World Omni Auto Receivables Trust 2022-C

03/28/2024 | Press release | Distributed by Public on 03/28/2024 05:54

Asset-Backed Issuer Distribution Report - Form 10-D

World Omni Auto Receivables Trust 2022-C
Monthly Servicer Certificate
February 29, 2024
Dates Covered
Collections Period 02/01/24 - 02/29/24
Interest Accrual Period 02/15/24 - 03/14/24
30/360 Days 30
Actual/360 Days 29
Distribution Date 03/15/24
Collateral Pool Balance Data $ Amount # of Accounts
Pool Balance at 01/31/24 531,585,355.56 27,755
Yield Supplement Overcollateralization Amount 01/31/24 41,818,649.69 0
Receivables Balance 01/31/24 573,404,005.25 27,755
Principal Payments 21,015,796.20 984
Defaulted Receivables 1,087,460.69 48
Repurchased Accounts 0.00 0
Yield Supplement Overcollateralization Amount at 02/29/24 39,518,671.79 0
Pool Balance at 02/29/24 511,782,076.57 26,723
Pool Statistics $ Amount # of Accounts
Pool Factor 49.07 %
Prepayment ABS Speed 1.30 %
Aggregate Starting Principal Balance 1,123,484,105.00 42,981
Delinquent Receivables:
Past Due 31-60 days 7,613,852.03 305
Past Due 61-90 days 2,569,104.79 89
Past Due 91-120 days 358,084.79 21
Past Due 121+ days 0.00 0
Total 10,541,041.61 415
Total 31+ Delinquent as % Aggregate Ending Principal Balance 1.91 %
Total 61+ Delinquent as % Aggregate Ending Principal Balance 0.53 %
Delinquency Trigger Occurred NO
Recoveries 580,036.92
Aggregate Net Losses/(Gains) - February 2024 507,423.77
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):
Current Net Losses/(Gains) Ratio 1.06 %
Prior Net Losses/(Gains) Ratio 0.48 %
Second Prior Net Losses/(Gains) Ratio 0.70 %
Third Prior Net Losses/(Gains) Ratio 0.58 %
Four Month Average 0.71 %
Cumulative Net Loss as a % of Aggregate Starting Principal Balance 0.46 %
Overcollateralization Target Amount 5,081,353.05
Actual Overcollateralization 5,081,353.05
Weighted Average Contract Rate 4.51 %
Weighted Average Contract Rate, Yield Adjusted 8.79 %
Weighted Average Remaining Term 45.93
Flow of Funds $ Amount
Collections 23,733,594.82
Investment Earnings on Cash Accounts 24,712.36
Servicing Fee (477,836.67 )
Transfer to Collection Account -
Available Funds 23,280,470.51
Distributions of Available Funds
(1) Asset Representation Reviewer Amounts (up to $150,000 per year) -
(2) Class A Interest 1,476,317.94
(3) Noteholders' First Priority Principal Distributable Amount -
(4) Class B Interest 103,442.92
(5) Noteholders' Second Priority Principal Distributable Amount -
(6) Class C Interest 55,350.58
(7) Noteholders' Third Priority Principal Distributable Amount 14,721,925.94
(8) Required Reserve Account -
(9) Noteholders' Principal Distributable Amount 5,081,353.05
(10) Asset Representation Reviewer Amounts (in excess of 1) -
(11) Distribution to Certificateholders 1,842,080.08
Total Distributions of Available Funds 23,280,470.51
Servicing Fee 477,836.67
Unpaid Servicing Fee -
Change in amount of the unpaid servicing fee from the prior period -
Note Balances & Note Factors $ Amount
Original Class A 966,300,000.00
Original Class B 30,350,000.00
Original Class C 15,130,000.00
Total Class A, B, & C
Note Balance @ 02/15/24 526,504,002.51
Principal Paid 19,803,278.99
Note Balance @ 03/15/24 506,700,723.52
Class A-1
Note Balance @ 02/15/24 0.00
Principal Paid 0.00
Note Balance @ 03/15/24 0.00
Note Factor @ 03/15/24 0.0000000 %
Class A-2
Note Balance @ 02/15/24 129,424,002.51
Principal Paid 19,803,278.99
Note Balance @ 03/15/24 109,620,723.52
Note Factor @ 03/15/24 27.0869097 %
Class A-3
Note Balance @ 02/15/24 252,900,000.00
Principal Paid 0.00
Note Balance @ 03/15/24 252,900,000.00
Note Factor @ 03/15/24 100.0000000 %
Class A-4
Note Balance @ 02/15/24 98,700,000.00
Principal Paid 0.00
Note Balance @ 03/15/24 98,700,000.00
Note Factor @ 03/15/24 100.0000000 %
Class B
Note Balance @ 02/15/24 30,350,000.00
Principal Paid 0.00
Note Balance @ 03/15/24 30,350,000.00
Note Factor @ 03/15/24 100.0000000 %
Class C
Note Balance @ 02/15/24 15,130,000.00
Principal Paid 0.00
Note Balance @ 03/15/24 15,130,000.00
Note Factor @ 03/15/24 100.0000000 %
Interest & Principal Payments $ Amount
Total Interest Paid 1,635,111.44
Total Principal Paid 19,803,278.99
Total Paid 21,438,390.43
Class A-1
Coupon 2.96900 %
Interest Paid 0.00
Principal Paid 0.00
Total Paid to A-1 Holders 0.00
Class A-2
Coupon 3.73000 %
Interest Paid 402,292.94
Principal Paid 19,803,278.99
Total Paid to A-2 Holders 20,205,571.93
Class A-3
Coupon 3.66000 %
Interest Paid 771,345.00
Principal Paid 0.00
Total Paid to A-3 Holders 771,345.00
Class A-4
Coupon 3.68000 %
Interest Paid 302,680.00
Principal Paid 0.00
Total Paid to A-4 Holders 302,680.00
Class B
Coupon 4.09000 %
Interest Paid 103,442.92
Principal Paid 0.00
Total Paid to B Holders 103,442.92
Class C
Coupon 4.39000 %
Interest Paid 55,350.58
Principal Paid 0.00
Total Paid to C Holders 55,350.58
Distribution per $1,000 of Notes Total
Total Interest Distribution Amount 1.6160741
Total Interest Carryover Shortfall 0.0000000
Total Principal Distribution Amount 19.5727124
Total Distribution Amount 21.1887865
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-2 Interest Distribution Amount 0.9940522
A-2 Interest Carryover Shortfall 0.0000000
A-2 Principal Distribution Amount 48.9332320
Total A-2 Distribution Amount 49.9272842
A-3 Interest Distribution Amount 3.0500000
A-3 Interest Carryover Shortfall 0.0000000
A-3 Principal Distribution Amount 0.0000000
Total A-3 Distribution Amount 3.0500000
A-4 Interest Distribution Amount 3.0666667
A-4 Interest Carryover Shortfall 0.0000000
A-4 Principal Distribution Amount 0.0000000
Total A-4 Distribution Amount 3.0666667
B Interest Distribution Amount 3.4083334
B Interest Carryover Shortfall 0.0000000
B Principal Distribution Amount 0.0000000
Total B Distribution Amount 3.4083334
C Interest Distribution Amount 3.6583331
C Interest Carryover Shortfall 0.0000000
C Principal Distribution Amount 0.0000000
Total C Distribution Amount 3.6583331
Noteholders' First Priority Principal Distributable Amount 0.00
Noteholders' Second Priority Principal Distributable Amount 0.00
Noteholders' Third Priority Principal Distributable Amount 743.41
Noteholders' Principal Distributable Amount 256.59
Account Balances $ Amount
Reserve Account
Balance as of 02/15/24 5,058,901.50
Investment Earnings 21,086.26
Investment Earnings Paid (21,086.26 )
Deposit/(Withdrawal) -
Balance as of 03/15/24 5,058,901.50
Change -
Required Reserve Amount 5,058,901.50
Other Servicing Information Current Month Prior Month Two Months Prior
Principal Balance of Receivables extended during the Collection Period $ 3,690,831.61 $ 4,167,104.27 $ 4,786,751.07
Number of Extensions 129 148 164
Ratio of extensions to Beginning of Period Receivables Balance 0.64 % 0.70 % 0.77 %