06/28/2024 | Press release | Distributed by Public on 06/28/2024 05:20
World Omni Auto Receivables Trust 2023-B
Monthly Servicer Certificate
May 31, 2024
Dates Covered | ||||||||||||
Collections Period | 05/01/24 - 05/31/24 | |||||||||||
Interest Accrual Period | 05/15/24 - 06/16/24 | |||||||||||
30/360 Days | 30 | |||||||||||
Actual/360 Days | 33 | |||||||||||
Distribution Date | 06/17/24 |
Collateral Pool Balance Data | $ Amount | # of Accounts | ||||||||||
Pool Balance at 04/30/24 | 651,676,425.33 | 33,339 | ||||||||||
Yield Supplement Overcollateralization Amount 04/30/24 | 58,921,727.56 | 0 | ||||||||||
Receivables Balance 04/30/24 | 710,598,152.89 | 33,339 | ||||||||||
Principal Payments | 28,017,012.08 | 646 | ||||||||||
Defaulted Receivables | 1,019,979.84 | 39 | ||||||||||
Repurchased Accounts | 0.00 | 0 | ||||||||||
Yield Supplement Overcollateralization Amount at 05/31/24 | 55,691,025.79 | 0 | ||||||||||
Pool Balance at 05/31/24 | 625,870,135.18 | 32,654 |
Pool Statistics | $ Amount | # of Accounts | ||||||||||
Pool Factor | 58.61 | % | ||||||||||
Prepayment ABS Speed | 1.56 | % | ||||||||||
Aggregate Starting Principal Balance | 1,162,826,061.02 | 44,579 | ||||||||||
Delinquent Receivables: | ||||||||||||
Past Due 31-60 days | 8,321,553.57 | 341 | ||||||||||
Past Due 61-90 days | 2,651,085.12 | 108 | ||||||||||
Past Due 91-120 days | 662,984.39 | 21 | ||||||||||
Past Due 121+ days | 0.00 | 0 | ||||||||||
Total | 11,635,623.08 | 470 | ||||||||||
Total 31+ Delinquent as % Aggregate Ending Principal Balance | 1.71 | % | ||||||||||
Total 61+ Delinquent as % Aggregate Ending Principal Balance | 0.49 | % | ||||||||||
Delinquency Trigger Occurred | NO | |||||||||||
Recoveries | 887,764.18 | |||||||||||
Aggregate Net Losses/(Gains) - May 2024 | 132,215.66 | |||||||||||
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized): | ||||||||||||
Current Net Losses/(Gains) Ratio | 0.22 | % | ||||||||||
Prior Net Losses/(Gains) Ratio | 0.01 | % | ||||||||||
Second Prior Net Losses/(Gains) Ratio | 0.99 | % | ||||||||||
Third Prior Net Losses/(Gains) Ratio | 0.73 | % | ||||||||||
Four Month Average | 0.49 | % | ||||||||||
Cumulative Net Loss as a % of Aggregate Starting Principal Balance | 0.34 | % | ||||||||||
Overcollateralization Target Amount | 7,197,506.55 | |||||||||||
Actual Overcollateralization | 7,197,506.55 | |||||||||||
Weighted Average Contract Rate | 5.70 | % | ||||||||||
Weighted Average Contract Rate, Yield Adjusted | 10.38 | % | ||||||||||
Weighted Average Remaining Term | 48.64 |
Flow of Funds | $ Amount | |||||||||||
Collections | 32,245,716.93 | |||||||||||
Investment Earnings on Cash Accounts | 16,484.82 | |||||||||||
Servicing Fee | (592,165.13 | ) | ||||||||||
Transfer to Collection Account | - | |||||||||||
Available Funds | 31,670,036.62 | |||||||||||
Distributions of Available Funds | ||||||||||||
(1) Asset Representation Reviewer Amounts (up to $150,000 per year) | - | |||||||||||
(2) Class A Interest | 2,511,231.26 | |||||||||||
(3) Noteholders' First Priority Principal Distributable Amount | - | |||||||||||
(4) Class B Interest | 127,914.25 | |||||||||||
(5) Noteholders' Second Priority Principal Distributable Amount | 2,572,011.26 | |||||||||||
(6) Class C Interest | 67,288.50 | |||||||||||
(7) Noteholders' Third Priority Principal Distributable Amount | 15,740,000.00 | |||||||||||
(8) Required Reserve Account | - | |||||||||||
(9) Noteholders' Principal Distributable Amount | 7,197,506.55 | |||||||||||
(10) Asset Representation Reviewer Amounts (in excess of 1) | - | |||||||||||
(11) Distribution to Certificateholders | 3,454,084.80 | |||||||||||
Total Distributions of Available Funds | 31,670,036.62 | |||||||||||
Servicing Fee | 592,165.13 | |||||||||||
Unpaid Servicing Fee | - | |||||||||||
Change in amount of the unpaid servicing fee from the prior period | - |
Note Balances & Note Factors | $ Amount | |||||||||||
Original Class A | 996,700,000.00 | |||||||||||
Original Class B | 31,390,000.00 | |||||||||||
Original Class C | 15,740,000.00 | |||||||||||
Total Class A, B, & C | ||||||||||||
Note Balance @ 05/15/24 | 644,182,146.44 | |||||||||||
Principal Paid | 25,509,517.81 | |||||||||||
Note Balance @ 06/17/24 | 618,672,628.63 | |||||||||||
Class A-1 | ||||||||||||
Note Balance @ 05/15/24 | 0.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 06/17/24 | 0.00 | |||||||||||
Note Factor @ 06/17/24 | 0.0000000 | % | ||||||||||
Class A-2a | ||||||||||||
Note Balance @ 05/15/24 | 120,315,910.40 | |||||||||||
Principal Paid | 15,319,031.58 | |||||||||||
Note Balance @ 06/17/24 | 104,996,878.82 | |||||||||||
Note Factor @ 06/17/24 | 45.6508169 | % | ||||||||||
Class A-2b | ||||||||||||
Note Balance @ 05/15/24 | 80,036,236.04 | |||||||||||
Principal Paid | 10,190,486.23 | |||||||||||
Note Balance @ 06/17/24 | 69,845,749.81 | |||||||||||
Note Factor @ 06/17/24 | 45.6508169 | % | ||||||||||
Class A-3 | ||||||||||||
Note Balance @ 05/15/24 | 297,200,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 06/17/24 | 297,200,000.00 | |||||||||||
Note Factor @ 06/17/24 | 100.0000000 | % | ||||||||||
Class A-4 | ||||||||||||
Note Balance @ 05/15/24 | 99,500,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 06/17/24 | 99,500,000.00 | |||||||||||
Note Factor @ 06/17/24 | 100.0000000 | % | ||||||||||
Class B | ||||||||||||
Note Balance @ 05/15/24 | 31,390,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 06/17/24 | 31,390,000.00 | |||||||||||
Note Factor @ 06/17/24 | 100.0000000 | % | ||||||||||
Class C | ||||||||||||
Note Balance @ 05/15/24 | 15,740,000.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Note Balance @ 06/17/24 | 15,740,000.00 | |||||||||||
Note Factor @ 06/17/24 | 100.0000000 | % |
Interest & Principal Payments | $ Amount | |||||||||||
Total Interest Paid | 2,706,434.01 | |||||||||||
Total Principal Paid | 25,509,517.81 | |||||||||||
Total Paid | 28,215,951.82 | |||||||||||
Class A-1 | ||||||||||||
Coupon | 5.31600 | % | ||||||||||
Interest Paid | 0.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to A-1 Holders | 0.00 | |||||||||||
Class A-2a | ||||||||||||
Coupon | 5.25000 | % | ||||||||||
Interest Paid | 526,382.11 | |||||||||||
Principal Paid | 15,319,031.58 | |||||||||||
Total Paid to A-2a Holders | 15,845,413.69 | |||||||||||
Class A-2b | ||||||||||||
SOFR Rate | 5.32371 | % | ||||||||||
Coupon | 6.03371 | % | ||||||||||
Interest Paid | 442,672.48 | |||||||||||
Principal Paid | 10,190,486.23 | |||||||||||
Total Paid to A-2b Holders | 10,633,158.71 | |||||||||||
Class A-3 | ||||||||||||
Coupon | 4.66000 | % | ||||||||||
Interest Paid | 1,154,126.67 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to A-3 Holders | 1,154,126.67 | |||||||||||
Class A-4 | ||||||||||||
Coupon | 4.68000 | % | ||||||||||
Interest Paid | 388,050.00 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to A-4 Holders | 388,050.00 | |||||||||||
Class B | ||||||||||||
Coupon | 4.89000 | % | ||||||||||
Interest Paid | 127,914.25 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to B Holders | 127,914.25 | |||||||||||
Class C | ||||||||||||
Coupon | 5.13000 | % | ||||||||||
Interest Paid | 67,288.50 | |||||||||||
Principal Paid | 0.00 | |||||||||||
Total Paid to C Holders | 67,288.50 |
Distribution per $1,000 of Notes | Total | |||||||||||
Total Interest Distribution Amount | 2.5927919 | |||||||||||
Total Interest Carryover Shortfall | 0.0000000 | |||||||||||
Total Principal Distribution Amount | 24.4383835 | |||||||||||
Total Distribution Amount | 27.0311754 | |||||||||||
A-1 Interest Distribution Amount | 0.0000000 | |||||||||||
A-1 Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-1 Principal Distribution Amount | 0.0000000 | |||||||||||
Total A-1 Distribution Amount | 0.0000000 | |||||||||||
A-2a Interest Distribution Amount | 2.2886179 | |||||||||||
A-2a Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-2a Principal Distribution Amount | 66.6044851 | |||||||||||
Total A-2a Distribution Amount | 68.8931030 | |||||||||||
A-2b Interest Distribution Amount | 2.8932842 | |||||||||||
A-2b Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-2b Principal Distribution Amount | 66.6044852 | |||||||||||
Total A-2b Distribution Amount | 69.4977694 | |||||||||||
A-3 Interest Distribution Amount | 3.8833333 | |||||||||||
A-3 Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-3 Principal Distribution Amount | 0.0000000 | |||||||||||
Total A-3 Distribution Amount | 3.8833333 | |||||||||||
A-4 Interest Distribution Amount | 3.9000000 | |||||||||||
A-4 Interest Carryover Shortfall | 0.0000000 | |||||||||||
A-4 Principal Distribution Amount | 0.0000000 | |||||||||||
Total A-4 Distribution Amount | 3.9000000 | |||||||||||
B Interest Distribution Amount | 4.0750000 | |||||||||||
B Interest Carryover Shortfall | 0.0000000 | |||||||||||
B Principal Distribution Amount | 0.0000000 | |||||||||||
Total B Distribution Amount | 4.0750000 | |||||||||||
C Interest Distribution Amount | 4.2750000 | |||||||||||
C Interest Carryover Shortfall | 0.0000000 | |||||||||||
C Principal Distribution Amount | 0.0000000 | |||||||||||
Total C Distribution Amount | 4.2750000 | |||||||||||
Noteholders' First Priority Principal Distributable Amount | 0.00 | |||||||||||
Noteholders' Second Priority Principal Distributable Amount | 100.83 | |||||||||||
Noteholders' Third Priority Principal Distributable Amount | 617.02 | |||||||||||
Noteholders' Principal Distributable Amount | 282.15 |
Account Balances | $ Amount | |||||||||||
Reserve Account | ||||||||||||
Balance as of 05/15/24 | 2,616,119.83 | |||||||||||
Investment Earnings | 11,654.21 | |||||||||||
Investment Earnings Paid | (11,654.21 | ) | ||||||||||
Deposit/(Withdrawal) | - | |||||||||||
Balance as of 06/17/24 | 2,616,119.83 | |||||||||||
Change | - | |||||||||||
Required Reserve Amount | 2,616,119.83 |
Other Servicing Information | Current Month | Prior Month | Two Months Prior | |||||||||
Principal Balance of Receivables extended during the Collection Period | $ | 4,432,139.38 | $ | 4,195,822.56 | $ | 3,985,840.21 | ||||||
Number of Extensions | 152 | 150 | 140 | |||||||||
Ratio of extensions to Beginning of Period Receivables Balance | 0.62 | % | 0.57 | % | 0.52 | % |