| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 240.0 | 21.9% | 5.25% | 0.30 | 3.99% | +14 I-curve | 2026-12-15 | A-1+ | F1+ |
| Class A-2A | 220.0 | 20.1% | 5.25% | 1.07 | 3.99% | +36 I-curve | 2028-09-15 | AAA | AAA |
| Class A-2B | 128.0 | 11.7% | 5.25% | 1.07 | floating | +36 SOFR | 2028-09-15 | AAA | AAA |
| Class A-3 | 348.0 | 31.7% | 5.25% | 2.34 | 3.90% | +35 I-curve | 2030-06-15 | AAA | AAA |
| Class A-4 | 64.0 | 5.8% | 5.25% | 3.41 | 3.98% | +41 I-curve | 2032-01-15 | AAA | AAA |
| Class B | 31.6 | 2.9% | 2.25% | 3.47 | 4.22% | +65 I-curve | 2032-01-15 | AA | AA |
| Class Cretained | 21.1 | 1.9% | 0.25% | 3.47 | — | — | 2033-05-15 | — | — |
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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,096.6MM | $1,645.7MM | $1,668.4MM | $1,683.4MM | $1,688.8MM | $1,999.5MM | 424B5 |
| WA Credit Score | 752−3 | 752 | 755 | 754 | 756 | 755 | 424B5 |
| WA APR | 5.15%+0.36pp | 5.21% | 4.80% | 4.79% | 4.74% | 4.65% | 424B5 |
| WA original term mo | 65.9+1.1 | 66.0 mo | 64.8 mo | 64.9 mo | 64.8 mo | 64.8 mo | 424B5 |
| % new vehicles | 93.7% | 93.5% | 94.3% | 94.2% | 93.9% | 93.6% | 424B5 |
| 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% | 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 | 4.01% | 4.06% | 5.36% | 6.20% | 6.50% | 7.87% | 424B5 |
| Pricing | |||||||
| AAA spread | +35 bps−13bps A-3 · 2.3y | +35 bps A-3 · 2.3y | +48 bps A-3 · 2.3y | +41 bps A-3 · 2.4y | +58 bps A-3 · 2.5y | +56 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 2025-C | NAROT 2025-B | VALET 2025-2 | HAROT 2025-4 | HART 2025-D | GMCAR 2025-4 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,096.6MM | $1,381.3MM | $1,141.3MM | $2,483.2MM | $2,171.9MM | $951.1MM | 424B5 |
| WA Credit Score | 752−21 | 795 | 773 | 769 | 773 | 781 | 424B5 |
| WA APR | 5.15%+0.12pp | 4.60% | 5.03% | 4.93% | 5.36% | 6.53% | 424B5 |
| WA original term mo | 65.9+4.0 | — | — | 61.9 mo | 67.9 mo | 13.0 mo | 424B5 |
| % new vehicles | 93.7% | 10.0% | 78.4% | 86.0% | 99.9% | 87.9% | 424B5 |
| Geo top-3 | TX 16.6% CA 8.8% FL 8.4% | TX 17.5% FL 7.4% CA 6.5% | TX 14.2% CA 11.5% FL 7.3% | CA 16.9% TX 9.9% FL 6.5% | TX 13.1% FL 10.2% CA 8.0% | TX 14.1% FL 7.1% CA 7.0% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%+1.00pp | 4.25% | 4.25% | 2.75% | 7.55% | 6.10% | calc |
| Enhancement, target | 7.25% | 4.25% | 5.00% | — | 8.05% | 6.10% | calc |
| Subordinate notes | 5.0%+3.4pp | 1.6% | 0.0% | 0.0% | 4.8% | 3.1% | calc |
| OC (initial) | 0.00% | 2.35% | 4.00% | 2.50% | 2.50% | 2.75% | 424B5 |
| OC target | 2.00% | 2.35% | 4.75% | — | 3.00% | 2.75% | 424B5 |
| OC floor | 2.00% | 2.35% | 4.75% | — | 3.00% | 2.75% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.01% | 7.33% | 8.73% | n.a. | 5.68% | 2.68% | 424B5 |
| Pricing | |||||||
| AAA spread | +35 bps−4bps A-3 · 2.3y | +45 bps A-3 · 2.2y | +38 bps A-3 · 2.3y | +39 bps A-3 · 2.3y | +39 bps A-3 · 2.4y | +38 bps A-3 · 2.6y | FWP |
| Terms | |||||||
| Tranches | 7 | 6 | 5 | 5 | 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.
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 the performance page ↗ for
FICO sub-band and new/used stratification.