Form 10-D World Omni Auto Receivables Trust 2018-d

Asset-Backed Issuer Distribution Report [Section 13 or 15(d) of the Securities Exchange Act of 1934]

Published: 2019-09-20 12:54:15
Submitted: 2019-09-20
Period Ending In: 2019-08-31
tv529677_10d.htm FORM 10-D


ENT> 10-D 1 tv529677_10d.htm FORM 10-D

 

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 August 1, 2019 to August 31, 2019

 

 

 

Commission File Number of issuing entity: 333-207756-08

 

Central Index Key Number of issuing entity: 0001752578

 

WORLD OMNI AUTO RECEIVABLES TRUST 2018-D

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

 

Commission File Number of depositor: 333-207756

 

Central Index Key Number of depositor: 0001083199

 

WORLD OMNI AUTO RECEIVABLES LLC

(Exact name of depositor as specified in its charter)

 

Central Index Key Number of sponsor: 0001004150

 

WORLD OMNI FINANCIAL CORP.

(Exact name of sponsor as specified in its charter)

 

 

 

Peter Sheptak, Assistant Secretary, (954) 429-2174

(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)

 

52-2184798

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

 

190 Jim Moran Boulevard, Deerfield Beach, FL 33442

(Address, including zip code, of principal executive offices of the issuing entity)

 

(954) 429-2200

(Telephone number, including area code, of the issuing entity)

 

Former name or former address, if changed since last report: Not applicable.

 

 

 

Registered/reporting pursuant to (check one):

 

Title of class
 
Section 12(b)
 
Section 12(g)
 
Section 15(d)
 

Name of exchange

(If Section 12(b))

Asset Backed Notes, Class A-1
 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class A-2a
 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class A-2b
 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class A-3
 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class A-4
 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class B
 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class C
 
¨
 
¨
 
x
 
¨

 

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   
x
     
No   
¨

 

 

 

 

PART I – DISTRIBUTION INFORMATION

 

Item 1. Distribution and Pool Performance Information.

 

Distribution and pool performance information with respect to the receivables that constitute the assets of World Omni Auto Receivables Trust 2018-D for the distribution period commencing on August 1, 2019 and expiring on August 31, 2019 is set forth in the Monthly Servicer’s Certificate that is attached to this report as Exhibit 99.1, which Certificate is incorporated by reference herein. See the Sale and Servicing Agreement, Indenture and other documents filed as exhibits to the Form 8-K filed by the Trust on October 17, 2018 for a description of the transaction and defined terms used in this report and the attached Certificate.

 

Item 1A. Asset-Level Information.

 

The Asset Data File for the asset pool of the Issuing Entity for the August Collection Period filed as Exhibit 102 to the Form ABS-EE filed by the Issuing Entity with the U.S. Securities and Exchange Commission on September 20, 2019 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference.

 

The Asset Related Document (Additional Explanatory Disclosure) for the asset pool of the Issuing Entity for the August Collection Period filed as Exhibit 103 to each Form ABS-EE is also incorporated into this Form 10-D by reference.

 

Item 1B. Asset Representations Reviewer and Investor Communication.

 

Not applicable.

 

ITEM 1121 (c) OF REGULATION AB. REPURCHASES AND REPLACEMENTS

 

No activity to report for the distribution period as required by Item 1121 (c) of Regulation AB.

Date of Most Recent Form ABS-15G: January 10, 2019

Central Index Key (CIK) of Securitizer: 0001004150

 

PART II – OTHER INFORMATION

 

Item 2. Legal Proceedings.

 

Not applicable.

 

Item 3. Sales of Securities and Use of Proceeds.

 

Not applicable.

 

Item 4. Defaults Upon Senior Securities.

 

Not applicable.

 

Item 5. Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 6. Significant Obligors of Pool Assets.

 

Not applicable.

 

Item 7. Change in Sponsor Interest in the Securities.

 

Not applicable.

 

 

 

 

Item 8. Significant Enhancement Provider Information.

 

Not applicable.

 

Item 9. Other Information.

 

Not applicable.

 

Item 10. Exhibits.

 

Exhibit 99.1. Monthly Servicer’s Certificate for the distribution period commencing on August 1, 2019 and expiring on August 31, 2019.
   
Exhibit 102 Asset Data File for the calendar month August 1, 2019 to August 31, 2019 (See Exhibit 102 to Form ABS-EE filed by World Omni Auto Receivables Trust 2018-D on September 20, 2019 which is incorporated by reference herein).
   
Exhibit 103 Asset Related Document for the calendar month August 1, 2019 to August 31, 2019 (See Exhibit 103 to Form ABS-EE filed by World Omni Auto Receivables Trust 2018-D on September 20, 2019 which is incorporated by reference herein).

 

 

 

 

 

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.

 

 
World Omni Auto Receivables Trust 2018-D
 
(Issuing entity)

 

 
By:
World Omni Financial Corp.
   
(Servicer, not in its individual capacity, but solely as Servicer on behalf of the Issuing Entity)
     
Date:  September 20, 2019
 
/s/ Ronald J. Virtue
   
Ronald J. Virtue
   
Assistant Treasurer

 

 

tv529677_ex99-1.htm EXHIBIT 99.1


ENT> EX-99.1 2 tv529677_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Auto Receivables Trust 2018-D

Monthly Servicer Certificate

August 31, 2019

 

Dates Covered       
Collections Period    08/01/19 - 08/31/19       
Interest Accrual Period    08/15/19 - 09/15/19       
30/360 Days    30       
Actual/360 Days    32       
Distribution Date    09/16/19       

 

Collateral Pool Balance Data    $ Amount     # of Accounts 
Pool Balance at 07/31/19    775,161,120.58     33,836 
Yield Supplement Overcollateralization Amount 07/31/19    45,941,805.31     0 
Receivables Balance 07/31/19    821,102,925.89     33,836 
Principal Payments    27,667,357.84     619 
Defaulted Receivables    1,031,478.42     41 
Repurchased Accounts    34,781.70     1 
Yield Supplement Overcollateralization Amount at 08/31/19    43,799,549.54     0 
Pool Balance at 08/31/19    748,569,758.39     33,175 

 

Pool Statistics    $ Amount     # of Accounts 
Pool Factor    71.03%      
Prepayment ABS Speed    1.57%      
Aggregate Starting Principal Balance    1,115,466,187.84     38,980 
             
Delinquent Receivables:            
Past Due 31-60 days    5,508,485.42     205 
Past Due 61-90 days    2,241,466.05     89 
Past Due 91-120 days    400,997.35     15 
Past Due 121+ days    0.00     0 
 Total    8,150,948.82     309 
             
Total 31+ Delinquent as % Aggregate Ending Principal Balance    1.03%      
Total 61+ Delinquent as % Aggregate Ending Principal Balance    0.33%      
Delinquency Trigger Occurred    NO       
             
Recoveries    565,143.88       
Aggregate Net Losses/(Gains) - August 2019    466,334.54       
Ratio of Net Loss to the Receivables Balance as of beginning of Collection Period (Annualized):            
Current Net Losses Ratio    0.68%      
Prior Net Losses Ratio    0.52%      
Second Prior Net Losses Ratio    0.68%      
Third Prior Net Losses Ratio    0.61%      
Four Month Average    0.62%      
             
Cumulative Net Loss as a % of Aggregate Starting Principal Balance    0.47%      
             
Overcollateralization Target Amount    8,608,552.22       
Actual Overcollateralization    8,608,552.22       
Weighted Average APR    4.16%      
Weighted Average APR, Yield Adjusted    6.80%      
Weighted Average Remaining Term    56.18       
             
Flow of Funds    $ Amount       
             
Collections    31,114,614.86       
Investment Earnings on Cash Accounts    8,753.03       
Servicing Fee    (684,252.44)      
Transfer to Collection Account    34,781.70       
Available Funds    30,473,897.15       
             
Distributions of Available Funds            
    (1)  Asset Representation Reviewer Amounts (up to $150,000 per year)    -       
    (2)  Class A Interest    1,902,550.86       
    (3)  Noteholders' First Priority Principal Distributable Amount    0.00       
    (4)  Class B Interest    95,787.00       
    (5)  Noteholders' Second Priority Principal Distributable Amount    2,027,009.30       
    (6)  Class C Interest    50,471.25       
    (7)  Noteholders' Third Priority Principal Distributable Amount    15,650,000.00       
    (8)  Required Reserve Account    0.00       
    (9)  Noteholders' Principal Distributable Amount    8,608,552.22       
   (10)  Asset Representation Reviewer Amounts (in excess of 1)    0.00       
   (11)  Distribution to Certificateholders    2,139,526.52       
             
Total Distributions of Available Funds    30,473,897.15       
             
Servicing Fee    684,252.44       
Unpaid Servicing Fee    -       
Change in amount of the unpaid servicing fee from the prior period    -       

 

 

 

 

Note Balances & Note Factors    $ Amount       
             
Original Class A    994,260,000.00       
Original Class B    31,320,000.00       
Original Class C    15,650,000.00       
             
Total Class A, B, & C            
Note Balance @ 08/15/19    766,246,767.69       
Principal Paid    26,285,561.52       
Note Balance @ 09/16/19    739,961,206.17       
             
Class A-1            
Note Balance @ 08/15/19    0.00       
Principal Paid    0.00       
Note Balance @ 09/16/19    0.00       
Note Factor @ 09/16/19    0.0000000%      
             
Class A-2a            
Note Balance @ 08/15/19    239,870,916.31       
Principal Paid    21,591,711.25       
Note Balance @ 09/16/19    218,279,205.06       
Note Factor @ 09/16/19    67.7885730%      
             
Class A-2b            
Note Balance @ 08/15/19    52,145,851.38       
Principal Paid    4,693,850.27       
Note Balance @ 09/16/19    47,452,001.11       
Note Factor @ 09/16/19    67.7885730%      
             
Class A-3            
Note Balance @ 08/15/19    351,000,000.00       
Principal Paid    0.00       
Note Balance @ 09/16/19    351,000,000.00       
Note Factor @ 09/16/19    100.0000000%      
             
Class A-4            
Note Balance @ 08/15/19    76,260,000.00       
Principal Paid    0.00       
Note Balance @ 09/16/19    76,260,000.00       
Note Factor @ 09/16/19    100.0000000%      
             
Class B            
Note Balance @ 08/15/19    31,320,000.00       
Principal Paid    0.00       
Note Balance @ 09/16/19    31,320,000.00       
Note Factor @ 09/16/19    100.0000000%      
             
Class C            
Note Balance @ 08/15/19    15,650,000.00       
Principal Paid    0.00       
Note Balance @ 09/16/19    15,650,000.00       
Note Factor @ 09/16/19    100.0000000%      
             
Interest & Principal Payments    $ Amount       
             
Total Interest Paid    2,048,809.11       
Total Principal Paid    26,285,561.52       
Total Paid    28,334,370.63       
             
Class A-1            
Coupon    2.44054%      
Interest Paid    0.00       
Principal Paid    0.00       
Total Paid to A-1 Holders    0.00       
             
Class A-2a            
Coupon    3.01000%      
Interest Paid    601,676.22       
Principal Paid    21,591,711.25       
Total Paid to A-2a Holders    22,193,387.47       
             
Class A-2b            
One-Month Libor    2.19513%      
Coupon    2.33513%      
Interest Paid    108,237.64       
Principal Paid    4,693,850.27       
Total Paid to A-2b Holders    4,802,087.91       
             
Class A-3            
Coupon    3.33000%      
Interest Paid    974,025.00       
Principal Paid    0.00       
Total Paid to A-3 Holders    974,025.00       
             
Class A-4            
Coupon    3.44000%      
Interest Paid    218,612.00       
Principal Paid    0.00       
Total Paid to A-4 Holders    218,612.00       
             
Class B            
Coupon    3.67000%      
Interest Paid    95,787.00       
Principal Paid    0.00       
Total Paid to B Holders    95,787.00       
             
Class C            
Coupon    3.87000%      
Interest Paid    50,471.25       
Principal Paid    0.00       
Total Paid to C Holders    50,471.25       

 

 

 

 

Distribution per $1,000 of Notes     Total        
             
Total Interest Distribution Amount    1.9676816       
Total Interest Carryover Shortfall    0.0000000       
Total Principal Distribution Amount    25.2447216       
Total Distribution Amount    27.2124032       
             
A-1 Interest Distribution Amount    0.0000000       
A-1 Interest Carryover Shortfall    0.0000000       
A-1 Principal Distribution Amount    0.0000000       
Total A-1 Distribution Amount    0.0000000       
             
A-2a  Interest Distribution Amount    1.8685597       
A-2a Interest Carryover Shortfall    0.0000000       
A-2a  Principal Distribution Amount    67.0550039       
Total A-2a  Distribution Amount    68.9235636       
             
A-2b Interest Distribution Amount    1.5462520       
A-2b Interest Carryover Shortfall    0.0000000       
A-2b  Principal Distribution Amount    67.0550039       
Total A-2b Distribution Amount    68.6012559       
             
A-3 Interest Distribution Amount    2.7750000       
A-3 Interest Carryover Shortfall    0.0000000       
A-3 Principal Distribution Amount    0.0000000       
Total A-3 Distribution Amount    2.7750000       
             
A-4 Interest Distribution Amount    2.8666667       
A-4 Interest Carryover Shortfall    0.0000000       
A-4 Principal Distribution Amount    0.0000000       
Total A-4 Distribution Amount    2.8666667       
             
B Interest Distribution Amount    3.0583333       
B Interest Carryover Shortfall    0.0000000       
B Principal Distribution Amount    0.0000000       
Total B Distribution Amount    3.0583333       
             
C Interest Distribution Amount    3.2250000       
C Interest Carryover Shortfall    0.0000000       
C Principal Distribution Amount    0.0000000       
Total C Distribution Amount    3.2250000       
             
Noteholders' First Priority Principal Distributable Amount    0.00       
Noteholders' Second Priority Principal Distributable Amount    77.12       
Noteholders' Third Priority Principal Distributable Amount    595.38       
Noteholders' Principal Distributable Amount    327.50       
             
Account Balances    $ Amount       
             
Reserve Account            
Balance as of 08/15/19    2,609,619.51       
Investment Earnings    4,880.47       
Investment Earnings Paid    (4,880.47)      
Deposit/(Withdrawal)    -       
Balance as of 09/16/19    2,609,619.51       
Change    -       
             
Required Reserve Amount    2,609,619.51       

 

 

 

Additional Files
FileSequenceDescriptionTypeSize
0001144204-19-045416.txt   Complete submission text file   162637

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