EX-99.1 2 tm2521327d30_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Auto Receivables Trust 2023-C      
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   433,719,188.39    23,306      
Yield Supplement Overcollateralization Amount 05/31/25   34,420,707.11    0      
Receivables Balance 05/31/25   468,139,895.50    23,306      
Principal Payments   21,315,257.36    634      
Defaulted Receivables   662,020.77    29      
Repurchased Accounts   0.00    0      
Yield Supplement Overcollateralization Amount at 06/30/25   30,539,450.55    0      
Pool Balance at 06/30/25   415,623,166.82    22,643      

 

Pool Statistics   $ Amount    # of Accounts      
Pool Factor   38.35%          
Prepayment ABS Speed   1.32%          
Aggregate Starting Principal Balance   1,163,498,581.79    43,008      
                
Delinquent Receivables:               
Past Due 31-60 days   8,744,124.34    354      
Past Due 61-90 days   2,860,027.54    104      
Past Due 91-120 days   423,996.56    18      
Past Due 121+ days   0.00    0      
 Total   12,028,148.44    476      
                
Total 31+ Delinquent as % Aggregate Ending Principal Balance   2.70%          
Total 61+ Delinquent as % Aggregate Ending Principal Balance   0.74%          
Delinquency Trigger Occurred   NO           
                
Recoveries   580,150.85           
Aggregate Net Losses/(Gains) - June 2025   81,869.92           
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):               
Current Net Losses/(Gains) Ratio   0.21%          
Prior Net Losses/(Gains) Ratio   0.35%          
Second Prior Net Losses/(Gains) Ratio   0.26%          
Third Prior Net Losses/(Gains) Ratio   0.48%          
Four Month Average   0.33%          
                
Cumulative Net Loss as a % of Aggregate Starting Principal Balance   0.64%          
                
Overcollateralization Target Amount   5,206,702.45           
Actual Overcollateralization   5,206,702.45           
Weighted Average Contract Rate   6.10%          
Weighted Average Contract Rate, Yield Adjusted   10.74%          
Weighted Average Remaining Term   40.73           

 

Flow of Funds   $ Amount           
Collections   24,269,903.09           
Investment Earnings on Cash Accounts   12,142.27           
Servicing Fee   (390,116.58)          
Transfer to Collection Account   -           
Available Funds   23,891,928.78           
                
Distributions of Available Funds               
    (1)  Asset Representation Reviewer Amounts (up to $150,000 per year)   -           
    (2)  Class A Interest   1,629,568.17           
    (3)  Noteholders' First Priority Principal Distributable Amount   -           
    (4)  Class B Interest   139,360.00           
    (5)  Noteholders' Second Priority Principal Distributable Amount   -           
    (6)  Class C Interest   71,859.58           
    (7)  Noteholders' Third Priority Principal Distributable Amount   12,889,319.12           
    (8)  Required Reserve Account   -           
    (9)  Noteholders' Principal Distributable Amount   5,206,702.45           
    (10) Asset Representation Reviewer Amounts (in excess of 1)   -           
    (11) Distribution to Certificateholders   3,955,119.46           
                
Total Distributions of Available Funds   23,891,928.78           
                
Servicing Fee   390,116.58           
Unpaid Servicing Fee   -           
Change in amount of the unpaid servicing fee from the prior period   -           

 

 

 

 

Note Balances & Note Factors   $ Amount           
Original Class A   991,900,000.00           
Original Class B   31,200,000.00           
Original Class C   15,650,000.00           
                
Total Class A, B, & C               
Note Balance @ 06/16/25   428,512,485.94           
Principal Paid   18,096,021.57           
Note Balance @ 07/15/25   410,416,464.37           
                
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   297,662,485.94           
Principal Paid   18,096,021.57           
Note Balance @ 07/15/25   279,566,464.37           
Note Factor @ 07/15/25   88.3864889%          
                
Class A-4               
Note Balance @ 06/16/25   84,000,000.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   84,000,000.00           
Note Factor @ 07/15/25   100.0000000%          
                
Class B               
Note Balance @ 06/16/25   31,200,000.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   31,200,000.00           
Note Factor @ 07/15/25   100.0000000%          
                
Class C               
Note Balance @ 06/16/25   15,650,000.00           
Principal Paid   0.00           
Note Balance @ 07/15/25   15,650,000.00           
Note Factor @ 07/15/25   100.0000000%          

 

Interest & Principal Payments   $ Amount           
Total Interest Paid   1,840,787.75           
Total Principal Paid   18,096,021.57           
Total Paid   19,936,809.32           
                
Class A-1               
Coupon   5.60700%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-1 Holders   0.00           
                
Class A-2a               
Coupon   5.57000%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-2a Holders   0.00           
                
Class A-2b               
SOFR Rate   4.30385%          
Coupon   4.71385%          
Interest Paid   0.00           
Principal Paid   0.00           
Total Paid to A-2b Holders   0.00           
                
Class A-3               
Coupon   5.15000%          
Interest Paid   1,277,468.17           
Principal Paid   18,096,021.57           
Total Paid to A-3 Holders   19,373,489.74           
                
Class A-4               
Coupon   5.03000%          
Interest Paid   352,100.00           
Principal Paid   0.00           
Total Paid to A-4 Holders   352,100.00           
                
Class B               
Coupon   5.36000%          
Interest Paid   139,360.00           
Principal Paid   0.00           
Total Paid to B Holders   139,360.00           

 

 

 

 

Class C               
Coupon   5.51000%          
Interest Paid   71,859.58           
Principal Paid   0.00           
Total Paid to C Holders   71,859.58           

 

Distribution per $1,000 of Notes   Total            
Total Interest Distribution Amount   1.7721182           
Total Interest Carryover Shortfall   0.0000000           
Total Principal Distribution Amount   17.4209594           
Total Distribution Amount   19.1930776           
                
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   4.0387865           
A-3 Interest Carryover Shortfall   0.0000000           
A-3 Principal Distribution Amount   57.2115763           
Total A-3 Distribution Amount   61.2503628           
                
A-4 Interest Distribution Amount   4.1916667           
A-4 Interest Carryover Shortfall   0.0000000           
A-4 Principal Distribution Amount   0.0000000           
Total A-4 Distribution Amount   4.1916667           
                
B Interest Distribution Amount   4.4666667           
B Interest Carryover Shortfall   0.0000000           
B Principal Distribution Amount   0.0000000           
Total B Distribution Amount   4.4666667           
                
C Interest Distribution Amount   4.5916665           
C Interest Carryover Shortfall   0.0000000           
C Principal Distribution Amount   0.0000000           
Total C Distribution Amount   4.5916665           
                
Noteholders' First Priority Principal Distributable Amount   0.00           
Noteholders' Second Priority Principal Distributable Amount   0.00           
Noteholders' Third Priority Principal Distributable Amount   712.27           
Noteholders' Principal Distributable Amount   287.73           

 

Account Balances   $ Amount           
Reserve Account               
Balance as of 06/16/25   2,603,351.22           
Investment Earnings   9,097.36           
Investment Earnings Paid   (9,097.36)          
Deposit/(Withdrawal)   -           
Balance as of 07/15/25   2,603,351.22           
Change   -           
                
Required Reserve Amount   2,603,351.22           

 

Other Servicing Information   Current Month    Prior Month    Two Months Prior 
Principal Balance of Receivables extended during the Collection Period  $3,066,089.85    2,747,580.50    3,123,431.42 
Number of Extensions   122    103    111 
Ratio of extensions to Beginning of Period Receivables Balance   0.65%   0.56%   0.61%