EXHIBIT 33.2



MANAGEMENT’S REPORT ON ASSESSMENT
OF COMPLIANCE WITH SEC

REGULATION AB SERVICING CRITERIA



MUFG Union Bank, N.A. (the “Bank”),
a wholly-owned subsidiary of MUFG Americas Holdings Corporation, provides this assessment of compliance with the following applicable
servicing criteria set forth in Item 1122(d) of Regulation AB Servicing Criteria promulgated by the Securities and Exchange Commission.
Management has determined that the servicing criteria are applicable in regards to the servicing platform for the period as follows:



Platform: Appendix A identifies
the asset-backed securities transactions covered by this report and includes auto retail installment contracts serviced by World
Omni Financial Corp (the “Platform”).



Applicable Servicing Criteria: All
servicing criteria set forth in Item 1122(d), to the extent required in the related transaction agreements or required by the Item
1122(d) servicing criteria in regards to the activities performed by the Bank, except for the following criteria: 1122(d) 1(i),
1(ii), 1(iii),1(iv), 1(v), 2(i), 2(iii), 2(vi), 2(vii), 3(i), 4(i), 4(ii), 4(iii), 4(iv), 4(v), 4(vi), 4(vii), 4(viii), 4(ix),4(x),
4(xi), 4(xii), 4(xiii), 4(xiv), and 4(xv), which management has determined are not applicable to the activities the Bank performs
with respect to the Platform (the “Applicable Servicing Criteria”).



Period: As of December 31, 2016
and for the period from January 1, 2016 to December 31, 2016 (the “Period”).



With respect to the Platform and the Period,
the Bank provides the following assessment of compliance with respect to the Applicable Servicing Criteria:



| | 1. | The Bank is responsible for assessing its compliance with the Applicable Servicing Criteria.
| | -- | --------------------------------------------------------------------------------------------



| | 2. | The Bank has assessed compliance with the Applicable Servicing Criteria, as described above as
of and for the Period. In performing this assessment, management has used the criteria set by the Securities and Exchange Commission
in paragraph (d) of Item 1122 of Regulation AB.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | With respect to servicing criterion 1122(d)(3)(ii), the Bank is not responsible for allocating
amounts due to investors.
| | -- | ------------------------------------------------------------------------------------------------------------------------



| | 4. | The Bank was in compliance with the Applicable Servicing Criteria as of and for the Period in all
material respects.
| | -- | --------------------------------------------------------------------------------------------------------------------



Deloitte & Touche LLP, an independent
registered public accounting firm, has issued an attestation report with respect to the Bank’s foregoing assessment of compliance
as of and for the Period.



MUFG UNION BANK, N.A.



|By:                                                               | /s/ James Myers  | 
|----------------------------------------------------------------- | ---------------- | 
|James Myers                                                       |                 
|Director Regional Manager Corporate Trust                         |                 
|                                                                  |                  | 
|By:                                                               | /s/ Denise Burns | 
|Denise Burns                                                      |                 
|Vice President and Manager Corporate Trust Account Administration |                 



February 24, 2017











EXHIBIT 33.2

Appendix A



The auto retail installment contracts serviced by World Omni
Financial Corp include:
WORLD OMNI AUTO RECEIVABLES TRUST 2014-A
WORLD OMNI AUTO RECEIVABLES TRUST 2015-B
WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2016-A