| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 214.3 | 15.9% | 5.00% | 0.23 | 5.52% | +14 I-curve | 2025-02-18 | A-1+ | F1+ |
| Class A-2A | 174.3 | 13.0% | 5.00% | 1.09 | 5.05% | +34 I-curve | 2027-04-15 | AAA | AAA |
| Class A-2B | 260.0 | 19.3% | 5.00% | 1.09 | floating | +34 SOFR | 2027-04-15 | AAA | AAA |
| Class A-3 | 434.3 | 32.3% | 5.00% | 2.60 | 4.86% | +65 I-curve | 2029-03-15 | AAA | AAA |
| Class A-4 | 87.9 | 6.5% | 5.00% | 3.81 | 4.84% | +77 I-curve | 2029-10-15 | AAA | AAA |
| Class B | 36.9 | 2.7% | 2.00% | 3.84 | 5.09% | +103 I-curve | 2029-12-17 | AA | AA |
| Class C | 18.4 | 1.4% | 0.50% | 3.84 | 5.31% | +125 I-curve | 2030-10-15 | A | A |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | World Omni Financial Corp. |
|---|---|
| Servicer | World Omni Financial Corp. |
| Depositor / Transferor | World Omni Auto Receivables LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Wells Fargo Securities, BofA Securities, Mizuho Securities, MUFG Securities Americas |
| WOART 2024-A | WOART 2023-D | WOART 2023-C | WOART 2023-B | WOART 2023-A | WOART 2022-D | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-02-14 | 2023-11-08 | 2023-08-16 | 2023-04-19 | 2023-02-15 | 2022-11-16 | 424B5 |
| Pool balance | $1,343.7MM | $1,119.4MM | $1,163.5MM | $1,162.8MM | $1,116.8MM | $1,156.7MM | 424B5 |
| WA Credit Score | 757+3 | 756 | 756 | 754 | 753 | 753 | 424B5 |
| WA APR | 6.54%+0.95pp | 6.13% | 5.87% | 5.59% | 5.59% | 4.92% | 424B5 |
| WA original term mo | 67.6−0.3 | 67.4 mo | 67.6 mo | 68.2 mo | 67.9 mo | 68.7 mo | 424B5 |
| % new vehicles | 95.6% | 95.5% | 94.8% | 93.9% | 95.8% | 93.5% | 424B5 |
| Geo top-3 | FL 47.9% GA 18.3% NC 15.8% | FL 44.7% GA 19.6% NC 16.6% | FL 44.9% GA 19.6% NC 16.1% | FL 50.5% GA 17.3% NC 14.9% | FL 46.0% GA 19.0% NC 16.6% | FL 34.7% GA 23.3% NC 19.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.00%0.00pp | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | calc |
| Enhancement, target | 5.90% | 5.90% | 5.90% | 5.90% | 5.90% | 5.90% | calc |
| Subordinate notes | 4.5%0.0pp | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | calc |
| OC (initial) | 0.25% | 0.25% | 0.25% | 0.25% | 0.00% | 0.00% | 424B5 |
| OC target | 1.15% | 1.15% | 1.15% | 1.15% | 0.90% | 0.90% | 424B5 |
| OC floor | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.50% | 0.50% | 424B5 |
| YSOC | 8.53% | 10.50% | 10.50% | 10.01% | 9.78% | 11.70% | 424B5 |
| Pricing | |||||||
| AAA spread | +65 bps−16bps A-3 · 2.6y | +92 bps A-3 · 2.7y | +67 bps A-3 · 2.6y | +81 bps A-3 · 2.5y | +64 bps A-3 · 2.6y | +110 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 7 | 7 | 7 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| WOART 2024-A | TAOT 2024-A | MBART 2024-1 | GMCAR 2024-1 | FCAOT 2023-C | VALET 2023-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-02-14 | 2024-01-30 | 2024-01-24 | 2024-01-17 | 2023-11-21 | 2023-11-21 | 424B5 |
| Pool balance | $1,343.7MM | $1,908.5MM | $1,459.5MM | $1,657.3MM | $1,443.4MM | $1,418.8MM | 424B5 |
| WA Credit Score | 757−10 | 767 | 754 | 783 | 753 | 770 | 424B5 |
| WA APR | 6.54%+0.85pp | 5.37% | 7.74% | 5.96% | 4.92% | 5.69% | 424B5 |
| WA original term mo | 67.6+0.1 | 66.0 mo | 69.6 mo | 69.0 mo | 63.6 mo | — | 424B5 |
| % new vehicles | 95.6% | 84.2% | 40.3% | — | 91.2% | 73.4% | 424B5 |
| Geo top-3 | FL 47.9% GA 18.3% NC 15.8% | CA 23.9% TX 15.3% IL 4.6% | CA 21.6% FL 15.3% TX 14.3% | TX 14.0% FL 7.3% CA 5.4% | TX 16.0% CA 9.6% FL 8.4% | TX 14.8% CA 13.6% FL 9.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.00%+1.75pp | 2.75% | 2.75% | 6.10% | 5.25% | 3.25% | calc |
| Enhancement, target | 5.90% | 3.60% | 2.75% | 6.60% | 7.25% | — | calc |
| Subordinate notes | 4.5%+2.0pp | 2.5% | 0.0% | 4.4% | 5.0% | 0.0% | calc |
| OC (initial) | 0.25% | 0.00% | 2.50% | 1.50% | 0.00% | 3.00% | 424B5 |
| OC target | 1.15% | 0.85% | 2.50% | 2.00% | 2.00% | — | 424B5 |
| OC floor | 0.50% | 0.85% | 2.50% | 2.00% | 2.00% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.53% | 8.30% | 4.47% | 5.45% | 8.84% | 9.17% | 424B5 |
| Pricing | |||||||
| AAA spread | +65 bps−11bps A-3 · 2.6y | +60 bps A-3 · 2.4y | +66 bps A-3 · 2.7y | — | +86 bps A-3 · 2.4y | +90 bps A-3 · 2.8y | FWP |
| Terms | |||||||
| Tranches | 7 | 6 | 5 | 8 | 7 | 5 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (143 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
World Omni Financial Corp. — ticker WOART.
Peer tier: prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.