Form 10-D World Omni Automobile Lease Securitization Trust 2018-a

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

Published: 2019-09-20 13:23:09
Submitted: 2019-09-20
Period Ending In: 2019-08-31
tv529681_10d.htm FORM 10-D


ENT> 10-D 1 tv529681_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: 333-210865-04

 

Central Index Key Number of issuing entity: 0001730127

 

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2018-A

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

 

Commission File Number of depositor: 333-210865

 

Central Index Key Number of depositor: 0001439697

 

 

WORLD OMNI AUTO LEASING 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)

 

90-0399122

(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 assets of World Omni Automobile Lease Securitization Trust 2018-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 Exchange Note Sale Agreement, Indenture and other documents filed as exhibits to the Form 8-K filed by the Issuing Entity on March 14, 2018 for a description of the transaction and defined terms used in this report and the attached Monthly Servicer’s 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 Automobile Lease Securitization Trust 2018-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 Automobile Lease Securitization Trust 2018-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 Automobile Lease Securitization Trust 2018-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

 

 

 

 

Exhibit Index

 

Exhibit No.   Description
   
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 reporting period August 1, 2019 to August 31, 2019 (See Exhibit 102 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2018-A on September 20, 2019 which is incorporated by reference herein).  
   
Exhibit 103
Asset Related Document for the reporting period August 1, 2019 to August 31, 2019 (See Exhibit 103 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2018-A on September 20, 2019 which is incorporated by reference herein).  

 

 

tv529681_ex99-1.htm EXHIBIT 99.1


ENT> EX-99.1 2 tv529681_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Automobile Lease Securitization Trust 2018-A
PAGE 1
MONTHLY SERVICER CERTIFICATE
 
For the collection period ended 08/31/2019
 

 

A.
 
DATES
 
Begin
 
End
 
# days
                 
1
 
Payment Date
     
9/16/2019
   
2
 
Collection Period
 
8/1/2019
 
8/31/2019
 
31
3
 
Monthly Interest Period-Actual
 
8/15/2019
 
9/15/2019
 
32
4
 
Monthly Interest - Scheduled
 
8/15/2019
 
9/14/2019
 
30

 

B.   SUMMARY

 

             Principal Payment         
     Initial Balance   Beginning Balance   1st Priority   2nd Priority   Regular   Ending Balance   Note Factor 
5  Class A-1 Notes   97,000,000.00    -    -        -    -    -    0.0000000 
6  Class A-2 Notes   292,000,000.00    96,105,283.55    -    -    19,973,357.81    76,131,925.74    0.2607258 
7  Class A-3 Notes   291,000,000.00    291,000,000.00    -    -    -    291,000,000.00    1.0000000 
8  Class A-4 Notes   80,774,000.00    80,774,000.00    -    -    -    80,774,000.00    1.0000000 
9  Total Class A Notes   760,774,000.00    467,879,283.55    -    -    19,973,357.81    447,905,925.74      
10  Class B Notes   39,794,000.00    39,794,000.00    -    -    -    39,794,000.00    1.0000000 
                                       
11  Total Notes  $800,568,000.00    507,673,283.55   $0.00   $0.00   $19,973,357.81    487,699,925.74      
                                       
   Overcollateralization                                   
12  Exchange Note   42,135,991.43    39,449,239.59                   38,250,838.12      
13  Series 2018-A Notes   93,633,776.83    110,364,803.33                   111,563,204.80      
                                       
14  Total Overcollateralization   135,769,768.26    149,814,042.92                   149,814,042.92      
15  Total Target Overcollateralization  $149,814,042.92    149,814,042.92                   149,814,042.92      

 

                  Per $1000   Principal   Per $1000   Interest     
    One-Month LIBOR   Coupon Rate   Interest Pmt Due   Face Amount   Payment Due   Face Amount   Shortfall     
16  Class A-1 Notes          1.95000%   0.00    0.0000000    0.00    0.0000000    0.00                        
17  Class A-2 Notes       2.59000%   207,427.24    0.7103673    19,973,357.81    68.4019103    0.00     
18  Class A-3 Notes       2.83000%   686,275.00    2.3583333    0.00    0.0000000    0.00     
19  Class A-4 Notes       2.94000%   197,896.30    2.4500000    0.00    0.0000000    0.00     
20  Total Class A Notes           1,091,598.54    1.4348526    19,973,357.81    26.2539963    0.00     
21  Class B Notes       3.06000%   101,474.70    2.5500000    0.00    0.0000000    0.00     
                                          
22  Totals            1,193,073.24    1.4902834    19,973,357.81    24.9489835    0.00     
     Initial Balance        Beginning Balance              Ending Balance     
23   Exchange Note Balance                           894,201,776.83        618,038,086.88               599,263,130.54     

 

 

 

   
Reference Pool Balance Data
 
Initial
   
Current
                       
24
 
Discount Rate
   
6.50
%
   
6.50
%
                               
25
 
Aggregate Securitization Value
   
936,337,768.26
     
637,513,968.66
                             
26
 
Aggregate Base Residual Value (Not Discounted)
   
677,000,005.72
     
555,726,057.31
                             
                                                 
   
Turn-in Units
   
Units
     
Securitization Value
     
Percentage
                     
27
 
Vehicles Scheduled to Return in Current Month
   
18
     
89,188.29
                             
28
 
Turn-in Ratio on Scheduled Terminations
                   
55.56
%
                           
                                                 
         
Units
     
Securitization Value
                             
29
 
Securitization Value — Beginning of Period
   
31,356
     
657,487,326.47
                             
30
 
Depreciation/Payments
       
(7,104,474.06
)                            
31
 
Gross Credit Losses
   
(73
)
   
(1,486,910.34
)
                           
32
 
Early Terminations — Regular
    (12 )    
(295,934.46
)                            
33
 
Scheduled Terminations — Returned
   
(177
)
   
(2,808,767.74
)
                           
34
 
Payoff Units & Lease Reversals
   
(324
)
   
(8,277,271.21
)
                           
35
 
Repurchased Leases
   
-
     
-
                             
                                                 
36
 
Securitization Value - End of Period
   
30,770
     
637,513,968.66
                             

 

 

 

 

World Omni Automobile Lease Securitization Trust 2018-A
PAGE 2
MONTHLY SERVICER CERTIFICATE
 
For the collection period ended 08/31/2019
 

 

C.
 
SERVICING FEE
           
 
 
 
 
 
 
 
 
 
37
 
Servicing Fee Due
 
 
547,906.11
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
38
 
Unpaid Servicing Fees - Prior Collection Periods
 
 
0.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39
 
Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period
 
 
(15,965.24
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
D.
 
RESERVE ACCOUNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reserve Account Balances:
 
 
 
 
 
 
 
 
40
 
Required Reserve Account Balance (.50% of Initial Securitization Value)
 
 
4,681,688.84
 
 
 
 
 
41
 
Beginning Reserve Account Balance
 
 
4,681,688.84
 
 
 
 
 
42
 
Ending Reserve Account Balance
 
 
4,681,688.84
 
 
 
 
 

 

E.
 
POOL STATISTICS
                             
                                   
   
Delinquencies Aging Profile — End of Period
 
Units
   
Percentage
   
Securitization Value
             
43
 
Total Active Units (Excluding Inventory)
   
30,188
     
98.92
%
   
625,905,634.00
                 
44
 
31 - 60 Days Delinquent
   
247
     
0.81
%
   
5,460,767.99
                 
45
 
61 - 90 Days Delinquent
   
74
     
0.24
%
   
1,760,085.64
                 
46
 
91 -120 Days Delinquent
   
8
     
0.03
%
   
213,758.55
                 
47
 
121+ Days Delinquent
   
0
     
0.00
%
   
0.00
                 
                                             
48
 
Total
   
30,517
     
100.00
%
   
633,340,246.18
                 
                                             
49
 
Total 61+ Delinquent as % End of Period Securitization Value
   
                           
0.31
%
50
 
Delinquency Trigger Occurred
                                 
NO
 
                                             
51
 
Prepayment Speed (1 Month)
   
                            1.28
%

 

   
Current Period Net Residual Losses on Scheduled and Early Termination Units
 
Units
   
Amounts
 
                 
52
 
Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period
   
189
     
3,104,702.20
 
53
 
Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period
           
(3,214,940.03
)
54
 
Less: Excess Wear and Tear Received in Current Period
           
(15,235.96
)
55
 
Less: Excess Mileage Received in Current Period
           
(11,564.59
)
                     
56
 
Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units
           
(137,038.38
)
                     
   
Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value (Annualized)
               
57
 
Current Period Net Residual Losses/(Gains) Ratio
           
-0.25
%
58
 
Prior Period Net Residual Losses/(Gains) Ratio
           
-0.29
%
59
 
Second Prior Period Net Residual Losses/(Gains) Ratio
           
-0.23
%
60
 
Third Prior Period Net Residual Losses/(Gains) Ratio
           
-0.08
%
61
 
Four Month Average
           
-0.21
%
                     
62
 
Beginning Cumulative Net Residual Losses
           
(237,654.44
)
63
 
Current Period Net Residual Losses
           
(137,038.38
)
                     
64
 
Ending Cumulative Net Residual Losses - Scheduled and Early Termination Units
           
(374,692.82
)
                     
65
 
Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value 
           
-0.04
%
                     
   
Credit Losses:
 
Units
   
Amounts
 
66
 
Aggregate Securitization Value on charged-off units
   
73
     
1,486,910.34
 
67
 
Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units
           
(1,282,997.57
)
                     
68
 
Current Period Net Credit Losses/(Gains)
           
203,912.77
 
                     
   
Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)
               
69
 
Current Period Net Credit Losses/(Gains) Ratio
           
0.37
%
70
 
Prior Period Net Credit Losses/(Gains) Ratio
           
0.42
%
71
 
Second Prior Period Net Credit Losses/(Gains) Ratio
           
0.29
%
72
 
Third Prior Period Net Credit Losses/(Gains) Ratio
           
0.21
%
73
 
Four Month Average
           
0.32
%
                   
74
 
Beginning Cumulative Net Credit Losses
            4,074,716.11
 
75
 
Current Period Net Credit Losses
           
203,912.77
 
                     
76
 
Ending Cumulative Net Credit Losses
           
4,278,628.88
 
                     
77
 
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value
           
0.46
%

 

 

 

 

World Omni Automobile Lease Securitization Trust 2018-A PAGE 3
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 08/31/2019  

 

F.  EXCHANGE NOTE COLLECTION ACCOUNT            
                
   COLLECTED AMOUNTS            
                
78  Lease Payments Received   11,131,437.07         
79  Sales Proceeds, Recoveries & Expenses - Scheduled Terminations   2,944,191.95         
80  Liquidation Proceeds, Recoveries & Expenses   954,388.17         
81  Insurance Proceeds   328,609.40         
82  Sales Proceeds, Recoveries & Expenses - Early Terminations   297,548.63         
83  Payoff Payments   9,026,890.82         
84  All Other Payments Received   -         
                 
85  Collected Amounts   24,683,066.04         
                 
86  Investment Earnings on Collection Account   42,243.61         
                 
87  Total Collected Amounts - Available for Distribution   24,725,309.65         
                 
   DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT             
                 
88  Servicing Fee   547,906.11         
89  Interest on the Exchange Note - to the Trust Collection Account   1,575,997.12         
90  Principal on the Exchange Note - to the Trust Collection Account   18,774,956.34         
91  Trust Collection Account Shortfall Amount - to the Trust Collection Account   3,531,483.29         
92  Remaining Funds Payable to Trust Collection Account   294,966.79         
                 
93  Total Distributions   24,725,309.65         
                 
G.  TRUST COLLECTION ACCOUNT             
                 
   AVAILABLE FUNDS             
                 
94  Available Funds   24,177,403.54         
                 
95  Investment Earnings on Reserve Account   8,755.56         
                 
96  Reserve Account Draw Amount   0.00         
                 
97  Total Available Funds - Available for Distribution   24,186,159.10         
                 
   DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT             
                 
98  Administration Fee   27,395.31         
99  Asset Representation Reviewer Amounts (up to $150,000 per year)   -         
100  Class A Noteholders' Interest Distributable Amount   1,091,598.54         
101  Noteholders' First Priority Principal Distributable Amount   -         
102  Class B Noteholders' Interest Distributable Amount   101,474.70         
103  Noteholders' Second Priority Principal Distributable Amount   -         
104  Amount to Reinstate Reserve Account to Required Reserve Account Balance   -         
105  Noteholders' Regular Principal Distributable Amount   19,973,357.81         
106  Asset Representation Reviewer Amounts (in excess of $150,000 per year)   -         
107  Remaining Funds Payable to Certificate holder   2,992,332.74         
                 
108  Total Distributions   24,186,159.10         

 

 

 

 

Additional Files
FileSequenceDescriptionTypeSize
0001144204-19-045428.txt   Complete submission text file   248137

© 2019 SEC.report
SEC CFR Title 17 of the Code of Federal Regulations.