SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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: 333-210865-06
Central Index Key Number of issuing entity: 0001766101
WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2019-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
(State or other jurisdiction of incorporation or organization of the issuing entity)
(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)
(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|
|Asset Backed Notes, Class A-2|
|Asset Backed Notes, Class A-3|
|Asset Backed Notes, Class A-4|
|Asset Backed Notes, Class B|
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 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 Exchange Note Sale Agreement, Indenture and other documents filed as exhibits to the Form 8-K filed by the Issuing Entity on March 13, 2019 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.
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.
Item 3. Sales of Securities and Use of Proceeds.
Item 4. Defaults Upon Senior Securities.
Item 5. Submission of Matters to a Vote of Security Holders.
Item 6. Significant Obligors of Pool Assets.
Item 7. Change in Sponsor Interest in the Securities.
Item 8. Significant Enhancement Provider Information.
Item 9. Other Information.
Item 10. Exhibits.
Monthly Servicer’s Certificate for the distribution period commencing on August 1, 2019 and expiring on August 31, 2019.
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 2019-A on September 20, 2019 which is incorporated by reference herein).
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 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 Automobile Lease Securitization Trust 2019-A|
|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|
|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 2019-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 2019-A on September 20, 2019 which is incorporated by reference herein).|
|World Omni Automobile Lease Securitization Trust 2019-A||PAGE 1|
|MONTHLY SERVICER CERTIFICATE|
|For the collection period ended 08/31/2019|
|3||Monthly Interest Period-Actual||8/15/2019||9/15/2019||32|
|4||Monthly Interest - Scheduled||8/15/2019||9/14/2019||30|
|Initial Balance||Beginning Balance||1st Priority||2nd Priority||Regular||Ending Balance||Note Factor|
|5||Class A-1 Notes||95,000,000.00||4,329,080.20||-||-||4,329,080.20||-||0.0000000|
|6||Class A-2 Notes||288,400,000.00||288,400,000.00||-||-||11,643,426.09||276,756,573.91||0.9596275|
|7||Class A-3 Notes||288,500,000.00||288,500,000.00||-||-||-||288,500,000.00||1.0000000|
|8||Class A-4 Notes||100,000,000.00||100,000,000.00||-||-||-||100,000,000.00||1.0000000|
|9||Total Class A Notes||771,900,000.00||681,229,080.20||-||-||15,972,506.29||665,256,573.91|
|10||Class B Notes||42,750,000.00||42,750,000.00||-||-||-||42,750,000.00||1.0000000|
|13||Series 2019-A Notes||78,355,077.16||97,209,554.84||98,167,905.21|
|15||Total Target Overcollateralization||$||149,625,850.69||149,625,850.69||149,625,850.69|
Interest Pmt Due
Class A-1 Notes
Class A-2 Notes
Class A-3 Notes
Class A-4 Notes
Total Class A Notes
Class B Notes
|Initial Balance||Beginning Balance||Ending Balance|
|23||Exchange Note Balance||893,005,077.16||821,188,635.04||806,174,479.12|
|Reference Pool Balance Data|
|25||Aggregate Securitization Value||950,005,401.23||857,632,424.60|
|26||Aggregate Base Residual Value (Not Discounted)||691,656,548.48||665,125,232.55|
|Turn-in Units||Units||Securitization Value||Percentage|
|27||Vehicles Scheduled to Return in Current Month||3||44,728.48|
|28||Turn-in Ratio on Scheduled Terminations||66.67||%|
|29||Securitization Value — Beginning of Period||37,393||873,604,930.89|
|31||Gross Credit Losses||(88||)||(2,051,591.15||)|
|32||Early Terminations — Regular||(10||)||(243,715.61||)|
|33||Scheduled Terminations — Returned||(9||)||(193,964.27||)|
|34||Payoff Units & Lease Reversals||(214||)||(5,708,429.02||)|
|36||Securitization Value - End of Period||37,072||857,632,424.60|
|World Omni Automobile Lease Securitization Trust 2019-A||PAGE 2|
|MONTHLY SERVICER CERTIFICATE|
|For the collection period ended 08/31/2019|
|37||Servicing Fee Due||728,004.11|
|38||Unpaid Servicing Fees - Prior Collection Periods||0.00|
|39||Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period||(11,917.75||)|
|Reserve Account Balances:|
|40||Required Reserve Account Balance (.50% of Initial Securitization Value)||4,750,027.01|
|41||Beginning Reserve Account Balance||4,750,027.01|
|42||Ending Reserve Account Balance||4,750,027.01|
|Delinquencies Aging Profile — End of Period||Units||Percentage||Securitization Value|
|43||Total Active Units (Excluding Inventory)||36,671||99.13||%||847,447,996.11|
|44||31 - 60 Days Delinquent||227||0.61||%||5,732,574.22|
|45||61 - 90 Days Delinquent||82||0.22||%||2,108,553.79|
|46||91 -120 Days Delinquent||15||0.04||%||378,985.62|
|47||121+ Days Delinquent||-||-||-|
|49||Total 61+ Delinquent as % End of Period Securitization Value||0.29||%|
|50||Delinquency Trigger Occurred||NO|
|51||Prepayment Speed (1 Month)||0.83||%|
|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||19||437,679.88|
|53||Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period||(352,927.48||)|
|54||Less: Excess Wear and Tear Received in Current Period||(1,101.74||)|
|55||Less: Excess Mileage Received in Current Period||(1,982.75||)|
|56||Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units||81,667.91|
|Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value (Annualized)|
|57||Current Period Net Residual Losses/(Gains) Ratio||0.11||%|
|58||Prior Period Net Residual Losses/(Gains) Ratio||-0.05||%|
|59||Second Prior Period Net Residual Losses/(Gains) Ratio||0.09||%|
|60||Third Prior Period Net Residual Losses/(Gains) Ratio||0.03||%|
|61||Four Month Average||0.05||%|
|62||Beginning Cumulative Net Residual Losses||24,939.07|
|63||Current Period Net Residual Losses||81,667.91|
|64||Ending Cumulative Net Residual Losses - Scheduled and Early Termination Units||106,606.98|
|65||Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value||0.01||%|
|66||Aggregate Securitization Value on charged-off units||88||2,051,591.15|
|67||Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units||(1,489,532.95||)|
|68||Current Period Net Credit Losses/(Gains)||562,058.20|
|Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)|
|69||Current Period Net Credit Losses/(Gains) Ratio||0.77||%|
|70||Prior Period Net Credit Losses/(Gains) Ratio||0.27||%|
|71||Second Prior Period Net Credit Losses/(Gains) Ratio||0.22||%|
|72||Third Prior Period Net Credit Losses/(Gains) Ratio||0.29||%|
|73||Four Month Average||0.39||%|
|74||Beginning Cumulative Net Credit Losses||964,230.43|
|75||Current Period Net Credit Losses||562,058.20|
|76||Ending Cumulative Net Credit Losses||1,526,288.63|
|77||Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value||0.16||%|
World Omni Automobile Lease Securitization Trust 2019-A
MONTHLY SERVICER CERTIFICATE
For the collection period ended 08/31/2019
|F.||EXCHANGE NOTE COLLECTION ACCOUNT|
|78||Lease Payments Received||13,241,157.47|
|79||Sales Proceeds, Recoveries & Expenses - Scheduled Terminations||195,711.69|
|80||Liquidation Proceeds, Recoveries & Expenses||938,369.53|
|82||Sales Proceeds, Recoveries & Expenses - Early Terminations||160,300.28|
|84||All Other Payments Received||-|
|86||Investment Earnings on Collection Account||36,583.79|
|87||Total Collected Amounts - Available for Distribution||21,524,757.83|
|DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT|
|89||Interest on the Exchange Note - to the Trust Collection Account||2,217,209.31|
|90||Principal on the Exchange Note - to the Trust Collection Account||15,014,155.92|
|91||Trust Collection Account Shortfall Amount - to the Trust Collection Account||3,565,388.49|
|92||Remaining Funds Payable to Trust Collection Account||-|
|G.||TRUST COLLECTION ACCOUNT|
|95||Investment Earnings on Reserve Account||8,883.42|
|96||Reserve Account Draw Amount||0.00|
|97||Total Available Funds - Available for Distribution||20,805,637.14|
|DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT|
|99||Asset Representation Reviewer Amounts (up to $150,000 per year)||-|
|100||Class A Noteholders' Interest Distributable Amount||1,662,244.15|
|101||Noteholders' First Priority Principal Distributable Amount||-|
|102||Class B Noteholders' Interest Distributable Amount||115,425.00|
|103||Noteholders' Second Priority Principal Distributable Amount||-|
|104||Amount to Reinstate Reserve Account to Required Reserve Account Balance||-|
|105||Noteholders' Regular Principal Distributable Amount||15,972,506.29|
|106||Asset Representation Reviewer Amounts (in excess of $150,000 per year)||-|
|107||Remaining Funds Payable to Certificate holder||3,019,061.49|
|0001144204-19-045432.txt||Complete submission text file||276320|