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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) October 30, 1996
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World Omni Dealer Funding, Inc.
(Exact name of registrant as specified in its charter)
Florida 0-25118 65-0296366
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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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(Former name or former address, if changed since last year)
<PAGE>
Item 5: Other Events
See Attached 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 DEALER FUNDING, INC.
(Registrant)
Date: October 30, 1996 BY: /s/Alan Browdy
-----------------------------
Alan Browdy
Vice President
World Omni Financial Corp.
(Duly Authorized Officer of
the Servicer on behalf of
the Trust)
<TABLE>
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WORLD OMNI FINANCIAL CORP.
WORLD OMNI WHOLESALE MASTER TRUST 1994
SERIES 1994-1, SERIES 1995-1, SERIES 1996-1 and SERIES 1996-2
CERTIFICATE DATE AS OF : October 25, 1996
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COLLECTIONS: For Month of:
September 1996
<S> <C>
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Principal Collections: Total Pool $323,714,597.49
Interest Collections
Regular Pool $3,696,732.32
Concentration Pool $316,594.15
============================== ===============
Interest Collections: Total Pool $4,013,326.47
Investment Proceeds
Regular Pool $391,343.99
Concentration Pool $148,327.64
============================== ===============
Total Investment Proceeds: Total Pool $539,671.63
Series 1996-1: Yield Supplement Deposit Amount $0.00
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ALLOCATION PERCENTAGES* (Note: Calculated first day of following Calculated as of
month using recalculated prior month ending balances.) August 31, 1996
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Series Allocation Percentages
Regular Pool
Series 1994-1 65.55%
Series 1996-1 0.00%
Series 1996-2 34.45%
Concentration Pool
Series 1995-1 100.00%
Floating Allocation Percentages
Regular Pool
Series 1994-1 60.71%
Series 1996-1 0.00%
Series 1996-2 32.41%
Concentration Pool
Series 1995-1 88.84%
Principal Allocation Percentages
Regular Pool
Series 1994-1 na
Series 1996-1 na
Series 1996-2 na
Concentration Pool
Series 1995-1 na
Excess Transferor Percentage
Regular Pool 2.00%
Concentration Pool 2.00%
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PRINCIPAL AND FUNDED AMOUNTS: As of last day of:
September , 1996
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Series 1994-1 Initial Principal Amount: Class A $317,000,000.00
Series 1994-1 Initial Principal Amount: Class B $16,000,000.00
Series 1994-1 Excess Funding Account Balance Available to Investors $54,367,672.62
Series 1994-1 Principal Distributed to Investors $0.00
Series 1994-1 Principal Funding Account Balance $0.00
Series 1994-1 unreimbursed Investor Charge Offs $0.00
Series 1994-1 Invested Amount $278,632,327.38
Series 1994-1 outstanding Principal Balance $333,000,000.00
Series 1995-1 Initial Principal Amount $50,000,000.00
Series 1995-1 Excess Funding Account Balance Available to Investors $10,778,229.20
Series 1995-1 Principal Distributed to Investors $0.00
Series 1995-1 Principal Funding Account Balance $0.00
Series 1995-1 unreimbursed Investor Charge Offs $0.00
Series 1995-1 Invested Amount $39,221,770.80
Series 1995-1 outstanding Principal Balance $50,000,000.00
Series 1996-1 Initial Funded Amount $15,000,000.00
Series 1996-1 Aggregate Incremental Funded Amounts $35,000,000.00
Series 1996-1 Aggregate Optional Early Pay Out Amounts $50,000,000.00
Series 1996-1 Funded Amount $0.00
Series 1996-1 Excess Funding Account Balance Available to Investors $0.00
Series 1996-1 Principal Distributed to Investors $0.00
Series 1996-1 Principal Funding Account Balance $0.00
Series 1996-1 unreimbursed Investor Charge Offs $0.00
Series 1996-1 Invested Amount $0.00
Series 1996-1 outstanding Principal Balance $0.00
Series 1996-2 Initial Principal Amount: Class A $167,500,000.00
Series 1996-2 Initial Principal Amount: Class B $7,500,000.00
Series 1996-2 Excess Funding Account Balance Available to Investors $26,247,339.39
Series 1996-2 Principal Distributed to Investors $0.00
Series 1996-2 Principal Funding Account Balance $0.00
Series 1996-2 unreimbursed Investor Charge Offs $0.00
Series 1996-2 Invested Amount $148,752,660.61
Series 1996-2 outstanding Principal Balance $175,000,000.00
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POOL FACTOR FOR THE CERTIFICATES As of:
September 30, 1996
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Series 1994-1: Class A 1.00000000
Series 1994-1: Class B 1.00000000
Series 1996-2: Class A 1.00000000
Series 1996-2: Class B 1.00000000
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POOL BALANCE: For Month of:
September , 1996
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Pool Balance, beginning of month
Regular Pool $452,794,308.79
Concentration Pool $28,255,048.76
============================== ===============
Total Pool $481,049,357.55
Pool Balance, end of month
Regular Pool $458,979,297.77
Concentration Pool $44,292,716.92
============================== ===============
Total Pool $503,272,014.69
Pool Balance, average
Regular Pool $436,476,023.85
Concentration Pool $33,392,005.81
============================== ===============
Total Pool $469,868,029.66
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REGULAR POOL DISTRIBUTIONS As of:
October 25, 1996
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Principal Distributions to Investors
Series 1994-1: Class A $0.00
Series 1994-1: Class B $0.00
Series 1996-1 $0.00
Series 1996-2: Class A $0.00
Series 1996-2: Class B $0.00
Monthly Interest to Investors
Series 1994-1: Class A $1,505,750.00
Series 1994-1: Class B $78,266.67
Series 1996-1 $0.00
Series 1996-2: Class A $787,250.00
Series 1996-2: Class B $36,062.50
Regular Pool Transferors Interest $73,934.65
Interest Shortfall
Series 1994-1: Class A $0.00
Series 1994-1: Class B $0.00
Series 1996-1 $0.00
Series 1996-2: Class A $0.00
Series 1996-2: Class B $0.00
Servicing Fee
Series 1994-1 $229,064.67
Series 1996-1 $0.00
Series 1996-2 $122,290.12
Reserve Fund Deposit Amount
Series 1994-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
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REGULAR POOL DISTRIBUTIONS (cont.) As of:
October 25, 1996
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Investor Default Amount
Series 1994-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
Carry Over Amount
Series 1994-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
Amount Distributed not including Excess Distribution to Transferor $2,832,618.60
Unreimbursed Charge-off Amounts $0.00
Non-use Fee (Series 1996-1) $4,166.67
Increased Cost Amounts (Series 1996-1) $0.00
Previously waived servicing fee
Series 1994-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
Excess Distributed to Transferor $1,251,291.04
Total Distributed $4,088,076.31
Monthly Interest - $ per thousand
Series 1994-1 Class A $4.75000000
Series 1994-1 Class B $4.89166667
Series 1996-1 $0.00000000
Series 1996-2 Class A $4.70000000
Series 1996-2 Class B $4.80833333
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RESERVE FUNDS As of:
October 25, 1996
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Series 1994-1
Balance $1,665,000.00
Deficiency Amount $0.00
Series 1995-1
Balance $375,000.00
Deficiency Amount $0.00
Series 1996-1
Balance $250,000.00
Deficiency Amount $0.00
Series 1996-2
Balance $875,000.00
Deficiency Amount $0.00
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CHARGE OFFS As of:
September 30, 1996
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Defaulted Receivables $0.00
Investor Default Amount $0.00
Deficiency Amount $0.00
Draw Amount $0.00
Investor Charge-Off's $0.00
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REGULAR POOL SERIES SUBORDINATED AMOUNTS As of:
September 30, 1996
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Required Subordinated Amount
Series 1994-1 $16,216,696.30
Series 1996-1 $0.00
Series 1996-2 $6,198,027.53
Available Subordinated Amount
Series 1994-1 $16,216,696.30
Series 1996-1 $0.00
Series 1996-2 $6,198,027.53
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EXCESS RECEIVABLES As of:
To be used in the following month's computations. September 30, 1996
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Pool Total Components of Excess Receivables:
Used Vehicles $130,385,568.51
Finance Hold Receivables $0.00
Auction Advantage Program $547,105.00
Delayed Payment Program $31,114.00
Payment Agreements $191,981.97
Pool Limits on Components of Excess Receivables:
Used Vehicles $176,145,205.14
Finance Hold Receivables $0.00
Auction Advantage Program $25,163,600.73
Delayed Payment Program $10,065,440.29
Payment Agreements $500,000.00
Total unallocated Excess Receivables $0.00
Allocated Excess Receivables
Series 1994-1 $0.00
Series 1995-1 $0.00
Series 1996-1 $0.00
Series 1996-2 $0.00
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DELINQUENCIES As of:
September 30, 1996
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30 Day Delinquencies in excess of $1,000 $ 0.00
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EXCESS FUNDING ACCOUNT BALANCES As of:
September 30, 1996
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Series 1994-1
outstanding Principal Balance $333,000,000.00
Regular Pool Balance $458,979,297.77
Subordination Percentage 5.50%
Non Transferor's Percentage 98.00%
Series Allocation Percentage 65.55118110%
Excess Funding Amount $54,367,672.62
Series 1995-1
outstanding Principal Balance $50,000,000.00
Concentration Pool Balance $44,292,716.92
Subordination Percentage 9.25%
Non Transferor's Percentage 98.00%
Series Allocation Percentage 100.000000%
Excess Funding Amount $10,778,229.20
Series 1996-1
outstanding Principal Balance $0.00
Regular Pool Balance $458,979,297.77
Subordination Percentage 10.00%
Non Transferor's Percentage 98.00%
Series Allocation Percentage 0.00000000%
Excess Funding Amount $0.00
Series 1996-2
outstanding Principal Balance $175,000,000.00
Regular Pool Balance $458,979,297.77
Subordination Percentage 4.00%
Non Transferor's Percentage 98.00%
Series Allocation Percentage 34.44881890%
Excess Funding Amount $26,247,339.39
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ASSET COMPOSITION EVENTS: For Month of:
September 25, 1996
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Total Pool: 2 month test (actual lowest mth less than test) 10.59%
Test Value 50.00%
Event none
Total Pool: 12 month test 0.00%
Test Value 25.00%
Event none
Series 1995-1: 2 month test 19.57%
Test Value 50.00%
Event none
Series 1995-1: 12 month test 0.00%
Test Value 25.00%
Event none
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SERIES 1995-1 SUBORDINATION: For Month of:
September , 1996
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(1) Incremental Subordinated Amount (ISA)
Concentration Pool Total Amounts
Excess Receivables 0.00
Class IV Receivables 0.00
Unreviewed Receivables 679,827.95
Rejected Receivables 0.00
ISA Percentage
Excess Receivables 100%
Class IV Receivables 25%
Unreviewed Receivables 25%
Rejected Receivables 100%
Incremental Subordinated Amount: Total 169,956.99
(2) Required Subordinated Amount
9.25% x Con Pool Bal x Series 1995-1 Alloc %*.98 4,015,134.79
+ Incremental Subordinated Amount 169,956.99
4,185,091.78
(3) Available Subordinated Amount
Lesser of RSA or:
Available Subordinated Amount (previous DD) 2,588,226.72
- Required Draw Amount (previous DD) $0.00
- Reserve Fund w/d (on previous DD) -
+ portion of Excess Interest to Transferor (previous DD) 34,681.81
- Incremental Subordination Amount (previous DD) (26,906.55)
+ Incremental Subordination Amount (current DD) 169,956.99
- Subord % of change in EFA (since previous DD) 1,439,233.72
Ending ASA: 4,185,091.78
(4) Reserve Fund Balance 375,000.00
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SERIES 1995-1 EARLY AMORTIZATION EVENTS: For Month of:
September , 1996
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(1) Available Subordinated Amount (ASA) 4,185,091.78
Required Subordinated Amount (RSA) 4,185,091.78
Test Event: ASA less than RSA None
(2) Servicer Default None
(3) Principal not Repaid by Expected Final Pmt Date None
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SERIES 1995-1 MEGADEALERSHIPS For Month of:
September , 1996
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Dealership Groups in excess of 30% of Receivables: Group 1 $18,435,038.55
Test Value 13,287,815.08
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SERIES 1995-1 DISTRIBUTIONS As of
October 25, 1996
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Excess Transferor's Percentage x Interest Collections 35,332.63
Monthly Interest to Investors 260,416.67
Interest Shortfall -
Monthly Servicing Fee (1%) 32,684.81
Reserve Fund Deposit Amount 44,609.25
Investor Default Amount -
Carry-Over Amount -
Amount Distributed -
Unreimbursed Charge-off Amounts -
Previously waived Servicing Fee -
Excess Interest Distributed to Transferor 91,878.44
Total Distributed 464,921.79
Total Distributed to WOFCO 159,895.87
Charge-offs:
Defaulted Receivables -
Investor Default Amount -
Deficiency Amount -
Draw Amount -
Investor Charge-Offs -
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