| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 297.0 | 19.9% | 5.25% | 0.27 | 3.83% | +14 I-curve | 2027-03-15 | A-1+ | P-1 |
| Class A-2a | 253.0 | 17.0% | 5.25% | 1.05 | 4.02% | +43 I-curve | 2029-01-15 | AAA | Aaa |
| Class A-2b | 253.0 | 17.0% | 5.25% | 1.05 | floating | +43 SOFR | 2029-01-15 | AAA | Aaa |
| Class A-3 | 469.0 | 31.5% | 5.25% | 2.37 | 4.05% | +42 I-curve | 2030-10-15 | AAA | Aaa |
| Class A-4 | 78.0 | 5.2% | 5.25% | 3.44 | 4.16% | +50 I-curve | 2032-04-15 | AAA | Aaa |
| Class B | 42.6 | 2.9% | 2.25% | 3.48 | 4.34% | +68 I-curve | 2032-04-15 | AA+ | Aa2 |
| Class Cretained | 28.4 | 1.9% | 0.25% | — | — | — | 2033-09-15 | — | — |
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 | Barclays Capital, Credit Agricole Securities, CastleOak Securities, U.S. Bancorp Investments, MUFG Securities Americas |
| FCAOT 2026-A | FCAOT 2025-C | FCAOT 2025-B | FCAOT 2025-A | FCAOT 2024-D | FCAOT 2024-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-03-24 | 2025-11-25 | 2025-09-26 | 2025-03-25 | 2024-11-22 | 2024-09-20 | 424B5 |
| Pool balance | $1,489.0MM | $1,096.6MM | $1,645.7MM | $1,668.4MM | $1,683.4MM | $1,688.8MM | 424B5 |
| WA Credit Score | 7540 | 752 | 752 | 755 | 754 | 756 | 424B5 |
| WA APR | 4.84%+0.04pp | 5.15% | 5.21% | 4.80% | 4.79% | 4.74% | 424B5 |
| WA original term mo | 65.8+0.9 | 65.9 mo | 66.0 mo | 64.8 mo | 64.9 mo | 64.8 mo | 424B5 |
| % new vehicles | 93.8% | 93.7% | 93.5% | 94.3% | 94.2% | 93.9% | 424B5 |
| Geo top-3 | TX 16.5% FL 8.6% CA 8.5% | 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% | 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 | 4.56% | 4.01% | 4.06% | 5.36% | 6.20% | 6.50% | 424B5 |
| Pricing | |||||||
| AAA spread | +42 bps+1bps A-3 · 2.4y | +35 bps 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 | 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 2026-A | HAROT 2026-1 | HART 2026-A | WOART 2026-A | TAOT 2026-A | GMCAR 2026-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-03-24 | 2026-02-18 | 2026-02-18 | 2026-02-18 | 2026-01-21 | 2026-01-14 | 424B5 |
| Pool balance | $1,489.0MM | $2,483.1MM | $2,392.4MM | $1,308.7MM | $1,995.4MM | $1,317.6MM | 424B5 |
| WA Credit Score | 754−17 | 770 | 775 | 758 | 771 | 779 | 424B5 |
| WA APR | 4.84%−0.84pp | 5.00% | 5.39% | 5.87% | 5.68% | 6.71% | 424B5 |
| WA original term mo | 65.8−1.4 | 61.6 mo | 67.2 mo | 68.4 mo | 65.9 mo | 70.0 mo | 424B5 |
| % new vehicles | 93.8% | 86.5% | 97.5% | 98.0% | 88.0% | 80.8% | 424B5 |
| Geo top-3 | TX 16.5% FL 8.6% CA 8.5% | CA 16.0% TX 9.5% NY 6.7% | TX 13.2% FL 10.1% CA 9.1% | FL 44.5% GA 18.6% NC 16.2% | CA 23.8% TX 16.7% IL 3.8% | TX 14.6% FL 7.1% CA 6.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%+0.50pp | 2.75% | 7.55% | 4.75% | 2.75% | 6.10% | calc |
| Enhancement, target | 7.25% | — | 8.05% | 5.65% | 3.60% | 6.10% | calc |
| Subordinate notes | 5.0%+1.9pp | 0.0% | 4.8% | 4.5% | 2.5% | 3.1% | calc |
| OC (initial) | 0.00% | 2.50% | 2.50% | 0.00% | 0.00% | 2.75% | 424B5 |
| OC target | 2.00% | — | 3.00% | 0.90% | 0.85% | 2.75% | 424B5 |
| OC floor | 2.00% | — | 3.00% | 0.50% | 0.85% | 2.75% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.56% | n.a. | 5.70% | 5.49% | 4.78% | 2.44% | 424B5 |
| Pricing | |||||||
| AAA spread | +42 bps+8bps A-3 · 2.4y | +34 bps A-3 · 2.4y | +34 bps A-3 · 2.5y | +36 bps A-3 · 2.6y | +34 bps A-3 · 2.4y | +35 bps A-3 · 2.6y | FWP |
| Terms | |||||||
| Tranches | 7 | 5 | 7 | 7 | 6 | 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 (202 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.