| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 330.0 | 19.5% | 5.25% | 0.30 | 4.99% | +11 I-curve | 2025-10-15 | A-1+ | F1+ |
| Class A-2a | 300.0 | 17.8% | 5.25% | 1.09 | 4.32% | +42 I-curve | 2027-08-15 | AAA | AAA |
| Class A-2b | 245.0 | 14.5% | 5.25% | 1.09 | floating | +40 SOFR | 2027-08-15 | AAA | AAA |
| Class A-3 | 545.0 | 32.3% | 5.25% | 2.46 | 4.07% | +58 I-curve | 2029-07-15 | AAA | AAA |
| Class A-4 | 80.0 | 4.7% | 5.25% | 3.61 | 4.11% | +70 I-curve | 2030-07-15 | AAA | AAA |
| Class B | 47.4 | 2.8% | 2.25% | 3.65 | 4.40% | +100 I-curve | 2030-08-15 | AA | AA |
| Class Cretained | 31.6 | 1.9% | 0.25% | 3.65 | — | — | 2032-03-15 | — | — |
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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,688.8MM | $1,999.5MM | $1,696.7MM | $1,443.4MM | $1,719.4MM | $1,732.2MM | 424B5 |
| WA Credit Score | 756+3 | 755 | 756 | 753 | 748 | 745 | 424B5 |
| WA APR | 4.74%−0.05pp | 4.65% | 4.79% | 4.92% | 4.79% | 4.74% | 424B5 |
| WA original term mo | 64.8+0.4 | 64.8 mo | 63.7 mo | 63.6 mo | 64.4 mo | 65.1 mo | 424B5 |
| % new vehicles | 93.9% | 93.6% | 92.5% | 91.2% | 89.9% | 87.8% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%0.00pp | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | calc |
| Enhancement, target | 7.25% | 7.25% | 7.25% | 7.25% | 7.25% | 7.25% | 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% | 0.25% | 424B5 |
| YSOC | 6.50% | 7.87% | 6.94% | 8.84% | 8.17% | 8.85% | 424B5 |
| Pricing | |||||||
| AAA spread | +58 bps−17bps A-3 · 2.5y | +56 bps 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 | 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-C | HAROT 2024-3 | WOART 2024-C | TAOT 2024-C | HART 2024-B | GMCAR 2024-3 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,688.8MM | $2,159.2MM | $1,312.6MM | $1,864.8MM | $1,925.2MM | $1,420.3MM | 424B5 |
| WA Credit Score | 756−12 | 768 | 756 | 769 | 768 | 783 | 424B5 |
| WA APR | 4.74%−1.30pp | 4.71% | 6.67% | 6.04% | 5.98% | 6.52% | 424B5 |
| WA original term mo | 64.8−2.5 | 61.3 mo | 68.1 mo | 65.4 mo | 67.3 mo | 69.0 mo | 424B5 |
| % new vehicles | 93.9% | 85.3% | 96.2% | 87.0% | 96.5% | 87.7% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%+0.50pp | 2.75% | 4.75% | 2.75% | 7.55% | 6.10% | calc |
| Enhancement, target | 7.25% | — | 5.65% | 3.60% | 8.05% | 6.60% | calc |
| Subordinate notes | 5.0%+0.7pp | 0.0% | 4.5% | 2.5% | 4.8% | 4.3% | calc |
| OC (initial) | 0.00% | 2.50% | 0.00% | 0.00% | 2.50% | 1.50% | 424B5 |
| OC target | 2.00% | — | 0.90% | 0.85% | 3.00% | 2.00% | 424B5 |
| OC floor | 2.00% | — | 0.50% | 0.85% | 3.00% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 6.50% | n.a. | 7.77% | 6.16% | 6.43% | 4.40% | 424B5 |
| Pricing | |||||||
| AAA spread | +58 bps+3bps A-3 · 2.5y | +63 bps A-3 · 2.3y | +67 bps A-3 · 2.8y | +55 bps A-3 · 2.4y | +55 bps A-3 · 2.4y | +54 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 7 | 4 | 7 | 6 | 7 | 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 (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.
Ford Motor Credit Company LLC — ticker FCAOT.
Peer tier: prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.