Form 10-D World Omni Auto Receivables Trust 2019-a

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

Published: 2019-09-20 13:07:45
Submitted: 2019-09-20
Period Ending In: 2019-08-31
tv529678_10d.htm FORM 10-D


ENT> 10-D 1 tv529678_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: 333-207756-09

 

Central Index Key Number of issuing entity: 0001762287

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

(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-2 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class A-3 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class A-4 
¨
 
¨
 
x
 
¨
Asset Backed Notes, Class B 
¨
 
¨
 
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 2019-A 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 January 30, 2019 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 the 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 2019-A 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 2019-A 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 2019-A
 
(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

 

 

tv529678_ex99-1.htm EXHIBIT 99.1


ENT> EX-99.1 2 tv529678_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Auto Receivables Trust 2019-A

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   829,638,565.79    40,139 
Yield Supplement Overcollateralization Amount 07/31/19   48,625,347.44    0 
Receivables Balance 07/31/19   878,263,913.23    40,139 
Principal Payments   29,113,527.20    1,169 
Defaulted Receivables   1,277,937.19    53 
Repurchased Accounts   0.00    0 
Yield Supplement Overcollateralization Amount at 08/31/19   46,415,709.77    0 
Pool Balance at 08/31/19   801,456,739.07    38,917 

 

Pool Statistics   $ Amount    # of Accounts 
Pool Factor   76.33%     
Prepayment ABS Speed   1.56%     
Aggregate Starting Principal Balance   1,110,735,192.75    47,003 
           
Delinquent Receivables:          
Past Due 31-60 days   5,093,878.43    228 
Past Due 61-90 days   1,679,771.77    78 
Past Due 91-120 days   248,575.42    13 
Past Due 121+ days   0.00    0 
Total   7,022,225.62    319 
           
Total 31+ Delinquent as % Aggregate Ending Principal Balance   0.83%     
Total 61+ Delinquent as % Aggregate Ending Principal Balance   0.23%     
Delinquency Trigger Occurred   NO      
           
Recoveries   892,181.22      
Aggregate Net Losses/(Gains) - August 2019   385,755.97      
Ratio of Net Loss to the Receivables Balance as of beginning of Collection Period (Annualized):          
Current Net Losses Ratio   0.53%     
Prior Net Losses Ratio   0.81%     
Second Prior Net Losses Ratio   0.60%     
Third Prior Net Losses Ratio   0.70%     
Four Month Average   0.66%     
           
Cumulative Net Loss as a % of Aggregate Starting Principal Balance   0.26%     
           
Overcollateralization Target Amount   9,216,752.50      
Actual Overcollateralization   9,216,752.50      
Weighted Average APR   3.96%     
Weighted Average APR, Yield Adjusted   6.56%     
Weighted Average Remaining Term   57.17      

 

Flow of Funds   $ Amount      
           
Collections   32,912,096.00      
Investment Earnings on Cash Accounts   8,506.16      
Servicing Fee   (731,886.59)     
Transfer to Collection Account   -      
Available Funds   32,188,715.57      
           
Distributions of Available Funds          
(1) Asset Representation Reviewer Amounts (up to $150,000 per year)   -      
(2) Class A Interest   1,965,942.27      
(3) Noteholders' First Priority Principal Distributable Amount   -      
(4) Class B Interest   86,700.83      
(5) Noteholders' Second Priority Principal Distributable Amount   3,070,983.21      
(6) Class C Interest   45,931.50      
(7) Noteholders' Third Priority Principal Distributable Amount   15,570,000.00      
(8) Required Reserve Account   -      
(9) Noteholders' Principal Distributable Amount   9,216,752.50      
(10) Asset Representation Reviewer Amounts (in excess of 1)   -      
(11) Distribution to Certificateholders   2,232,405.26      
           
Total Distributions of Available Funds   32,188,715.57      
           
Servicing Fee   731,886.59      
Unpaid Servicing Fee   -      
Change in amount of the unpaid servicing fee from the prior period   -      

 

 

 

 

Note Balances & Note Factors   $ Amount      
           
Original Class A   988,950,000.00      
Original Class B   31,150,000.00      
Original Class C   15,570,000.00      
           
Total Class A, B, & C          
Note Balance @ 08/15/19   820,097,722.28      
Principal Paid   27,857,735.71      
Note Balance @ 09/16/19   792,239,986.57      
           
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-2          
Note Balance @ 08/15/19   343,427,722.28      
Principal Paid   27,857,735.71      
Note Balance @ 09/16/19   315,569,986.57      
Note Factor @ 09/16/19   90.6810306%     
           
Class A-3          
Note Balance @ 08/15/19   347,000,000.00      
Principal Paid   0.00      
Note Balance @ 09/16/19   347,000,000.00      
Note Factor @ 09/16/19   100.0000000%     
           
Class A-4          
Note Balance @ 08/15/19   82,950,000.00      
Principal Paid   0.00      
Note Balance @ 09/16/19   82,950,000.00      
Note Factor @ 09/16/19   100.0000000%     
           
Class B          
Note Balance @ 08/15/19   31,150,000.00      
Principal Paid   0.00      
Note Balance @ 09/16/19   31,150,000.00      
Note Factor @ 09/16/19   100.0000000%     
           
Class C          
Note Balance @ 08/15/19   15,570,000.00      
Principal Paid   0.00      
Note Balance @ 09/16/19   15,570,000.00      
Note Factor @ 09/16/19   100.0000000%     

 

Interest & Principal Payments   $ Amount      
           
Total Interest Paid   2,098,574.60      
Total Principal Paid   27,857,735.71      
Total Paid   29,956,310.31      
           
Class A-1          
Coupon   2.72616%     
Interest Paid   0.00      
Principal Paid   0.00      
Total Paid to A-1 Holders   0.00      
           
Class A-2          
Coupon   3.02000%     
Interest Paid   864,293.10      
Principal Paid   27,857,735.71      
Total Paid to A-2 Holders   28,722,028.81      
           
Class A-3          
Coupon   3.04000%     
Interest Paid   879,066.67      
Principal Paid   0.00      
Total Paid to A-3 Holders   879,066.67      
           
Class A-4          
Coupon   3.22000%     
Interest Paid   222,582.50      
Principal Paid   0.00      
Total Paid to A-4 Holders   222,582.50      
           
Class B          
Coupon   3.34000%     
Interest Paid   86,700.83      
Principal Paid   0.00      
Total Paid to B Holders   86,700.83      
           
Class C          
Coupon   3.54000%     
Interest Paid   45,931.50      
Principal Paid   0.00      
Total Paid to C Holders   45,931.50      

 

 

 

 

Distribution per $1,000 of Notes   Total      
           
Total Interest Distribution Amount   2.0262966      
Total Interest Carryover Shortfall   0.0000000      
Total Principal Distribution Amount   26.8982743      
Total Distribution Amount   28.9245709      
           
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-2 Interest Distribution Amount   2.4836009      
A-2 Interest Carryover Shortfall   0.0000000      
A-2 Principal Distribution Amount   80.0509647      
Total A-2 Distribution Amount   82.5345656      
           
A-3 Interest Distribution Amount   2.5333333      
A-3 Interest Carryover Shortfall   0.0000000      
A-3 Principal Distribution Amount   0.0000000      
Total A-3 Distribution Amount   2.5333333      
           
A-4 Interest Distribution Amount   2.6833333      
A-4 Interest Carryover Shortfall   0.0000000      
A-4 Principal Distribution Amount   0.0000000      
Total A-4 Distribution Amount   2.6833333      
           
B Interest Distribution Amount   2.7833332      
B Interest Carryover Shortfall   0.0000000      
B Principal Distribution Amount   0.0000000      
Total B Distribution Amount   2.7833332      
           
C Interest Distribution Amount   2.9500000      
C Interest Carryover Shortfall   0.0000000      
C Principal Distribution Amount   0.0000000      
Total C Distribution Amount   2.9500000      
           
Noteholders' First Priority Principal Distributable Amount   0.00      
Noteholders' Second Priority Principal Distributable Amount   110.24      
Noteholders' Third Priority Principal Distributable Amount   558.91      
Noteholders' Principal Distributable Amount   330.85      

 

Account Balances   $ Amount      
           
Reserve Account          
Balance as of 08/15/19   2,595,670.49      
Investment Earnings   4,706.76      
Investment Earnings Paid   (4,706.76)     
Deposit/(Withdrawal)   -      
Balance as of 09/16/19   2,595,670.49      
Change   -      
           
Required Reserve Amount   2,595,670.49      

 

 

 

 

Additional Files
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0001144204-19-045420.txt   Complete submission text file   173313

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