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Previous: NTL TRIANGLE LLC, 8-K/A, 2000-01-28 |
Next: PROJECT SOFTWARE & DEVELOPMENT INC, 10-K/A, 2000-01-28 |
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) December 31, 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: January 28, 2000 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
December 31, 1999
<S> <C> <C> <C>
Aggregate
Net Investment
Aggregate Net Investment Value Value
Original 1,160,510,742.00
12/1/99 1,160,510,742.00
Principal collections & reimbursement loss amount 16,044,908.40
12/31/99 1,144,465,833.60
Note Balance @ 12/31/99 1,160,510,742.00
Class A-1
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 29.09029% 330,000,000
12/1/99 29.09029% 330,000,000
Principal collections & reimbursement loss amount 15,693,743
12/31/99 314,306,257
Note Balance @ 12/31/99 29.09029% 330,000,000
Class A-2
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 27.32725% 310,000,000
12/1/99 27.32725% 310,000,000
Principal collections & reimbursement loss amount 0
12/31/99 310,000,000
Note Balance @ 12/31/99 27.32725% 310,000,000
Class A-3
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 21.94995% 249,000,000
12/1/99 21.94995% 249,000,000
Principal collections & reimbursement loss amount 0
12/31/99 249,000,000
Note Balance @ 12/31/99 21.94995% 249,000,000
Class A-4
Percentage Note
Aggregate Net Investment Value Percentage Balance
Original 16.26165% 184,472,000
12/1/99 16.26165% 184,472,000
Principal collections & reimbursement loss amount 0
12/31/99 184,472,000
Note Balance @ 12/31/99 16.26165% 184,472,000
Class B
Allocation Note
Aggregate Net Investment Value Percentage Balance
Original 5.37086% 60,927,000
12/1/99 5.37086% 60,927,000
Principal collections & reimbursement loss amount 0
12/31/99 60,927,000
Note Balance @ 12/31/99 5.37086% 60,927,000
Aggregate Net Investment Value Transferor Interest Balance
Original 2.25000% 26,111,742
12/1/99 26,111,742
Principal collections & reimbursement loss amount 351,166
12/31/99 25,760,576
Note Balance @ 12/31/99 2.25000% 26,111,742
Distributable Amounts Total
Interest Distributable Amount 7,462,479.81
Principal Distributable Amount (1) 15,607,369.07
Reimbursement of Covered Loss Amount (1) 437,539.33
Reimbursement of Uncovered Loss Amount (1) 0.00
Class A Cap Receipt (418,207)
Class B Cap Receipt (9,926)
Total 23,079,255.39
Distributable Amounts Class A-1 %
Interest Distributable Amount 2,092,062.50
Principal Distributable Amount (1) 15,256,203.27 97.75000%
Reimbursement of Covered Loss Amount (1) 437,539.33 100.00000%
Reimbursement of Uncovered Loss Amount (1) 0.00 100.00000%
Class A Cap Receipt
Class B Cap Receipt
Total 17,785,805.10
Distributable Amounts Class A-2 %
Interest Distributable Amount 1,979,909.72
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 1,979,909.72
Distributable Amounts Class A-3 %
Interest Distributable Amount 1,595,017.92
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 1,595,017.92
Distributable Amounts Class A-4 %
Interest Distributable Amount 1,186,897.97
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 1,186,897.97
Distributable Amounts Class B %
Interest Distributable Amount 412,145.77
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 412,145.77
Distributable Amounts Transferor Interest %
Interest Distributable Amount 196,445.93
Principal Distributable Amount (1) 351,165.80 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 547,611.73
(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
12/1/99 100.0000000% 100.0000000%
12/31/99 100.0000000% 100.0000000%
Note Factors Series A-3 Series A-4
12/1/99 100.0000000% 100.0000000%
12/31/99 100.0000000% 100.0000000%
Note Factors Series B
12/1/99 100.0000000%
12/31/99 100.0000000%
Pool Data 12/1/99 $
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%
Pool Data 12/31/99 $
Number of Loans 52,524
Prepayments 203 4,475,012.25
Scheduled Terminations 2 23,884.28
Charge-Offs 68 1,384,218.70
Weighted Ave APR 9.76%
Account Balances Pay Ahead Advance Reserve Fund
Balance as of 12/01/99 2,130,392.39 214,669.76 11,605,107.42
Balance as of 12/31/99 2,555,468.25 232,644.82 11,605,107.42
Change 425,075.86 17,975.06 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 6.43034100
Interest Distribution Amount 6.43034100
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 6.33958333
Interest Distribution Amount 6.33958333
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 6.38680556
Interest Distribution Amount 6.38680556
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 6.40569444
Interest Distribution Amount 6.40569444
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 6.43402778
Interest Distribution Amount 6.43402778
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 6.76458333
Interest Distribution Amount 6.76458333
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 7.52327937
Interest Distribution Amount 7.52327937
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 October November December
Outstanding 1,045,574.10 1,105,817.99 1,384,218.70
Balance
Net
Liquidation 714,744.73 746,496.47 895,476.58
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 0.34% 0.37% 0.51%
Rate
(Charge-off Rate Test will be satisfied if the annualized ratio is 2.75% or less) 0.41%
DELINQUENCY RATE
# $
Past Due 31-60 days 512 10,993,802
Past Due 61-90 days 69 1,424,159
Past Due 91 + days 12 303,501
Total 593 12,721,461
(Delinquency Rate Test will be satisfied if the ratio is 1.75% or less)
Delinquent Current Delinquency
Contracts Contracts Rate
(> 60 days)
October 74 51,687 0.14%
November 76 52,120 0.15%
December 81 52,524 0.15%
0.15%
</TABLE>
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