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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) January 9, 1998
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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: 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>
WORLD OMNI 1997-B AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
November, 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
11/1/97 1,201,460,914.83 1,199,057,993.00
Principal collections & reimbursement loss amount 12,071,076.99 12,046,934.84
11/30/97 1,189,389,837.84 1,187,011,058.16
Note Balance @ 11/30/97 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
11/1/97 22.18282% 260,000,000
Principal collections & reimbursement loss amount 11,481,543
11/30/97 248,518,457
Note Balance @ 11/30/97 22.18282% 260,000,000
Class A-2
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 18.77008% 220,000,000
11/1/97 18.77008% 220,000,000
Principal collections & reimbursement loss amount 70,996
11/30/97 219,929,004
Note Balance @ 11/30/97 18.77008% 220,000,000
Class A-3
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 33.27424% 390,000,000
11/1/97 33.27424% 390,000,000
Principal collections & reimbursement loss amount 125,856
11/30/97 389,874,144
Note Balance @ 11/30/97 33.27424% 390,000,000
Class A-4
Percentage Note
Aggregate Net Investment Value Percentage Balance
Original 20.40206% 239,128,000
11/1/97 20.40206% 239,128,000
Principal collections & reimbursement loss amount 77,169
11/30/97 239,050,831
Note Balance @ 11/30/97 20.40206% 239,128,000
Class B
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 5.37080% 62,950,000
11/1/97 5.37080% 62,950,000
Principal collections & reimbursement loss amount 20,314
11/30/97 62,929,686
Note Balance @ 11/30/97 5.37080% 62,950,000
Aggregate Net Investment Value Transferor Interest Balance
Original 2.25000% 26,979,993
11/1/97 26,979,993
Principal collections & reimbursement loss amount 2.25000% 262,350
11/30/97 2.25000% 26,708,937
Note Balance @ 11/30/97 2.25000% 26,979,993
Distributable Amounts Total
Interest Distributable Amount 6,012,708.83
Principal Distributable Amount (1) 11,659,988.91
Reimbursed Charged-off Amount (1) 386,945.93
Reimbursed Residual Value Loss Amount 0.00
Reimbursed Additional Loss Amount 0.00
Total 18,059,643.67
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,315,166.67
Principal Distributable Amount (1) 11,397,639.16 97.75000%
Reimbursed Charged-off Amount (1) 83,904.15 21.68369%
Reimbursed Residual Value Loss Amount 0.00 21.68369%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 12,796,709.98
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) 70,995.82 18.34774%
Reimbursed Residual Value Loss Amount 0.00 18.34774%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,185,662.49
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) 125,856.22 32.52553%
Reimbursed Residual Value Loss Amount 0.00 32.52553%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 2,134,356.22
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) 77,168.58 19.94299%
Reimbursed Residual Value Loss Amount 0.00 19.94299%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 1,312,663.25
Distributable Amounts Class B %
Interest Distributable Amount 338,880.83
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursed Charged-off Amount (1) 20,314.49 5.24995%
Reimbursed Residual Value Loss Amount 0.00 5.24995%
Reimbursed Additional Loss Amount 0.00 0.00000%
Total 359,195.32
Distributable Amounts Transferor Interest %
Interest Distributable Amount 167,391.30
Principal Distributable Amount (1) 262,349.75 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 429,741.05
(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
11/1/97 100.0000000% 100.0000000%
11/30/97 100.0000000% 100.0000000%
Note Factors Series A-3 Series A-4
11/1/97 100.0000000% 100.0000000%
11/30/97 100.0000000% 100.0000000%
Note Factors Series B
11/1/97 100.0000000%
11/30/97 100.0000000%
Pool Data 11/1/97 $
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%
Pool Data 11/30/97 $
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%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 11/01/97 2,354,945.72 173,829.06 11,990,580.00
Balance as of 11/30/97 1,521,723.47 242,876.20 11,990,580.00
Change (833,222.25) 69,047.14 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 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 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 Transferor -----
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 6.20427515
Interest Distribution Amount 6.20427515
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
Outstanding 196,895.05 399,539.60
Balance
Net
Liquidation 127,189.49 262,981.57
Proceeds
Average
Aggregate
Net Investment 1,201,460,914.83 1,201,460,914.83
Value
Annualized
Average
Charge-Off 0.07% 0.14%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.10%
DELINQUENCY RATE
# $
Past Due 31-60 days 469 10,863,188
Past Due 61-90 days 87 1,968,394
Past Due 91 + days 13 383,270
Total 569 13,214,852
(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%
0.16%
</TABLE>
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