World Omni Auto Receivables Trust 2023-B

05/29/2024 | Press release | Distributed by Public on 05/29/2024 05:49

Asset-Backed Issuer Distribution Report - Form 10-D

World Omni Auto Receivables Trust 2023-B
Monthly Servicer Certificate
April 30, 2024
Dates Covered
Collections Period 04/01/24 - 04/30/24
Interest Accrual Period 04/15/24 - 05/14/24
30/360 Days 30
Actual/360 Days 30
Distribution Date 05/15/24
Collateral Pool Balance Data $ Amount # of Accounts
Pool Balance at 03/31/24 678,278,147.66 34,055
Yield Supplement Overcollateralization Amount 03/31/24 62,370,025.63 0
Receivables Balance 03/31/24 740,648,173.29 34,055
Principal Payments 29,137,974.18 685
Defaulted Receivables 912,046.22 31
Repurchased Accounts 0.00 0
Yield Supplement Overcollateralization Amount at 04/30/24 58,921,727.56 0
Pool Balance at 04/30/24 651,676,425.33 33,339
Pool Statistics $ Amount # of Accounts
Pool Factor 61.11 %
Prepayment ABS Speed 1.58 %
Aggregate Starting Principal Balance 1,162,826,061.02 44,579
Delinquent Receivables:
Past Due 31-60 days 7,974,292.07 330
Past Due 61-90 days 2,580,117.39 102
Past Due 91-120 days 368,620.34 19
Past Due 121+ days 0.00 0
Total 10,923,029.80 451
Total 31+ Delinquent as % Aggregate Ending Principal Balance 1.54 %
Total 61+ Delinquent as % Aggregate Ending Principal Balance 0.41 %
Delinquency Trigger Occurred NO
Recoveries 904,139.34
Aggregate Net Losses/(Gains) - April 2024 7,906.88
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):
Current Net Losses/(Gains) Ratio 0.01 %
Prior Net Losses/(Gains) Ratio 0.99 %
Second Prior Net Losses/(Gains) Ratio 0.73 %
Third Prior Net Losses/(Gains) Ratio 0.39 %
Four Month Average 0.53 %
Cumulative Net Loss as a % of Aggregate Starting Principal Balance 0.33 %
Overcollateralization Target Amount 7,494,278.89
Actual Overcollateralization 7,494,278.89
Weighted Average Contract Rate 5.69 %
Weighted Average Contract Rate, Yield Adjusted 10.38 %
Weighted Average Remaining Term 49.41
Flow of Funds $ Amount
Collections 33,614,957.27
Investment Earnings on Cash Accounts 15,984.05
Servicing Fee (617,206.81 )
Transfer to Collection Account -
Available Funds 33,013,734.51
Distributions of Available Funds
(1) Asset Representation Reviewer Amounts (up to $150,000 per year) -
(2) Class A Interest 2,593,368.99
(3) Noteholders' First Priority Principal Distributable Amount -
(4) Class B Interest 127,914.25
(5) Noteholders' Second Priority Principal Distributable Amount 3,061,523.63
(6) Class C Interest 67,288.50
(7) Noteholders' Third Priority Principal Distributable Amount 15,740,000.00
(8) Required Reserve Account -
(9) Noteholders' Principal Distributable Amount 7,494,278.89
(10) Asset Representation Reviewer Amounts (in excess of 1) -
(11) Distribution to Certificateholders 3,929,360.25
Total Distributions of Available Funds 33,013,734.51
Servicing Fee 617,206.81
Unpaid Servicing Fee -
Change in amount of the unpaid servicing fee from the prior period -
Note Balances & Note Factors $ Amount
Original Class A 996,700,000.00
Original Class B 31,390,000.00
Original Class C 15,740,000.00
Total Class A, B, & C
Note Balance @ 04/15/24 670,477,948.96
Principal Paid 26,295,802.52
Note Balance @ 05/15/24 644,182,146.44
Class A-1
Note Balance @ 04/15/24 0.00
Principal Paid 0.00
Note Balance @ 05/15/24 0.00
Note Factor @ 05/15/24 0.0000000 %
Class A-2a
Note Balance @ 04/15/24 136,107,123.40
Principal Paid 15,791,213.00
Note Balance @ 05/15/24 120,315,910.40
Note Factor @ 05/15/24 52.3112654 %
Class A-2b
Note Balance @ 04/15/24 90,540,825.56
Principal Paid 10,504,589.52
Note Balance @ 05/15/24 80,036,236.04
Note Factor @ 05/15/24 52.3112654 %
Class A-3
Note Balance @ 04/15/24 297,200,000.00
Principal Paid 0.00
Note Balance @ 05/15/24 297,200,000.00
Note Factor @ 05/15/24 100.0000000 %
Class A-4
Note Balance @ 04/15/24 99,500,000.00
Principal Paid 0.00
Note Balance @ 05/15/24 99,500,000.00
Note Factor @ 05/15/24 100.0000000 %
Class B
Note Balance @ 04/15/24 31,390,000.00
Principal Paid 0.00
Note Balance @ 05/15/24 31,390,000.00
Note Factor @ 05/15/24 100.0000000 %
Class C
Note Balance @ 04/15/24 15,740,000.00
Principal Paid 0.00
Note Balance @ 05/15/24 15,740,000.00
Note Factor @ 05/15/24 100.0000000 %
Interest & Principal Payments $ Amount
Total Interest Paid 2,788,571.74
Total Principal Paid 26,295,802.52
Total Paid 29,084,374.26
Class A-1
Coupon 5.31600 %
Interest Paid 0.00
Principal Paid 0.00
Total Paid to A-1 Holders 0.00
Class A-2a
Coupon 5.25000 %
Interest Paid 595,468.66
Principal Paid 15,791,213.00
Total Paid to A-2a Holders 16,386,681.66
Class A-2b
SOFR Rate 5.33002 %
Coupon 6.04002 %
Interest Paid 455,723.66
Principal Paid 10,504,589.52
Total Paid to A-2b Holders 10,960,313.18
Class A-3
Coupon 4.66000 %
Interest Paid 1,154,126.67
Principal Paid 0.00
Total Paid to A-3 Holders 1,154,126.67
Class A-4
Coupon 4.68000 %
Interest Paid 388,050.00
Principal Paid 0.00
Total Paid to A-4 Holders 388,050.00
Class B
Coupon 4.89000 %
Interest Paid 127,914.25
Principal Paid 0.00
Total Paid to B Holders 127,914.25
Class C
Coupon 5.13000 %
Interest Paid 67,288.50
Principal Paid 0.00
Total Paid to C Holders 67,288.50
Distribution per $1,000 of Notes Total
Total Interest Distribution Amount 2.6714807
Total Interest Carryover Shortfall 0.0000000
Total Principal Distribution Amount 25.1916524
Total Distribution Amount 27.8631331
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 2.5889942
A-2a Interest Carryover Shortfall 0.0000000
A-2a Principal Distribution Amount 68.6574478
Total A-2a Distribution Amount 71.2464420
A-2b Interest Distribution Amount 2.9785860
A-2b Interest Carryover Shortfall 0.0000000
A-2b Principal Distribution Amount 68.6574478
Total A-2b Distribution Amount 71.6360338
A-3 Interest Distribution Amount 3.8833333
A-3 Interest Carryover Shortfall 0.0000000
A-3 Principal Distribution Amount 0.0000000
Total A-3 Distribution Amount 3.8833333
A-4 Interest Distribution Amount 3.9000000
A-4 Interest Carryover Shortfall 0.0000000
A-4 Principal Distribution Amount 0.0000000
Total A-4 Distribution Amount 3.9000000
B Interest Distribution Amount 4.0750000
B Interest Carryover Shortfall 0.0000000
B Principal Distribution Amount 0.0000000
Total B Distribution Amount 4.0750000
C Interest Distribution Amount 4.2750000
C Interest Carryover Shortfall 0.0000000
C Principal Distribution Amount 0.0000000
Total C Distribution Amount 4.2750000
Noteholders' First Priority Principal Distributable Amount 0.00
Noteholders' Second Priority Principal Distributable Amount 116.43
Noteholders' Third Priority Principal Distributable Amount 598.57
Noteholders' Principal Distributable Amount 285.00
Account Balances $ Amount
Reserve Account
Balance as of 04/15/24 2,616,119.83
Investment Earnings 11,276.31
Investment Earnings Paid (11,276.31 )
Deposit/(Withdrawal) -
Balance as of 05/15/24 2,616,119.83
Change -
Required Reserve Amount 2,616,119.83
Other Servicing Information Current Month Prior Month Two Months Prior
Principal Balance of Receivables extended during the Collection Period $ 4,195,822.56 $ 3,985,840.21 $ 4,390,867.36
Number of Extensions 150 140 155
Ratio of extensions to Beginning of Period Receivables Balance 0.57 % 0.52 % 0.55 %