UNITED STATES

SECURITIES AND EXCHANGE
COMMISSION

WASHINGTON, D.C.
20549



FORM 10-K



(Mark One)

x  ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the fiscal year
ended December 31, 2021



 ̈  TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition
period from ______ to ______



Commission File Number of issuing entity:
333-231740-04



Central Index Key Number of issuing entity:
0001823672



WORLD
OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2020-B

(Exact name of issuing
entity as specified in its charter)



Central Index Key Number of depositor:
0001439697



WORLD
OMNI AUTO LEASING LLC

(Exact name of depositor
as specified in its charter)



Central Index Key Number of sponsor: 0001004150



WORLD
OMNI FINANCIAL CORP.

(Exact name of sponsor
as specified in its charter)










Delaware

(State or other jurisdiction
of incorporation or organization)



90-0399122

(I.R.S. Employer Identification
No.)



250 Jim Moran Boulevard

Deerfield Beach,
FL 33442

(Address
of principal executive offices)



Registrant's telephone
number, including area code: (954) 429-2200



Securities registered
pursuant to Section 12(b) of the Act:

None



Securities registered
pursuant to Section 12(g) of the Act:

None



| |  | Indicate by check mark if the registrant
is a well−known seasoned issuer, as defined in Rule 405 of the Securities Act | Yes ̈Nox
| |  | ---------------------------------------------------------------------------------------------------------------------- | -------



| |  | Indicate by check mark if the registrant
is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | Yes ̈Nox
| |  | ---------------------------------------------------------------------------------------------------------------------------- | -------



Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.



| | Yes x |  | No ̈
| | ----- |  | ---



Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files).



| | Yes ̈ |  | No ̈
| | ---- |  | ---



Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non−accelerated filer, a smaller reporting
company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



| | Large accelerated filer      ̈ |  | Accelerated filer ̈        
| | ----------------------------- |  | --------------------------
| |                              
| | Non-accelerated filer       x |  | Smaller reporting company ̈
| |                              
| |                               |  | Emerging growth company ̈  



If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

| |  |  ̈
| |  | -



Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the
registered public accounting firm that prepared or issued its audit report. ̈



| |  | Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b−2 of the Act). | Yes ̈Nox
| |  | ------------------------------------------------------------------------------------------------------- | -------



State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s
most recently completed second fiscal quarter.

Not
applicable.



Indicate
the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Not applicable.



DOCUMENTS INCORPORATED
BY REFERENCE



List
hereunder the following documents if incorporated by reference and the part of the Form 10−K (e.g., Part I, Part II, etc.)
into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement;
and, (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents
should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24,
1980).

None.




















World Omni Automobile
Lease Securitization Trust 2020-B



PART I



Item 1.                 Business.

Not Applicable.



| | Item 1A. | Risk Factors.
| | -------- | -------------



Not Applicable.



| | Item 1B. | Unresolved Staff Comments.
| | -------- | --------------------------



None.



Item 2.                 Properties.



Not Applicable.



Item 3.                  Legal Proceedings.



Not Applicable.



Item 4.                 Mine
Safety Disclosures.



None.



Substitute Information Provided in Accordance
with General Instruction J to Form 10-K:



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 2020-B (the "Trust").



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.



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.



ITEM 1117 OF REGULATION AB. LEGAL PROCEEDINGS.



No legal proceedings
are pending (or known to be contemplated by governmental authorities) against MUFG Union Bank, N.A. (the "Prior Indenture Trustee")
nor is any property of any of the Prior Indenture Trustee subject to any such proceedings, that are material to holders of the Notes
or the Certificates. The Prior Indenture Trustee was indenture trustee under the indenture from the period January 1, 2021 to March 14,
2021. As of March 15, 2021 U.S. Bank National Association (“U.S. Bank” or “Successor Indenture Trustee”)
became indenture trustee and succeeded MUFG Union Bank, N.A. under the indenture and the other transaction documents in such role and
its other capacities. Pursuant to an agreement between the Prior Indenture Trustee and the Successor Indenture Trustee, MUFG Union Bank,
N.A. remained involved in the servicing function until August 2, 2021, performing sub-trustee and sub-paying agent duties, until
all functions were fully transferred to the Successor Indenture Trustee.



The following events have been brought
to our attention by U.S. Bank, in its capacity as indenture trustee:



U.S. Bank and other
large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed
securities (“RMBS”) trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar
institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and
servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the
trustees’ purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations
and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage
loan servicers and abide by a heightened standard of care following alleged events of default.













U.S. Bank denies liability
and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses
to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs’ claims
vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations
on the trustee or the RMBS trusts.



On March 9, 2018,
a law firm purporting to represent fifteen Delaware statutory trusts (the “DSTs”) that issued securities backed by student
loans (the “Student Loans”) filed a lawsuit in the Delaware Court of Chancery against U.S. Bank in its capacities as indenture
trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the
DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National
Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the “NCMSLT Action”). The complaint, as amended on June 15,
2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration
of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have
made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs
in the NCMSLT Action.



U.S. Bank has filed
a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and
12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are
litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed
cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits
pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.



U.S. Bank denies liability in the NCMSLT
Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all
material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends
to continue contesting the plaintiffs’ claims vigorously.



Except as described
in the previous paragraphs, 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 Prior Indenture
Trustee, the Successor 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



| | Item 5. | Market for Registrant's Common
                                            Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



Not applicable.



Item 6.                 Selected
Financial Data.



Not applicable.



| | Item 7. | Management’s Discussion and
                                            Analysis of Financial Condition and Results of Operations.
| | ------- | ----------------------------------------------------------------------------------------------------------------------------------



Not applicable.



| | Item 7A. | Quantitative and Qualitative Disclosures
                                            About Market Risk.
| | -------- | -------------------------------------------------------------------------------------------------------



Not applicable.



Item 8.                  Financial
Statements and Supplementary Data.



Not applicable.













Item 9.                 Changes
In and Disagreements With Accountants on Accounting and Financial Disclosure.



Not applicable.



| | Item 9A. | Controls and Procedures.
| | -------- | ------------------------



Not applicable.



| | Item 9B. | Other Information.
| | -------- | ------------------



No other information.



PART III



| | Item 10. | Directors, Executive Officers
                                            and Corporate Governance.
| | -------- | ---------------------------------------------------------------------------------------------------



Not
applicable because there are no directors or executive officers of the registrant.



| | Item 11. | Executive Compensation.
| | -------- | -----------------------



Not applicable.



| | Item 12. | Security Ownership of Certain
                                            Beneficial Owners and Management and Related Stockholder Matters.
| | -------- | -------------------------------------------------------------------------------------------------------------------------------------------



Not Applicable.



| | Item 13. | Certain Relationships and Related
                                            Transactions, and Director Independence.
| | -------- | ----------------------------------------------------------------------------------------------------------------------



Not applicable.



| | Item 14. | Principal Accountant Fees and
                                            Services.
| | -------- | -----------------------------------------------------------------------------------



Not applicable.



Substitute Information Provided in Accordance
with General Instruction J to Form 10-K:



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 2020-B Reference Pool, to Auto Lease Finance LLC. Auto Lease Finance LLC has sold the exchange note
secured by the 2020-B 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).



The Successor Indenture
Trustee is not affiliated with any of the Sponsor (including in its role as originator and primary servicer), the Depositor or the Trust.
However, the Successor Indenture Trustee is the parent of U.S. Bank Trust National Association (the “Owner Trustee”). As
of March 15, 2021, U.S. Bank National Association succeeded MUFG Union Bank, N.A. as indenture trustee under the indenture. Therefore,
the Owner Trustee is a wholly-owned subsidiary of the Successor Indenture Trustee and is therefore an affiliated party of the Successor
Indenture Trustee and vice versa.



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 otherwise disclosed herein, by the Trust, between the Sponsor, the
Depositor or the Trust and any of the parties mentioned in this Item.













ITEM 1122 OF REGULATION AB. COMPLIANCE
WITH APPLICABLE SERVICING CRITERIA.



The Sponsor (in its
role as servicer), the Prior Indenture Trustee and the Successor 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.



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



| | 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 October 6,
                                            2020, relating to the Trust. Incorporated by reference to Exhibit 1.1 to the Registrant’s
                                            Current Report on Form 8-K, Registration File Number 333-231740-04, filed with the Commission
                                            on October 8, 2020.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.1 | Certificate of
                                            Formation of the Depositor. Incorporated by reference to
                                            Exhibit 3.1 tothe Registrant’s Form SF-3,
                                            Registration File Number 333-231740, filed on May 24, 2019.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.2 | Certificate of Amendment of Certificate
                                            of Formation of the Depositor. Incorporated by reference to Exhibit 3.1 to the Depositor’s
                                            Current Report on Form 8-K, Registration File Number 333-231740,
                                            filed with the Commission on September 29, 2020.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.3 | Amended and Restated Limited Liability
                                            Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.2 to the
                                            Registrant’s Form SF-3, Registration File Number 333-231740,
                                            filed on May 24, 2019.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.4 | Amendment No. 1 to Amended and Restated
                                            Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.2
                                            to the Depositor’s Current Report on Form 8-K, Registration File Number 333-231740,
                                            filed on September 29, 2020.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.1 | Indenture, dated as of October 14,
                                            2020, relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant’s
                                            Current Report on Form 8-K, Registration File Number 333-231740-04, filed with the Commission
                                            on October 14, 2020.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.1 | Second
                                            Amended and Restated Trust Agreement of World Omni LT among Auto Lease Finance LLC, World
                                            Omni Financial Corp., VT Inc., U.S. Bank National Association and U.S. Bank Trust National
                                            Association.  Incorporated by reference to Exhibit 10.1 to the Registrant’s
                                            Form SF-3, Registration File Number 333-231740, filed on May 24, 2019.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.2 | Exchange Note Sale Agreement, dated as
                                            of October 14, 2020, relating to the Trust. Incorporated by reference to Exhibit 10.1
                                            to the Registrant’s Current Report on Form 8-K, Registration File Number 333-231740-04,
                                            filed with the Commission on October 14, 2020.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













| | 10.3 | Exchange Note Transfer Agreement, dated
                                            as of October 14, 2020, relating to the Trust. Incorporated by reference to Exhibit 10.2
                                            to the Registrant’s Current Report on Form 8-K, Registration File Number 333-231740-04,
                                            filed with the Commission on October 14, 2020.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.4 | 2020-B Exchange Note Supplement to Collateral
                                            Agency Agreement, dated as of October 14, 2020, relating to the Trust. Incorporated
                                            by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K,
                                            Registration File Number 333-231740-04, filed with the Commission on October 14, 2020.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5 | Exchange Note Servicing Supplement 2020-B to Closed-End Servicing Agreement, dated as of October 14, 2020, relating to the Trust. Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K, Registration File Number 333-231740-04, filed with the Commission on October 14, 2020.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.6 | Fifth Amended
                                            and Restated Servicing Agreement among World Omni LT, AL Holding Corp. and World Omni Financial
                                            Corp. Incorporated by reference to Exhibit 10.5 to the Registrant’s Form SF-3,
                                            Registration File Number 333-231740, filed on May 24,
                                            2019.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.7 | First Amendment to Fifth Amended and Restated
                                            Servicing Agreement among World Omni LT, AL Holding Corp. and World Omni Financial
                                            Corp. Incorporated by reference to Exhibit 10.6
                                            to the Registrant’s Form SF-3, Registration
                                            File Number 333-231740, filed on May 24, 2019.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.8 | Second Amendment to Fifth Amended and
                                            Restated Servicing Agreement among World Omni LT, AL Holding Corp. and World Omni Financial
                                            Corp. Incorporated by reference to Exhibit 10.7 to
                                            the Registrant’s Form SF-3, Registration
                                            File Number 333-231740, filed on May 24, 2019.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | 10.9 | Fourth Amended and Restated Collateral
Agency Agreement among World Omni LT, AL Holding Corp., Bank of America, N.A., U.S. Bank National Association and the secured parties
thereto from time to time.  Incorporated by reference to Exhibit 10.9 to the Registrant’s Form SF-3, Registration
File Number 333-231740, filed on May 24, 2019.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.10 | First Amendment to Fourth
                                            Amended and Restated Collateral Agency Agreement among World Omni LT, AL Holding Corp., Bank
                                            of America, N.A., U.S. Bank National Association and the secured parties thereto from time
                                            to time.  Incorporated by reference to Exhibit 10.10 to the Registrant’s
                                            Form SF-3, Registration File Number 333-231740,
                                            filed on May 24, 2019.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.11 | Second Amendment to Fourth
                                            Amended and Restated Collateral Agency Agreement among World Omni LT, AL Holding Corp., Bank
                                            of America, N.A., U.S. Bank National Association and the secured parties thereto from time
                                            to time. Incorporated by reference to Exhibit 10.11 to the Registrant’s Form SF-3,
                                            Registration File Number 333-231740, filed on May 24,
                                            2019.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.12 | Third
                                            Amendment to Fourth Amended and Restated Collateral
                                            Agency Agreement among World Omni LT, AL Holding Corp., Bank of America, N.A., U.S. Bank
                                            National Association and the secured parties thereto from time to time. Incorporated by reference
                                            to Exhibit 10.12 to the Registrant’s Form SF-3, Registration
                                            File Number 333-231740, filed on May 24, 2019.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.13 | Third Amended
                                            and Restated Pledge and Security Agreement between World Omni LT and AL Holding Corp. 
                                            Incorporated by reference to Exhibit 10.13 to the Registrant’s Form SF-3,
                                            Registration File Number 333-231740, filed on May 24, 2019.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 31.1 | Rule 13a-14(d)/15d-14(d) Certification.
| | ---- | ---------------------------------------



| | 33.1 | Report
                                            on Assessment of Compliance with Applicable Servicing Criteria of World Omni Financial Corp.,
                                            as Servicer.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













| | 33.2 | Assertion
                                            of Compliance with Applicable Servicing Criteria of MUFG Union Bank, N.A., as Indenture Trustee.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | 33.3 | Management’s
                                            Assertion Report on Assessment of Compliance with Servicing Criteria Pursuant to Item 1122
                                            of Regulation AB under the Securities Exchange Act of 1934 of U.S. Bank National Association,
                                            as Indenture Trustee.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 34.1 | Report
                                            of Independent Registered Public Accounting Firm of PricewaterhouseCoopers LLP, on behalf
                                            of World Omni Financial Corp.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 34.2 | Report
                                            of Independent Registered Public Accounting Firm of Deloitte & Touche LLP, on behalf
                                            of MUFG Union Bank, N.A.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 34.3 | Report
                                            of Independent Registered Public Accounting Firm of Ernst & Young LLP, on behalf
                                            of U.S. Bank National Association.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 35.1 | Servicer
                                            Compliance Statement of World Omni Financial Corp., as Servicer.
| | ---- | ---------------------------------------------------------------------------------------------------------------------



| | 99.1 | Trust Agreement, dated as of October 14,
                                            2020, relating to the Trust. Incorporated by reference to Exhibit 99.1 to the Registrant’s
                                            Current Report on Form 8-K, Registration File Number 333-231740-04, filed with the Commission
                                            on October 14, 2020.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.2 | Administration Agreement, dated as of
                                            October 14, 2020, relating to the Trust. Incorporated by reference to Exhibit 99.2
                                            to the Registrant’s Current Report on Form 8-K, Registration File Number 333-231740-04,
                                            filed with the Commission on October 14, 2020.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.3 | Asset Representations Review Agreement,
                                            dated as of October 14, 2020, relating to the Trust. Incorporated by reference to Exhibit 99.3
                                            to the Registrant’s Current Report on Form 8-K, Registration File Number 333-231740-04,
                                            filed with the Commission on October 14, 2020.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Not applicable.
| | --- | ---------------



Item 16.              Form 10-K
Summary.

None.













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 2020-B
|-------------------- |  | -----------------------------------------------------------
|                     |  |                                                            
|                     |  | By: World Omni Financial Corp.,                            
|                     |  | as Servicer on behalf of the
    Trust                     
|                     |  |                                                            
|Date: March 25, 2022 |  |                                                            
|                     |  |                                                            
|                     |  | /s/
    Michael Hollis                                     
|                     |  | Michael Hollis                                             
|                     |  | Vice President                                             
|                     |  | (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.