Form 10-D World Omni Select Auto For: May 31

 

 

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, 2022 to May 31, 2022

 

 

Commission File Number of issuing entity: 333-228112-02

 

Central Index Key Number of issuing entity: 0001787489

 

WORLD OMNI SELECT AUTO TRUST 2019-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) 295-7425

(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-2a	¨	¨	x	¨
Asset Backed Notes, Class A-2b	¨	¨	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 2019-A for the distribution period commencing on May 1, 2022 and expiring on May 31, 2022 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 Trust on October 9, 2019 for a description of the transaction and defined terms used in this report and the attached 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 29, 2022 (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 7, 2022

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 2019-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.

 

Item 10. Exhibits.

 

Exhibit 99.1.       Monthly Servicer’s Certificate for the distribution period commencing on May 1, 2022 and expiring on May 31, 2022.

 

Exhibit 102         Asset Data File for the reporting month May 1, 2022 to May 31, 2022 (See Exhibit 102 to Form ABS-EE filed by World Omni Select Auto Trust 2019-A on June 29, 2022 which is incorporated by reference herein).

 

Exhibit 103         Asset Related Document for the reporting month May 1, 2022 to May 31, 2022 (See Exhibit 103 to Form ABS-EE filed by World Omni Select Auto Trust 2019-A on June 29, 2022 which is incorporated by reference herein).

 

 

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 2019-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 29, 2022		/s/ Ronald J. Virtue
		Ronald J. Virtue
		Assistant Treasurer

 

 

Exhibit 99.1

 

World Omni Select Auto Trust 2019-A
Monthly Servicer Certificate
May 31, 2022

 

Dates Covered

Collections Period

05/01/22 - 05/31/22

Interest Accrual Period

05/16/22 - 06/14/22

30/360 Days

30

Actual/360 Days

30

Distribution Date

06/15/22

 

Collateral Pool Balance Data			$ Amount				# of Accounts
Pool Balance at 04/30/22			185,571,492.29				11,542
Principal Payments			8,553,041.51				288
Defaulted Receivables			564,743.39				31
Repurchased Accounts			0.00				0
Pool Balance at 05/31/22			176,453,707.39				11,223
Pool Statistics			$ Amount				# of Accounts
Pool Factor			23.70	%
Prepayment ABS Speed			1.35	%
Aggregate Starting Principal Balance			744,382,102.38				30,000
Delinquent Receivables:
Past Due 31-60 days			11,409,882.04				619
Past Due 61-90 days			3,276,897.27				174
Past Due 91-120 days			539,512.96				27
Past Due 121+ days			0.00				0
Total			15,226,292.27				820
Total 31+ Delinquent as % Ending Pool Balance			8.63	%
Total 61+ Delinquent as % Ending Pool Balance			2.16	%
Delinquency Trigger Occurred			NO
Recoveries			708,396.20
Aggregate Net Losses/(Gains) - May 2022			(143,652.81	)
Ratio of Net Loss/(Gain) to the Receivables Balance as of beginning of Collection Period (Annualized):
Current Net Losses/(Gains) Ratio			-0.93	%
Prior Net Losses/(Gains) Ratio			1.32	%
Second Prior Net Losses/(Gains) Ratio			-0.18	%
Third Prior Net Losses/(Gains) Ratio			-0.03	%
Four Month Average			0.05	%
Cumulative Net Loss as a % of Aggregate Starting Principal Balance			2.90	%
Overcollateralization Target Amount			22,056,713.42
Actual Overcollateralization			22,056,713.42
Weighted Average Contract Rate			8.77	%
Weighted Average Remaining Term			38.35
Flow of Funds			$ Amount
Collections			10,601,678.84
Investment Earnings on Cash Accounts			2,175.21
Servicing Fee			(193,303.64	)
Transfer to Collection Account			0.00
Available Funds			10,410,550.41
Distributions of Available Funds
(1)  Asset Representation Reviewer Amounts (up to $150,000 per calendar year)			0.00
(2)  Class A Interest			26,175.09
(3)  Noteholders' First Priority Principal Distributable Amount			0.00
(4)  Class B Interest			107,704.33
(5)  Noteholders' Second Priority Principal Distributable Amount			0.00
(6)  Class C Interest			75,307.17
(7)  Noteholders' Third Priority Principal Distributable Amount			0.00
(8)  Class D Interest			69,908.42
(9)  Noteholders' Fourth Priority Principal Distributable Amount			0.00
(10)  Class E Interest			0.00
(11)  Noteholders' Fifth Priority Principal Distributable Amount			0.00
(12)  Required Reserve Account			0.00
(13)  Noteholders' Principal Distributable Amount			7,978,061.78
(14)  Asset Representation Reviewer Amounts (in excess of 1)			0.00
(15)  Distribution to Certificateholders			2,153,393.62
Total Distributions of Available Funds			10,410,550.41
Servicing Fee			193,303.64
Unpaid Servicing Fee			0.00
Change in amount of the unpaid servicing fee from the prior period			0.00

 

 

Note Balances & Note Factors		$ Amount
Original Class A			541,890,000.00
Original Class B			59,560,000.00
Original Class C			37,970,000.00
Original Class D			32,390,000.00
Original Class E			16,750,000.00
Total Class A, B, C, D, & E
Note Balance @ 05/16/22			162,375,055.75
Principal Paid			7,978,061.78
Note Balance @ 06/15/22			154,396,993.97
Class A-1
Note Balance @ 05/16/22			0.00
Principal Paid			0.00
Note Balance @ 06/15/22			0.00
Note Factor @ 06/15/22			0.0000000	%
Class A-2a
Note Balance @ 05/16/22			0.00
Principal Paid			0.00
Note Balance @ 06/15/22			0.00
Note Factor @ 06/15/22			0.0000000	%
Class A-2b
Note Balance @ 05/16/22			0.00
Principal Paid			0.00
Note Balance @ 06/15/22			0.00
Note Factor @ 06/15/22			0.0000000	%
Class A-3
Note Balance @ 05/16/22			15,705,055.75
Principal Paid			7,978,061.78
Note Balance @ 06/15/22			7,726,993.97
Note Factor @ 06/15/22			5.9488752	%
Class B
Note Balance @ 05/16/22			59,560,000.00
Principal Paid			0.00
Note Balance @ 06/15/22			59,560,000.00
Note Factor @ 06/15/22			100.0000000	%
Class C
Note Balance @ 05/16/22			37,970,000.00
Principal Paid			0.00
Note Balance @ 06/15/22			37,970,000.00
Note Factor @ 06/15/22			100.0000000	%
Class D
Note Balance @ 05/16/22			32,390,000.00
Principal Paid			0.00
Note Balance @ 06/15/22			32,390,000.00
Note Factor @ 06/15/22			100.0000000	%
Class E
Note Balance @ 05/16/22			16,750,000.00
Principal Paid			0.00
Note Balance @ 06/15/22			16,750,000.00
Note Factor @ 06/15/22			100.0000000	%
Interest & Principal Payments			$ Amount
Total Interest Paid			279,095.01
Total Principal Paid			7,978,061.78
Total Paid			8,257,156.79
Class A-1
Coupon			2.12123	%
Interest Paid			0.00
Principal Paid			0.00
Total Paid to A-1 Holders			0.00
Class A-2a
Coupon			2.06000	%
Interest Paid			0.00
Principal Paid			0.00
Total Paid to A-2a Holders			0.00

 

 

Class A-2b
One-Month Libor			N/A
Coupon			0.34000	%
Interest Paid			0.00
Principal Paid			0.00
Total Paid to A-2b Holders			0.00
Class A-3
Coupon			2.00000	%
Interest Paid			26,175.09
Principal Paid			7,978,061.78
Total Paid to A-3 Holders			8,004,236.87
Class B
Coupon			2.17000	%
Interest Paid			107,704.33
Principal Paid			0.00
Total Paid to B Holders			107,704.33
Class C
Coupon			2.38000	%
Interest Paid			75,307.17
Principal Paid			0.00
Total Paid to C Holders			75,307.17
Class D
Coupon			2.59000	%
Interest Paid			69,908.42
Principal Paid			0.00
Total Paid to D Holders			69,908.42
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			0.4053314
Total Interest Carryover Shortfall			0.0000000
Total Principal Distribution Amount			11.5865891
Total Distribution Amount			11.9919205
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			0.0000000
A-2a Interest Carryover Shortfall			0.0000000
A-2a  Principal Distribution Amount			0.0000000
Total A-2a  Distribution Amount			0.0000000
A-2b Interest Distribution Amount			0.0000000
A-2b Interest Carryover Shortfall			0.0000000
A-2b  Principal Distribution Amount			0.0000000
Total A-2b  Distribution Amount			0.0000000
A-3 Interest Distribution Amount			0.2015174
A-3 Interest Carryover Shortfall			0.0000000
A-3 Principal Distribution Amount			61.4216782
Total A-3 Distribution Amount			61.6231956
B Interest Distribution Amount			1.8083333
B Interest Carryover Shortfall			0.0000000
B Principal Distribution Amount			0.0000000
Total B Distribution Amount			1.8083333
C Interest Distribution Amount			1.9833334
C Interest Carryover Shortfall			0.0000000
C Principal Distribution Amount			0.0000000
Total C Distribution Amount			1.9833334
D Interest Distribution Amount			2.1583334
D Interest Carryover Shortfall			0.0000000
D Principal Distribution Amount			0.0000000
Total D Distribution Amount			2.1583334
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 05/16/22			3,721,910.51
Investment Earnings			1,980.13
Investment Earnings Paid			(1,980.13	)
Deposit/(Withdrawal)			-
Balance as of 06/15/22			3,721,910.51
Change			-
Required Reserve Amount			3,721,910.51
Other Servicing Information			Current Month				Prior Month				Two Months Prior
Principal Balance of Receivables extended during the Collection Period		$	1,870,220.51			$	1,424,282.26			$	1,904,859.06
Number of Extensions			110				77				102
Ratio of extensions to Beginning of Period Receivables Balance			1.01	%			0.73	%			0.92	%
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 2019-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.

 

 

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