[KPMG letterhead] EXHIBIT 99.2
New Jersey Headquarters
150 John F. Kennedy Parkway
Short Hills, NJ 07078
Independent Accountant's Report
On Applying Agreed-Upon Procedures
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Board of Directors
BMW Financial Services NA, LLC
300 Chestnut Ridge Road
Woodcliff Lake, New Jersey 07675
Ladies and Gentlemen:
We have performed the procedures enumerated below, which were agreed to by BMW
Financial Services NA, LLC (BMW FS or the Servicer), solely to assist the
addressee in evaluating the accuracy of certain specified information in
connection with the Servicing Agreement (the Agreement) dated November 1, 2000
among BMW Vehicle Lease Trust 2000-A, as Issuer, BMW Auto Leasing LLC, as
Transferor, BMW Financial Services NA, LLC, as Servicer, and The Chase Manhattan
Bank, as Indenture Trustee.
This engagement to apply agreed-upon procedures was performed in accordance with
standards established by the American Institute of Certified Public Accountants.
The sufficiency of the procedures is solely the responsibility of the
addressees. Consequently, we make no representation regarding the sufficiency of
the procedures described below either for the purpose for which this report has
been requested or for any other purpose.
For purposes of presenting our procedures and findings, the phrase "compared"
means compared and found to be in agreement with, unless otherwise noted.
"Recalculated" means recomputed and found to be in agreement with, unless
otherwise noted.
In connection with the agreed upon procedures:
o We are independent certified public accountants with respect to the
Servicer as contemplated by Rule 101 of the Code of Professional Conduct of
the American Institute of Certified Public Accountants.
Our procedures and findings were as follows:
1. a) We obtained from the Servicer a copy of the
December 1, 2000 through December 31, 2000 Monthly
Servicing Report (the Report) dated January 25,
2001 for BMW Vehicle Lease Trust 2000-A. This
Report was prepared by the Servicer and is
attached as Exhibit 1.
b) We compared all amounts and percentages appearing
on the Report and on the monthly summaries
prepared by the Servicer in support of the Report
to computer reports and schedules prepared by the
Servicer, where applicable (as identified by the
letter A on Exhibit 1), to the previous month's
Servicer Report (as identified by the letter B on
Exhibit 1) or to the BMW Vehicle Lease Trust
2000-A Prospectus dated November 2, 2000 (as
identified by the letter C on Exhibit 1). The
Servicer has represented that such computer
reports and schedules were extracted from or
derived from the BMW FS accounting records. Other
applicable amounts and percentages appearing on
the Report were recalculated (as identified by the
letter D on Exhibit 1).
The following exceptions were noted:
o The dollar amount of "Receipts of Monthly Payments" included on the
Report is $28,812,200 but the corresponding dollar amount appearing on
the supporting computer report was $26,142,348.
o The dollar amount of "Sale Proceeds" included on the Report is $28,262
but the corresponding dollar amount appearing on the supporting
computer report was $644,723.
o The dollar amount of "Termination Proceeds" included on the Report is
$5,339,071 but the corresponding dollar amount appearing on the
supporting computer report was $4,748,235.
o The dollar amount of "Recovery Proceeds" included on the Report is
$9,917 but the corresponding dollar amount appearing on the supporting
computer report was $34,025.
It should be noted that certain other amounts (as identified by the letter E on
Exhibit 1) included on the Report were recalculated and/or compared to computer
reports and schedules based upon the dollar amount of "Receipts of Monthly
Payments" included on the Report as noted above, excluding the impact of our
above noted difference for "Receipts of Monthly Payments."
We were not engaged to, and did not, perform an audit, the objective of which
would be the expression of an opinion on the specified elements, accounts, or
items noted above. Accordingly, we do not express such an opinion. Had we
performed additional procedures, other matters might have come to our attention
that would have been reported to you.
This report is intended solely for the use of the addressees and should not be
used by those who have not agreed to the procedures and taken responsibility for
the sufficiency of the procedures for their purposes. However, it is our
understanding that the Servicer will provide copies of this report to The Chase
Manhattan Bank, as Indenture Trustee, and Wilmington Trust Company, as Owner
Trustee, in accordance with Section 2.11 of the Agreement. The receipt of this
report by such parties acknowledges the sufficiency of the procedures performed
for their purposes.
The terms of our engagement are such that we have no obligation to update this
letter because of events and transactions occurring subsequent to the date of
this letter.
/s/ KPMG LLP
April 20, 2001
BMW Vehicle Lease Trust 2000-A Exhibit 1
Collection Period Ending: 12/31/00
Distribution Date: 01/25/01
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Balances
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Initial Period End
Securitization Value C $1,547,538,089 A,D $1,491,589,902
Reserve Account $81,245,750 D $104,458,821
Class A-1 Notes $180,000,000 $124,051,813
Class A-2 Notes $600,000,000 $600,000,000
Class A-3 Notes $300,000,000 $300,000,000
Class A-4 Notes $389,660,000 $389,660,000
Subordinated Note $30,951,089 $30,951,089
Class B Certificates $46,927,000 $46,927,000
Current Collection Period
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Beginning Securitization Value B $1,506,273,346
Principal Reduction Amount D $14,683,444
Ending Securitization Value A $1,491,589,902
Calculation of Required 2000-A SUBI Collection Account
Amount Collections
Receipts of Monthly Payments A $28,812,200
Sale Proceeds $28,262
Termination Proceeds $5,339,071
Recovery Proceeds $9,917
Total Collections E $34,189,450
Servicer Advances D $4,019,149
Reimbursement of Previous Servicer Advances A ($1,663,125)
Required 2000-A SUBI Collection Account Amount E $36,545,474
Servicer Advance Amounts
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Beginning Period Unreimbursed Previous Servicer Advance B $4,333,960
Current Period Monthly Payment Advance A $2,765,641
Current Period Sales Proceeds Advance $1,253,507
Current Reimbursement of Previous Servicer Advance (1,663,125)
Ending Period Unreimbursed Previous Servicer Advances D $6,689,984
Collection Account
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Deposits to 2000-A SUBI Collection Account E $36,545,474
Withdrawals from 2000-A SUBI Collection Account
Servicing Fees D $1,255,228
Note Distribution Account Deposit $7,922,431
Reserve Fund Deposit - Subordinated Noteholder $180,548
Interest
Certificate Distribution Account Deposit $273,741
Monthly Principal Distributable Amount $14,683,444
Reserve Fund Deposit - Excess Collections E $12,230,083
Payments to Transferor $0
Total Distributions from 2000-A SUBI Collection Account E $36,545,474
Note Distribution Account
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Amount Deposited from the Collection Account D $22,605,874
Amount Deposited from the Reserve Account $0
Amount Paid to Noteholders D $22,605,874
BMW Vehicle Lease Trust 2000-A Exhibit 1
Collection Period Ending: 12/31/00
Distribution Date: 01/25/01
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Certificate Distribution Account
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Amount Deposited from the Collection Account D $273,741
Amount Deposited from the Reserve Account $0
Amount Paid to Certificateholders D $273,741
Distributions
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Monthly Principal Distributable Amount Current Payment Ending Balance Per $1,000 Factor
Class A-1 Notes D $14,683,444 D $124,051,813 D $D1.57 68.92%
Class A-2 Notes $0 $600,000,000 $0.00 100.00%
Class A-3 Notes $0 $300,000,000 $0.00 100.00%
Class A-4 Notes $0 $389,660,000 $0.00 100.00%
Subordinated Note $0 $30,951,089 $0.00 100.00%
Class B Certificates $0 $46,927,000 $0.00 100.00%
Interest Distributable Amount Current Payment Per $1,000
Class A-1 Notes D $771,570 D $4.29
Class A-2 Notes $3,325,000 $5.54
Class A-3 Notes $1,660,000 $5.53
Class A-4 Notes $2,165,860 $5.56
Subordinated Note $180,548 $5.83
Class B Certificates $273,741 $5.83
Carryover Shortfalls
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Prior
Period Carryover Current Payment Per $1,000
Class A-1 Interest Carryover Shortfall $0 $0 $0
Class A-2 Interest Carryover Shortfall $0 $0 $0
Class A-3 Interest Carryover Shortfall $0 $0 $0
Class A-4 Interest Carryover Shortfall $0 $0 $0
Subordinated Note Interest Carryover Shortfall $0 $0 $0
Certificate Interest Carryover Shortfall $0 $0 $0
Residual Value Losses
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Current Period Cumulative
Net Sale Proceeds $0 $0
Residual Values $0 $0
Residual Value Losses $0 $0
Reserve Account
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BEGINNING PERIOD REQUIRED AMOUNT B $104,458,821
BEGINNING PERIOD AMOUNT B $96,641,631
NET INVESTMENT EARNINGS A $440,702
CURRENT PERIOD DEPOSIT E $12,410,631
RESERVE FUND DRAW AMOUNT $0
RELEASE OF EXCESS FUNDS E $5,034,143
ENDING PERIOD REQUIRED AMOUNT D $104,458,821
ENDING PERIOD AMOUNT $104,458,821