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Previous: HARBOR FLORIDA BANCORP INC, 424B3, 1998-02-03 |
Next: MED EMERG INTERNATIONAL INC, F-1/A, 1998-02-03 |
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) February 3, 1998
- -------------------------------------------------------------------------------
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: February 3, 1998 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>
<CAPTION>
WORLD OMNI 1997-A AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
December 31, 1997
<S> <C> <C>
Net Investment
Aggregate Net Investment Value Value 99.8%
Original 1,199,477,720.00 1,197,078,764.56
12/1/97 1,199,477,720.00 1,197,078,764.56
Principal collections & reimbursement loss amount 17,045,036.78 17,010,946.71
12/31/97 1,182,432,683.22 1,180,067,817.85
Certificate Balance @ 12/31/97 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
12/1/97 21.31038% 250,000,000
Principal collections & reimbursement loss amount 16,155,278
12/31/97 233,844,722
Certificate Balance @ 12/31/97 21.31038% 250,000,000
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 24.72004% 290,000,000
12/1/97 24.72004% 290,000,000
Principal collections & reimbursement loss amount 161,927
12/31/97 289,838,073
Certificate Balance @ 12/31/97 24.72004% 290,000,000
Class A-3
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 24.72004% 290,000,000
12/1/97 24.72004% 290,000,000
Principal collections & reimbursement loss amount 161,927
12/31/97 289,838,073
Certificate Balance @ 12/31/97 24.72004% 290,000,000
Class A-4
Percentage Certificate
Aggregate Net Investment Value Percentage Balance
Original 23.63729% 277,297,857
12/1/97 23.63729% 277,297,857
Principal collections & reimbursement loss amount 154,834
12/31/97 277,143,023
Certificate Balance @ 12/31/97 23.63729% 277,297,857
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 65,839,332
12/1/97 5.61224% 65,839,332
Principal collections & reimbursement loss amount 36,763
12/31/97 65,802,569
Certificate Balance @ 12/31/97 5.61224% 65,839,332
Aggregate Net Investment Value Transferor Interest Balance
Original 2.00000% 23,941,575
12/1/97
Principal collections & reimbursement loss amount 2.00000% 326,851
12/31/97 2.00000% 23,601,357
Certificate Balance @ 12/31/97 2.00000% 23,941,575
Distributable Amounts Total
Interest Distributable Amount 5,235,781.81
Principal Distributable Amount (1) 16,342,536.47
Reimbursed Charged-off Amount (1) 668,410.24
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 22,246,728.52
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,375,000.00
Principal Distributable Amount (1) 16,015,685.74 98.00000%
Reimbursed Charged-off Amount (1) 139,591.93 20.88417%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 17,530,277.67
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) 161,926.66 24.22564%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,793,176.66
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) 161,926.66 24.22564%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,817,343.33
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) 154,834.22 23.16455%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,749,296.90
Distributable Amounts Class B %
Interest Distributable Amount 400,522.60
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 36,762.56 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 437,285.16
Distributable Amounts Transferor Interest %
Interest Distributable Amount 173,592.54
Principal Distributable Amount (1) 326,850.73 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 500,443.27
(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
12/1/97 100.0000000% 100.0000000%
12/31/97 100.0000000% 100.0000000%
Certificate Factors Series A-3 Series A-4
12/1/97 100.0000000% 100.0000000%
12/31/97 100.0000000% 100.0000000%
Certificate Factors Series B
12/1/97 100.0000000%
12/31/97 100.0000000%
Pool Data 12/1/97 $
Number of Loans 54,834
Prepayments 212 4,475,854.23
Scheduled Terminations 0 0.00
Charge-Offs 101 2,054,870.25
Weighted Ave APR 9.38%
Pool Data 12/31/97 $
Number of Loans 55,253
Prepayments 219 4,570,881.70
Scheduled Terminations 0 0.00
Charge-Offs 101 1,967,449.74
Weighted Ave APR 9.38%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 12/01/97 1,743,870.33 383,782.06 11,970,788.00
Balance as of 12/31/97 2,389,688.61 383,806.09 11,970,788.00
Change 645,818.28 24.03 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 12/01/97 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 12/31/97 0.00
Distribution per $1,000 Total
Total Distribution Amount 4.37379892
Interest Distribution Amount 4.37379892
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
Transferor Principal not paid to Seller -----
Transferor 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
Transferor Principal not paid to Seller -----
Transferor 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
Transferor Principal not paid to Seller -----
Transferor 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
Transferor Principal not paid to Seller -----
Transferor 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
Transferor Principal not paid to Seller -----
Transferor 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
Transferor Principal not paid to Seller -----
Transferor Interest not paid to Seller -----
Unpaid Class B Principal Carryover Shortfall 0.00000000
Distribution per $1,000 Transferor Interest
Total Distribution Amount 7.25067329
Interest Distribution Amount 7.25067329
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 -----
Transferor Principal not paid to Seller 0.00000000
Transferor 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) 0.00
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 October November December
Outstanding 2,179,559.08 2,054,870.25 1,967,449.74
Balance
Net
Liquidation 1,479,394.90 1,232,385.42 1,222,811.66
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 0.70% 0.82% 0.74%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.76%
DELINQUENCY RATE
# $
Past Due 31-60 days 775 15,727,523
Past Due 61-90 days 129 2,627,663
Past Due 91 + days 36 757,165
Total 940 19,112,351
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
October 140 54,390 0.26%
November 162 54,834 0.30%
December 165 55,253 0.30%
0.28%
0.29%
</TABLE>
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