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S&P Assigns Preliminary Ratings to BMW Vehicle Owner Trust

30 September 1999

S&P Assigns Preliminary Ratings to BMW Vehicle Owner Trust

    NEW YORK, Sept. 29 -- Standard & Poor's today assigned its
preliminary ratings to BMW Vehicle Owner Trust 1999-A's $1,095 million asset-
backed notes and certificates.  The preliminary ratings are based on
information as of Sept. 28, 1999.  Subsequent information may result in the
assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings reflect:
    -- Subordination of 3% for the class A notes;
    -- A reserve account with an initial deposit of 3.75% of the initial
       receivable balance, building to a cap of 5% of the outstanding
       receivables;
    -- A floor equal to 1% 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.

    A copy of Standard & Poor's complete presale report for this transaction
is available on Standard & Poor's Web site at
http://www.standardandpoors.com/ratings.  Select Presale Reports-ABS Presales.
-- CreditWire

    PRELIMINARY RATINGS ASSIGNED

    BMW Vehicle Owner Trust 1999-A
      Class          Amount                Rating
      A-1            190,000,000           A-1+
      A-2            400,000,000           AAA
      A-3            300,000,000           AAA
      A-4            171,600,000           AAA
      Certificates    33,400,000           A