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Previous: JONES EDUCATION CO, S-1/A, 1996-12-20 |
Next: CONTIMORTGAGE HOME EQUITY LOAN TRUST 1996-3, 8-K, 1996-12-20 |
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) December 20, 1996
- -------------------------------------------------------------------------------
World Omni 1996-B Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Illinois 333-11449 Not applicable
- -------------------------------------------------------------------------------
(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
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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-B Automobile Lease Securitization Trust
-------------------------------------------------------
(Registrant)
Date: December 20, 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-B AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
November 30, 1996
<CAPTION>
Aggregate
Net Investment
Aggregate Net Investment Value Value 99.8%
<S> <C> <C> <C>
Original 812,498,498.17 810,873,501.00
11/1/96 812,498,498.17 810,873,501.00
Principal collections & reimbursement loss amount 10,687,134.23 10,665,759.96
11/30/96 801,811,363.94 800,207,741.04
Certificate Balance @ 11/30/96 812,498,498.17 810,873,501.00
Class A-1
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 32.71856% 260,000,000
11/1/96 32.71856% 260,000,000
Principal collections & reimbursement loss amount 10,150,047
11/30/96 249,849,953
Certificate Balance @ 11/30/96 32.71856% 260,000,000
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 35.23537% 280,000,000
11/1/96 35.23537% 280,000,000
Principal collections & reimbursement loss amount 158,366
11/30/96 279,841,634
Certificate Balance @ 11/30/96 35.23537% 280,000,000
Class A-3
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 26.43383% 210,057,988
11/1/96 26.43383% 210,057,988
Principal collections & reimbursement loss amount 118,808
11/30/96 209,939,180
Certificate Balance @ 11/30/96 26.43383% 210,057,988
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 44,598,043
11/1/96 5.61224% 44,598,043
Principal collections & reimbursement loss amount 25,224
11/30/96 44,572,819
Certificate Balance @ 11/30/96 5.61224% 44,598,043
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 16,217,470
11/1/96
Principal collections & reimbursement loss amount 2.00000% 204,143
11/30/96 2.00000% 16,013,327
Certificate Balance @ 11/30/96 2.00000% 16,217,470
Distributable Amounts Total
Interest Distributable Amount 4,157,876.11
Principal Distributable Amount (1) 10,207,134.88
Reimbursed Charged-off Amount (1) 458,625.08
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 14,823,636.07
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,289,166.67
Principal Distributable Amount (1) 10,002,992.18 98.00000%
Reimbursed Charged-off Amount (1) 147,054.41 32.06419%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 11,439,213.26
Distributable Amounts Class A-2 %
Interest Distributable Amount 1,446,666.67
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 158,366.28 34.53066%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,605,032.95
Distributable Amounts Class A-3 %
Interest Distributable Amount 1,094,052.02
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 118,807.51 25.90515%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,212,859.53
Distributable Amounts Class B %
Interest Distributable Amount 254,580.50
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 25,224.38 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 279,804.88
Distributable Amounts Seller Interest %
Interest Distributable Amount 73,410.25
Principal Distributable Amount (1) 204,142.70 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 277,552.95
(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
11/1/96 100.0000000% 100.0000000%
11/30/96 100.0000000% 100.0000000%
Certificate Factors Series A-3 Series B
11/1/96 100.0000000% 100.0000000%
11/30/96 100.0000000% 100.0000000%
Pool Data 11/1/96 $
Number of Loans 34,783
Prepayments 199 4,782,523.33
Scheduled Terminations 0 0.00
Charge-Offs 34 755,269.63
Weighted Ave APR 8.82%
Pool Data 11/30/96 $
Number of Loans 35,433
Prepayments 96 2,136,838.93
Scheduled Terminations 0 0.00
Charge-Offs 73 1,629,460.09
Weighted Ave APR 8.82%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 11/01/96 1,105,114.60 108,872.11 28,380,573.00
Balance as of 11/30/96 1,134,699.53 651,147.30 28,380,573.00
Change 29,584.93 542,275.19 0.00
Required Amount (withdrawl from reserve) 0.00
Reserve Fund Requirement 28,380,573.00
Reserve Fund Supplement Requirement 0.00
Residual Value Surplus Account
Beginning Balance 11/01/96 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 11/30/96 0.00
Distribution per $1,000 Total
Total Distribution Amount 5.12765074
Interest Distribution Amount 5.12765074
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 4.95833335
Interest Distribution Amount 4.95833335
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 5.16666668
Interest Distribution Amount 5.16666668
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-3
Total Distribution Amount 5.20833333
Interest Distribution Amount 5.20833333
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 5.70833344
Interest Distribution Amount 5.70833344
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 4.52661537
Interest Distribution Amount 4.52661537
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 675,727.92
Total Unpaid 0.00
Servicing Fee Class A
Amount of Servicing Fee Paid 625,048.32
Total Unpaid 0.00
Servicing Fee Class B
Amount of Servicing Fee Paid 37,165.04
Total Unpaid 0.00
Servicing Fee Seller Interest
Amount of Servicing Fee Paid 13,514.56
Total Unpaid 0.00
Origination Trustee Expenses Paid (1)
UTI 269,648.00
SUBI 0.00
269,648.00
Securitization Trustee Expenses Paid (1) 208,100.00
Additional Loss Amounts (2) 0.00
(1) Expenses greater than $50,000 are broken out as follows: Contingent and Excess Liability
Insurance for UTI $269,648, for Securitization Trust $208,100.
(2) Broken out as follows:
Number of Number of
Matured Scheduled Maturity
Leases Maturities Ratio
MATURITY RATIO
November 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 September October November
Outstanding 121,015.92 634,253.71 1,508,444.17
Balance
Net
Liquidation 83,205.39 424,175.70 1,004,499.20
Proceeds
Average
Aggregate
Net Investment 812,498,498.17 812,498,498.17 812,498,498.17
Value
Annualized
Average
Charge-Off 0.06% 0.31% 0.74%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.37%
DELINQUENCY RATE
# $
Past Due 31-60 days 323 7,288,321
Past Due 61-90 days 37 932,917
Past Due 91 + days 13 329,560
Total 373 8,550,798
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
September 18 34,911 0.05%
October 38 34,783 0.11%
November 50 35,433 0.14%
0.10%
REALIZATION RATIO
September October November
Sale
Proceeds 0.00 0.00 0.00
Residual Value
of Sold
Matured Leases 0.00 0.00 0.00
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%
</TABLE>
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