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.
*  On January 31, 1999, Registrant filed a Form 15, Suspension of Duty to File 
   Reports Under Sections 13 and 15(d) of the Securities & Exchange Act of 1934,
   therefore, this will be the last filing for the Registrant.

For the fiscal year ended December 31, 1998.

(   )  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 333-63367
------------------------------


            World Omni 1998-A Automobile Lease Securitization Trust
             (Exact name of registrant as specified in its charter)


            Delaware                                   Non-applicable    
            -------                                      ----------    
  (State or other jurisdiction of                    (I.R.S. Employer
    incorporation or organization)                      Identification No.)


                  120 NW 12TH Avenue, Deerfield Beach, FL 33442    
                ---------------------------------------------      
               (Address of principal executive offices) (Zip Code)


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

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

   Floating Rate Automobile Lease Asset-Backed Notes, Class A-1
   Floating Rate Automobile Lease Asset-Backed Notes, Class A-2
   Floating Rate Automobile Lease Asset-Backed Notes, Class A-3
   Floating Rate Automobile Lease Asset-Backed Notes, Class A-4
                          (Title of Class)

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 ___


<PAGE>

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained,  to the 
best of  registrant's  knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. (X)

As of December 31, 1998, the aggregate  market value of the Class A-1,
Class A-2, Class A-3 and Class A-4 Notes was $1,631,383,000.


                       Documents incorporated by reference

                                      None.

           World Omni 1998-A Automobile Lease Securitization Trust*

                                     PART I

ITEM 2.  PROPERTIES

           The World Omni Floating Rate Automobile Lease Asset-Backed Class A 
Notes consist of four classes of notes (respectively, the "Class A-1 Notes",the 
"Class A-2 Notes, the "Class A-3" Notes and the "Class A-4 Notes", and 
collectively, the "Class A Notes") issued by the World Omni 1998-A Automobile 
Lease Securitization Trust (the "Trust"), a Delaware business trust created 
pursuant to a Securitization Trust Agreement between World Omni Lease 
Securitization L.P.(the "Transferor"),PNC Bank, Delaware, as owner trustee (the 
"Owner Trustee") and The Bank of New York, as indenture trustee (the "Indenture 
Trustee").
  
     The Class A Notes were issued pursuant to an Indenture between the Trust 
and the Indenture Trustee.  The Class A Notes are secured by the property of 
the Trust, which consists of a 100% undivided interest in a Special Unit of 
Beneficial Interest (the "SUBI"), which, in turn, evidences a beneficial 
interest in certain specified assets of World Omni LT, an Alabama trust (the 
"Origination Trust"), monies on deposit in certain accounts and other assets.  
The assets of the Origination Trust (the "Origination Trust Assets") consist of 
retail closed-end lease contracts assigned to the Origination Trust by dealers 
in the World Omni Financial Corp. ("World Omni") network of dealers, the
automobiles and light duty trucks relating thereto, and payments made under 
certain insurance policies relating to such lease contracts, the related lessees
and such leased vehicles, including the Residual Value Insurance Policy, and 
certain other assets.  World Omni will service the lease contracts included in 
the Origination Trust Assets.

     The SUBI initially evidences a beneficial interest in specified Origination
Trust Assets, including certain lease contracts, the automobiles and light
duty trucks relating to such lease contracts, certain monies due under or 
payable in respect of such lease contracts and leased vehicles on or after
September 1, 1998, payments made under certain insurance policies relating to
such lease contracts, the related leasses and such leased vehicles, including 
the Residual Value Insurance Policy, and certain other Origination Trust Assets
(collectively, the "SUBI Assets").  From time to time until principal is first
distributed to the Noteholders, principal collections on the SUBI Assets are
reinvested in additional lease contracts and related Origination Trust Assets,
which at the time of reinvestment become SUBI Assets.

     A summary of lease contracts and related leased vehicles allocated to
SUBI Assets and delinquency information follows (unaudited):

<TABLE>
                                        Units                    Book Balance
                                                                 ($ in 000's)
<S>                                     <C>                      <C>   
Lease Contracts outstanding,                               
  09/1/98                               74,744
Prepayments, 11/30/98                      687                   $ 5,624
Scheduled Terminations                       0                         0
Charge-Offs                                 99                   $ 1,421
Subsequent contracts added, 11/30/98         0                         0       
Lease contracts outstanding,
  11/30/98                              73,959

</TABLE>
Delinquent lease contracts as of December 31, 1998:
<TABLE>
                                        Units                    ($in 000's)
<S>                                     <C>                       <C>
31-60 days                                  800                   $17,499
61-90 days                                  136                   $ 2,936
91 days +                                    23                   $   436
                                        _______                   _______
  TOTAL                                     959                   $20,871
</TABLE>
<PAGE>

     Losses on repossessions for the period ending December 31, 1998 were 
$1,421,420.58 on 99 charge-offs.
 
         *The information provided herein is being provided in accordance with
the registrant's no-action letter to the SEC dated as of August 25, 1994.


ITEM 3.  LEGAL PROCEEDINGS

         As of December 31, 1998, there were no material legal proceedings in
respect to the Trust or the Origination Trust.  The Origination Trust is a 
defendant in various cases which constitute ordinary routine litigation 
incidental to its business as an assignee of leased vehicles and leases.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         No vote or consent of the holders of the Class A Notes has been 
solicited.

                                     Part II
                                     -------


ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         The Depository Trust Company is registered holder of all Class A Notes.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

                                      None.
<PAGE>
                                    PART III
                                    --------
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

Beneficial owners of more than 5% of the Class A-1 Notes at December 31, 1998:
<TABLE>
                                                               
<S>                               <C>                              <C>                 <C>
                                                                   Amount of           Percent 
Title of Class                    Name                             Certificates Held   of Class

Class A-1                         Chase Manhattan Bank             183,000,000          42.56%
                                  4 New York Plaza
                                  13th Floor
                                  New York, NY  10004

Class A-1                         Boston Safe Deposit and Trust    175,000,000          40.70%
                                    Company
                                  c/o Mellon Bank, N.A.
                                  Three Mellon Bank Center
                                  Room 153-3015
                                  Pittsburgh, PA  15259

Class A-1                         Bankers Trust Company             50,000,000          11.63%
                                  c/o BT Services Tennessee, Inc.
                                  648 Grassmere Park Drive
                                  Nashville, TN  37211

</TABLE>
Beneficial owners of more than 5% of the Class A-2 Notes at December 31, 1998:
<TABLE>

<S>                               <C>                              <C>                 <C>   

Class A-2                         Chase Manhattan Bank             228,000,000          51.82%
                                  4 New York Plaza
                                  13th Floor
                                  New York, NY  10004

Class A-2                         Boston Safe Deposit and Trust     56,600,000          12.84%
                                    Company
                                  c/o Mellon Bank, N.A.
                                  Three Mellon Bank Center
                                  Room 153-3015
                                  Pittsburgh, PA  15259

Class A-2                         Citibank, N.A.                    35,000,000           7.95%
                                  P.O. Box 30576
                                  New York, NY  10004

Class A-2                         The Bank of New York              25,000,000           5.68%
                                  925 Patterson Plank Road
                                  Secaucus, NJ  07094
</TABLE>
Beneficial owners of more than 5% of the Class A-3 Notes at December 31, 1998:
<TABLE>
<S>                               <C>                              <C>                 <C>   

Class A-3                         Chase Manhattan Bank              95,000,000          23.17%
                                  4 New York Plaza
                                  13th Floor
                                  New York, NY  10004

Class A-3                         The Bank of New York              91,000,000          22.20%
                                  925 Patterson Plank Road
                                  Secaucus, NJ  07094   

Class A-3                         Citibank, N.A.                    72,750,000          17.74%
                                  P. O. Box 30576      
                                  Tampa, FL  33630-3576

Class A-3                         Boston Safe Deposit and Trust     50,000,000          12.20%
                                    Company
                                  c/o Mellon Bank, N.A.
                                  Three Mellon Bank Center
                                  Room 153-3015
                                  Pittsburgh, PA  15259

Class A-3                         Bankers Trust Company             40,000,000           9.76%
                                  c/o BT Services Tennessee, Inc.
                                  648 Grassmere Park Drive
                                  Nashville, TN  37211

Class A-3                         NBD Bank                          39,000,000           9.51%
                                  Municipal Bond Department
                                  Attn:  Securities Department
                                  611 Woodward Avenue
                                  Detroit, MI  48226
<PAGE>
</TABLE>
Beneficial owners of more than 5% of the Class A-4 Notes at December 31, 1998:
<TABLE>
<S>                               <C>                              <C>                 <C>   

Class A-4                         The Bank of New York             105,000,000          29.88%
                                  One Wall Street
                                  New York, NY  10286

Class A-4                         Citibank, N.A.                    82,800,000          23.56%
                                  P.O. Box 30576
                                  Tampa, FL  33630-3576

Class A-4                         The Bank of New York              40,000,000          11.38%
                                  Banco Di Napoli
                                  One Wall Street
                                  New York, NY  10286

Class A-4                         Chase Manhattan Bank              30,000,000           8.54%
                                  4 New York Plaza
                                  13th Floor
                                  New York, NY  10004

Class A-4                         Bankers Trust Company             28,000,000           7.97%
                                  c/o B/T Services Tennesse, Inc.
                                  648 Grassmere Park Drive
                                  Nashville, TN  37211

Class A-4                         SSB                               22,000,000           6.26%
                                  Bank Portfolio
                                  225 Franklin Street
                                  Boston, MA  02110


Class A-4                         Boston Safe Deposit and Trust     20,000,000           5.69% 
                                    Company
                                  c/o Mellon Bank, N.A.
                                  Three Mellon Bank Center
                                  Room 153-3015
                                  Pittsburgh, PA  15259  
</TABLE>

**Source: The Depository Trust Company.
<PAGE>

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         There were no  transactions  of the type  described  in S-K item  
404(a)(3)  between  the Trust and any 5% beneficial owner of the Class A Notes.

<PAGE>

                                     PART IV
                                     -------

ITEM 14. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 10-K

         (1)      Annual Officer's Certificate
         (2)      Annual Accountants' Report*
         (3)      Summary of Monthly Reports
         (4)      Statutory Financial Statements - Federal Insurance 
                  Company

--------------------
* The  Accountants'  Report relates to compliance  with the  requirements of the
Servicing  Agreement.  It is not being filed  because the  distribution  of such
Report is restricted to the parties to the Servicing Agreement. Per Statement on
Auditing Standards AU 623.20 the restriction arises because the matters on which
the accountant is reporting are set forth in a document that is not available to
other  persons.  A copy of the Report  will be provided  to the  Securities  and
Exchange  Commission  upon request,  at which time the  Registrant  will request
confidential  treatment of the Report. The limited  distribution of this type of
Report was discussed at a SEC Regulations Committee meeting on March 7, 1995.
<PAGE>
                                   SIGNATURES

Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities  and
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 1998-A Automobile Lease Securitization Trust
          -------------------------------------------------------
                                  (Registrant)

                                      BY:  World Omni Financial Corp.,
                                                  as Servicer


Date:     April 6, 1999               BY:  /s/Alan J. Browdy
          -----------------             -----------------------------------
                                        Alan J. Browdy
                                        Vice President Accounting
                                        Corporate Controller
                                        World Omni Financial Corp.

                                        (Duly Authorized Officer of the Servicer
                                        on behalf of the Trust)
 
<PAGE>




                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
<S>                                                                  <C>
                  Exhibit                                            Page No.

(1)      Annual Officer's Certificate                                   1

(2)      Annual Accountants' Report (not being filed)

(3)      Summary of Monthly Reports                                     2

(4)      Index to Stautory Financial Statements - Federal Insurance     9
         Company                                                        


</TABLE>