World Omni Automobile Lease Securitization Trust 2023-A

07/29/2024 | Press release | Distributed by Public on 07/29/2024 05:21

Asset Backed Issuer Distribution Report Form 10 D

World Omni Automobile Lease Securitization Trust 2023-A PAGE 1
MONTHLY SERVICER CERTIFICATE
For the collection period ended 06/30/2024
A. DATES Begin End # days
1 Payment Date 7/15/2024
2 Collection Period 6/1/2024 6/30/2024 30
3 Monthly Interest Period-Actual 6/17/2024 7/14/2024 28
4 Monthly Interest - Scheduled 6/15/2024 7/14/2024 30
B. SUMMARY
Principal Payment
Initial Balance Beginning Balance 1st Priority 2nd Priority Regular Ending Balance Note Factor
5 Class A-1 Notes 88,000,000.00 - - - - - 0.0000000
6 Class A-2a Notes 232,000,000.00 107,043,197.37 - - 16,330,325.14 90,712,872.23 0.3910038
7 Class A-2b Notes 115,500,000.00 53,290,902.13 - - 8,129,967.90 45,160,934.23 0.3910038
8 Class A-3 Notes 272,500,000.00 272,500,000.00 - - - 272,500,000.00 1.0000000
9 Class A-4 Notes 61,400,000.00 61,400,000.00 - - - 61,400,000.00 1.0000000
10 Total Class A Notes 769,400,000.00 494,234,099.50 - - 24,460,293.04 469,773,806.46
11 Class B Notes 35,080,000.00 35,080,000.00 - - - 35,080,000.00 1.0000000
12 Total Notes $ 804,480,000.00 529,314,099.50 $ 0.00 $ 0.00 $ 24,460,293.04 504,853,806.46
Overcollateralization
13 Exchange Note 56,126,240.16 40,598,728.80 39,131,111.21
14 Series 2023-A Notes 74,831,095.83 106,732,651.62 108,200,269.21
15 Total Overcollateralization 130,957,335.99 147,331,380.42 147,331,380.42
16 Total Target Overcollateralization $ 147,331,380.42 147,331,380.42 147,331,380.42
SOFR Rate Coupon Rate Interest Pmt Due Per $1000
Face Amount 		Principal
Payment Due 		Per $1000
Face Amount 		Interest
Shortfall
17 Class A-1 Notes 5.21700 % 0.00 0.0000000 0.00 0.0000000 0.00
18 Class A-2a Notes 5.47000 % 487,938.57 2.1031835 16,330,325.14 70.3893325 0.00
19 Class A-2b Notes 5.33303 % 6.09303 % 252,546.83 2.1865526 8,129,967.90 70.3893325 0.00
20 Class A-3 Notes 5.07000 % 1,151,312.50 4.2250000 0.00 0.0000000 0.00
21 Class A-4 Notes 5.04000 % 257,880.00 4.2000000 0.00 0.0000000 0.00
22 Total Class A Notes 2,149,677.90 2.7939666 24,460,293.04 31.7913868 0.00
23 Class B Notes 5.28000 % 154,352.00 4.4000000 0.00 0.0000000 0.00
24 Totals 2,304,029.90 2.8639990 24,460,293.04 30.4050978 0.00
Initial Balance Beginning Balance Ending Balance
25 Exchange Note Balance 879,311,095.83 636,046,751.12 613,054,075.67
Reference Pool Balance Data Initial Current
26 Discount Rate 11.00 % 11.00 %
27 Aggregate Securitization Value 935,437,335.99 652,185,186.88
28 Aggregate Base Residual Value (Not Discounted) 715,149,692.29 556,351,645.98
Turn-in Units Units Securitization Value Percentage
29 Vehicles Scheduled to Return in Current Month 733 2,809,784.63
30 Turn-in Ratio on Scheduled Terminations 2.73 %
Units Securitization Value
31 Securitization Value - Beginning of Period 26,839 676,645,479.92
32 Depreciation/Payments (5,236,508.16 )
33 Gross Credit Losses (41 ) (1,297,702.15 )
34 Early Terminations - Regular (7 ) (159,211.85 )
35 Scheduled Terminations - Returned (18 ) (419,085.61 )
36 Payoff Units & Lease Reversals (743 ) (17,347,785.27 )
37 Repurchased Leases - -
38 Securitization Value - End of Period 26,030 652,185,186.88
World Omni Automobile Lease Securitization Trust 2023-A PAGE 2
MONTHLY SERVICER CERTIFICATE
For the collection period ended 06/30/2024
C. SERVICING FEE
39 Servicing Fee Due 563,871.23
40 Unpaid Servicing Fees - Prior Collection Periods 0.00
41 Change in Servicing Fee Due - Current Collection Period vs. Prior Collection Period (24,199.95 )
D. RESERVE ACCOUNT
Reserve Account Balances:
42 Required Reserve Account Balance (0.50% of Initial Securitization Value) 4,677,186.68
43 Beginning Reserve Account Balance 4,677,186.68
44 Ending Reserve Account Balance 4,677,186.68
E. POOL STATISTICS
Delinquencies Aging Profile - End of Period Units Percentage Securitization Value
45 Total Active Units (Excluding Inventory) 25,610 98.64 % 640,300,060.08
46 31 - 60 Days Delinquent 284 1.09 % 8,062,208.51
47 61 - 90 Days Delinquent 60 0.23 % 1,748,335.34
48 91 -120 Days Delinquent 10 0.04 % 321,249.37
49 121+ Days Delinquent - - -
50 Total 25,964 100.00 % 650,431,853.30
51 Total 61+ Delinquent as % End of Period Securitization Value 0.32 %
52 Delinquency Trigger Occurred NO
53 Prepayment Speed (1 Month) 0.84 %
Current Period Net Residual Losses/(Gains) on Scheduled and Early Termination Units Units Amounts
54 Aggregate Securitization Value for Scheduled and Early Termination Units Terminated During Current Period 25 578,297.46
55 Less: Aggregate Sales Proceeds, Recoveries & Expenses for Scheduled and Early Termination Units Received in Current Period (662,560.24 )
56 Less: Excess Wear and Tear Received in Current Period (1,165.00 )
57 Less: Excess Mileage Received in Current Period (4,163.57 )
58 Current Period Net Residual Losses/(Gains) - Scheduled and Early Termination Units (89,591.35 )
Current and Prior Period Net Residual Losses/(Gains) as a % of Beginning Securitization Value (Annualized)
59 Current Period Net Residual Losses/(Gains) Ratio -0.16 %
60 Prior Period Net Residual Losses/(Gains) Ratio -0.09 %
61 Second Prior Period Net Residual Losses/(Gains) Ratio -0.12 %
62 Third Prior Period Net Residual Losses/(Gains) Ratio -0.10 %
63 Four Month Average -0.12 %
64 Beginning Cumulative Net Residual Losses/(Gains) (275,181.41 )
65 Current Period Net Residual Losses/(Gains) (89,591.35 )
66 Ending Cumulative Net Residual Losses/(Gains) - Scheduled and Early Termination Units (364,772.76 )
67 Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value -0.04 %
Credit Losses/(Gains): Units Amounts
68 Aggregate Securitization Value on charged-off units 41 1,297,702.15
69 Aggregate Liquidation Proceeds, Recoveries & Expenses on charged-off units (1,156,899.36 )
70 Current Period Net Credit Losses/(Gains) 140,802.79
Current and Prior Period Net Credit Losses/(Gains) as a % of Beginning Securitization Value (Annualized)
71 Current Period Net Credit Losses/(Gains) Ratio 0.25 %
72 Prior Period Net Credit Losses/(Gains) Ratio 0.44 %
73 Second Prior Period Net Credit Losses/(Gains) Ratio 0.52 %
74 Third Prior Period Net Credit Losses/(Gains) Ratio 0.64 %
75 Four Month Average 0.46 %
76 Beginning Cumulative Net Credit Losses/(Gains) 3,425,485.01
77 Current Period Net Credit Losses/(Gains) 140,802.79
78 Ending Cumulative Net Credit Losses/(Gains) 3,566,287.80
79 Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value 0.38 %
World Omni Automobile Lease Securitization Trust 2023-A PAGE 3
MONTHLY SERVICER CERTIFICATE
For the collection period ended 06/30/2024
F. EXCHANGE NOTE COLLECTION ACCOUNT
COLLECTED AMOUNTS
80 Lease Payments Received 11,248,257.93
81 Sales Proceeds, Recoveries & Expenses - Scheduled Terminations 488,424.31
82 Liquidation Proceeds, Recoveries & Expenses 1,137,767.68
83 Insurance Proceeds 19,131.68
84 Sales Proceeds, Recoveries & Expenses - Early Terminations 179,464.50
85 Payoff Payments 19,287,262.30
86 All Other Payments Received -
87 Collected Amounts 32,360,308.40
88 Investment Earnings on Collection Account 158,102.68
89 Total Collected Amounts - Available for Distribution 32,518,411.08
DISTRIBUTIONS FROM EXCHANGE NOTE COLLECTION ACCOUNT
90 Servicing Fee 563,871.23
91 Interest on the Exchange Note - to the Trust Collection Account 2,798,605.70
92 Principal on the Exchange Note - to the Trust Collection Account 22,992,675.45
93 Trust Collection Account Shortfall Amount - to the Trust Collection Account 5,725,894.58
94 Remaining Funds Payable to Trust Collection Account 437,364.12
95 Total Distributions 32,518,411.08
G. TRUST COLLECTION ACCOUNT
AVAILABLE FUNDS
96 Available Funds 31,954,539.85
97 Investment Earnings on Reserve Account 20,256.56
98 Reserve Account Draw Amount 0.00
99 Total Available Funds - Available for Distribution 31,974,796.41
DISTRIBUTIONS FROM TRUST COLLECTION ACCOUNT
100 Administration Fee 28,193.56
101 Asset Representation Reviewer Amounts (up to $150,000 per year) -
102 Class A Noteholders' Interest Distributable Amount 2,149,677.90
103 Noteholders' First Priority Principal Distributable Amount -
104 Class B Noteholders' Interest Distributable Amount 154,352.00
105 Noteholders' Second Priority Principal Distributable Amount -
106 Amount to Reinstate Reserve Account to Required Reserve Account Balance -
107 Noteholders' Regular Principal Distributable Amount 24,460,293.04
108 Asset Representation Reviewer Amounts (in excess of $150,000 per year) -
109 Remaining Funds Payable to Certificate holder 5,182,279.91
110 Total Distributions 31,974,796.41
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 2023-A, and (ii) the residual interest in the 2023-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 2023-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.