EX-99.1 2 tm2328948d23_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Auto Receivables Trust 2019-C            
Monthly Servicer Certificate            
September 30, 2023            
             
Dates Covered            
Collections Period   09/01/23 - 09/30/23           
Interest Accrual Period   09/15/23 - 10/15/23           
30/360 Days   30           
Actual/360 Days   31           
Distribution Date   10/16/23           
                
Collateral Pool Balance Data   $ Amount    # of Accounts      
Pool Balance at 08/31/23   115,471,806.22    13,095      
Yield Supplement Overcollateralization Amount 08/31/23   1,386,291.05    0      
Receivables Balance 08/31/23   116,858,097.27    13,095      
Principal Payments   7,563,591.48    271      
Defaulted Receivables   143,058.34    11      
Repurchased Accounts   0.00    0      
Yield Supplement Overcollateralization Amount at 09/30/23   1,234,442.98    0      
Pool Balance at 09/30/23   107,917,004.47    12,813      
                
Pool Statistics   $ Amount    # of Accounts      
Pool Factor   9.70%          
Prepayment ABS Speed   1.00%          
Aggregate Starting Principal Balance   1,125,526,442.29    48,208      
                
                
Delinquent Receivables:               
Past Due 31-60 days   2,121,812.08    165      
Past Due 61-90 days   565,267.49    41      
Past Due 91-120 days   66,964.17    5      
Past Due 121+ days   0.00    0      
 Total   2,754,043.74    211      
                
Total 31+ Delinquent as % Aggregate Ending Principal Balance   2.52%          
Total 61+ Delinquent as % Aggregate Ending Principal Balance   0.58%          
Delinquency Trigger Occurred   NO           
                
Recoveries   217,765.50           
Aggregate Net Losses/(Gains) - September 2023   (74,707.16)          
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):               
Current Net Losses/(Gains) Ratio   -0.77%          
Prior Net Losses/(Gains) Ratio   0.73%          
Second Prior Net Losses/(Gains) Ratio   0.22%          
Third Prior Net Losses/(Gains) Ratio   -0.36%          
Four Month Average   -0.05%          
                
Cumulative Net Loss as a % of Aggregate Starting Principal Balance   0.70%          
                
Overcollateralization Target Amount   5,399,680.85           
Actual Overcollateralization   107,917,004.47           
Weighted Average Contract Rate   4.87%          
Weighted Average Contract Rate, Yield Adjusted   6.27%          
Weighted Average Remaining Term   20.55           
                
Flow of Funds   $ Amount           
Collections   8,250,973.61           
Investment Earnings on Cash Accounts   12,916.74           
Reserve Fund Balance   2,699,840.43           
Servicing Fee   (97,381.75)          
Aggregate Purchase Amount   109,294,505.79           
Transfer to Collection Account   -           
Available Funds   120,160,854.82           
                
Distributions of Available Funds               
    (1)  Asset Representation Reviewer Amounts (up to $150,000 per year)   -           
    (2)  Class A Interest   103,990.35           
    (3)  Noteholders' First Priority Principal Distributable Amount   -           
    (4)  Class B Interest   59,400.00           
    (5)  Noteholders' Second Priority Principal Distributable Amount   -           
    (6)  Class C Interest   32,400.00           
    (7)  Noteholders' Third Priority Principal Distributable Amount   2,155,120.90           
    (8)  Required Reserve Account   -           
    (9)  Noteholders' Principal Distributable Amount   107,917,004.47           
    (10)  Asset Representation Reviewer Amounts (in excess of 1)   -           
    (11)  Distribution to Certificateholders   9,892,939.10           
                
Total Distributions of Available Funds   120,160,854.82           
                
Servicing Fee   97,381.75           
Unpaid Servicing Fee   -           
Change in amount of the unpaid servicing fee from the prior period   -           

 

 

 

 

Note Balances & Note Factors   $ Amount           
Original Class A   1,028,630,000.00           
Original Class B   32,400,000.00           
Original Class C   16,200,000.00           
                
Total Class A, B, & C               
Note Balance @ 09/15/23   110,072,125.37           
Principal Paid   110,072,125.37           
Note Balance @ 10/16/23   0.00           
                
Class A-1               
Note Balance @ 09/15/23   0.00           
Principal Paid   0.00           
Note Balance @ 10/16/23   0.00           
Note Factor @ 10/16/23   0.0000000%          
                
Class A-2a               
Note Balance @ 09/15/23   0.00           
Principal Paid   0.00           
Note Balance @ 10/16/23   0.00           
Note Factor @ 10/16/23   0.0000000%          
                
Class A-2b               
Note Balance @ 09/15/23   0.00           
Principal Paid   0.00           
Note Balance @ 10/16/23   0.00           
Note Factor @ 10/16/23   0.0000000%          
                
Class A-3               
Note Balance @ 09/15/23   0.00           
Principal Paid   0.00           
Note Balance @ 10/16/23   0.00           
Note Factor @ 10/16/23   0.0000000%          
                
Class A-4               
Note Balance @ 09/15/23   61,472,125.37           
Principal Paid   61,472,125.37           
Note Balance @ 10/16/23   0.00           
Note Factor @ 10/16/23   0.0000000%          
                
Class B               
Note Balance @ 09/15/23   32,400,000.00           
Principal Paid   32,400,000.00           
Note Balance @ 10/16/23   0.00           
Note Factor @ 10/16/23   0.0000000%          
                
Class C               
Note Balance @ 09/15/23   16,200,000.00           
Principal Paid   16,200,000.00           
Note Balance @ 10/16/23   0.00           
Note Factor @ 10/16/23   0.0000000%          
                
Interest & Principal Payments   $ Amount           
Total Interest Paid   195,790.35           
Total Principal Paid   110,072,125.37           
Total Paid   110,267,915.72           
                
Class A-1               
Coupon   1.90481%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-1 Holders   0.00           
                
Class A-2a               
Coupon   1.96000%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-2a Holders   0.00           
                
Class A-2b               
One-Month Libor   N/A           
Coupon   0.23000%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-2b Holders   0.00           
                
Class A-3               
Coupon   1.96000%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-3 Holders   0.00           
                
Class A-4               
Coupon   2.03000%          
Interest Paid   103,990.35           
Principal Paid   61,472,125.37           
Total Paid to A-4 Holders   61,576,115.72           
                
Class B               
Coupon   2.20000%          
Interest Paid   59,400.00           
Principal Paid   32,400,000.00           
Total Paid to B Holders   32,459,400.00           

 

 

 

 

Class C               
Coupon   2.40000%          
Interest Paid   32,400.00           
Principal Paid   16,200,000.00           
Total Paid to C Holders   16,232,400.00           
                
Distribution per $1,000 of Notes   Total            
Total Interest Distribution Amount   0.1817535           
Total Interest Carryover Shortfall   0.0000000           
Total Principal Distribution Amount   102.1807092           
Total Distribution Amount   102.3624627           
                
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   0.0000000           
A-2a Interest Carryover Shortfall   0.0000000           
A-2a  Principal Distribution Amount   0.0000000           
Total A-2a  Distribution Amount   0.0000000           
                
A-2b Interest Distribution Amount   0.0000000           
A-2b Interest Carryover Shortfall   0.0000000           
A-2b  Principal Distribution Amount   0.0000000           
Total A-2b Distribution Amount   0.0000000           
                
A-3 Interest Distribution Amount   0.0000000           
A-3 Interest Carryover Shortfall   0.0000000           
A-3 Principal Distribution Amount   0.0000000           
Total A-3 Distribution Amount   0.0000000           
                
A-4 Interest Distribution Amount   1.2950230           
A-4 Interest Carryover Shortfall   0.0000000           
A-4 Principal Distribution Amount   765.5308265           
Total A-4 Distribution Amount   766.8258495           
                
B Interest Distribution Amount   1.8333333           
B Interest Carryover Shortfall   0.0000000           
B Principal Distribution Amount   1,000.0000000           
Total B Distribution Amount   1,001.8333333           
                
C Interest Distribution Amount   2.0000000           
C Interest Carryover Shortfall   0.0000000           
C Principal Distribution Amount   1,000.0000000           
Total C Distribution Amount   1,002.0000000           
                
Noteholders' First Priority Principal Distributable Amount   0.00           
Noteholders' Second Priority Principal Distributable Amount   0.00           
Noteholders' Third Priority Principal Distributable Amount   19.58           
Noteholders' Principal Distributable Amount   980.42           
                
Account Balances   $ Amount           
Reserve Account               
Balance as of 09/15/23   2,699,840.43           
Investment Earnings   11,672.58           
Investment Earnings Paid   (11,672.58)          
Deposit/(Withdrawal)   (2,699,840.43)          
Balance as of 10/16/23   0.00           
Change   (2,699,840.43)          
                
Required Reserve Amount   0.00           
                
Other Servicing Information   Current Month    Prior Month    Two Months Prior 
Principal Balance of Receivables extended during the Collection Period  $492,314.92   $664,768.30   $624,834.37 
Number of Extensions   40    59    52 
Ratio of extensions to Beginning of Period Receivables Balance   0.42%   0.53%   0.47%