S&P Asgns Prlm Rtgs to BMW Vehicle Owner Tr 2001-A Nt

    NEW YORK--Standard & Poor's--May 15, 2001-- 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 www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at 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