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Previous: VIDEO UPDATE INC, 8-K, 1999-02-03 |
Next: SOUTH CAROLINA COMMUNITY BANCSHARES INC, SC 13G, 1999-02-03 |
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, 1999
- -------------------------------------------------------------------------------
World Omni 1998-A Automobile Lease Securitization Trust
(Exact name of registrant as specified in its charter)
Illinois 333-63367 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 1998-A Automobile Lease Securitization Trust
-------------------------------------------------------
(Registrant)
Date: February 3, 1999 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 1998-A AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
DECEMBER 31, 1998
Aggregate
Net Investment
Aggregate Net Investment Value Value
<S> <C> <C> <C>
Original 1,763,657,871.20
12/1/98 1,763,657,871.20
Principal collections & reimbursement loss amount 23,782,026.39
12/31/98 1,739,875,844.81
Note Balance @ 12/31/98 1,763,657,871.20
Class A-1
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 24.94236% 430,000,000
12/1/98 24.94236% 430,000,000
Principal collections & reimbursement loss amount 23,256,869
12/31/98 406,743,131
Note Balance @ 12/31/98 24.94236% 430,000,000
Class A-2
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 25.52241% 440,000,000
12/1/98 25.52241% 440,000,000
Principal collections & reimbursement loss amount 0
12/31/98 440,000,000
Note Balance @ 12/31/98 25.52241% 440,000,000
Class A-3
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 23.78225% 410,000,000
12/1/98 23.78225% 410,000,000
Principal collections & reimbursement loss amount 0
12/31/98 410,000,000
Note Balance @ 12/31/98 23.78225% 410,000,000
Class A-4
Percentage Note
Aggregate Net Investment Value Percentage Balance
Original 20.38214% 351,383,000
12/1/98 20.38214% 351,383,000
Principal collections & reimbursement loss amount 0
12/31/98 351,383,000
Note Balance @ 12/31/98 20.38214% 351,383,000
Class B
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 5.37084% 92,592,000
12/1/98 5.37084% 92,592,000
Principal collections & reimbursement loss amount 0
12/31/98 92,592,000
Note Balance @ 12/31/98 5.37084% 92,592,000
Aggregate Net Investment Value Transferor Interest Balance
Original 2.25000% 39,682,871
12/1/98 39,682,871
Principal collections & reimbursement loss amount 525,157
12/31/98 39,157,714
Note Balance @ 12/31/98 2.25000% 39,682,871
Distributable Amounts Total
Interest Distributable Amount 9,161,276.66
Principal Distributable Amount (1) 23,340,318.36
Reimbursement of Covered Loss Amount (1) 441,708.03
Reimbursement of Uncovered Loss Amount (1) 0.00
Class A Net Swap Payment / (Receipt) (938,025.74)
Class B Net Swap Payment / (Receipt) (45,523.29)
Total 31,959,754.02
Distributable Amounts Class A-1 %
Interest Distributable Amount 2,179,258.75
Principal Distributable Amount (1) 22,815,161.20 97.75000%
Reimbursement of Covered Loss Amount (1) 441,708.03 100.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 100.00000%
Class A Net Swap Payment / (Receipt)
Class B Net Swap Payment / (Receipt)
Total 25,436,127.98
Distributable Amounts Class A-2 %
Interest Distributable Amount 2,248,883.63
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Net Swap Payment / (Receipt)
Class B Net Swap Payment / (Receipt)
Total 2,248,883.63
Distributable Amounts Class A-3 %
Interest Distributable Amount 2,113,203.44
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Net Swap Payment / (Receipt)
Class B Net Swap Payment / (Receipt)
Total 2,113,203.44
Distributable Amounts Class A-4 %
Interest Distributable Amount 1,841,340.33
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Net Swap Payment / (Receipt)
Class B Net Swap Payment / (Receipt)
Total 1,841,340.33
Distributable Amounts Class B %
Interest Distributable Amount 509,126.29
Principal Distributable Amount (1) 0.00 0.00000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Net Swap Payment / (Receipt)
Class B Net Swap Payment / (Receipt)
Total 509,126.29
Distributable Amounts Transferor Interest %
Interest Distributable Amount 269,464.22
Principal Distributable Amount (1) 525,157.16 2.25000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Net Swap Payment / (Receipt)
Class B Net Swap Payment / (Receipt)
Total 794,621.38
(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
12/1/98 100.0000000% 100.0000000%
12/31/98 100.0000000% 100.0000000%
Note Factors Series A-3 Series A-4
12/1/98 100.0000000% 100.0000000%
12/31/98 100.0000000% 100.0000000%
Note Factors Series B
12/1/98 100.0000000%
12/31/98 100.0000000%
Pool Data 12/1/98 $
Number of Loans 73,959
Prepayments 687 5,624,347.50
Scheduled Terminations 0 0.00
Charge-Offs 99 1,421,420.58
Weighted Ave APR 8.89%
Pool Data 12/31/98 $
Number of Loans 75,861
Prepayments 284 6,894,759.61
Scheduled Terminations 1 9,064.98
Charge-Offs 74 1,655,444.58
Weighted Ave APR 8.89%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 12/01/98 2,580,649.58 388,078.40 17,636,578.71
Balance as of 12/31/98 2,894,058.50 380,839.36 17,636,578.71
Change 313,408.92 (7,239.04) 0.00
Required Cash (withdrawal from reserve) 0.00
Reserve Fund Requirement 17,636,578.71
Reserve Fund Supplemental Requirements 0.00
Insured Residual Value Loss Amount 0.00
Distribution per $1,000 Total
Total Distribution Amount 5.19447496
Interest Distribution Amount 5.19447496
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 5.06804361
Interest Distribution Amount 5.06804361
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 5.11109917
Interest Distribution Amount 5.11109917
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 5.15415472
Interest Distribution Amount 5.15415472
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 5.24026583
Interest Distribution Amount 5.24026583
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 5.49859917
Interest Distribution Amount 5.49859917
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 6.79044162
Interest Distribution Amount 6.79044162
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 1,469,714.89
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 November December
Outstanding
Balance 1,421,420.58 1,655,444.58
Net
Liquidation
Proceeds 725,529.79 1,122,303.13
Average
Aggregate
Net Investment
Value 1,763,657,871.20 1,763,657,871.20
Annualized
Average
Charge-Off
Rate 0.47% 0.36%
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.42%
DELINQUENCY RATE
# $
Past Due 31-60 days 845 18,669,514
Past Due 61-90 days 118 2,612,183
Past Due 91 + days 36 749,393
Total 999 22,031,091
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
November 159 73,959 0.21%
December 154 75,861 0.20%
0.21%
</TABLE>
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