secwatch / observer

8-K filed April 22, 2026, 7:59 PM ET CIK 0001126530

debt confidence high sentiment neutral materiality 0.90

BMW Vehicle Lease Trust 2026-1 Issued $1.5 Billion in Asset-Backed Notes

BMW AUTO LEASING LLC

BMW Vehicle Lease Trust 2026-1 issued $1.5B in asset-backed notes on April 22, 2026, across five classes: A-1 ($249.6M), A-2a ($490.2M), A-2b ($90M), A-3 ($580.2M), A-4 ($90M).
The securitization involved 10 definitive agreements including the Indenture, Vehicle Trust Supplement, and Back-Up Security Agreement.
Underwriters included J.P. Morgan Securities LLC, and the notes are backed by vehicle leases from BMW Manufacturing L.P.
The transaction is structured with a SUBI certificate transfer from BMW Manufacturing to BMW Auto Leasing to the Trust.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into Indenture with U.S. Bank Trust Company, National Association valued at Indenture pursuant to which the Trust issued the Notes (effective 2026-04-22).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank Trust Company, National Association
Value: Indenture pursuant to which the Trust issued the Notes
Effective: 2026-04-22

Exact text from the filing

An Indenture (the “Indenture”) between the Trust, as issuer, and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture Trustee”), pursuant to which the Trust issued the Notes

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into Asset Representations Review Agreement with Clayton Fixed Income Services LLC valued at Review of certain representations relating to Specified Leases and Specified Vehicles (effective 2026-04-22).

Action: entry
Counterparty: Clayton Fixed Income Services LLC
Value: Review of certain representations relating to Specified Leases and Specified Vehicles
Effective: 2026-04-22

Exact text from the filing

An Asset Representations Review Agreement (the “Asset Representations Review Agreement”) among the Trust, the Servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (the “Asset Representations Reviewer”), relating to the review of certain representations relating to the Specified Leases and Specified Vehicles

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into Back-Up Security Agreement with Vehicle Trust valued at Grant of first priority security interest in certain collateral to secure the Notes (effective 2026-04-22).

Action: entry
Agreement: notes offering
Counterparty: Vehicle Trust
Value: Grant of first priority security interest in certain collateral to secure the Notes
Effective: 2026-04-22

Exact text from the filing

A Back-Up Security Agreement (the “Back-Up Security Agreement”) among the Vehicle Trust, BMW Manufacturing, BMW LLC, the Trust and the Indenture Trustee, pursuant to which each of the Vehicle Trust, BMW Manufacturing and BMW LLC granted to the Trust a first priority security interest in certain collateral to secure the Notes

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into Issuer SUBI Certificate Transfer Agreement with BMW Vehicle Lease Trust 2026-1 valued at Transfer of SUBI Certificate from BMW LLC to the Trust (effective 2026-04-22).

Action: entry
Counterparty: BMW Vehicle Lease Trust 2026-1
Value: Transfer of SUBI Certificate from BMW LLC to the Trust
Effective: 2026-04-22

Exact text from the filing

An Issuer SUBI Certificate Transfer Agreement (the “Issuer SUBI Certificate Transfer Agreement”) between BMW LLC and the Trust, pursuant to which the SUBI Certificate was transferred by BMW LLC to the Trust

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into Amended and Restated Trust Agreement with Wilmington Trust, National Association valued at Amended and restated trust agreement for BMW Vehicle Lease Trust 2026-1 (effective 2026-04-22).

Action: entry
Counterparty: Wilmington Trust, National Association
Value: Amended and restated trust agreement for BMW Vehicle Lease Trust 2026-1
Effective: 2026-04-22

Exact text from the filing

An Amended and Restated Trust Agreement of the Trust (the “Amended and Restated Trust Agreement”) between BMW LLC and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into Control Agreement with U.S. Bank National Association valued at Establishment of control over certain collateral securing the Notes under UCC Articles 8 and 9 (effective 2026-04-22).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank National Association
Value: Establishment of control over certain collateral securing the Notes under UCC Articles 8 and 9
Effective: 2026-04-22

Exact text from the filing

A Control Agreement (the “Control Agreement”) among the Trust, the Indenture Trustee, including in its capacity as secured party, and U.S. Bank National Association, as securities intermediary (the “Securities Intermediary”), related to the establishment of “control” pursuant to Article Eight and Nine of the Uniform Commercial Code over certain of the collateral securing the Notes

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into SUBI Certificate Transfer Agreement with BMW Manufacturing L.P. valued at Transfer of SUBI Certificate from BMW Manufacturing to BMW LLC (effective 2026-04-22).

Action: entry
Counterparty: BMW Manufacturing L.P.
Value: Transfer of SUBI Certificate from BMW Manufacturing to BMW LLC
Effective: 2026-04-22

Exact text from the filing

A SUBI Certificate Transfer Agreement (the “SUBI Certificate Transfer Agreement”) between BMW Manufacturing and BMW LLC, pursuant to which the SUBI Certificate was transferred by BMW Manufacturing to BMW LLC

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into 2026-1 SUBI Servicing Supplement with Financial Services Vehicle Trust valued at Servicing supplement for specified leases and vehicles allocated to SUBI Certificate (effective 2026-04-22).

Action: entry
Agreement: supply
Counterparty: Financial Services Vehicle Trust
Value: Servicing supplement for specified leases and vehicles allocated to SUBI Certificate
Effective: 2026-04-22

Exact text from the filing

A 2026-1 Servicing Supplement (the “2026-1 SUBI Servicing Supplement”) among Financial Services Vehicle Trust (the “Vehicle Trust”), the UTI Beneficiary and BMW Financial Services NA, LLC (“BMW FS”), as servicer (in such capacity, the “Servicer”) and sponsor (in such capacity, the “Sponsor”), to the Basic Servicing Agreement, dated as of August 30, 1995 (the “Basic Servicing Agreement”), among the Vehicle Trust, BMW Manufacturing and the Servicer, pursuant to which the leases (the “Specified Leases”) and related leased vehicles (the “Specified Vehicles”) allocated to the SUBI Certificate are serviced by the Servicer

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into 2026-1 Vehicle Trust Supplement with BMW Manufacturing L.P. valued at Asset-backed notes in multiple classes totaling approximately $1,500,000,000 (effective 2026-04-22).

Action: entry
Agreement: notes offering
Counterparty: BMW Manufacturing L.P.
Value: Asset-backed notes in multiple classes totaling approximately $1,500,000,000
Effective: 2026-04-22

Exact text from the filing

In connection with the issuance by BMW Vehicle Lease Trust 2026-1 (the “Trust”) on April 22, 2026 (the “Closing Date”) of its (i) Class A-1 Asset-Backed Notes in the aggregate original principal amount of $249,600,000; (ii) Class A-2a Asset-Backed Notes in the aggregate original principal amount of $490,200,000; (iii) Class A-2b Asset-Backed Notes in the aggregate original principal amount of $90,000,000; (iv) Class A-3 Asset-Backed Notes in the aggregate original principal amount of $580,200,000 and (v) Class A-4 Asset-Backed Notes in the aggregate original principal amount of $90,000,000 (collectively, the “Notes”), and the sale of certain of the Notes, BMW Auto Leasing LLC (“BMW LLC”) is filing the agreements listed below, each dated as of the Closing Date: 1. A 2026-1 Vehicle Trust Supplement (the “2026-1 Vehicle Trust Supplement”) between BMW Manufacturing L.P. (“BMW Manufacturing”), as grantor (in such capacity, the “Grantor”) and UTI beneficiary (in such capacity, the “UTI Benef

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BMW AUTO LEASING LLC entered into Administration Agreement with BMW Financial Services NA, LLC valued at Provision of administrative services for the Trust by Administrator (effective 2026-04-22).

Action: entry
Agreement: notes offering
Counterparty: BMW Financial Services NA, LLC
Value: Provision of administrative services for the Trust by Administrator
Effective: 2026-04-22

Exact text from the filing

An Administration Agreement (the “Administration Agreement”) among BMW FS, as administrator (in such capacity, the “Administrator”), BMW LLC, as depositor, the Trust and the Indenture Trustee, relating to the provision by the Administrator of certain services for the Trust

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Source: SEC EDGAR

accession 0000929638-26-001549

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