNED
    BMW Vehicle Owner Trust 2001-A

    Class          Rating                   Amount ($000s)
    A-1            A-1+                     329,000
    A-2            AAA                      448,000
    A-3            AAA                      499,000
    A-4            AAA                      274,000
    B              A                         31,800