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 7, 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 7, 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
APRIL 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
3/1/96 890,001,916.00 888,221,912.00
Principal collections & reimbursement loss amount 21,684,431.21 21,641,062.35
4/30/96 868,317,484.79 866,580,849.65
Certificate Balance @ 4/30/96 890,001,916.00 888,221,912.00
Class A-1
Investor Certificate
Aggregate Net Investment Value Percentage Balance
Original 71.41133% 621,605,269
3/1/96 71.41133% 621,605,269
Principal collections & reimbursement loss amount 21,129,045
4/30/96 600,476,224
Certificate Balance @ 4/30/96 71.41133% 621,605,269
Class A-2
Investor Certificate
Aggregate Net Investment Value Percentage Balance
Original 22.97642% 200,000,000
3/1/96 22.97642% 200,000,000
Principal collections & reimbursement loss amount 63,649
4/30/96 199,936,351
Certificate Balance @ 4/30/96 22.97642% 200,000,000
Class B
Investor Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 48,852,205
3/1/96 5.61224% 48,852,205
Principal collections & reimbursement loss amount 15,547
4/30/96 48,836,658
Certificate Balance @ 4/30/96 5.61224% 48,852,205
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 17,764,438
3/1/96
Principal collections & reimbursement loss amount 2.00000% 427,168
4/30/96 2.00000% 17,337,270
Certificate Balance @ 4/30/96 2.00000% 17,764,438
Distributable Amounts Total
Interest Distributable Amount 2,946,914.57
Principal Distributable Amount(1) 21,358,388.71
Accelerated Principal Distributable Amount 0.00
Reimbursed Charged-off Amount(1) 282,673.64
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 24,587,976.92
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,849,275.68
Principal Distributable Amount(1) 20,931,220.94 98.00000%
Accelerated Principal Distributable Amount 0.00 0.00000%
Reimbursed Charged-off Amount(1) 197,823.79 69.98310%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 22,978,320.41
Distributable Amounts Class A-2 %
Interest Distributable Amount 618,611.11
Principal Distributable Amount(1) 0.00 0.00000%
Accelerated Principal Distributable Amount 0.00 0.00000%
Reimbursed Charged-off Amount(1) 63,649.33 22.51690%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 682,260.44
Distributable Amounts Class B %
Interest Distributable Amount 161,483.68
Principal Distributable Amount(1) 0.00 0.00000%
Accelerated Principal Distributable Amount 0.00 0.00000%
Reimbursed Charged-off Amount(1) 15,547.05 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 177,030.73
Distributable Amounts Seller Interest %
Interest Distributable Amount 317,544.10
Principal Distributable Amount(1) 427,167.77 2.00000%
Accelerated Principal Distributable Amount ----- -----
Reimbursed Charged-off Amount(1) ----- -----
Reimbursed Residual Value Loss Amount ----- -----
Reimbursed Additional Loss Amount ----- -----
Total 744,711.87
(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
3/1/96 100.0000000% 100.0000000% 100.0000000%
4/30/96 100.0000000% 100.0000000% 100.0000000%
Pool Data 3/1/96 $
Number of Loans 43,172
Prepayments 0
Scheduled Terminations 0
Charge-Offs 0
Weighted Ave APR 8.78%
Pool Data 4/30/96 $
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%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 03/01/96 0.00 0.00 0.00
Balance as of 04/30/96 1,627,471.02 130,609.28 31,087,767.00
Change 1,627,471.02 130,609.28 31,087,767.00
Required Amount (withdrawl from reserve) 0.00
Reserve Fund Requirement 31,087,767.00
Reserve Fund Supplemental Requirement 0.00
Residual Value Surplus Account
Beginning Balance 03/01/96 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 04/30/96 0.00
Total
Distribution per $1,000
Total Distribution Amount 3.31776837
Interest Distribution Amount 3.31776837
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Accelerated 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 2.97500001
Interest Distribution Amount 2.97500001
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Accelerated 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 3.09305555
Interest Distribution Amount 3.09305555
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Accelerated 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 3.30555560
Interest Distribution Amount 3.30555560
Carryover Shortfall 0.00000000
Prior Carryover Shortfall 0.00000000
Total Carryover Shortfall 0.00000000
Principal Distribution Amount 0.00000000
Accelerated 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 17.87526845
Interest Distribution Amount 17.87526845
Carryover Shortfall ----
Prior Carryover Shortfall ----
Total Carryover Shortfall ----
Principal Distribution Amount 0.00000000
Accelerated Principal Distribution Amount 0.00000000
Principal Loss Amounts
Reimbursed Principal Loss Amount 0.00000000
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 1,480,369.85
Total Unpaid 0.00
Servicing Fee Class A
Amount of Servicing Fee Paid 1,397,287.87
Total Unpaid 0.00
Servicing Fee Class B
Amount of Servicing Fee Paid 83,081.98
Total Unpaid 0.00
Servicing Fee Seller Interest
Amount of Servicing Fee Paid 29,607.40
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
April 0 0 0.00%
(Maturity Ratio Test will be satisfied if the ratio is 50% or less) 0.00%
CHARGE-OFF RATE March April
Outstanding 144,132.88 952,757.24
Balance
Net
Liquidation 102,020.68 672,968.77
Proceeds
Average
Aggregate
Net Investment 890,001,916.00 890,001,916.00
Value
Annualized
Average
Charge-Off 0.06% 0.38%
Rate
0.22%
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less)
DELINQUENCY RATE # $
322 6,730,942
Past Due 31-60 days 25 532,540
Past Due 61-90 days 5 100,972
Past Due 91 + days
352 7,364,454
Total
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
23 43,037 0.05%
March 30 42,860 0.07%
April
0.06%
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
REALIZATION RATIO March April
Sale 0 0
Proceeds
Residual Value
of Sold 0 0
Matured Leases
Realization 0.00% 0.00%
Ratio
(Realization Test will be satisfied if the Maturity Ratio is 25% or less 0.00%
or the Realization Ratio is 75% or more)
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