World Omni Auto Receivables Trust 2023-B

06/28/2024 | Press release | Distributed by Public on 06/28/2024 05:20

Asset Backed Issuer Distribution Report Form 10 D

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 %