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WOODCLIFF LAKE, N.J. — BMW Financial Services recently
rolled out a lease program enhancement aimed at a "smoother, less-stressful
lease-end experience."

Officials highlighted the BMW Lease Protection Program
covers up to $3,750 in billed excess wear and use charges at turn in — not
during the life of the lease. They said items covered by the program, which
must be purchased at time of new-vehicle delivery, include:

—Dents and dings
—Tires
—Wheels
—Upholstery, rips, tears
—Glass
—Headlamps (including Xenon), fog lamps, tail-lamp assemblies
—Bumpers, step bumpers, surrounding trim
—Navigation/display screen
—Factory entertainment system
—Convertible tops
—Carpets
—Mufflers and tail pipes
—Rubber door seals
—Mirrors, mirror covers and housing
—Name-plate badges and hood ornaments
—Moldings, trim, metal and chrome
—Missing parts (up to $300 per occurrence)

The automaker noted the process for determining excess wear
and use occurs at the lease-end inspection, generally performed at the BMW
Center. The company said an inspector reviews the vehicle, noting if there are
any items in need of attention. If so, the information is presented to the
customer (who will receive a comprehensive lease-end inspection report) and the
claim is submitted to BMW Financial Services directly by the dealer — the
customer does not have to do anything.

The OEM also mentioned BMW Lease Protection joins BMW Tire
& Wheel Protection, BMW Paintless Dent Repair and BMW Windshield Protection
to provide coverage for everyday mishaps. These same programs are offered to
Mini customers.

"Our new BMW Lease Protection product , which some might
refer to as extended-wear-and-tear coverage, virtually eliminates the potential
out-of-pocket costs  of common repairs at
lease-end, thus making the leasing experience that much more pleasurable,"
stated Lisa McPherson, BMW Financial Services general manager of insurance.

"This is our latest program to make leasing a BMW (or a
Mini) a pleasurable experience and minimizing issues surrounding wear and tear,
tire and wheel problems and minor dings and dents which may become apparent
when the vehicle is returned at the end of the lease," McPherson continued.

"One of the reasons people lease cars is for a virtually
worry-free driving experience, one which enables them to enjoy their vehicles
for the life of the lease and then either walk away or move into their next BMW
or Mini," she went on to say. "We understand this and are continually upgrading
the BMW Ultimate Lease to make the experience that much more pleasurable and
rewarding for the BMW Financial Services customer.

"Taking the costly surprises out of the lease experience by
providing BMW-level protection is the obvious way to do just that," McPherson
added.

Fitch Rates BMW Vehicle Lease Trust

In related news, Fitch Ratings recently assigned ratings and
outlooks to the BMW Vehicle Lease Trust 2012-1 as follows:

—$220,000,000 class A-1 asset-backed notes 'F1+sf'

—$353,000,000 class A-2 asset-backed notes 'AAAsf'; outlook
stable

—$340,000,000 class A-3 asset-backed notes 'AAAsf'; outlook
stable

—$87,000,000 class A-4 asset-backed notes 'AAAsf'; outlook
stable

Fitch's stress and rating sensitivity analysis are discussed
in the presale report titled "BMW Vehicle Lease Trust 2012-1," dated April 16,
which is available on Fitch's website at www.fitchratings.com.

"The ratings above were solicited by, or on behalf of, the
issuer, and therefore, Fitch has been compensated for the provision of the
ratings," officials stated.