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Previous: CRONOS GROUP, SC 13D, 1999-09-24 |
Next: HORIZON FINANCIAL SERVICES CORP, DEF 14A, 1999-09-24 |
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) August 31, 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 1999-A Automobile Lease Securitization Trust
-------------------------------------------------------
(Registrant)
Date: September 24, 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 1999-A AUTOMOBILE LEASE SECURITIZATION TRUST
MONTHLY SERVICER CERTIFICATE
AUGUST 31, 1999
<S> <C> <C> <C> <C> <C> <C>
Aggregate
Net Investment
Aggregate Net Investment Value Value
Original 1,160,510,742.00
4/1/99 1,160,510,742.00
Principal collections & reimbursement loss amount 65,264,268.09
8/31/99 1,095,246,473.91
Note Balance @ 8/31/99 1,160,510,742.00
Class A-1
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 29.09029% 330,000,000
4/1/99 29.09029% 330,000,000
Principal collections & reimbursement loss amount 63,816,653
8/31/99 266,183,347
Note Balance @ 8/31/99 29.09029% 330,000,000
Class A-2
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 27.32725% 310,000,000
4/1/99 27.32725% 310,000,000
Principal collections & reimbursement loss amount 0
8/31/99 310,000,000
Note Balance @ 8/31/99 27.32725% 310,000,000
Class A-3
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 21.94995% 249,000,000
4/1/99 21.94995% 249,000,000
Principal collections & reimbursement loss amount 0
8/31/99 249,000,000
Note Balance @ 8/31/99 21.94995% 249,000,000
Class A-4
Percentage Note
Aggregate Net Investment Value Percentage Balance
Original 16.26165% 184,472,000
4/1/99 16.26165% 184,472,000
Principal collections & reimbursement loss amount 0
8/31/99 184,472,000
Note Balance @ 8/31/99 16.26165% 184,472,000
Class B
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 5.37086% 60,927,000
4/1/99 5.37086% 60,927,000
Principal collections & reimbursement loss amount 0
8/31/99 60,927,000
Note Balance @ 8/31/99 5.37086% 60,927,000
Aggregate Net Investment Value Transferor Interest Balance
Original 2.25000% 26,111,742
4/1/99 26,111,742
Principal collections & reimbursement loss amount 1,447,615
8/31/99 24,664,127
Note Balance @ 8/31/99 2.25000% 26,111,742
Distributable Amounts Total
Interest Distributable Amount 3,413,822.78
Principal Distributable Amount (1) 64,338,453.81
Reimbursement of Covered Loss Amount (1) 925,814.28
Reimbursement of Uncovered Loss Amount (1) 0.00
Class A Cap Receipt 0.00
Class B Cap Receipt 0.00
Total 68,678,090.87
Distributable Amounts Class A-1 %
Interest Distributable Amount 721,314.18
Principal Distributable Amount (1) 62,890,838.60 97.75000%
Reimbursement of Covered Loss Amount (1) 925,814.28 100.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 100.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 64,537,967.06
Distributable Amounts Class A-2 %
Interest Distributable Amount 683,625.95
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 Cap Receipt
Class B Cap Receipt
Total 683,625.95
Distributable Amounts Class A-3 %
Interest Distributable Amount 551,042.67
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 Cap Receipt
Class B Cap Receipt
Total 551,042.67
Distributable Amounts Class A-4 %
Interest Distributable Amount 410,392.91
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 Cap Receipt
Class B Cap Receipt
Total 410,392.91
Distributable Amounts Class B %
Interest Distributable Amount 143,836.50
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 Cap Receipt
Class B Cap Receipt
Total 143,836.50
Distributable Amounts Transferor Interest %
Interest Distributable Amount 903,610.57
Principal Distributable Amount (1) 1,447,615.21 2.25000%
Reimbursement of Covered Loss Amount (1) 0.00 0.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 0.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 2,351,225.78
(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
4/1/99 100.0000000% 100.0000000%
8/31/99 100.0000000% 100.0000000%
Note Factors Series A-3 Series A-4
4/1/99 100.0000000% 100.0000000%
8/31/99 100.0000000% 100.0000000%
Note Factors Series B
4/1/99 100.0000000%
8/31/99 100.0000000%
Pool Data 4/1/99 $
Number of Loans 49,883
Prepayments 0 0.00
Scheduled Terminations 0 0.00
Charge-Offs 0 0.00
Weighted Ave APR 9.76%
Pool Data 8/31/99 $
Number of Loans 49,013
Prepayments 716 16,750,626.40
Scheduled Terminations 1 17,617.68
Charge-Offs 153 3,271,539.78
Weighted Ave APR 9.76%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 4/01/99 0.00 0.00 11,605,107.42
Balance as of 8/31/99 2,345,424.46 152,955.10 11,605,107.42
Change 2,345,424.46 152,955.10 0.00
Required Cash (withdrawal from reserve) 0.00
Reserve Fund Requirement 11,605,107.42
Reserve Fund Supplemental Requirements 0.00
Insured Residual Value Loss Amount 0.00
Distribution per $1,000 Total
Total Distribution Amount 2.94165548
Interest Distribution Amount 2.94165548
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 2.18580056
Interest Distribution Amount 2.18580056
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 2.20524500
Interest Distribution Amount 2.20524500
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 2.21302278
Interest Distribution Amount 2.21302278
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 2.22468944
Interest Distribution Amount 2.22468944
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 2.36080056
Interest Distribution Amount 2.36080056
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 34.60552613
Interest Distribution Amount 34.60552613
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 4,835,461.43
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 June July August
Outstanding 769,888.71 1,061,178.50 1,021,400.90
Balance
Net
Liquidation 539,169.77 674,223.37 639,656.98
Proceeds
Average
Aggregate
Net Investment 1,160,510,742.00 1,160,510,742.00 1,160,510,742.00
Value
Annualized
Average
Charge-Off 0.24% 0.40% 0.39%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.34%
DELINQUENCY RATE
# $
Past Due 31-60 days 337 7,316,125
Past Due 61-90 days 60 1,236,869
Past Due 91 + days 6 144,181
Total 403 8,697,175
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
June 46 49,412 0.09%
July 39 49,225 0.08%
August 66 49,013 0.13%
0.10%
</TABLE>
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