| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 330.0 | 19.5% | 74.0% | 4.99% fxd | 0.30 | 2025-10-15 | A-1+ | F1+ |
| Class A-2a | 300.0 | 17.8% | 56.2% | 4.32% fxd | 1.09 | 2027-08-15 | AAA | AAA |
| Class A-2b | 245.0 | 14.5% | 41.7% | +40 bps SOFR | 1.09 | 2027-08-15 | AAA | AAA |
| Class A-3 | 545.0 | 32.3% | 9.4% | 4.07% fxd | 2.46 | 2029-07-15 | AAA | AAA |
| Class A-4 | 80.0 | 4.7% | 4.7% | 4.11% fxd | 3.61 | 2030-07-15 | AAA | AAA |
| Class B | 47.4 | 2.8% | 1.9% | 4.40% fxd | 3.65 | 2030-08-15 | AA | AA |
| Class C | 31.6 | 1.9% | 0.0% | — | 3.65 | 2032-03-15 | — | — |
| Sponsor | Credit |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| 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 | Credit Agricole Securities, U.S. Bancorp Investments, BNY Mellon Capital Markets, Citigroup Global Markets, Scotia Capital, SMBC Nikko Securities |
| FCAOT 2024-C | FCAOT 2024-B | FCAOT 2024-A | FCAOT 2023-C | FCAOT 2023-B | FCAOT 2023-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-09-20 | 2024-06-24 | 2024-03-19 | 2023-11-21 | 2023-06-26 | 2023-03-31 |
| Pool balance | $1,688.8MM | $1,999.5MM | $1,696.7MM | $1,443.4MM | $1,719.4MM | $1,732.2MM |
| WA Credit Score | 756+3 | 755 | 756 | 753 | 748 | 745 |
| WA APR | 4.74%−0.06pp | 4.65% | 4.80% | 4.92% | 4.80% | 4.74% |
| WA original term mo | 64.8+0.4 | 64.8 mo | 63.7 mo | 63.6 mo | 64.4 mo | 65.1 mo |
| % new vehicles | 93.9% | 93.6% | 92.5% | 91.2% | 89.9% | 87.8% |
| Reserve % | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| Geo top-3 | TX 16.1% FL 8.6% CA 8.4% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +40 bps−9bps | +40 bps | +36 bps | +55 bps | +49 bps | +72 bps |
| AAA % of pool | 69.3%+0.0pp | 70.0% | 70.4% | 68.2% | 66.9% | 69.3% |
| Subordination below AAA | 4.7%+0.1pp | 4.3% | 4.7% | 4.6% | 4.6% | 4.6% |
| 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 | 6.50% | 7.87% | 5.77% | 7.07% | 6.79% | 7.37% |
| 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-C | HAROT 2024-3 | WOART 2024-C | TAOT 2024-C | HART 2024-B | GMCAR 2024-3 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-09-20 | 2024-08-21 | 2024-08-20 | 2024-07-30 | 2024-07-24 | 2024-07-10 |
| Pool balance | $1,688.8MM | $2,159.2MM | $1,312.6MM | $1,864.8MM | $1,925.2MM | $1,420.3MM |
| WA Credit Score | 756−12 | 768 | 756 | 769 | 768 | 783 |
| WA APR | 4.74%−1.24pp | 4.72% | 6.67% | 6.04% | 5.98% | 5.69% |
| WA original term mo | 64.8−2.5 | 61.3 mo | 68.1 mo | 65.4 mo | 67.3 mo | 69.0 mo |
| % new vehicles | 93.9% | 85.3% | 96.2% | 87.0% | 96.5% | 87.7% |
| Reserve % | 0.23% | 0.25% | 0.23% | 0.25% | 0.25% | 0.24% |
| Geo top-3 | TX 16.1% FL 8.6% CA 8.4% | CA 16.2% TX 9.7% NY 6.7% | — | CA 16.3% TX 16.2% PA 4.6% | TX 12.4% CA 12.2% FL 10.4% | TX 14.5% FL 7.5% MI 5.2% |
| Structure (at issuance) | ||||||
| AAA spread | +40 bps+3bps | +48 bps | — | +37 bps | +37 bps | +36 bps |
| AAA % of pool | 69.3%−1.7pp | 72.4% | 35.4% | 71.0% | 70.5% | 71.4% |
| Subordination below AAA | 4.7%+1.7pp | 0.0% | 4.2% | 2.3% | 4.5% | 3.0% |
| OC (initial) | 2.00% | 2.50% | — | 0.85% | 3.00% | 1.50% |
| OC target | 2.00% | — | 0.90% | 0.85% | 3.00% | 2.00% |
| OC floor | 2.00% | — | 0.50% | 0.85% | 3.00% | 2.00% |
| YSOC | 6.50% | — | 7.77% | 6.16% | 6.43% | 4.40% |
| Tranches | 7 | 4 | 7 | 6 | 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.
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 (164 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.
Credit — ticker FCAOT.
Peer tier: prime.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.