| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 112.0 | 11.3% | 17.00% | 0.23 | 5.50% | +13 I-curve | 2025-04-15 | A-1+ | — |
| Class A-2a | 85.0 | 8.6% | 17.00% | 1.28 | 5.32% | +44 I-curve | 2027-02-16 | AAA | AAA |
| Class A-2b | 240.0 | 24.2% | 17.00% | 1.28 | floating | +43 SOFR | 2027-02-16 | AAA | AAA |
| Class A-3 | 325.0 | 32.8% | 17.00% | 2.30 | 5.26% | +64 I-curve | 2027-10-15 | AAA | AAA |
| Class A-4 | 65.7 | 6.6% | 17.00% | 2.64 | 5.25% | +70 I-curve | 2029-09-17 | AAA | AAA |
| Class B | 47.1 | 4.7% | 12.25% | 2.75 | 5.62% | +110 I-curve | 2029-09-17 | AA | AA |
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 Leasing LLC |
| Indenture Trustee | All fees, expenses and other amounts owing to the Owner Trustee pursuant to the Trust Agreement |
| Owner Trustee | U.S. Bank Trust National |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, TD Securities, Wells Fargo Securities, U.S. Bancorp Investments, MUFG Securities Americas |
| WOALT 2024-A | WOALT 2023-A | WOALT 2022-A | WOALT 2021-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-04-17 | 2023-05-24 | 2022-04-13 | 2021-07-21 | 424B5 |
| Pool balance | $991.2MM | $935.4MM | $964.5MM | $960.0MM | 424B5 |
| WA Lessee Credit Score | 747+2 | 749 | 745 | 743 | 424B5 |
| WA original term mo | 38.3+0.8 | 38.8 mo | 36.8 mo | 37.5 mo | 424B5 |
| WA Residual % MSRP | 57.4% | 59.2% | 59.7% | 60.1% | calc |
| ALG-marked residuals | 100.0% | 100.0% | 100.0% | 100.0% | calc |
| WA Securitization Value | $29,019 | $27,329 | $28,802 | $28,462 | calc |
| Top-3 model concentration | 34.1% | 43.4% | 48.2% | 43.1% | calc |
| Geo top-3 | FL 62.5% NC 15.7% GA 7.7% | FL 63.3% NC 15.9% SC 8.2% | FL 66.8% NC 14.9% SC 6.7% | FL 65.9% NC 14.7% SC 7.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 17.00%−2.25pp | 18.25% | 19.26% | 19.25% | calc |
| Enhancement, target | 18.75% | 20.00% | 21.26% | 20.75% | calc |
| Subordinate notes | 4.7%+1.0pp | 3.8% | 3.8% | 3.8% | calc |
| Initial OC | 11.75% | 14.00% | 15.00% | 15.00% | 424B5 |
| Target OC | 13.50% | 15.75% | 17.00% | 16.50% | 424B5 |
| Reserve account | 0.50% | 0.50% | 0.50% | 0.50% | 424B5 |
| Pricing | |||||
| AAA spread | +64 bps+16bps A-3 · 2.3y | +108 bps A-3 · 2.0y | +48 bps A-3 · 1.9y | +7 bps A-3 · 2.1y | FWP |
| Terms | |||||
| Discount rate | 10.80% | 11.00% | 8.00% | 5.25% | 424B5 |
| Tranches | 6 | 6 | 5 | 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.
| WOALT 2024-A | GMALT 2024-1 | Source | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2024-04-17 | 2024-02-15 | 424B5 |
| Pool balance | $991.2MM | $1,755.9MM | 424B5 |
| WA Lessee Credit Score | 747 | 781 | 424B5 |
| WA original term mo | 38.3 | 36.0 mo | 424B5 |
| WA Residual % MSRP | 57.4% | 53.0% | calc |
| ALG-marked residuals | 100.0% | 95.6% | calc |
| WA Securitization Value | $29,019 | $31,900 | calc |
| Top-3 model concentration | 34.1% | 35.1% | calc |
| Geo top-3 | FL 62.5% NC 15.7% GA 7.7% | MI 31.2% NY 15.1% FL 7.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||
| Enhancement, initial | 17.00% | 19.15% | calc |
| Enhancement, target | 18.75% | 21.65% | calc |
| Subordinate notes | 4.7% | 10.9% | calc |
| Initial OC | 11.75% | 8.00% | 424B5 |
| Target OC | 13.50% | 10.50% | 424B5 |
| Reserve account | 0.50% | 0.25% | 424B5 |
| Pricing | |||
| AAA spread | +64 bps A-3 · 2.3y | +70 bps A-3 · 2.0y | FWP |
| Terms | |||
| Discount rate | 10.80% | 9.75% | 424B5 |
| Tranches | 6 | 8 | 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.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 89.32% |
|---|---|
| Realized G/L (% of scheduled) | -10.68% |
| Returned vehicles to date | 1,676 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.