| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 330.0 | 19.6% | 74.2% | 4.60% fxd | 0.29 | 2025-12-15 | — | P-1 | F1+ |
| Class A-2a | 407.8 | 24.2% | 50.0% | 4.59% fxd | 1.08 | 2027-10-15 | AAA | Aaa | AAA |
| Class A-2b | 125.0 | 7.4% | 42.5% | +32 bps SOFR | 1.08 | 2027-10-15 | AAA | Aaa | AAA |
| Class A-3 | 532.8 | 31.7% | 10.9% | 4.61% fxd | 2.41 | 2029-08-15 | AAA | Aaa | AAA |
| Class A-4 | 104.4 | 6.2% | 4.7% | 4.66% fxd | 3.57 | 2030-09-15 | AAA | Aaa | AAA |
| Class B | 47.4 | 2.8% | 1.9% | 4.88% fxd | 3.65 | 2030-09-15 | AA | Aa2 | AA |
| Class C | 31.6 | 1.9% | 0.0% | — | — | 2032-05-15 | — | — | — |
| Sponsor | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Delinquency |
| 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 | Barclays Capital, RBC Capital Markets, Credit Agricole Securities, Goldman Sachs, Drexel Hamilton, U.S. Bancorp Investments |
| FCAOT 2024-D | FCAOT 2024-C | FCAOT 2024-B | FCAOT 2024-A | FCAOT 2023-C | FCAOT 2023-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-11-22 | 2024-09-20 | 2024-06-24 | 2024-03-19 | 2023-11-21 | 2023-06-26 |
| Pool balance | $1,683.4MM | $1,688.8MM | $1,999.5MM | $1,696.7MM | $1,443.4MM | $1,719.4MM |
| WA Credit Score | 754−1 | 756 | 755 | 756 | 753 | 748 |
| WA APR | 4.79%−0.01pp | 4.74% | 4.65% | 4.80% | 4.92% | 4.80% |
| WA original term mo | 64.9+0.5 | 64.8 mo | 64.8 mo | 63.7 mo | 63.6 mo | 64.4 mo |
| % new vehicles | 94.2% | 93.9% | 93.6% | 92.5% | 91.2% | 89.9% |
| Reserve % | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| Geo top-3 | TX 16.1% CA 8.6% FL 8.5% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +32 bps−8bps | +40 bps | +40 bps | +36 bps | +55 bps | +49 bps |
| AAA % of pool | 69.5%+0.2pp | 69.3% | 70.0% | 70.4% | 68.2% | 66.9% |
| Subordination below AAA | 4.7%+0.1pp | 4.7% | 4.3% | 4.7% | 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 | 6.20% | 6.50% | 7.87% | 5.77% | 7.07% | 6.79% |
| 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-D | HAROT 2024-4 | NAROT 2024-B | TAOT 2024-D | GMCAR 2024-4 | HART 2024-C | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-11-22 | 2024-10-24 | 2024-10-23 | 2024-10-17 | 2024-10-16 | 2024-10-16 |
| Pool balance | $1,683.4MM | $2,159.2MM | $1,397.8MM | $1,841.9MM | $1,346.6MM | $1,859.5MM |
| WA Credit Score | 754−16 | 768 | 783 | 770 | 782 | 769 |
| WA APR | 4.79%−1.04pp | 4.88% | 4.62% | 5.96% | 5.83% | 5.97% |
| WA original term mo | 64.9−1.8 | 61.2 mo | — | 65.4 mo | 69.0 mo | 68.0 mo |
| % new vehicles | 94.2% | 86.2% | 10.0% | 90.0% | 87.7% | 96.7% |
| Reserve % | 0.23% | 0.25% | 0.25% | 0.25% | 0.24% | 0.25% |
| Geo top-3 | TX 16.1% CA 8.6% FL 8.5% | CA 17.5% TX 9.9% FL 6.9% | TX 17.1% FL 8.8% CA 6.2% | TX 17.3% CA 15.6% PA 4.5% | TX 15.3% FL 7.2% MI 5.3% | TX 12.7% FL 10.6% CA 8.9% |
| Structure (at issuance) | ||||||
| AAA spread | +32 bps−8bps | +45 bps | +38 bps | +39 bps | +40 bps | +40 bps |
| AAA % of pool | 69.5%−3.3pp | 73.4% | 67.6% | 73.7% | 72.8% | 69.8% |
| Subordination below AAA | 4.7%+3.1pp | 0.0% | 0.0% | 2.4% | 1.6% | 4.6% |
| OC (initial) | 2.00% | — | 4.00% | 0.85% | 1.50% | 3.00% |
| OC target | 2.00% | — | 4.00% | 0.85% | 2.00% | 3.00% |
| OC floor | 2.00% | — | 4.00% | 0.85% | 2.00% | 3.00% |
| YSOC | 6.20% | 5.38% | 6.85% | 4.99% | 3.04% | 4.98% |
| Tranches | 7 | 4 | 5 | 6 | 6 | 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 (170 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.