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Previous: WORLD OMNI 1996-B AUTOMOBILE LEASE SECURITIZATION TRUST, 8-K, 1997-01-29 |
Next: IMPERIAL PETROLEUM RECOVERY CORP, NT 10-K, 1997-01-29 |
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) January 29, 1997
- -------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
<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: January 29, 1997 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
December 31, 1997
<CAPTION>
Aggregate
Net Investment
Aggregate Net Investment Value Value 99.8%
<S> <C> <C> <C>
Original 812,498,498.17 810,873,501.00
12/1/96 812,498,498.17 810,873,501.00
Principal collections & reimbursement loss amount 10,477,950.05 10,456,994.15
12/31/96 802,020,548.12 800,416,506.85
Certificate Balance @ 12/31/96 812,498,498.17 810,873,501.00
Class A-1
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 32.71856% 260,000,000
12/1/96 32.71856% 260,000,000
Principal collections & reimbursement loss amount 10,007,050
12/31/96 249,992,950
Certificate Balance @ 12/31/96 32.71856% 260,000,000
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 35.23537% 280,000,000
12/1/96 35.23537% 280,000,000
Principal collections & reimbursement loss amount 126,109
12/31/96 279,873,891
Certificate Balance @ 12/31/96 35.23537% 280,000,000
Class A-3
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 26.43383% 210,057,988
12/1/96 26.43383% 210,057,988
Principal collections & reimbursement loss amount 94,608
12/31/96 209,963,380
Certificate Balance @ 12/31/96 26.43383% 210,057,988
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 44,598,043
12/1/96 5.61224% 44,598,043
Principal collections & reimbursement loss amount 20,087
12/31/96 44,577,956
Certificate Balance @ 12/31/96 5.61224% 44,598,043
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 16,217,470
12/1/96
Principal collections & reimbursement loss amount 2.00000% 201,836
12/31/96 2.00000% 16,015,634
Certificate Balance @ 12/31/96 2.00000% 16,217,470
Distributable Amounts Total
Interest Distributable Amount 4,189,307.07
Principal Distributable Amount (1) 10,091,784.69
Reimbursed Charged-off Amount (1) 365,209.46
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 14,646,301.22
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,289,166.67
Principal Distributable Amount (1) 9,889,949.00 98.00000%
Reimbursed Charged-off Amount (1) 117,101.45 32.06419%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 11,296,217.12
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) 126,109.25 34.53066%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,572,775.92
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) 94,608.05 25.90515%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,188,660.07
Distributable Amounts Class B %
Interest Distributable Amount 254,580.50
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 20,086.52 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 274,667.02
Distributable Amounts Seller Interest %
Interest Distributable Amount 104,841.21
Principal Distributable Amount (1) 201,835.69 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 306,676.90
(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
12/1/96 100.0000000% 100.0000000%
12/31/96 100.0000000% 100.0000000%
Certificate Factors Series A-3 Series B
12/1/96 100.0000000% 100.0000000%
12/31/96 100.0000000% 100.0000000%
Pool Data 12/1/96 $
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%
Pool Data 12/31/96 $
Number of Loans 35,772
Prepayments 98 2,220,765.95
Scheduled Terminations 0 0.00
Charge-Offs 51 1,223,307.26
Weighted Ave APR 8.83%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 12/01/96 1,134,699.53 651,147.30 28,380,573.00
Balance as of 12/31/96 1,435,743.79 194,305.57 28,380,573.00
Change 301,044.26 (456,841.73) 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 12/01/96 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 12/31/96 0.00
Distribution per $1,000 Total
Total Distribution Amount 5.16641260
Interest Distribution Amount 5.16641260
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 6.46470835
Interest Distribution Amount 6.46470835
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 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
December 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 October November December
Outstanding 634,253.71 1,508,444.17 1,102,291.34
Balance
Net
Liquidation 424,175.70 1,004,499.20 689,630.66
Proceeds
Average
Aggregate
Net Investment 812,498,498.17 812,498,498.17 812,498,498.17
Value
Annualized
Average
Charge-Off 0.31% 0.74% 0.61%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.55%
DELINQUENCY RATE
# $
Past Due 31-60 days 350 7,946,747
Past Due 61-90 days 56 1,255,685
Past Due 91 + days 23 574,803
Total 429 9,777,235
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
October 38 34,783 0.11%
November 50 35,433 0.14%
December 79 35,772 0.22%
0.16%
REALIZATION RATIO
October November December
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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