World Omni 2024-C Trust Reports Stable Operations, Trustee Faces RMBS Suits

TL;DR

**World Omni's auto loan trust is ticking along, but keep an eye on U.S. Bank's legal woes – they could be a silent risk for bondholders.**

AI Summary

World Omni Auto Receivables Trust 2024-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 represents 10% or more of its pool assets, ensuring diversification. Furthermore, no external credit enhancement or support providers were identified, meaning the Notes and Certificates rely solely on the underlying auto receivables. Legal proceedings against U.S. Bank, the parent of the Indenture Trustee, regarding residential mortgage-backed securities (RMBS) and student loan trusts, were disclosed, though U.S. Bank denies liability and is vigorously contesting these claims. World Omni Financial Corp. serves as the Sponsor, originator, and primary servicer, while World Omni Auto Receivables LLC, a wholly-owned subsidiary of the Sponsor, holds a 100% ownership interest in the Trust through its Certificates. Both the Sponsor and the Indenture Trustee reported no material instances of noncompliance with applicable servicing criteria under Item 1122 of Regulation AB, as confirmed by their respective Servicing Reports and Attestation Reports from PricewaterhouseCoopers LLP and Ernst & Young LLP.

Why It Matters

This 10-K provides crucial transparency for investors in World Omni Auto Receivables Trust 2024-C, confirming the stability of its asset pool with no single obligor exceeding 10%. The absence of external credit enhancement means investors are directly exposed to the performance of the underlying auto loans, making the servicer's compliance critical. The disclosed legal challenges against U.S. Bank, the Indenture Trustee's parent, while not directly against the Trust, highlight potential operational risks and reputational concerns within the broader financial ecosystem that could indirectly impact investor confidence in securitized products. This competitive context underscores the importance of robust trustee oversight in the ABS market.

Risk Assessment

Risk Level: medium — The risk level is medium due to the disclosed legal proceedings against U.S. Bank, the parent of the Indenture Trustee. While U.S. Bank denies liability in the RMBS and student loan lawsuits, the potential for adverse outcomes could impact the Indenture Trustee's operational capacity or reputation, indirectly affecting the Trust. The filing explicitly states that 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.'

Analyst Insight

Investors should monitor the legal proceedings involving U.S. Bank closely, as any significant adverse ruling could impact the Indenture Trustee's ability to perform its duties effectively. While the Trust itself is not a direct party, the stability of the trustee is paramount for securitized products, so investors should assess their exposure to potential indirect operational or reputational risks.

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 represented by a single obligor (No single obligor represents 10% or more of the pool assets, indicating diversification.)
• 100% — ownership interest in the Trust (World Omni Auto Receivables LLC holds a 100% ownership interest in the Trust through its Certificates.)
• 2025-12-31 — fiscal year end date (The 10-K covers the fiscal year ended December 31, 2025.)
• 2026-03-23 — filing date (The 10-K was filed on March 23, 2026.)
• 333-261470-13 — Commission File Number (Identifies the issuing entity's SEC registration.)

Key Players & Entities

• World Omni Auto Receivables Trust 2024-C (company) — issuing entity
• World Omni Auto Receivables LLC (company) — depositor and 100% owner of the Trust
• 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 lawsuits
• Michael Hollis (person) — Group Vice President and Assistant Secretary of World Omni Financial Corp.
• PricewaterhouseCoopers LLP (company) — registered public accounting firm for World Omni Financial Corp.
• Ernst & Young LLP (company) — registered public accounting firm for U.S. Bank National Association and U.S. Bank Trust Company, 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 against U.S. Bank

FAQ

Risk Factors

• Legal Proceedings Against U.S. Bank [medium — legal]: U.S. Bank, the parent of the Indenture Trustee, is involved in legal proceedings concerning residential mortgage-backed securities (RMBS) and student loan trusts. While U.S. Bank denies liability and is contesting these claims, any adverse outcome could potentially impact the trust indirectly through its trustee.

Industry Context

The auto finance industry is characterized by a high volume of consumer loans, with securitization being a primary funding mechanism for originators. Competition is intense, with traditional banks, captive finance companies, and independent finance companies vying for market share. Trends include increasing adoption of digital platforms for loan origination and servicing, and evolving consumer preferences towards leasing and alternative mobility solutions.

Regulatory Implications

The Trust operates under SEC regulations, particularly Regulation AB, which mandates specific disclosures regarding the securitized assets, servicers, and structure. Compliance with servicing criteria under Item 1122 is crucial, as confirmed by independent attestations. Legal proceedings involving the Indenture Trustee's parent company, while not directly tied to this Trust's operations, introduce a layer of indirect risk that investors should monitor.

What Investors Should Do

1. Monitor legal proceedings involving U.S. Bank
2. Review Servicing Reports and Attestation Reports
3. Assess diversification of the underlying pool
4. Understand the role of World Omni Auto Receivables LLC

Key Dates

• 2024-08-13: Underwriting Agreement executed — Marks the initial agreement for the securitization of auto receivables for the Trust.
• 2024-08-15: Form 8-K filed for Underwriting Agreement — Public disclosure of the underwriting terms for the Trust.
• 2024-08-20: Sale and Servicing Agreement and Indenture executed — Establishes the framework for servicing the auto receivables and the terms of the notes issued by the Trust.
• 2024-08-20: Form 8-K filed for Sale and Servicing Agreement and Indenture — Public disclosure of the operational and debt structure of the Trust.
• 2024-12-04: Form SF-3 filed for Depositor's formation documents — Details the legal structure and formation of the entity that will transfer assets to the Trust.
• 2025-12-31: Fiscal Year End — The period covered by this 10-K filing.
• 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.
• 2026-01-20: Form 8-K filed for Omnibus Amendment — Public disclosure of changes to the Trust's servicing agreements.
• 2026-03-23: 10-K Filing Date — The official filing date of the annual report for the fiscal year ended December 31, 2025.

Glossary

Securitization Entity

A legal entity created to pool assets (like auto loans) and issue securities backed by the cash flows from those assets. (World Omni Auto Receivables Trust 2024-C is a securitization entity whose primary function is to hold auto receivables.)

Auto Receivables

Loans made to consumers to finance the purchase of vehicles. (These are the underlying assets that back the securities issued by the Trust.)

Indenture Trustee

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

Sponsor

The entity that originates or purchases the assets being securitized and initiates the securitization process. (World Omni Financial Corp. is the Sponsor for this Trust.)

Servicer

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

Regulation AB

SEC rules governing the registration, reporting, and disclosure requirements for asset-backed securities. (Compliance with specific items of Regulation AB, such as Item 1122 (Servicing Criteria), is reported in the 10-K.)

Certificates

Ownership interests in the Trust, typically held by the depositor or related entities. (World Omni Auto Receivables LLC holds a 100% ownership interest in the Trust through its Certificates.)

Depositor

An entity that purchases assets from the sponsor and transfers them to the securitization trust. (The Certificate of Formation and LLC Agreement for the Depositor are listed as exhibits.)

Year-Over-Year Comparison

This filing covers the fiscal year ended December 31, 2025. As the Trust is relatively new, having its Underwriting Agreement and Sale and Servicing Agreement executed in August 2024, direct year-over-year comparisons of financial performance metrics like revenue or net income are not applicable. The focus of this 10-K is on the structure, operational compliance, and disclosures related to the initial period of the Trust's existence, including the execution of an Omnibus Amendment to the Sale and Servicing Agreement in January 2026, indicating ongoing management of the Trust's agreements.

Filing Documents

• tm261230d11_10k.htm (10-K) — 71KB
• tm261230d11_ex31-1.htm (EX-31.1) — 7KB
• tm261230d11_ex33-1.htm (EX-33.1) — 70KB
• tm261230d11_ex33-2.htm (EX-33.2) — 45KB
• tm261230d11_ex34-1.htm (EX-34.1) — 7KB
• tm261230d11_ex34-2.htm (EX-34.2) — 6KB
• tm261230d11_ex35-1.htm (EX-35.1) — 5KB
• tm261230d11_ex34-1img01.jpg (GRAPHIC) — 5KB
• tm261230d11_ex34-2img01.jpg (GRAPHIC) — 6KB
• 0001104659-26-033270.txt ( ) — 230KB

Risk Factors

Item 1A. Risk Factors. Not Applicable.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Cybersecurity

Item 1C. Cybersecurity. Not Applicable. Item 2. Properties. Not Applicable. Item 3. Legal Proceedings. Not Applicable. 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-C (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 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 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

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 August 13, 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 333-261470-13, filed with the Commission on August 15, 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 August 20, 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 333-261470-13, filed with the Commission on August 20, 2024. 4.2 Omnibus Amendment to Sale and Servicing Agreement, dated

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-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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