| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 350.0 | 17.5% | 5.25% | 0.26 | 5.51% | +12 I-curve | 2025-07-01 | A-1+ | P-1 |
| Class A-2-A | 323.4 | 16.2% | 5.25% | 1.03 | 5.40% | +40 I-curve | 2027-04-01 | AAA | Aaa |
| Class A-2-B | 330.0 | 16.5% | 5.25% | 1.03 | floating | +40 SOFR | 2027-04-01 | AAA | Aaa |
| Class A-3 | 653.3 | 32.7% | 5.25% | 2.40 | 5.10% | +56 I-curve | 2029-04-01 | AAA | Aaa |
| Class A-4 | 93.3 | 4.7% | 5.25% | 3.59 | 4.96% | +63 I-curve | 2030-05-01 | AAA | Aaa |
| Class B | 55.3 | 2.8% | 2.25% | 3.64 | 5.23% | +91 I-curve | 2030-05-01 | AA | Aa1 |
| Class Cretained | 36.8 | 1.8% | 0.25% | 3.64 | — | — | — | — | — |
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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,999.5MM | $1,696.7MM | $1,443.4MM | $1,719.4MM | $1,732.2MM | $1,471.3MM | 424B5 |
| WA Credit Score | 755+7 | 756 | 753 | 748 | 745 | 744 | 424B5 |
| WA APR | 4.65%−0.14pp | 4.79% | 4.92% | 4.79% | 4.74% | 3.77% | 424B5 |
| WA original term mo | 64.8+0.5 | 63.7 mo | 63.6 mo | 64.4 mo | 65.1 mo | 64.3 mo | 424B5 |
| % new vehicles | 93.6% | 92.5% | 91.2% | 89.9% | 87.8% | 88.1% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%0.00pp | 5.25% | 5.25% | 5.25% | 5.25% | 5.30% | calc |
| Enhancement, target | 7.25% | 7.25% | 7.25% | 7.25% | 7.25% | 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% | 0.25% | 0.30% | 424B5 |
| YSOC | 7.87% | 6.94% | 8.84% | 8.17% | 8.85% | 10.57% | 424B5 |
| Pricing | |||||||
| AAA spread | +56 bps−24bps A-3 · 2.4y | +57 bps 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 | 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-B | BMWOT 2024-A | NAROT 2024-A | WOART 2024-B | HAROT 2024-2 | TAOT 2024-B | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,999.5MM | $1,910.0MM | $1,424.1MM | $1,335.1MM | $2,159.3MM | $1,876.3MM | 424B5 |
| WA Credit Score | 755−14 | 789 | 780 | 757 | 769 | 767 | 424B5 |
| WA APR | 4.65%−0.70pp | 5.35% | 4.81% | 7.32% | 4.74% | 5.70% | 424B5 |
| WA original term mo | 64.80.0 | 63.6 mo | — | 68.3 mo | 63.2 mo | 66.0 mo | 424B5 |
| % new vehicles | 93.6% | 68.2% | 10.5% | 95.3% | 86.0% | 86.7% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%+2.50pp | 2.75% | 4.25% | 4.75% | 2.75% | 2.75% | calc |
| Enhancement, target | 7.25% | 2.75% | 4.25% | 5.65% | — | 3.60% | calc |
| Subordinate notes | 5.0%+5.0pp | 0.0% | 0.0% | 4.5% | 0.0% | 2.5% | calc |
| OC (initial) | 0.00% | 2.50% | 4.00% | 0.00% | 2.50% | 0.00% | 424B5 |
| OC target | 2.00% | 2.50% | 4.00% | 0.90% | — | 0.85% | 424B5 |
| OC floor | 2.00% | 2.50% | 4.00% | 0.50% | — | 0.85% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 7.87% | 6.03% | 8.57% | 7.70% | n.a. | 6.73% | 424B5 |
| Pricing | |||||||
| AAA spread | +56 bps−2bps A-3 · 2.4y | +54 bps A-3 · 2.3y | +58 bps A-3 · 2.3y | +65 bps A-3 · 2.7y | +58 bps A-3 · 2.3y | +55 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 7 | 5 | 5 | 7 | 4 | 6 | 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 (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 the performance page ↗ for
FICO sub-band and new/used stratification.