World Omni Automobile Lease Securitization Trust 2021-A

03/28/2024 | Press release | Distributed by Public on 03/28/2024 08:10

Asset-Backed Issuer Distribution Report - Form 10-D

World Omni Automobile Lease Securitization Trust 2021-A PAGE 1
MONTHLY SERVICER CERTIFICATE
For the collection period ended 02/29/2024
A. DATES Begin End # days
1 Payment Date 3/15/2024
2 Collection Period 2/1/2024 2/29/2024 29
3 Monthly Interest Period-Actual 2/15/2024 3/14/2024 29
4 Monthly Interest - Scheduled 2/15/2024 3/14/2024 30
B. SUMMARY
Principal Payment
Initial Balance Beginning Balance 1st Priority 2nd Priority Regular Ending Balance Note Factor
5 Class A-1 Notes 96,000,000.00 - - - - - 0.0000000
6 Class A-2 Notes 288,290,000.00 - - - - - 0.0000000
7 Class A-3 Notes 288,290,000.00 - - - - - 0.0000000
8 Class A-4 Notes 107,390,000.00 - - - - - 0.0000000
9 Total Class A Notes 779,970,000.00 - - - - -
10 Class B Notes 36,000,000.00 4,934,595.86 - - 4,934,595.86 - -
11 Total Notes $ 815,970,000.00 4,934,595.86 $ 0.00 $ 0.00 $ 4,934,595.86 0.00
Overcollateralization
12 Exchange Note 57,597,768.75 9,799,707.60
13 Series 2021-A Notes 86,395,043.79 148,594,156.47
14 Total Overcollateralization 143,992,812.54 158,393,864.07 Not Applicable
15 Total Target Overcollateralization $ 158,393,864.07 158,393,864.07 Not Applicable
Coupon Rate Interest Pmt Due Per $1000
Face Amount 		Principal
Payment Due 		Per $1000
Face Amount 		Interest
Shortfall
16 Class A-1 Notes 0.10193 % 0.00 0.0000000 0.00 0.0000000 0.00
17 Class A-2 Notes 0.21000 % 0.00 0.0000000 0.00 0.0000000 0.00
18 Class A-3 Notes 0.42000 % 0.00 0.0000000 0.00 0.0000000 0.00
19 Class A-4 Notes 0.50000 % 0.00 0.0000000 0.00 0.0000000 0.00
20 Total Class A Notes 0.00 0.0000000 0.00 0.0000000 0.00
21 Class B Notes 0.75000 % 3,084.12 0.0856700 4,934,595.86 137.0721072 0.00
22 Totals 3,084.12 0.0037797 4,934,595.86 6.0475212 0.00
Initial Balance Beginning Balance Ending Balance
23 Exchange Note Balance 902,365,043.79 153,528,752.33 116,967,662.63
Reference Pool Balance Data Initial Current
24 Discount Rate 5.25 % 5.25 %
25 Aggregate Securitization Value 959,962,812.54 124,433,683.65
26 Aggregate Base Residual Value (Not Discounted) 689,626,949.48 119,652,606.16
Turn-in Units Units Securitization Value Percentage
27 Vehicles Scheduled to Return in Current Month 3,021 9,734,583.94
28 Turn-in Ratio on Scheduled Terminations 1.95 %
Units Securitization Value
29 Securitization Value - Beginning of Period 7,489 163,328,459.93
30 Depreciation/Payments (1,472,855.10 )
31 Gross Credit Losses (8 ) (212,294.37 )
32 Early Terminations - Regular - -
33 Scheduled Terminations - Returned (114 ) (2,621,300.89 )
34 Payoff Units & Lease Reversals (1,725 ) (34,588,325.92 )
35 Repurchased Leases - -
36 Securitization Value - End of Period 5,642 124,433,683.65
World Omni Automobile Lease Securitization Trust 2021-A PAGE 2
MONTHLY SERVICER CERTIFICATE
For the collection period ended 02/29/2024
C. SERVICING FEE
37 Servicing Fee Due 136,107.05
38 Unpaid Servicing Fees - Prior Collection Periods 0.00
39 Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period (38,472.14 )
D. RESERVE ACCOUNT
Reserve Account Balances:
40 Required Reserve Account Balance (0.50% of Initial Securitization Value) 4,799,814.06
41 Beginning Reserve Account Balance 4,799,814.06
42 Ending Reserve Account Balance -
E. POOL STATISTICS
Delinquencies Aging Profile - End of Period Units Percentage Securitization Value
43 Total Active Units (Excluding Inventory) 5,354 97.43 % 117,754,118.38
44 31 - 60 Days Delinquent 92 1.67 % 2,171,293.69
45 61 - 90 Days Delinquent 44 0.80 % 972,664.91
46 91 -120 Days Delinquent 5 0.10 % 103,035.96
47 121+ Days Delinquent - - -
48 Total 5,495 100.00 % 121,001,112.94
49 Total 61+ Delinquent as % End of Period Securitization Value 0.86 %
50 Delinquency Trigger Occurred NO
51 Prepayment Speed (1 Month) 1.77 %
Current Period Net Residual Losses/(Gains) on Scheduled and Early Termination Units Units Amounts
52 Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period 114 2,621,300.89
53 Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period (3,082,183.53 )
54 Less: Excess Wear and Tear Received in Current Period (5,546.54 )
55 Less: Excess Mileage Received in Current Period (2,588.18 )
56 Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units (469,017.36 )
Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value (Annualized)
57 Current Period Net Residual Losses/(Gains) Ratio -3.45 %
58 Prior Period Net Residual Losses/(Gains) Ratio -0.87 %
59 Second Prior Period Net Residual Losses/(Gains) Ratio -0.35 %
60 Third Prior Period Net Residual Losses/(Gains) Ratio -0.26 %
61 Four Month Average -1.23 %
62 Beginning Cumulative Net Residual Losses/(Gains) (1,155,067.20 )
63 Current Period Net Residual Losses/(Gains) (469,017.36 )
64 Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units (1,624,084.56 )
65 Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value -0.17 %
Credit Losses/(Gains): Units Amounts
66 Aggregate Securitization Value on charged-off units 8 212,294.37
67 Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units (108,911.58 )
68 Current Period Net Credit Losses/(Gains) 103,382.79
Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)
69 Current Period Net Credit Losses/(Gains) Ratio 0.76 %
70 Prior Period Net Credit Losses/(Gains) Ratio 0.75 %
71 Second Prior Period Net Credit Losses/(Gains) Ratio 0.24 %
72 Third Prior Period Net Credit Losses/(Gains) Ratio 0.11 %
73 Four Month Average 0.47 %
74 Beginning Cumulative Net Credit Losses/(Gains) 3,556,713.05
75 Current Period Net Credit Losses/(Gains) 103,382.79
76 Ending Cumulative Net Credit Losses/(Gains) 3,660,095.84
77 Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value 0.38 %
World Omni Automobile Lease Securitization Trust 2021-A PAGE 3
MONTHLY SERVICER CERTIFICATE
For the collection period ended 02/29/2024
F. EXCHANGE NOTE COLLECTION ACCOUNT
COLLECTED AMOUNTS
78 Lease Payments Received 2,299,773.27
79 Sales Proceeds, Recoveries & Expenses - Scheduled Terminations 3,090,318.25
80 Liquidation Proceeds, Recoveries & Expenses 81,146.20
81 Insurance Proceeds 27,765.38
82 Sales Proceeds, Recoveries & Expenses - Early Terminations -
83 Payoff Payments 37,036,730.42
84 All Other Payments Received -
85 Collected Amounts 42,535,733.52
86 Investment Earnings on Collection Account 174,867.73
87 Total Collected Amounts - Available for Distribution 42,710,601.25
DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT
88 Servicing Fee 136,107.05
89 Interest on the Exchange Note - to the Trust Collection Account 95,955.47
90 Principal on the Exchange Note - to the Trust Collection Account 36,561,089.70
91 Trust Collection Account Shortfall Amount - to the Trust Collection Account 5,917,449.03
92 Remaining Funds Payable to Trust Collection Account -
93 Total Distributions 42,710,601.25
G. TRUST COLLECTION ACCOUNT
AVAILABLE FUNDS
94 Available Funds 47,374,308.26
95 Investment Earnings on Reserve Account 19,895.84
96 Reserve Account Draw Amount 0.00
97 Total Available Funds - Available for Distribution 47,394,204.10
DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT
98 Administration Fee 6,805.35
99 Asset Representation Reviewer Amounts (up to $150,000 per year) -
100 Class A Noteholders' Interest Distributable Amount -
101 Noteholders' First Priority Principal Distributable Amount -
102 Class B Noteholders' Interest Distributable Amount 3,084.12
103 Noteholders' Second Priority Principal Distributable Amount -
104 Amount to Reinstate Reserve Account to Required Reserve Account Balance -
105 Noteholders' Regular Principal Distributable Amount 4,934,595.86
106 Asset Representation Reviewer Amounts (in excess of $150,000 per year) -
107 Remaining Funds Payable to Certificate holder 42,449,718.77
108 Total Distributions 47,394,204.10
COMPLIANCE WITH EUROPEAN UNION RISK RETENTION RULES

World Omni Financial Corp. ("World Omni"), as "originator" for the purposes of the EU Securitization Rules (as defined in the Indenture), 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 (i) all the limited liability company interests in World Omni Auto Leasing LLC ("WOAL"), which in turn retains the Certificates (as defined in the Indenture) issued by World Omni Automobile Lease Securitization Trust 2021-A, and (ii) the residual interest in the 2021-A Reference Pool (as defined in the Indenture), such Certificates and interest, collectively representing at least 5% of the aggregate Securitization Value of the Units in the 2021-A Reference Pool (each as defined in the Indenture). World Omni has not (and has not permitted WOAL or any of its other affiliates to 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) hedged or otherwise mitigated its credit risk under or associated with the EU Retained Interest, or sold, transferred or otherwise surrendered 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.