UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from ~~November~~December 1, ~~2018~~ 2018 to ~~November~~December 3031, 2018

Commission File Number of issuing entity: 333-205553-04

Central Index Key Number of issuing entity: 0001694920

BMW VEHICLE LEASE TRUST 2017-1

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-205553

Central Index Key Number of depositor: 0001126530

BMW AUTO LEASING LLC

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001541188

BMW FINANCIAL SERVICES NA, LLC

(Exact name of sponsor as specified in its charter)

Mathew Morgenstern, (201) 307-4000

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity)

22-2013053

(I.R.S. Employer Identification No.)

c/o BMW Financial Services NA, LLC

300 Chestnut Ridge Road

Woodcliff Lake, New Jersey

(Address of principal executive offices of the issuing entity)

07677
(Zip Code)

201-307-4000
(Telephone number including area code)

Not Applicable
(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)

				Name of exchange
Title of class	Section 12(b)	Section 12(g)	Section 15(d)	(If Section 12(b))
Fixed Rate Class A-1 Notes	☐	☐	☒
Fixed Rate Class A-2 Notes	☐	☐	☒
Fixed Rate Class A-3 Notes	☐	☐	☒
Fixed Rate Class A-4 Notes	☐	☐	☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

PART I — DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the assets of BMW Vehicle Lease Trust 2017-1 is set forth in the Statement relating to the ~~December~~January 2022, ~~2018~~2019 distribution, which is attached as Exhibit 99.1.

There is no activity to report under Rule 15Ga-1(a) under the Securities Exchange Act of 1934 with respect to BMW Vehicle Lease Trust 2017-1 for the distribution period commencing on ~~November~~December 1, 2018 and ending on ~~November~~December 3031, 2018. BMW Financial Services NA, LLC (Central Index Key Number: 0001541188), as securitizer, most recently filed a Form ABS-15G on February 9, 2018 with respect to all asset-backed securities sponsored by it, including those securities issued by BMW Vehicle Lease Trust 2017-1.

Item 1A. Asset-Level Information.

The Asset Data File and Asset Related Document filed as Exhibit 102 and Exhibit 103, respectively, to the Form ABS-EE filed by BMW Vehicle Lease Trust 2017-1 on ~~December~~February 281, ~~2018~~2019 with respect to the distribution period commencing on ~~November~~December 1, 2018 and ending on ~~November~~December 3031, 2018 are ~~hereby~~ hereby incorporated by reference into this Form 10-D.

PART II — OTHER INFORMATION

Item 2. Legal Proceedings

The following three paragraphs are disclosures received from U.S. Bank National Association (“U.S. Bank”), which serves as the indenture trustee, note registrar and paying agent under the indenture for the BMW Vehicle Lease Trust 2017-1 transaction.

Since 2014 various plaintiffs or groups of plaintiffs, primarily investors, have filed claims against U.S. Bank, in its capacity as trustee or successor trustee (as the case may be) under certain residential mortgage backed securities ("RMBS") trusts. The plaintiffs or plaintiff groups have filed substantially similar complaints against other RMBS trustees, including Deutsche Bank, Citibank, HSBC, Bank of New York Mellon and Wells Fargo. The complaints against U.S. Bank allege the trustee caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers for these RMBS trusts and assert causes of action based upon the trustee's purported failure to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties concerning loan quality. The complaints also assert that the trustee failed to notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and that the trustee purportedly failed to abide by a heightened standard of care following alleged events of default.

Currently U.S. Bank is a defendant in multiple actions alleging individual or class action claims against the trustee with respect to multiple trusts as described above. Previously, U.S. Bank disclosed that the most substantial case was: BlackRock Balanced Capital Portfolio et al v. U.S. Bank National Association, No. 605204/2015 (N.Y. Sup. Ct.) (class action alleging claims with respect to approximately 770 trusts) and ~~its~~a companion class action case ~~BlackRock~~involving ~~Core~~additional ~~Bond~~trusts ~~Portfolio~~(collectively, etthe al“BlackRock vcases”). ~~U.S~~In ~~Bank~~order ~~National~~to ~~Association,~~avoid ~~No.~~the ~~14-cv-9401~~significant ~~(S.D.N.Y.)~~burden ~~(collectively,~~and expense incurred in defending such a complex case and the ~~“BlackRock~~uncertainty ~~cases”).~~faced in any litigation, U.S. Bank has entered into a settlement agreement, without admitting any wrongdoing or liability, that will resolve the BlackRock cases following approval of the dismissals by the applicable court. Some of the trusts implicated in the aforementioned ~~Blackrock~~BlackRock cases, as well as other trusts, are involved in actions brought by separate groups of plaintiffs related to no more than 100 trusts per case.

U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts. However, U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors and that it has meritorious defenses, and it intends to contest the plaintiffs’ claims vigorously.

Item 10. Exhibits.

Exhibit 99.1 Statement relating to the ~~December~~January 2022, ~~2018~~2019 distribution.

Exhibit 102 Asset Data File for the distribution period commencing on ~~November~~December 1, 2018 and ending on ~~November~~December 3031, 2018 (included in Exhibit 102 to the Form ABS-EE filed by BMW Vehicle Lease Trust 2017-1 with the Commission on ~~December~~February 281, ~~2018~~2019, which is incorporated by reference herein).

Exhibit 103 Asset Related Document for the distribution period commencing on ~~November~~December 1, 2018 and ending on ~~November~~December 3031, 2018 (included in Exhibit 103 to the Form ABS-EE filed by BMW Vehicle Lease Trust 2017-1 with the Commission on ~~December~~February 281, ~~2018~~2019, which is incorporated by reference herein).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: ~~December~~February 281, ~~2018~~2019

BMW VEHICLE LEASE TRUST 2017-1

(Issuing Entity)

By: BMW Financial Services NA, LLC,

solely as servicer

By: /s/ Stefan Kramer

Name: Stefan Kramer

Title: Vice President – Finance & CFO

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