EX-99.1 2 tm2521327d38_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Select Auto Trust 2023-A      
Monthly Servicer Certificate      
June 30, 2025      

 

Dates Covered            
Collections Period   06/01/25 - 06/30/25           
Interest Accrual Period   06/16/25 - 07/14/25           
30/360 Days   30           
Actual/360 Days   29           
Distribution Date   07/15/25           
                
Collateral Pool Balance Data   $ Amount    # of Accounts      
Pool Balance at 05/31/25   300,880,813.48    14,746      
Principal Payments   12,294,904.10    314      
Defaulted Receivables   1,578,641.51    84      
Repurchased Accounts   0.00    0      
Pool Balance at 06/30/25   287,007,267.87    14,348      
                
Pool Statistics   $ Amount    # of Accounts      
Pool Factor   30.80%          
Prepayment ABS Speed   1.29%          
Aggregate Starting Principal Balance   931,757,001.63    37,582      
                
                
Delinquent Receivables:               
Past Due 31-60 days   22,118,934.42    1,042      
Past Due 61-90 days   6,908,665.22    322      
Past Due 91-120 days   728,463.09    39      
Past Due 121+ days   0.00    0      
 Total   29,756,062.73    1,403      
                
Total 31+ Delinquent as % Ending Pool Balance   10.37%          
Total 61+ Delinquent as % Ending Pool Balance   2.66%          
Delinquency Trigger Occurred   NO           
                
Recoveries   1,341,235.13           
Aggregate Net Losses/(Gains) - June 2025   237,406.38           
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):               
Current Net Losses/(Gains) Ratio   0.95%          
Prior Net Losses/(Gains) Ratio   -0.24%          
Second Prior Net Losses/(Gains) Ratio   0.03%          
Third Prior Net Losses/(Gains) Ratio   1.24%          
Four Month Average   0.50%          
                
Cumulative Net Loss as a % of Aggregate Starting Principal Balance   2.63%          
                
Overcollateralization Target Amount   22,530,070.53           
Actual Overcollateralization   22,530,070.53           
Weighted Average Contract Rate   8.95%          
Weighted Average Remaining Term   40.47           
                
Flow of Funds   $ Amount           
Collections   15,849,005.51           
Investment Earnings on Cash Accounts   18,245.78           
Servicing Fee   (313,417.51)          
Transfer to Collection Account   -           
Available Funds   15,553,833.78           
                
Distributions of Available Funds               
    (1)  Asset Representation Reviewer Amounts (up to $150,000 per calendar year)   -           
    (2)  Class A Interest   471,924.11           
    (3)  Noteholders' First Priority Principal Distributable Amount   -           
    (4)  Class B Interest   200,558.33           
    (5)  Noteholders' Second Priority Principal Distributable Amount   -           
    (6)  Class C Interest   281,850.00           
    (7)  Noteholders' Third Priority Principal Distributable Amount   -           
    (8)  Noteholders' Fourth Priority Principal Distributable Amount   -           
    (9)  Noteholders' Fifth Priority Principal Distributable Amount   -           
   (10) Required Reserve Account   -           
   (11) Noteholders' Principal Distributable Amount   12,784,472.28           
   (12) Asset Representation Reviewer Amounts (in excess of 1)   -           
   (13) Distribution to Certificateholders   1,815,029.06           
                
Total Distributions of Available Funds   15,553,833.78           
                
Servicing Fee   313,417.51           
Unpaid Servicing Fee   0.00           
Change in amount of the unpaid servicing fee from the prior period   0.00           

 

Note Balances & Note Factors   $ Amount           
Original Class A   695,560,000.00           
Original Class B   41,000,000.00           
Original Class C   56,370,000.00           
Original Class D   61,030,000.00           
Original Class E   18,630,000.00           
                
Total Class A, B, C, D, & E               
Note Balance @ 06/16/25   277,261,669.62           
Principal Paid   12,784,472.28           
Note Balance @ 07/15/25   264,477,197.34           

 

 

 

 

Class A-1               
Note Balance @ 06/16/25   0.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   0.00           
Note Factor @ 07/15/25   0.0000000%          
                
Class A-2a               
Note Balance @ 06/16/25   0.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   0.00           
Note Factor @ 07/15/25   0.0000000%          
                
Class A-2b               
Note Balance @ 06/16/25   0.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   0.00           
Note Factor @ 07/15/25   0.0000000%          
                
Class A-3               
Note Balance @ 06/16/25   100,231,669.62           
Principal Paid   12,784,472.28           
Note Balance @ 07/15/25   87,447,197.34           
Note Factor @ 07/15/25   67.2670749%          
                
Class B               
Note Balance @ 06/16/25   41,000,000.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   41,000,000.00           
Note Factor @ 07/15/25   100.0000000%          
                
Class C               
Note Balance @ 06/16/25   56,370,000.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   56,370,000.00           
Note Factor @ 07/15/25   100.0000000%          
                
Class D               
Note Balance @ 06/16/25   61,030,000.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   61,030,000.00           
Note Factor @ 07/15/25   100.0000000%          
                
Class E               
Note Balance @ 06/16/25   18,630,000.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   18,630,000.00           
Note Factor @ 07/15/25   100.0000000%          
                
Interest & Principal Payments   $ Amount           
Total Interest Paid   954,332.44           
Total Principal Paid   12,784,472.28           
Total Paid   13,738,804.72           
                
Class A-1               
Coupon   5.13900%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-1 Holders   0.00           
                
Class A-2a               
Coupon   5.92000%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-2a Holders   0.00           
                
Class A-2b               
SOFR Rate   4.30385%          
Coupon   5.15385%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-2b Holders   0.00           
                
Class A-3               
Coupon   5.65000%          
Interest Paid   471,924.11           
Principal Paid   12,784,472.28           
Total Paid to A-3 Holders   13,256,396.39           
                
Class B               
Coupon   5.87000%          
Interest Paid   200,558.33           
Principal Paid   0.00           
Total Paid to B Holders   200,558.33           
                
Class C               
Coupon   6.00000%          
Interest Paid   281,850.00           
Principal Paid   0.00           
Total Paid to C Holders   281,850.00           
                
Class D               
Principal Paid   0.00           
Total Paid to D Holders   0.00           
                
Class E               
Principal Paid   0.00           
Total Paid to E Holders   0.00           

 

 

 

 

Distribution per $1,000 of Notes   Total           
Total Interest Distribution Amount   1.0936779           
Total Interest Carryover Shortfall   0.0000000           
Total Principal Distribution Amount   14.6511790           
Total Distribution Amount   15.7448569           
                
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   3.6301855           
A-3 Interest Carryover Shortfall   0.0000000           
A-3 Principal Distribution Amount   98.3420945           
Total A-3 Distribution Amount   101.9722800           
                
B Interest Distribution Amount   4.8916666           
B Interest Carryover Shortfall   0.0000000           
B Principal Distribution Amount   0.0000000           
Total B Distribution Amount   4.8916666           
                
C Interest Distribution Amount   5.0000000           
C Interest Carryover Shortfall   0.0000000           
C Principal Distribution Amount   0.0000000           
Total C Distribution Amount   5.0000000           
                
D Principal Distribution Amount   0.0000000           
Total D Distribution Amount   0.0000000           
                
E Principal Distribution Amount   0.0000000           
Total E Distribution Amount   0.0000000           
                
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 06/16/25   4,658,785.01           
Investment Earnings   16,280.04           
Investment Earnings Paid   (16,280.04)          
Deposit/(Withdrawal)   -           
Balance as of 07/15/25   4,658,785.01           
Change   -           
                
Required Reserve Amount   4,658,785.01           
                
Other Servicing Information   Current Month    Prior Month    Two Months Prior 
Principal Balance of Receivables extended during the Collection Period  $4,344,251.43   $4,785,467.59   $4,593,167.41 
Number of Extensions   209    222    212 
Ratio of extensions to Beginning of Period Receivables Balance   1.44%   1.52%   1.39%

 

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 2023-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.