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Previous: INTELLIQUEST INFORMATION GROUP INC, 424A, 1996-09-27 |
Next: WORLD FINANCIAL NETWORK NATIONAL BANK, 8-K, 1996-09-27 |
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) September 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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<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: September 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
August 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
8/1/96 890,001,916.00 888,221,912.00
Principal collections & reimbursement loss amount 15,266,336.31 15,235,803.64
8/31/96 874,735,579.69 872,986,108.36
Certificate Balance @ 8/31/96 890,001,916.00 888,221,912.00
Class A-1
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 71.41133% 621,605,269
8/1/96 71.41133% 621,605,269
Principal collections & reimbursement loss amount 14,773,216
8/31/96 606,832,053
Certificate Balance @ 8/31/96 71.41133% 621,605,269
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 22.97642% 200,000,000
8/1/96 22.97642% 200,000,000
Principal collections & reimbursement loss amount 124,215
8/31/96 199,875,785
Certificate Balance @ 8/31/96 22.97642% 200,000,000
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 48,852,205
8/1/96 5.61224% 48,852,205
Principal collections & reimbursement loss amount 30,341
8/31/96 48,821,864
Certificate Balance @ 8/31/96 5.61224% 48,852,205
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 17,764,438
8/1/96
Principal collections & reimbursement loss amount 2.00000% 293,615
8/31/96 2.00000% 17,470,823
Certificate Balance @ 8/31/96 2.00000% 17,764,438
Distributable Amounts Total
Interest Distributable Amount 4,737,159.51
Principal Distributable Amount (1) 14,680,768.05
Reimbursed Charged-off Amount (1) 551,651.65
Reimbursed Residual Value Loss Amount 3,383.94
Reimbursed Additional Loss Amount 0.00
Total 19,972,963.15
Distributable Amounts Class A-1 %
Interest Distributable Amount 3,263,427.66
Principal Distributable Amount (1) 14,387,152.70 98.00000%
Reimbursed Charged-off Amount (1) 386,062.95 69.98310%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 18,036,643.31
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) 124,214.82 22.51690%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,215,881.49
Distributable Amounts Class B %
Interest Distributable Amount 284,971.20
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 30,340.84 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 315,312.04
Distributable Amounts Seller Interest %
Interest Distributable Amount 97,093.98
Principal Distributable Amount (1) 293,615.36 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 390,709.34
(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
8/1/96 100.0000000% 100.0000000% 100.0000000%
8/31/96 100.0000000% 100.0000000% 100.0000000%
Pool Data 8/1/96 $
Number of Loans 44,301
Prepayments 223 4,438,742.19
Scheduled Terminations 12 179,295.49
Charge-Offs 76 1,571,629.58
Weighted Ave APR 8.77%
Pool Data 8/31/96 $
Number of Loans 44,621
Prepayments 261 5,188,608.32
Scheduled Terminations 3 35,790.72
Charge-Offs 103 2,066,107.16
Weighted Ave APR 8.77%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 08/01/96 1,942,276.08 202,385.07 31,087,767.00
Balance as of 08/31/96 1,725,073.17 233,149.83 31,087,767.00
Change (217,202.91) 30,764.76 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 08/01/96 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 08/31/96 0.00
Distribution per $1,000 Total
Total Distribution Amount 5.33330629
Interest Distribution Amount 5.33330629
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 5.46563782
Interest Distribution Amount 5.46563782
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
August 0 0 N/A
(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 June July August
Outstanding 1,371,256.86 1,571,629.58 2,066,107.16
Balance
Net
Liquidation 972,317.79 1,214,782.73 1,369,427.85
Proceeds
Average
Aggregate
Net Investment 890,001,916.00 890,001,916.00 890,001,916.00
Value
Annualized
Average
Charge-Off 0.54% 0.48% 0.94%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.65%
DELINQUENCY RATE
# $
Past Due 31-60 days 462 9,091,558
Past Due 61-90 days 97 1,920,352
Past Due 91 + days 26 510,187
Total 585 11,522,097
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
June 37 43,947 0.08%
July 60 44,301 0.14%
August 123 44,621 0.28%
0.17%
REALIZATION RATIO
June July August
Sale
Proceeds 23,786.50 154,049.81 32,030.99
Residual Value
of Sold
Matured Leases 27,286.71 179,295.51 35,790.72
Realization
Ratio 87.17% 85.92% 89.50%
(Realization Test will be satisfied if the Maturity Ratio is 25% or less
or the Realization Ratio is 75% or more) 87.53%
</TABLE>
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