World Omni Auto Trust 2025-A Navigates Trustee Litigation

TL;DR

**World Omni Select Auto Trust 2025-A's 10-K reveals a clean bill of health for its auto loan servicing, but keep an eye on the Indenture Trustee's parent, U.S. Bank, as its unrelated RMBS and student loan litigation could cast a shadow on the broader ABS market.**

AI Summary

World Omni Select Auto Trust 2025-A, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no revenue or net income figures as it is a pass-through trust. The trust holds auto loan receivables originated by World Omni Financial Corp., which also acts as the primary servicer. Key business changes include the issuance of Notes and Certificates on September 24, 2025, as detailed in the Sale and Servicing Agreement and Indenture. A significant risk factor highlighted is the ongoing litigation against U.S. Bank National Association, the parent of the Indenture Trustee, concerning its role as trustee in residential mortgage-backed securities (RMBS) and student loan trusts, although U.S. Bank denies liability. The strategic outlook for the trust remains focused on the performance of its auto loan pool, with no single obligor representing 10% or more of the pool assets, and no external credit enhancement providers. Compliance with servicing criteria under Item 1122 of Regulation AB was affirmed by both World Omni Financial Corp. and U.S. Bank Trust Company, National Association, with no material instances of noncompliance identified.

Why It Matters

This 10-K provides crucial transparency for investors in World Omni Select Auto Trust 2025-A, detailing the structure and operational compliance of this auto asset-backed security. The ongoing legal challenges faced by U.S. Bank, the Indenture Trustee's parent, in other securitization sectors could signal broader systemic risks for trustees, potentially impacting investor confidence across the ABS market. While World Omni Financial Corp. and the trust itself are not directly implicated in the U.S. Bank lawsuits, the trustee's stability is vital for the smooth functioning of the trust and timely payments to noteholders. This competitive context underscores the importance of robust trustee oversight in the securitization landscape.

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, primarily concerning RMBS and student loan trusts, allege failures by U.S. Bank in its trustee capacity, which, while not directly related to World Omni Select Auto Trust 2025-A, introduce potential reputational and operational risks for a key party in the trust's administration. U.S. Bank denies liability and is contesting the claims vigorously, but the outcome remains uncertain.

Analyst Insight

Investors should monitor the ongoing litigation against U.S. Bank National Association, the parent of the Indenture Trustee, for any developments that could impact the broader securitization market or the trustee's capacity. While the trust's servicing compliance is strong, the indirect risk from the trustee's legal entanglements warrants attention, though direct impact on World Omni Select Auto Trust 2025-A is not currently indicated.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• 2025-12-31 — Fiscal Year End (The period covered by this 10-K filing.)
• 2026-03-23 — Filing Date (The date the 10-K was filed with the SEC.)
• 0002082708 — Issuing Entity CIK (Central Index Key for World Omni Select Auto Trust 2025-A.)
• 0001083199 — Depositor CIK (Central Index Key for World Omni Auto Receivables LLC.)
• 0001004150 — Sponsor CIK (Central Index Key for World Omni Financial Corp.)
• 10% — Significant Obligor Threshold (No single obligor represents 10% or more of the pool assets.)
• 100% — Depositor Ownership (World Omni Auto Receivables LLC has a 100% ownership interest in the Trust through Certificates.)
• 2018-03-09 — NCMSLT Action Filing Date (Date the lawsuit against U.S. Bank in the Delaware Court of Chancery was filed.)
• 2025-09-24 — Agreement Date (Date of the Sale and Servicing Agreement, Indenture, and Trust Agreement.)

Key Players & Entities

• World Omni Select Auto Trust 2025-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 litigation
• 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 where NCMSLT Action is pending
• $0 (dollar_amount) — no single obligor represents 10% or more of pool assets

Forward-Looking Statements

• World Omni Select Auto Trust 2025-A will continue to file its annual 10-K reports in a timely manner. (World Omni Select Auto Trust 2025-A) — high confidence, target: 2027-03-31

FAQ

Risk Factors

• Litigation Against U.S. Bank National Association [medium — legal]: World Omni Select Auto Trust 2025-A is indirectly exposed to litigation against U.S. Bank National Association, the parent of the Indenture Trustee. The litigation concerns U.S. Bank's role as trustee in residential mortgage-backed securities and student loan trusts. While U.S. Bank denies liability, the outcome could potentially impact the trustee's operations and, by extension, the trust.

Industry Context

The auto finance industry is characterized by intense competition among lenders, with a focus on managing credit risk and operational efficiency. Securitization remains a key funding mechanism for originators like World Omni Financial Corp., allowing them to access capital markets to finance new loan originations. Trends include evolving consumer credit behavior, technological advancements in loan origination and servicing, and increasing regulatory scrutiny.

Regulatory Implications

The trust's operations are subject to Regulation AB, particularly concerning servicing criteria compliance. The affirmation of compliance by both the servicer and the Indenture Trustee indicates adherence to established standards. However, the ongoing litigation involving the parent of the Indenture Trustee could introduce indirect regulatory or reputational risks.

What Investors Should Do

1. Monitor the performance of the auto loan pool.
2. Stay informed about the litigation involving U.S. Bank National Association.
3. Review the Sale and Servicing Agreement and Indenture for specific terms.

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-03-23: Filing Date — Indicates when the 10-K was submitted to the SEC, providing the latest official information.
• 2025-09-24: Issuance of Notes and Certificates — The effective date for the Sale and Servicing Agreement and Indenture, establishing the structure and terms of the securitization.
• 2018-03-09: NCMSLT Action Filing Date — The date a significant lawsuit against U.S. Bank National Association was filed, representing a potential indirect risk to the trust due to its relationship with the trustee.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by those assets. (World Omni Select Auto Trust 2025-A is a securitization entity holding auto loan receivables.)

Pass-through Trust

A type of trust where the principal and interest payments from the underlying assets are passed directly to the security holders. (Explains why the trust itself has no revenue or net income figures.)

Auto Loan Receivables

Loans made to consumers for the purchase of vehicles. (These are the primary assets held by the trust.)

Sale and Servicing Agreement

A contract outlining the terms under which assets are sold to a trust and how those assets will be serviced. (Governs the relationship between the depositor, servicer, and the trust, detailing operational aspects.)

Indenture

A legal agreement that governs the issuance of debt securities, outlining the rights and obligations of the issuer, trustee, and bondholders. (Details the terms of the Notes issued by the trust and the role of the Indenture Trustee.)

Regulation AB

SEC rules governing the registration, reporting, and disclosure requirements for asset-backed securities. (Item 1122 of Regulation AB pertains to the assessment of compliance with servicing criteria, which was affirmed by the servicer and trustee.)

External Credit Enhancement

Third-party guarantees or insurance that provide additional security to investors in securitized products. (The trust does not utilize external credit enhancement, meaning the performance of the auto loan pool is the sole source of credit support.)

Year-Over-Year Comparison

As this is a new securitization trust established in 2025, a direct year-over-year comparison of financial metrics is not applicable. The filing primarily details the structure, agreements, and initial operational setup, including the issuance of Notes and Certificates on September 24, 2025. Key information revolves around the composition of the asset pool and compliance with servicing criteria, rather than changes in revenue or income, which are not generated by the trust itself.

Filing Documents

• tm261230d18_10k.htm (10-K) — 69KB
• tm261230d18_ex31-1.htm (EX-31.1) — 9KB
• tm261230d18_ex33-1.htm (EX-33.1) — 74KB
• tm261230d18_ex33-2.htm (EX-33.2) — 52KB
• tm261230d18_ex34-1.htm (EX-34.1) — 8KB
• tm261230d18_ex34-2.htm (EX-34.2) — 8KB
• tm261230d18_ex35-1.htm (EX-35.1) — 6KB
• tm261230d18_ex34-1img001.jpg (GRAPHIC) — 6KB
• tm261230d18_ex34-2img001.jpg (GRAPHIC) — 8KB
• 0001104659-26-033278.txt ( ) — 245KB

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 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 Select Auto Trust 2025-A (the "Trust").

(B)(2) OF REGULATION AB. CREDIT

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

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

Item 8. Financial Statements and Supplementary Data. Not applicable.

Changes In and

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 September 16, 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 333-283578-03, filed with the Commission on September 18, 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 September 24, 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 333-283578-03, filed with the Commission on September 24, 2025. 4.2 Indenture, dated as of September 24, 2025,

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 2025-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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