|
|
|
|
|
|
|
|
|
|
Previous: PBHG INSURANCE SERIES FUND INC, NSAR-A, 1997-08-28 |
Next: SCHRODER CAPITAL FUNDS II, NSAR-A, 1997-08-28 |
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) August 28, 1997
- -------------------------------------------------------------------------------
World Omni 1997-A Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Illinois 333-21917 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 1997-A Automobile Lease Securitization Trust
-------------------------------------------------------
(Registrant)
Date: August 28, 1997 BY: /s/Alan J. Browdy
----------------- -----------------------------------
Alan J. Browdy
Assistant Treasurer
World Omni Financial Corp.
(Duly Authorized Officer of the Servicer
on behalf of the Trust)
<TABLE>
WORLD OMNI 1997-A AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
JULY 31, 1997
<CAPTION>
Aggregate
Net Investment
Aggregate Net Investment Value Value 99.8%
<S> <C> <C> <C>
Original 1,199,477,720.00 1,197,078,764.56
7/1/97 1,199,477,720.00 1,197,078,764.56
Principal collections & reimbursement loss amount 15,912,635.13 15,880,809.86
7/31/97 1,183,565,084.87 1,181,197,954.70
Certificate Balance @ 7/31/97 1,199,477,720.00 1,197,078,764.56
Class A-1
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 21.31038% 250,000,000
7/1/97 21.31038% 250,000,000
Principal collections & reimbursement loss amount 15,111,930
7/31/97 234,888,070
Certificate Balance @ 7/31/97 21.31038% 250,000,000
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 24.72004% 290,000,000
7/1/97 24.72004% 290,000,000
Principal collections & reimbursement loss amount 141,763
7/31/97 289,858,237
Certificate Balance @ 7/31/97 24.72004% 290,000,000
Class A-3
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 24.72004% 290,000,000
7/1/97 24.72004% 290,000,000
Principal collections & reimbursement loss amount 141,763
7/31/97 289,858,237
Certificate Balance @ 7/31/97 24.72004% 290,000,000
Class A-4
Percentage Certificate
Aggregate Net Investment Value Percentage Balance
Original 23.63729% 277,297,857
7/1/97 23.63729% 277,297,857
Principal collections & reimbursement loss amount 135,553
7/31/97 277,162,304
Certificate Balance @ 7/31/97 23.63729% 277,297,857
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 65,839,332
7/1/97 5.61224% 65,839,332
Principal collections & reimbursement loss amount 32,185
7/31/97 65,807,147
Certificate Balance @ 7/31/97 5.61224% 65,839,332
Aggregate Net Investment Value Seller Interest Balance
Original 2.00000% 23,941,575
7/1/97
Principal collections & reimbursement loss amount 2.00000% 305,913
7/31/97 2.00000% 23,623,959
Certificate Balance @ 7/31/97 2.00000% 23,941,575
Distributable Amounts Total
Interest Distributable Amount 5,234,831.35
Principal Distributable Amount (1) 15,295,633.93
Reimbursed Charged-off Amount (1) 585,175.93
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 21,115,641.21
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,375,000.00
Principal Distributable Amount (1) 14,989,721.25 98.00000%
Reimbursed Charged-off Amount (1) 122,209.15 20.88417%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 16,486,930.40
Distributable Amounts Class A-2 %
Interest Distributable Amount 1,631,250.00
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 141,762.62 24.22564%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,773,012.62
Distributable Amounts Class A-3 %
Interest Distributable Amount 1,655,416.67
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 141,762.62 24.22564%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,797,179.29
Distributable Amounts Class A-4 %
Interest Distributable Amount 1,594,462.68
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 135,553.35 23.16455%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,730,016.03
Distributable Amounts Class B %
Interest Distributable Amount 400,522.60
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 32,184.68 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 432,707.28
Distributable Amounts Seller Interest %
Interest Distributable Amount 172,642.08
Principal Distributable Amount (1) 305,912.68 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 478,554.76
(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
7/1/97 100.0000000% 100.0000000%
7/31/97 100.0000000% 100.0000000%
Certificate Factors Series A-3 Series A-4
7/1/97 100.0000000% 100.0000000%
7/31/97 100.0000000% 100.0000000%
Certificate Factors Series B
7/1/97 100.0000000%
7/31/97 100.0000000%
Pool Data 7/1/97 $
Number of Loans 52,844
Prepayments 137 3,081,864.65
Scheduled Terminations 0 0.00
Charge-Offs 83 1,623,389.28
Weighted Ave APR 9.38%
Pool Data 7/31/97 $
Number of Loans 53,189
Prepayments 182 3,992,321.46
Scheduled Terminations 0 0.00
Charge-Offs 104 2,135,899.63
Weighted Ave APR 9.38%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 7/01/97 1,621,409.03 283,043.53 11,970,788.00
Balance as of 7/31/97 1,947,132.94 317,493.13 11,970,788.00
Change 325,723.91 34,449.60 0.00
Required Amount (withdrawl from reserve) 0.00
Reserve Fund Requirement 11,970,788.00
Reserve Fund Supplement Requirement 0.00
Residual Value Surplus Account
Beginning Balance 7/01/97 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 7/31/97 0.00
Distribution per $1,000 Total
Total Distribution Amount 4.37300494
Interest Distribution Amount 4.37300494
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 5.50000000
Interest Distribution Amount 5.50000000
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 5.62500000
Interest Distribution Amount 5.62500000
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 5.70833333
Interest Distribution Amount 5.70833333
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-4
Total Distribution Amount 5.75000000
Interest Distribution Amount 5.75000000
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 6.08333330
Interest Distribution Amount 6.08333330
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 7.21097433
Interest Distribution Amount 7.21097433
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 999,564.77
Total Unpaid 0.00
Origination Trustee Expenses Paid (1)
UTI 0.00
SUBI 0.00
0.00
Securitization Trustee Expenses Paid (1) 10,602.90
Additional Loss Amounts (2) 0.00
(1) Expenses greater than $50,000 are broken out as follows:
(2) Broken out as follows:
CHARGE-OFF RATE May June July
Outstanding 1,431,397.37 1,623,389.28 2,135,899.63
Balance
Net
Liquidation 947,990.58 1,217,701.75 1,488,402.86
Proceeds
Average
Aggregate
Net Investment 1,199,477,720.00 1,199,477,720.00 1,199,477,720.00
Value
Annualized
Average
Charge-Off 0.48% 0.41% 0.65%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.51%
DELINQUENCY RATE
# $
Past Due 31-60 days 629 13,047,379
Past Due 61-90 days 86 1,839,269
Past Due 91 + days 36 792,054
Total 751 15,678,702
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
May 96 52,472 0.18%
June 115 52,844 0.22%
July 122 53,189 0.23%
0.21%
</TABLE>
|
|