Ford Credit Auto Owner Trust 2023-B
09/20/2024 | Press release | Distributed by Public on 09/20/2024 08:37
Asset Backed Issuer Distribution Report Form 10 D
Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 15 |
Additional information about the structure, cashflows, defined terms and parties for this transaction can be found in the prospectus, available on the SEC website (http://www.sec.gov) under the registration number 333-258040 and at https://www.ford.com/finance/investor-center/asset-backed-securitization.
I. ORIGINAL DEAL PARAMETERS
| Dollar Amount | # of Receivables | Weighted Avg Remaining Term at Cutoff | ||||
| Initial Pool Balance | $ | 1,719,380,848.17 | 49,034 | 56.5 months | ||
| Dollar Amount | Note Interest Rate | Final Scheduled Payment Date | ||||
| Original Securities | ||||||
| Class A-1 Notes | $ | 350,000,000.00 | 5.517 | % | July 15, 2024 | |
| Class A-2a Notes | $ | 350,000,000.00 | 5.57 | % | June 15, 2026 | |
| Class A-2b Notes | $ | 250,000,000.00 | 5.84353 | % | * | June 15, 2026 |
| Class A-3 Notes | $ | 479,000,000.00 | 5.23 | % | May 15, 2028 | |
| Class A-4 Notes | $ | 71,000,000.00 | 5.06 | % | February 15, 2029 | |
| Class B Notes | $ | 47,330,000.00 | 5.56 | % | March 15, 2029 | |
| Class C Notes | $ | 31,610,000.00 | 5.71 | % | December 15, 2030 | |
| Total | $ | 1,578,940,000.00 | ||||
| * 30-day average SOFR + 0.49% |
II. AVAILABLE FUNDS
| Interest: | ||
| Interest Collections | $ | 4,384,537.03 |
| Principal: | ||
| Principal Collections | $ | 26,768,805.09 |
| Prepayments in Full | $ | 13,781,484.16 |
| Liquidation Proceeds | $ | 699,171.01 |
| Recoveries | $ | 164,506.55 |
| Sub Total | $ | 41,413,966.81 |
| Collections | $ | 45,798,503.84 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 233,890.35 |
| Purchase Amounts Related to Interest | $ | 1,858.39 |
| Sub Total | $ | 235,748.74 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $ | 46,034,252.58 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 15 |
III. DISTRIBUTIONS
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 46,034,252.58 |
| Servicing Fee | $ | 871,587.93 | $ | 871,587.93 | $ | 0.00 | $ | 0.00 | $ | 45,162,664.65 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 45,162,664.65 |
| Interest - Class A-2a Notes | $ | 805,618.83 | $ | 805,618.83 | $ | 0.00 | $ | 0.00 | $ | 44,357,045.82 |
| Interest - Class A-2b Notes | $ | 643,947.38 | $ | 643,947.38 | $ | 0.00 | $ | 0.00 | $ | 43,713,098.44 |
| Interest - Class A-3 Notes | $ | 2,087,641.67 | $ | 2,087,641.67 | $ | 0.00 | $ | 0.00 | $ | 41,625,456.77 |
| Interest - Class A-4 Notes | $ | 299,383.33 | $ | 299,383.33 | $ | 0.00 | $ | 0.00 | $ | 41,326,073.44 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 41,326,073.44 |
| Interest - Class B Notes | $ | 219,295.67 | $ | 219,295.67 | $ | 0.00 | $ | 0.00 | $ | 41,106,777.77 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 41,106,777.77 |
| Interest - Class C Notes | $ | 150,410.92 | $ | 150,410.92 | $ | 0.00 | $ | 0.00 | $ | 40,956,366.85 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 40,956,366.85 |
| Regular Principal Payment | $ | 40,398,458.55 | $ | 40,398,458.55 | $ | 0.00 | $ | 0.00 | $ | 557,908.30 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 557,908.30 |
| Residual Released to Depositor | $ | 0.00 | $ | 557,908.30 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 46,034,252.58 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 40,398,458.55 | ||||||||
| Total | $ | 40,398,458.55 | ||||||||
IV. NOTEHOLDER PAYMENTS
| Noteholder Principal Payments | Noteholder Interest Payments | Total Payment | ||||||||||
| Per $1,000 of | Per $1,000 of | Per $1,000 of | ||||||||||
| Actual | Original Balance | Actual | Original Balance | Actual | Original Balance | |||||||
| Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Class A-2a Notes | $ | 23,565,767.49 | $ | 67.33 | $ | 805,618.83 | $ | 2.30 | $ | 24,371,386.32 | $ | 69.63 |
| Class A-2b Notes | $ | 16,832,691.06 | $ | 67.33 | $ | 643,947.38 | $ | 2.58 | $ | 17,476,638.44 | $ | 69.91 |
| Class A-3 Notes | $ | 0.00 | $ | 0.00 | $ | 2,087,641.67 | $ | 4.36 | $ | 2,087,641.67 | $ | 4.36 |
| Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 299,383.33 | $ | 4.22 | $ | 299,383.33 | $ | 4.22 |
| Class B Notes | $ | 0.00 | $ | 0.00 | $ | 219,295.67 | $ | 4.63 | $ | 219,295.67 | $ | 4.63 |
| Class C Notes | $ | 0.00 | $ | 0.00 | $ | 150,410.92 | $ | 4.76 | $ | 150,410.92 | $ | 4.76 |
| Total | $ | 40,398,458.55 | $ | 25.59 | $ | 4,206,297.80 | $ | 2.66 | $ | 44,604,756.35 | $ | 28.25 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 15 |
V. NOTE BALANCE AND POOL INFORMATION
| Beginning of Period | End of Period | |||||
| Balance | Note Factor | Balance | Note Factor | |||
| Class A-1 Notes | $ | 0.00 | 0.0000000 | $ | 0.00 | 0.0000000 |
| Class A-2a Notes | $ | 173,562,404.44 | 0.4958926 | $ | 149,996,636.95 | 0.4285618 |
| Class A-2b Notes | $ | 123,973,146.03 | 0.4958926 | $ | 107,140,454.97 | 0.4285618 |
| Class A-3 Notes | $ | 479,000,000.00 | 1.0000000 | $ | 479,000,000.00 | 1.0000000 |
| Class A-4 Notes | $ | 71,000,000.00 | 1.0000000 | $ | 71,000,000.00 | 1.0000000 |
| Class B Notes | $ | 47,330,000.00 | 1.0000000 | $ | 47,330,000.00 | 1.0000000 |
| Class C Notes | $ | 31,610,000.00 | 1.0000000 | $ | 31,610,000.00 | 1.0000000 |
| Total | $ | 926,475,550.47 | 0.5867706 | $ | 886,077,091.92 | 0.5611848 |
| Pool Information | ||||
| Weighted Average APR | 5.003 | % | 5.024 | % |
| Weighted Average Remaining Term | 45.73 | 44.98 | ||
| Number of Receivables Outstanding | 36,489 | 35,391 | ||
| Pool Balance | $ | 1,045,905,516.79 | $ | 1,003,676,244.68 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 967,367,294.55 | $ | 928,763,798.53 |
| Pool Factor | 0.6083036 | 0.5837428 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,947,366.14 |
| Yield Supplement Overcollateralization Amount | $ | 74,912,446.15 |
| Targeted Overcollateralization Amount | $ | 117,599,152.76 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 117,599,152.76 |
VII. RECONCILIATION OF RESERVE ACCOUNT
| Beginning Reserve Account Balance | $ | 3,947,366.14 |
| Reserve Account Deposits Made | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Ending Reserve Account Balance | $ | 3,947,366.14 |
| Change in Reserve Account Balance | $ | 0.00 |
| Specified Reserve Balance | $ | 3,947,366.14 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 15 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 96 | $ | 745,921.50 | ||
| (Recoveries) | 42 | $ | 164,506.55 | ||
| Net Loss for Current Collection Period | $ | 581,414.95 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.6671 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.5838 | % | |||
| Second Prior Collection Period | 0.5295 | % | |||
| Prior Collection Period | 0.9987 | % | |||
| Current Collection Period | 0.6808 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.6982 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 1,119 | $ | 7,181,872.47 | ||
| (Cumulative Recoveries) | $ | 835,445.96 | |||
| Cumulative Net Loss for All Collection Periods | $ | 6,346,426.51 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.3691 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 6,418.12 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,671.52 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 1.06 | % | 276 | $ | 10,611,764.30 |
| 61-90 Days Delinquent | 0.19 | % | 45 | $ | 1,915,469.39 |
| 91-120 Days Delinquent | 0.05 | % | 11 | $ | 453,271.95 |
| Over 120 Days Delinquent | 0.03 | % | 6 | $ | 321,010.65 |
| Total Delinquent Receivables | 1.33 | % | 338 | $ | 13,301,516.29 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 18 | $ | 792,229.49 | ||
| Total Repossessed Inventory | 42 | $ | 1,852,108.02 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1655 | % | |||
| Prior Collection Period | 0.1754 | % | |||
| Current Collection Period | 0.1752 | % | |||
| Three Month Average | 0.1720 | % | |||
| Delinquency Trigger (61+ Delinquent Receivables) | |||||
| Transaction Month | Trigger | ||||
| 1-12 | 0.80% | ||||
| 13-24 | 1.50% | ||||
| 25-36 | 2.60% | ||||
| 37+ | 4.40% | ||||
| 61+ Delinquent Receivables Balance to EOP Pool Balance | 0.2680 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 15 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 91 | $3,810,884.47 |
| 2 Months Extended | 148 | $6,027,984.20 |
| 3+ Months Extended | 29 | $951,593.48 |
| Total Receivables Extended | 268 | $10,790,462.15 |
IX. REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)
| No Activity to report |
| Most Recent Form ABS-15G for repurchase demand activity |
| Filed by: Ford Motor Credit Company LLC |
| CIK#: 0000038009 |
| Date: February 5, 2024 |
X. FLOATING RATE BENCHMARK: BENCHMARK TRANSITION
| Benchmark Transition Event: | N/A |
| Benchmark Replacement Date: | N/A |
| Unadjusted Benchmark Replacement: | N/A |
| Benchmark Replacement Adjustment: | N/A |
| Benchmark Replacement Conforming Changes: | N/A |
SERVICER CERTIFICATION
THIS REPORT IS ACCURATE IN ALL MATERIAL RESPECTS.
Ford Motor Credit Company LLC
/s/ Ryan M. Hershberger
Assistant Treasurer
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