EX-99.1 2 tm2523919d38_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Select Auto Trust 2023-A      
Monthly Servicer Certificate      
July 31, 2025      

 

Dates Covered                
Collections Period   07/01/25 - 07/31/25              
Interest Accrual Period   07/15/25 - 08/14/25              
30/360 Days   30              
Actual/360 Days   31              
Distribution Date   08/15/25              
                   
Collateral Pool Balance Data  $ Amount   # of Accounts         
Pool Balance at 06/30/25   287,007,267.87    14,348         
Principal Payments   11,698,595.12    289         
Defaulted Receivables   1,192,924.57    63         
Repurchased Accounts   0.00    0         
Pool Balance at 07/31/25   274,115,748.18    13,996         
                   
Pool Statistics  $ Amount   # of Accounts         
Pool Factor   29.42%             
Prepayment ABS Speed   1.23%             
Aggregate Starting Principal Balance   931,757,001.63    37,582         
                   
Delinquent Receivables:                  
Past Due 31-60 days   22,081,326.24    1,065         
Past Due 61-90 days   6,241,307.57    298         
Past Due 91-120 days   924,161.86    45         
Past Due 121+ days   0.00    0         
 Total   29,246,795.67    1,408         
                   
Total 31+ Delinquent as % Ending Pool Balance   10.67%             
Total 61+ Delinquent as % Ending Pool Balance   2.61%             
Delinquency Trigger Occurred   NO              
                   
Recoveries   942,174.82              
Aggregate Net Losses/(Gains) - July 2025   250,749.75              
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):                  
Current Net Losses/(Gains) Ratio   1.05%             
Prior Net Losses/(Gains) Ratio   0.95%             
Second Prior Net Losses/(Gains) Ratio   -0.24%             
Third Prior Net Losses/(Gains) Ratio   0.03%             
Four Month Average   0.45%             
                   
Cumulative Net Loss as a % of Aggregate Starting Principal Balance   2.66%             
                   
Overcollateralization Target Amount   21,518,086.23              
Actual Overcollateralization   21,518,086.23              
Weighted Average Contract Rate   8.94%             
Weighted Average Remaining Term   39.52              
                   
Flow of Funds  $ Amount              
Collections   14,761,155.38              
Investment Earnings on Cash Accounts   22,359.16              
Servicing Fee   (298,965.90)             
Transfer to Collection Account   -              
Available Funds   14,484,548.64              
                   
Distributions of Available Funds                  
    (1)  Asset Representation Reviewer Amounts (up to $150,000 per calendar year)   -              
    (2)  Class A Interest   411,730.55              
    (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   11,879,535.39              
   (12) Asset Representation Reviewer Amounts (in excess of 1)   -              
   (13) Distribution to Certificateholders   1,710,874.37              
                   
Total Distributions of Available Funds   14,484,548.64              
                   
Servicing Fee   298,965.90              
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 @ 07/15/25   264,477,197.34              
Principal Paid   11,879,535.39              
Note Balance @ 08/15/25   252,597,661.95              

  

 

 

Class A-1                    
Note Balance @ 07/15/25   0.00                 
Principal Paid   0.00                 
Note Balance @ 08/15/25   0.00                 
Note Factor @ 08/15/25   0.0000000%                
                      
Class A-2a                     
Note Balance @ 07/15/25   0.00                 
Principal Paid   0.00                 
Note Balance @ 08/15/25   0.00                 
Note Factor @ 08/15/25   0.0000000%                
                      
Class A-2b                     
Note Balance @ 07/15/25   0.00                 
Principal Paid   0.00                 
Note Balance @ 08/15/25   0.00                 
Note Factor @ 08/15/25   0.0000000%                
                      
Class A-3                     
Note Balance @ 07/15/25   87,447,197.34                 
Principal Paid   11,879,535.39                 
Note Balance @ 08/15/25   75,567,661.95                 
Note Factor @ 08/15/25   58.1289707%                
                      
Class B                     
Note Balance @ 07/15/25   41,000,000.00                 
Principal Paid   0.00                 
Note Balance @ 08/15/25   41,000,000.00                 
Note Factor @ 08/15/25   100.0000000%                
                      
Class C                     
Note Balance @ 07/15/25   56,370,000.00                 
Principal Paid   0.00                 
Note Balance @ 08/15/25   56,370,000.00                 
Note Factor @ 08/15/25   100.0000000%                
                      
Class D                     
Note Balance @ 07/15/25   61,030,000.00                 
Principal Paid   0.00                 
Note Balance @ 08/15/25   61,030,000.00                 
Note Factor @ 08/15/25   100.0000000%                
                      
Class E                     
Note Balance @ 07/15/25   18,630,000.00                 
Principal Paid   0.00                 
Note Balance @ 08/15/25   18,630,000.00                 
Note Factor @ 08/15/25   100.0000000%                
                      
Interest & Principal Payments  $ Amount                 
Total Interest Paid   894,138.88                 
Total Principal Paid   11,879,535.39                 
Total Paid   12,773,674.27                 
                      
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   4.33962%                
Coupon   5.18962%                
Interest Paid   0.00                 
Principal Paid   0.00                 
Total Paid to A-2b Holders   0.00                 
                      
Class A-3                     
Coupon   5.65000%                
Interest Paid   411,730.55                 
Principal Paid   11,879,535.39                 
Total Paid to A-3 Holders   12,291,265.94                 
                      
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   1.0246953           
Total Interest Carryover Shortfall   0.0000000           
Total Principal Distribution Amount   13.6141090           
Total Distribution Amount   14.6388043           
                
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   3.1671581           
A-3 Interest Carryover Shortfall   0.0000000           
A-3 Principal Distribution Amount   91.3810415           
Total A-3 Distribution Amount   94.5481996           
                
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 07/15/25   4,658,785.01           
Investment Earnings   16,825.09           
Investment Earnings Paid   (16,825.09)          
Deposit/(Withdrawal)   -           
Balance as of 08/15/25   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  $5,804,406.75   $4,344,251.43   $4,785,467.59 
Number of Extensions   269    209    222 
Ratio of extensions to Beginning of Period Receivables Balance   2.02%   1.44%   1.52%

  

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.