Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 6 | |
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 | $ | 1,443,380,079.18 | | | 40,320 | | | 55.8 months |
| | | | | |
| Dollar Amount | | Note Interest Rate | | Final Scheduled Payment Date |
| Original Securities | | | | | |
| Class A-1 Notes | $ | 265,000,000.00 | | | 5.590 | % | | December 15, 2024 |
| Class A-2a Notes | $ | 261,250,000.00 | | | 5.68 | % | | September 15, 2026 |
| Class A-2b Notes | $ | 200,000,000.00 | | | 5.88002 | % | * | September 15, 2026 |
| Class A-3 Notes | $ | 461,250,000.00 | | | 5.53 | % | | September 15, 2028 |
| Class A-4 Notes | $ | 62,500,000.00 | | | 5.49 | % | | May 15, 2029 |
| Class B Notes | $ | 39,480,000.00 | | | 5.93 | % | | August 15, 2029 |
| Class C Notes | $ | 26,300,000.00 | | | 6.37 | % | | May 15, 2031 |
| Total | $ | 1,315,780,000.00 | | | | | |
| | | * 30-day average SOFR + 0.55% |
II. AVAILABLE FUNDS
| | | | | |
| Interest: | |
| Interest Collections | $ | 5,290,279.84 | |
| |
| Principal: | |
| Principal Collections | $ | 28,723,684.41 | |
| Prepayments in Full | $ | 13,350,722.11 | |
| Liquidation Proceeds | $ | 447,022.12 | |
| Recoveries | $ | 5,587.29 | |
| Sub Total | $ | 42,527,015.93 | |
| Collections | $ | 47,817,295.77 | |
| |
| Purchase Amounts: | |
| Purchase Amounts Related to Principal | $ | 66,026.50 | |
| Purchase Amounts Related to Interest | $ | 351.62 | |
| Sub Total | $ | 66,378.12 | |
| |
| Clean-up Call | $ | 0.00 | |
| |
| Reserve Account Draw Amount | $ | 0.00 | |
| |
| Available Funds - Total | $ | 47,883,673.89 | |
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 6 | |
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 | | | $ | 47,883,673.89 | |
| Servicing Fee | $ | 1,022,480.59 | | | $ | 1,022,480.59 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 46,861,193.30 | |
| Interest - Class A-1 Notes | $ | 255,176.73 | | | $ | 255,176.73 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 46,606,016.57 | |
| Interest - Class A-2a Notes | $ | 1,236,583.33 | | | $ | 1,236,583.33 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 45,369,433.24 | |
| Interest - Class A-2b Notes | $ | 980,003.33 | | | $ | 980,003.33 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 44,389,429.91 | |
| Interest - Class A-3 Notes | $ | 2,125,593.75 | | | $ | 2,125,593.75 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 42,263,836.16 | |
| Interest - Class A-4 Notes | $ | 285,937.50 | | | $ | 285,937.50 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 41,977,898.66 | |
| First Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 41,977,898.66 | |
| Interest - Class B Notes | $ | 195,097.00 | | | $ | 195,097.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 41,782,801.66 | |
| Second Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 41,782,801.66 | |
| Interest - Class C Notes | $ | 139,609.17 | | | $ | 139,609.17 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 41,643,192.49 | |
| Reserve Account Deposit | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 41,643,192.49 | |
| Regular Principal Payment | $ | 63,378,022.29 | | | $ | 41,643,192.49 | | | $ | 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 | | | $ | 47,883,673.89 | | | | | | | |
| | | | | | | | | |
| Principal Payment: | | | | | | | | | |
| First Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Second Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Regular Principal Payment | | | | | | | | | $ | 41,643,192.49 | |
| Total | | | | | | | | | $ | 41,643,192.49 | |
| | | | | | | | | |
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 | $ | 41,643,192.49 | | | $ | 157.14 | | | $ | 255,176.73 | | | $ | 0.96 | | | $ | 41,898,369.22 | | | $ | 158.10 | |
| Class A-2a Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 1,236,583.33 | | | $ | 4.73 | | | $ | 1,236,583.33 | | | $ | 4.73 | |
| Class A-2b Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 980,003.33 | | | $ | 4.90 | | | $ | 980,003.33 | | | $ | 4.90 | |
| Class A-3 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 2,125,593.75 | | | $ | 4.61 | | | $ | 2,125,593.75 | | | $ | 4.61 | |
| Class A-4 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 285,937.50 | | | $ | 4.58 | | | $ | 285,937.50 | | | $ | 4.58 | |
| Class B Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 195,097.00 | | | $ | 4.94 | | | $ | 195,097.00 | | | $ | 4.94 | |
| Class C Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 139,609.17 | | | $ | 5.31 | | | $ | 139,609.17 | | | $ | 5.31 | |
| Total | $ | 41,643,192.49 | | | $ | 31.65 | | | $ | 5,218,000.81 | | | $ | 3.97 | | | $ | 46,861,193.30 | | | $ | 35.62 | |
| | | | | | | | | | | |
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 6 | |
V. NOTE BALANCE AND POOL INFORMATION
| | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of Period | | End of Period |
| Balance | | Note Factor | | Balance | | Note Factor |
| Class A-1 Notes | $ | 54,778,545.69 | | | 0.2067115 | | $ | 13,135,353.20 | | | 0.0495674 |
| Class A-2a Notes | $ | 261,250,000.00 | | | 1.0000000 | | $ | 261,250,000.00 | | | 1.0000000 |
| Class A-2b Notes | $ | 200,000,000.00 | | | 1.0000000 | | $ | 200,000,000.00 | | | 1.0000000 |
| Class A-3 Notes | $ | 461,250,000.00 | | | 1.0000000 | | $ | 461,250,000.00 | | | 1.0000000 |
| Class A-4 Notes | $ | 62,500,000.00 | | | 1.0000000 | | $ | 62,500,000.00 | | | 1.0000000 |
| Class B Notes | $ | 39,480,000.00 | | | 1.0000000 | | $ | 39,480,000.00 | | | 1.0000000 |
| Class C Notes | $ | 26,300,000.00 | | | 1.0000000 | | $ | 26,300,000.00 | | | 1.0000000 |
| Total | $ | 1,105,558,545.69 | | | 0.8402305 | | $ | 1,063,915,353.20 | | | 0.8085815 |
| | | | | | | | | | | |
| Pool Information | | | |
| Weighted Average APR | 4.987 | % | | 5.001 | % |
| Weighted Average Remaining Term | 51.95 | | 51.16 |
| Number of Receivables Outstanding | 36,753 | | 36,023 |
| Pool Balance | $ | 1,226,976,708.31 | | | $ | 1,184,136,977.19 | |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 1,121,641,480.51 | | | $ | 1,082,968,870.67 | |
| Pool Factor | 0.8500718 | | 0.8203917 |
| | | |
VI. OVERCOLLATERALIZATION INFORMATION
| | | | | |
| Specified Reserve Balance | $ | 3,289,470.37 | |
| Yield Supplement Overcollateralization Amount | $ | 101,168,106.52 | |
| Targeted Overcollateralization Amount | $ | 141,956,453.79 | |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 120,221,623.99 | |
| |
VII. RECONCILIATION OF RESERVE ACCOUNT
| | | | | |
| Beginning Reserve Account Balance | $ | 3,289,470.37 | |
| Reserve Account Deposits Made | $ | 0.00 | |
| Reserve Account Draw Amount | $ | 0.00 | |
| Ending Reserve Account Balance | $ | 3,289,470.37 | |
| Change in Reserve Account Balance | $ | 0.00 | |
| Specified Reserve Balance | $ | 3,289,470.37 | |
| |
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 6 | |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| | | | | | | | | | | | | | | | | |
| | | # of Receivables | | Amount |
| Current Collection Period Loss: | | | | | |
| Realized Loss (Charge-Offs) | | | 64 | | $ | 252,275.98 | |
| (Recoveries) | | | 2 | | $ | 5,587.29 | |
| Net Loss for Current Collection Period | | | | | $ | 246,688.69 | |
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | | | | | 0.2413 | % |
| | | | | |
| Prior and Current Collection Periods Average Loss: | | | | | |
| | | | | |
| Ratio of Net Loss to the Average Pool Balance (annualized) | | | | | |
| Third Prior Collection Period | | | | | 0.0424 | % |
| Second Prior Collection Period | | 0.0335 | % |
| Prior Collection Period | | | | | 0.1513 | % |
| Current Collection Period | | | | | 0.2456 | % |
| Four Month Average (Current and Prior Three Collection Periods) | | | | | 0.1182 | % |
| | | | | |
| Cumulative Loss: | | | | | |
| Cumulative Realized Loss (Charge-Offs) | | | 324 | | $ | 499,731.22 | |
| (Cumulative Recoveries) | | | | | $ | 11,832.71 | |
| Cumulative Net Loss for All Collection Periods | | | | | $ | 487,898.51 | |
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | | | | 0.0338 | % |
| | | | | |
| Average Realized Loss for Receivables that have experienced a Realized Loss | | | | | $ | 1,542.38 | |
| Average Net Loss for Receivables that have experienced a Realized Loss | | | | | $ | 1,505.86 | |
| | | | | |
| % of EOP Pool Balance | | # of Receivables | | Amount |
| Delinquent Receivables: | | | | | |
| 31-60 Days Delinquent | 0.50 | % | | 140 | | $ | 5,944,881.23 | |
| 61-90 Days Delinquent | 0.12 | % | | 29 | | $ | 1,461,179.04 | |
| 91-120 Days Delinquent | 0.01 | % | | 3 | | $ | 171,529.56 | |
| Over 120 Days Delinquent | 0.00 | % | | 2 | | $ | 54,499.38 | |
| Total Delinquent Receivables | 0.64 | % | | 174 | | $ | 7,632,089.21 | |
|
| Repossession Inventory: | | | | | |
| Repossessed in the Current Collection Period | | | 12 | | $ | 602,202.92 | |
| Total Repossessed Inventory | | | 20 | | $ | 977,067.03 | |
| | | | | |
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | | |
| Second Prior Collection Period | | | | | 0.0560 | % |
| Prior Collection Period | | | | | 0.0653 | % |
| Current Collection Period | | | | | 0.0944 | % |
| Three Month Average | | | | | 0.0719 | % |
| | | | | |
| 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 | | | | | 0.1425 | % |
| Delinquency Trigger Occurred | | | | | No |
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | April 2024 |
| Payment Date | 5/15/2024 |
| Transaction Month | 6 | |
| | | | | | | | | | | | | | |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| | | | |
| 1 Month Extended | | | 82 | $3,783,944.95 |
| 2 Months Extended | | | 84 | $3,990,710.78 |
| 3+ Months Extended | | | 17 | $734,074.78 |
| | | | |
| Total Receivables Extended | 183 | $8,508,730.51 |
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