| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 240.0 | 21.9% | 74.1% | +14 bps | 0.30 | 2026-12-15 | A-1+ | F1+ |
| Class A-2A | 220.0 | 20.1% | 54.0% | +36 bps | 1.07 | 2028-09-15 | AAA | AAA |
| Class A-2B | 128.0 | 11.7% | 42.4% | +36 bps | 1.07 | 2028-09-15 | AAA | AAA |
| Class A-3 | 348.0 | 31.7% | 10.6% | +35 bps | 2.34 | 2030-06-15 | AAA | AAA |
| Class A-4 | 64.0 | 5.8% | 4.8% | +41 bps | 3.41 | 2032-01-15 | AAA | AAA |
| Class B | 31.6 | 2.9% | 1.9% | +65 bps | 3.47 | 2032-01-15 | AA | AA |
| Class C | 21.1 | 1.9% | 0.0% | — | 3.47 | 2033-05-15 | — | — |
| Sponsor | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| Depositor / Transferor | Ford Credit and the depositor may be required to repurchase ineligible |
| 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 | BNP Paribas Securities, Barclays Capital, J.P. Morgan Securities, U.S. Bancorp Investments, Citigroup Global Markets |
| FCAOT 2025-C | FCAOT 2025-B | FCAOT 2025-A | FCAOT 2024-D | FCAOT 2024-C | FCAOT 2024-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-11-25 | 2025-09-26 | 2025-03-25 | 2024-11-22 | 2024-09-20 | 2024-06-24 |
| Pool balance | $1,096.6MM | $1,645.7MM | $1,668.4MM | $1,683.4MM | $1,688.8MM | $1,999.5MM |
| WA Credit Score | 752−3 | 752 | 755 | 754 | 756 | 755 |
| WA APR | 5.15%+0.36pp | 5.21% | 4.81% | 4.79% | 4.74% | 4.65% |
| WA original term mo | 65.9+1.1 | 66.0 mo | 64.8 mo | 64.9 mo | 64.8 mo | 64.8 mo |
| % new vehicles | 93.7% | 93.5% | 94.3% | 94.2% | 93.9% | 93.6% |
| Reserve % | 0.24% | 0.24% | 0.24% | 0.23% | 0.23% | 0.23% |
| Geo top-3 | TX 16.6% CA 8.8% FL 8.4% | TX 16.5% CA 8.7% FL 8.2% | TX 15.6% CA 8.9% FL 8.8% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +36 bps−4bps | +30 bps | +41 bps | +32 bps | +40 bps | +40 bps |
| AAA % of pool | 69.3%−0.7pp | 71.7% | 71.0% | 69.5% | 69.3% | 70.0% |
| Subordination below AAA | 4.8%+0.1pp | 4.8% | 4.7% | 4.7% | 4.7% | 4.3% |
| 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 | 4.01% | 4.06% | 5.36% | 6.20% | 6.50% | 7.87% |
| 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 2025-C | VALET 2025-2 | NAROT 2025-B | HART 2025-D | HAROT 2025-4 | GMCAR 2025-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-11-25 | 2025-11-25 | 2025-11-25 | 2025-11-12 | 2025-11-12 | 2025-11-05 |
| Pool balance | $1,096.6MM | $1,141.3MM | $1,381.3MM | $2,171.9MM | $2,483.2MM | $951.1MM |
| WA Credit Score | 752−25 | 777 | 795 | 773 | 769 | 781 |
| WA APR | 5.15%+0.13pp | 5.02% | 4.61% | 5.37% | 4.93% | 5.86% |
| WA original term mo | 65.9+4.0 | — | — | 67.9 mo | 61.9 mo | 13.0 mo |
| % new vehicles | 93.7% | 78.4% | 10.0% | 99.9% | 86.0% | 87.9% |
| Reserve % | 0.24% | 0.23% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | TX 16.6% CA 8.8% FL 8.4% | TX 14.2% CA 11.5% FL 7.3% | TX 17.5% FL 7.4% CA 6.5% | TX 13.1% FL 10.2% CA 8.0% | CA 16.9% TX 9.9% FL 6.5% | TX 14.1% FL 7.1% CA 7.0% |
| Structure (at issuance) | ||||||
| AAA spread | +36 bps−2bps | +37 bps | +38 bps | +38 bps | +38 bps | +32 bps |
| AAA % of pool | 69.3%−0.3pp | 69.6% | 68.8% | 68.3% | 74.5% | 75.6% |
| Subordination below AAA | 4.8%+3.3pp | 0.0% | 1.5% | 4.5% | 0.0% | 3.0% |
| OC (initial) | 2.00% | 4.00% | 2.35% | 3.00% | — | 2.75% |
| OC target | 2.00% | 4.75% | 2.35% | 3.00% | — | 2.75% |
| OC floor | 2.00% | 4.75% | 2.35% | 3.00% | — | 2.75% |
| YSOC | 4.01% | 8.73% | 7.33% | 5.68% | 4.76% | 2.68% |
| Tranches | 7 | 5 | 6 | 7 | 5 | 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 (194 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.