03/28/2024 | Press release | Distributed by Public on 03/28/2024 06:28
World Omni Auto Receivables Trust 2023-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 | 836,697,245.93 | 37,782 | ||||||||||
Yield Supplement Overcollateralization Amount 01/31/24 | 88,048,740.73 | 0 | ||||||||||
Receivables Balance 01/31/24 | 924,745,986.66 | 37,782 | ||||||||||
Principal Payments | 30,366,041.25 | 654 | ||||||||||
Defaulted Receivables | 1,123,316.76 | 40 | ||||||||||
Repurchased Accounts | 0.00 | 0 | ||||||||||
Yield Supplement Overcollateralization Amount at 02/29/24 | 83,855,082.62 | 0 | ||||||||||
Pool Balance at 02/29/24 | 809,401,546.03 | 37,088 | ||||||||||
Pool Statistics | $ Amount | # of Accounts | ||||||||||
Pool Factor | 76.77 | % | ||||||||||
Prepayment ABS Speed | 1.45 | % | ||||||||||
Aggregate Starting Principal Balance | 1,163,498,581.79 | 43,008 | ||||||||||
Delinquent Receivables: | ||||||||||||
Past Due 31-60 days | 8,232,989.94 | 328 | ||||||||||
Past Due 61-90 days | 2,309,876.93 | 95 | ||||||||||
Past Due 91-120 days | 828,920.39 | 32 | ||||||||||
Past Due 121+ days | 0.00 | 0 | ||||||||||
Total | 11,371,787.26 | 455 | ||||||||||
Total 31+ Delinquent as % Aggregate Ending Principal Balance | 1.27 | % | ||||||||||
Total 61+ Delinquent as % Aggregate Ending Principal Balance | 0.35 | % | ||||||||||
Delinquency Trigger Occurred | NO | |||||||||||
Recoveries | 677,771.62 | |||||||||||
Aggregate Net Losses/(Gains) - February 2024 | 445,545.14 | |||||||||||
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized): | ||||||||||||
Current Net Losses/(Gains) Ratio | 0.58 | % | ||||||||||
Prior Net Losses/(Gains) Ratio | 0.76 | % | ||||||||||
Second Prior Net Losses/(Gains) Ratio | 0.68 | % | ||||||||||
Third Prior Net Losses/(Gains) Ratio | 0.62 | % | ||||||||||
Four Month Average | 0.66 | % | ||||||||||
Cumulative Net Loss as a % of Aggregate Starting Principal Balance | 0.24 | % | ||||||||||
Overcollateralization Target Amount | 9,308,117.78 | |||||||||||
Actual Overcollateralization | 9,308,117.78 | |||||||||||
Weighted Average Contract Rate | 5.94 | % | ||||||||||
Weighted Average Contract Rate, Yield Adjusted | 10.99 | % | ||||||||||
Weighted Average Remaining Term | 53.33 | |||||||||||
Flow of Funds | $ Amount | |||||||||||
Collections | 35,600,049.03 | |||||||||||
Investment Earnings on Cash Accounts | 16,090.32 | |||||||||||
Servicing Fee | (770,621.66 | ) | ||||||||||
Transfer to Collection Account | - | |||||||||||
Available Funds | 34,845,517.69 | |||||||||||
Distributions of Available Funds | ||||||||||||
(1) Asset Representation Reviewer Amounts (up to $150,000 per year) | - | |||||||||||
(2) Class A Interest | 3,469,093.63 | |||||||||||
(3) Noteholders' First Priority Principal Distributable Amount | - | |||||||||||
(4) Class B Interest | 139,360.00 | |||||||||||
(5) Noteholders' Second Priority Principal Distributable Amount | 2,023,681.57 | |||||||||||
(6) Class C Interest | 71,859.58 | |||||||||||
(7) Noteholders' Third Priority Principal Distributable Amount | 15,650,000.00 | |||||||||||
(8) Required Reserve Account | - | |||||||||||
(9) Noteholders' Principal Distributable Amount | 9,308,117.78 | |||||||||||
(10) Asset Representation Reviewer Amounts (in excess of 1) | - | |||||||||||
(11) Distribution to Certificateholders | 4,183,405.13 | |||||||||||
Total Distributions of Available Funds | 34,845,517.69 | |||||||||||
Servicing Fee | 770,621.66 | |||||||||||
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 @ 02/15/24 | 827,075,227.60 | |||||||||||
Principal Paid | 26,981,799.35 | |||||||||||
Note Balance @ 03/15/24 | 800,093,428.25 | |||||||||||
Class A-1 | ||||||||||||
Note Balance @ 02/15/24 | 4,425,227.60 | |||||||||||
Principal Paid | 4,425,227.60 | |||||||||||
Note Balance @ 03/15/24 | 0.00 | |||||||||||
Note Factor @ 03/15/24 | 0.0000000 | % | ||||||||||
Class A-2a | ||||||||||||
Note Balance @ 02/15/24 | 221,500,000.00 | |||||||||||
Principal Paid | 13,305,674.15 | |||||||||||
Note Balance @ 03/15/24 | 208,194,325.85 | |||||||||||
Note Factor @ 03/15/24 | 93.9929236 | % | ||||||||||
Class A-2b | ||||||||||||
Note Balance @ 02/15/24 | 154,000,000.00 | |||||||||||
Principal Paid | 9,250,897.60 | |||||||||||
Note Balance @ 03/15/24 | 144,749,102.40 | |||||||||||
Note Factor @ 03/15/24 | 93.9929236 | % | ||||||||||
Class A-3 | ||||||||||||
Note Balance @ 02/15/24 | 316,300,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 316,300,000.00 | |||||||||||
Note Factor @ 03/15/24 | 100.0000000 | % | ||||||||||
Class A-4 | ||||||||||||
Note Balance @ 02/15/24 | 84,000,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 84,000,000.00 | |||||||||||
Note Factor @ 03/15/24 | 100.0000000 | % | ||||||||||
Class B | ||||||||||||
Note Balance @ 02/15/24 | 31,200,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 31,200,000.00 | |||||||||||
Note Factor @ 03/15/24 | 100.0000000 | % | ||||||||||
Class C | ||||||||||||
Note Balance @ 02/15/24 | 15,650,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 15,650,000.00 | |||||||||||
Note Factor @ 03/15/24 | 100.0000000 | % | ||||||||||
Interest & Principal Payments | $ Amount | |||||||||||
Total Interest Paid | 3,680,313.21 | |||||||||||
Total Principal Paid | 26,981,799.35 | |||||||||||
Total Paid | 30,662,112.56 | |||||||||||
Class A-1 | ||||||||||||
Coupon | 5.60700 | % | ||||||||||
Interest Paid | 19,987.65 | |||||||||||
Principal Paid | 4,425,227.60 | |||||||||||
Total Paid to A-1 Holders | 4,445,215.25 | |||||||||||
Class A-2a | ||||||||||||
Coupon | 5.57000 | % | ||||||||||
Interest Paid | 1,028,129.17 | |||||||||||
Principal Paid | 13,305,674.15 | |||||||||||
Total Paid to A-2a Holders | 14,333,803.32 | |||||||||||
Class A-2b | ||||||||||||
SOFR Rate | 5.32471 | % | ||||||||||
Coupon | 5.73471 | % | ||||||||||
Interest Paid | 711,422.64 | |||||||||||
Principal Paid | 9,250,897.60 | |||||||||||
Total Paid to A-2b Holders | 9,962,320.24 | |||||||||||
Class A-3 | ||||||||||||
Coupon | 5.15000 | % | ||||||||||
Interest Paid | 1,357,454.17 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to A-3 Holders | 1,357,454.17 | |||||||||||
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 | 3.5430211 | |||||||||||
Total Interest Carryover Shortfall | 0.0000000 | |||||||||||
Total Principal Distribution Amount | 25.9752581 | |||||||||||
Total Distribution Amount | 29.5182792 | |||||||||||
A-1 Interest Distribution Amount | 0.0924926 | |||||||||||
A-1 Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-1 Principal Distribution Amount | 20.4776844 | |||||||||||
Total A-1 Distribution Amount | 20.5701770 | |||||||||||
A-2a Interest Distribution Amount | 4.6416667 | |||||||||||
A-2a Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-2a Principal Distribution Amount | 60.0707637 | |||||||||||
Total A-2a Distribution Amount | 64.7124304 | |||||||||||
A-2b Interest Distribution Amount | 4.6196275 | |||||||||||
A-2b Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-2b Principal Distribution Amount | 60.0707636 | |||||||||||
Total A-2b Distribution Amount | 64.6903911 | |||||||||||
A-3 Interest Distribution Amount | 4.2916667 | |||||||||||
A-3 Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-3 Principal Distribution Amount | 0.0000000 | |||||||||||
Total A-3 Distribution Amount | 4.2916667 | |||||||||||
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 | 75.00 | |||||||||||
Noteholders' Third Priority Principal Distributable Amount | 580.02 | |||||||||||
Noteholders' Principal Distributable Amount | 344.98 | |||||||||||
Account Balances | $ Amount | |||||||||||
Reserve Account | ||||||||||||
Balance as of 02/15/24 | 2,603,351.22 | |||||||||||
Investment Earnings | 10,851.16 | |||||||||||
Investment Earnings Paid | (10,851.16 | ) | ||||||||||
Deposit/(Withdrawal) | - | |||||||||||
Balance as of 03/15/24 | 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 | $ | 5,602,293.72 | 5,708,864.57 | 6,429,732.95 | ||||||||
Number of Extensions | 183 | 180 | 194 | |||||||||
Ratio of extensions to Beginning of Period Receivables Balance | 0.61 | % | 0.60 | % | 0.65 | % |