World Omni Trust 2024-A Faces Trustee Legal Headwinds

TL;DR

**The legal cloud over Wilmington Trust, the indenture trustee, casts a shadow on World Omni's securitization, demanding investor vigilance despite no direct impact on the Trust's assets.**

AI Summary

World Omni Automobile Lease Securitization Trust 2024-A, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, reporting no revenue or net income as it is a pass-through trust. The Trust confirmed no single obligor represents 10% or more of its pool assets, indicating diversification within its lease portfolio. There were no external credit enhancements or significant derivative instruments requiring disclosure under Regulation AB. A key development is 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. World Omni Financial Corp. (the Sponsor) and World Omni Auto Leasing LLC (the Depositor) maintain their roles, with the Depositor holding a 100% ownership interest in the Trust through its Certificates. Both the Sponsor and WTNA reported no material instances of noncompliance with applicable servicing criteria under Item 1122 of Regulation AB.

Why It Matters

This 10-K highlights potential indirect risks for investors in World Omni Automobile Lease Securitization Trust 2024-A due to legal action against its indenture trustee, Wilmington Trust, National Association (WTNA), in unrelated securitization transactions. While the lawsuit doesn't directly involve World Omni's assets, it raises questions about WTNA's operational integrity and could impact investor confidence in the broader asset-backed securities market, especially given WTNA's critical role in managing payments and post-default duties. Competitors in the auto lease securitization space, like Ally Financial or Santander Consumer USA, will be closely watching how this legal challenge affects trustee services and market perception, potentially influencing future deal structures and investor due diligence.

Risk Assessment

Risk Level: medium — The risk level is medium due to the legal proceedings against Wilmington Trust, National Association (WTNA), the indenture trustee for World Omni Automobile Lease Securitization Trust 2024-A. While the lawsuit, filed on February 3, 2026, pertains to other Tricolor Holdings, LLC transactions, it alleges breaches of contract and duties related to waterfall payments and post-event of default duties, which are critical functions WTNA performs for this Trust. This creates an indirect operational and reputational risk for the Trust's noteholders and certificate holders.

Analyst Insight

Investors should closely monitor the legal proceedings against Wilmington Trust, National Association, as the outcome could impact the perceived reliability of indenture trustees in the ABS market. While the Trust's assets are not directly implicated, any adverse ruling against WTNA could lead to increased scrutiny of trustee performance and potentially affect the liquidity or pricing of the Trust's Notes and Certificates.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

$0

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.)
• 2025-12-31 — fiscal year end date (The annual report covers the fiscal year ended December 31, 2025.)
• 2026-02-03 — date of civil complaint (Wilmington Trust, National Association was served with a civil complaint on February 3, 2026.)
• 100% — ownership interest in the Trust (The Depositor, World Omni Auto Leasing LLC, has acquired a 100% ownership interest in the Trust through its Certificates.)

Key Players & Entities

• World Omni Automobile Lease Securitization Trust 2024-A (company) — issuing entity
• World Omni Auto Leasing LLC (company) — depositor and 100% owner of the Trust
• World Omni Financial Corp. (company) — sponsor, originator, and primary servicer
• Wilmington Trust, National Association (company) — indenture trustee facing a civil complaint
• Michael Hollis (person) — Group Vice President and Assistant Secretary of World Omni Financial Corp., signing on behalf of the Trust
• Tricolor Holdings, LLC (company) — entity related to the asset-backed securitization transactions where WTNA is being sued
• Supreme Court of the State of New York, County of New York (regulator) — court where the civil complaint against WTNA was filed
• Auto Lease Finance LLC (company) — purchaser of exchange notes from World Omni LT
• U.S. Bank National Association (company) — party to various agreements, including the Second Amended and Restated Trust Agreement of World Omni LT
• PricewaterhouseCoopers LLP (company) — independent registered public accounting firm for servicing reports

FAQ

Risk Factors

• Civil Complaint Against Indenture Trustee [high — 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. This legal action against the trustee could potentially impact the administration and performance of the Trust's assets.
• Servicing Criteria Compliance [medium — regulatory]: While both the Sponsor (World Omni Financial Corp.) and WTNA reported no material instances of noncompliance with applicable servicing criteria under Item 1122 of Regulation AB for the fiscal year ended December 31, 2025, the ongoing civil complaint against WTNA introduces a potential regulatory and operational risk. Any findings or penalties related to the complaint could indirectly affect the Trust.

Industry Context

The auto lease securitization market is a significant component of the broader ABS market, providing essential financing for vehicle purchases and leases. Companies like World Omni Financial Corp. leverage these structures to manage their balance sheets and access capital markets. The industry is sensitive to economic conditions, interest rate fluctuations, and regulatory scrutiny, particularly concerning servicing standards and asset quality.

Regulatory Implications

The civil complaint against the indenture trustee, WTNA, poses a significant regulatory and operational risk. Any adverse findings could lead to disruptions in trust administration, potential litigation costs, and reputational damage impacting future securitizations. Compliance with Regulation AB, especially regarding servicing criteria, remains a key focus for all parties involved.

What Investors Should Do

1. Monitor the civil complaint against WTNA closely.
2. Review the terms of the Omnibus Supplemental Indenture dated January 13, 2026.
3. Assess the diversification of the underlying lease portfolio.

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-02-03: Civil Complaint Served — A civil complaint was served on the indenture trustee, WTNA, introducing a significant legal risk to the Trust's operations and administration.
• 2024-04-09: Underwriting Agreement — Established the terms for the securitization issuance, forming the basis of the Trust's structure.
• 2024-04-17: Indenture Agreement — Outlined the rights and responsibilities of the indenture trustee and the Trust, crucial for asset servicing and administration.
• 2026-01-13: Omnibus Supplemental Indenture — Indicates potential amendments or additions to the original indenture, which could affect the Trust's terms.

Glossary

Pass-through trust

A type of trust that passes income and principal directly to its beneficiaries without significant modification or management. In this context, it means the Trust primarily acts as a conduit for lease payments. (Explains why the Trust reports no revenue or net income, as it is designed to distribute cash flows from the underlying auto leases.)

Securitization entity

A legal entity created to pool assets (like auto leases) and issue securities backed by the cash flows from those assets. (Identifies the nature of World Omni Automobile Lease Securitization Trust 2024-A as a vehicle for transforming illiquid assets into tradable securities.)

Sponsor

The entity that originates or purchases the assets to be securitized and initiates the securitization process. Here, World Omni Financial Corp. (Identifies the originator of the auto leases and the key party responsible for the overall securitization structure.)

Depositor

The entity that transfers the securitized assets to the trust. Here, World Omni Auto Leasing LLC. (Clarifies the role of World Omni Auto Leasing LLC in contributing the lease portfolio to the Trust.)

Indenture trustee

A financial institution appointed to act on behalf of the bondholders (or certificate holders) in a securitization. They oversee the collateral and ensure the terms of the indenture are met. Here, Wilmington Trust, National Association (WTNA). (Highlights the critical role of WTNA and the implications of the civil complaint against it for the Trust's administration.)

Regulation AB

A set of rules issued by the SEC governing the disclosure and reporting requirements for asset-backed securities offerings. (Provides the regulatory framework under which the Trust's disclosures, including servicing criteria compliance, are made.)

Year-Over-Year Comparison

As this is the initial 10-K filing for the World Omni Automobile Lease Securitization Trust 2024-A, a direct comparison to a prior year's filing is not applicable. However, the filing highlights the establishment of the Trust, its structure, and key contractual agreements. The significant event to monitor going forward is the civil complaint served on the indenture trustee, which introduces a new risk factor not present at the inception of the Trust.

Filing Documents

• tm261230d19_10k.htm (10-K) — 80KB
• tm261230d19_ex31-1.htm (EX-31.1) — 7KB
• tm261230d19_ex33-1.htm (EX-33.1) — 74KB
• tm261230d19_ex33-2.htm (EX-33.2) — 29KB
• tm261230d19_ex34-1.htm (EX-34.1) — 7KB
• tm261230d19_ex34-2.htm (EX-34.2) — 6KB
• tm261230d19_ex35-1.htm (EX-35.1) — 5KB
• tm261230d19_ex33-2img001.jpg (GRAPHIC) — 5KB
• tm261230d19_ex34-1img001.jpg (GRAPHIC) — 2KB
• tm261230d19_ex34-2img001.jpg (GRAPHIC) — 2KB
• 0001104659-26-033279.txt ( ) — 223KB

(B) OF REGULATION AB. SIGNIFICANT

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 Automobile Lease Securitization Trust 2024-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

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 Leasing 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

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

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

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

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 assigned to World Omni LT (the “Titling Trust”). The Titling Trust issues exchange notes, which are secured by certain leases and leased vehicles allocated to the related reference pool of the Titling Trust, including the 2024-A Reference Pool, to Auto Lease Finance LLC. Auto Lease Finance LLC has sold the exchange note secured by the 2024-A Reference Pool to the Depositor, which has transferred such exchange note to the Issuing Entity. 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). 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, or as otherwise disclosed herein, 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 April 9, 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 333-264720-03, filed with the Commission on April 11, 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 333-289150, filed on July 31, 2025 . 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 333-289150, filed on July 31, 2025. 3.3 Amended and Restated Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.3 to the Registrant’s Form SF-3, Registration File Number 333-289150, filed on July 31, 2025. 3.4 Amendment No. 1 to Amended and Restated Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.4 to the Registrant’s Form SF-3, Registration File Number 333-289150, filed on July 31, 2025. 4.1 Indenture, dated as of April 17, 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 333-264720-03, filed with the Commission on April 17, 2024. 4.2 Omnibus Supplemental Indenture, dated as of January 13, 2026, relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, Registration File Number 333-264720-03, filed with the Commission on January 20, 2026. 10.1 Second Amended and Restated Trust Agreement of World Omni LT among Auto Lease Finance LLC, Worl

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 Automobile Lease Securitization 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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