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ARTICLE · 30 APRIL 2001

The Future of Auto Lease Securitization ~ Part 2

Mayer Brown
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United StatesFinance and Banking
Stuart Litwin
Stuart Litwin
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IV. The Securitization

Two companies have completed public offerings of auto lease-backed securities, World Omni Financial Corp. and Ford Motor Credit Company 11. Each has used a Titling Trust, although there are some differences in the structures. The simple transfer of a beneficial interest in a Titling Trust is used in the World Omni Financial Corp. transactions. A more complicated sale-leaseback structure is used in the Ford Motor Credit Company transaction.

Exhibits 4 and 5 diagram the World Omni and Ford structures and the entities involved. It is worth remembering that the auto lease securitization market is still too new for there to be a preferred structure.

A. World Omni - Transfer Of A Beneficial Interest

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