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) June 27, 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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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: June 27, 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)
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WORLD OMNI 1996-A AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
MAY 31, 1996
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<S> <C> <C> <C>
Aggregate
Net Investment
Aggregate Net Investment Value Value 99.8%
Original 890,001,916.00 888,221,912.00
5/1/96 890,001,916.00 888,221,912.00
Principal collections & reimbursement loss amount 12,781,940.39 12,756,376.51
5/31/96 877,219,975.61 875,465,535.49
Certificate Balance @ 5/31/96 890,001,916.00 888,221,912.00
Class A-1
Investor Certificate
Aggregate Net Investment Value Percentage Balance
Original 71.41133% 621,605,269
5/1/96 71.41133% 621,605,269
Principal collections & reimbursement loss amount 12,398,848
5/31/96 609,206,421
Certificate Balance @ 5/31/96 71.41133% 621,605,269
Class A-2
Investor Certificate
Aggregate Net Investment Value Percentage Balance
Original 22.97642% 200,000,000
5/1/96 22.97642% 200,000,000
Principal collections & reimbursement loss amount 82,299
5/31/96 199,917,701
Certificate Balance @ 5/31/96 22.97642% 200,000,000
Class B
Investor Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 48,852,205
5/1/96 5.61224% 48,852,205
Principal collections & reimbursement loss amount 20,102
5/31/96 48,832,103
Certificate Balance @ 5/31/96 5.61224% 48,852,205
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 17,764,438
5/1/96
Principal collections & reimbursement loss amount 2.00000% 247,818
5/31/96 2.00000% 17,516,620
Certificate Balance @ 5/31/96 2.00000% 17,764,438
Distributable Amounts Total
Interest Distributable Amount 4,740,895.32
Principal Distributable Amount 12,390,878.02
Reimbursed Charged-off Amount 365,498.49
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 17,497,271.83
Distributable Amounts Class A-1 %
Interest Distributable Amount 3,263,427.66
Principal Distributable Amount (1) 12,143,060.46 98.00000%
Reimbursed Charged-off Amount (1) 255,787.19 69.98310%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 15,662,275.31
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) 82,298.91 22.51690%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,173,965.58
Distributable Amounts Class B %
Interest Distributable Amount 284,971.20
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 20,102.42 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 305,073.62
Distributable Amounts Seller Interest %
Interest Distributable Amount 100,829.79
Principal Distributable Amount (1) 247,817.56 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 348,647.35
(1) These amounts will not be distributed during the Revolving period. They will be reinvested in additional contracts.
Certificate Factors Series A-1 Series A-2 Class B
5/1/96 100.0000000% 100.0000000% 100.0000000%
5/31/96 100.0000000% 100.0000000% 100.0000000%
Pool Data 5/1/96 $
Number of Loans 42,860
Prepayments 261 5,509,710.71
Scheduled Terminations 0 0.00
Charge-Offs 51 1,098,508.81
Weighted Ave APR 8.77%
Pool Data 5/31/96 $
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%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 05/01/96 1,627,471.02 130,609.28 31,087,767.00
Balance as of 05/31/96 1,488,196.91 157,163.18 31,087,767.00
Change (139,274.11) 26,553.90 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 05/01/96 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 05/31/96 0.00
Distribution per $1,000 Total
Total Distribution Amount 5.33751223
Interest Distribution Amount 5.33751223
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 5.67593484
Interest Distribution Amount 5.67593484
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
May 0 0 0.00%
(Maturity Ratio Test will be satisfied if the ratio is 50% or less) 0.00%
CHARGE-OFF RATE March April May
Outstanding 144,132.88 952,757.24 1,364,780.95
Balance
Net
Liquidation 102,020.68 672,968.77 938,993.80
Proceeds
Average
Aggregate
Net Investment 890,001,916.00 890,001,916.00 890,001,916.00
Value
Annualized
Average
Charge-Off 0.06% 0.38% 0.57%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.34%
DELINQUENCY RATE
# $
Past Due 31-60 days 365 7,468,212
Past Due 61-90 days 30 619,673
Past Due 91 + days 12 283,483
Total 407 8,371,368
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
March 23 43,037 0.05%
April 30 42,860 0.07%
May 42 43,596 0.10%
0.07%
REALIZATION RATIO
March April May
Sale
Proceeds 0 0 0
Residual Value
of Sold
Matured Leases 0 0 0
Realization
Ratio 0.00% 0.00% 0.00%
(Realization Test will be satisfied if the Maturity Ratio is 25% or less
or the Realization Ratio is 75% or more) 0.00%
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