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

TL;DR

**World Omni Select Auto Trust 2024-A is operationally sound, but keep an eye on U.S. Bank's legal woes – they could ripple through the ABS market.**

AI Summary

World Omni Select Auto Trust 2024-A, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no significant changes in its business operations or financial performance metrics like revenue or net income, as these are not applicable to this type of trust. The trust holds pool assets, primarily auto receivables originated by World Omni Financial Corp., and reported no single obligor representing 10% or more of these assets. Key risks highlighted include ongoing legal proceedings against U.S. Bank National Association, the parent of the Indenture Trustee, related to residential mortgage-backed securities (RMBS) and student loan trusts, though U.S. Bank denies liability and is vigorously contesting these claims. The trust confirmed no external credit enhancement providers and that both World Omni Financial Corp. (as servicer) and U.S. Bank Trust Company, National Association (as indenture trustee) complied with applicable servicing criteria under Item 1122 of Regulation AB, with no material instances of noncompliance identified. The strategic outlook remains focused on the administration of its auto loan securitization, with World Omni Financial Corp. acting as the sponsor, originator, and primary servicer, and its wholly-owned subsidiary, World Omni Auto Receivables LLC, holding a 100% ownership interest in the trust's certificates.

Why It Matters

This 10-K provides transparency into the operational health of World Omni Select Auto Trust 2024-A, an asset-backed securities issuer. For investors in the Notes and Certificates, the confirmation of no material noncompliance with servicing criteria by World Omni Financial Corp. and U.S. Bank Trust Company, National Association, offers reassurance regarding the administration of the underlying auto loan pool. However, the ongoing legal challenges against U.S. Bank National Association, while not directly against the Trust, introduce a potential reputational and operational risk for a key service provider, which could indirectly impact investor confidence in the broader securitization market. This competitive context is crucial as other auto ABS issuers rely on similar trustee services, making the outcome of these lawsuits a watchpoint for the industry.

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, concerning RMBS and student loan trusts, allege failures by the trustee, which could impact the Indenture Trustee's capacity or reputation, even though U.S. Bank denies liability and is contesting the claims. While the Trust itself is not a direct party, the reliance on U.S. Bank for critical trustee functions introduces an indirect operational and reputational risk.

Analyst Insight

Investors should monitor the legal proceedings involving U.S. Bank National Association closely, as any adverse outcomes could affect the broader securitization market and the reliability of key service providers. While the Trust's direct operations appear stable, consider the potential for indirect impacts on the Indenture Trustee's performance or market perception when evaluating the long-term stability of the Notes and Certificates.

Financial Highlights

total Assets

Not Applicable

total Debt

Not Applicable

Key Numbers

• 10% — threshold for significant obligor (no single obligor represents 10% or more of the pool assets)
• 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 (the fiscal year ended for this 10-K filing)
• 2026-03-23 — filing date (date the 10-K was filed with the SEC)
• 333-261470-12 — Commission File Number (identifies the issuing entity's registration)
• 0002026491 — Central Index Key (CIK) Number (identifies the issuing entity)
• 0001083199 — Central Index Key (CIK) Number (identifies the depositor, World Omni Auto Receivables LLC)
• 0001004150 — Central Index Key (CIK) Number (identifies the sponsor, World Omni Financial Corp.)

Key Players & Entities

• World Omni Select Auto Trust 2024-A (company) — issuing entity
• World Omni Auto Receivables LLC (company) — depositor and wholly-owned subsidiary of the 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., signing officer
• 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 where NCMSLT Action is pending
• $0 (dollar_amount) — no single obligor represents 10% or more of pool assets

FAQ

Risk Factors

• Legal Proceedings Against Indenture Trustee Parent [medium — legal]: The Indenture Trustee, U.S. Bank National Association, is involved in ongoing legal proceedings related to residential mortgage-backed securities (RMBS) and student loan trusts. While U.S. Bank denies liability and is contesting these claims, the existence of such litigation presents a potential indirect risk to the trust.

Industry Context

The auto finance industry is characterized by the securitization of auto loan receivables to provide liquidity for originators and investment opportunities for investors. Key trends include evolving consumer credit preferences, technological advancements in loan origination and servicing, and ongoing regulatory scrutiny. Competition among auto lenders and securitization platforms remains robust, with a focus on efficient risk management and stable performance of underlying asset pools.

Regulatory Implications

The Trust's operations are subject to disclosure requirements under Regulation AB, particularly concerning servicing criteria. The legal proceedings involving the Indenture Trustee's parent company highlight potential indirect regulatory or legal risks that could impact trust administration. Compliance with servicing criteria by both the servicer and indenture trustee, as confirmed in the filing, is crucial for investor confidence.

What Investors Should Do

1. Monitor legal proceedings against U.S. Bank National Association: While indirect, any adverse outcome could potentially impact the stability or operational capacity of the Indenture Trustee.
2. Review servicing compliance reports: The confirmation of compliance with Item 1122 of Regulation AB by both World Omni Financial Corp. and U.S. Bank Trust Company, National Association is a positive indicator of operational integrity.
3. Understand the role of World Omni Financial Corp. and its subsidiary: Given their central roles as sponsor, originator, and servicer, investors should remain aware of the financial health and operational performance of these entities.

Key Dates

• 2024-07-16: Underwriting Agreement executed — Establishes the terms for the issuance of securities related to the Trust.
• 2024-07-18: Form 8-K filed with SEC regarding Underwriting Agreement — Publicly discloses the underwriting terms for the Trust's securities.
• 2024-07-24: Sale and Servicing Agreement and Indenture executed — Defines the operational framework and legal structure for the Trust's assets and servicing.
• 2024-07-24: Form 8-K filed with SEC regarding Sale and Servicing Agreement and Indenture — Publicly discloses key agreements governing the Trust's operations.
• 2024-12-04: Form SF-3 filed with SEC regarding Depositor's formation documents — Provides details on the legal structure and formation of the Depositor entity.
• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-01-20: Form 8-K filed with SEC regarding Omnibus Amendment to Sale and Servicing Agreement — Discloses material amendments to the agreement governing the Trust's servicing operations.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by the cash flows from those assets. (World Omni Select Auto Trust 2024-A is structured as a securitization entity to hold auto receivables.)

Auto Receivables

Loans made to consumers for the purchase of vehicles. (These are the primary assets held by the Trust, generating cash flows for security holders.)

Indenture Trustee

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

Servicer

The entity responsible for managing the pool of assets, including collecting payments, handling delinquencies, and remitting funds to the trust. (World Omni Financial Corp. acts as the primary servicer for the auto receivables.)

Regulation AB

SEC rules governing the disclosure requirements for asset-backed securities offerings. (Compliance with Item 1122 of Regulation AB regarding servicing criteria is confirmed.)

Depositor

The entity that transfers the assets into the trust and typically organizes the securitization. (World Omni Auto Receivables LLC is the depositor for this Trust.)

Sponsor

The entity that initiates and manages the securitization process, often the originator of the assets. (World Omni Financial Corp. is the sponsor of this auto loan securitization.)

Year-Over-Year Comparison

As this is a 10-K filing for a securitization trust, traditional year-over-year financial metrics like revenue growth or net income are not applicable. The filing focuses on operational aspects, compliance with servicing criteria, and disclosure of key legal and structural elements. The confirmation of compliance with servicing criteria under Item 1122 of Regulation AB by both the servicer and indenture trustee, with no material instances of noncompliance identified, suggests a stable operational environment compared to any prior period where such assessments were made.

Filing Documents

• tm261230d17_10k.htm (10-K) — 75KB
• tm261230d17_ex31-1.htm (EX-31.1) — 8KB
• tm261230d17_ex33-1.htm (EX-33.1) — 70KB
• tm261230d17_ex33-2.htm (EX-33.2) — 65KB
• tm261230d17_ex34-1.htm (EX-34.1) — 8KB
• tm261230d17_ex34-2.htm (EX-34.2) — 7KB
• tm261230d17_ex35-1.htm (EX-35.1) — 5KB
• image_030.jpg (GRAPHIC) — 8KB
• image_004.jpg (GRAPHIC) — 3KB
• 0001104659-26-033277.txt ( ) — 252KB

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. 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

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 Select Auto Trust 2024-A (the "Trust").

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

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

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

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

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

Item 12. Security Ownership of Certain Beneficial Not Applicable.

Certain Relationships and Related

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

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

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 July 16, 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 333-261470-12, filed with the Commission on July 18, 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 July 24, 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 333-261470-12, filed with the Commission on July 24, 2024. 4.2 Omnibus Amendment to Sale and Servicing Agreement, dated as of

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 Select Auto 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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