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Previous: PC SERVICE SOURCE INC, SC 13G/A, 1998-02-03 |
Next: PROJECT SOFTWARE & DEVELOPMENT INC, 8-K, 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-B Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Delaware 333-35523 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-B 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>
WORLD OMNI 1997-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 1,201,460,914.83 1,199,057,993.00
12/1/97 1,201,460,914.83 1,199,057,993.00
Principal collections & reimbursement loss amount 13,206,674.65 13,180,261.30
12/31/97 1,188,254,240.18 1,185,877,731.70
Note Balance @ 12/31/97 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
12/1/97 22.18282% 260,000,000
Principal collections & reimbursement loss amount 12,572,293
12/31/97 247,427,707
Note Balance @ 12/31/97 22.18282% 260,000,000
Class A-2
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 18.77008% 220,000,000
12/1/97 18.77008% 220,000,000
Principal collections & reimbursement loss amount 75,115
12/31/97 219,924,885
Note Balance @ 12/31/97 18.77008% 220,000,000
Class A-3
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 33.27424% 390,000,000
12/1/97 33.27424% 390,000,000
Principal collections & reimbursement loss amount 133,158
12/31/97 389,866,842
Note Balance @ 12/31/97 33.27424% 390,000,000
Class A-4
Percentage Note
Aggregate Net Investment Value Percentage Balance
Original 20.40206% 239,128,000
12/1/97 20.40206% 239,128,000
Principal collections & reimbursement loss amount 81,646
12/31/97 239,046,354
Note Balance @ 12/31/97 20.40206% 239,128,000
Class B
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 5.37080% 62,950,000
12/1/97 5.37080% 62,950,000
Principal collections & reimbursement loss amount 21,493
12/31/97 62,928,507
Note Balance @ 12/31/97 5.37080% 62,950,000
Aggregate Net Investment Value Transferor Interest Balance
Original 2.25000% 26,979,993
12/1/97 26,979,993
Principal collections & reimbursement loss amount 2.25000% 287,344
12/31/97 2.25000% 26,683,437
Note Balance @ 12/31/97 2.25000% 26,979,993
Distributable Amounts Total
Interest Distributable Amount 6,012,708.83
Principal Distributable Amount (1) 12,770,865.80
Reimbursed Charged-off Amount (1) 409,395.50
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 19,192,970.13
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,315,166.67
Principal Distributable Amount (1) 12,483,521.32 97.75000%
Reimbursed Charged-off Amount (1) 88,772.04 21.68369%
Reimbursed Residual Value Loss Amount 0.00 21.68369%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 13,887,460.03
Distributable Amounts Class A-2 %
Interest Distributable Amount 1,114,666.67
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 75,114.81 18.34774%
Reimbursed Residual Value Loss Amount 0.00 18.34774%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,189,781.48
Distributable Amounts Class A-3 %
Interest Distributable Amount 2,008,500.00
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 133,158.07 32.52553%
Reimbursed Residual Value Loss Amount 0.00 32.52553%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 2,141,658.07
Distributable Amounts Class A-4 %
Interest Distributable Amount 1,235,494.67
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 81,645.70 19.94299%
Reimbursed Residual Value Loss Amount 0.00 19.94299%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,317,140.37
Distributable Amounts Class B %
Interest Distributable Amount 338,880.83
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 21,493.08 5.24995%
Reimbursed Residual Value Loss Amount 0.00 5.24995%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 360,373.91
Distributable Amounts Transferor Interest %
Interest Distributable Amount 161,972.86
Principal Distributable Amount (1) 287,344.48 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 449,317.34
(1) These amounts will not be distributed during the Revolving period. They will
be reinvested in additional contracts.
Note Factors Series A-1 Series A-2
12/1/97 100.0000000% 100.0000000%
12/31/97 100.0000000% 100.0000000%
Note Factors Series A-3 Series A-4
12/1/97 100.0000000% 100.0000000%
12/31/97 100.0000000% 100.0000000%
Note Factors Series B
12/1/97 100.0000000%
12/31/97 100.0000000%
Pool Data 12/1/97 $
Number of Loans 49,413
Prepayments 95 454,141.34
Scheduled Terminations 0 0.00
Charge-Offs 19 399,539.60
Weighted Ave APR 8.98%
Pool Data 12/31/97 $
Number of Loans 49,778
Prepayments 99 2,400,750.04
Scheduled Terminations 0 0.00
Charge-Offs 50 1,165,865.93
Weighted Ave APR 8.99%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 12/01/97 1,521,723.47 242,876.20 11,990,580.00
Balance as of 12/31/97 2,199,859.55 250,707.21 11,990,580.00
Change 678,136.08 7,831.01 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 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 5.01452713
Interest Distribution Amount 5.01452713
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 5.05833333
Interest Distribution Amount 5.05833333
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 5.06666667
Interest Distribution Amount 5.06666667
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 5.15000000
Interest Distribution Amount 5.15000000
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 5.16666667
Interest Distribution Amount 5.16666667
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 Tranferor -----
Unpaid Class B Principal Carryover Shortfall -----
Distribution per $1,000 Class B
Total Distribution Amount 5.38333333
Interest Distribution Amount 5.38333333
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 6.00344337
Interest Distribution Amount 6.00344337
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 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 November December
Outstanding 196,895.05 399,539.60 1,165,865.93
Balance
Net
Liquidation 127,189.49 262,981.57 698,498.92
Proceeds
Average
Aggregate
Net Investment 1,201,460,914.83 1,201,460,914.83 1,201,460,914.83
Value
Annualized
Average
Charge-Off 0.07% 0.14% 0.47%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.22%
DELINQUENCY RATE
# $
Past Due 31-60 days 504 11,195,307
Past Due 61-90 days 67 1,561,816
Past Due 91 + days 24 604,921
Total 595 13,362,044
(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%
November 100 49,413 0.20%
December 91 49,778 0.18%
0.17%
</TABLE>
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