EXHIBIT 99.1



WORLD OMNI FINANCIAL CORP.



WORLD OMNI MASTER OWNER TRUST



SERIES 2003-VFN-A, 2003-VFN-B and 2004-1 SUPPLEMENTS



CERTIFICATE DATE AS OF : December 31, 2004



|                                                |  |                                      |                 
|----------------------------------------------- |  | ------------------------------------ | ----------------
|POOL BALANCE:                                   |  | For the Year ended: December, 2004  
|Pool Balance, beginning of period               |  | $                                    | 529,272,634.84  
|Pool Balance, end of period                     |  | $                                    | 521,470,378.04  
|Pool Balance, average                           |  | $                                    | 487,544,698.48  
|Required Pool Balance, end of period            |  | $                                    | 460,523,036.30  
|                                                | 
|COLLECTIONS & SERIES ALLOCATIONS                |  | For the Period ended: December, 2004
|Series Allocable Principal Collections          |  |                                      |                 
|Series 2003-VFN-A                               |  | $                                    | 525,478,616.66  
|Series 2003-VFN-B                               |  | $                                    | 208,323,700.06  
|Series 2004-1                                   |  | $                                    | 3,001,086,860.34
|                                                |  |                                      |                 
|                                                |  | $                                    | 3,734,889,177.06
|                                                | 
|Series Allocable Non-Principal Collections      |  |                                      |                 
|Series 2003-VFN-A                               |  | $                                    | 2,726,329.54    
|Series 2003-VFN-B                               |  | $                                    | 1,085,150.44    
|Series 2004-1                                   |  | $                                    | 13,895,226.80   
|                                                |  |                                      |                 
|                                                |  | $                                    | 17,706,706.78   
|                                                | 
|Series Allocable Miscellaneous Payments         |  |                                      |                 
|Series 2003-VFN-A                               |  | $                                    |                
|Series 2003-VFN-B                               |  | $                                    |                
|Series 2004-1                                   |  | $                                    |                
|                                                |  |                                      |                 
|                                                |  | $                                    |                
|                                                | 
|Investment Proceeds                             |  |                                      |                 
|Series 2003-VFN-A                               |  | $                                    | 11,944.17       
|Series 2003-VFN-B                               |  | $                                    | 4,699.69        
|Series 2004-1                                   |  | $                                    | 80,269.25       
|                                                |  |                                      |                 
|                                                |  | $                                    | 96,913.11       
|                                                | 
|CONTROLLED DEPOSIT AMOUNT FOR COLLECTION PERIOD |  | For the Period ended: December, 2004
|Series 2003-VFN-A                               |  | $                                    | 0.00            
|Series 2003-VFN-B                               |  | $                                    | 0.00            
|Series 2004-1                                   |  | $                                    | 0.00            



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|                                                      |  |                                      |                  |  
|----------------------------------------------------- |  | ------------------------------------ | ---------------- | -
|ALLOCATION PERCENTAGES FOR COLLECTION PERIOD          |  | Calculated as of: December, 2004     |                 
|Series Allocation Percentages                         |  |                                      |                  |  
|Series 2003-VFN-A                                     |  |                                      | 8.28             | %
|Series 2003-VFN-B                                     |  |                                      | 3.16             | %
|Series 2004-1                                         |  |                                      | 88.56            | %
|Floating Allocation Percentages                       |  |                                      |                  |  
|Series 2003-VFN-A                                     |  |                                      | 87.33            | %
|Series 2003-VFN-B                                     |  |                                      | 87.33            | %
|Series 2004-1                                         |  |                                      | 84.00            | %
|Principal Allocation Percentages                      |  |                                      |                  |  
|Series 2003-VFN-A                                     |  |                                      | 0.00             | %
|Series 2003-VFN-B                                     |  |                                      | 0.00             | %
|Series 2004-1                                         |  |                                      | 0.00             | %
|                                                      | 
|ALLOCATIONS OF SERIES ALLOCABLE AMOUNTS WITHIN SERIES |  | For the Period ended: December, 2004 |                 
|Series 2003-VFN-A                                     |  |                                      |                  |  
|Series Allocable Principal Collections                |  |                                      |                  |  
|Excess Certificateholder Collections:                 |  | $                                    | 31,616,343.91    |  
|Noteholder Collections:                               |  | $                                    | 436,554,334.74   |  
|Additional Noteholder Collections:                    |  | $                                    | 57,307,938.01    |  
|                                                      |  |                                      |                  |  
|                                                      |  | $                                    | 525,478,616.66   |  
|Series Allocable Non-Principal Collections            |  |                                      |                  |  
|Excess Certificateholder Collections:                 |  | $                                    | 187,163.61       |  
|Noteholder Collections:                               |  | $                                    | 2,255,988.79     |  
|Additional Noteholder Collections:                    |  | $                                    | 283,177.14       |  
|                                                      |  |                                      |                  |  
|                                                      |  | $                                    | 2,726,329.54     |  
|Series 2003-VFN-B                                     |  |                                      |                  |  
|Series Allocable Principal Collections                |  |                                      |                  |  
|Excess Certificateholder Collections:                 |  | $                                    | 12,808,495.10    |  
|Noteholder Collections:                               |  | $                                    | 172,727,291.37   |  
|Additional Noteholder Collections:                    |  | $                                    | 22,787,913.59    |  
|                                                      |  |                                      |                  |  
|                                                      |  | $                                    | 208,323,700.06   |  
|Series Allocable Non-Principal Collections            |  |                                      |                  |  
|Excess Certificateholder Collections:                 |  | $                                    | 76,110.98        |  
|Noteholder Collections:                               |  | $                                    | 896,235.14       |  
|Additional Noteholder Collections:                    |  | $                                    | 112,804.31       |  
|                                                      |  |                                      |                  |  
|                                                      |  | $                                    | 1,085,150.43     |  
|Series 2004-1                                         |  |                                      |                  |  
|Series Allocable Principal Collections                |  |                                      |                  |  
|Excess Certificateholder Collections:                 |  | $                                    | 85,637,944.42    |  
|Noteholder Collections:                               |  | $                                    | 2,509,716,829.35 |  
|Additional Noteholder Collections:                    |  | $                                    | 405,732,086.57   |  
|                                                      |  |                                      |                  |  
|                                                      |  | $                                    | 3,001,086,860.34 |  
|Series Allocable Non-Principal Collections            |  |                                      |                  |  
|Excess Certificateholder Collections:                 |  | $                                    | 403,256.75       |  
|Noteholder Collections:                               |  | $                                    | 11,602,572.05    |  
|Additional Noteholder Collections:                    |  | $                                    | 1,889,398.00     |  
|                                                      |  |                                      |                  |  
|                                                      |  | $                                    | 13,895,226.80    |  



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|                                                      |  |                                      |             
|----------------------------------------------------- |  | ------------------------------------ | ------------
|MONTHLY DISTRIBUTIONS                                 |  | For the Period ended: December, 2004
|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                                     |  | $                                    | 991,276.24  
|Series 2003-VFN-B                                     |  | $                                    | 386,127.09  
|Series 2004-1                                         |  | $                                    | 5,541,917.11
|                                                      | 
|Monthly Interest to Investors - $ per thousand        |  |                                      |             
|Series 2003-VFN-A                                     |  | $                                    | 23.14263592 
|Series 2003-VFN-B                                     |  | $                                    | 23.16762568 
|Series 2004-1 Class A                                 |  | $                                    | 15.83404889 
|                                                      | 
|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                                     |  | $                                    | 634,875.98  
|Series 2003-VFN-B                                     |  | $                                    | 252,803.51  
|Series 2004-1                                         |  | $                                    | 3,183,945.20
|                                                      | 
|Reserve Fund Deposit Amount                           |  |                                      |             
|Series 2003-VFN-A                                     |  | $                                    | 0.00        
|Series 2003-VFN-B                                     |  | $                                    | 0.00        
|Series 2004-1                                         |  | $                                    | 0.00        



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|                                                                              |  |                                      |                 
|----------------------------------------------------------------------------- |  | ------------------------------------ | ----------------
|MONTHLY DISTRIBUTIONS (Cont.)                                                 |  | For the Period ended: December, 2004
|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                        |  | $                                    | 3,735,006,888.49
|                                                                              | 
|Excess Distributed to Cert. on Payment Date                                   |  | $                                    | 6,694,963.39    



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|                                                |  |                                       |               
|----------------------------------------------- |  | ------------------------------------- | --------------
|FUNDED AND INVESTED AMOUNTS:                    |  | As of the last day of: December, 2004
|SERIES 2003-VFN-A SUPPLEMENT                    |  |                                       |               
|Initial Funded Amount                           |  | $                                     | 200,000,000.00
|Incremental Funded Amounts (Cumulative)         |  | $                                     | 125,000,000.00
|Principal Distributed to Investors (Cumulative) |  | $                                     | 291,000,000.00
|Unreimbursed Investor Charge Offs (Cumulative)  |  | $                                     | 0.00          
|                                                |  |                                       |               
|Funded Amount                                   |  | $                                     | 34,000,000.00 
|                                                | 
|Series Excess Funding Amount                    |  | $                                     | 0.00          
|Principal Funding Account Balance               |  | $                                     | 0.00          
|                                                |  |                                       |               
|Invested Amount                                 |  | $                                     | 34,000,000.00 
|                                                | 
|SERIES 2003-VFN-B SUPPLEMENT                    |  |                                       |               
|Initial Funded Amount                           |  | $                                     | 100,000,000.00
|Incremental Funded Amounts (Cumulative)         |  | $                                     | 35,000,000.00 
|Principal Distributed to Investors (Cumulative) |  | $                                     | 122,000,000.00
|Unreimbursed Investor Charge Offs (Cumulative)  |  | $                                     | 0.00          
|                                                |  |                                       |               
|Funded Amount                                   |  | $                                     | 13,000,000.00 
|                                                | 
|Series Excess Funding Amount                    |  | $                                     | 0.00          
|Principal Funding Account Balance               |  | $                                     | 0.00          
|                                                |  |                                       |               
|Invested Amount                                 |  | $                                     | 13,000,000.00 
|                                                | 
|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                    |  | $                                     | 0.00          
|                                                |  |                                       |               
|Invested Amount                                 |  | $                                     | 350,000,000.00



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|                                                                                        |  |                                   |               
|--------------------------------------------------------------------------------------- |  | --------------------------------- | --------------
|BALANCES AS OF PAYMENT DATE                                                             |  | As of last day of: December, 2004
|Series 2003-VFN-A                                                                       |  |                                   |               
|Reserve Fund Balance                                                                    |  | $                                 | 170,000.00    
|Reserve Fund Deficiency Amount                                                          |  | $                                 | 0.00          
|Principal Funding Account Balance                                                       |  | $                                 | 0.00          
|Outstanding Principal Balance                                                           |  | $                                 | 34,000,000.00 
|                                                                                        | 
|Series 2003-VFN-B                                                                       |  |                                   |               
|Reserve Fund Balance                                                                    |  | $                                 | 65,000.00     
|Reserve Fund Deficiency Amount                                                          |  | $                                 | 0.00          
|Principal Funding Account Balance                                                       |  | $                                 | 0.00          
|Outstanding Principal Balance                                                           |  | $                                 | 13,000,000.00 
|                                                                                        | 
|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
|                                                                                        | 
|TRUST INCREMENTAL SUBORDINATED AMOUNT To be
used in the following months computations. |  | As of last day of:December, 2004 
|Pool Total Components of Excess Receivables:                                            |  |                                   |               
|Used Vehicles                                                                           |  | $                                 | 30,150,072.14 
|Finance Hold Receivables (for Credit Reasons Only)                                      |  | $                                 | 0.00          
|Delayed Payment Program                                                                 |  | $                                 | 71,273.00     
|                                                                                        | 
|Pool Limits on Components of Excess Receivables:                                        |  |                                   |               
|Used Vehicles                                                                           |  | $                                 | 130,367,594.51
|Finance Hold Receivables                                                                |  | $                                 | 0.00          
|Delayed Payment Program                                                                 |  | $                                 | 10,429,407.56 
|                                                                                        | 
|Total Excess Receivables                                                                |  | $                                 | 0.00          
|                                                                                        | 
|Overconcentration Amount                                                                |  | $                                 | 6,339,305.05  
|                                                                                        | 
|Ineligible Amount                                                                       |  | $                                 | 0.00          
|                                                                                        | 
|Trust Incremental Subordinated Amount                                                   |  | $                                 | 6,339,305.05  



Page 6 of 8



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|                                       |  |                                      |              
|-------------------------------------- |  | ------------------------------------ | -------------
|POOL SERIES SUBORDINATED AMOUNTS       |  | As of last day of: December, 2004   
|Series Incremental Subordinated Amount |  |                                      |              
|Series 2003-VFN-A                      |  | $                                    | 1,096,271.63 
|Series 2003-VFN-B                      |  | $                                    | 419,162.68   
|Series 2004-1                          |  | $                                    | 11,731,454.52
|                                       | 
|Required Subordinated Amount           |  |                                      |              
|Series 2003-VFN-A                      |  | $                                    | 4,052,793.37 
|Series 2003-VFN-B                      |  | $                                    | 1,549,597.47 
|Series 2004-1                          |  | $                                    | 57,211,680.51
|                                       | 
|Available Subordinated Amount          |  |                                      |              
|Series 2003-VFN-A                      |  | $                                    | 4,052,793.37 
|Series 2003-VFN-B                      |  | $                                    | 1,549,597.47 
|Series 2004-1                          |  | $                                    | 57,211,680.51
|                                       | 
|CHARGE OFFS                            |  | For the Period ended: December, 2004
|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         



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|                                                    |  |                                      |           |  
|--------------------------------------------------- |  | ------------------------------------ | --------- | -
|INTEREST AND PRINCIPAL SHORTFALLS (CUMULATIVE)      |  | For the Period ended: December, 2004 |          
|Interest Shortfalls, end of period                  |  |                                      |           |  
|Series 2003-VFN-A                                   |  | $                                    | 0.00      |  
|Series 2003-VFN-B                                   |  | $                                    | 0.00      |  
|Series 2004-1                                       |  | $                                    | 0.00      |  
|                                                    | 
|Change in Interest Shortfalls, beginning of period  |  |                                      |           |  
|Series 2003-VFN-A                                   |  | $                                    | 0.00      |  
|Series 2003-VFN-B                                   |  | $                                    | 0.00      |  
|Series 2004-1                                       |  | $                                    | 0.00      |  
|                                                    | 
|Principal Shortfalls, end of period                 |  |                                      |           |  
|Series 2003-VFN-A                                   |  | $                                    | 0.00      |  
|Series 2003-VFN-B                                   |  | $                                    | 0.00      |  
|Series 2004-1                                       |  | $                                    | 0.00      |  
|                                                    | 
|Change in Principal Shortfalls, beginning of period |  |                                      |           |  
|Series 2003-VFN-A                                   |  | $                                    | 0.00      |  
|Series 2003-VFN-B                                   |  | $                                    | 0.00      |  
|Series 2004-1                                       |  | $                                    | 0.00      |  
|                                                    | 
|INTEREST RATE FOR NEXT PAYMENT DATE                 |  | As of last day of: December, 2004    |          
|Series 2003-VFN-A Estimated                         |  |                                      | 2.7700000 | %
|Series 2003-VFN-B Estimated                         |  |                                      | 2.7600000 | %
|Series 2004-1                                       |  |                                      | 2.5500000 | %



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