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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 3, 1997
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World Omni 1997-B Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Delaware 333-35523 Not applicable
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(State or other jurisdiction (Commission File Number) IRS Employer
of incorporation) Identification No.
120 N.W. 12th Avenue Deerfield Beach, FL 33442
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(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 1997-B Automobile Lease Securitization Trust
-------------------------------------------------------
(Registrant)
Date: December 3, 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-B AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
October 31, 1997
<CAPTION>
Aggregate
Net Investment
Aggregate Net Investment Value Value 99.8%
<S> <C> <C> <C>
Original 1,201,460,914.83 1,199,057,993.00
10/1/97 1,201,460,914.83 1,199,057,993.00
Principal collections & reimbursement loss amount 12,924,168.77 12,898,320.43
10/31/97 1,188,536,746.06 1,186,159,672.57
Note Balance @ 10/31/97 1,201,460,914.83 1,199,057,993.00
Class A-1
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 22.18282% 260,000,000
10/1/97 22.18282% 260,000,000
Principal collections & reimbursement loss amount 12,556,718
10/31/97 247,443,282
Note Balance @ 10/31/97 22.18282% 260,000,000
Class A-2
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 18.77008% 220,000,000
10/1/97 18.77008% 220,000,000
Principal collections & reimbursement loss amount 12,396
10/31/97 219,987,604
Note Balance @ 10/31/97 18.77008% 220,000,000
Class A-3
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 33.27424% 390,000,000
10/1/97 33.27424% 390,000,000
Principal collections & reimbursement loss amount 21,974
10/31/97 389,978,026
Note Balance @ 10/31/97 33.27424% 390,000,000
Class A-4
Percentage Note
Aggregate Net Investment Value Percentage Balance
Original 20.40206% 239,128,000
10/1/97 20.40206% 239,128,000
Principal collections & reimbursement loss amount 13,473
10/31/97 239,114,527
Note Balance @ 10/31/97 20.40206% 239,128,000
Class B
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 5.37080% 62,950,000
10/1/97 5.37080% 62,950,000
Principal collections & reimbursement loss amount 3,547
10/31/97 62,946,453
Note Balance @ 10/31/97 5.37080% 62,950,000
Aggregate Net Investment Value Transferor Interest Balance
Original 2.25000% 26,979,993
10/1/97 26,979,993
Principal collections & reimbursement loss amount 2.25000% 288,692
10/31/97 2.25000% 26,689,781
Note Balance @ 10/31/97 2.25000% 26,979,993
Distributable Amounts Total
Interest Distributable Amount 1,002,118.14
Principal Distributable Amount (1) 12,830,760.77
Reimbursed Charged-off Amount (1) 67,559.66
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 13,900,438.57
Distributable Amounts Class A-1 %
Interest Distributable Amount 219,194.44
Principal Distributable Amount (1) 12,542,068.66 97.75000%
Reimbursed Charged-off Amount (1) 14,649.43 21.68369%
Reimbursed Residual Value Loss Amount 0.00 21.68369%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 12,775,912.53
Distributable Amounts Class A-2 %
Interest Distributable Amount 185,777.78
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 12,395.67 18.34774%
Reimbursed Residual Value Loss Amount 0.00 18.34774%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 198,173.45
Distributable Amounts Class A-3 %
Interest Distributable Amount 334,750.00
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 21,974.14 32.52553%
Reimbursed Residual Value Loss Amount 0.00 32.52553%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 356,724.14
Distributable Amounts Class A-4 %
Interest Distributable Amount 205,915.78
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 13,473.42 19.94299%
Reimbursed Residual Value Loss Amount 0.00 19.94299%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 219,389.20
Distributable Amounts Class B %
Interest Distributable Amount 56,480.14
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 3,546.85 5.24995%
Reimbursed Residual Value Loss Amount 0.00 5.24995%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 60,026.99
Distributable Amounts Transferor Interest %
Interest Distributable Amount 127,927.37
Principal Distributable Amount (1) 288,692.12 2.25000%
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 416,619.49
(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
10/1/97 100.0000000% 100.0000000%
10/31/97 100.0000000% 100.0000000%
Certificate Factors Series A-3 Series A-4
10/1/97 100.0000000% 100.0000000%
10/31/97 100.0000000% 100.0000000%
Certificate Factors Series B
10/1/97 100.0000000%
10/31/97 100.0000000%
Pool Data 10/1/97 $
Number of Loans 49,166
Prepayments 0 0.00
Scheduled Terminations 0 0.00
Charge-Offs 0 0.00
Weighted Ave APR 8.98%
Pool Data 10/31/97 $
Number of Loans 49,028
Prepayments 128 3,415,338.68
Scheduled Terminations 0 0.00
Charge-Offs 10 196,895.05
Weighted Ave APR 8.98%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 10/01/97 0.00 0.00 11,990,580.00
Balance as of 10/31/97 2,354,945.72 173,829.06 11,990,580.00
Change 2,354,945.72 173,829.06 0.00
Required Amount (withdrawl from reserve) 0.00
Reserve Fund Requirement 11,990,580.00
Reserve Fund Supplement Requirement 0.00
Residual Value Surplus Account
Beginning Balance 10/01/97 0.00
Deposits 0.00
Withdrawls 0.00
Ending Balance 10/31/97 0.00
Distribution per $1,000 Total
Total Distribution Amount 0.83575452
Interest Distribution Amount 0.83575452
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 0.84305556
Interest Distribution Amount 0.84305556
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 0.84444444
Interest Distribution Amount 0.84444444
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 0.85833333
Interest Distribution Amount 0.85833333
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 0.86111111
Interest Distribution Amount 0.86111111
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 0.89722222
Interest Distribution Amount 0.89722222
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 Transferor Interest
Total Distribution Amount 4.74156424
Interest Distribution Amount 4.74156424
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 1,001,217.43
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
Outstanding 196,895.05
Balance
Net
Liquidation 127,189.49
Proceeds
Average
Aggregate
Net Investment 1,201,460,914.83
Value
Annualized
Average
Charge-Off 0.07%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.07%
DELINQUENCY RATE
# $
Past Due 31-60 days 376 8,763,262
Past Due 61-90 days 49 1,139,490
Past Due 91 + days 9 222,678
Total 434 10,125,430
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
October 58 49,028 0.12%
0.12%
</TABLE>
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