EX-99.1 2 tm2424410d41_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Select Auto Trust 2020-A      
Monthly Servicer Certificate      
August 31, 2024      

 

Dates Covered            
Collections Period   08/01/24 - 08/31/24           
Interest Accrual Period   08/15/24 - 09/15/24           
30/360 Days   30           
Actual/360 Days   32           
Distribution Date   09/16/24           
                
Collateral Pool Balance Data  $ Amount   # of Accounts      
Pool Balance at 07/31/24   91,187,280.60    9,308      
Principal Payments   5,156,367.00    165      
Defaulted Receivables   412,804.62    34      
Repurchased Accounts   0.00    0      
Pool Balance at 08/31/24   85,618,108.98    9,109      
                
Pool Statistics  $ Amount   # of Accounts      
Pool Factor   9.89%          
Prepayment ABS Speed   0.96%          
Aggregate Starting Principal Balance   865,949,696.84    33,461      
                
                
Delinquent Receivables:               
Past Due 31-60 days   7,589,907.82    650      
Past Due 61-90 days   2,689,390.96    220      
Past Due 91-120 days   301,115.53    25      
Past Due 121+ days   0.00    0      
 Total   10,580,414.31    895      
                
Total 31+ Delinquent as % Ending Pool Balance   12.36%          
Total 61+ Delinquent as % Ending Pool Balance   3.49%          
Delinquency Trigger Occurred   NO           
                
Recoveries   326,338.98           
Aggregate Net Losses/(Gains) - August 2024   86,465.64           
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):               
Current Net Losses/(Gains) Ratio   1.14%          
Prior Net Losses/(Gains) Ratio   0.63%          
Second Prior Net Losses/(Gains) Ratio   0.30%          
Third Prior Net Losses/(Gains) Ratio   -0.04%          
Four Month Average   0.51%          
                
Cumulative Net Loss as a % of Aggregate Starting Principal Balance   1.75%          
                
Overcollateralization Target Amount   17,318,993.94           
Actual Overcollateralization   85,618,108.98           
Weighted Average Contract Rate   8.42%          
Weighted Average Remaining Term   21.46           
                
Flow of Funds  $ Amount           
Collections   6,126,937.21           
Investment Earnings on Cash Accounts   58,787.59           
Reserve Fund Balance   12,989,245.45           
Servicing Fee    (94,986.75)          
Aggregate Purchase Amount   86,030,913.60           
Transfer to Collection Account   -           
Available Funds   105,110,897.10           
                
Distributions of Available Funds               
    (1)  Asset Representation Reviewer Amounts (up to $150,000 per year)   -           
    (2)  Class A Interest   -           
    (3)  Noteholders' First Priority Principal Distributable Amount   -           
    (4)  Class B Interest   -           
    (5)  Noteholders' Second Priority Principal Distributable Amount   -           
    (6)  Class C Interest   17,425.30           
    (7)  Noteholders' Third Priority Principal Distributable Amount   -           
    (8)  Class D Interest   53,351.67           
    (9)  Noteholders' Fourth Priority Principal Distributable Amount   -           
    (10)  Class E Interest   -           
    (11)  Noteholders' Fifth Priority Principal Distributable Amount   -           
    (12)  Required Reserve Account   -           
    (13)  Noteholders' Principal Distributable Amount   73,868,286.66           
   (14)  Asset Representation Reviewer Amounts (in excess of 1)   -           
   (15)  Distribution to Certificateholders   31,171,833.47           
                
Total Distributions of Available Funds   105,110,897.10           
                
Servicing Fee   94,986.75           
Unpaid Servicing Fee   -           
Change in amount of the unpaid servicing fee from the prior period   -           

 

 

 

 

Note Balances & Note Factors  $ Amount           
Original Class A   630,400,000.00           
Original Class B   69,260,000.00           
Original Class C   44,170,000.00           
Original Class D   37,660,000.00           
Original Class E   19,480,000.00           
                
Total Class A, B, C, D & E               
Note Balance @ 08/15/24   73,868,286.66           
Principal Paid   73,868,286.66           
Note Balance @ 09/16/24   0.00           
                
Class A-1               
Note Balance @ 08/15/24   0.00           
Principal Paid   0.00           
Note Balance @ 09/16/24   0.00           
Note Factor @ 09/16/24   0.0000000%          
                
Class A-2               
Note Balance @ 08/15/24   0.00           
Principal Paid   0.00           
Note Balance @ 09/16/24   0.00           
Note Factor @ 09/16/24   0.0000000%          
                
Class A-3               
Note Balance @ 08/15/24   0.00           
Principal Paid   0.00           
Note Balance @ 09/16/24   0.00           
Note Factor @ 09/16/24   0.0000000%          
                
Class B               
Note Balance @ 08/15/24   0.00           
Principal Paid   0.00           
Note Balance @ 09/16/24   0.00           
Note Factor @ 09/16/24   0.0000000%          
                
Class C               
Note Balance @ 08/15/24   16,728,286.66           
Principal Paid   16,728,286.66           
Note Balance @ 09/16/24   0.00           
Note Factor @ 09/16/24   0.0000000%          
                
Class D               
Note Balance @ 08/15/24   37,660,000.00           
Principal Paid   37,660,000.00           
Note Balance @ 09/16/24   0.00           
Note Factor @ 09/16/24   0.0000000%          
                
Class E               
Note Balance @ 08/15/24   19,480,000.00           
Principal Paid   19,480,000.00           
Note Balance @ 09/16/24   0.00           
Note Factor @ 09/16/24   0.0000000%          
                
Interest & Principal Payments  $ Amount           
Total Interest Paid   70,776.97           
Total Principal Paid   73,868,286.66           
Total Paid   73,939,063.63           
                
Class A-1               
Coupon   0.20633%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-1 Holders   0.00           
                
Class A-2               
Coupon   0.47000%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-2 Holders   0.00           
                
Class A-3               
Coupon   0.55000%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-3 Holders   0.00           
                
Class B               
Coupon   0.84000%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to B Holders   0.00           
                
Class C               
Coupon   1.25000%          
Interest Paid   17,425.30           
Principal Paid   16,728,286.66           
Total Paid to C Holders   16,745,711.96           
                
Class D               
Coupon   1.70000%          
Interest Paid   53,351.67           
Principal Paid   37,660,000.00           
Total Paid to D Holders   37,713,351.67           
                
Class E               
Coupon   0.00000%          
Interest Paid   0.00           
Principal Paid   19,480,000.00           
Total Paid to E Holders   19,480,000.00           

 

 

 

 

Distribution per $1,000 of Notes  Total            
Total Interest Distribution Amount   0.0883641           
Total Interest Carryover Shortfall   0.0000000           
Total Principal Distribution Amount   92.2235373           
Total Distribution Amount   92.3119014           
                
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   0.0000000           
A-2 Interest Carryover Shortfall   0.0000000           
A-2  Principal Distribution Amount   0.0000000           
Total A-2  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           
                
B Interest Distribution Amount   0.0000000           
B Interest Carryover Shortfall   0.0000000           
B Principal Distribution Amount   0.0000000           
Total B Distribution Amount   0.0000000           
                
C Interest Distribution Amount   0.3945053           
C Interest Carryover Shortfall   0.0000000           
C Principal Distribution Amount   378.7250772           
Total C Distribution Amount   379.1195825           
                
D Interest Distribution Amount   1.4166668           
D Interest Carryover Shortfall   0.0000000           
D Principal Distribution Amount   1,000.0000000           
Total D Distribution Amount   1,001.4166668           
                
E Interest Distribution Amount   0.0000000           
E Interest Carryover Shortfall   0.0000000           
E Principal Distribution Amount   1,000.0000000           
Total E Distribution Amount   1,000.0000000           
                
Noteholders' First Priority Principal Distributable Amount   0.00           
Noteholders' Second Priority Principal Distributable Amount   0.00           
Noteholders' Third Priority Principal Distributable Amount   0.00           
Noteholders' Fourth Priority Principal Distributable Amount   0.00           
Noteholders' Fifth Priority Principal Distributable Amount   0.00           
Noteholders' Principal Distributable Amount   1,000.00           
                
Account Balances  $ Amount           
Reserve Account               
Balance as of 08/15/24   12,989,245.45           
Investment Earnings   57,823.14           
Investment Earnings Paid   (57,823.14)          
Deposit/(Withdrawal)   (12,989,245.45)          
Balance as of 09/16/24   0.00           
Change   (12,989,245.45)          
                
Required Reserve Amount   0.00           
                
Other Servicing Information   Current Month    Prior Month    Two Months Prior 
Principal Balance of Receivables extended during the Collection Period  $989,285.56   $1,547,114.95   $1,235,045.10 
Number of Extensions   97    132    104 
Ratio of extensions to Beginning of Period Receivables Balance   1.08%   1.59%   1.20%

 

Credit Risk Retention Information

 

World Omni Financial Corp. (“World Omni”), as “originator” for the purposes of the EU Securitization Rules (as defined in the Sale and Servicing Agreement), continues to retain, a material net economic interest (the “EU Retained Interest”), in the form of retention of a first loss tranche as described in option (d) of Article 6(3) of the EU Securitization Regulation, by holding all the limited liability company interests in World Omni Auto Receivables LLC (“WOAR”), which in turn retains the Certificates (as defined in the Sale and Servicing Agreement) issued by World Omni Select Auto Trust 2020-A, such Certificates representing at least 5% of the aggregate nominal value of the Receivables (as defined in the Sale and Servicing Agreement) in the pool.

 

World Omni has not (and has not permitted WOAR or any of its other affiliates to subject the EU Retained Interest to any hedge or otherwise mitigate its credit risk under or associated with the EU Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the EU Retained Interest) subject the EU Retained Interest to any credit risk mitigation or hedging, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the EU Retained Interest, except, in each case to the extent permitted in accordance with the EU Securitization Rules. Further, World Omni has not changed the retention option or method of calculating the EU Retained Interest.