Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 11 | |
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 | | | 5.82002 | % | * | 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 | $ | 5,172,537.56 | |
| |
| Principal: | |
| Principal Collections | $ | 30,290,622.80 | |
| Prepayments in Full | $ | 14,757,200.51 | |
| Liquidation Proceeds | $ | 473,171.43 | |
| Recoveries | $ | 57,715.01 | |
| Sub Total | $ | 45,578,709.75 | |
| Collections | $ | 50,751,247.31 | |
| |
| Purchase Amounts: | |
| Purchase Amounts Related to Principal | $ | 135,624.01 | |
| Purchase Amounts Related to Interest | $ | 453.35 | |
| Sub Total | $ | 136,077.36 | |
| |
| Clean-up Call | $ | 0.00 | |
| |
| Reserve Account Draw Amount | $ | 0.00 | |
| |
| Available Funds - Total | $ | 50,887,324.67 | |
Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 11 | |
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 | | | $ | 50,887,324.67 | |
| Servicing Fee | $ | 1,018,727.36 | | | $ | 1,018,727.36 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 49,868,597.31 | |
| Interest - Class A-1 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 49,868,597.31 | |
| Interest - Class A-2a Notes | $ | 1,267,864.57 | | | $ | 1,267,864.57 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 48,600,732.74 | |
| Interest - Class A-2b Notes | $ | 946,267.91 | | | $ | 946,267.91 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 47,654,464.83 | |
| Interest - Class A-3 Notes | $ | 2,087,641.67 | | | $ | 2,087,641.67 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 45,566,823.16 | |
| Interest - Class A-4 Notes | $ | 299,383.33 | | | $ | 299,383.33 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 45,267,439.83 | |
| First Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 45,267,439.83 | |
| Interest - Class B Notes | $ | 219,295.67 | | | $ | 219,295.67 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 45,048,144.16 | |
| Second Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 45,048,144.16 | |
| Interest - Class C Notes | $ | 150,410.92 | | | $ | 150,410.92 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 44,897,733.24 | |
| Reserve Account Deposit | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 44,897,733.24 | |
| Regular Principal Payment | $ | 56,175,771.46 | | | $ | 44,897,733.24 | | | $ | 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 | | | $ | 50,887,324.67 | | | | | | | |
| | | | | | | | | |
| Principal Payment: | | | | | | | | | |
| First Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Second Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Regular Principal Payment | | | | | | | | | $ | 44,897,733.24 | |
| Total | | | | | | | | | $ | 44,897,733.24 | |
| | | | | | | | | |
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 | $ | 26,190,344.39 | | | $ | 74.83 | | | $ | 1,267,864.57 | | | $ | 3.62 | | | $ | 27,458,208.96 | | | $ | 78.45 | |
| Class A-2b Notes | $ | 18,707,388.85 | | | $ | 74.83 | | | $ | 946,267.91 | | | $ | 3.79 | | | $ | 19,653,656.76 | | | $ | 78.62 | |
| 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 | $ | 44,897,733.24 | | | $ | 28.44 | | | $ | 4,970,864.07 | | | $ | 3.15 | | | $ | 49,868,597.31 | | | $ | 31.59 | |
| | | | | | | | | | | |
Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 11 | |
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 | $ | 273,148,561.25 | | | 0.7804245 | | $ | 246,958,216.86 | | | 0.7055949 |
| Class A-2b Notes | $ | 195,106,115.18 | | | 0.7804245 | | $ | 176,398,726.33 | | | 0.7055949 |
| 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 | $ | 1,097,194,676.43 | | | 0.6948932 | | $ | 1,052,296,943.19 | | | 0.6664578 |
| | | | | | | | | | | |
| Pool Information | | | |
| Weighted Average APR | 4.938 | % | | 4.951 | % |
| Weighted Average Remaining Term | 48.77 | | 48.02 |
| Number of Receivables Outstanding | 39,991 | | 39,114 |
| Pool Balance | $ | 1,222,472,835.41 | | | $ | 1,176,349,171.94 | |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 1,128,368,864.80 | | | $ | 1,086,295,705.49 | |
| Pool Factor | 0.7109960 | | 0.6841702 |
| | | |
VI. OVERCOLLATERALIZATION INFORMATION
| | | | | |
| Specified Reserve Balance | $ | 3,947,366.14 | |
| Yield Supplement Overcollateralization Amount | $ | 90,053,466.45 | |
| Targeted Overcollateralization Amount | $ | 135,330,266.97 | |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 124,052,228.75 | |
| |
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 | |
| |
Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 11 | |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| | | | | | | | | | | | | | | | | |
| | | # of Receivables | | Amount |
| Current Collection Period Loss: | | | | | |
| Realized Loss (Charge-Offs) | | | 82 | | $ | 467,044.72 | |
| (Recoveries) | | | 35 | | $ | 57,715.01 | |
| Net Loss for Current Collection Period | | | | | $ | 409,329.71 | |
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | | | | | 0.4018 | % |
| | | | | |
| Prior and Current Collection Periods Average Loss: | | | | | |
| | | | | |
| Ratio of Net Loss to the Average Pool Balance (annualized) | | | | | |
| Third Prior Collection Period | | | | | 0.2580 | % |
| Second Prior Collection Period | | 0.5878 | % |
| Prior Collection Period | | | | | 0.5270 | % |
| Current Collection Period | | | | | 0.4095 | % |
| Four Month Average (Current and Prior Three Collection Periods) | | | | | 0.4456 | % |
| | | | | |
| Cumulative Loss: | | | | | |
| Cumulative Realized Loss (Charge-Offs) | | | 744 | | $ | 4,164,182.67 | |
| (Cumulative Recoveries) | | | | | $ | 339,508.68 | |
| Cumulative Net Loss for All Collection Periods | | | | | $ | 3,824,673.99 | |
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | | | | 0.2224 | % |
| | | | | |
| Average Realized Loss for Receivables that have experienced a Realized Loss | | | | | $ | 5,597.02 | |
| Average Net Loss for Receivables that have experienced a Realized Loss | | | | | $ | 5,140.69 | |
| | | | | |
| % of EOP Pool Balance | | # of Receivables | | Amount |
| Delinquent Receivables: | | | | | |
| 31-60 Days Delinquent | 0.97 | % | | 287 | | $ | 11,407,559.53 | |
| 61-90 Days Delinquent | 0.15 | % | | 45 | | $ | 1,768,506.43 | |
| 91-120 Days Delinquent | 0.04 | % | | 10 | | $ | 504,244.77 | |
| Over 120 Days Delinquent | 0.05 | % | | 10 | | $ | 638,330.29 | |
| Total Delinquent Receivables | 1.22 | % | | 352 | | $ | 14,318,641.02 | |
|
| Repossession Inventory: | | | | | |
| Repossessed in the Current Collection Period | | | 20 | | $ | 1,022,773.42 | |
| Total Repossessed Inventory | | | 39 | | $ | 1,755,280.53 | |
| | | | | |
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | | |
| Second Prior Collection Period | | | | | 0.1519 | % |
| Prior Collection Period | | | | | 0.1525 | % |
| Current Collection Period | | | | | 0.1662 | % |
| Three Month Average | | | | | 0.1569 | % |
| | | | | |
| 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 | | | | | 0.2475 | % |
| Delinquency Trigger Occurred | | | | | No |
Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 11 | |
| | | | | | | | | | | | | | |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| | | | |
| 1 Month Extended | | | 110 | $4,538,708.45 |
| 2 Months Extended | | | 107 | $4,439,881.43 |
| 3+ Months Extended | | | 28 | $1,138,469.81 |
| | | | |
| Total Receivables Extended | 245 | $10,117,059.69 |
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