World Omni Auto Receivables Trust 2023-C

09/27/2024 | Press release | Distributed by Public on 09/27/2024 05:47

Asset Backed Issuer Distribution Report Form 10 D

World Omni Auto Receivables Trust 2023-C
Monthly Servicer Certificate
August 31, 2024
Dates Covered
Collections Period 08/01/24 - 08/31/24
Interest Accrual Period 08/15/24 - 09/15/24
30/360 Days 30
Actual/360 Days 32
Distribution Date 09/16/24
Collateral Pool Balance Data $ Amount # of Accounts
Pool Balance at 07/31/24 669,014,014.00 33,598
Yield Supplement Overcollateralization Amount 07/31/24 63,970,020.55 0
Receivables Balance 07/31/24 732,984,034.55 33,598
Principal Payments 29,869,573.36 695
Defaulted Receivables 1,067,171.85 40
Repurchased Accounts 0.00 0
Yield Supplement Overcollateralization Amount at 08/31/24 60,368,181.24 0
Pool Balance at 08/31/24 641,679,108.10 32,863
Pool Statistics $ Amount # of Accounts
Pool Factor 60.34 %
Prepayment ABS Speed 1.65 %
Aggregate Starting Principal Balance 1,163,498,581.79 43,008
Delinquent Receivables:
Past Due 31-60 days 9,986,892.53 393
Past Due 61-90 days 3,260,214.99 142
Past Due 91-120 days 955,754.48 32
Past Due 121+ days 0.00 0
Total 14,202,862.00 567
Total 31+ Delinquent as % Aggregate Ending Principal Balance 2.02 %
Total 61+ Delinquent as % Aggregate Ending Principal Balance 0.60 %
Delinquency Trigger Occurred NO
Recoveries 686,801.80
Aggregate Net Losses/(Gains) - August 2024 380,370.05
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):
Current Net Losses/(Gains) Ratio 0.62 %
Prior Net Losses/(Gains) Ratio 0.30 %
Second Prior Net Losses/(Gains) Ratio 0.48 %
Third Prior Net Losses/(Gains) Ratio -0.14 %
Four Month Average 0.32 %
Cumulative Net Loss as a % of Aggregate Starting Principal Balance 0.38 %
Overcollateralization Target Amount 7,379,309.74
Actual Overcollateralization 7,379,309.74
Weighted Average Contract Rate 5.99 %
Weighted Average Contract Rate, Yield Adjusted 10.98 %
Weighted Average Remaining Term 48.64
Flow of Funds $ Amount
Collections 34,216,695.41
Investment Earnings on Cash Accounts 16,431.38
Servicing Fee (610,820.03 )
Transfer to Collection Account -
Available Funds 33,622,306.76
Distributions of Available Funds
(1) Asset Representation Reviewer Amounts (up to $150,000 per year) -
(2) Class A Interest 2,745,951.81
(3) Noteholders' First Priority Principal Distributable Amount -
(4) Class B Interest 139,360.00
(5) Noteholders' Second Priority Principal Distributable Amount 3,991,244.74
(6) Class C Interest 71,859.58
(7) Noteholders' Third Priority Principal Distributable Amount 15,650,000.00
(8) Required Reserve Account -
(9) Noteholders' Principal Distributable Amount 7,379,309.74
(10) Asset Representation Reviewer Amounts (in excess of 1) -
(11) Distribution to Certificateholders 3,644,580.89
Total Distributions of Available Funds 33,622,306.76
Servicing Fee 610,820.03
Unpaid Servicing Fee -
Change in amount of the unpaid servicing fee from the prior period -
Note Balances & Note Factors $ Amount
Original Class A 991,900,000.00
Original Class B 31,200,000.00
Original Class C 15,650,000.00
Total Class A, B, & C
Note Balance @ 08/15/24 661,320,352.84
Principal Paid 27,020,554.48
Note Balance @ 09/16/24 634,299,798.36
Class A-1
Note Balance @ 08/15/24 0.00
Principal Paid 0.00
Note Balance @ 09/16/24 0.00
Note Factor @ 09/16/24 0.0000000 %
Class A-2a
Note Balance @ 08/15/24 126,334,841.96
Principal Paid 15,938,888.99
Note Balance @ 09/16/24 110,395,952.97
Note Factor @ 09/16/24 49.8401594 %
Class A-2b
Note Balance @ 08/15/24 87,835,510.88
Principal Paid 11,081,665.49
Note Balance @ 09/16/24 76,753,845.39
Note Factor @ 09/16/24 49.8401593 %
Class A-3
Note Balance @ 08/15/24 316,300,000.00
Principal Paid 0.00
Note Balance @ 09/16/24 316,300,000.00
Note Factor @ 09/16/24 100.0000000 %
Class A-4
Note Balance @ 08/15/24 84,000,000.00
Principal Paid 0.00
Note Balance @ 09/16/24 84,000,000.00
Note Factor @ 09/16/24 100.0000000 %
Class B
Note Balance @ 08/15/24 31,200,000.00
Principal Paid 0.00
Note Balance @ 09/16/24 31,200,000.00
Note Factor @ 09/16/24 100.0000000 %
Class C
Note Balance @ 08/15/24 15,650,000.00
Principal Paid 0.00
Note Balance @ 09/16/24 15,650,000.00
Note Factor @ 09/16/24 100.0000000 %
Interest & Principal Payments $ Amount
Total Interest Paid 2,957,171.39
Total Principal Paid 27,020,554.48
Total Paid 29,977,725.87
Class A-1
Coupon 5.60700 %
Interest Paid 0.00
Principal Paid 0.00
Total Paid to A-1 Holders 0.00
Class A-2a
Coupon 5.57000 %
Interest Paid 586,404.22
Principal Paid 15,938,888.99
Total Paid to A-2a Holders 16,525,293.21
Class A-2b
SOFR Rate 5.35353 %
Coupon 5.76353 %
Interest Paid 449,993.42
Principal Paid 11,081,665.49
Total Paid to A-2b Holders 11,531,658.91
Class A-3
Coupon 5.15000 %
Interest Paid 1,357,454.17
Principal Paid 0.00
Total Paid to A-3 Holders 1,357,454.17
Class A-4
Coupon 5.03000 %
Interest Paid 352,100.00
Principal Paid 0.00
Total Paid to A-4 Holders 352,100.00
Class B
Coupon 5.36000 %
Interest Paid 139,360.00
Principal Paid 0.00
Total Paid to B Holders 139,360.00
Class C
Coupon 5.51000 %
Interest Paid 71,859.58
Principal Paid 0.00
Total Paid to C Holders 71,859.58
Distribution per $1,000 of Notes Total
Total Interest Distribution Amount 2.8468557
Total Interest Carryover Shortfall 0.0000000
Total Principal Distribution Amount 26.0125675
Total Distribution Amount 28.8594232
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 2.6474231
A-2a Interest Carryover Shortfall 0.0000000
A-2a Principal Distribution Amount 71.9588668
Total A-2a Distribution Amount 74.6062899
A-2b Interest Distribution Amount 2.9220352
A-2b Interest Carryover Shortfall 0.0000000
A-2b Principal Distribution Amount 71.9588668
Total A-2b Distribution Amount 74.8809020
A-3 Interest Distribution Amount 4.2916667
A-3 Interest Carryover Shortfall 0.0000000
A-3 Principal Distribution Amount 0.0000000
Total A-3 Distribution Amount 4.2916667
A-4 Interest Distribution Amount 4.1916667
A-4 Interest Carryover Shortfall 0.0000000
A-4 Principal Distribution Amount 0.0000000
Total A-4 Distribution Amount 4.1916667
B Interest Distribution Amount 4.4666667
B Interest Carryover Shortfall 0.0000000
B Principal Distribution Amount 0.0000000
Total B Distribution Amount 4.4666667
C Interest Distribution Amount 4.5916665
C Interest Carryover Shortfall 0.0000000
C Principal Distribution Amount 0.0000000
Total C Distribution Amount 4.5916665
Noteholders' First Priority Principal Distributable Amount 0.00
Noteholders' Second Priority Principal Distributable Amount 147.71
Noteholders' Third Priority Principal Distributable Amount 579.19
Noteholders' Principal Distributable Amount 273.10
Account Balances $ Amount
Reserve Account
Balance as of 08/15/24 2,603,351.22
Investment Earnings 11,589.12
Investment Earnings Paid (11,589.12 )
Deposit/(Withdrawal) -
Balance as of 09/16/24 2,603,351.22
Change -
Required Reserve Amount 2,603,351.22
Other Servicing Information Current Month Prior Month Two Months Prior
Principal Balance of Receivables extended during the Collection Period $ 4,449,331.61 6,628,587.21 5,371,555.99
Number of Extensions 152 210 182
Ratio of extensions to Beginning of Period Receivables Balance 0.61 % 0.87 % 0.68 %