World Omni Trust 2024-B Reports Trustee Legal Woes, Stable Operations

TL;DR

**The legal action against the indenture trustee for other deals is a red flag for ABS investors, even if World Omni's own servicing is clean.**

AI Summary

World Omni Auto Receivables Trust 2024-B, an asset-backed 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 representing 10% or more of its pool assets, maintaining a diversified risk profile. There was no external credit enhancement or support provider for the Notes or Certificates issued by the Trust, suggesting reliance on the underlying asset performance. A key development was a civil complaint served on February 3, 2026, against Wilmington Trust, National Association (WTNA), the indenture trustee, for unspecified damages related to alleged breaches of contract and duties in other Tricolor Holdings, LLC asset-backed securitization transactions. This legal action, while not directly against World Omni Auto Receivables Trust 2024-B, highlights potential operational risks for its indenture trustee. Both World Omni Financial Corp. (as servicer) and WTNA demonstrated compliance with applicable servicing criteria under Item 1122 of Regulation AB, with no material instances of noncompliance identified in their Servicing Reports or Attestation Reports.

Why It Matters

This filing provides a critical look into the operational health and potential risks within the auto asset-backed securities market, specifically for World Omni Auto Receivables Trust 2024-B. The legal action against Wilmington Trust, National Association, while not directly involving this Trust, could signal broader systemic issues or increased scrutiny on indenture trustees, potentially impacting investor confidence in similar securitization structures. For investors, it underscores the importance of evaluating the financial and operational stability of all parties involved in an ABS transaction, not just the issuer. Employees and customers of World Omni Financial Corp. are indirectly affected by the stability of its securitization programs, which are vital for its lending operations and competitive position in the auto finance sector.

Risk Assessment

Risk Level: medium — The risk level is medium due to the legal proceedings against Wilmington Trust, National Association (WTNA), the indenture trustee, as disclosed on February 3, 2026. While these proceedings are related to other Tricolor Holdings, LLC transactions and not directly against World Omni Auto Receivables Trust 2024-B, they introduce counterparty risk and potential reputational damage to a critical service provider for the Trust. The unspecified amount of damages and allegations of breaches of contract and duties could impact WTNA's operational capacity or financial stability, indirectly affecting the Trust's noteholders.

Analyst Insight

Investors should closely monitor the legal proceedings against Wilmington Trust, National Association, as the outcome could impact the broader ABS market and the operational integrity of indenture trustees. While the Trust itself shows compliance, investors should assess their exposure to other securitizations where WTNA serves as trustee and consider potential implications for trustee performance and oversight.

Financial Highlights

debt To Equity

Not Disclosed

revenue

Not Disclosed

operating Margin

Not Disclosed

total Assets

Not Disclosed

total Debt

Not Disclosed

net Income

Not Disclosed

eps

Not Disclosed

gross Margin

Not Disclosed

cash Position

Not Disclosed

revenue Growth

Not Disclosed

Key Numbers

• 10% — maximum percentage of pool assets by single obligor (No single obligor represents 10% or more of the pool assets, indicating diversification.)
• December 31, 2025 — fiscal year end (The reporting period for this 10-K filing.)
• February 3, 2026 — date of legal complaint (Date investors served WTNA with a civil complaint.)
• 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-B (company) — issuing entity
• Wilmington Trust, National Association (company) — indenture trustee facing legal complaint
• World Omni Financial Corp. (company) — sponsor, originator, and primary servicer
• World Omni Auto Receivables LLC (company) — depositor and wholly-owned subsidiary of sponsor
• Tricolor Holdings, LLC (company) — entity related to legal complaint against WTNA
• Michael Hollis (person) — Group Vice President and Assistant Secretary of World Omni Financial Corp.
• Supreme Court of the State of New York, County of New York (regulator) — venue for legal complaint against WTNA

FAQ

Risk Factors

• Indenture Trustee Legal Action [medium — legal]: A civil complaint was served on February 3, 2026, against Wilmington Trust, National Association (WTNA), the indenture trustee. The complaint alleges unspecified damages related to breaches of contract and duties in other Tricolor Holdings, LLC asset-backed securitization transactions. While not directly against the Trust, this action introduces potential operational risks stemming from the indenture trustee's involvement in other matters.

Industry Context

The auto finance industry is characterized by its reliance on consumer credit for vehicle purchases. Securitization, as employed by World Omni Auto Receivables Trust 2024-B, is a common method for lenders to manage liquidity and originate new loans. The market is sensitive to interest rate changes, economic conditions affecting consumer spending, and regulatory scrutiny on lending practices.

Regulatory Implications

The Trust's operations are subject to Regulation AB, requiring adherence to specific disclosure and servicing standards. Compliance with these regulations is crucial for maintaining investor confidence and avoiding penalties. The legal action against the indenture trustee, while not directly against the Trust, could signal increased scrutiny on the operational integrity of securitization structures.

What Investors Should Do

1. Monitor legal developments regarding the civil complaint against WTNA.
2. Review the specific terms of the Omnibus Amendment to the Sale and Servicing Agreement dated January 13, 2026.
3. Confirm the absence of direct financial or legal exposure of the Trust to the WTNA lawsuit.

Key Dates

• 2024-05-14: Underwriting Agreement executed — Establishes the terms for the issuance of securities by the Trust.
• 2024-05-22: Sale and Servicing Agreement and Indenture executed — Defines the roles and responsibilities of the servicer and the terms of the indenture for the Trust's assets.
• 2025-12-31: Fiscal Year End — The reporting period for the 10-K filing, providing a snapshot of the Trust's financial condition and operations.
• 2026-01-13: Omnibus Amendment to Sale and Servicing Agreement executed — Indicates potential modifications or updates to the servicing arrangements for the Trust's assets.
• 2026-02-03: Civil complaint served on indenture trustee (WTNA) — Introduces a legal risk concerning the indenture trustee, which could indirectly impact the Trust's operations or investor confidence.

Glossary

Asset-backed securitization

A financial process where assets, such as auto loans, are pooled together and used as collateral to issue securities that are sold to investors. (This is the core business of World Omni Auto Receivables Trust 2024-B.)

Indenture Trustee

A financial institution appointed to act on behalf of the bondholders in a securitization transaction, ensuring the terms of the indenture are met. (Wilmington Trust, National Association (WTNA) serves this role for the Trust, and a legal complaint against them is a key risk factor.)

Regulation AB

A set of rules issued by the U.S. Securities and Exchange Commission (SEC) that governs the reporting and disclosure requirements for asset-backed securities. (Compliance with Item 1122 of Regulation AB regarding servicing criteria is reported by the servicer and trustee.)

Servicing Criteria

A set of standards and procedures that a servicer must follow when managing the underlying assets (e.g., collecting payments, handling delinquencies) in an asset-backed securitization. (Compliance with these criteria by World Omni Financial Corp. and WTNA was assessed and reported as compliant.)

Depositor

An entity that transfers assets into a trust for securitization purposes. (The Depositor has a 100% ownership interest in the Trust through the purchase of Certificates.)

Year-Over-Year Comparison

This filing indicates that the Trust was established in 2024, so a direct comparison of key metrics to a prior year's 10-K is not applicable. The filing focuses on the initial setup and operational compliance for the fiscal year ending December 31, 2025. A significant event noted is the legal complaint served on the indenture trustee in February 2026, which represents a new risk factor not present in the Trust's inception documents.

Filing Documents

• tm261230d10_10k.htm (10-K) — 64KB
• tm261230d10_ex31-1.htm (EX-31.1) — 6KB
• tm261230d10_ex33-1.htm (EX-33.1) — 66KB
• tm261230d10_ex33-2.htm (EX-33.2) — 19KB
• tm261230d10_ex34-1.htm (EX-34.1) — 7KB
• tm261230d10_ex34-2.htm (EX-34.2) — 6KB
• tm261230d10_ex35-1.htm (EX-35.1) — 5KB
• tm261230d10_ex33-2img001.jpg (GRAPHIC) — 4KB
• tm261230d10_ex34-1img001.jpg (GRAPHIC) — 2KB
• tm261230d10_ex34-2img001.jpg (GRAPHIC) — 2KB
• 0001104659-26-033269.txt ( ) — 187KB

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-B (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 Wilmington Trust, National Association (“WTNA”), in its capacity as indenture trustee (the “Indenture Trustee”): On February 3, 2026, certain investors served WTNA with a civil complaint, filed in the Supreme Court of the State of New York, County of New York, for an unspecified amount of damages arising from alleged breaches of contract and duties related to WTNA’s roles as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions. The plaintiffs generally assert causes of action related to WTNA’s purported failure to comply with certain provisions related to waterfall payments, servicing transition costs and post-event of default duties and related to WTNA’s purported failure to perform certain actions as custodian with respect to the related receivables. WTNA intends to vigorously defend itself against this legal action. Except as described in the previous paragraph, no other legal proceedings are pending (or known to be contemplated by governmental authorities) against any of World Omni Financial Corp. (the “Sponsor”), World Omni Auto Receivables LLC (the “Depositor”), the Indenture Trustee, the Trust or the other parties described in Item 1117 of Regulation AB nor is any property of any of the foregoing entities subject to any such proceedings, that are material to holders of the Notes or the Certificates. PART II

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 May 14, 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 333-261470-11, filed with the Commission on May 16, 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 May 22, 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 333-261470-11, filed with the Commission on May 22, 2024. 4.2 Omnibus Amendment to Sale and Servicing Agreement, dated as of Jan

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-B 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.

View Full Filing

View this 10-K filing on SEC EDGAR