Exhibit 99.1

 

World Omni Automobile Lease Securitization Trust 2022-A 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    100,000,000.00    -    -    -    -    -    0.0000000  
6   Class A-2 Notes    326,000,000.00    283,262,818.08    -    -    16,723,466.90    266,539,351.18    0.8176054  
7   Class A-3 Notes    266,000,000.00    266,000,000.00    -    -    -    266,000,000.00    1.0000000  
8   Class A-4 Notes    91,500,000.00    91,500,000.00    -    -    -    91,500,000.00    1.0000000  
9   Total Class A Notes    783,500,000.00    640,762,818.08    -    -    16,723,466.90    624,039,351.18       
10   Class B Notes    36,300,000.00    36,300,000.00    -    -    -    36,300,000.00    1.0000000  
                                          
11   Total Notes   $819,800,000.00    677,062,818.08   $0.00   $0.00   $16,723,466.90    660,339,351.18       
                                          
    Overcollateralization                                     
12   Exchange Note    57,867,356.23    50,461,219.64                   49,457,811.63       
13   Series 2022-A Notes    86,788,580.87    113,496,289.67                   114,499,697.68       
                                          
14   Total Overcollateralization    144,655,937.10    163,957,509.31                   163,957,509.31       
15   Total Target Overcollateralization   $163,957,509.31    163,957,509.31                   163,957,509.31       
                                          
                  Per $1000   Principal   Per $1000   Interest       
        Coupon Rate   Interest Pmt Due   Face Amount   Payment Due   Face Amount   Shortfall       
16   Class A-1 Notes    0.97916%   0.00    0.0000000    0.00    0.0000000    0.00       
17   Class A-2 Notes    2.63000%   620,817.68    1.9043487    16,723,466.90    51.2989782    0.00       
18   Class A-3 Notes    3.21000%   711,550.00    2.6750000    0.00    0.0000000    0.00       
19   Class A-4 Notes    3.34000%   254,675.00    2.7833333    0.00    0.0000000    0.00       
20   Total Class A Notes         1,587,042.68    2.0255810    16,723,466.90    21.3445653    0.00       
21   Class B Notes    3.67000%   111,017.50    3.0583333    0.00    0.0000000    0.00       
                                          
22   Totals         1,698,060.18    2.0713103    16,723,466.90    20.3994473    0.00       
       

 Initial Balance

   Beginning Balance                   Ending Balance       
23   Exchange Note Balance    906,588,580.87    790,559,107.75                   774,839,048.86       

 

      Reference Pool Balance Data   Initial     Current                    
24     Discount Rate     8.00 %     8.00 %                  
25     Aggregate Securitization Value     964,455,937.10       824,296,860.49                    
26     Aggregate Base Residual Value (Not Discounted)     730,590,012.81       666,414,812.98                    
                                         
      Turn-in Units   Units     Securitization Value     Percentage            
27     Vehicles Scheduled to Return in Current Month     27       51,611.45                    
28     Turn-in Ratio on Scheduled Terminations                     0.00 %          
                                         
          Units     Securitization Value                    
29     Securitization Value — Beginning of Period     33,174       841,020,327.39                    
30     Depreciation/Payments             (7,525,311.89 )                  
31     Gross Credit Losses     (15 )     (419,779.77 )                  
32     Early Terminations — Regular     (3 )     (90,467.87 )                  
33     Scheduled Terminations — Returned     (1 )     (11,234.94 )                  
34     Payoff Units & Lease Reversals     (338 )     (8,676,672.43 )                  
35     Repurchased Leases     -       -                    
                                         
36     Securitization Value - End of Period     32,817       824,296,860.49                    

 

 

 

 

World Omni Automobile Lease Securitization Trust 2022-A PAGE 2
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 10/31/2022  

 

C. SERVICING FEE

 

37   Servicing Fee Due     700,850.27          
                     
38   Unpaid Servicing Fees - Prior Collection Periods     0.00          
                     
39   Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period     (16,102.35 )        
                     
D.     RESERVE ACCOUNT                
                     
    Reserve Account Balances:                
40   Required Reserve Account Balance (0.50% of Initial Securitization Value)     4,822,279.69          
41   Beginning Reserve Account Balance     4,822,279.69          
42   Ending Reserve Account Balance     4,822,279.69          

 

E.     POOL STATISTICS                              
                                   
    Delinquencies Aging Profile — End of Period   Units     Percentage     Securitization Value              
43   Total Active Units (Excluding Inventory)     32,568       99.30 %     817,681,963.26              
44   31 - 60 Days Delinquent     177       0.54 %     4,679,024.59              
45   61 - 90 Days Delinquent     42       0.13 %     1,168,665.79              
46   91 -120 Days Delinquent     9       0.03 %     191,096.59              
47   121+ Days Delinquent     -       -       -              
                                         
48   Total     32,796       100.00 %     823,720,750.23              
                                         
49   Total 61+ Delinquent as % End of Period Securitization Value                     0.16 %
50   Delinquency Trigger Occurred                                 NO  
                                         
51   Prepayment Speed (1 Month)                                 0.80 %

 

    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     4       101,702.81  
53   Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period             (125,085.03 )
54   Less: Excess Wear and Tear Received in Current Period             -  
55   Less: Excess Mileage Received in Current Period             -  
                     
56   Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units             (23,382.22 )
                     
    Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value  (Annualized)                
57   Current Period Net Residual Losses/(Gains) Ratio             -0.03 %
58   Prior Period Net Residual Losses/(Gains) Ratio             -0.05 %
59   Second Prior Period Net Residual Losses/(Gains) Ratio             0.00 %
60   Third Prior Period Net Residual Losses/(Gains) Ratio             -0.05 %
61   Four Month Average             -0.03 %
                     
62   Beginning Cumulative Net Residual Losses/(Gains)             (97,559.30 )
63   Current Period Net Residual Losses/(Gains)             (23,382.22 )
                     
64   Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units             (120,941.52 )
                     
65   Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value             -0.01 %
                     
    Credit Losses/(Gains):     Units       Amounts  
66   Aggregate Securitization Value on charged-off units     15       419,779.77  
67   Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units             (279,986.80 )
                     
68   Current Period Net Credit Losses/(Gains)             139,792.97  
                     
    Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)                
69   Current Period Net Credit Losses/(Gains) Ratio             0.20 %
70   Prior Period Net Credit Losses/(Gains) Ratio             0.35 %
71   Second Prior Period Net Credit Losses/(Gains) Ratio             0.46 %
72   Third Prior Period Net Credit Losses/(Gains) Ratio             0.13 %
73   Four Month Average             0.29 %
                     
74   Beginning Cumulative Net Credit Losses/(Gains)             846,407.30  
75   Current Period Net Credit Losses/(Gains)             139,792.97  
                     
76   Ending Cumulative Net Credit Losses/(Gains)             986,200.27  
                     
77   Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value             0.10 %

  

 

 

 

World Omni Automobile Lease Securitization Trust 2022-A PAGE 3
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 10/31/2022  

 

F.   EXCHANGE NOTE COLLECTION ACCOUNT              
                   
    COLLECTED AMOUNTS
                   
78   Lease Payments Received     13,042,135.20          
79   Sales Proceeds, Recoveries & Expenses - Scheduled Terminations     21,800.00          
80   Liquidation Proceeds, Recoveries & Expenses     279,986.80          
81   Insurance Proceeds     -          
82   Sales Proceeds, Recoveries & Expenses - Early Terminations     103,285.03          
83   Payoff Payments     9,599,560.61          
84   All Other Payments Received     -          
                     
85   Collected Amounts     23,046,767.64          
                     
86   Investment Earnings on Collection Account     53,609.30          
                     
87   Total Collected Amounts - Available for Distribution     23,100,376.94          
                     
    DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT                
                     
88   Servicing Fee     700,850.27          
89   Interest on the Exchange Note - to the Trust Collection Account     2,417,793.27          
90   Principal on the Exchange Note - to the Trust Collection Account     15,720,058.89          
91   Trust Collection Account Shortfall Amount - to the Trust Collection Account     4,261,674.51          
92   Remaining Funds Payable to Trust Collection Account     -          
                     
93   Total Distributions     23,100,376.94          
                     
G.   TRUST COLLECTION ACCOUNT                
                     
    AVAILABLE FUNDS                
                     
94   Available Funds     22,399,526.67          
                     
95   Investment Earnings on Reserve Account     11,750.50          
                     
96   Reserve Account Draw Amount     0.00          
                     
97   Total Available Funds - Available for Distribution     22,411,277.17          
                     
    DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT                
                     
98   Administration Fee     35,042.51          
99   Asset Representation Reviewer Amounts (up to $150,000 per year)     -          
100   Class A Noteholders' Interest Distributable Amount     1,587,042.68          
101   Noteholders' First Priority Principal Distributable Amount     -          
102   Class B Noteholders' Interest Distributable Amount     111,017.50          
103   Noteholders' Second Priority Principal Distributable Amount     -          
104   Amount to Reinstate Reserve Account to Required Reserve Account Balance     -          
105   Noteholders' Regular Principal Distributable Amount     16,723,466.90          
106   Asset Representation Reviewer Amounts (in excess of $150,000 per year)     -          
107   Remaining Funds Payable to Certificate holder     3,954,707.58          
                     
108   Total Distributions     22,411,277.17          
                     
    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 2022-A, and (ii) the residual interest in the 2022-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 2022-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.