|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: TAMBORIL CIGAR CO, SB-2, 1998-01-09 |
Next: TOWN SPORTS INTERNATIONAL INC, S-4/A, 1998-01-09 |
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 9, 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: January 9, 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
NOVEMBER 30, 1997
<S> <C> <C>
Net Investment
Aggregate Net Investment Value Value 99.8%
Original 1,199,477,720.00 1,197,078,764.56
11/1/97 1,199,477,720.00 1,197,078,764.56
Principal collections & reimbursement loss amount 16,911,528.01 16,877,704.95
11/30/97 1,182,566,191.99 1,180,201,059.61
Certificate Balance @ 11/30/97 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
11/1/97 21.31038% 250,000,000
Principal collections & reimbursement loss amount 15,994,170
11/30/97 234,005,830
Certificate Balance @ 11/30/97 21.31038% 250,000,000
Class A-2
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 24.72004% 290,000,000
11/1/97 24.72004% 290,000,000
Principal collections & reimbursement loss amount 171,518
11/30/97 289,828,482
Certificate Balance @ 11/30/97 24.72004% 290,000,000
Class A-3
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 24.72004% 290,000,000
11/1/97 24.72004% 290,000,000
Principal collections & reimbursement loss amount 171,518
11/30/97 289,828,482
Certificate Balance @ 11/30/97 24.72004% 290,000,000
Class A-4
Percentage Certificate
Aggregate Net Investment Value Percentage Balance
Original 23.63729% 277,297,857
11/1/97 23.63729% 277,297,857
Principal collections & reimbursement loss amount 164,005
11/30/97 277,133,852
Certificate Balance @ 11/30/97 23.63729% 277,297,857
Class B
Allocation Certificate
Aggregate Net Investment Value Percentage Balance
Original 5.61224% 65,839,332
11/1/97 5.61224% 65,839,332
Principal collections & reimbursement loss amount 38,940
11/30/97 65,800,392
Certificate Balance @ 11/30/97 5.61224% 65,839,332
Aggregate Net Investment Value Transferor Interest Balance
Original 2.00000% 23,941,575
11/1/97
Principal collections & reimbursement loss amount 2.00000% 323,394
11/30/97 2.00000% 23,604,021
Certificate Balance @ 11/30/97 2.00000% 23,941,575
Distributable Amounts Total
Interest Distributable Amount 5,206,187.80
Principal Distributable Amount (1) 16,169,703.54
Reimbursed Charged-off Amount (1) 708,001.41
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 22,083,892.75
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,375,000.00
Principal Distributable Amount (1) 15,846,309.47 98.00000%
Reimbursed Charged-off Amount (1) 147,860.22 20.88417%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 17,369,169.69
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) 171,517.87 24.22564%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,802,767.87
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) 171,517.87 24.22564%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,826,934.54
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) 164,005.34 23.16455%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,758,468.02
Distributable Amounts Class B %
Interest Distributable Amount 400,522.60
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 38,940.08 5.50000%
Reimbursed Residual Value Loss Amount 0.00 0.00000%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 439,462.68
Distributable Amounts Transferor Interest %
Interest Distributable Amount 143,998.53
Principal Distributable Amount (1) 323,394.07 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 467,392.60
(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
11/1/97 100.0000000% 100.0000000%
11/30/97 100.0000000% 100.0000000%
Certificate Factors Series A-3 Series A-4
11/1/97 100.0000000% 100.0000000%
11/30/97 100.0000000% 100.0000000%
Certificate Factors Series B
11/1/97 100.0000000%
11/30/97 100.0000000%
Pool Data 11/1/97 $
Number of Loans 54,390
Prepayments 199 4,296,291.85
Scheduled Terminations 0 0.00
Charge-Offs 108 2,179,559.08
Weighted Ave APR 9.38%
Pool Data 11/30/97 $
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%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 11/01/97 2,351,475.18 330,102.88 11,970,788.00
Balance as of 11/30/97 1,743,870.33 383,782.06 11,970,788.00
Change (607,604.85) 53,679.18 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 11/01/97 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 11/30/97 0.00
Distribution per $1,000 Total
Total Distribution Amount 4.34907707
Interest Distribution Amount 4.34907707
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 Transferor -----
Transferor Interest not paid to Transferor -----
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 Transferor -----
Transferor Interest not paid to Transferor -----
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 Transferor -----
Transferor Interest not paid to Transferor -----
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 Transferor -----
Transferor Interest not paid to Transferor -----
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 Transferor -----
Transferor Interest not paid to Transferor -----
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 Transferor -----
Transferor Interest not paid to Transferor -----
Unpaid Class B Principal Carryover Shortfall 0.00000000
Distribution per $1,000 Transferor Interest
Total Distribution Amount 6.01458060
Interest Distribution Amount 6.01458060
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 Transferor 0.00000000
Transferor Interest not paid to Transferor 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 405,405.00
SUBI 0.00
405,405.00
Securitization Trustee Expenses Paid (1) 239,036.00
Additional Loss Amounts (2) 0.00
(1) Expenses greater than $50,000 are broken out as follows: Contingent and Excess Insurance for
UTI $405,405, for Securitization Trust $239,036.
(2) Broken out as follows:
CHARGE-OFF RATE September October November
Outstanding 2,004,669.71 2,179,559.08 2,054,870.25
Balance
Net
Liquidation 1,317,355.85 1,479,394.90 1,232,385.42
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 0.69% 0.70% 0.82%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.74%
DELINQUENCY RATE
# $
Past Due 31-60 days 765 15,739,509
Past Due 61-90 days 128 2,697,484
Past Due 91 + days 34 777,899
Total 927 19,214,892
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
September 167 53,967 0.31%
October 140 54,390 0.26%
November 162 54,834 0.30%
0.29%
</TABLE>
|
|