World Omni Auto Trust 2024-A Reports Clean Servicing, Trustee Faces RMBS Suits

TL;DR

**World Omni Auto Receivables Trust 2024-A's clean operational report is overshadowed by its trustee's parent company's significant legal woes, creating an indirect but notable risk for ABS investors.**

AI Summary

World Omni Auto Receivables Trust 2024-A, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no single obligor represents 10% or more of its pool assets, and no external credit enhancement providers exist. The Trust, a wholly-owned subsidiary of World Omni Auto Receivables LLC, which is in turn a wholly-owned subsidiary of World Omni Financial Corp., reported no material instances of noncompliance with servicing criteria from either World Omni Financial Corp. (as servicer) or U.S. Bank Trust Company, National Association (as indenture trustee), as confirmed by their respective Servicing Reports and Attestation Reports. Legal proceedings against U.S. Bank National Association, the parent of the Indenture Trustee, concerning residential mortgage-backed securities (RMBS) and student loan-backed securities (DSTs) are ongoing, with U.S. Bank denying liability and vigorously contesting claims, but the outcome remains uncertain. The Trust itself is not directly involved in these legal proceedings, and no other material legal proceedings are pending against the Sponsor, Depositor, Indenture Trustee, or Trust.

Why It Matters

This 10-K provides transparency into the operational health of World Omni Auto Receivables Trust 2024-A, a key player in the auto asset-backed securities market. For investors, the absence of significant obligor concentration and the clean servicing compliance reports from World Omni Financial Corp. and U.S. Bank Trust Company, National Association, offer reassurance regarding the stability of the underlying auto loan pool. However, the ongoing legal challenges faced by U.S. Bank National Association, while not directly involving the Trust, could indirectly impact investor confidence in the broader securitization market and the reliability of trustee services. This competitive context highlights the importance of robust due diligence on all parties involved in structured finance transactions.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant legal proceedings against U.S. Bank National Association, the parent of the Indenture Trustee, as detailed in Item 1117 of Regulation AB. These lawsuits, involving residential mortgage-backed securities and student loan-backed securities, allege failures by the trustee, and while U.S. Bank denies liability, the outcome is uncertain and could impact the broader perception of trustee reliability in securitization, even if not directly affecting World Omni Auto Receivables Trust 2024-A.

Analyst Insight

Investors should monitor the legal proceedings against U.S. Bank National Association closely, as a negative outcome could set precedents or erode confidence in securitization trustees. While World Omni Auto Receivables Trust 2024-A itself shows strong compliance, investors should assess their exposure to other trusts where U.S. Bank or its affiliates serve as trustee, considering potential systemic implications.

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.)
• December 31, 2025 — fiscal year end date (The 10-K covers the fiscal year ending on this date.)
• March 23, 2026 — filing date of the 10-K (The annual report was filed on this date.)
• March 9, 2018 — filing date of the NCMSLT Action (The lawsuit against U.S. Bank concerning student loans was filed on this date.)
• 15 — number of Delaware statutory trusts involved in the NCMSLT Action (These trusts issued securities backed by student loans.)
• 100% — ownership interest in the Trust (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 2024-A (company) — issuing entity
• World Omni Auto Receivables LLC (company) — depositor and wholly-owned subsidiary of Sponsor
• 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 the Indenture Trustee, facing legal proceedings
• 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 and U.S. Bank Trust Company, National Association
• Delaware Court of Chancery (regulator) — court handling the NCMSLT Action
• The National Collegiate Student Loan Master Trust I (company) — plaintiff in the NCMSLT Action

FAQ

Risk Factors

• Ongoing Litigation Against U.S. Bank National Association [medium — legal]: U.S. Bank National Association, the parent of the Indenture Trustee, is involved in ongoing legal proceedings concerning residential mortgage-backed securities (RMBS) and student loan-backed securities (DSTs). While U.S. Bank denies liability and is contesting claims, the outcome remains uncertain. The Trust is not directly involved in these proceedings.

Industry Context

The auto finance industry is characterized by significant securitization activity, where lenders pool auto loan receivables to issue securities. This market is sensitive to interest rate changes, economic conditions affecting consumer creditworthiness, and regulatory oversight. Competition among auto finance companies and securitization platforms is robust, with a constant need for efficient servicing and risk management.

Regulatory Implications

The Trust operates within a regulated financial environment. While the Trust itself is not directly involved in the litigation against U.S. Bank, the ongoing legal actions against the parent of the Indenture Trustee could indirectly impact market confidence or lead to increased scrutiny of related entities. Compliance with servicing criteria, as attested by World Omni Financial Corp., is crucial for maintaining operational integrity.

What Investors Should Do

1. Monitor U.S. Bank Litigation
2. Review Servicing Reports
3. Assess Pool Diversification

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 the timeliness of the company's financial reporting.
• 2018-03-09: NCMSLT Action Filing Date — The start date of significant litigation against U.S. Bank concerning student loans.
• 2024-02-06: Underwriting Agreement Date — Establishes the terms for the issuance of securities by the Trust.
• 2024-02-14: Sale and Servicing Agreement and Indenture Date — Defines the operational and collateral management framework for the Trust.
• 2026-01-13: Omnibus Amendment to Sale and Servicing Agreement Date — Indicates a material change or update to the servicing arrangements for the Trust.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by those assets. (World Omni Auto Receivables Trust 2024-A is structured as a securitization entity.)

Depositor

The entity that transfers assets to the trust in a securitization transaction. (The Depositor has a 100% ownership interest in the Trust and facilitates the securitization.)

Indenture Trustee

A trustee appointed to represent the interests of bondholders in a securitization transaction. (U.S. Bank Trust Company, National Association serves as the Indenture Trustee for the Trust.)

Servicer

The entity responsible for managing the underlying assets, including collecting payments and handling delinquencies. (World Omni Financial Corp. acts as the servicer for the auto receivables.)

Pool Assets

The collection of underlying assets (in this case, auto loan receivables) that are securitized. (The diversification of pool assets is a key characteristic, with no single obligor exceeding 10%.)

Servicing Criteria

Specific standards and procedures that a servicer must adhere to in managing securitized assets. (The servicer's compliance with these criteria was assessed and reported as non-materially non-compliant.)

Attestation Report

An independent auditor's report on the effectiveness of internal controls over financial reporting or compliance with specific criteria. (Confirms the servicer's compliance with servicing criteria.)

Year-Over-Year Comparison

As this is the initial 10-K filing for World Omni Auto Receivables Trust 2024-A, a direct comparison of key metrics to a prior year's filing is not applicable. However, the filing establishes the baseline financial and operational structure, including the diversification of pool assets and the confirmation of compliant servicing operations.

Filing Documents

• tm261230d9_10k.htm (10-K) — 73KB
• tm261230d9_ex31-1.htm (EX-31.1) — 8KB
• tm261230d9_ex33-1.htm (EX-33.1) — 71KB
• tm261230d9_ex33-2.htm (EX-33.2) — 43KB
• tm261230d9_ex34-1.htm (EX-34.1) — 8KB
• tm261230d9_ex34-2.htm (EX-34.2) — 6KB
• tm261230d9_ex35-1.htm (EX-35.1) — 5KB
• tm261230d9_ex34-1img001.jpg (GRAPHIC) — 2KB
• tm261230d9_ex34-2img001.jpg (GRAPHIC) — 6KB
• 0001104659-26-033268.txt ( ) — 228KB

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 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 2024-A (the "Trust").

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

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

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

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

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

Certain Relationships and Related Transactions, and Director

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 6, 2024, relating to the Trust. Incorporated by reference to Exhibit 1.1 to the Registrant’s Current Report on Form 8-K, Registration File Number 333-261470-10, filed with the Commission on February 8, 2024. 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 14, 2024, relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, Registration File Number 333-261470-10, filed with the Commission on February 15, 2024. 4.2 Omnibus Amendment to Sale and Servicing Agreemen

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 2024-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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