| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 181.8 | 11.6% | 81.4% | 4.42% fxd | 0.30 | 2026-02-15 | — | P-1 | F1+ |
| Class A-2-A | 245.0 | 15.7% | 65.7% | 4.57% fxd | 1.10 | 2027-08-15 | AAA | Aaa | AAA |
| Class A-2-B | 249.6 | 16.0% | 49.7% | +41 bps SOFR | 1.10 | 2027-08-15 | AAA | Aaa | AAA |
| Class A-3 | 494.6 | 31.7% | 18.0% | 4.72% fxd | 1.96 | 2028-06-15 | AAA | Aaa | AAA |
| Class A-4 | 79.0 | 5.1% | 12.9% | 4.78% fxd | 2.44 | 2029-02-15 | AAA | Aaa | AAA |
| Class B | 56.2 | 3.6% | 9.3% | 4.96% fxd | 2.53 | 2029-02-15 | AA | Aa1 | AA |
| Class C | 70.2 | 4.5% | 4.8% | — | 2.60 | 2029-02-15 | — | Aa2 | — |
| Class D | 74.9 | 4.8% | 0.0% | — | 2.69 | 2029-10-15 | — | A2 | — |
| Sponsor | Ford Credit |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| Depositor / Transferor | Ford Credit and the depositor may be required |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | The Bank of New York Mellon |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BMO Capital Markets, BNP Paribas Securities, Wells Fargo Securities, J.P. Morgan Securities, BNY Mellon Capital Markets, Citigroup Global Markets |
| FCALT 2025-A | FCALT 2024-B | |
|---|---|---|
| Collateral (pool at cut-off) | ||
| Closing date | 2025-01-27 | 2024-07-23 |
| Pool balance | $1,560.5MM | $1,560.5MM |
| WA Lessee Credit Score | 764 | 764 |
| WA original term mo | 35.1 | 35.8 mo |
| WA Residual % MSRP | 50.2% | 49.2% |
| ALG-marked residuals | 80.1% | 81.3% |
| WA Securitization Value | $34,499 | $32,312 |
| Top-3 model concentration | 53.6% | 52.8% |
| Geo top-3 | MI 38.9% NY 10.8% CA 7.0% | MI 38.7% NY 11.6% CA 6.7% |
| Structure (at issuance) | ||
| AAA spread | +41 bps | +40 bps |
| AAA % of pool | 68.5% | 72.2% |
| Initial OC | 7.00% | 7.00% |
| Target OC | 9.80% | 9.80% |
| Subordination below AAA | 12.9% | 12.9% |
| Total Hard CE (Initial) | 22.67% | 22.65% |
| Total Hard CE (Target) | 25.47% | 25.45% |
| Discount rate | 9.40% | 10.25% |
| Tranches | 8 | 8 |
| FCALT 2025-A | NALT 2025-A | BMWLT 2024-2 | GMALT 2024-3 | MBALT 2024-B | WOALT 2024-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-01-27 | 2025-01-22 | 2024-10-07 | 2024-10-02 | 2024-09-25 | 2024-04-17 |
| Pool balance | $1,560.5MM | $1,914.3MM | $1,468.9MM | $1,626.0MM | $1,135.8MM | — |
| WA Lessee Credit Score | 764−17 | 758 | 789 | 781 | 786 | 747 |
| WA original term mo | 35.1−1.9 | 37.0 mo | 36.0 mo | 36.0 mo | 42.2 mo | 38.3 mo |
| WA Residual % MSRP | 50.2% | 50.1% | 48.4% | 52.5% | 44.3% | 54.5% |
| ALG-marked residuals | 80.1% | 100.0% | 100.0% | 96.9% | 94.0% | — |
| WA Securitization Value | $34,499 | $27,756 | $51,501 | $30,172 | $41,735 | $991,177,615 |
| Top-3 model concentration | 53.6% | 50.5% | 20.7% | 37.7% | 21.6% | — |
| Geo top-3 | MI 38.9% NY 10.8% CA 7.0% | FL 11.6% CA 11.6% TX 7.3% | CA 19.2% FL 13.6% NJ 9.2% | MI 29.0% NY 16.1% FL 8.5% | CA 29.3% NY 13.8% FL 13.5% | FL 62.5% NC 15.7% GA 7.7% |
| Structure (at issuance) | ||||||
| AAA spread | +41 bps−4bps | — | +42 bps | +47 bps | +66 bps | +43 bps |
| AAA % of pool | 68.5%+2.9pp | 65.6% | 71.8% | 62.5% | 42.1% | 81.8% |
| Initial OC | 7.00% | 11.60% | 14.90% | 10.00% | 11.50% | — |
| Target OC | 9.80% | — | 17.40% | 11.00% | 13.00% | — |
| Subordination below AAA | 12.9%+7.7pp | 5.2% | 0.0% | 7.7% | 0.0% | 5.4% |
| Total Hard CE (Initial) | 22.67% | 18.62% | 15.15% | 19.12% | 11.75% | — |
| Total Hard CE (Target) | 25.47% | — | 17.65% | 20.12% | 13.25% | — |
| Discount rate | 9.40% | 10.00% | 11.20% | 9.50% | 10.95% | — |
| Tranches | 8 | 7 | 5 | 7 | 5 | 6 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 93.82% |
|---|---|
| Realized G/L (% of scheduled) | -6.18% |
| Returned vehicles to date | 6,203 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.