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Previous: TOUCHSTONE SERIES TRUST, 497, 1999-12-30 |
Next: TOUCHSTONE VARIABLE SERIES TRUST, 497, 1999-12-30 |
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) November 30, 1999
- -------------------------------------------------------------------------------
World Omni 1999-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: December 29, 1999 BY: /s/Alan J. Browdy
----------------- -----------------------------------
Alan J. Browdy
Vice President/Corporate Controller
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
November 30, 1999
<S> <C> <C> <C>
Aggregate
Net Investment
Aggregate Net Investment Value Value
Original 1,160,510,742.00
11/1/99 1,160,510,742.00
Principal collections & reimbursement loss amount 15,605,514.22
11/30/99 1,144,905,227.78
Note Balance @ 11/30/99 1,160,510,742.00
Class A-1
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 29.09029% 330,000,000
11/1/99 29.09029% 330,000,000
Principal collections & reimbursement loss amount 15,262,666
11/30/99 314,737,334
Note Balance @ 11/30/99 29.09029% 330,000,000
Class A-2
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 27.32725% 310,000,000
11/1/99 27.32725% 310,000,000
Principal collections & reimbursement loss amount 0
11/30/99 310,000,000
Note Balance @ 11/30/99 27.32725% 310,000,000
Class A-3
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 21.94995% 249,000,000
11/1/99 21.94995% 249,000,000
Principal collections & reimbursement loss amount 0
11/30/99 249,000,000
Note Balance @ 11/30/99 21.94995% 249,000,000
Class A-4
Percentage Note
Aggregate Net Investment Value Percentage Balance
Original 16.26165% 184,472,000
11/1/99 16.26165% 184,472,000
Principal collections & reimbursement loss amount 0
11/30/99 184,472,000
Note Balance @ 11/30/99 16.26165% 184,472,000
Class B
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 5.37086% 60,927,000
11/1/99 5.37086% 60,927,000
Principal collections & reimbursement loss amount 0
11/30/99 60,927,000
Note Balance @ 11/30/99 5.37086% 60,927,000
Aggregate Net Investment Value Transferor Interest Balance
Original 2.25000% 26,111,742
11/1/99 26,111,742
Principal collections & reimbursement loss amount 342,848
11/30/99 25,768,894
Note Balance @ 11/30/99 2.25000% 26,111,742
Distributable Amounts Total
Interest Distributable Amount 5,624,179.05
Principal Distributable Amount (1) 15,237,696.23
Reimbursement of Covered Loss Amount (1) 367,817.99
Reimbursement of Uncovered Loss Amount (1) 0.00
Class A Cap Receipt 0
Class B Cap Receipt 0
Total 21,229,693.27
Distributable Amounts Class A-1 %
Interest Distributable Amount 1,561,312.50
Principal Distributable Amount (1) 14,894,848.06 97.75000%
Reimbursement of Covered Loss Amount (1) 367,817.99 100.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 100.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 16,823,978.55
Distributable Amounts Class A-2 %
Interest Distributable Amount 1,479,604.17
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 1,479,604.17
Distributable Amounts Class A-3 %
Interest Distributable Amount 1,192,606.25
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 1,192,606.25
Distributable Amounts Class A-4 %
Interest Distributable Amount 888,155.82
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 888,155.82
Distributable Amounts Class B %
Interest Distributable Amount 311,108.49
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 311,108.49
Distributable Amounts Transferor Interest %
Interest Distributable Amount 191,391.82
Principal Distributable Amount (1) 342,848.17 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 534,239.99
(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
11/1/99 100.0000000% 100.0000000%
11/30/99 100.0000000% 100.0000000%
Note Factors Series A-3 Series A-4
11/1/99 100.0000000% 100.0000000%
11/30/99 100.0000000% 100.0000000%
Note Factors Series B
11/1/99 100.0000000%
11/30/99 100.0000000%
Pool Data 11/1/99 $
Number of Loans 51,687
Prepayments 184 4,209,303.54
Scheduled Terminations 1 13,558.40
Charge-Offs 46 1,045,574.10
Weighted Ave APR 9.76%
Pool Data 11/30/99 $
Number of Loans 52,120
Prepayments 179 4,402,284.34
Scheduled Terminations 4 74,612.42
Charge-Offs 50 1,105,817.99
Weighted Ave APR 9.76%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 11/01/99 1,954,315.82 223,440.37 11,605,107.42
Balance as of 11/30/99 2,130,392.39 214,669.76 11,605,107.42
Change 176,076.57 (8,770.61) 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 4.84629641
Interest Distribution Amount 4.84629641
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 4.73125000
Interest Distribution Amount 4.73125000
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 4.77291667
Interest Distribution Amount 4.77291667
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 4.78958333
Interest Distribution Amount 4.78958333
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 4.81458333
Interest Distribution Amount 4.81458333
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 5.10625000
Interest Distribution Amount 5.10625000
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 7.32972239
Interest Distribution Amount 7.32972239
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 967,092.29
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 September October November
Outstanding 701,662.24 1,045,574.10 1,105,817.99
Balance
Net
Liquidation 445,373.24 714,744.73 746,496.47
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 0.27% 0.34% 0.37%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.33%
DELINQUENCY RATE
# $
Past Due 31-60 days 463 9,874,164
Past Due 61-90 days 60 1,294,362
Past Due 91 + days 16 368,473
Total 539 11,537,000
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
September 78 51,328 0.15%
October 74 51,687 0.14%
November 76 52,120 0.15%
0.15%
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