World Omni Auto Receivables Trust 2023-C

03/28/2024 | Press release | Distributed by Public on 03/28/2024 06:28

Asset-Backed Issuer Distribution Report - Form 10-D

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 %