| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 305.0 | 18.0% | 5.25% | 0.28 | 5.52% | +13 I-curve | 2025-04-15 | P-1 | F1+ |
| Class A-2a | 150.0 | 8.8% | 5.25% | 1.04 | 5.32% | +36 I-curve | 2027-01-15 | Aaa | AAA |
| Class A-2b | 410.0 | 24.2% | 5.25% | 1.04 | floating | +36 SOFR | 2027-01-15 | Aaa | AAA |
| Class A-3 | 560.0 | 33.0% | 5.25% | 2.39 | 5.09% | +57 I-curve | 2028-12-15 | Aaa | AAA |
| Class A-4 | 75.0 | 4.4% | 5.25% | 3.54 | 5.01% | +67 I-curve | 2029-09-15 | Aaa | AAA |
| Class B | 47.4 | 2.8% | 2.25% | 3.57 | 5.26% | +93 I-curve | 2029-11-15 | Aa2 | AA |
| Class Cretained | 31.6 | 1.9% | 0.25% | — | — | — | 2031-09-15 | — | — |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| Depositor / Transferor | Ford Credit Auto Receivables Two 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,696.7MM | $1,443.4MM | $1,719.4MM | $1,732.2MM | $1,471.3MM | $1,745.3MM | 424B5 |
| WA Credit Score | 756+11 | 753 | 748 | 745 | 744 | 745 | 424B5 |
| WA APR | 4.79%+0.05pp | 4.92% | 4.79% | 4.74% | 3.77% | 3.29% | 424B5 |
| WA original term mo | 63.7−0.6 | 63.6 mo | 64.4 mo | 65.1 mo | 64.3 mo | 64.1 mo | 424B5 |
| % new vehicles | 92.5% | 91.2% | 89.9% | 87.8% | 88.1% | 89.8% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%0.00pp | 5.25% | 5.25% | 5.25% | 5.30% | 5.30% | calc |
| Enhancement, target | 7.25% | 7.25% | 7.25% | 7.25% | 7.30% | 7.30% | calc |
| Subordinate notes | 5.0%0.0pp | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | calc |
| OC (initial) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 424B5 |
| OC target | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 424B5 |
| OC floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.30% | 0.30% | 424B5 |
| YSOC | 6.94% | 8.84% | 8.17% | 8.85% | 10.57% | 9.53% | 424B5 |
| Pricing | |||||||
| AAA spread | +57 bps−23bps A-3 · 2.4y | +86 bps A-3 · 2.4y | +80 bps A-3 · 2.5y | +75 bps A-3 · 2.4y | +95 bps A-3 · 2.3y | +57 bps A-3 · 2.1y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 7 | 7 | 7 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
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 | GMCAR 2024-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-03-19 | 2024-02-21 | 2024-02-14 | 2024-01-30 | 2024-01-24 | 2024-01-17 | 424B5 |
| Pool balance | $1,696.7MM | $2,159.2MM | $1,343.7MM | $1,908.5MM | $1,459.5MM | $1,657.3MM | 424B5 |
| WA Credit Score | 756−11 | 768 | 757 | 767 | 754 | 783 | 424B5 |
| WA APR | 4.79%−1.17pp | 4.59% | 6.54% | 5.37% | 7.74% | 5.96% | 424B5 |
| WA original term mo | 63.7−3.9 | 62.2 mo | 67.6 mo | 66.0 mo | 69.6 mo | 69.0 mo | 424B5 |
| % new vehicles | 92.5% | 86.1% | 95.6% | 84.2% | 40.3% | — | 424B5 |
| 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 14.0% FL 7.3% CA 5.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%+2.50pp | 2.75% | 5.00% | 2.75% | 2.75% | 6.10% | calc |
| Enhancement, target | 7.25% | — | 5.90% | 3.60% | 2.75% | 6.60% | calc |
| Subordinate notes | 5.0%+2.5pp | 0.0% | 4.5% | 2.5% | 0.0% | 4.4% | calc |
| OC (initial) | 0.00% | 2.50% | 0.25% | 0.00% | 2.50% | 1.50% | 424B5 |
| OC target | 2.00% | — | 1.15% | 0.85% | 2.50% | 2.00% | 424B5 |
| OC floor | 2.00% | — | 0.50% | 0.85% | 2.50% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 6.94% | n.a. | 8.53% | 8.30% | 4.47% | 5.45% | 424B5 |
| Pricing | |||||||
| AAA spread | +57 bps−8bps A-3 · 2.4y | +66 bps A-3 · 2.3y | +65 bps A-3 · 2.6y | +60 bps A-3 · 2.4y | +66 bps A-3 · 2.7y | — | FWP |
| Terms | |||||||
| Tranches | 7 | 4 | 7 | 6 | 5 | 8 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.