World Omni Auto Receivables Trust 2025-D Reports Stable Operations

TL;DR

**World Omni Auto Receivables Trust 2025-D's 10-K shows business as usual, but keep an eye on the indenture trustee's RMBS legal woes.**

AI Summary

World Omni Auto Receivables Trust 2025-D, 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 representing 10% or more of its pool assets, suggesting a diversified portfolio. There is no external credit enhancement or other support provider for the Notes or Certificates issued by the Trust. The Bank of New York Mellon Trust Company, N.A., as indenture trustee, disclosed ongoing legal actions related to its role as trustee in residential mortgage-backed securitization (RMBS) transactions, though it denies liability. World Omni Financial Corp. acts 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 purchase of the Certificates. Both World Omni Financial Corp. and The Bank of New York Mellon Trust Company, N.A. 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 KPMG LLP.

Why It Matters

This 10-K provides transparency for investors in asset-backed securities, confirming the operational stability of World Omni Auto Receivables Trust 2025-D. The absence of a single obligor representing over 10% of pool assets indicates a well-diversified risk profile, which is crucial for bondholders. The disclosure of ongoing RMBS-related litigation against The Bank of New York Mellon Trust Company, N.A. is a material detail for investors, even if the Trust itself is not directly implicated, as it highlights potential systemic risks within the broader financial trustee landscape. This filing reinforces the competitive position of World Omni Financial Corp. in the auto securitization market by demonstrating compliance and robust servicing.

Risk Assessment

Risk Level: low — The risk level is low because the Trust reported no single obligor representing 10% or more of its pool assets, indicating diversification. Furthermore, both the servicer, World Omni Financial Corp., and the indenture trustee, The Bank of New York Mellon Trust Company, N.A., reported no material instances of noncompliance with servicing criteria under Item 1122 of Regulation AB, as confirmed by independent accounting firms PricewaterhouseCoopers LLP and KPMG LLP.

Analyst Insight

Investors should maintain their current positions in World Omni Auto Receivables Trust 2025-D, given the stable operational reporting and diversified asset pool. However, they should monitor the broader legal landscape surrounding The Bank of New York Mellon Trust Company, N.A.'s RMBS litigation, as it could indirectly impact market sentiment for securitized products.

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% — 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 has a 100% ownership interest in the Trust through its purchase of the 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.)

Key Players & Entities

• World Omni Auto Receivables Trust 2025-D (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
• The Bank of New York Mellon Trust Company, N.A. (company) — indenture trustee
• PricewaterhouseCoopers LLP (company) — independent registered public accounting firm for World Omni Financial Corp.
• KPMG LLP (company) — independent registered public accounting firm for The Bank of New York Mellon
• Michael Hollis (person) — Group Vice President and Assistant Secretary of World Omni Financial Corp.
• SEC (regulator) — securities regulator

FAQ

Risk Factors

• Litigation Against Indenture Trustee [medium — legal]: The Bank of New York Mellon Trust Company, N.A., acting as indenture trustee, is involved in ongoing legal actions related to its role in residential mortgage-backed securitization (RMBS) transactions. While the trustee denies liability, these actions could potentially impact its operational capacity or reputation, indirectly affecting the Trust.

Industry Context

The auto finance industry is characterized by a high volume of consumer loans, with securitization playing a crucial role in providing liquidity for originators. Competition among auto lenders remains intense, driven by factors such as interest rates, credit availability, and vehicle demand. The market is sensitive to economic conditions, with potential impacts on borrower repayment behavior and overall loan performance.

Regulatory Implications

The Trust operates under the framework of Regulation AB, requiring specific disclosures related to asset-backed securities. Compliance with servicing criteria under Item 1122 is essential, with attestations from independent auditors confirming adherence. Any changes in regulatory requirements for securitization or consumer lending could impact the Trust's operations and reporting obligations.

What Investors Should Do

1. Monitor legal proceedings involving The Bank of New York Mellon Trust Company, N.A.
2. Review the Servicing Reports and Attestation Reports for World Omni Financial Corp. and The Bank of New York Mellon Trust Company, N.A.
3. Assess the diversification of the auto receivables pool.

Key Dates

• 2025-10-07: Underwriting Agreement executed — Establishes the terms for the issuance of securities related to the Trust.
• 2025-10-15: Sale and Servicing Agreement and Indenture executed — Defines the operational framework and legal structure for the securitization, including the roles of the servicer and trustee.
• 2025-10-15: Trust Agreement executed — Formalizes the creation and governance of the Trust.
• 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 — The annual report is officially submitted to the SEC, providing a comprehensive overview of the Trust's activities and financial status for the fiscal year.

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 2025-D is a securitization entity holding auto loan receivables.)

Regulation AB

A set of rules issued by the SEC governing the disclosure requirements for asset-backed securities offerings. (The filing references Item 1122 of Regulation AB concerning servicing criteria compliance.)

Indenture Trustee

A financial institution appointed to act on behalf of the bondholders in a debt issuance, ensuring the terms of the indenture are met. (The Bank of New York Mellon Trust Company, N.A. serves as the indenture trustee for this 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 World Omni Auto Receivables Trust 2025-D.)

Servicer

The entity responsible for managing the pooled assets, including collecting payments, handling delinquencies, and remitting funds to the Trust. (World Omni Financial Corp. is the primary servicer for the auto receivables in the Trust.)

Certificates

Ownership interests in a trust, often representing residual equity or a specific class of securities issued by a securitization entity. (World Omni Auto Receivables LLC purchased the Certificates, representing 100% ownership interest in the Trust.)

Year-Over-Year Comparison

As this is the initial 10-K filing for the World Omni Auto Receivables Trust 2025-D, there are no prior year figures to compare against. Key structural elements, such as the sponsor, servicer, trustee, and the absence of external credit enhancement, are established in this filing. The diversification of the obligor pool and the compliance with servicing criteria are foundational aspects presented for the first time.

Filing Documents

• tm261230d15_10k.htm (10-K) — 64KB
• tm261230d15_ex31-1.htm (EX-31.1) — 7KB
• tm261230d15_ex33-1.htm (EX-33.1) — 69KB
• tm261230d15_ex33-2.htm (EX-33.2) — 60KB
• tm261230d15_ex34-1.htm (EX-34.1) — 7KB
• tm261230d15_ex34-2.htm (EX-34.2) — 10KB
• tm261230d15_ex35-1.htm (EX-35.1) — 5KB
• tm261230d15_ex33-2img001.jpg (GRAPHIC) — 5KB
• tm261230d15_ex33-4img001.jpg (GRAPHIC) — 2KB
• tm261230d15_ex34-2img001.jpg (GRAPHIC) — 12KB
• tm261230d15_ex34-2img002.jpg (GRAPHIC) — 4KB
• 0001104659-26-033275.txt ( ) — 256KB

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 2025-D (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 The Bank of New York Mellon Trust Company, N.A., in its capacity as indenture trustee (the “Indenture Trustee”): In the ordinary course of business, The Bank of New York Mellon, The Bank of New York Mellon Trust Company, N.A., and BNY Mellon Trust of Delaware (collectively, “BNY Mellon”) are named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization (“RMBS”) transactions, BNY Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, BNY Mellon denies liability and intends to defend the litigations vigorously. Except as described in the previous paragraphs, 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 October 7, 2025, relating to the Trust. Incorporated by reference to Exhibit 1.1 to the Registrant’s Current Report on Form 8-K, Registration File Number 333-283578-04, filed with the Commission on October 9, 2025. 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 October 15, 2025, relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, Registration File Number 333-283578-04, filed with the Commission on October 15, 2025. 4.2 Indenture, dated as of October 15, 2025, relating to

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 2025-D 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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