|
|
|
|
|
|
|
|
|
|
|
|
|
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) November 27, 1996
- -------------------------------------------------------------------------------
World Omni 1996-A Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Illinois 333-00794 36-7146986
- -------------------------------------------------------------------------------
(State or other jurisdiction (Commission File Number) IRS Employer
of incorporation) Identification No.
120 N.W. 12th Avenue Deerfield Beach, FL 33442
- --------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (954)429-2200
- --------------------------------------------------------------------------------
<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: November 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)
<TABLE>
WORLD OMNI 1996-A AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
October 31, 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
10/1/96 890,001,916.00 888,221,912.00
Principal collections & reimbursement loss amount 16,213,104.99 16,180,678.78
10/31/96 873,788,811.01 872,041,233.22
Certificate Balance @ 10/31/96 890,001,916.00 888,221,912.00
Class A-1
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 71.41133% 621,605,269
10/1/96 71.41133% 621,605,269
Principal collections & reimbursement loss amount 15,694,807
10/31/96 605,910,462
Certificate Balance @ 10/31/96 71.41133% 621,605,269
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 22.97642% 200,000,000
10/1/96 22.97642% 200,000,000
Principal collections & reimbursement loss amount 128,821
10/31/96 199,871,179
Certificate Balance @ 10/31/96 22.97642% 200,000,000
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 48,852,205
10/1/96 5.61224% 48,852,205
Principal collections & reimbursement loss amount 31,466
10/31/96 48,820,739
Certificate Balance @ 10/31/96 5.61224% 48,852,205
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 17,764,438
10/1/96
Principal collections & reimbursement loss amount 2.00000% 312,131
10/31/96 2.00000% 17,452,307
Certificate Balance @ 10/31/96 2.00000% 17,764,438
Distributable Amounts Total
Interest Distributable Amount 4,742,759.66
Principal Distributable Amount (1) 15,606,557.15
Reimbursed Charged-off Amount (1) 572,110.39
Reimbursed Residual Value Loss Amount 2,011.24
Reimbursed Additional Loss Amount 0.00
Total 20,923,438.44
Distributable Amounts Class A-1 %
Interest Distributable Amount 3,263,427.66
Principal Distributable Amount (1) 15,294,426.02 98.00000%
Reimbursed Charged-off Amount (1) 400,380.61 69.98310%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 18,958,234.29
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) 128,821.50 22.51690%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,220,488.17
Distributable Amounts Class B %
Interest Distributable Amount 284,971.20
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 31,466.07 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 316,437.27
Distributable Amounts Seller Interest %
Interest Distributable Amount 102,694.13
Principal Distributable Amount (1) 312,131.14 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 414,825.27
(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
10/1/96 100.0000000% 100.0000000% 100.0000000%
10/31/96 100.0000000% 100.0000000% 100.0000000%
Pool Data 10/1/96 $
Number of Loans 45,000
Prepayments 284 5,533,065.92
Scheduled Terminations 0 0.00
Charge-Offs 106 2,053,143.00
Weighted Ave APR 8.77%
Pool Data 10/31/96 $
Number of Loans 45,359
Prepayments 314 5,812,150.43
Scheduled Terminations 2 35,615.17
Charge-Offs 113 2,069,008.90
Weighted Ave APR 8.77%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 10/01/96 1,882,359.84 252,691.70 31,087,767.00
Balance as of 10/31/96 1,832,325.89 251,506.66 31,087,767.00
Change (50,033.95) (1,185.04) 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 10/01/96 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 10/31/96 0.00
Distribution per $1,000 Total
Total Distribution Amount 5.33961119
Interest Distribution Amount 5.33961119
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 5.78088265
Interest Distribution Amount 5.78088265
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
October 0 27 0.00%
(Maturity Ratio Test will be satisfied if the ratio is 50% or less. This test does not apply unless at least 25 contracts were
scheduled to mature.)
CHARGE-OFF RATE August September October
Outstanding 2,066,107.16 2,053,143.00 2,069,008.90
Balance
Net
Liquidation 1,369,427.85 1,442,382.01 1,384,856.52
Proceeds
Average
Aggregate
Net Investment 890,001,916.00 890,001,916.00 890,001,916.00
Value
Annualized
Average
Charge-Off 0.94% 0.82% 0.92%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.90%
DELINQUENCY RATE
# $
Past Due 31-60 days 544 10,415,173
Past Due 61-90 days 63 1,271,227
Past Due 91 + days 29 584,715
Total 636 12,271,115
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
August 123 44,621 0.28%
September 90 45,000 0.20%
October 92 45,359 0.20%
0.23%
REALIZATION RATIO
August September October
Sale
Proceeds 32,030.99 0.00 32,775.32
Residual Value
of Sold
Matured Leases 35,790.72 0.00 35,265.27
Realization
Ratio 89.50% 0.00% 92.94%
(Realization Test will be satisfied if the Maturity Ratio is 25% or less
or the Realization Ratio is 75% or more) 91.22%
</TABLE>
|
|