| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 350.0 | 17.5% | 74.4% | +12 bps | 0.26 | 2025-07-01 | A-1+ | P-1 |
| Class A-2-A | 323.4 | 16.2% | 58.2% | +40 bps | 1.03 | 2027-04-01 | AAA | Aaa |
| Class A-2-B | 330.0 | 16.5% | 41.7% | +40 bps SOFR | 1.03 | 2027-04-01 | AAA | Aaa |
| Class A-3 | 653.3 | 32.7% | 9.0% | +56 bps | 2.40 | 2029-04-01 | AAA | Aaa |
| Class A-4 | 93.3 | 4.7% | 4.3% | +63 bps | 3.59 | 2030-05-01 | AAA | Aaa |
| Class B | 55.3 | 2.8% | 1.6% | +91 bps | 3.64 | 2030-05-01 | AA | Aa1 |
| Class C | 31.6 | 1.6% | 0.0% | — | — | — | — | — |
| Sponsor | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| Depositor / Transferor | Ford Credit and the depositor |
| 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 | BMO Capital Markets, BNP Paribas Securities, RBC Capital Markets, Lloyds Securities, Loop Capital Markets, U.S. Bancorp Investments |
| FCAOT 2024-B | FCAOT 2024-A | FCAOT 2023-C | FCAOT 2023-B | FCAOT 2023-A | FCAOT 2022-D | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-06-24 | 2024-03-19 | 2023-11-21 | 2023-06-26 | 2023-03-31 | 2022-11-22 |
| Pool balance | $1,999.5MM | $1,696.7MM | $1,443.4MM | $1,719.4MM | $1,732.2MM | $1,471.3MM |
| WA Credit Score | 755+7 | 756 | 753 | 748 | 745 | 744 |
| WA APR | 4.65%−0.15pp | 4.80% | 4.92% | 4.80% | 4.74% | 3.77% |
| WA original term mo | 64.8+0.5 | 63.7 mo | 63.6 mo | 64.4 mo | 65.1 mo | 64.3 mo |
| % new vehicles | 93.6% | 92.5% | 91.2% | 89.9% | 87.8% | 88.1% |
| Reserve % | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.27% |
| Geo top-3 | TX 16.0% CA 8.5% FL 8.4% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +40 bps−15bps | +36 bps | +55 bps | +49 bps | +72 bps | +76 bps |
| AAA % of pool | 70.0%+1.8pp | 70.4% | 68.2% | 66.9% | 69.3% | 67.7% |
| Subordination below AAA | 4.3%−0.2pp | 4.7% | 4.6% | 4.6% | 4.6% | 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 | 7.87% | 5.77% | 7.07% | 6.79% | 7.37% | 8.46% |
| 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-B | BMWOT 2024-A | NAROT 2024-A | WOART 2024-B | HAROT 2024-2 | TAOT 2024-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-06-24 | 2024-06-11 | 2024-05-22 | 2024-05-22 | 2024-05-21 | 2024-04-30 |
| Pool balance | $1,999.5MM | $1,910.0MM | $1,424.1MM | $1,335.1MM | $2,159.3MM | $1,876.3MM |
| WA Credit Score | 755−14 | 784 | 780 | 757 | 769 | 767 |
| WA APR | 4.65%−0.20pp | 3.12% | 4.85% | 7.32% | 4.73% | 5.70% |
| WA original term mo | 64.8−0.0 | 63.6 mo | — | 68.3 mo | 63.2 mo | 66.0 mo |
| % new vehicles | 93.6% | 68.2% | 10.5% | 95.3% | 86.0% | 86.7% |
| Reserve % | 0.23% | 0.25% | 0.25% | 0.23% | 0.25% | 0.25% |
| Geo top-3 | TX 16.0% CA 8.5% FL 8.4% | CA 16.7% TX 13.2% FL 11.0% | TX 17.8% FL 9.5% CA 6.6% | FL 43.8% GA 19.9% NC 16.8% | CA 16.6% TX 9.9% MD 6.1% | CA 23.9% TX 15.3% IL 4.6% |
| Structure (at issuance) | ||||||
| AAA spread | +40 bps+2bps | +34 bps | +38 bps | +43 bps | +40 bps | +35 bps |
| AAA % of pool | 70.0%−0.9pp | 72.6% | 68.2% | 70.9% | 73.5% | 71.0% |
| Subordination below AAA | 4.3%+4.3pp | 0.0% | 0.0% | 4.2% | 0.0% | 2.3% |
| OC (initial) | 2.00% | 2.50% | 4.00% | — | 2.50% | 0.85% |
| OC target | 2.00% | 2.50% | 4.00% | 0.90% | — | 0.85% |
| OC floor | 2.00% | 2.50% | 4.00% | 0.50% | — | 0.85% |
| YSOC | 7.87% | 6.03% | 8.57% | 6.11% | — | 6.73% |
| Tranches | 7 | 5 | 5 | 7 | 4 | 6 |
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 (159 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 in Explorer ↗ for
FICO sub-band and new/used stratification.