World Omni 2022-C Trust Reports Clean Servicing Amidst Trustee's Legal Woes

TL;DR

**World Omni Auto Receivables Trust 2022-C is operationally sound, but keep an eye on U.S. Bank's unrelated legal battles, which could cast a shadow on the broader securitization market.**

AI Summary

World Omni Auto Receivables Trust 2022-C, 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 external credit enhancement providers were identified. The filing highlighted ongoing legal proceedings involving U.S. Bank National Association, the parent of the Indenture Trustee, related to residential mortgage-backed securities (RMBS) and student loan-backed securities (DSTs). Specifically, U.S. Bank is a defendant in the NCMSLT Action, C.A. No. 2018-0167-JRS, filed on March 9, 2018, concerning alleged misconduct in administering student loan trusts. Despite these legal challenges against its affiliate, the Indenture Trustee, U.S. Bank Trust Company, National Association, and World Omni Financial Corp., as servicer, both submitted compliance reports and attestation reports under Item 1122 of Regulation AB, identifying no material instances of noncompliance with servicing criteria. The Trust's financial condition and results of operations were not applicable for detailed discussion in this filing, consistent with its structure as a pass-through entity.

Why It Matters

This 10-K provides transparency into the operational health of World Omni Auto Receivables Trust 2022-C, a key player in the auto asset-backed securities market. While the Trust itself shows no direct financial or operational issues, the ongoing legal challenges faced by U.S. Bank, the parent of the Indenture Trustee, in RMBS and student loan cases could indirectly impact investor confidence in securitized products if these cases lead to broader systemic concerns about trustee oversight. For investors in auto ABS, the clean servicing compliance reports from World Omni Financial Corp. and U.S. Bank Trust Company, National Association, offer reassurance regarding the management of the underlying auto loan portfolio, distinguishing it from the unrelated legal issues. This competitive context is crucial for maintaining market stability and investor trust in the auto ABS sector.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant legal proceedings involving U.S. Bank National Association, the parent of the Indenture Trustee, as detailed in Item 1117 of Regulation AB. These lawsuits, including the NCMSLT Action (C.A. No. 2018-0167-JRS), allege failures in trustee duties for RMBS and student loan trusts, which, while not directly against World Omni Auto Receivables Trust 2022-C, could impact the reputation and operational capacity of a critical third-party service provider.

Analyst Insight

Investors should monitor the legal proceedings involving U.S. Bank National Association closely, as adverse outcomes could create ripple effects across the securitization market, potentially affecting the perceived reliability of trustees. While World Omni Auto Receivables Trust 2022-C itself appears compliant, investors should assess their exposure to other securitized products where U.S. Bank or its affiliates serve as trustees.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 10% — Threshold for significant obligor (No single obligor represents 10% or more of the pool assets held by the Trust.)
• 2025-12-31 — Fiscal year end (The fiscal year for which this 10-K report was filed.)
• 2026-03-23 — Filing date (Date the 10-K report was filed with the SEC.)
• 2018-03-09 — Date of NCMSLT Action filing (Lawsuit against U.S. Bank National Association concerning student loan trusts was filed.)
• 100% — Ownership interest (The Depositor has acquired a 100% ownership interest in the Trust through its purchase of the Certificates.)

Key Players & Entities

• World Omni Auto Receivables Trust 2022-C (company) — issuing entity
• World Omni Auto Receivables LLC (company) — depositor
• World Omni Financial Corp. (company) — sponsor, originator, and primary servicer
• U.S. Bank Trust Company, National Association (company) — indenture trustee
• U.S. Bank National Association (company) — parent of indenture trustee, defendant in legal proceedings
• Michael Hollis (person) — Group Vice President and Assistant Secretary of World Omni Financial Corp.
• $0 (dollar_amount) — no single obligor represents 10% or more of pool assets
• Delaware Court of Chancery (regulator) — court handling NCMSLT Action
• 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 and U.S. Bank Trust Company, National Association

FAQ

Risk Factors

• Ongoing Litigation Involving Affiliate [medium — legal]: U.S. Bank National Association, the parent of the Indenture Trustee, is involved in the NCMSLT Action (C.A. No. 2018-0167-JRS) filed on March 9, 2018. This litigation concerns alleged misconduct in administering student loan trusts.

Industry Context

The auto finance industry is characterized by the securitization of auto loan receivables to provide liquidity and funding. Companies in this sector manage large portfolios of loans, facing risks related to credit quality, interest rate fluctuations, and regulatory compliance. The market relies on investor confidence in the underlying assets and the servicing of those assets.

Regulatory Implications

The Trust operates under Regulation AB, requiring specific disclosures and compliance with servicing criteria. The ongoing legal proceedings involving U.S. Bank National Association, an affiliate of the Indenture Trustee, highlight potential reputational and operational risks that could indirectly impact investor confidence in securitized products.

What Investors Should Do

1. Monitor legal proceedings involving U.S. Bank National Association.
2. Review compliance reports under Regulation AB.
3. Acknowledge the Trust's structure as a pass-through entity.

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-03-23: 10-K Filing Date — Indicates when the company submitted its annual report to the SEC.
• 2018-03-09: NCMSLT Action Filing Date — The date a significant legal proceeding involving an affiliate of the Indenture Trustee commenced.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by those assets. (World Omni Auto Receivables Trust 2022-C is structured as a securitization entity, holding auto receivables.)

Indenture Trustee

A financial institution appointed to act on behalf of bondholders in a securitization transaction, ensuring the terms of the indenture are met. (U.S. Bank Trust Company, National Association serves as the Indenture Trustee for the Trust.)

Regulation AB

SEC rules governing the registration, reporting, and disclosure requirements for asset-backed securities. (Compliance reports and attestation reports under Item 1122 of Regulation AB were submitted, indicating adherence to servicing criteria.)

Pass-through Entity

An entity whose income, losses, and deductions are passed through directly to its owners, avoiding taxation at the entity level. (The Trust's structure as a pass-through entity means its financial condition and results of operations are not detailed in the same way as a typical operating company.)

Year-Over-Year Comparison

As the Trust is a pass-through entity and its financial condition and results of operations are not applicable for detailed discussion, direct year-over-year comparisons of key financial metrics like revenue growth or margins are not feasible from this filing. The primary focus remains on the operational compliance and the absence of significant obligor concentration or external credit enhancement, alongside the ongoing legal matters involving an affiliate of the Indenture Trustee.

Filing Documents

• tm261230d3_10k.htm (10-K) — 71KB
• tm261230d3_ex31-1.htm (EX-31.1) — 8KB
• tm261230d3_ex33-1.htm (EX-33.1) — 68KB
• tm261230d3_ex33-2.htm (EX-33.2) — 47KB
• tm261230d3_ex34-1.htm (EX-34.1) — 7KB
• tm261230d3_ex34-2.htm (EX-34.2) — 6KB
• tm261230d3_ex35-1.htm (EX-35.1) — 6KB
• tm261230d3_ex34-1img001.gif (GRAPHIC) — 2KB
• tm261230d3_ex34-2img001.jpg (GRAPHIC) — 3KB
• 0001104659-26-033260.txt ( ) — 221KB

Business

Item 1. Business. Not Applicable.

Risk Factors

Item 1A. Risk Factors. Not Applicable.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Cybersecurity

Item 1C. Cybersecurity. Not Applicable.

Properties

Item 2. Properties. Not Applicable.

Legal Proceedings

Item 3. Legal Proceedings. Not Applicable.

[Reserved]

Item 4. [Reserved]. Substitute Information Provided in Accordance with General Instruction J to Form 10-K:

(B) OF REGULATION AB. SIGNIFICANT

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-C (the "Trust").

(B)(2) OF REGULATION AB. CREDIT

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

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 Trust Company, National Association, in its capacity as indenture trustee (the “Indenture Trustee”): U.S. Bank National Association (“U.S. Bank”), which is the parent of the Indenture Trustee, 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 indentu

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

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

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

Changes In and Disagreements With Accountants

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

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

(b) below

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 August 2, 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 333-261470-03, filed with the Commission on August 4, 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 August 10, 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 333-261470-03, filed with the Commission on August 10, 2022. 4.2 Omnibus Amendment to Sale and Servicing Agreement, dated as of January 13, 2026, relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant’s

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-C 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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