EX-99.1 2 tm2521327d41_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

World Omni Automobile Lease Securitization Trust 2024-A PAGE 1
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 06/30/2025  

 

A.  DATES  Begin  End    # days 
  
1  Payment Date     7/15/2025      
2  Collection Period  6/1/2025  6/30/2025    30 
3  Monthly Interest Period-Actual  6/16/2025  7/14/2025    29 
4  Monthly Interest - Scheduled  6/15/2025  7/14/2025    30 

 

B.   SUMMARY                

 

                      Principal Payment            
            Initial Balance    Beginning Balance   1st Priority   2nd Priority   Regular    Ending Balance   Note Factor  
5   Class A-1 Notes        112,000,000.00    -    -    -    -    -   0.0000000  
6   Class A-2a Notes        85,000,000.00    41,352,319.98    -    -    5,819,796.53    35,532,523.45   0.4180297  
7   Class A-2b Notes        240,000,000.00    116,759,491.72    -    -    16,432,366.66    100,327,125.06   0.4180297  
8   Class A-3 Notes        325,000,000.00    325,000,000.00    -    -    -    325,000,000.00   1.0000000  
9   Class A-4 Notes        65,650,000.00    65,650,000.00    -    -    -    65,650,000.00   1.0000000  
10   Total Class A Notes        827,650,000.00    548,761,811.70    -    -    22,252,163.19    526,509,648.51       
11   Class B Notes        47,060,000.00    47,060,000.00    -    -    -    47,060,000.00   1.0000000  
                                              
12   Total Notes       $874,710,000.00    595,821,811.70   $0.00   $0.00   $22,252,163.19    573,569,648.51       
                                              
    Overcollateralization                                         
13   Exchange Note        59,470,656.90    43,777,847.38                   42,442,717.59       
14   Series 2024-A Notes        56,996,958.16    90,031,130.65                   91,366,260.44       
                                              
15   Total Overcollateralization        116,467,615.06    133,808,978.03                   133,808,978.03       
16   Total Target Overcollateralization       $133,808,978.03    133,808,978.03                   133,808,978.03       
                                              
                      Per $1000    Principal    Per $1000    Interest       
             Coupon Rate    Interest Pmt Due    Face Amount    Payment Due    Face Amount    Shortfall       
17   Class A-1 Notes        5.50100%   0.00    0.0000000    0.00    0.0000000    0.00       
18   Class A-2a Notes        5.32000%   183,328.62    2.1568073    5,819,796.53    68.4681944    0.00       
19   Class A-2b Notes   4.30385%   4.73385%   445,248.21    1.8552009    16,432,366.66    68.4681944    0.00       
20   Class A-3 Notes        5.26000%   1,424,583.33    4.3833333    0.00    0.0000000    0.00       
21   Class A-4 Notes        5.25000%   287,218.75    4.3750000    0.00    0.0000000    0.00       
22   Total Class A Notes             2,340,378.91    2.8277399    22,252,163.19    26.8859581    0.00       
23   Class B Notes        5.62000%   220,397.67    4.6833334    0.00    0.0000000    0.00       
                                              
24   Totals             2,560,776.58    2.9275721    22,252,163.19    25.4394750    0.00       
            Initial Balance    Beginning Balance                   Ending Balance       
25   Exchange Note Balance        931,706,958.16    685,852,942.35                   664,935,908.95       

 

 

   Reference Pool Balance Data  Initial   Current              
26  Discount Rate   10.80%   10.80%              
27  Aggregate Securitization Value   991,177,615.06    707,378,626.54                
28  Aggregate Base Residual Value (Not Discounted)   717,803,942.35    586,924,344.31                
                             
   Turn-in Units   Units    Securitization Value   Percentage           
29  Vehicles Scheduled to Return in Current Month   9    40,830.98                
30  Turn-in Ratio on Scheduled Terminations             11.11%          
                             
       Units    Securitization Value                
31  Securitization Value — Beginning of Period   26,422    729,630,789.73                
32  Depreciation/Payments        (6,474,631.21)               
33  Gross Credit Losses   (42)   (1,295,991.85)               
34  Early Terminations — Regular   (9)   (282,066.32)               
35  Scheduled Terminations — Returned   (2)   (41,487.50)               
36  Payoff Units & Lease Reversals   (526)   (14,157,986.31)               
37  Repurchased Leases   -    -                
                             
38  Securitization Value - End of Period   25,843    707,378,626.54                

 

 

 

 

 

World Omni Automobile Lease Securitization Trust 2024-A PAGE 2
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 06/30/2025  

 

C. SERVICING FEE

 

39  Servicing Fee Due     608,025.66       
                 
40  Unpaid Servicing Fees - Prior Collection Periods     0.00       
                 
41  Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period     (19,241.50)      
                 
D.  RESERVE ACCOUNT             
                 
   Reserve Account Balances:             
42  Required Reserve Account Balance (0.50% of Initial Securitization Value)     4,955,888.08       
43  Beginning Reserve Account Balance     4,955,888.08       
44  Ending Reserve Account Balance     4,955,888.08       

 

E.  POOL STATISTICS                    
                        
   Delinquencies Aging Profile — End of Period  Units   Percentage   Securitization Value        
45  Total Active Units (Excluding Inventory)   25,424    98.51%   694,643,635.68         
46  31 - 60 Days Delinquent   305    1.18%   9,143,819.81          
47  61 - 90 Days Delinquent   67    0.26%   2,071,521.88          
48  91 -120 Days Delinquent   12    0.05%   409,739.02          
49  121+ Days Delinquent   -    -    -          
                            
50  Total   25,808    100.00%   706,268,716.39          
                            
51  Total 61+ Delinquent as % End of Period Securitization Value                      0.35%
52  Delinquency Trigger Occurred                      NO 
                            
                            
53  Prepayment Speed (1 Month)                      0.64%

 

   Current Period Net Residual Losses/(Gains) on Scheduled and Early Termination Units  Units   Amounts 
            
54  Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period   11    323,553.82 
55  Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period        (385,130.66)
56  Less: Excess Wear and Tear Received in Current Period        - 
57  Less: Excess Mileage Received in Current Period        (1,694.18)
58  Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units       (63,271.02)
             
   Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value  (Annualized)          
59  Current Period Net Residual Losses/(Gains) Ratio        -0.10%
60  Prior Period Net Residual Losses/(Gains) Ratio        -0.06%
61  Second Prior Period Net Residual Losses/(Gains) Ratio        0.05%
62  Third Prior Period Net Residual Losses/(Gains) Ratio        -0.04%
63  Four Month Average        -0.04%
              
64  Beginning Cumulative Net Residual Losses/(Gains)        (139,733.63)
65  Current Period Net Residual Losses/(Gains)        (63,271.02)
              
66  Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units        (203,004.65)
              
67  Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value        -0.02%
              
   Credit Losses/(Gains):   Units    Amounts 
68  Aggregate Securitization Value on charged-off units   42    1,295,991.85 
69  Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units        (1,133,689.55)
              
70  Current Period Net Credit Losses/(Gains)        162,302.30 
              
   Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)          
71  Current Period Net Credit Losses/(Gains) Ratio        0.27%
72  Prior Period Net Credit Losses/(Gains) Ratio        0.72%
73  Second Prior Period Net Credit Losses/(Gains) Ratio        0.03%
74  Third Prior Period Net Credit Losses/(Gains) Ratio        0.35%
75  Four Month Average        0.34%
              
76  Beginning Cumulative Net Credit Losses/(Gains)        4,362,722.91 
77  Current Period Net Credit Losses/(Gains)        162,302.30 
              
78  Ending Cumulative Net Credit Losses/(Gains)        4,525,025.21 
              
79  Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value        0.46%

 

 

 

 

World Omni Automobile Lease Securitization Trust 2024-A PAGE 3
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 06/30/2025  

 

F.  EXCHANGE NOTE COLLECTION ACCOUNT            
                
   COLLECTED AMOUNTS
          
80  Lease Payments Received   12,901,637.52         
81  Sales Proceeds, Recoveries & Expenses - Scheduled Terminations   46,105.00         
82  Liquidation Proceeds, Recoveries & Expenses   896,800.18         
83  Insurance Proceeds   236,889.37         
84  Sales Proceeds, Recoveries & Expenses - Early Terminations   340,719.84         
85  Payoff Payments   16,270,064.10         
86  All Other Payments Received   -         
                 
87  Collected Amounts   30,692,216.01         
                 
88  Investment Earnings on Collection Account   97,486.91         
                 
89  Total Collected Amounts - Available for Distribution   30,789,702.92         

 

    DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT                
                     
90  Servicing Fee   608,025.66         
91  Interest on the Exchange Note - to the Trust Collection Account   3,212,077.95         
92  Principal on the Exchange Note - to the Trust Collection Account   20,917,033.40         
93  Trust Collection Account Shortfall Amount - to the Trust Collection Account   5,946,361.87         
94  Remaining Funds Payable to Trust Collection Account   106,204.04         
                 
95  Total Distributions   30,789,702.92         
                 
G.  TRUST COLLECTION ACCOUNT             
                 
   AVAILABLE FUNDS             
                 
96  Available Funds   30,181,677.26         
                 
97  Investment Earnings on Reserve Account   17,375.47         
                 
98  Reserve Account Draw Amount   -         
                 
99  Total Available Funds - Available for Distribution   30,199,052.73         
                 
                 
   DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT             
                 
100  Administration Fee   30,401.28         
101  Asset Representation Reviewer Amounts (up to $150,000 per year)   -         
102  Class A Noteholders' Interest Distributable Amount   2,340,378.91         
103  Noteholders' First Priority Principal Distributable Amount   -         
104  Class B Noteholders' Interest Distributable Amount   220,397.67         
105  Noteholders' Second Priority Principal Distributable Amount   -         
106  Amount to Reinstate Reserve Account to Required Reserve Account Balance   -         
107  Noteholders' Regular Principal Distributable Amount   22,252,163.19         
108  Asset Representation Reviewer Amounts (in excess of $150,000 per year)   -         
109  Remaining Funds Payable to Certificate holder   5,355,711.68         
                 
110  Total Distributions   30,199,052.73         
                 
   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 2024-A, and (ii) the residual interest in the 2024-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 2024-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.