EX-99.1 2 tm2424410d45_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Automobile Lease Securitization Trust 2022-A PAGE 1
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 08/31/2024  

  

A.   DATES   Begin   End   # days  
   
1   Payment Date       9/16/2024        
2   Collection Period   8/1/2024   8/31/2024     31  
3   Monthly Interest Period-Actual   8/15/2024   9/15/2024     32  
4   Monthly Interest - Scheduled   8/15/2024   9/14/2024     30  

  

B. SUMMARY

  

                      Principal Payment              
          Initial Balance     Beginning Balance     1st Priority     2nd Priority     Regular     Ending Balance     Note Factor  
5     Class A-1 Notes     100,000,000.00       -       -       -       -       -       0.0000000  
6     Class A-2 Notes     326,000,000.00       -       -       -       -       -       0.0000000  
7     Class A-3 Notes     266,000,000.00       -       -       -       -       -       0.0000000  
8     Class A-4 Notes     91,500,000.00       -       -       -       -       -       0.0000000  
9     Total Class A Notes     783,500,000.00       -       -       -       -       -          
10     Class B Notes     36,300,000.00       14,621,332.02       -       -       14,621,332.02       -       0.0000000  
                                                               
11      Total Notes   $ 819,800,000.00       14,621,332.02     $ 0.00     $ 0.00     $ 14,621,332.02       0.00          
                                                               
      Overcollateralization                                                        
12     Exchange Note     57,867,356.23       10,714,730.48                                          
13     Series 2022-A Notes     86,788,580.87       153,242,778.83                                          
                                                               
14     Total Overcollateralization     144,655,937.10       163,957,509.31                               Not Applicable          
15     Total Target Overcollateralization   $ 163,957,509.31       163,957,509.31                               Not Applicable          
                                                               
          Coupon Rate     Interest Pmt Due     Per $1000
Face Amount
    Principal
Payment Due
    Per $1000
Face Amount
    Interest
Shortfall
         
16     Class A-1 Notes     0.97916 %     0.00       0.0000000       0.00       0.0000000       0.00          
17     Class A-2 Notes     2.63000 %     0.00       0.0000000       0.00       0.0000000       0.00          
18     Class A-3 Notes     3.21000 %     0.00       0.0000000       0.00       0.0000000       0.00          
19     Class A-4 Notes     3.34000 %     0.00       0.0000000       0.00       0.0000000       0.00          
20     Total Class A Notes             0.00       0.0000000       0.00       0.0000000       0.00          
21     Class B Notes     3.67000 %     44,716.91       1.2318708       14,621,332.02       402.7915157       0.00          
                                                               
22     Totals             44,716.91       0.0545461       14,621,332.02       17.8352428       0.00          
          Initial Balance     Beginning Balance                             Ending Balance          
23     Exchange Note Balance     906,588,580.87       167,864,110.85                               130,305,504.72          

 

      Reference Pool Balance Data   Initial     Current                    
24     Discount Rate     8.00 %     8.00 %                  
25     Aggregate Securitization Value     964,455,937.10       138,622,877.36                    
26     Aggregate Base Residual Value (Not Discounted)     730,590,012.81       134,004,868.97                    
                                         
      Turn-in Units   Units     Securitization Value     Percentage            
27     Vehicles Scheduled to Return in Current Month     3,405       10,300,464.47                    
28     Turn-in Ratio on Scheduled Terminations                     3.08 %          
                                         
          Units     Securitization Value                    
29     Securitization Value — Beginning of Period     8,071       178,578,841.33                    
30     Depreciation/Payments             (1,580,280.28 )                  
31     Gross Credit Losses     (19 )     (425,427.70 )                  
32     Early Terminations — Regular     (1 )     (33,387.96 )                  
33     Scheduled Terminations — Returned     (143 )     (3,387,274.38 )                  
34     Payoff Units & Lease Reversals     (1,658 )     (34,529,593.65 )                  
35     Repurchased Leases     -       -                    
                                         
36     Securitization Value - End of Period     6,250       138,622,877.36                    

 

 

 

  

World Omni Automobile Lease Securitization Trust 2022-A PAGE 2
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 08/31/2024  

 

C. SERVICING FEE

 

37   Servicing Fee Due     148,815.70          
                     
38   Unpaid Servicing Fees - Prior Collection Periods     0.00          
                     
39   Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period     (37,342.95 )        
                     
D.   RESERVE ACCOUNT                
                     
    Reserve Account Balances:                
40   Required Reserve Account Balance (0.50% of Initial Securitization Value)     4,822,279.69          
41   Beginning Reserve Account Balance     4,822,279.69          
42   Ending Reserve Account Balance     -          

 

E.   POOL STATISTICS                              
                                   
    Delinquencies Aging Profile — End of Period   Units     Percentage     Securitization Value              
43   Total Active Units (Excluding Inventory)     5,956       97.13 %     131,762,685.50              
44   31 - 60 Days Delinquent     118       1.93 %     2,769,290.00              
45   61 - 90 Days Delinquent     45       0.73 %     1,076,034.40              
46   91 -120 Days Delinquent     13       0.21 %     290,984.22              
47   121+ Days Delinquent     -       -       -              
                                         
48   Total     6,132       100.00 %     135,898,994.12              
                                         
49   Total 61+ Delinquent as % End of Period Securitization Value                     0.99 %
50   Delinquency Trigger Occurred                                 NO  
                                         
51   Prepayment Speed (1 Month)                                 0.00 %

  

    Current Period Net Residual Losses/(Gains) on Scheduled and Early Termination Units   Units     Amounts  
                 
52   Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period     144       3,420,662.34  
53   Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period             (4,099,028.34 )
54   Less: Excess Wear and Tear Received in Current Period             (7,207.58 )
55   Less: Excess Mileage Received in Current Period             (17,194.16 )
                     
56   Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units             (702,767.74 )
                     
    Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value  (Annualized)                
57   Current Period Net Residual Losses/(Gains) Ratio             -4.72 %
58   Prior Period Net Residual Losses/(Gains) Ratio             -2.32 %
59   Second Prior Period Net Residual Losses/(Gains) Ratio             -1.42 %
60   Third Prior Period Net Residual Losses/(Gains) Ratio             -1.07 %
61   Four Month Average           -2.38 %
                     
62   Beginning Cumulative Net Residual Losses/(Gains)             (2,403,350.50 )
63   Current Period Net Residual Losses/(Gains)             (702,767.74 )
                     
64   Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units             (3,106,118.24 )
                     
65   Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value             -0.32 %
                     
    Credit Losses/(Gains):     Units       Amounts  
66   Aggregate Securitization Value on charged-off units     19       425,427.70  
67   Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units             (303,290.74 )
                     
68   Current Period Net Credit Losses/(Gains)             122,136.96  
                     
    Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)                
69   Current Period Net Credit Losses/(Gains) Ratio             0.82 %
70   Prior Period Net Credit Losses/(Gains) Ratio             -0.91 %
71   Second Prior Period Net Credit Losses/(Gains) Ratio             1.15 %
72   Third Prior Period Net Credit Losses/(Gains) Ratio             0.67 %
73   Four Month Average             0.43 %
                     
74   Beginning Cumulative Net Credit Losses/(Gains)             3,718,582.93  
75   Current Period Net Credit Losses/(Gains)             122,136.96  
                     
76   Ending Cumulative Net Credit Losses/(Gains)             3,840,719.89  
                     
77   Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value             0.40 %

 

 

 

 

World Omni Automobile Lease Securitization Trust 2022-A PAGE 3
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 08/31/2024  

 

F.   EXCHANGE NOTE COLLECTION ACCOUNT              
                   
    COLLECTED AMOUNTS
                   
78   Lease Payments Received     2,742,683.78          
79   Sales Proceeds, Recoveries & Expenses - Scheduled Terminations     4,073,095.08          
80   Liquidation Proceeds, Recoveries & Expenses     303,290.74          
81   Insurance Proceeds     -          
82   Sales Proceeds, Recoveries & Expenses - Early Terminations     50,335.00          
83   Payoff Payments     38,006,644.97          
84   All Other Payments Received     -          
                     
85   Collected Amounts     45,176,049.57          
                     
86   Investment Earnings on Collection Account     199,059.50          
                     
87   Total Collected Amounts - Available for Distribution     45,375,109.07          
                     
    DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT                
                     
88   Servicing Fee     148,815.70          
89   Interest on the Exchange Note - to the Trust Collection Account     513,384.41          
90   Principal on the Exchange Note - to the Trust Collection Account     37,558,606.13          
91   Trust Collection Account Shortfall Amount - to the Trust Collection Account     7,154,302.83          
92   Remaining Funds Payable to Trust Collection Account     -          
                     
93   Total Distributions     45,375,109.07          
                     
G.   TRUST COLLECTION ACCOUNT                
                     
    AVAILABLE FUNDS                
                     
94   Available Funds     50,048,573.06          
                     
95   Investment Earnings on Reserve Account     21,580.36          
                     
96   Reserve Account Draw Amount     -          
                     
97   Total Available Funds - Available for Distribution     50,070,153.42          
                     
    DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT                
                     
98   Administration Fee     7,440.79          
99   Asset Representation Reviewer Amounts (up to $150,000 per year)     -          
100   Class A Noteholders' Interest Distributable Amount     -          
101   Noteholders' First Priority Principal Distributable Amount     -          
102   Class B Noteholders' Interest Distributable Amount     44,716.91          
103   Noteholders' Second Priority Principal Distributable Amount     -          
104   Amount to Reinstate Reserve Account to Required Reserve Account Balance     -          
105   Noteholders' Regular Principal Distributable Amount     14,621,332.02          
106   Asset Representation Reviewer Amounts (in excess of $150,000 per year)     -          
107   Remaining Funds Payable to Certificate holder     35,396,663.70          
                     
108   Total Distributions     50,070,153.42          
                     
    COMPLIANCE WITH EUROPEAN UNION RISK RETENTION RULES                

  

World Omni Financial Corp. (“World Omni”), as “originator” for the purposes of the EU Securitization Rules (as defined in the Indenture), 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 (i) all the limited liability company interests in World Omni Auto Leasing LLC (“WOAL”), which in turn retains the Certificates (as defined in the Indenture) issued by World Omni Automobile Lease Securitization Trust 2022-A, and (ii) the residual interest in the 2022-A Reference Pool (as defined in the Indenture), such Certificates and interest, collectively representing at least 5% of the aggregate Securitization Value of the Units in the 2022-A Reference Pool (each as defined in the Indenture). World Omni has not (and has not permitted WOAL or any of its other affiliates to 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) hedged or otherwise mitigated its credit risk under or associated with the EU Retained Interest, or sold, transferred or otherwise surrendered 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.