Ford Credit Auto Owner Trust 2023-A
09/20/2024 | Press release | Distributed by Public on 09/20/2024 08:33
Asset Backed Issuer Distribution Report Form 10 D
Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 18 |
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 | $ | 1,732,167,317.56 | 48,752 | 57.8 months | ||
| Dollar Amount | Note Interest Rate | Final Scheduled Payment Date | ||||
| Original Securities | ||||||
| Class A-1 Notes | $ | 300,000,000.00 | 5.028 | % | April 15, 2024 | |
| Class A-2a Notes | $ | 359,000,000.00 | 5.14 | % | March 15, 2026 | |
| Class A-2b Notes | $ | 235,000,000.00 | 6.07353 | % | * | March 15, 2026 |
| Class A-3 Notes | $ | 510,000,000.00 | 4.65 | % | February 15, 2028 | |
| Class A-4 Notes | $ | 96,000,000.00 | 4.56 | % | December 15, 2028 | |
| Class B Notes | $ | 47,330,000.00 | 5.07 | % | January 15, 2029 | |
| Class C Notes | $ | 31,610,000.00 | 5.51 | % | September 15, 2030 | |
| Total | $ | 1,578,940,000.00 | ||||
| * 30-day average SOFR + 0.72% |
II. AVAILABLE FUNDS
| Interest: | ||
| Interest Collections | $ | 3,960,519.91 |
| Principal: | ||
| Principal Collections | $ | 24,842,845.34 |
| Prepayments in Full | $ | 13,178,099.73 |
| Liquidation Proceeds | $ | 523,676.68 |
| Recoveries | $ | 88,913.62 |
| Sub Total | $ | 38,633,535.37 |
| Collections | $ | 42,594,055.28 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 40,834.35 |
| Purchase Amounts Related to Interest | $ | 495.49 |
| Sub Total | $ | 41,329.84 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $ | 42,635,385.12 |
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 18 |
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 | $ | 42,635,385.12 |
| Servicing Fee | $ | 791,096.99 | $ | 791,096.99 | $ | 0.00 | $ | 0.00 | $ | 41,844,288.13 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 41,844,288.13 |
| Interest - Class A-2a Notes | $ | 377,089.64 | $ | 377,089.64 | $ | 0.00 | $ | 0.00 | $ | 41,467,198.49 |
| Interest - Class A-2b Notes | $ | 311,117.75 | $ | 311,117.75 | $ | 0.00 | $ | 0.00 | $ | 41,156,080.74 |
| Interest - Class A-3 Notes | $ | 1,976,250.00 | $ | 1,976,250.00 | $ | 0.00 | $ | 0.00 | $ | 39,179,830.74 |
| Interest - Class A-4 Notes | $ | 364,800.00 | $ | 364,800.00 | $ | 0.00 | $ | 0.00 | $ | 38,815,030.74 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 38,815,030.74 |
| Interest - Class B Notes | $ | 199,969.25 | $ | 199,969.25 | $ | 0.00 | $ | 0.00 | $ | 38,615,061.49 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 38,615,061.49 |
| Interest - Class C Notes | $ | 145,142.58 | $ | 145,142.58 | $ | 0.00 | $ | 0.00 | $ | 38,469,918.91 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 38,469,918.91 |
| Regular Principal Payment | $ | 34,850,340.30 | $ | 34,850,340.30 | $ | 0.00 | $ | 0.00 | $ | 3,619,578.61 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 3,619,578.61 |
| Residual Released to Depositor | $ | 0.00 | $ | 3,619,578.61 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 42,635,385.12 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 34,850,340.30 | ||||||||
| Total | $ | 34,850,340.30 | ||||||||
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 | $ | 21,062,747.76 | $ | 58.67 | $ | 377,089.64 | $ | 1.05 | $ | 21,439,837.40 | $ | 59.72 |
| Class A-2b Notes | $ | 13,787,592.54 | $ | 58.67 | $ | 311,117.75 | $ | 1.32 | $ | 14,098,710.29 | $ | 59.99 |
| Class A-3 Notes | $ | 0.00 | $ | 0.00 | $ | 1,976,250.00 | $ | 3.88 | $ | 1,976,250.00 | $ | 3.88 |
| Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 364,800.00 | $ | 3.80 | $ | 364,800.00 | $ | 3.80 |
| Class B Notes | $ | 0.00 | $ | 0.00 | $ | 199,969.25 | $ | 4.23 | $ | 199,969.25 | $ | 4.23 |
| Class C Notes | $ | 0.00 | $ | 0.00 | $ | 145,142.58 | $ | 4.59 | $ | 145,142.58 | $ | 4.59 |
| Total | $ | 34,850,340.30 | $ | 22.07 | $ | 3,374,369.22 | $ | 2.14 | $ | 38,224,709.52 | $ | 24.21 |
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 18 |
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 | $ | 88,036,490.98 | 0.2452270 | $ | 66,973,743.22 | 0.1865564 |
| Class A-2b Notes | $ | 57,628,343.68 | 0.2452270 | $ | 43,840,751.14 | 0.1865564 |
| Class A-3 Notes | $ | 510,000,000.00 | 1.0000000 | $ | 510,000,000.00 | 1.0000000 |
| Class A-4 Notes | $ | 96,000,000.00 | 1.0000000 | $ | 96,000,000.00 | 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 | $ | 830,604,834.66 | 0.5260522 | $ | 795,754,494.36 | 0.5039802 |
| Pool Information | ||||
| Weighted Average APR | 4.971 | % | 4.995 | % |
| Weighted Average Remaining Term | 44.43 | 43.66 | ||
| Number of Receivables Outstanding | 34,459 | 33,529 | ||
| Pool Balance | $ | 949,316,393.74 | $ | 910,302,965.31 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 872,476,166.94 | $ | 837,040,625.21 |
| Pool Factor | 0.5480512 | 0.5255283 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,947,369.48 |
| Yield Supplement Overcollateralization Amount | $ | 73,262,340.10 |
| Targeted Overcollateralization Amount | $ | 114,548,470.95 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 114,548,470.95 |
VII. RECONCILIATION OF RESERVE ACCOUNT
| Beginning Reserve Account Balance | $ | 3,947,369.48 |
| Reserve Account Deposits Made | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Ending Reserve Account Balance | $ | 3,947,369.48 |
| Change in Reserve Account Balance | $ | 0.00 |
| Specified Reserve Balance | $ | 3,947,369.48 |
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 18 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 84 | $ | 427,972.33 | ||
| (Recoveries) | 39 | $ | 88,913.62 | ||
| Net Loss for Current Collection Period | $ | 339,058.71 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.4286 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.9061 | % | |||
| Second Prior Collection Period | 0.6022 | % | |||
| Prior Collection Period | 0.5907 | % | |||
| Current Collection Period | 0.4376 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.6342 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 1,295 | $ | 7,362,672.51 | ||
| (Cumulative Recoveries) | $ | 873,868.63 | |||
| Cumulative Net Loss for All Collection Periods | $ | 6,488,803.88 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.3746 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 5,685.46 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,010.66 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 1.12 | % | 285 | $ | 10,179,074.16 |
| 61-90 Days Delinquent | 0.24 | % | 51 | $ | 2,209,234.65 |
| 91-120 Days Delinquent | 0.03 | % | 8 | $ | 301,975.73 |
| Over 120 Days Delinquent | 0.08 | % | 17 | $ | 745,286.09 |
| Total Delinquent Receivables | 1.48 | % | 361 | $ | 13,435,570.63 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 25 | $ | 955,023.43 | ||
| Total Repossessed Inventory | 47 | $ | 1,740,209.02 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1644 | % | |||
| Prior Collection Period | 0.1973 | % | |||
| Current Collection Period | 0.2267 | % | |||
| Three Month Average | 0.1961 | % | |||
| 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 | 0.3577 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 18 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 109 | $3,941,939.29 |
| 2 Months Extended | 177 | $6,645,327.51 |
| 3+ Months Extended | 32 | $1,222,688.95 |
| Total Receivables Extended | 318 | $11,809,955.75 |
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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