Ford Credit Auto Owner Trust 2024-A
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 2 | |
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 | $ | 1,696,683,364.30 | | | 46,551 | | | 55.8 months |
| | | | | |
| Dollar Amount | | Note Interest Rate | | Final Scheduled Payment Date |
| Original Securities | | | | | |
| Class A-1 Notes | $ | 305,000,000.00 | | | 5.524 | % | | April 15, 2025 |
| Class A-2a Notes | $ | 150,000,000.00 | | | 5.32 | % | | January 15, 2027 |
| Class A-2b Notes | $ | 410,000,000.00 | | | 5.69002 | % | * | January 15, 2027 |
| Class A-3 Notes | $ | 560,000,000.00 | | | 5.09 | % | | December 15, 2028 |
| Class A-4 Notes | $ | 75,000,000.00 | | | 5.01 | % | | September 15, 2029 |
| Class B Notes | $ | 47,350,000.00 | | | 5.26 | % | | November 15, 2029 |
| Class C Notes | $ | 31,560,000.00 | | | 0.00 | % | | September 15, 2031 |
| Total | $ | 1,578,910,000.00 | | | | | |
| | | * 30-day average SOFR + 0.36% |
II. AVAILABLE FUNDS
| | | | | |
| Interest: | |
| Interest Collections | $ | 6,872,911.56 | |
| |
| Principal: | |
| Principal Collections | $ | 36,331,276.98 | |
| Prepayments in Full | $ | 15,750,871.06 | |
| Liquidation Proceeds | $ | 49,960.00 | |
| Recoveries | $ | 0.00 | |
| Sub Total | $ | 52,132,108.04 | |
| Collections | $ | 59,005,019.60 | |
| |
| Purchase Amounts: | |
| Purchase Amounts Related to Principal | $ | 185,804.15 | |
| Purchase Amounts Related to Interest | $ | 954.96 | |
| Sub Total | $ | 186,759.11 | |
| |
| Clean-up Call | $ | 0.00 | |
| |
| Reserve Account Draw Amount | $ | 0.00 | |
| |
| Available Funds - Total | $ | 59,191,778.71 | |
Ford Credit Auto Owner Trust 2024-A
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 2 | |
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 | | | $ | 59,191,778.71 | |
| Servicing Fee | $ | 1,370,165.33 | | | $ | 1,370,165.33 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 57,821,613.38 | |
| Interest - Class A-1 Notes | $ | 1,167,551.82 | | | $ | 1,167,551.82 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 56,654,061.56 | |
| Interest - Class A-2a Notes | $ | 665,000.00 | | | $ | 665,000.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 55,989,061.56 | |
| Interest - Class A-2b Notes | $ | 1,944,090.17 | | | $ | 1,944,090.17 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 54,044,971.39 | |
| Interest - Class A-3 Notes | $ | 2,375,333.33 | | | $ | 2,375,333.33 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 51,669,638.06 | |
| Interest - Class A-4 Notes | $ | 313,125.00 | | | $ | 313,125.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 51,356,513.06 | |
| First Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 51,356,513.06 | |
| Interest - Class B Notes | $ | 207,550.83 | | | $ | 207,550.83 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 51,148,962.23 | |
| Second Priority Principal Payment | $ | 13,405,326.02 | | | $ | 13,405,326.02 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 37,743,636.21 | |
| Interest - Class C Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 37,743,636.21 | |
| Reserve Account Deposit | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 37,743,636.21 | |
| Regular Principal Payment | $ | 240,226,495.85 | | | $ | 37,743,636.21 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Residual Released to Depositor | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Total | | | $ | 59,191,778.71 | | | | | | | |
| | | | | | | | | |
| Principal Payment: | | | | | | | | | |
| First Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Second Priority Principal Payment | | | | | | | | | $ | 13,405,326.02 | |
| Regular Principal Payment | | | | | | | | | $ | 37,743,636.21 | |
| Total | | | | | | | | | $ | 51,148,962.23 | |
| | | | | | | | | |
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 | $ | 51,148,962.23 | | | $ | 167.70 | | | $ | 1,167,551.82 | | | $ | 3.83 | | | $ | 52,316,514.05 | | | $ | 171.53 | |
| Class A-2a Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 665,000.00 | | | $ | 4.43 | | | $ | 665,000.00 | | | $ | 4.43 | |
| Class A-2b Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 1,944,090.17 | | | $ | 4.74 | | | $ | 1,944,090.17 | | | $ | 4.74 | |
| Class A-3 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 2,375,333.33 | | | $ | 4.24 | | | $ | 2,375,333.33 | | | $ | 4.24 | |
| Class A-4 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 313,125.00 | | | $ | 4.18 | | | $ | 313,125.00 | | | $ | 4.18 | |
| Class B Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 207,550.83 | | | $ | 4.38 | | | $ | 207,550.83 | | | $ | 4.38 | |
| Class C Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Total | $ | 51,148,962.23 | | | $ | 32.40 | | | $ | 6,672,651.15 | | | $ | 4.23 | | | $ | 57,821,613.38 | | | $ | 36.63 | |
| | | | | | | | | | | |
Ford Credit Auto Owner Trust 2024-A
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 2 | |
V. NOTE BALANCE AND POOL INFORMATION
| | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of Period | | End of Period |
| Balance | | Note Factor | | Balance | | Note Factor |
| Class A-1 Notes | $ | 253,631,821.87 | | | 0.8315797 | | $ | 202,482,859.64 | | | 0.6638782 |
| Class A-2a Notes | $ | 150,000,000.00 | | | 1.0000000 | | $ | 150,000,000.00 | | | 1.0000000 |
| Class A-2b Notes | $ | 410,000,000.00 | | | 1.0000000 | | $ | 410,000,000.00 | | | 1.0000000 |
| Class A-3 Notes | $ | 560,000,000.00 | | | 1.0000000 | | $ | 560,000,000.00 | | | 1.0000000 |
| Class A-4 Notes | $ | 75,000,000.00 | | | 1.0000000 | | $ | 75,000,000.00 | | | 1.0000000 |
| Class B Notes | $ | 47,350,000.00 | | | 1.0000000 | | $ | 47,350,000.00 | | | 1.0000000 |
| Class C Notes | $ | 31,560,000.00 | | | 1.0000000 | | $ | 31,560,000.00 | | | 1.0000000 |
| Total | $ | 1,527,541,821.87 | | | 0.9674661 | | $ | 1,476,392,859.64 | | | 0.9350709 |
| | | | | | | | | | | |
| Pool Information | | | |
| Weighted Average APR | 4.800 | % | | 4.811 | % |
| Weighted Average Remaining Term | 55.03 | | 54.27 |
| Number of Receivables Outstanding | 45,853 | | 45,038 |
| Pool Balance | $ | 1,644,198,400.72 | | | $ | 1,591,861,030.80 | |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 1,530,715,993.12 | | | $ | 1,482,576,495.85 | |
| Pool Factor | 0.9690661 | | 0.9382193 |
| | | |
VI. OVERCOLLATERALIZATION INFORMATION
| | | | | |
| Specified Reserve Balance | $ | 3,947,285.02 | |
| Yield Supplement Overcollateralization Amount | $ | 109,284,534.95 | |
| Targeted Overcollateralization Amount | $ | 160,793,445.59 | |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 115,468,171.16 | |
| |
VII. RECONCILIATION OF RESERVE ACCOUNT
| | | | | |
| Beginning Reserve Account Balance | $ | 3,947,285.02 | |
| Reserve Account Deposits Made | $ | 0.00 | |
| Reserve Account Draw Amount | $ | 0.00 | |
| Ending Reserve Account Balance | $ | 3,947,285.02 | |
| Change in Reserve Account Balance | $ | 0.00 | |
| Specified Reserve Balance | $ | 3,947,285.02 | |
| |
Ford Credit Auto Owner Trust 2024-A
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 2 | |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| | | | | | | | | | | | | | | | | |
| | | # of Receivables | | Amount |
| Current Collection Period Loss: | | | | | |
| Realized Loss (Charge-Offs) | | | 54 | | $ | 19,457.73 | |
| (Recoveries) | | | 0 | | $ | 0.00 | |
| Net Loss for Current Collection Period | | | | | $ | 19,457.73 | |
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | | | | | 0.0142 | % |
| | | | | |
| Prior and Current Collection Periods Average Loss: | | | | | |
| | | | | |
| Ratio of Net Loss to the Average Pool Balance (annualized) | | | | | |
| Third Prior Collection Period | | | | | N/A |
| Second Prior Collection Period | | N/A |
| Prior Collection Period | | | | | 0.0002 | % |
| Current Collection Period | | | | | 0.0144 | % |
| Four Month Average (Current and Prior Three Collection Periods) | | | | | N/A |
| | | | | |
| Cumulative Loss: | | | | | |
| Cumulative Realized Loss (Charge-Offs) | | | 94 | | $ | 19,791.08 | |
| (Cumulative Recoveries) | | | | | $ | 0.00 | |
| Cumulative Net Loss for All Collection Periods | | | | | $ | 19,791.08 | |
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | | | | 0.0012 | % |
| | | | | |
| Average Realized Loss for Receivables that have experienced a Realized Loss | | | | | $ | 210.54 | |
| Average Net Loss for Receivables that have experienced a Realized Loss | | | | | $ | 210.54 | |
| | | | | |
| % of EOP Pool Balance | | # of Receivables | | Amount |
| Delinquent Receivables: | | | | | |
| 31-60 Days Delinquent | 0.34 | % | | 128 | | $ | 5,485,450.23 | |
| 61-90 Days Delinquent | 0.04 | % | | 18 | | $ | 595,296.39 | |
| 91-120 Days Delinquent | 0.00 | % | | 0 | | $ | 0.00 | |
| Over 120 Days Delinquent | 0.00 | % | | 0 | | $ | 0.00 | |
| Total Delinquent Receivables | 0.38 | % | | 146 | | $ | 6,080,746.62 | |
|
| Repossession Inventory: | | | | | |
| Repossessed in the Current Collection Period | | | 2 | | $ | 41,898.34 | |
| Total Repossessed Inventory | | | 2 | | $ | 50,568.74 | |
| | | | | |
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | | |
| Second Prior Collection Period | | | | | N/A |
| Prior Collection Period | | | | | 0.0000 | % |
| Current Collection Period | | | | | 0.0400 | % |
| Three Month Average | | | | | N/A |
| | | | | |
| Delinquency Trigger (61+ Delinquent Receivables) | | | | | |
| Transaction Month | Trigger | | | | |
| 1-12 | 0.80% | | | | |
| 13-24 | 1.30% | | | | |
| 25-36 | 2.40% | | | | |
| 37+ | 4.75% | | | | |
| 61+ Delinquent Receivables Balance to EOP Pool Balance | | | | | 0.0374 | % |
| Delinquency Trigger Occurred | | | | | No |
Ford Credit Auto Owner Trust 2024-A
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 2 | |
| | | | | | | | | | | | | | |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| | | | |
| 1 Month Extended | | | 82 | $3,844,195.55 |
| 2 Months Extended | | | 76 | $3,399,088.80 |
| 3+ Months Extended | | | 10 | $478,814.63 |
| | | | |
| Total Receivables Extended | 168 | $7,722,098.98 |
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