03/28/2024 | Press release | Distributed by Public on 03/28/2024 06:18
World Omni Auto Receivables Trust 2023-A
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 | 639,310,873.58 | 33,254 | ||||||||||
Yield Supplement Overcollateralization Amount 01/31/24 | 58,116,040.30 | 0 | ||||||||||
Receivables Balance 01/31/24 | 697,426,913.88 | 33,254 | ||||||||||
Principal Payments | 25,308,551.19 | 797 | ||||||||||
Defaulted Receivables | 1,042,642.27 | 37 | ||||||||||
Repurchased Accounts | 0.00 | 0 | ||||||||||
Yield Supplement Overcollateralization Amount at 02/29/24 | 55,190,819.34 | 0 | ||||||||||
Pool Balance at 02/29/24 | 615,884,901.08 | 32,420 | ||||||||||
Pool Statistics | $ Amount | # of Accounts | ||||||||||
Pool Factor | 60.09 | % | ||||||||||
Prepayment ABS Speed | 1.50 | % | ||||||||||
Aggregate Starting Principal Balance | 1,116,806,264.43 | 45,522 | ||||||||||
Delinquent Receivables: | ||||||||||||
Past Due 31-60 days | 8,249,865.22 | 309 | ||||||||||
Past Due 61-90 days | 2,178,084.50 | 86 | ||||||||||
Past Due 91-120 days | 642,916.70 | 25 | ||||||||||
Past Due 121+ days | 0.00 | 0 | ||||||||||
Total | 11,070,866.42 | 420 | ||||||||||
Total 31+ Delinquent as % Aggregate Ending Principal Balance | 1.65 | % | ||||||||||
Total 61+ Delinquent as % Aggregate Ending Principal Balance | 0.42 | % | ||||||||||
Delinquency Trigger Occurred | NO | |||||||||||
Recoveries | 580,919.37 | |||||||||||
Aggregate Net Losses/(Gains) - February 2024 | 461,722.90 | |||||||||||
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized): | ||||||||||||
Current Net Losses/(Gains) Ratio | 0.79 | % | ||||||||||
Prior Net Losses/(Gains) Ratio | 0.51 | % | ||||||||||
Second Prior Net Losses/(Gains) Ratio | 0.45 | % | ||||||||||
Third Prior Net Losses/(Gains) Ratio | 0.63 | % | ||||||||||
Four Month Average | 0.60 | % | ||||||||||
Cumulative Net Loss as a % of Aggregate Starting Principal Balance | 0.28 | % | ||||||||||
Overcollateralization Target Amount | 5,542,964.11 | |||||||||||
Actual Overcollateralization | 5,542,964.11 | |||||||||||
Weighted Average Contract Rate | 5.72 | % | ||||||||||
Weighted Average Contract Rate, Yield Adjusted | 10.28 | % | ||||||||||
Weighted Average Remaining Term | 50.56 | |||||||||||
Flow of Funds | $ Amount | |||||||||||
Collections | 29,170,959.94 | |||||||||||
Investment Earnings on Cash Accounts | 25,504.00 | |||||||||||
Servicing Fee | (581,189.09 | ) | ||||||||||
Transfer to Collection Account | - | |||||||||||
Available Funds | 28,615,274.85 | |||||||||||
Distributions of Available Funds | ||||||||||||
(1) Asset Representation Reviewer Amounts (up to $150,000 per year) | - | |||||||||||
(2) Class A Interest | 2,435,248.54 | |||||||||||
(3) Noteholders' First Priority Principal Distributable Amount | - | |||||||||||
(4) Class B Interest | 126,714.08 | |||||||||||
(5) Noteholders' Second Priority Principal Distributable Amount | 2,552,174.64 | |||||||||||
(6) Class C Interest | 65,772.00 | |||||||||||
(7) Noteholders' Third Priority Principal Distributable Amount | 15,120,000.00 | |||||||||||
(8) Required Reserve Account | - | |||||||||||
(9) Noteholders' Principal Distributable Amount | 5,542,964.11 | |||||||||||
(10) Asset Representation Reviewer Amounts (in excess of 1) | - | |||||||||||
(11) Distribution to Certificateholders | 2,772,401.48 | |||||||||||
Total Distributions of Available Funds | 28,615,274.85 | |||||||||||
Servicing Fee | 581,189.09 | |||||||||||
Unpaid Servicing Fee | - | |||||||||||
Change in amount of the unpaid servicing fee from the prior period | - |
Note Balances & Note Factors | $ Amount | |||||||||||
Original Class A | 962,280,000.00 | |||||||||||
Original Class B | 30,230,000.00 | |||||||||||
Original Class C | 15,120,000.00 | |||||||||||
Total Class A, B, & C | ||||||||||||
Note Balance @ 02/15/24 | 633,557,075.72 | |||||||||||
Principal Paid | 23,215,138.75 | |||||||||||
Note Balance @ 03/15/24 | 610,341,936.97 | |||||||||||
Class A-1 | ||||||||||||
Note Balance @ 02/15/24 | 0.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 0.00 | |||||||||||
Note Factor @ 03/15/24 | 0.0000000 | % | ||||||||||
Class A-2a | ||||||||||||
Note Balance @ 02/15/24 | 147,772,044.41 | |||||||||||
Principal Paid | 16,280,353.66 | |||||||||||
Note Balance @ 03/15/24 | 131,491,690.75 | |||||||||||
Note Factor @ 03/15/24 | 50.9184056 | % | ||||||||||
Class A-2b | ||||||||||||
Note Balance @ 02/15/24 | 62,945,031.31 | |||||||||||
Principal Paid | 6,934,785.09 | |||||||||||
Note Balance @ 03/15/24 | 56,010,246.22 | |||||||||||
Note Factor @ 03/15/24 | 50.9184057 | % | ||||||||||
Class A-3 | ||||||||||||
Note Balance @ 02/15/24 | 279,880,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 279,880,000.00 | |||||||||||
Note Factor @ 03/15/24 | 100.0000000 | % | ||||||||||
Class A-4 | ||||||||||||
Note Balance @ 02/15/24 | 97,610,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 97,610,000.00 | |||||||||||
Note Factor @ 03/15/24 | 100.0000000 | % | ||||||||||
Class B | ||||||||||||
Note Balance @ 02/15/24 | 30,230,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 30,230,000.00 | |||||||||||
Note Factor @ 03/15/24 | 100.0000000 | % | ||||||||||
Class C | ||||||||||||
Note Balance @ 02/15/24 | 15,120,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 03/15/24 | 15,120,000.00 | |||||||||||
Note Factor @ 03/15/24 | 100.0000000 | % | ||||||||||
Interest & Principal Payments | $ Amount | |||||||||||
Total Interest Paid | 2,627,734.62 | |||||||||||
Total Principal Paid | 23,215,138.75 | |||||||||||
Total Paid | 25,842,873.37 | |||||||||||
Class A-1 | ||||||||||||
Coupon | 4.86700 | % | ||||||||||
Interest Paid | 0.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to A-1 Holders | 0.00 | |||||||||||
Class A-2a | ||||||||||||
Coupon | 5.18000 | % | ||||||||||
Interest Paid | 637,882.66 | |||||||||||
Principal Paid | 16,280,353.66 | |||||||||||
Total Paid to A-2a Holders | 16,918,236.32 | |||||||||||
Class A-2b | ||||||||||||
SOFR Rate | 5.32471 | % | ||||||||||
Coupon | 5.75471 | % | ||||||||||
Interest Paid | 291,796.71 | |||||||||||
Principal Paid | 6,934,785.09 | |||||||||||
Total Paid to A-2b Holders | 7,226,581.80 | |||||||||||
Class A-3 | ||||||||||||
Coupon | 4.83000 | % | ||||||||||
Interest Paid | 1,126,517.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to A-3 Holders | 1,126,517.00 | |||||||||||
Class A-4 | ||||||||||||
Coupon | 4.66000 | % | ||||||||||
Interest Paid | 379,052.17 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to A-4 Holders | 379,052.17 | |||||||||||
Class B | ||||||||||||
Coupon | 5.03000 | % | ||||||||||
Interest Paid | 126,714.08 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to B Holders | 126,714.08 |
Class C | ||||||||||||
Coupon | 5.22000 | % | ||||||||||
Interest Paid | 65,772.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to C Holders | 65,772.00 | |||||||||||
Distribution per $1,000 of Notes | Total | |||||||||||
Total Interest Distribution Amount | 2.6078368 | |||||||||||
Total Interest Carryover Shortfall | 0.0000000 | |||||||||||
Total Principal Distribution Amount | 23.0393485 | |||||||||||
Total Distribution Amount | 25.6471853 | |||||||||||
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 | 2.4701156 | |||||||||||
A-2a Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-2a Principal Distribution Amount | 63.0435009 | |||||||||||
Total A-2a Distribution Amount | 65.5136165 | |||||||||||
A-2b Interest Distribution Amount | 2.6526974 | |||||||||||
A-2b Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-2b Principal Distribution Amount | 63.0435008 | |||||||||||
Total A-2b Distribution Amount | 65.6961982 | |||||||||||
A-3 Interest Distribution Amount | 4.0250000 | |||||||||||
A-3 Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-3 Principal Distribution Amount | 0.0000000 | |||||||||||
Total A-3 Distribution Amount | 4.0250000 | |||||||||||
A-4 Interest Distribution Amount | 3.8833334 | |||||||||||
A-4 Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-4 Principal Distribution Amount | 0.0000000 | |||||||||||
Total A-4 Distribution Amount | 3.8833334 | |||||||||||
B Interest Distribution Amount | 4.1916666 | |||||||||||
B Interest Carryover Shortfall | 0.0000000 | |||||||||||
B Principal Distribution Amount | 0.0000000 | |||||||||||
Total B Distribution Amount | 4.1916666 | |||||||||||
C Interest Distribution Amount | 4.3500000 | |||||||||||
C Interest Carryover Shortfall | 0.0000000 | |||||||||||
C Principal Distribution Amount | 0.0000000 | |||||||||||
Total C Distribution Amount | 4.3500000 | |||||||||||
Noteholders' First Priority Principal Distributable Amount | 0.00 | |||||||||||
Noteholders' Second Priority Principal Distributable Amount | 109.94 | |||||||||||
Noteholders' Third Priority Principal Distributable Amount | 651.30 | |||||||||||
Noteholders' Principal Distributable Amount | 238.76 | |||||||||||
Account Balances | $ Amount | |||||||||||
Reserve Account | ||||||||||||
Balance as of 02/15/24 | 5,038,175.22 | |||||||||||
Investment Earnings | 20,999.87 | |||||||||||
Investment Earnings Paid | (20,999.87 | ) | ||||||||||
Deposit/(Withdrawal) | - | |||||||||||
Balance as of 03/15/24 | 5,038,175.22 | |||||||||||
Change | - | |||||||||||
Required Reserve Amount | 5,038,175.22 | |||||||||||
Other Servicing Information | Current Month | Prior Month | Two Months Prior | |||||||||
Principal Balance of Receivables extended during the Collection Period | $ | 3,512,841.55 | 4,692,905.03 | 5,209,826.40 | ||||||||
Number of Extensions | 129 | 167 | 186 | |||||||||
Ratio of extensions to Beginning of Period Receivables Balance | 0.50 | % | 0.65 | % | 0.69 | % |