Ford Credit Auto Owner Trust 2022-C
09/20/2024 | Press release | Distributed by Public on 09/20/2024 08:23
Asset Backed Issuer Distribution Report Form 10 D
Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 24 |
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 | $ | 1,745,303,060.82 | 52,430 | 54.7 months | ||
| Dollar Amount | Note Interest Rate | Final Scheduled Payment Date | ||||
| Original Securities | ||||||
| Class A-1 Notes | $ | 304,740,000.00 | 3.633 | % | October 15, 2023 | |
| Class A-2a Notes | $ | 319,040,000.00 | 4.52 | % | April 15, 2025 | |
| Class A-2b Notes | $ | 200,000,000.00 | 5.87353 | % | * | April 15, 2025 |
| Class A-3 Notes | $ | 519,040,000.00 | 4.48 | % | December 15, 2026 | |
| Class A-4 Notes | $ | 157,180,000.00 | 4.59 | % | December 15, 2027 | |
| Class B Notes | $ | 47,370,000.00 | 5.03 | % | February 15, 2028 | |
| Class C Notes | $ | 31,570,000.00 | 5.22 | % | March 15, 2030 | |
| Total | $ | 1,578,940,000.00 | ||||
| * 30-day average SOFR + 0.52% |
II. AVAILABLE FUNDS
| Interest: | ||
| Interest Collections | $ | 2,043,311.18 |
| Principal: | ||
| Principal Collections | $ | 23,111,486.78 |
| Prepayments in Full | $ | 10,596,239.30 |
| Liquidation Proceeds | $ | 290,828.88 |
| Recoveries | $ | 51,414.98 |
| Sub Total | $ | 34,049,969.94 |
| Collections | $ | 36,093,281.12 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 66,591.78 |
| Purchase Amounts Related to Interest | $ | 430.69 |
| Sub Total | $ | 67,022.47 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $ | 36,160,303.59 |
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Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 24 |
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 | $ | 36,160,303.59 |
| Servicing Fee | $ | 589,438.75 | $ | 589,438.75 | $ | 0.00 | $ | 0.00 | $ | 35,570,864.84 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,570,864.84 |
| Interest - Class A-2a Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,570,864.84 |
| Interest - Class A-2b Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,570,864.84 |
| Interest - Class A-3 Notes | $ | 1,401,248.49 | $ | 1,401,248.49 | $ | 0.00 | $ | 0.00 | $ | 34,169,616.35 |
| Interest - Class A-4 Notes | $ | 601,213.50 | $ | 601,213.50 | $ | 0.00 | $ | 0.00 | $ | 33,568,402.85 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,568,402.85 |
| Interest - Class B Notes | $ | 198,559.25 | $ | 198,559.25 | $ | 0.00 | $ | 0.00 | $ | 33,369,843.60 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,369,843.60 |
| Interest - Class C Notes | $ | 137,329.50 | $ | 137,329.50 | $ | 0.00 | $ | 0.00 | $ | 33,232,514.10 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,232,514.10 |
| Regular Principal Payment | $ | 30,776,905.92 | $ | 30,776,905.92 | $ | 0.00 | $ | 0.00 | $ | 2,455,608.18 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 2,455,608.18 |
| Residual Released to Depositor | $ | 0.00 | $ | 2,455,608.18 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 36,160,303.59 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 30,776,905.92 | ||||||||
| Total | $ | 30,776,905.92 | ||||||||
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 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Class A-2b Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Class A-3 Notes | $ | 30,776,905.92 | $ | 59.30 | $ | 1,401,248.49 | $ | 2.70 | $ | 32,178,154.41 | $ | 62.00 |
| Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 601,213.50 | $ | 3.83 | $ | 601,213.50 | $ | 3.83 |
| Class B Notes | $ | 0.00 | $ | 0.00 | $ | 198,559.25 | $ | 4.19 | $ | 198,559.25 | $ | 4.19 |
| Class C Notes | $ | 0.00 | $ | 0.00 | $ | 137,329.50 | $ | 4.35 | $ | 137,329.50 | $ | 4.35 |
| Total | $ | 30,776,905.92 | $ | 19.49 | $ | 2,338,350.74 | $ | 1.48 | $ | 33,115,256.66 | $ | 20.97 |
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Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 24 |
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 | $ | 0.00 | 0.0000000 | $ | 0.00 | 0.0000000 |
| Class A-2b Notes | $ | 0.00 | 0.0000000 | $ | 0.00 | 0.0000000 |
| Class A-3 Notes | $ | 375,334,417.05 | 0.7231320 | $ | 344,557,511.13 | 0.6638361 |
| Class A-4 Notes | $ | 157,180,000.00 | 1.0000000 | $ | 157,180,000.00 | 1.0000000 |
| Class B Notes | $ | 47,370,000.00 | 1.0000000 | $ | 47,370,000.00 | 1.0000000 |
| Class C Notes | $ | 31,570,000.00 | 1.0000000 | $ | 31,570,000.00 | 1.0000000 |
| Total | $ | 611,454,417.05 | 0.3872563 | $ | 580,677,511.13 | 0.3677641 |
| Pool Information | ||||
| Weighted Average APR | 3.489 | % | 3.503 | % |
| Weighted Average Remaining Term | 36.21 | 35.46 | ||
| Number of Receivables Outstanding | 32,819 | 31,947 | ||
| Pool Balance | $ | 707,326,502.27 | $ | 672,723,537.07 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 648,906,423.72 | $ | 617,610,473.33 |
| Pool Factor | 0.4052743 | 0.3854480 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 4,736,842.79 |
| Yield Supplement Overcollateralization Amount | $ | 55,113,063.74 |
| Targeted Overcollateralization Amount | $ | 92,046,025.94 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 92,046,025.94 |
VII. RECONCILIATION OF RESERVE ACCOUNT
| Beginning Reserve Account Balance | $ | 4,736,842.79 |
| Reserve Account Deposits Made | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Ending Reserve Account Balance | $ | 4,736,842.79 |
| Change in Reserve Account Balance | $ | 0.00 |
| Specified Reserve Balance | $ | 4,736,842.79 |
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Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 24 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 72 | $ | 537,818.46 | ||
| (Recoveries) | 60 | $ | 51,414.98 | ||
| Net Loss for Current Collection Period | $ | 486,403.48 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.8252 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.6301 | % | |||
| Second Prior Collection Period | 0.3521 | % | |||
| Prior Collection Period | 0.7960 | % | |||
| Current Collection Period | 0.8459 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.6560 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 1,612 | $ | 9,215,415.46 | ||
| (Cumulative Recoveries) | $ | 1,076,623.55 | |||
| Cumulative Net Loss for All Collection Periods | $ | 8,138,791.91 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.4663 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 5,716.76 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,048.88 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 1.42 | % | 312 | $ | 9,558,102.19 |
| 61-90 Days Delinquent | 0.24 | % | 49 | $ | 1,624,343.82 |
| 91-120 Days Delinquent | 0.06 | % | 11 | $ | 387,172.71 |
| Over 120 Days Delinquent | 0.14 | % | 27 | $ | 924,557.78 |
| Total Delinquent Receivables | 1.86 | % | 399 | $ | 12,494,176.50 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 20 | $ | 685,369.98 | ||
| Total Repossessed Inventory | 33 | $ | 1,116,527.63 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.2461 | % | |||
| Prior Collection Period | 0.2559 | % | |||
| Current Collection Period | 0.2723 | % | |||
| Three Month Average | 0.2581 | % | |||
| Delinquency Trigger (61+ Delinquent Receivables) | |||||
| Transaction Month | Trigger | ||||
| 1-12 | 0.80% | ||||
| 13-24 | 1.50% | ||||
| 25-36 | 2.70% | ||||
| 37+ | 4.40% | ||||
| 61+ Delinquent Receivables Balance to EOP Pool Balance | 0.4364 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 24 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 107 | $3,342,643.81 |
| 2 Months Extended | 165 | $5,455,343.08 |
| 3+ Months Extended | 32 | $927,536.23 |
| Total Receivables Extended | 304 | $9,725,523.12 |
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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