UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-D

 

 

 

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934.

 

For the monthly distribution period from April 1, 2022 to April 30, 2022

 

 

 

Commission File Number of issuing entity: 333-231740-03

 

Central Index Key Number of issuing entity: 0001796981

 

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2020-A

(Exact name of issuing entity as specified in its charter)

 

Commission File Number of depositor: 333-231740

 

Central Index Key Number of depositor: 0001439697

 

 

WORLD OMNI AUTO LEASING LLC

(Exact name of depositor as specified in its charter)

 

Central Index Key Number of sponsor: 0001004150

 

WORLD OMNI FINANCIAL CORP.

(Exact name of sponsor as specified in its charter)

 

 

 

Paula Pescaru, Assistant Secretary, (954) 295-7425

(Name and telephone number, including area code,

of the person to contact in connection with this filing

 

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

 

90-0399122

(I.R.S. Employer Identification No.)

 

250 Jim Moran Boulevard, Deerfield Beach, FL 33442

(Address, including zip code, of principal executive offices of the issuing entity)

 

(954) 429-2200

(Telephone number, including area code, of the issuing entity)

 

Former name or former address, if changed since last report: Not applicable.

 

 

 

Registered/reporting pursuant to (check one):

Title of class Section 12(b) Section 12(g) Section 15(d)

Name of exchange

(If Section 12(b))

Asset Backed Notes, Class A-1 ¨ ¨ x ¨
Asset Backed Notes, Class A-2 ¨ ¨ x ¨
Asset Backed Notes, Class A-3 ¨ ¨ x ¨
Asset Backed Notes, Class A-4 ¨ ¨ x ¨
Asset Backed Notes, Class B ¨ ¨ x ¨

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

 

 

 

 

 

 

PART I – DISTRIBUTION INFORMATION

 

Item 1. Distribution and Pool Performance Information.

 

Distribution and pool performance information with respect to the assets of World Omni Automobile Lease Securitization Trust 2020-A for the distribution period commencing on April 1, 2022 and expiring on April 30, 2022 is set forth in the Monthly Servicer’s Certificate that is attached to this report as Exhibit 99.1, which Certificate is incorporated by reference herein. See the Exchange Note Sale Agreement, Indenture and other documents filed as exhibits to the Form 8-K filed by the Issuing Entity on March 12, 2020 for a description of the transaction and defined terms used in this report and the attached Monthly Servicer’s Certificate.

 

Item 1A. Asset-Level Information.

 

The Asset Data File for the asset pool of the Issuing Entity for the April Collection Period filed as Exhibit 102 to the Form ABS-EE filed by the Issuing Entity with the U.S. Securities and Exchange Commission on May 27, 2022 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference.

 

The Asset Related Document (Additional Explanatory Disclosure) for the asset pool of the Issuing Entity for the April Collection Period filed as Exhibit 103 to the Form ABS-EE is also incorporated into this Form 10-D by reference.

 

Item 1B. Asset Representations Reviewer and Investor Communication.

 

Not applicable.

 

ITEM 1121 (c) OF REGULATION AB. REPURCHASES AND REPLACEMENTS

 

No activity to report for the distribution period as required by Item 1121 (c) of Regulation AB.

Date of Most Recent Form ABS-15G: January 7, 2022

Central Index Key (CIK) of Securitizer: 0001004150

 

PART II – OTHER INFORMATION

 

Item 2. Legal Proceedings.

 

Not applicable.

 

Item 3. Sales of Securities and Use of Proceeds.

 

Not applicable.

 

Item 4. Defaults Upon Senior Securities.

 

Not applicable.

 

Item 5. Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 6. Significant Obligors of Pool Assets.

 

Not applicable.

 

Item 7. Change in Sponsor Interest in the Securities.

 

Not applicable. 

 

 

 

 

Item 8. Significant Enhancement Provider Information.

 

Not applicable.

 

Item 9. Other Information.

 

Compliance with European Union Risk Retention Rules.

 

World Omni Financial Corp. (“World Omni”), as “originator” for the purposes of the EU Securitization Rules (as defined in the Indenture), continues to retain, a material net economic interest (the “EU Retained Interest”), in the form of retention of a first loss tranche as described in option (d) of Article 6(3) of the EU Securitization Regulation, by holding (i) all the limited liability company interests in World Omi Auto Leasing LLC (“WOAL”), which in turn retains the Certificates (as defined in the Indenture) issued by World Omni Automobile Lease Securitization Trust 2020-A, and (ii) the residual interest in the 2020-A Reference Pool (as defined in the Indenture), such Certificates and interest, collectively representing at least 5% of the aggregate Securitization Value of the Units in the 2020-A Reference Pool (each as defined in the Indenture).

 

World Omni has not (and has not permitted WOAL or any of its other affiliates to hedge or otherwise mitigate its credit risk under or associated with the EU Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the EU Retained Interest) hedged or otherwise mitigated its credit risk under or associated with the EU Retained Interest, or sold, transferred or otherwise surrendered all or part of the rights, benefits or obligations arising from the EU Retained Interest, except, in each case, to the extent permitted in accordance with the EU Securitization Rules. Further, World Omni has not changed the retention option or method of calculating the EU Retained Interest.

 

Item 10. Exhibits.

 

Exhibit 99.1. Monthly Servicer’s Certificate for the distribution period commencing on April 1, 2022 and expiring on April 30, 2022.

 

Exhibit 102 Asset Data File for the reporting period April 1, 2022 to April 30, 2022 (See Exhibit 102 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2020-A on May 27, 2022 which is incorporated by reference herein).

 

Exhibit 103 Asset Related Document for the reporting period April 1, 2022 to April 30, 2022 (See Exhibit 103 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2020-A on May 27, 2022 which is incorporated by reference herein).

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

  World Omni Automobile Lease Securitization Trust 2020-A
 

(Issuing entity) 

   
  By: World Omni Financial Corp.
    (Servicer, not in its individual capacity, but solely as Servicer on behalf of the Issuing Entity)
   
Date: May 27, 2022   /s/ Ronald J. Virtue
    Ronald J. Virtue
    Assistant Treasurer

 

 

 

 

Exhibit Index

 

Exhibit No. 

Description

  
     
Exhibit 99.1 Monthly Servicer’s Certificate for the distribution period commencing on April 1, 2022 and expiring on April 30, 2022.  
     
Exhibit 102 Asset Data File for the reporting period April 1, 2022 to April 30, 2022 (See Exhibit 102 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2020-A on May 27, 2022 which is incorporated by reference herein). 
   
Exhibit 103 Asset Related Document for the reporting period April 1, 2022 to April 30, 2022 (See Exhibit 103 to Form ABS-EE filed by World Omni Automobile Lease Securitization Trust 2020-A on May 27, 2022 which is incorporated by reference herein). 

 

 

 

 

 

 

 

 

Exhibit 99.1

 

World Omni Automobile Lease Securitization Trust 2020-A PAGE 1
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 04/30/2022  

 

A.   DATES   Begin   End   # days  
   
1   Payment Date       5/16/2022        
2   Collection Period   4/1/2022   4/30/2022     30  
3   Monthly Interest Period-Actual   4/15/2022   5/15/2022     31  
4   Monthly Interest - Scheduled   4/15/2022   5/14/2022     30  

 

B.   SUMMARY                            
  
               Principal Payment         
       Initial Balance   Beginning Balance    1st Priority    2nd Priority    Regular    Ending Balance    Note Factor 
5   Class A-1 Notes   95,000,000.00    -    -    -    -    -    0.0000000 
6   Class A-2 Notes   306,000,000.00    -    -    -    -    -    0.0000000 
7   Class A-3 Notes   296,000,000.00    188,821,284.48    -    -    35,668,043.98    153,153,240.50    0.5174096 
8   Class A-4 Notes   90,180,000.00    90,180,000.00    -    -    -    90,180,000.00    1.0000000 
9   Total Class A Notes   787,180,000.00    279,001,284.48    -    -    35,668,043.98    243,333,240.50      
10   Class B Notes   31,290,000.00    31,290,000.00    -    -    -    31,290,000.00    1.0000000 
                                        
11   Total Notes  $  818,470,000.00    310,291,284.48   $0.00   $0.00   $35,668,043.98    274,623,240.50      
                                        
    Overcollateralization                                   
12   Exchange Note   57,774,538.43    28,150,275.91                   26,010,193.27      
13   Series 2020-A Notes   86,664,435.42    130,729,704.78                   132,869,787.42      
                                        
14   Total Overcollateralization   144,438,973.85    158,879,980.69                   158,879,980.69      
15   Total Target Overcollateralization  $   158,879,980.69    158,879,980.69                   158,879,980.69      

 

       Coupon Rate   Interest Pmt Due   Per $1000 Face Amount   Principal
Payment Due		   Per $1000
Face Amount		   Interest
Shortfall		           
16   Class A-1 Notes   1.64411%   0.00    0.0000000    0.00    0.0000000    0.00           
17   Class A-2 Notes   1.71000%   0.00    0.0000000    0.00    0.0000000    0.00           
18   Class A-3 Notes   1.70000%   267,496.82    0.9037055    35,668,043.98    120.5001486    0.00           
19   Class A-4 Notes   1.79000%   134,518.50    1.4916667    0.00    0.0000000    0.00           
20   Total Class A Notes        402,015.32    0.5107032    35,668,043.98    45.3111664    0.00           
21   ClassB Notes   1.93000%   50,324.75    1.6083333    0.00    0.0000000    0.00           
                                             
22   Totals        452,340.07    0.5526654    35,668,043.98    43.5789265    0.00           
        Initial Balance    Beginning Balance                   Ending Balance           
23   Exchange Note Balance   905,134,435.42    441,020,989.26                   407,493,027.92           

 

 

    Reference Pool Balance Data  Initial   Current                   
24   Discount Rate   6.85%   6.85%                  
25   Aggregate Securitization Value   962,908,973.85    433,503,221.19                   
26   Aggregate Base Residual Value (Not Discounted)   685,709,417.97    407,038,404.67                   
                                 
    Turn-in Units  Units   Securitization Value   Percentage              
27   Vehicles Scheduled to Return in Current Month   597    1,702,993.14                   
28   Turn-in Ratio on Scheduled Terminations            1.51 %            
       Units   Securitization Value                   
29   Securitization Value — Beginning of Period   23,769    469,171,265.17                   
30   Depreciation/Payments        (5,077,274.85)                  
31   Gross Credit Losses   (21)   (399,885.07)                  
32   Early Terminations — Regular   (2)   (43,028.80)                  
33   Scheduled Terminations — Returned   (3)   (55,672.43)                  
34   Payoff Units & Lease Reversals   (1,559)   (30,092,182.83)                  
35   Repurchased Leases   -    -                   
                                 
36   Securitization Value - End of Period   22,184    433,503,221.19                   

 

 

 

 

World Omni Automobile Lease Securitization Trust 2020-A PAGE 2
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 04/30/2022  

 

C.  SERVICING FEE            
              
37  Servicing Fee Due   390,976.05         
                 
38  Unpaid Servicing Fees - Prior Collection Periods   0.00         
                 
39  Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period   (29,283.15)        
                 

 

D.  RESERVE ACCOUNT            
                
   Reserve Account Balances:             
40  Required Reserve Account Balance (.50% of Initial Securitization Value)   4,814,544.87         
41  Beginning Reserve Account Balance   4,814,544.87         
42  Ending Reserve Account Balance   4,814,544.87         

 

E.  POOL STATISTICS                        
                            
   Delinquencies Aging Profile — End of Period  Units   Percentage   Securitization Value             
43  Total Active Units (Excluding Inventory)   22,034    99.38%   430,345,597.12             
44  31 - 60 Days Delinquent   103    0.46%   2,208,369.21             
45  61 - 90 Days Delinquent   29    0.13%   603,945.50             
46  91 -120 Days Delinquent   6    0.03%   113,709.17             
47  121+ Days Delinquent   -    -    -             
                               
48  Total   22,172    100.00%   433,271,621.00             
                               
49  Total 61+ Delinquent as % End of Period Securitization Value                       0.17 %
50  Delinquency Trigger Occurred                       NO  
                               
51  Prepayment Speed (1 Month)                        1.90 %

 

   Current Period Net Residual Losses/(Gains) on Scheduled and Early Termination Units   Units    Amounts 
              
52  Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period   5    98,701.23 
53  Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period        (134,081.19)
54  Less: Excess Wear and Tear Received in Current Period        (122.25)
55  Less: Excess Mileage Received in Current Period        - 
              
56  Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units        (35,502.21)
              
   Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value  (Annualized)          
57  Current Period Net Residual Losses/(Gains) Ratio        -0.09%
58  Prior Period Net Residual Losses/(Gains) Ratio        -0.05%
59  Second Prior Period Net Residual Losses/(Gains) Ratio        -0.07%
60  Third Prior Period Net Residual Losses/(Gains) Ratio        -0.06%
61  Four Month Average        -0.07%
              
62  Beginning Cumulative Net Residual Losses/(Gains)        (848,719.44)
63  Current Period Net Residual Losses/(Gains)        (35,502.21)
              
64  Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units        (884,221.65)
              
65  Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value        -0.09%
              
   Credit Losses/(Gains):   Units    Amounts 
66  Aggregate Securitization Value on charged-off units   21    399,885.07 
67  Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units        (423,756.31)
              
68  Current Period Net Credit Losses/(Gains)        (23,871.24)
              
   Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)          
69  Current Period Net Credit Losses/(Gains) Ratio        -0.06%
70  Prior Period Net Credit Losses/(Gains) Ratio        0.34%
71  Second Prior Period Net Credit Losses/(Gains) Ratio        -0.04%
72  Third Prior Period Net Credit Losses/(Gains) Ratio        0.22%
73  Four Month Average        0.12%
              
74  Beginning Cumulative Net Credit Losses/(Gains)        2,310,206.20 
75  Current Period Net Credit Losses/(Gains)        (23,871.24)
              
76  Ending Cumulative Net Credit Losses/(Gains)        2,286,334.96 
              
77  Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value        0.24%

 

 

 

 

World Omni Automobile Lease Securitization Trust 2020-A PAGE 3
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 04/30/2022  

 

 

F.  EXCHANGE NOTE COLLECTION ACCOUNT            
                
   COLLECTED AMOUNTS
          
78  Lease Payments Received   7,847,171.94         
79  Sales Proceeds, Recoveries & Expenses - Scheduled Terminations   72,359.29         
80  Liquidation Proceeds, Recoveries & Expenses   424,910.72         
81  Insurance Proceeds   (1,154.41)        
82  Sales Proceeds, Recoveries & Expenses - Early Terminations   61,844.15         
83  Payoff Payments   34,646,704.21         
84  All Other Payments Received   -         
                 
85  Collected Amounts   43,051,835.90         
                 
86  Investment Earnings on Collection Account   8,902.47         
                 
87  Total Collected Amounts - Available for Distribution   43,060,738.37         
                 
   DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT             
                 
88  Servicing Fee   390,976.05         
89  Interest on the Exchange Note - to the Trust Collection Account   709,308.76         
90  Principal on the Exchange Note - to the Trust Collection Account   33,527,961.34         
91  Trust Collection Account Shortfall Amount - to the Trust Collection Account   6,920,805.52         
92  Remaining Funds Payable to Trust Collection Account   1,511,686.70         
                 
93  Total Distributions   43,060,738.37         

 

G.  TRUST COLLECTION ACCOUNT             
                 
   AVAILABLE FUNDS
              
94  Available Funds  42,669,762.32           
                  
95  Investment Earnings on Reserve Account  1,134.33           
                  
96  Reserve Account Draw Amount  0.00           
                  
97  Total Available Funds - Available for Distribution  42,670,896.65           
                  
   DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT              
                  
98  Administration Fee  19,548.80           
99  Asset Representation Reviewer Amounts (up to $150,000 per year)  -           
100  Class A Noteholders' Interest Distributable Amount  402,015.32           
101  Noteholders' First Priority Principal Distributable Amount  -           
102  Class B Noteholders' Interest Distributable Amount  50,324.75           
103  Noteholders' Second Priority Principal Distributable Amount  -           
104  Amount to Reinstate Reserve Account to Required Reserve Account Balance  -           
105  Noteholders' Regular Principal Distributable Amount  35,668,043.98           
106  Asset Representation Reviewer Amounts (in excess of $150,000 per year)  -           
107  Remaining Funds Payable to Certificate holder  6,530,963.80           
                  
108  Total Distributions  42,670,896.65           
                  
   COMPLIANCE WITH EUROPEAN UNION RISK RETENTION RULES              

 

World Omni Financial Corp. (“World Omni”), as “originator” for the purposes of the EU Securitization Rules (as defined in the Indenture), continues to retain, a material net economic interest (the “EU Retained Interest”), in the form of retention of a first loss tranche as described in option (d) of Article 6(3) of the EU Securitization Regulation, by holding (i) all the limited liability company interests in World Omni Auto Leasing LLC (“WOAL”), which in turn retains the Certificates (as defined in the Indenture) issued by World Omni Automobile Lease Securitization Trust 2020-A, and (ii) the residual interest in the 2020-A Reference Pool (as defined in the Indenture), such Certificates and interest, collectively representing at least 5% of the aggregate Securitization Value of the Units in the 2020-A Reference Pool (each as defined in the Indenture). World Omni has not (and has not permitted WOAL or any of its other affiliates to hedge or otherwise mitigate its credit risk under or associated with the EU Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the EU Retained Interest) hedged or otherwise mitigated its credit risk under or associated with the EU Retained Interest, or sold, transferred or otherwise surrendered all or part of the rights, benefits or obligations arising from the EU Retained Interest, except, in each case, to the extent permitted in accordance with the EU Securitization Rules. Further, World Omni has not changed the retention option or method of calculating the EU Retained Interest.