SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 1, 2004
WODFI LLC
(Exact name of registrant and originator of the Trust as specified in its charter)
WORLD OMNI MASTER OWNER TRUST
(Issuer with respect to the Notes)
Delaware
(State or other jurisdiction of incorporation)
333-84579
(Commission File Number)
65-0934017
(IRS Employer Identification No.)
WODFI LLC
190 NW 12th Avenue
Deerfield Beach, FL 33442
(Address of principal executive offices of registrant, including Zip Code)
Registrant’s telephone number, including area code: (954) 429-2200
Former name or former address, if changed since last report: Not applicable
Item 5. Other Events
See attached certificate.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WODFI LLC | ||||
(Registrant) | ||||
Dated: February 27, 2004 | By: | /S/ ALAN J. BROWDY | ||
Alan J. Browdy Assistant Treasurer World Omni Financial Corp. (Duly authorized Officers of the Servicer on behalf of the Trust) | ||||
Page 2
CERTIFICATE DATE AS OF : | February 17, 2004 | ||
Month of: January , 2004 | |||
POOL BALANCE: | |||
Pool Balance, beginning of month | $ | 529,272,634.84 | |
Pool Balance, end of month | $ | 485,261,178.75 | |
Pool Balance, average | $ | 483,156,193.53 | |
Required Pool Balance, end of month | $ | 485,261,178.75 | |
Month of: January , 2004 | |||
COLLECTIONS & SERIES ALLOCATIONS | |||
Series Allocable Principal Collections | |||
Series 2003-VFN-A | $ | 173,802,648.43 | |
Series 2003-VFN-B | $ | 71,496,976.07 | |
Series 2004-1 | $ | 84,080,768.76 | |
| $ | 329,380,393.26 | ||
Series Allocable Non-Principal Collections | |||
Series 2003-VFN-A | $ | 1,055,989.62 | |
Series 2003-VFN-B | $ | 435,656.61 | |
Series 2004-1 | $ | 12,469.17 | |
| $ | 1,504,115.40 | ||
Series Allocable Miscellaneous Payments | |||
Series 2003-VFN-A | $ | — | |
Series 2003-VFN-B | $ | — | |
Series 2004-1 | $ | — | |
| $ | — | ||
Investment Proceeds | |||
Series 2003-VFN-A | $ | 1,517.38 | |
Series 2003-VFN-B | $ | 622.32 | |
Series 2004-1 | $ | 1,494.15 | |
| $ | 3,633.85 | ||
Month of: January , 2004 | |||
CONTROLLED DEPOSIT AMOUNT FOR COLLECTION PERIOD | |||
2003-VFN-A | $ | 0.00 | |
2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Page 1 of 8
First day of: January , 2004 | ||||
ALLOCATION PERCENTAGES FOR COLLECTION PERIOD | ||||
Series Allocation Percentages | ||||
Series 2003-VFN-A | 70.79 | % | ||
Series 2003-VFN-B | 29.21 | % | ||
Series 2004-1 | 0.00 | % | ||
Floating Allocation Percentages | ||||
Series 2003-VFN-A | 76.33 | % | ||
Series 2003-VFN-B | 76.33 | % | ||
Series 2004-1 | 0.00 | % | ||
Principal Allocation Percentages | ||||
Series 2003-VFN-A | 0.00 | % | ||
Series 2003-VFN-B | 0.00 | % | ||
Series 2004-1 | 0.00 | % | ||
Month of: January , 2004 | ||||
ALLOCATIONS OF SERIES ALLOCABLE AMOUNTS WITHIN SERIES | ||||
Series 2003-VFN-A | ||||
Series Allocable Principal Collections | ||||
Excess Certificateholder Collections: | $ | 21,256,351.76 | ||
Noteholder Collections: | $ | 131,334,678.25 | ||
Additional Noteholder Collections: | $ | 21,211,618.41 | ||
| $ | 173,802,648.42 | |||
Series Allocable Non-Principal Collections | ||||
Excess Certificateholder Collections: | $ | 138,446.04 | ||
Noteholder Collections: | $ | 805,851.86 | ||
Additional Noteholder Collections: | $ | 111,691.71 | ||
| $ | 1,055,989.61 | |||
Series 2003-VFN-B | ||||
Series Allocable Principal Collections | ||||
Excess Certificateholder Collections: | $ | 8,767,757.72 | ||
Noteholder Collections: | $ | 53,994,328.68 | ||
Additional Noteholder Collections: | $ | 8,734,889.68 | ||
| $ | 71,496,976.08 | |||
Series Allocable Non-Principal Collections | ||||
Excess Certificateholder Collections: | $ | 57,120.75 | ||
Noteholder Collections: | $ | 332,455.76 | ||
Additional Noteholder Collections: | $ | 46,080.10 | ||
| $ | 435,656.61 | |||
Series 2004-1 | ||||
Series Allocable Principal Collections | ||||
Excess Certificateholder Collections: | $ | 931,064.08 | ||
Noteholder Collections: | $ | 73,587,488.64 | ||
Additional Noteholder Collections: | $ | 9,562,216.04 | ||
| $ | 84,080,768.76 | |||
Series Allocable Non-Principal Collections | ||||
Excess Certificateholder Collections: | $ | 138.08 | ||
Noteholder Collections: | $ | 10,913.02 | ||
Additional Noteholder Collections: | $ | 1,418.07 | ||
| $ | 12,469.17 | |||
Page 2 of 8
Paid on: February 17, 2004 | |||
MONTHLY DISTRIBUTIONS | |||
Principal Distributions to Investors | |||
Series 2003-VFN-A | $ | — | |
Series 2003-VFN-B | $ | — | |
Series 2004-1 | $ | — | |
Principal Distributions to Investors - $ per thousand | |||
Series 2003-VFN-A | $ | 0.00000000 | |
Series 2003-VFN-B | $ | 0.00000000 | |
Series 2004-1 | $ | 0.00000000 | |
Monthly Interest to Investors | |||
Series 2003-VFN-A | $ | 125,928.06 | |
Series 2003-VFN-B | $ | 51,764.67 | |
Series 2004-1 | $ | 307,125.00 | |
Monthly Interest to Investors - $ per thousand | |||
Series 2003-VFN-A | $ | 3.07141606 | |
Series 2003-VFN-B | $ | 3.23529167 | |
Series 2004-1 Class A | $ | 0.87750000 | |
Rated Variable Funding Increased Cost Amounts | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Noteholder Monthly Servicing Fee | |||
Series 2003-VFN-A | $ | 238,333.33 | |
Series 2003-VFN-B | $ | 98,333.33 | |
Series 2004-1 | $ | 0.00 | |
Reserve Fund Deposit Amount | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Page 3 of 8
Paid on: February 17, 2004 | |||
MONTHLY DISTRIBUTIONS (Cont.) | |||
Investor Default Amount | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Monthly Dilution Amount | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Noteholder Charge-Off Reversal Amount | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Investor Default Amount and Monthly Dilution Amount Not Previously Reinstated | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Carry-Over Amount | |||
Series 2004-1 | $ | 0.00 | |
Unrated Variable Funding Increased Cost Amounts | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Previously waived servicing fee | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Deposits to Principal Funding Account | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Collections Released to Cert. during Collection Period | $ | 329,800,500.60 | |
Excess Distributed to Cert. on Payment Date | $ | 266,157.52 | |
Page 4 of 8
Last day of: January , 2004 | |||
FUNDED AND INVESTED AMOUNTS: | |||
SERIES 2003-VFN-A SUPPLEMENT | |||
Initial Funded Amount | $ | 200,000,000.00 | |
Incremental Funded Amounts (Cumulative) | $ | 100,000,000.00 | |
Principal Distributed to Investors (Cumulative) | $ | 259,000,000.00 | |
Unreimbursed Investor Charge Offs (Cumulative) | $ | 0.00 | |
Funded Amount | $ | 41,000,000.00 | |
Series Excess Funding Amount | $ | 28,185.96 | |
Principal Funding Account Balance | $ | 0.00 | |
Invested Amount | $ | 40,971,814.04 | |
SERIES 2003-VFN-B SUPPLEMENT | |||
Initial Funded Amount | $ | 100,000,000.00 | |
Incremental Funded Amounts (Cumulative) | $ | 25,000,000.00 | |
Principal Distributed to Investors (Cumulative) | $ | 109,000,000.00 | |
Unreimbursed Investor Charge Offs (Cumulative) | $ | 0.00 | |
Funded Amount | $ | 16,000,000.00 | |
Series Excess Funding Amount | $ | 10,999.40 | |
Principal Funding Account Balance | $ | 0.00 | |
Invested Amount | $ | 15,989,000.60 | |
SERIES 2004-1 SUPPLEMENT | |||
Initial Invested Amount | $ | 350,000,000.00 | |
Principal Distributed to Investors (Cumulative) | $ | 0.00 | |
Principal Funding Account Balance | $ | 0.00 | |
Unreimbursed Investor Charge Offs (Cumulative) | $ | 0.00 | |
Series Excess Funding Amount | $ | 250,127.60 | |
Invested Amount | $ | 349,749,872.40 | |
Page 5 of 8
As of: February 17, 2004 | |||
BALANCES AS OF PAYMENT DATE | |||
Series 2003-VFN-A | |||
Reserve Fund Balance | $ | 205,000.00 | |
Reserve Fund Deficiency Amount | $ | 0.00 | |
Principal Funding Account Balance | $ | 0.00 | |
Outstanding Principal Balance | $ | 41,000,000.00 | |
Series 2003-VFN-B | |||
Reserve Fund Balance | $ | 80,000.00 | |
Reserve Fund Deficiency Amount | $ | 0.00 | |
Principal Funding Account Balance | $ | 0.00 | |
Outstanding Principal Balance | $ | 16,000,000.00 | |
Series 2004-1 | |||
Reserve Fund Balance | $ | 1,750,000.00 | |
Reserve Fund Deficiency Amount | $ | 0.00 | |
Principal Funding Account Balance | $ | 0.00 | |
Outstanding Principal Balance, Class A | $ | 350,000,000.00 | |
| Last day of: January , 2004 | |||
TRUST INCREMENTAL SUBORDINATED AMOUNT | |||
Pool Total Components of Excess Receivables: | |||
Used Vehicles | $ | 28,647,499.70 | |
Finance Hold Receivables (for Credit Reasons Only) | $ | 0.00 | |
Delayed Payment Program | $ | 207,319.00 | |
Pool Limits on Components of Excess Receivables: | |||
Used Vehicles | $ | 121,315,294.69 | |
Finance Hold Receivables | $ | 0.00 | |
Delayed Payment Program | $ | 9,705,223.58 | |
Total Excess Receivables | $ | 0.00 | |
Overconcentration Amount | $ | 26,812,833.44 | |
Ineligible Amount | $ | 0.00 | |
Trust Incremental Subordinated Amount | $ | 26,812,833.44 | |
Page 6 of 8
As of: January 31, 2004 | |||
POOL SERIES SUBORDINATED AMOUNTS | |||
Series Incremental Subordinated Amount | |||
Series 2003-VFN-A | $ | 2,613,570.81 | |
Series 2003-VFN-B | $ | 1,019,930.07 | |
Series 2004-1 | $ | 23,193,325.12 | |
Required Subordinated Amount | |||
Series 2003-VFN-A | $ | 6,176,337.25 | |
Series 2003-VFN-B | $ | 2,410,277.95 | |
Series 2004-1 | $ | 68,641,048.66 | |
Available Subordinated Amount | |||
Series 2003-VFN-A | $ | 6,176,337.25 | |
Series 2003-VFN-B | $ | 2,410,277.95 | |
Series 2004-1 | $ | 68,641,048.66 | |
| For Month of: January , 2004 | |||
CHARGE OFFS | |||
Defaulted Receivables | $ | 0.00 | |
Investor/Noteholder Defaulted Amount | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Deficiency Amount | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Required Draw Amount | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Investor/Noteholder Charge-Off’s | |||
Series 2003-VFN-A | $ | 0.00 | |
Series 2003-VFN-B | $ | 0.00 | |
Series 2004-1 | $ | 0.00 | |
Page 7 of 8
As of: February 17, 2004 | ||||
INTEREST AND PRINCIPAL SHORTFALLS (CUMULATIVE) | ||||
Interest Shortfalls as of Current Payment Date | ||||
Series 2003-VFN-A | $ | 0.00 | ||
Series 2003-VFN-B | $ | 0.00 | ||
Series 2004-1 | $ | 0.00 | ||
Change in Interest Shortfalls from Previous Payment Date | ||||
Series 2003-VFN-A | $ | 0.00 | ||
Series 2003-VFN-B | $ | 0.00 | ||
Series 2004-1 | $ | 0.00 | ||
Principal Shortfalls as of Current Payment Date | ||||
Series 2003-VFN-A | $ | 0.00 | ||
Series 2003-VFN-B | $ | 0.00 | ||
Series 2004-1 | $ | 0.00 | ||
Change in Principal Shortfalls from Previous Payment Date | ||||
Series 2003-VFN-A | $ | 0.00 | ||
Series 2003-VFN-B | $ | 0.00 | ||
Series 2004-1 | $ | 0.00 | ||
As of: February 17, 2004 | ||||
INTEREST RATE FOR NEXT PAYMENT DATE | ||||
Series 2003-VFN-A Estimated | 1.3843800 | % | ||
Series 2003-VFN-B Estimated | 1.3743800 | % | ||
Series 2004-1 | 1.1643800 | % | ||
MONTHLY PAYMENT RATE % | Month of: January , 2004 | |||
MONTHLY PAYMENT RATE % | 68.17 | % | ||
Page 8 of 8
