| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 160.0 | 7.7% | 62.4% | 3.82% fxd | 0.25 | 2027-01-15 | P-1 | F1+ |
| Class A-2a | 315.0 | 15.2% | 47.2% | 3.83% fxd | 0.99 | 2028-08-15 | Aaa | AAA |
| Class A-2b | 192.5 | 9.3% | 37.9% | +34 bps SOFR | 0.99 | 2028-08-15 | Aaa | AAA |
| Class A-3 | 507.5 | 24.5% | 13.4% | 4.00% fxd | 2.00 | 2029-07-15 | Aaa | AAA |
| Class A-4 | 75.0 | 3.6% | 9.7% | 4.08% fxd | 2.54 | 2030-02-15 | Aaa | AAA |
| Class B | 56.2 | 2.7% | 7.0% | 4.20% fxd | 2.64 | 2030-02-15 | Aa1 | AA |
| Class C | 70.2 | 3.4% | 3.6% | — | — | 2030-02-15 | — | — |
| Class D | 74.9 | 3.6% | 0.0% | — | — | 2030-10-15 | — | — |
| Sponsor | Ford Credit |
|---|---|
| Servicer | Portfolio Residual Performance |
| Depositor / Transferor | Ford Motor Credit Company LLC |
| 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 | Deutsche Bank Securities, RBC Capital Markets, TD Securities, Lloyds Securities, CastleOak Securities, Mischler Financial Group |
| FCALT 2026-A | FCALT 2025-B | FCALT 2025-A | FCALT 2024-B | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-01-26 | 2025-07-29 | 2025-01-27 | 2024-07-23 |
| Pool balance | $2,068.3MM | $1,560.5MM | $1,560.5MM | $1,560.5MM |
| WA Lessee Credit Score | 763−1 | 764 | 764 | 764 |
| WA original term mo | 36.8+1.0 | 35.8 mo | 35.1 mo | 35.8 mo |
| WA Residual % MSRP | 63.7% | 49.8% | 50.2% | 49.2% |
| ALG-marked residuals | 86.8% | 85.2% | 80.1% | 81.3% |
| WA Securitization Value | $993,604,775 | $33,269 | $34,499 | $32,312 |
| Top-3 model concentration | 55.8% | 54.5% | 53.6% | 52.8% |
| Geo top-3 | MI 30.9% NY 10.2% CA 8.9% | 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 | +34 bps−6bps | +39 bps | +41 bps | +40 bps |
| AAA % of pool | 52.7%−17.5pp | 70.2% | 68.5% | 72.2% |
| Initial OC | 7.00% | 7.00% | 7.00% | 7.00% |
| Target OC | 9.00% | 9.00% | 9.80% | 9.80% |
| Subordination below AAA | 9.7%−3.2pp | 12.9% | 12.9% | 12.9% |
| Total Hard CE (Initial) | 22.67% | 20.85% | 22.67% | 22.65% |
| Total Hard CE (Target) | 24.67% | 22.85% | 25.47% | 25.45% |
| Discount rate | 8.90% | 9.30% | 9.40% | 10.25% |
| Tranches | 8 | 8 | 8 | 8 |
| FCALT 2026-A | MBALT 2026-A | BMWLT 2025-2 | VWALT 2025-B | GMALT 2024-3 | NALT 2025-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-01-26 | 2026-01-21 | 2025-10-15 | 2025-09-16 | 2025-08-13 | 2025-07-29 |
| Pool balance | $2,068.3MM | $1,379.3MM | $1,439.3MM | $1,749.3MM | $1,228.4MM | $1,271.8MM |
| WA Lessee Credit Score | 763−22 | 786 | 792 | 789 | 781 | 759 |
| WA original term mo | 36.8+0.8 | 40.2 mo | 36.0 mo | — | 35.0 mo | 36.0 mo |
| WA Residual % MSRP | 63.7% | 43.9% | 48.3% | 48.5% | 52.5% | 49.5% |
| ALG-marked residuals | 86.8% | 95.9% | 100.0% | 97.4% | 96.9% | 100.0% |
| WA Securitization Value | $993,604,775 | $52,634 | $46,784 | $29,605 | $30,172 | $26,224 |
| Top-3 model concentration | 55.8% | 20.1% | 14.7% | 49.6% | 37.7% | 50.3% |
| Geo top-3 | MI 30.9% NY 10.2% CA 8.9% | CA 29.2% FL 14.0% NY 11.8% | CA 20.4% FL 16.7% TX 8.7% | CA 16.2% FL 15.5% NY 14.4% | MI 27.3% NY 14.8% FL 9.7% | NY 16.7% NJ 15.5% FL 11.2% |
| Structure (at issuance) | ||||||
| AAA spread | +34 bps−1bps | +35 bps | +31 bps | +37 bps | +35 bps | +47 bps |
| AAA % of pool | 52.7%−19.5pp | 72.2% | 74.3% | 73.6% | 62.4% | 65.8% |
| Initial OC | 7.00% | 13.00% | 13.15% | 14.25% | 10.00% | 11.15% |
| Target OC | 9.00% | 14.50% | 15.65% | 17.75% | 11.00% | — |
| Subordination below AAA | 9.7%+9.7pp | 0.0% | 0.0% | 0.0% | 7.7% | 5.6% |
| Total Hard CE (Initial) | 22.67% | 13.25% | 13.40% | 14.50% | 19.75% | 18.70% |
| Total Hard CE (Target) | 24.67% | 14.75% | 15.90% | 18.00% | 20.75% | — |
| Discount rate | 8.90% | 10.40% | 10.15% | 10.00% | 9.00% | 10.00% |
| Tranches | 8 | 5 | 5 | 5 | 7 | 7 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 70.77% |
|---|---|
| Realized G/L (% of scheduled) | -29.23% |
| Returned vehicles to date | 824 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.