| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 155.0 | 9.9% | 83.1% | 4.43% fxd | 0.25 | 2026-08-15 | A-1+ | P-1 |
| Class A-2a | 282.5 | 18.1% | 65.0% | 4.37% fxd | 1.07 | 2028-03-15 | AAA | Aaa |
| Class A-2b | 225.0 | 14.4% | 50.5% | +39 bps SOFR | 1.07 | 2028-03-15 | AAA | Aaa |
| Class A-3 | 507.5 | 32.5% | 18.0% | 4.23% fxd | 2.03 | 2028-12-15 | AAA | Aaa |
| Class A-4 | 80.0 | 5.1% | 12.9% | 4.30% fxd | 2.44 | 2029-08-15 | AAA | Aaa |
| Class B | 56.2 | 3.6% | 9.3% | 4.52% fxd | 2.53 | 2029-08-15 | AA | Aa1 |
| Class C | 70.2 | 4.5% | 4.8% | — | — | — | — | — |
| Class D | 74.9 | 4.8% | 0.0% | — | — | — | — | — |
| Sponsor | 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 |
| Owner Trustee | The Bank of New York Mellon |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Deutsche Bank Securities, RBC Capital Markets, BofA Securities, Mischler Financial Group, U.S. Bancorp Investments, Mizuho Securities |
| FCALT 2025-B | FCALT 2025-A | FCALT 2024-B | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-07-29 | 2025-01-27 | 2024-07-23 |
| Pool balance | $1,560.5MM | $1,560.5MM | $1,560.5MM |
| WA Lessee Credit Score | 7640 | 764 | 764 |
| WA original term mo | 35.8+0.3 | 35.1 mo | 35.8 mo |
| WA Residual % MSRP | 49.8% | 50.2% | 49.2% |
| ALG-marked residuals | 85.2% | 80.1% | 81.3% |
| WA Securitization Value | $33,269 | $34,499 | $32,312 |
| Top-3 model concentration | 54.5% | 53.6% | 52.8% |
| Geo top-3 | MI 33.4% NY 10.5% CA 8.4% | MI 38.9% NY 10.8% CA 7.0% | MI 38.7% NY 11.6% CA 6.7% |
| Structure (at issuance) | |||
| AAA spread | +39 bps−1bps | +41 bps | +40 bps |
| AAA % of pool | 70.2%−0.1pp | 68.5% | 72.2% |
| Initial OC | 7.00% | 7.00% | 7.00% |
| Target OC | 9.00% | 9.80% | 9.80% |
| Subordination below AAA | 12.9%+0.0pp | 12.9% | 12.9% |
| Total Hard CE (Initial) | 20.85% | 22.67% | 22.65% |
| Total Hard CE (Target) | 22.85% | 25.47% | 25.45% |
| Discount rate | 9.30% | 9.40% | 10.25% |
| Tranches | 8 | 8 | 8 |
| FCALT 2025-B | NALT 2025-B | VWALT 2025-A | BMWLT 2025-1 | GMALT 2025-2 | MBALT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-07-29 | 2025-07-29 | 2025-06-17 | 2025-06-10 | 2025-05-29 | 2025-05-21 |
| Pool balance | $1,560.5MM | $1,271.8MM | $1,457.7MM | $1,554.4MM | $1,617.3MM | $1,197.1MM |
| WA Lessee Credit Score | 764−16 | 759 | 776 | 792 | 780 | 786 |
| WA original term mo | 35.8−0.2 | 36.0 mo | — | 36.0 mo | 35.0 mo | 40.4 mo |
| WA Residual % MSRP | 49.8% | 49.5% | 48.5% | 48.0% | 51.8% | 44.3% |
| ALG-marked residuals | 85.2% | 100.0% | 99.3% | 100.0% | 96.0% | 94.0% |
| WA Securitization Value | $33,269 | $26,224 | $27,803 | $42,435 | $30,103 | $45,969 |
| Top-3 model concentration | 54.5% | 50.3% | 51.6% | 17.6% | 35.4% | 21.9% |
| Geo top-3 | MI 33.4% NY 10.5% CA 8.4% | NY 16.7% NJ 15.5% FL 11.2% | CA 16.1% FL 15.9% NY 13.9% | CA 18.0% FL 15.0% NY 9.3% | MI 29.3% NY 14.1% FL 7.6% | CA 22.9% FL 16.3% NY 12.6% |
| Structure (at issuance) | ||||||
| AAA spread | +39 bps−8bps | +47 bps | +40 bps | +39 bps | +50 bps | +52 bps |
| AAA % of pool | 70.2%−2.0pp | 65.8% | 72.2% | 73.7% | 61.7% | 88.5% |
| Initial OC | 7.00% | 11.15% | 14.25% | 13.15% | 10.00% | 11.50% |
| Target OC | 9.00% | — | 17.25% | 15.65% | 11.00% | 13.00% |
| Subordination below AAA | 12.9%+12.9pp | 5.6% | 0.0% | 0.0% | 7.7% | 0.0% |
| Total Hard CE (Initial) | 20.85% | 18.70% | 14.50% | 13.40% | 19.76% | 11.75% |
| Total Hard CE (Target) | 22.85% | — | 17.50% | 15.90% | 20.76% | 13.25% |
| Discount rate | 9.30% | 10.00% | 10.00% | 10.85% | 9.25% | 10.80% |
| Tranches | 8 | 7 | 5 | 5 | 7 | 5 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 88.46% |
|---|---|
| Realized G/L (% of scheduled) | -11.54% |
| Returned vehicles to date | 2,297 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.