World Omni Auto Receivables Trust 2023-C

04/29/2024 | Press release | Distributed by Public on 04/29/2024 05:31

Asset-Backed Issuer Distribution Report - Form 10-D

World Omni Auto Receivables Trust 2023-C
Monthly Servicer Certificate
March 31, 2024
Dates Covered
Collections Period 03/01/24 - 03/31/24
Interest Accrual Period 03/15/24 - 04/14/24
30/360 Days 30
Actual/360 Days 31
Distribution Date 04/15/24
Collateral Pool Balance Data $ Amount # of Accounts
Pool Balance at 02/29/24 809,401,546.03 37,088
Yield Supplement Overcollateralization Amount 02/29/24 83,855,082.62 0
Receivables Balance 02/29/24 893,256,628.65 37,088
Principal Payments 31,240,544.44 620
Defaulted Receivables 1,440,817.79 50
Repurchased Accounts 0.00 0
Yield Supplement Overcollateralization Amount at 03/31/24 79,619,960.41 0
Pool Balance at 03/31/24 780,955,306.01 36,418
Pool Statistics $ Amount # of Accounts
Pool Factor 73.96 %
Prepayment ABS Speed 1.56 %
Aggregate Starting Principal Balance 1,163,498,581.79 43,008
Delinquent Receivables:
Past Due 31-60 days 9,343,521.75 354
Past Due 61-90 days 2,131,170.76 80
Past Due 91-120 days 479,127.08 28
Past Due 121+ days 0.00 0
Total 11,953,819.59 462
Total 31+ Delinquent as % Aggregate Ending Principal Balance 1.39 %
Total 61+ Delinquent as % Aggregate Ending Principal Balance 0.30 %
Delinquency Trigger Occurred NO
Recoveries 827,897.16
Aggregate Net Losses/(Gains) - March 2024 612,920.63
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):
Current Net Losses/(Gains) Ratio 0.82 %
Prior Net Losses/(Gains) Ratio 0.58 %
Second Prior Net Losses/(Gains) Ratio 0.76 %
Third Prior Net Losses/(Gains) Ratio 0.68 %
Four Month Average 0.71 %
Cumulative Net Loss as a % of Aggregate Starting Principal Balance 0.29 %
Overcollateralization Target Amount 8,980,986.02
Actual Overcollateralization 8,980,986.02
Weighted Average Contract Rate 5.95 %
Weighted Average Contract Rate, Yield Adjusted 10.98 %
Weighted Average Remaining Term 52.53
Flow of Funds $ Amount
Collections 36,222,924.07
Investment Earnings on Cash Accounts 16,712.99
Servicing Fee (744,380.52 )
Transfer to Collection Account -
Available Funds 35,495,256.54
Distributions of Available Funds
(1) Asset Representation Reviewer Amounts (up to $150,000 per year) -
(2) Class A Interest 3,389,969.51
(3) Noteholders' First Priority Principal Distributable Amount -
(4) Class B Interest 139,360.00
(5) Noteholders' Second Priority Principal Distributable Amount 3,488,122.24
(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 8,980,986.02
(10) Asset Representation Reviewer Amounts (in excess of 1) -
(11) Distribution to Certificateholders 3,774,959.19
Total Distributions of Available Funds 35,495,256.54
Servicing Fee 744,380.52
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 @ 03/15/24 800,093,428.25
Principal Paid 28,119,108.26
Note Balance @ 04/15/24 771,974,319.99
Class A-1
Note Balance @ 03/15/24 0.00
Principal Paid 0.00
Note Balance @ 04/15/24 0.00
Note Factor @ 04/15/24 0.0000000 %
Class A-2a
Note Balance @ 03/15/24 208,194,325.85
Principal Paid 16,586,904.07
Note Balance @ 04/15/24 191,607,421.78
Note Factor @ 04/15/24 86.5044794 %
Class A-2b
Note Balance @ 03/15/24 144,749,102.40
Principal Paid 11,532,204.19
Note Balance @ 04/15/24 133,216,898.21
Note Factor @ 04/15/24 86.5044794 %
Class A-3
Note Balance @ 03/15/24 316,300,000.00
Principal Paid 0.00
Note Balance @ 04/15/24 316,300,000.00
Note Factor @ 04/15/24 100.0000000 %
Class A-4
Note Balance @ 03/15/24 84,000,000.00
Principal Paid 0.00
Note Balance @ 04/15/24 84,000,000.00
Note Factor @ 04/15/24 100.0000000 %
Class B
Note Balance @ 03/15/24 31,200,000.00
Principal Paid 0.00
Note Balance @ 04/15/24 31,200,000.00
Note Factor @ 04/15/24 100.0000000 %
Class C
Note Balance @ 03/15/24 15,650,000.00
Principal Paid 0.00
Note Balance @ 04/15/24 15,650,000.00
Note Factor @ 04/15/24 100.0000000 %
Interest & Principal Payments $ Amount
Total Interest Paid 3,601,189.09
Total Principal Paid 28,119,108.26
Total Paid 31,720,297.35
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 966,368.66
Principal Paid 16,586,904.07
Total Paid to A-2a Holders 17,553,272.73
Class A-2b
SOFR Rate 5.31864 %
Coupon 5.72864 %
Interest Paid 714,046.68
Principal Paid 11,532,204.19
Total Paid to A-2b Holders 12,246,250.87
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 3.4668487
Total Interest Carryover Shortfall 0.0000000
Total Principal Distribution Amount 27.0701403
Total Distribution Amount 30.5369890
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 4.3628382
A-2a Interest Carryover Shortfall 0.0000000
A-2a Principal Distribution Amount 74.8844428
Total A-2a Distribution Amount 79.2472810
A-2b Interest Distribution Amount 4.6366668
A-2b Interest Carryover Shortfall 0.0000000
A-2b Principal Distribution Amount 74.8844428
Total A-2b Distribution Amount 79.5211096
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 124.05
Noteholders' Third Priority Principal Distributable Amount 556.56
Noteholders' Principal Distributable Amount 319.39
Account Balances $ Amount
Reserve Account
Balance as of 03/15/24 2,603,351.22
Investment Earnings 11,596.64
Investment Earnings Paid (11,596.64 )
Deposit/(Withdrawal) -
Balance as of 04/15/24 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 $ 4,901,671.64 5,602,293.72 5,708,864.57
Number of Extensions 157 183 180
Ratio of extensions to Beginning of Period Receivables Balance 0.55 % 0.61 % 0.60 %