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Previous: ROYCE CAPITAL TRUST, N-1/A, 1996-07-31 |
Next: HOUSEHOLD CONSUMER LOAN TRUST 1996-1, 8-K, 1996-07-31 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8 - K
C U R R E N T R E P O R T
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 31, 1996
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World Omni 1996-A Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Illinois 333-00794 36-7146986
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(State or other jurisdiction (Commission File Number) IRS Employer
of incorporation) Identification No.
120 N.W. 12th Avenue Deerfield Beach, FL 33442
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(Address of principal executive offices)
Registrant's telephone number, including area code (954)429-2200
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<PAGE>
Item 5: Other Events.
See attached Servicer's Certificate.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934 the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
World Omni 1996-A Automobile Lease Securitization Trust
-------------------------------------------------------
(Registrant)
Date: July 31, 1996 BY: /s/Alan J. Browdy
----------------- -----------------------------------
Alan J. Browdy
Vice President
World Omni Financial Corp.
(Duly Authorized Officer of the Servicer
on behalf of the Trust)
<TABLE>
WORLD OMNI 1996-A AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
June 30, 1996
<CAPTION>
Aggregate
Net Investment
Aggregate Net Investment Value Value 99.8%
<S> <C> <C> <C>
Original 890,001,916.00 888,221,912.00
6/1/96 890,001,916.00 888,221,912.00
Principal collections & reimbursement loss amount 13,431,360.49 13,404,497.77
6/30/96 876,570,555.51 874,817,414.23
Certificate Balance @ 6/30/96 890,001,916.00 888,221,912.00
Class A-1
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 71.41133% 621,605,269
6/1/96 71.41133% 621,605,269
Principal collections & reimbursement loss amount 13,036,608
6/30/96 608,568,661
Certificate Balance @ 6/30/96 71.41133% 621,605,269
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 22.97642% 200,000,000
6/1/96 22.97642% 200,000,000
Principal collections & reimbursement loss amount 77,507
6/30/96 199,922,493
Certificate Balance @ 6/30/96 22.97642% 200,000,000
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 48,852,205
6/1/96 5.61224% 48,852,205
Principal collections & reimbursement loss amount 18,932
6/30/96 48,833,273
Certificate Balance @ 6/30/96 5.61224% 48,852,205
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 17,764,438
6/1/96
Principal collections & reimbursement loss amount 2.00000% 261,137
6/30/96 2.00000% 17,503,301
Certificate Balance @ 6/30/96 2.00000% 17,764,438
Distributable Amounts Total
Interest Distributable Amount 4,723,740.74
Principal Distributable Amount 13,056,850.89
Reimbursed Charged-off Amount 344,217.05
Reimbursed Residual Value Loss Amount 3,429.84
Reimbursed Additional Loss Amount 0.00
Total 18,128,238.52
Distributable Amounts Class A-1 %
Interest Distributable Amount 3,263,427.66
Principal Distributable Amount (1) 12,795,713.87 98.00000%
Reimbursed Charged-off Amount (1) 240,893.78 69.98310%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 16,300,035.31
Distributable Amounts Class A-2 %
Interest Distributable Amount 1,091,666.67
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 77,506.99 22.51690%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,169,173.66
Distributable Amounts Class B %
Interest Distributable Amount 284,971.20
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 18,931.94 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 303,903.14
Distributable Amounts Seller Interest %
Interest Distributable Amount 83,675.21
Principal Distributable Amount (1) 261,137.02 2.00000%
Reimbursed Charged-off Amount (1) 0.00 0.00000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 344,812.23
(1) These amounts will not be distributed during the Revolving period. They will
reinvested in additional contracts.
Certificate Factors Series A-1 Series A-2 Class B
6/1/96 100.0000000% 100.0000000% 100.0000000%
6/30/96 100.0000000% 100.0000000% 100.0000000%
Pool Data 6/1/96 $
Number of Loans 43,596
Prepayments 179 3,548,028.27
Scheduled Terminations 0 0.00
Charge-Offs 71 1,364,780.95
Weighted Ave APR 8.77%
Pool Data 6/30/96 $
Number of Loans 43,947
Prepayments 203 4,171,680.48
Scheduled Terminations 2 27,691.27
Charge-Offs 63 1,371,256.86
Weighted Ave APR 8.77%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 06/01/96 1,488,196.91 157,163.18 31,087,767.00
Balance as of 06/30/96 1,121,700.42 293,098.40 31,087,767.00
Change (366,496.49) 135,935.22 0.00
Required Amount (withdrawl from reserve) 0.00
Reserve Fund Requirement 31,087,767.00
Reserve Fund Supplement Requirement 0.00
Residual Value Surplus Account
Beginning Balance 06/01/96 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 06/30/96 0.00
Distribution per $1,000 Total
Total Distribution Amount 5.31819883
Interest Distribution Amount 5.31819883
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-1
Total Distribution Amount 5.25000000
Interest Distribution Amount 5.25000000
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class A-2
Total Distribution Amount 5.45833335
Interest Distribution Amount 5.45833335
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class B
Total Distribution Amount 5.83333342
Interest Distribution Amount 5.83333342
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount 0.00000000
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount 0.00000000
Unpaid Principal Loss Interest Amount 0.00000000
Seller Principal not paid to Seller -----
Seller Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall 0.00000000
Distribution per $1,000 Seller Interest
Total Distribution Amount 4.71026477
Interest Distribution Amount 4.71026477
Carryover Shortfall -----
Prior Carryover Shortfall -----
Total Carryover Shortfall -----
Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
Aggregate Unreimbursed Principal Loss Amount -----
Principal Loss Interest Amount
Reimbursed Principal Loss Interest Amount -----
Unpaid Principal Loss Interest Amount -----
Seller Principal not paid to Seller 0.00000000
Seller Interest not paid to Seller 0.00000000
Unpaid Class B Principal Carryover Shortfall -----
Servicing Fee Total
Amount of Servicing Fee Paid 740,184.93
Total Unpaid 0.00
Servicing Fee Class A
Amount of Servicing Fee Paid 684,671.06
Total Unpaid 0.00
Servicing Fee Class B
Amount of Servicing Fee Paid 40,710.17
Total Unpaid 0.00
Servicing Fee Seller Interest
Amount of Servicing Fee Paid 14,803.70
Total Unpaid 0.00
Origination Trustee Expenses Paid (1)
UTI 0.00
SUBI 0.00
0.00
Securitization Trustee Expenses Paid (1) 0.00
Additional Loss Amounts (2) 0.00
(1) Expenses greater than $50,000 are broken out as follows:
(2) Broken out as follows:
Number of Number of
Matured Scheduled Maturity
Leases Maturities Ratio
MATURITY RATIO
June 0 0 0.00%
(Maturity Ratio Test will be satisfied if the ratio is 50% or less) 0.00%
CHARGE-OFF RATE April May June
Outstanding 952,757.24 1,364,780.95 1,371,256.86
Balance
Net
Liquidation 672,968.77 938,993.80 972,317.79
Proceeds
Average
Aggregate
Net Investment 890,001,916.00 890,001,916.00 890,001,916.00
Value
Annualized
Average
Charge-Off 0.38% 0.57% 0.54%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.50%
DELINQUENCY RATE
# $
Past Due 31-60 days 496 10,046,871
Past Due 61-90 days 28 528,589
Past Due 91 + days 9 202,944
Total 533 10,778,404
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
April 30 42,860 0.07%
May 42 43,596 0.10%
June 37 43,947 0.08%
0.08%
REALIZATION RATIO
April May June
Sale
Proceeds 0 0 23,786.50
Residual Value
of Sold
Matured Leases 0 0 27,286.71
Realization
Ratio 0.00% 0.00% 87.17%
(Realization Test will be satisfied if the Maturity Ratio is 25% or less
or the Realization Ratio is 75% or more) 29.06%
</TABLE>
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