| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 305.0 | 18.0% | 75.1% | 5.52% fxd | 0.28 | 2025-04-15 | P-1 | F1+ |
| Class A-2a | 150.0 | 8.8% | 66.2% | 5.32% fxd | 1.04 | 2027-01-15 | Aaa | AAA |
| Class A-2b | 410.0 | 24.2% | 42.1% | +36 bps SOFR | 1.04 | 2027-01-15 | Aaa | AAA |
| Class A-3 | 560.0 | 33.0% | 9.1% | 5.09% fxd | 2.39 | 2028-12-15 | Aaa | AAA |
| Class A-4 | 75.0 | 4.4% | 4.7% | 5.01% fxd | 3.54 | 2029-09-15 | Aaa | AAA |
| Class B | 47.4 | 2.8% | 1.9% | 5.26% fxd | 3.57 | 2029-11-15 | Aa2 | AA |
| Class C | 31.6 | 1.9% | 0.0% | — | — | 2031-09-15 | — | — |
| Sponsor | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Delinquency |
| Depositor / Transferor | Ford Motor Credit Company LLC |
| Indenture Trustee | The Bank of New York Mellon |
| Owner Trustee | U.S. Bank Trust National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | J.P. Morgan Securities, Barclays Capital, Goldman Sachs, MUFG Securities Americas |
| FCAOT 2024-A | FCAOT 2023-C | FCAOT 2023-B | FCAOT 2023-A | FCAOT 2022-D | FCAOT 2022-C | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-03-19 | 2023-11-21 | 2023-06-26 | 2023-03-31 | 2022-11-22 | 2022-09-23 |
| Pool balance | $1,696.7MM | $1,443.4MM | $1,719.4MM | $1,732.2MM | $1,471.3MM | $1,745.3MM |
| WA Credit Score | 756+11 | 753 | 748 | 745 | 744 | 745 |
| WA APR | 4.80%+0.06pp | 4.92% | 4.80% | 4.74% | 3.77% | 3.29% |
| WA original term mo | 63.7−0.6 | 63.6 mo | 64.4 mo | 65.1 mo | 64.3 mo | 64.1 mo |
| % new vehicles | 92.5% | 91.2% | 89.9% | 87.8% | 88.1% | 89.8% |
| Reserve % | 0.23% | 0.23% | 0.23% | 0.23% | 0.27% | 0.27% |
| Geo top-3 | TX 16.0% CA 9.1% FL 8.6% | TX 16.0% CA 9.6% FL 8.4% | TX 16.6% CA 9.8% FL 8.9% | TX 17.2% CA 10.3% FL 8.8% | TX 17.1% CA 11.0% FL 8.7% | TX 18.4% CA 11.3% FL 8.1% |
| Structure (at issuance) | ||||||
| AAA spread | +36 bps−19bps | +55 bps | +49 bps | +72 bps | +76 bps | +55 bps |
| AAA % of pool | 70.4%+2.2pp | 68.2% | 66.9% | 69.3% | 67.7% | 68.5% |
| Subordination below AAA | 4.7%+0.1pp | 4.6% | 4.6% | 4.6% | 4.5% | 4.5% |
| OC (initial) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| OC target | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| OC floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| YSOC | 5.77% | 7.07% | 6.79% | 7.37% | 8.46% | 7.94% |
| Tranches | 7 | 7 | 7 | 7 | 7 | 7 |
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| FCAOT 2024-A | HAROT 2024-1 | WOART 2024-A | TAOT 2024-A | MBART 2024-1 | VALET 2023-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-03-19 | 2024-02-21 | 2024-02-14 | 2024-01-30 | 2024-01-24 | 2023-11-21 |
| Pool balance | $1,696.7MM | $2,159.2MM | $1,343.7MM | $1,908.5MM | — | $1,418.8MM |
| WA Credit Score | 756−11 | 768 | 757 | 767 | 754 | 774 |
| WA APR | 4.80%−0.89pp | 4.59% | 6.54% | 5.37% | 7.74% | 5.69% |
| WA original term mo | 63.7−3.1 | 62.2 mo | 67.6 mo | 66.0 mo | 69.6 mo | — |
| % new vehicles | 92.5% | 86.1% | 95.6% | 84.2% | 40.3% | 73.4% |
| Reserve % | 0.23% | 0.25% | 0.23% | 0.25% | — | 0.23% |
| Geo top-3 | TX 16.0% CA 9.1% FL 8.6% | NJ 4.9% MA 4.9% CA 4.8% | FL 47.9% GA 18.3% NC 15.8% | CA 23.9% TX 15.3% IL 4.6% | CA 21.6% FL 15.3% TX 14.3% | TX 14.8% CA 13.6% FL 9.6% |
| Structure (at issuance) | ||||||
| AAA spread | +36 bps−14bps | — | +34 bps | +37 bps | +66 bps | +64 bps |
| AAA % of pool | 70.4%−0.7pp | 73.6% | 71.2% | 71.3% | 42.3% | 70.8% |
| Subordination below AAA | 4.7%+4.7pp | 0.0% | 4.1% | 1.8% | 0.0% | 0.0% |
| OC (initial) | 2.00% | 2.50% | — | 0.85% | 2.50% | 3.00% |
| OC target | 2.00% | — | 1.15% | 0.85% | 2.50% | — |
| OC floor | 2.00% | — | 0.50% | 0.85% | 2.50% | — |
| YSOC | 5.77% | — | 6.75% | 6.40% | — | 9.17% |
| Tranches | 7 | 4 | 7 | 6 | 5 | 5 |
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (153 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
Ford Motor Credit Company LLC — ticker FCAOT.
Peer tier: prime.
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FICO sub-band and new/used stratification.