UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934.
For the monthly distribution period from May 1, 2024 to May 31, 2024
Commission File Number of issuing entity: 333-228112-07
Central Index Key Number of issuing entity: 0001821685
WORLD OMNI SELECT AUTO TRUST 2020-A
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor: 333-228112
Central Index Key Number of depositor: 0001083199
WORLD OMNI AUTO RECEIVABLES LLC
(Exact name of depositor as specified in its charter)
Central Index Key Number of sponsor: 0001004150
WORLD OMNI FINANCIAL CORP.
(Exact name of sponsor as specified in its charter)
Paula Pescaru, Assistant Secretary, (954) 418-5368
(Name and telephone number, including area code,
of the person to contact in connection with this filing)
Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity)
52-2184798
(I.R.S. Employer Identification No.)
250 Jim Moran Boulevard, Deerfield Beach, FL 33442
(Address, including zip code, of principal executive offices of the issuing entity)
(954) 429-2200
(Telephone number, including area code, of the issuing entity)
Former name or former address, if changed since last report: Not applicable.
Registered/reporting pursuant to (check one):
| Title of class | Section 12(b) | Section 12(g) | Section 15(d) |
Name of exchange (If Section 12(b)) |
| Asset Backed Notes, Class A-1 | ¨ | ¨ | x | ¨ |
| Asset Backed Notes, Class A-2 | ¨ | ¨ | x | ¨ |
| Asset Backed Notes, Class A-3 | ¨ | ¨ | x | ¨ |
| Asset Backed Notes, Class B | ¨ | ¨ | x | ¨ |
| Asset Backed Notes, Class C | ¨ | ¨ | x | ¨ |
| Asset Backed Notes, Class D | ¨ | ¨ | x | ¨ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No ¨
PART I – DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
Distribution and pool performance information with respect to the receivables that constitute the assets of World Omni Select Auto Trust 2020-A for the distribution period commencing on May 1, 2024 and expiring on May 31, 2024 is set forth in the Monthly Servicer’s Certificate that is attached to this report as Exhibit 99.1, which Certificate is incorporated by reference herein. See the Sale and Servicing Agreement, Indenture and other documents filed as exhibits to the Form 8-K filed by the Issuing Entity on September 16, 2020 for a description of the transaction and defined terms used in this report and the attached Monthly Servicer’s Certificate.
Item 1A. Asset-Level Information.
The Asset Data File for the asset pool of the Issuing Entity for the May Collection Period filed as Exhibit 102 to the Form ABS-EE filed by the Issuing Entity with the U.S. Securities and Exchange Commission on June 28, 2024 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference.
The Asset Related Document (Additional Explanatory Disclosure) for the asset pool of the Issuing Entity for the May Collection Period filed as Exhibit 103 to the Form ABS-EE is also incorporated into this Form 10-D by reference.
Item 1B. Asset Representations Reviewer and Investor Communication.
Not applicable.
ITEM 1121 (c) OF REGULATION AB. REPURCHASES AND REPLACEMENTS
No activity to report for the distribution period as required by Item 1121 (c) of Regulation AB.
Date of Most Recent Form ABS-15G: January 9, 2024
Central Index Key (CIK) of Securitizer: 0001004150
PART II – OTHER INFORMATION
Item 2. Legal Proceedings.
Not applicable.
Item 3. Sales of Securities and Use of Proceeds.
Not applicable.
Item 4. Defaults Upon Senior Securities.
Not applicable.
Item 5. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 6. Significant Obligors of Pool Assets.
Not applicable.
Item 7. Change in Sponsor Interest in the Securities.
Not applicable.
Item 8. Significant Enhancement Provider Information.
Not applicable.
Item 9. Other Information.
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 Sale and Servicing Agreement), 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 all the limited liability company interests in World Omni Auto Receivables LLC (“WOAR”), which in turn retains the Certificates (as defined in the Sale and Servicing Agreement) issued by World Omni Select Auto Trust 2020-A, such Certificates representing at least 5% of the aggregate nominal value of the Receivables (as defined in the Sale and Servicing Agreement) in the pool.
World Omni has not (and has not permitted WOAR or any of its other affiliates to) subject the EU Retained Interest to any credit risk mitigation or hedging, 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.
Item 10. Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| World Omni Select Auto Trust 2020-A (Issuing Entity) | ||
| By: | World Omni Financial Corp. | |
| (Servicer, not in its individual capacity, but solely as Servicer on behalf of the Issuing Entity) | ||
| Date: June 28, 2024 | /s/ Claude S. Simon | |
| Claude S. Simon | ||
| Assistant Treasurer | ||
Exhibit 99.1
World Omni Select Auto Trust 2020-A
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 | 108,499,525.67 | 9,891 | ||||||||||
| Principal Payments | 5,438,013.29 | 149 | ||||||||||
| Defaulted Receivables | 524,533.65 | 38 | ||||||||||
| Repurchased Accounts | 0.00 | 0 | ||||||||||
| Pool Balance at 05/31/24 | 102,536,978.73 | 9,704 | ||||||||||
| Pool Statistics | $ Amount | # of Accounts | ||||||||||
| Pool Factor | 11.84 | % | ||||||||||
| Prepayment ABS Speed | 0.96 | % | ||||||||||
| Aggregate Starting Principal Balance | 865,949,696.84 | 33,461 | ||||||||||
| Delinquent Receivables: | ||||||||||||
| Past Due 31-60 days | 8,443,851.58 | 664 | ||||||||||
| Past Due 61-90 days | 2,571,391.21 | 187 | ||||||||||
| Past Due 91-120 days | 256,810.43 | 23 | ||||||||||
| Past Due 121+ days | 0.00 | 0 | ||||||||||
| Total | 11,272,053.22 | 874 | ||||||||||
| Total 31+ Delinquent as % Ending Pool Balance | 10.99 | % | ||||||||||
| Total 61+ Delinquent as % Ending Pool Balance | 2.76 | % | ||||||||||
| Delinquency Trigger Occurred | NO | |||||||||||
| Recoveries | 528,198.57 | |||||||||||
| Aggregate Net Losses/(Gains) - May 2024 | (3,664.92 | ) | ||||||||||
| Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized): | ||||||||||||
| Current Net Losses/(Gains) Ratio | -0.04 | % | ||||||||||
| Prior Net Losses/(Gains) Ratio | -0.93 | % | ||||||||||
| Second Prior Net Losses/(Gains) Ratio | 0.72 | % | ||||||||||
| Third Prior Net Losses/(Gains) Ratio | 1.75 | % | ||||||||||
| Four Month Average | 0.38 | % | ||||||||||
| Cumulative Net Loss as a % of Aggregate Starting Principal Balance | 1.73 | % | ||||||||||
| Overcollateralization Target Amount | 17,318,993.94 | |||||||||||
| Actual Overcollateralization | 17,318,993.94 | |||||||||||
| Weighted Average Contract Rate | 8.37 | % | ||||||||||
| Weighted Average Remaining Term | 24.16 | |||||||||||
| Flow of Funds | $ Amount | |||||||||||
| Collections | 6,729,047.51 | |||||||||||
| Investment Earnings on Cash Accounts | 58,891.66 | |||||||||||
| Servicing Fee | (113,020.34 | ) | ||||||||||
| Transfer to Collection Account | - | |||||||||||
| Available Funds | 6,674,918.83 | |||||||||||
| Distributions of Available Funds | ||||||||||||
| (1) Asset Representation Reviewer Amounts (up to $150,000 per year) | - | |||||||||||
| (2) Class A Interest | - | |||||||||||
| (3) Noteholders' First Priority Principal Distributable Amount | - | |||||||||||
| (4) Class B Interest | - | |||||||||||
| (5) Noteholders' Second Priority Principal Distributable Amount | - | |||||||||||
| (6) Class C Interest | 35,458.89 | |||||||||||
| (7) Noteholders' Third Priority Principal Distributable Amount | - | |||||||||||
| (8) Class D Interest | 53,351.67 | |||||||||||
| (9) Noteholders' Fourth Priority Principal Distributable Amount | - | |||||||||||
| (10) Class E Interest | - | |||||||||||
| (11) Noteholders' Fifth Priority Principal Distributable Amount | - | |||||||||||
| (12) Required Reserve Account | - | |||||||||||
| (13) Noteholders' Principal Distributable Amount | 5,962,546.94 | |||||||||||
| (14) Asset Representation Reviewer Amounts (in excess of 1) | - | |||||||||||
| (15) Distribution to Certificateholders | 623,561.33 | |||||||||||
| Total Distributions of Available Funds | 6,674,918.83 | |||||||||||
| Servicing Fee | 113,020.34 | |||||||||||
| Unpaid Servicing Fee | - | |||||||||||
| Change in amount of the unpaid servicing fee from the prior period | - | |||||||||||
| Note Balances & Note Factors | $ Amount | |||||||||||
| Original Class A | 630,400,000.00 | |||||||||||
| Original Class B | 69,260,000.00 | |||||||||||
| Original Class C | 44,170,000.00 | |||||||||||
| Original Class D | 37,660,000.00 | |||||||||||
| Original Class E | 19,480,000.00 | |||||||||||
| Total Class A, B, C, D & E | ||||||||||||
| Note Balance @ 05/15/24 | 91,180,531.73 | |||||||||||
| Principal Paid | 5,962,546.94 | |||||||||||
| Note Balance @ 06/17/24 | 85,217,984.79 | |||||||||||
| 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-2 | ||||||||||||
| 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-3 | ||||||||||||
| 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 B | ||||||||||||
| 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 C | ||||||||||||
| Note Balance @ 05/15/24 | 34,040,531.73 | |||||||||||
| Principal Paid | 5,962,546.94 | |||||||||||
| Note Balance @ 06/17/24 | 28,077,984.79 | |||||||||||
| Note Factor @ 06/17/24 | 63.5679982 | % | ||||||||||
| Class D | ||||||||||||
| Note Balance @ 05/15/24 | 37,660,000.00 | |||||||||||
| Principal Paid | 0.00 | |||||||||||
| Note Balance @ 06/17/24 | 37,660,000.00 | |||||||||||
| Note Factor @ 06/17/24 | 100.0000000 | % | ||||||||||
| Class E | ||||||||||||
| Note Balance @ 05/15/24 | 19,480,000.00 | |||||||||||
| Principal Paid | 0.00 | |||||||||||
| Note Balance @ 06/17/24 | 19,480,000.00 | |||||||||||
| Note Factor @ 06/17/24 | 100.0000000 | % | ||||||||||
| Interest & Principal Payments | $ Amount | |||||||||||
| Total Interest Paid | 88,810.56 | |||||||||||
| Total Principal Paid | 5,962,546.94 | |||||||||||
| Total Paid | 6,051,357.50 | |||||||||||
| Class A-1 | ||||||||||||
| Coupon | 0.20633 | % | ||||||||||
| Interest Paid | 0.00 | |||||||||||
| Principal Paid | 0.00 | |||||||||||
| Total Paid to A-1 Holders | 0.00 | |||||||||||
| Class A-2 | ||||||||||||
| Coupon | 0.47000 | % | ||||||||||
| Interest Paid | 0.00 | |||||||||||
| Principal Paid | 0.00 | |||||||||||
| Total Paid to A-2 Holders | 0.00 | |||||||||||
| Class A-3 | ||||||||||||
| Coupon | 0.55000 | % | ||||||||||
| Interest Paid | 0.00 | |||||||||||
| Principal Paid | 0.00 | |||||||||||
| Total Paid to A-3 Holders | 0.00 | |||||||||||
| Class B | ||||||||||||
| Coupon | 0.84000 | % | ||||||||||
| Interest Paid | 0.00 | |||||||||||
| Principal Paid | 0.00 | |||||||||||
| Total Paid to B Holders | 0.00 | |||||||||||
| Class C | ||||||||||||
| Coupon | 1.25000 | % | ||||||||||
| Interest Paid | 35,458.89 | |||||||||||
| Principal Paid | 5,962,546.94 | |||||||||||
| Total Paid to C Holders | 5,998,005.83 | |||||||||||
| Class D | ||||||||||||
| Coupon | 1.70000 | % | ||||||||||
| Interest Paid | 53,351.67 | |||||||||||
| Principal Paid | 0.00 | |||||||||||
| Total Paid to D Holders | 53,351.67 | |||||||||||
| Class E | ||||||||||||
| Coupon | 0.00000 | % | ||||||||||
| Interest Paid | 0.00 | |||||||||||
| Principal Paid | 0.00 | |||||||||||
| Total Paid to E Holders | 0.00 | |||||||||||
| Distribution per $1,000 of Notes | Total | |||||||||||
| Total Interest Distribution Amount | 0.1108788 | |||||||||||
| Total Interest Carryover Shortfall | 0.0000000 | |||||||||||
| Total Principal Distribution Amount | 7.4441576 | |||||||||||
| Total Distribution Amount | 7.5550364 | |||||||||||
| 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-2 Interest Distribution Amount | 0.0000000 | |||||||||||
| A-2 Interest Carryover Shortfall | 0.0000000 | |||||||||||
| A-2 Principal Distribution Amount | 0.0000000 | |||||||||||
| Total A-2 Distribution Amount | 0.0000000 | |||||||||||
| A-3 Interest Distribution Amount | 0.0000000 | |||||||||||
| A-3 Interest Carryover Shortfall | 0.0000000 | |||||||||||
| A-3 Principal Distribution Amount | 0.0000000 | |||||||||||
| Total A-3 Distribution Amount | 0.0000000 | |||||||||||
| B Interest Distribution Amount | 0.0000000 | |||||||||||
| B Interest Carryover Shortfall | 0.0000000 | |||||||||||
| B Principal Distribution Amount | 0.0000000 | |||||||||||
| Total B Distribution Amount | 0.0000000 | |||||||||||
| C Interest Distribution Amount | 0.8027822 | |||||||||||
| C Interest Carryover Shortfall | 0.0000000 | |||||||||||
| C Principal Distribution Amount | 134.9908748 | |||||||||||
| Total C Distribution Amount | 135.7936570 | |||||||||||
| D Interest Distribution Amount | 1.4166668 | |||||||||||
| D Interest Carryover Shortfall | 0.0000000 | |||||||||||
| D Principal Distribution Amount | 0.0000000 | |||||||||||
| Total D Distribution Amount | 1.4166668 | |||||||||||
| E Interest Distribution Amount | 0.0000000 | |||||||||||
| E Interest Carryover Shortfall | 0.0000000 | |||||||||||
| E Principal Distribution Amount | 0.0000000 | |||||||||||
| Total E Distribution Amount | 0.0000000 | |||||||||||
| Noteholders' First Priority Principal Distributable Amount | 0.00 | |||||||||||
| Noteholders' Second Priority Principal Distributable Amount | 0.00 | |||||||||||
| Noteholders' Third Priority Principal Distributable Amount | 0.00 | |||||||||||
| Noteholders' Fourth Priority Principal Distributable Amount | 0.00 | |||||||||||
| Noteholders' Fifth Priority Principal Distributable Amount | 0.00 | |||||||||||
| Noteholders' Principal Distributable Amount | 1,000.00 | |||||||||||
| Account Balances | $ Amount | |||||||||||
| Reserve Account | ||||||||||||
| Balance as of 05/15/24 | 12,989,245.45 | |||||||||||
| Investment Earnings | 57,864.11 | |||||||||||
| Investment Earnings Paid | (57,864.11 | ) | ||||||||||
| Deposit/(Withdrawal) | - | |||||||||||
| Balance as of 06/17/24 | 12,989,245.45 | |||||||||||
| Change | - | |||||||||||
| Required Reserve Amount | 12,989,245.45 | |||||||||||
| Other Servicing Information | Current Month | Prior Month | Two Months Prior | |||||||||
| Principal Balance of Receivables extended during the Collection Period | $ | 1,334,529.44 | $ | 1,339,873.80 | $ | 1,272,166.61 | ||||||
| Number of Extensions | 108 | 107 | 97 | |||||||||
| Ratio of extensions to Beginning of Period Receivables Balance | 1.23 | % | 1.17 | % | 1.05 | % | ||||||
Credit Risk Retention Information
World Omni Financial Corp. (“World Omni”), as “originator” for the purposes of the EU Securitization Rules (as defined in the Sale and Servicing Agreement), 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 all the limited liability company interests in World Omni Auto Receivables LLC (“WOAR”), which in turn retains the Certificates (as defined in the Sale and Servicing Agreement) issued by World Omni Select Auto Trust 2020-A, such Certificates representing at least 5% of the aggregate nominal value of the Receivables (as defined in the Sale and Servicing Agreement) in the pool.
World Omni has not (and has not permitted WOAR or any of its other affiliates to subject the EU Retained Interest to any 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) subject the EU Retained Interest to any credit risk mitigation or hedging, or sell, transfer or otherwise surrender 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.