Exhibit 25.1 ------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ------------------------- FORM T-1 STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE ------------------------------------------- CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) ---------------------------------------- JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (Exact name of trustee as specified in its charter) 13-4994650 (State of incorporation (I.R.S. employer if not a national bank) identification No.) 1111 POLARIS PARKWAY COLUMBUS, OHIO 43271 (Address of principal executive offices) (Zip Code) Thomas F. Godfrey Vice President and Assistant General Counsel JPMorgan Chase Bank, National Association 1 Chase Manhattan Plaza, 25th Floor New York, NY 10081 Tel: (212) 552-2192 (Name, address and telephone number of agent for service) -------------------------------------------- BMW FS SECURITIES LLC (Exact name of obligor as specified in its charter) DELAWARE 22-3784653 (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification No.) 300 CHESTNUT RIDGE ROAD WOODCLIFF LAKE, NJ 07677 (Address of principal executive offices) (Zip Code) ---------------------------------------- ASSET BACKED NOTES AND CERTIFICATES (Title of the indenture securities) ---------------------------------------- GENERAL Item 1. General Information. Furnish the following information as to the trustee: (a) Name and address of each examining or supervising authority to which it is subject. Comptroller of the Currency, Washington, D.C. Board of Governors of the Federal Reserve System, Washington, D.C., 20551 Federal Deposit Insurance Corporation, Washington, D.C., 20429. (b) Whether it is authorized to exercise corporate trust powers. Yes. Item 2. Affiliations with the Obligor and Guarantors. If the obligor or any guarantor is an affiliate of the trustee, describe each such affiliation. None. 2 Item 16. List of Exhibits List below all exhibits filed as a part of this Statement of Eligibility. 1. A copy of the Articles of Association of JPMorgan Chase Bank, N.A. (see Exhibit 1 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference). 2. A copy of the Certificate of Authority of the Comptroller of the Currency for the trustee to commence business. (see Exhibit 2 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference). 3. None, the authority of the trustee to exercise corporate trust powers being contained in the documents described in Exhibits 1 and 2. 4. A copy of the existing By-Laws of the Trustee. (see Exhibit 4 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference). 5. Not applicable. 6. The consent of the Trustee required by Section 321(b) of the Act. (see Exhibit 6 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference). 7. A copy of the latest report of condition of the Trustee, published pursuant to law or the requirements of its supervising or examining authority. (see Exhibit 7 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference). 8. Not applicable. 9. Not applicable. SIGNATURE Pursuant to the requirements of the Trust Indenture Act of 1939 the Trustee, JPMorgan Chase Bank, N.A., has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York and State of New York, on the 7TH DAY OF MARCH, 2005. JPMORGAN CHASE BANK, N.A. By /s/ Michael A. Smith ------------------------- /s/ Michael A. Smith Vice President 3 Exhibit 7 to Form T-1 Bank Call Notice RESERVE DISTRICT NO. 2 CONSOLIDATED REPORT OF CONDITION OF JPMorgan Chase Bank of 270 Park Avenue, New York, New York 10017 and Foreign and Domestic Subsidiaries, a member of the Federal Reserve System, at the close of business September 30, 2004, in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act. DOLLAR AMOUNTS ASSETS IN MILLIONS Cash and balances due from depository institutions: Noninterest-bearing balances and currency and coin .............................................................. $ 19,187 Interest-bearing balances ...................................................... 33,195 Securities: Held to maturity securities........................................................... 121 Available for sale securities......................................................... 53,698 Federal funds sold and securities purchased under agreements to resell ........................................................... Federal funds sold in domestic offices 33,011 Securities purchased under agreements to resell 82,951 Loans and lease financing receivables: Loans and leases held for sale.................................................. 17,558 Loans and leases, net of unearned income $171,323 Less: Allowance for loan and lease losses 2,382 Loans and leases, net of unearned income and allowance ...................................................................... 168,941 Trading Assets ....................................................................... 196,355 Premises and fixed assets (including capitalized leases).............................. 5,578 Other real estate owned .............................................................. 101 Investments in unconsolidated subsidiaries and associated companies............................................................ 94 Customers' liability to this bank on acceptances outstanding .................................................................... 391 Intangible assets Goodwill...................................................................... 2,554 Other Intangible assets........................................................................ 5,411 Other assets ......................................................................... 42,626 TOTAL ASSETS ......................................................................... $ 661,772 ========= LIABILITIES Deposits In domestic offices ............................................................ $ 209,624 Noninterest-bearing ............................................................ $ 82,597 Interest-bearing ............................................................... 127,027 In foreign offices, Edge and Agreement subsidiaries and IBF's ......................................................... 120,503 Noninterest-bearing.............................................................. $ 7,003 Interest-bearing ............................................................... 113,500 Federal funds purchased and securities sold under agree- ments to repurchase: Federal funds purchased in domestic offices 22,032 Securities sold under agreements to repurchase 96,912 Trading liabilities .................................................................. 107,450 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases)....................................... 21,794 Bank's liability on acceptances executed and outstanding.............................. 391 Subordinated notes and debentures .................................................... 12,821 Other liabilities .................................................................... 31,690 TOTAL LIABILITIES .................................................................... 623,217 Minority Interest in consolidated subsidiaries ....................................... 348 EQUITY CAPITAL Perpetual preferred stock and related surplus......................................... 0 Common stock ......................................................................... 1,785 Surplus (exclude all surplus related to preferred stock)............................. 16,954 Retained earnings..................................................................... 20,050 Accumulated other comprehensive income................................................ (582) Other equity capital components....................................................... 0 TOTAL EQUITY CAPITAL ................................................................. 38,207 --------- TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL $ 661,772 ========= I, Joseph L. Sclafani, E.V.P. & Controller of the above-named bank, do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief. JOSEPH L. SCLAFANI We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the in- structions issued by the appropriate Federal regulatory authority and is true and correct. WILLIAM B. HARRISON, JR. ) JAMES DIMON )DIRECTORS LAWRENCE A. BOSSIDY )