Exhibit 99.1

 

World Omni Automobile Lease Securitization Trust 2020-B PAGE 1 

MONTHLY SERVICER CERTIFICATE

 

For the collection period ended 10/31/2022

 

 

A.  DATES  Begin End  # days 
  
1  Payment Date     11/15/2022     
2  Collection Period  10/1/2022  10/31/2022   31 
3  Monthly Interest Period-Actual  10/17/2022  11/14/2022   29 
4  Monthly Interest - Scheduled  10/15/2022  11/14/2022   30 

 

B.   SUMMARY                            
                                 
                  Principal Payment           
        Initial Balance    Beginning Balance    1st Priority    2nd Priority    Regular    Ending Balance    Note Factor 
5   Class A-1 Notes   82,000,000.00    -    -    -    -    -    0.0000000 
6   Class A-2 Notes   323,000,000.00    -    -    -    -    -    0.0000000 
7   Class A-3 Notes   273,000,000.00    191,106,387.56    -    -    24,254,207.92    166,852,179.64    0.6111801 
8   Class A-4 Notes   90,340,000.00    90,340,000.00    -    -    -    90,340,000.00    1.0000000 
9   Total Class A Notes   768,340,000.00    281,446,387.56    -    -    24,254,207.92    257,192,179.64      
10   Class B Notes   34,000,000.00    34,000,000.00    -    -    -    34,000,000.00    1.0000000 
                                        
11   Total Notes  $802,340,000.00    315,446,387.56   $0.00   $0.00   $24,254,207.92    291,192,179.64      
                                        
    Overcollateralization                                   
12   Exchange Note   56,635,460.80    28,271,634.29                   26,816,381.81      
13   Series 2020-B Notes   84,948,885.84    127,475,882.91                   128,931,135.39      
                                        
14   Total Overcollateralization   141,584,346.64    155,747,517.20                   155,747,517.20      
15   Total Target Overcollateralization  $155,747,517.20    155,747,517.20                   155,747,517.20      

 

       Coupon Rate   Interest Pmt Due   Per $1000
Face Amount
   Principal
Payment Due
   Per $1000
Face Amount
   Interest
Shortfall
       
16   Class A-1 Notes    0.16215%   0.00    0.0000000    0.00    0.0000000    0.00       
17   Class A-2 Notes    0.32000%   0.00    0.0000000    0.00    0.0000000    0.00       
18   Class A-3 Notes    0.45000%   71,664.90    0.2625088    24,254,207.92    88.8432525    0.00       
19   Class A-4 Notes    0.52000%   39,147.33    0.4333333    0.00    0.0000000    0.00       
20   Total Class A Notes         110,812.23    0.1442229    24,254,207.92    31.5670249    0.00       
21   Class B Notes    0.70000%   19,833.33    0.5833332    0.00    0.0000000    0.00       
                                          
22   Totals         130,645.56    0.1628307    24,254,207.92    30.2293391    0.00       
         Initial Balance         Beginning Balance              Ending Balance       
23   Exchange Note Balance    887,288,885.84         442,922,270.47              420,123,315.03       

 

    Reference Pool Balance Data  Initial   Current                   
24   Discount Rate   5.50%   5.50%                  
25   Aggregate Securitization Value   943,924,346.64    446,939,696.84                   
26   Aggregate Base Residual Value (Not Discounted)   659,611,212.52    410,942,290.23                   
                                 
    Turn-in Units   Units    Securitization Value   Percentage              
27   Vehicles Scheduled to Return in Current Month   26    66,609.15                   
28   Turn-in Ratio on Scheduled Terminations            3.85 %            
                                 
        Units    Securitization Value                   
29   Securitization Value — Beginning of Period   22,609    471,193,904.76                   
30   Depreciation/Payments        (5,582,026.03)                  
31   Gross Credit Losses   (16)   (366,667.52)                  
32   Early Terminations — Regular   (1)   (37,563.02)                  
33   Scheduled Terminations — Returned   (2)   (39,707.46)                  
34   Payoff Units & Lease Reversals   (942)   (18,228,243.89)                  
35   Repurchased Leases   -    -                   
                                 
36   Securitization Value - End of Period   21,648    446,939,696.84                   

 

 

 

 

World Omni Automobile Lease Securitization Trust 2020-B PAGE 2 

MONTHLY SERVICER CERTIFICATE

 

For the collection period ended 10/31/2022

 

 

C.  SERVICING FEE            
              
37  Servicing Fee Due   392,661.59         
                 
38  Unpaid Servicing Fees - Prior Collection Periods   0.00         
                 
39  Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period   (19,124.21)        
                 
D.  RESERVE ACCOUNT             
                 
   Reserve Account Balances:             
40  Required Reserve Account Balance (1.00% of Initial Securitization Value)   9,439,243.47         
41  Beginning Reserve Account Balance   9,439,243.47         
42  Ending Reserve Account Balance   9,439,243.47         

 

E.  POOL STATISTICS                        
                            
   Delinquencies Aging Profile — End of Period  Units   Percentage   Securitization Value             
43  Total Active Units (Excluding Inventory)   21,454    99.17%   442,561,159.19             
44  31 - 60 Days Delinquent   143    0.66%   3,223,178.29             
45  61 - 90 Days Delinquent   31    0.15%   689,341.96             
46  91 -120 Days Delinquent   5    0.02%   157,616.34             
47  121+ Days Delinquent   -    -    -             
                               
48  Total   21,633    100.00%   446,631,295.78             
                               
49  Total 61+ Delinquent as % End of Period Securitization Value                       0.19 %
50  Delinquency Trigger Occurred                       NO  
                               
51  Prepayment Speed (1 Month)                       1.77 %

 

   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   3    77,270.48 
53  Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period        (91,899.12)
54  Less: Excess Wear and Tear Received in Current Period        (300.00)
55  Less: Excess Mileage Received in Current Period        (51.40)
              
56  Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units        (14,980.04)
              
   Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value  (Annualized)          
57  Current Period Net Residual Losses/(Gains) Ratio        -0.04%
58  Prior Period Net Residual Losses/(Gains) Ratio        -0.06%
59  Second Prior Period Net Residual Losses/(Gains) Ratio        -0.11%
60  Third Prior Period Net Residual Losses/(Gains) Ratio        -0.03%
61  Four Month Average        -0.06%
              
62  Beginning Cumulative Net Residual Losses/(Gains)        (1,026,178.32)
63  Current Period Net Residual Losses/(Gains)        (14,980.04)
              
64  Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units        (1,041,158.36)
              
65  Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value        -0.11%
              
   Credit Losses/(Gains):   Units    Amounts 
66  Aggregate Securitization Value on charged-off units   16    366,667.52 
67  Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units        (230,267.70)
              
68  Current Period Net Credit Losses/(Gains)        136,399.82 
              
   Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)          
69  Current Period Net Credit Losses/(Gains) Ratio        0.35%
70  Prior Period Net Credit Losses/(Gains) Ratio        -0.06%
71  Second Prior Period Net Credit Losses/(Gains) Ratio        0.13%
72  Third Prior Period Net Credit Losses/(Gains) Ratio        0.21%
73  Four Month Average        0.16%
              
74  Beginning Cumulative Net Credit Losses/(Gains)        1,493,037.50 
75  Current Period Net Credit Losses/(Gains)        136,399.82 
              
76  Ending Cumulative Net Credit Losses/(Gains)        1,629,437.32 
              
77  Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value        0.17%

 

 

 

 

World Omni Automobile Lease Securitization Trust 2020-B PAGE 3 

MONTHLY SERVICER CERTIFICATE

 

For the collection period ended 10/31/2022

 

 

F.  EXCHANGE NOTE COLLECTION ACCOUNT            
                
   COLLECTED AMOUNTS        
                
78  Lease Payments Received   7,916,744.69         
79  Sales Proceeds, Recoveries & Expenses - Scheduled Terminations   51,358.02         
80  Liquidation Proceeds, Recoveries & Expenses   220,205.28         
81  Insurance Proceeds   10,062.42         
82  Sales Proceeds, Recoveries & Expenses - Early Terminations   40,892.50         
83  Payoff Payments   20,408,614.32         
84  All Other Payments Received   -         
                 
85  Collected Amounts   28,647,877.23         
                 
86  Investment Earnings on Collection Account   59,616.77         
                 
87  Total Collected Amounts - Available for Distribution   28,707,494.00         
                 
   DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT             
                 
88  Servicing Fee   392,661.59         
89  Interest on the Exchange Note - to the Trust Collection Account   258,371.32         
90  Principal on the Exchange Note - to the Trust Collection Account   22,798,955.44         
91  Trust Collection Account Shortfall Amount - to the Trust Collection Account   4,303,007.44         
92  Remaining Funds Payable to Trust Collection Account   954,498.21         
                 
93  Total Distributions   28,707,494.00         
                 
G.  TRUST COLLECTION ACCOUNT             
                 
   AVAILABLE FUNDS             
                 
94  Available Funds   28,314,832.41         
                 
95  Investment Earnings on Reserve Account   22,576.84         
                 
96  Reserve Account Draw Amount   0.00         
                 
97  Total Available Funds - Available for Distribution   28,337,409.25         
                 
   DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT             
                 
98  Administration Fee   19,633.08         
99  Asset Representation Reviewer Amounts (up to $150,000 per year)   -         
100  Class A Noteholders' Interest Distributable Amount   110,812.23         
101  Noteholders' First Priority Principal Distributable Amount   -         
102  Class B Noteholders' Interest Distributable Amount   19,833.33         
103  Noteholders' Second Priority Principal Distributable Amount   -         
104  Amount to Reinstate Reserve Account to Required Reserve Account Balance   -         
105  Noteholders' Regular Principal Distributable Amount   24,254,207.92         
106  Asset Representation Reviewer Amounts (in excess of $150,000 per year)   -         
107  Remaining Funds Payable to Certificate holder   3,932,922.69         
                 
108  Total Distributions   28,337,409.25         
                 
   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-B, and (ii) the residual interest in the 2020-B 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-B 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.