World Omni Auto Receivables Trust 2022-A: Trustee Faces RMBS, Student Loan Suits

TL;DR

**Holders of World Omni Auto Receivables Trust 2022-A notes should monitor U.S. Bank's ongoing legal battles, as trustee litigation always carries a tail risk for ABS performance.**

AI Summary

World Omni Auto Receivables Trust 2022-A, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no significant changes in its core business of holding auto receivables. The Trust reported no single obligor represented 10% or more of its pool assets, and no entity provided external credit enhancement for its Notes or Certificates. The filing highlighted ongoing legal proceedings involving U.S. Bank National Association, the Indenture Trustee, related to residential mortgage-backed securities (RMBS) and student loan trusts, specifically the NCMSLT Action, though U.S. Bank denies liability. World Omni Financial Corp. acts as the Sponsor, Originator, and primary Servicer, with its wholly-owned subsidiary, World Omni Auto Receivables LLC, as the Depositor and 100% owner of the Trust's Certificates. Both the Sponsor and Indenture Trustee reported no material instances of noncompliance with applicable servicing criteria under Item 1122 of Regulation AB, as attested by PricewaterhouseCoopers LLP and Ernst & Young LLP, respectively.

Why It Matters

This 10-K provides crucial transparency for investors in World Omni Auto Receivables Trust 2022-A, particularly regarding the legal entanglements of its Indenture Trustee, U.S. Bank National Association. While these lawsuits are not directly against the Trust, they introduce reputational and operational risks to a key counterparty, potentially impacting the Trust's ability to enforce its rights or manage its assets effectively. For employees of World Omni Financial Corp., the consistent servicing compliance reports suggest operational stability. In the broader auto ABS market, these disclosures highlight the importance of robust trustee oversight and the potential for spillover risks from other securitization sectors, differentiating trusts with strong, unencumbered trustees from those facing litigation.

Risk Assessment

Risk Level: medium — The risk level is medium due to the ongoing legal proceedings against U.S. Bank National Association, the Indenture Trustee, as detailed in Item 1117 of Regulation AB. These lawsuits, including the NCMSLT Action filed on March 9, 2018, allege failures in trustee duties for RMBS and student loan trusts, which could impact U.S. Bank's operational capacity or reputation, indirectly affecting its role for World Omni Auto Receivables Trust 2022-A.

Analyst Insight

Investors should closely monitor the progress and outcomes of the legal proceedings involving U.S. Bank National Association, the Indenture Trustee, as these could impact the operational stability and perceived risk of the Trust's assets. While the Trust itself is not a party, any adverse rulings or significant financial penalties against U.S. Bank could indirectly affect the Trust's administration and the value of its Notes and Certificates.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• 10% — Maximum percentage of pool assets represented by a single obligor (No single obligor represents 10% or more of the pool assets held by the Trust, indicating diversification.)
• 100% — Ownership interest of the Depositor in the Trust's Certificates (World Omni Auto Receivables LLC, a subsidiary of the Sponsor, owns 100% of the Trust's Certificates, aligning interests.)
• 2025 — Fiscal year end (The 10-K covers the fiscal year ended December 31, 2025, providing current operational status.)
• 2018 — Year NCMSLT Action was filed (The NCMSLT Action against U.S. Bank National Association was filed on March 9, 2018, indicating a long-standing legal issue.)
• 2026-03-23 — Filing date of 10-K (The 10-K was filed on March 23, 2026, providing timely disclosure of the Trust's status.)

Key Players & Entities

• World Omni Auto Receivables Trust 2022-A (company) — issuing entity
• U.S. Bank National Association (company) — Indenture Trustee facing legal proceedings
• World Omni Financial Corp. (company) — Sponsor, Originator, and primary Servicer
• World Omni Auto Receivables LLC (company) — Depositor and wholly-owned subsidiary of Sponsor
• Michael Hollis (person) — Group Vice President and Assistant Secretary of World Omni Financial Corp.
• PricewaterhouseCoopers LLP (company) — Independent Registered Public Accounting Firm for World Omni Financial Corp.
• Ernst & Young LLP (company) — Independent Registered Public Accounting Firm for U.S. Bank National Association
• Delaware Court of Chancery (regulator) — Court where NCMSLT Action is pending
• The National Collegiate Student Loan Master Trust I (company) — Plaintiff in NCMSLT Action
• Regulation AB (regulator) — SEC regulation governing asset-backed securities

FAQ

Risk Factors

• Ongoing Litigation Involving Indenture Trustee [medium — legal]: The Indenture Trustee, U.S. Bank National Association, is involved in legal proceedings related to RMBS and student loan trusts, specifically the NCMSLT Action filed in 2018. While U.S. Bank denies liability, any adverse outcome could potentially impact the trustee's ability to fulfill its duties, although the filing indicates no direct impact on the Trust's operations.
• Compliance with Servicing Criteria [low — regulatory]: Both the Sponsor (World Omni Financial Corp.) and the Indenture Trustee reported no material instances of noncompliance with applicable servicing criteria under Item 1122 of Regulation AB. This attestation was provided by PricewaterhouseCoopers LLP and Ernst & Young LLP, respectively, indicating adherence to regulatory standards.

Industry Context

The auto finance industry is characterized by intense competition among lenders, with a focus on efficient servicing and risk management. Securitization remains a critical funding mechanism, allowing originators to access capital markets and transfer credit risk. Trends include increasing adoption of digital servicing platforms and evolving regulatory scrutiny on consumer protection and data privacy.

Regulatory Implications

The Trust's operations are subject to Regulation AB, requiring specific disclosures regarding asset-backed securities. The attestation on servicing criteria under Item 1122 is a key compliance point. The ongoing litigation involving the Indenture Trustee, while not directly related to the Trust's assets, could introduce indirect operational risks if it impacts the trustee's capacity.

What Investors Should Do

1. Monitor U.S. Bank National Association's litigation status.
2. Review the Omnibus Amendment to the Sale and Servicing Agreement.
3. Confirm continued compliance with servicing criteria.

Key Dates

• 2022-02-08: Underwriting Agreement dated — Established the terms for the issuance of the Trust's securities.
• 2022-02-16: Sale and Servicing Agreement and Indenture dated — Governs the servicing of the auto receivables and the terms of the Trust's debt securities.
• 2024-12-04: Depositor's Form SF-3 filed — Incorporated by reference, containing key formation documents for the Depositor.
• 2026-01-13: Omnibus Amendment to Sale and Servicing Agreement dated — Indicates a modification to the servicing agreement, potentially affecting operational terms.
• 2026-01-20: Form 8-K filed regarding Omnibus Amendment — Disclosed the amendment to the Sale and Servicing Agreement.
• 2026-03-23: 10-K Filing Date — The current annual report filing, providing updated information for the fiscal year ended December 31, 2025.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by the cash flows from those assets. (World Omni Auto Receivables Trust 2022-A is a securitization entity holding auto loan receivables.)

Regulation AB

SEC rules governing the disclosure requirements for asset-backed securities offerings. (The filing references Item 1115(b) and Item 1122 of Regulation AB concerning derivative instruments and servicing criteria.)

Indenture Trustee

A financial institution appointed to act on behalf of bondholders, ensuring the issuer complies with the terms of the indenture agreement. (U.S. Bank National Association serves as the Indenture Trustee for the Trust.)

Sponsor

The entity that originates or purchases the assets to be securitized and initiates the securitization process. (World Omni Financial Corp. is the Sponsor of the Trust.)

Depositor

The entity that transfers the securitized assets to the trust or special purpose entity. (World Omni Auto Receivables LLC is the Depositor for the Trust.)

Servicer

The entity responsible for collecting payments from obligors, managing the assets, and distributing payments to security holders. (World Omni Financial Corp. acts as the primary Servicer for the auto receivables.)

RMBS

Residential Mortgage-Backed Securities, which are bonds backed by pools of residential mortgages. (U.S. Bank National Association is involved in litigation related to RMBS, which is a separate matter from the Trust's operations.)

Year-Over-Year Comparison

This filing covers the fiscal year ended December 31, 2025. As the provided text does not contain comparative financial data from a prior year's 10-K, a direct comparison of revenue growth, margin changes, or new risks cannot be made. However, the inclusion of an Omnibus Amendment to the Sale and Servicing Agreement dated January 13, 2026, indicates a change in the operational framework compared to the previous period.

Filing Documents

• tm261230d1_10k.htm (10-K) — 70KB
• tm261230d1_ex31-1.htm (EX-31.1) — 7KB
• tm261230d1_ex33-1.htm (EX-33.1) — 72KB
• tm261230d1_ex33-2.htm (EX-33.2) — 48KB
• tm261230d1_ex34-1.htm (EX-34.1) — 8KB
• tm261230d1_ex34-2.htm (EX-34.2) — 7KB
• tm261230d1_ex35-1.htm (EX-35.1) — 5KB
• tm261230d1_ex34-1img01.jpg (GRAPHIC) — 3KB
• tm261230d1_ex34-2img03.jpg (GRAPHIC) — 3KB
• 0001104659-26-033258.txt ( ) — 226KB

(B) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS

ITEM 1112(B) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS (FINANCIAL INFORMATION). No single obligor represents 10% or more of the pool assets held by World Omni Auto Receivables Trust 2022-A (the "Trust").

(B)(2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER SUPPORT,

ITEM 1114(B)(2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS (INFORMATION REGARDING SIGNIFICANT ENHANCEMENT PROVIDERS). No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment on the pool assets held by the Trust or payments on the notes (the "Notes") or certificates (the "Certificates") issued by the Trust.

(B) OF REGULATION AB. CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL

ITEM 1115(B) OF REGULATION AB. CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION). Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this item.

OF REGULATION AB. LEGAL PROCEEDINGS

ITEM 1117 OF REGULATION AB. LEGAL PROCEEDINGS. The following events have been brought to our attention by U.S. Bank National Association, in its capacity as indenture trustee (the "Indenture Trustee"): U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default. U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts. On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with r

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Not applicable.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Not applicable.

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Not applicable.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. Not applicable.

Changes In and Disagreements With Accountants on Accounting

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure. Not applicable.

Controls and Procedures

Item 9A. Controls and Procedures. Not applicable.

Other Information

Item 9B. Other Information. No other information.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. Not applicable because there are no directors or executive officers of the registrant.

Executive Compensation

Item 11. Executive Compensation. Not applicable.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Not Applicable.

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. Not applicable.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Not applicable. Substitute Information Provided in Accordance with General Instruction J to Form 10-K:

OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS

ITEM 1119 OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. The Sponsor is the originator, as contemplated by Item 1110 of Regulation AB, of all of the pool assets owned by the Trust. The Sponsor is also the primary servicer. The Depositor is a wholly-owned subsidiary of the Sponsor and, therefore, a wholly-owned subsidiary of the originator and the primary servicer. Through its purchase of the Certificates, the Depositor has acquired a 100% ownership interest in the Trust; therefore, the Trust is an affiliated party of the Depositor and, indirectly, of the Sponsor (including in its role as originator and primary servicer). The Indenture Trustee is not affiliated with any of the Sponsor (including in its role as originator and primary servicer), the Depositor or the Trust. There are no significant obligors, external enhancement or support providers, or other material parties related to the Notes or Certificates. In addition, there are no business relationships, agreements, arrangements, transactions or understandings outside the ordinary course of business or on terms other than would be obtained in an arm's length transaction with an unrelated party, apart from the transaction involving the issuance of the Notes and Certificates by the Trust, between the Sponsor, the Depositor or the Trust and any of the parties mentioned in this Item.

OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA

ITEM 1122 OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA. The Sponsor (in its role as servicer) and the Indenture Trustee (collectively, the "Servicing Parties") have each been identified by the registrant as parties participating in the servicing function with respect to the asset pool held by the Trust. Each of the Servicing Parties has completed a report on an assessment of compliance with the servicing criteria applicable to it under Item 1122 of Regulation AB (each, a "Servicing Report"), which Servicing Reports are attached as exhibits to this Form 10-K. In addition, each of the Servicing Parties has provided an attestation report (each, an "Attestation Report") by one or more registered public accounting firms, which reports are also attached as exhibits to this Form 10-K. Neither of the Servicing Reports prepared by the Servicing Parties, or the corresponding Attestation Reports, has identified any material instance of noncompliance with the servicing criteria applicable to the respective Servicing Party.

OF REGULATION AB. SERVICER COMPLIANCE STATEMENT

ITEM 1123 OF REGULATION AB. SERVICER COMPLIANCE STATEMENT. The Sponsor (in its role as servicer) has been identified by the registrant as servicer with respect to the asset pool held by the Trust. The Sponsor has completed a statement of compliance (a "Compliance Statement"), signed by an authorized officer of the Sponsor. The Compliance Statement is attached as an exhibit to this Form 10-K. PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. (a)(1) Not applicable. (a)(2) Not applicable. (a)(3) See Item 15(b) below. (b) The following documents are included as part of, or incorporated by reference to, this annual report: Exhibit No. 1.1 Underwriting Agreement, dated as of February 8, 2022, relating to the Trust. Incorporated by reference to Exhibit 1.1 to the Registrant's Current Report on Form 8-K, Registration File Number 333-261470-01, filed with the Commission on February 10, 2022. 3.1 Certificate of Formation of the Depositor. Incorporated by reference to Exhibit 3.1 to the Registrant's Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024. 3.2 Certificate of Amendment of Certificate of Formation of the Depositor. Incorporated by reference to Exhibit 3.2 to the Registrant's Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024. 3.3 Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.3 to the Registrant's Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024. 3.4 Amendment No. 1 to Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.4 to the Registrant's Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024. 3.5 Amendment No. 2 to Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.5 to the Registrant's Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024 . 4.1 Sale and Servicing Agreement, dated as of February 16, 2022, relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K, Registration File Number 333-261470-01, filed with the Commission on February 16, 2022. 4.2 Omnibus Amendment to Sale and Servicing Agreement, dated as of January 13, 2026, relating

Form 10-K Summary

Item 16. Form 10-K Summary. None.

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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 Auto Receivables Trust 2022-A By: World Omni Financial Corp., as Servicer on behalf of the Trust Date: March 23, 2026 /s/ Michael Hollis Michael Hollis Group Vice President and Assistant Secretary (Senior officer in charge of the servicing function) World Omni Financial Corp. (Servicer on behalf of the Trust) Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act. No annual report or proxy materials have been sent to security holders and no such report or proxy materials are to be furnished to security holders subsequent to the filing of this Annual Report on Form 10-K.

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