Results

World Omni Select Auto Trust 2023-A

11/29/2023 | Press release | Distributed by Public on 11/29/2023 06:39

Asset-Backed Issuer Distribution Report - Form 10-D

World Omni Select Auto Trust 2023-A
Monthly Servicer Certificate
October 31, 2023
Dates Covered
Collections Period 10/01/23 - 10/31/23
Interest Accrual Period 10/16/23 - 11/14/23
30/360 Days 30
Actual/360 Days 30
Distribution Date 11/15/23
Collateral Pool Balance Data $ Amount # of Accounts
Pool Balance at 09/30/23 703,091,685.97 30,175
Principal Payments 23,944,456.96 891
Defaulted Receivables 3,142,402.38 148
Repurchased Accounts 0.00 0
Pool Balance at 10/31/23 676,004,826.63 29,136
Pool Statistics $ Amount # of Accounts
Pool Factor 72.55 %
Prepayment ABS Speed 1.70 %
Aggregate Starting Principal Balance 931,757,001.63 37,582
Delinquent Receivables:
Past Due 31-60 days 33,737,971.03 1,501
Past Due 61-90 days 9,549,032.41 417
Past Due 91-120 days 1,784,393.73 80
Past Due 121+ days 0.00 0
Total 45,071,397.17 1,998
Total 31+ Delinquent as % Ending Pool Balance 6.67 %
Total 61+ Delinquent as % Ending Pool Balance 1.68 %
Delinquency Trigger Occurred NO
Recoveries 1,918,632.71
Aggregate Net Losses/(Gains) - October 2023 1,223,769.67
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):
Current Net Losses/(Gains) Ratio 2.09 %
Prior Net Losses/(Gains) Ratio 2.59 %
Second Prior Net Losses/(Gains) Ratio 2.45 %
Third Prior Net Losses/(Gains) Ratio 2.41 %
Four Month Average 2.39 %
Cumulative Net Loss as a % of Aggregate Starting Principal Balance 0.86 %
Overcollateralization Target Amount 56,446,403.02
Actual Overcollateralization 56,446,403.02
Weighted Average Contract Rate 9.14 %
Weighted Average Remaining Term 57.27
Flow of Funds $ Amount
Collections 31,168,308.32
Investment Earnings on Cash Accounts 25,231.48
Servicing Fee (732,387.17 )
Transfer to Collection Account -
Available Funds 30,461,152.63
Distributions of Available Funds
(1) Asset Representation Reviewer Amounts (up to $150,000 per calendar year) -
(2) Class A Interest 2,296,647.47
(3) Noteholders' First Priority Principal Distributable Amount -
(4) Class B Interest 200,558.33
(5) Noteholders' Second Priority Principal Distributable Amount -
(6) Class C Interest 281,850.00
(7) Noteholders' Third Priority Principal Distributable Amount -
(8) Noteholders' Fourth Priority Principal Distributable Amount -
(9) Noteholders' Fifth Priority Principal Distributable Amount -
(10) Required Reserve Account -
(11) Noteholders' Principal Distributable Amount 24,825,106.58
(12) Asset Representation Reviewer Amounts (in excess of 1) -
(13) Distribution to Certificateholders 2,856,990.25
Total Distributions of Available Funds 30,461,152.63
Servicing Fee 732,387.17
Unpaid Servicing Fee 0.00
Change in amount of the unpaid servicing fee from the prior period 0.00
Note Balances & Note Factors $ Amount
Original Class A 695,560,000.00
Original Class B 41,000,000.00
Original Class C 56,370,000.00
Original Class D 61,030,000.00
Original Class E 18,630,000.00
Total Class A, B, C, D, & E
Note Balance @ 10/16/23 644,383,530.19
Principal Paid 24,825,106.58
Note Balance @ 11/15/23 619,558,423.61
Class A-1
Note Balance @ 10/16/23 0.00
Principal Paid 0.00
Note Balance @ 11/15/23 0.00
Note Factor @ 11/15/23 0.0000000 %
Class A-2a
Note Balance @ 10/16/23 240,097,821.20
Principal Paid 17,668,272.21
Note Balance @ 11/15/23 222,429,548.99
Note Factor @ 11/15/23 81.9080678 %
Class A-2b
Note Balance @ 10/16/23 97,255,708.99
Principal Paid 7,156,834.37
Note Balance @ 11/15/23 90,098,874.62
Note Factor @ 11/15/23 81.9080678 %
Class A-3
Note Balance @ 10/16/23 130,000,000.00
Principal Paid 0.00
Note Balance @ 11/15/23 130,000,000.00
Note Factor @ 11/15/23 100.0000000 %
Class B
Note Balance @ 10/16/23 41,000,000.00
Principal Paid 0.00
Note Balance @ 11/15/23 41,000,000.00
Note Factor @ 11/15/23 100.0000000 %
Class C
Note Balance @ 10/16/23 56,370,000.00
Principal Paid 0.00
Note Balance @ 11/15/23 56,370,000.00
Note Factor @ 11/15/23 100.0000000 %
Class D
Note Balance @ 10/16/23 61,030,000.00
Principal Paid 0.00
Note Balance @ 11/15/23 61,030,000.00
Note Factor @ 11/15/23 100.0000000 %
Class E
Note Balance @ 10/16/23 18,630,000.00
Principal Paid 0.00
Note Balance @ 11/15/23 18,630,000.00
Note Factor @ 11/15/23 100.0000000 %
Interest & Principal Payments $ Amount
Total Interest Paid 2,779,055.80
Total Principal Paid 24,825,106.58
Total Paid 27,604,162.38
Class A-1
Coupon 5.13900 %
Interest Paid 0.00
Principal Paid 0.00
Total Paid to A-1 Holders 0.00
Class A-2a
Coupon 5.92000 %
Interest Paid 1,184,482.58
Principal Paid 17,668,272.21
Total Paid to A-2a Holders 18,852,754.79
Class A-2b
SOFR Rate 5.32031 %
Coupon 6.17031 %
Interest Paid 500,081.56
Principal Paid 7,156,834.37
Total Paid to A-2b Holders 7,656,915.93
Class A-3
Coupon 5.65000 %
Interest Paid 612,083.33
Principal Paid 0.00
Total Paid to A-3 Holders 612,083.33
Class B
Coupon 5.87000 %
Interest Paid 200,558.33
Principal Paid 0.00
Total Paid to B Holders 200,558.33
Class C
Coupon 6.00000 %
Interest Paid 281,850.00
Principal Paid 0.00
Total Paid to C Holders 281,850.00
Class D
Principal Paid 0.00
Total Paid to D Holders 0.00
Class E
Principal Paid 0.00
Total Paid to E Holders 0.00
Distribution per $1,000 of Notes Total
Total Interest Distribution Amount 3.1848357
Total Interest Carryover Shortfall 0.0000000
Total Principal Distribution Amount 28.4499096
Total Distribution Amount 31.6347453
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 4.3617712
A-2a Interest Carryover Shortfall 0.0000000
A-2a Principal Distribution Amount 65.0621307
Total A-2a Distribution Amount 69.4239019
A-2b Interest Distribution Amount 4.5461960
A-2b Interest Carryover Shortfall 0.0000000
A-2b Principal Distribution Amount 65.0621306
Total A-2b Distribution Amount 69.6083266
A-3 Interest Distribution Amount 4.7083333
A-3 Interest Carryover Shortfall 0.0000000
A-3 Principal Distribution Amount 0.0000000
Total A-3 Distribution Amount 4.7083333
B Interest Distribution Amount 4.8916666
B Interest Carryover Shortfall 0.0000000
B Principal Distribution Amount 0.0000000
Total B Distribution Amount 4.8916666
C Interest Distribution Amount 5.0000000
C Interest Carryover Shortfall 0.0000000
C Principal Distribution Amount 0.0000000
Total C Distribution Amount 5.0000000
D Principal Distribution Amount 0.0000000
Total D Distribution Amount 0.0000000
E Principal Distribution Amount 0.0000000
Total E Distribution Amount 0.0000000
Noteholders' First Priority Principal Distributable Amount 0.00
Noteholders' Second Priority Principal Distributable Amount 0.00
Noteholders' Third Priority Principal Distributable Amount 0.00
Noteholders' Fourth Priority Principal Distributable Amount 0.00
Noteholders' Fifth Priority Principal Distributable Amount 0.00
Noteholders' Principal Distributable Amount 1,000.00
Account Balances $ Amount
Reserve Account
Balance as of 10/16/23 4,658,785.01
Investment Earnings 20,805.00
Investment Earnings Paid (20,805.00 )
Deposit/(Withdrawal) -
Balance as of 11/15/23 4,658,785.01
Change -
Required Reserve Amount 4,658,785.01
Other Servicing Information Current Month Prior Month Two Months Prior
Principal Balance of Receivables extended during the Collection Period $ 13,526,793.86 $ 13,493,032.07 $ 15,371,242.14
Number of Extensions 505 492 568
Ratio of extensions to Beginning of Period Receivables Balance 1.92 % 1.85 % 2.02 %

Credit Risk Retention Information

World Omni Financial Corp. ("World Omni"), as "originator" for the purposes of the EU Securitization Rules (as defined in the Sale and Servicing Agreement), continues to retain, a material net economic interest (the "EU Retained Interest"), in the form of retention of a first loss tranche as described in option (d) of Article 6(3) of the EU Securitization Regulation, by holding all the limited liability company interests in World Omni Auto Receivables LLC ("WOAR"), which in turn retains the Certificates (as defined in the Sale and Servicing Agreement) issued by World Omni Select Auto Trust 2023-A, such Certificates representing at least 5% of the aggregate nominal value of the Receivables (as defined in the Sale and Servicing Agreement) in the pool.

World Omni has not (and has not permitted WOAR or any of its other affiliates to subject the EU Retained Interest to any hedge or otherwise mitigate its credit risk under or associated with the EU Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the EU Retained Interest) subject the EU Retained Interest to any credit risk mitigation or hedging, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the EU Retained Interest, except, in each case to the extent permitted in accordance with the EU Securitization Rules. Further, World Omni has not changed the retention option or method of calculating the EU Retained Interest.