Ford Credit Floorplan Corporation | ||||||||||||||
Ford Credit Floorplan LLC | Ford Motor Credit Company LLC | |||||||||||||
Depositors | Sponsor and Servicer | |||||||||||||
The following tables update information in various prospectus supplements of Ford Credit Floorplan Master Owner Trust A, or the "trust", about the dealer floorplan portfolio of Ford Motor Credit Company LLC, or "Ford Credit", and the dealer floorplan portfolio of the trust as of the dates or for the periods indicated. The percentages in the following tables may not sum to 100.0% due to rounding. | ||||||||||||||
Ford Credit's Dealer Floorplan Portfolio Performance | ||||||||||||||
The following tables show the loss information, payment rates, age distribution, and dealer risk rating group distribution for Ford Credit's dealer floorplan portfolio, which may be influenced by a variety of economic, social, geographic and other factors beyond the control of Ford Credit. The accounts designated to the trust represent most but not all of Ford Credit's dealer floorplan portfolio. There can be no assurance that the loss experience, age distribution, payment rate and dealer risk rating group distribution for the receivables in the trust will be similar to the historical experience shown below for Ford Credit's dealer floorplan portfolio. |
Loss Information for Ford Credit's Dealer Floorplan Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average principal balance (1) | $23,672 | $19,805 | $22,305 | $16,708 | $11,779 | $11,101 | $18,994 | |||||||||||||||||||||||||||||||||||||||||||
Net losses (recoveries) (2) | $(0.1) | $(0.1) | $(0.3) | $(0.7) | $(2.3) | $(1.5) | $(1.3) | |||||||||||||||||||||||||||||||||||||||||||
Net losses/average principal balance (3) | (0.002)% | (0.002)% | (0.001)% | (0.004)% | (0.019)% | (0.014)% | (0.007)% | |||||||||||||||||||||||||||||||||||||||||||
Liquidations (4) | $29,615 | $29,381 | $128,093 | $116,853 | $99,560 | $98,653 | $107,815 | |||||||||||||||||||||||||||||||||||||||||||
Net losses/liquidations | 0.000% | 0.000% | 0.000% | (0.001)% | (0.002)% | (0.002)% | (0.001)% | |||||||||||||||||||||||||||||||||||||||||||
(1) Average principal balance is the average of the principal balances of the receivables at the beginning of each month in the period indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Net losses in any period are gross losses, including actual losses and estimated losses, less any recoveries, including actual recoveries and reductions in the amount of estimated losses, in each case, for the period. This loss experience takes into account financial assistance provided by Ford to dealers in limited instances. If Ford does not provide this assistance in the future, the loss experience of Ford Credit's dealer floorplan portfolio may be adversely affected. This loss experience also reflects recoveries from dealer assets other than the financed vehicles. However, because the interest of the trust in any other dealer assets will be subordinated to Ford Credit's interest in those assets, the net losses experienced by the trust may be higher. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) For the non-annual periods, the percentages are annualized. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Liquidations represent payments and net losses that reduce the principal balance of the receivables for the period indicated. |
Payment Rates (1) of Ford Credit's Dealer Floorplan Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Highest month | 47.3 | % | 52.8 | % | 52.8 | % | 70.4 | % | 92.9 | % | 96.1 | % | 63.9 | % | ||||||||||||||||||||||||||||||||||||
Lowest month | 38.7 | % | 47.9 | % | 41.4 | % | 51.3 | % | 58.1 | % | 51.6 | % | 29.2 | % | ||||||||||||||||||||||||||||||||||||
Average of the Months in the period | 41.9 | % | 49.6 | % | 48.0 % | 58.6 | % | 72.2 | % | 76.5 | % | 49.3 | % | |||||||||||||||||||||||||||||||||||||
(1) The payment rate for each month equals liquidations divided by the principal balance of the receivables as of the beginning of the month. |
Age Distribution(1) of Ford Credit's Dealer Floorplan Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, | Year ended December 31, (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Outstanding | 2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
1 - 120 | 87.7 | % | 91.6 | % | 90.5 | % | 92.9 | % | 93.0 | % | 88.9 | % | 77.2 | % | |||||||||||||||||||||||||||||||||||||||
121 – 180 | 4.7 | % | 3.4 | % | 4.1 | % | 3.2 | % | 3.2 | % | 5.0 | % | 9.6 | % | |||||||||||||||||||||||||||||||||||||||
181 – 270 | 4.1 | % | 2.5 | % | 2.8 | % | 2.0 | % | 1.9 | % | 3.1 | % | 7.5 | % | |||||||||||||||||||||||||||||||||||||||
Over 270 | 3.5 | % | 2.5 | % | 2.6 | % | 1.9 | % | 2.0 | % | 3.1 | % | 5.8 | % | |||||||||||||||||||||||||||||||||||||||
(1) Age distribution is the number of days that each receivable (including in-transit receivables) has been financed by Ford Credit, expressed as a percentage of the total principal balance of the receivables as of end of the quarter separating the in-transit finance period from the post-delivery finance period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The age distribution for each year ending December 31 is the average of the age distributions as of the end of each quarter in the year. |
Dealer Risk Rating Group Distribution(1) of Ford Credit's Dealer Floorplan Portfolio |
Dealer Risk Rating Group | As of March 31, | ||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | ||||||||||||||||||||
I | 60.3 | % | 84.7 | % | 61.3 | % | 83.7 | % | |||||||||||||||
II | 3.7 | % | 3.7 | % | 2.3 | % | 2.1 | % | |||||||||||||||
III | 0.2 | % | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||
IV | 0.1 | % | 0.2 | % | 0.1 | % | 0.0 % | ||||||||||||||||
Other (2) | 35.6 | % | 11.3 | % | 36.1 | % | 14.1 | % |
Dealer Risk Rating Group | As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | ||||||||||||||||||||||||||||||||||||||
I | 61.0 | % | 88.5 | % | 61.5 | % | 86.1 | % | 62.4 | % | 85.6 | % | 61.1 | % | 79.6 | % | 60.0 | % | 84.2 | % | |||||||||||||||||||||||||||
II | 2.9 | % | 3.5 | % | 1.9 | % | 1.8 | % | 1.4 | % | 1.0 | % | 3.7 | % | 3.7 | % | 6.3 | % | 7.3 | % | |||||||||||||||||||||||||||
III | 0.2 | % | 0.1 | % | 0.2 | % | 0.1 | % | 0.1 | % | 0.0 % | 0.3 | % | 0.3 | % | 1.0 | % | 0.6 | % | ||||||||||||||||||||||||||||
IV | 0.1 | % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.1 | % | 0.1 | % | 0.1 | % | 0.0 % | |||||||||||||||||||||||||||||||||
Other (2) | 35.7 | % | 7.8 | % | 36.4 | % | 12.0 | % | 36.0 | % | 13.4 | % | 34.8 | % | 16.3 | % | 32.5 | % | 7.9 | % | |||||||||||||||||||||||||||
(1) Includes accounts designated to the trust that have a zero balance, but excludes accounts not designated to the trust that have a zero balance. | |||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes dealers that have no dealer risk rating, generally because Ford Credit only provides in-transit financing for the dealer or because Ford Credit is in the process of terminating the financing for the dealer. |
"Status" Information for Ford Credit's Dealer Floorplan Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of accounts | 3,324 | 3,402 | 3,344 | 3,438 | 3,496 | 3,534 | 3,519 | |||||||||||||||||||||||||||||||||||||||||||
Number of "status" accounts | 4 | 2 | 3 | 1 | 1 | 2 | 5 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of "status" accounts | 0.120 | % | 0.059 | % | 0.090 | % | 0.029 | % | 0.029 | % | 0.057 | % | 0.142 | % | ||||||||||||||||||||||||||||||||||||
Average principal balance (1) | $ | 23,672 | $ | 19,805 | $ | 22,305 | $ | 16,708 | $ | 11,779 | $ | 11,101 | $ | 18,994 | ||||||||||||||||||||||||||||||||||||
Principal balance of "status" receivables | $ | 43.5 | $ 1.0 | $ | 7.4 | $ | 2.7 | $ | 1.7 | $ | 13.7 | $ | 3.8 | |||||||||||||||||||||||||||||||||||||
Percentage of principal balance of "status" receivables | 0.184 | % | 0.005 | % | 0.033 | % | 0.016 | % | 0.015 | % | 0.124 | % | 0.020% | |||||||||||||||||||||||||||||||||||||
(1) Average principal balance is the average of the principal balances of the receivables at the beginning of each month in the period indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||||
•There were 3,006 designated accounts and the total principal balance of receivables originated in these accounts was $19,876,029,434.94. There were 239 designated accounts that had a principal balance of receivables of zero. | |||||||||||||||||||||||||||||||||||||||||||||||
•The average principal balance of receivables per designated account was $6,612,118.91 Excluding designated accounts with a zero balance, the average principal balance of receivables per designated account was $7,183,241.57. | |||||||||||||||||||||||||||||||||||||||||||||||
•The weighted average spread over the prime rate charged on the receivables was 0.93% per annum. | |||||||||||||||||||||||||||||||||||||||||||||||
•The dealer overconcentration, manufacturer overconcentration, the medium and heavy truck overconcentration, the fleet vehicle overconcentration, the development dealer overconcentration, and the used vehicle (including program vehicles) overconcentration were each zero. | |||||||||||||||||||||||||||||||||||||||||||||||
•The total principal balance of ineligible receivables was $3,273,747.54. | |||||||||||||||||||||||||||||||||||||||||||||||
•The total outstanding balance of principal receivables relating to accounts that have been classified as "status" for longer than 31 days was zero. |
Geographic Distribution of the Trust Pool | ||||||||||||||||||||||||||
State (1) | Principal Balance | Percentage of Total Principal Balance | Number of Designated Accounts | Percentage of Total Number of Designated Accounts | ||||||||||||||||||||||
Texas | $ | 2,734,171,581.14 | 13.8 | % | 234 | 7.8 | % | |||||||||||||||||||
Florida | $ | 1,357,355,727.45 | 6.8 | % | 117 | 3.9 | % | |||||||||||||||||||
California | $ | 1,166,300,658.60 | 5.9 | % | 149 | 5.0 % | ||||||||||||||||||||
Michigan | $ | 1,015,996,182.35 | 5.1 | % | 129 | 4.3 | % | |||||||||||||||||||
Other (2) | $ | 13,602,205,285.40 | 68.4 | % | 2,377 | 79.1 | % | |||||||||||||||||||
Total | $ | 19,876,029,434.94 | 100.0 | % | 3,006 | 100.0 | % | |||||||||||||||||||
(1) Based on the location of the related dealer showroom. | ||||||||||||||||||||||||||
(2) No other state represents more than 5.0% of the principal balance of receivables owned by the trust. |
Account Balance Distribution of the Trust Pool | ||||||||||||||||||||||||||
Range of Account Balance | Principal Balance | Percentage of Total Principal Balance | Number of Designated Accounts | Percentage of Total Number of Designated Accounts | ||||||||||||||||||||||
$999,999.99 or lower | $ | 243,249,358.92 | 1.2 | % | 705 | 23.5 | % | |||||||||||||||||||
$1,000,000.00 to $2,499,999.99 | $ | 885,737,938.58 | 4.5 | % | 521 | 17.3 | % | |||||||||||||||||||
$2,500,000.00 to $4,999,999.99 | $ | 2,150,017,208.63 | 10.8 | % | 593 | 19.7 | % | |||||||||||||||||||
$5,000,000.00 to $7,499,999.99 | $ | 2,364,022,647.41 | 11.9 | % | 383 | 12.7 | % | |||||||||||||||||||
$7,500,000.00 to $9,999,999.99 | 1,973,013,946.40 | 9.9 | % | 225 | 7.5 | % | ||||||||||||||||||||
$10,000,000.00 or higher | 12,259,988,335.00 | 61.7 | % | 579 | 19.3 | % | ||||||||||||||||||||
Total | $ | 19,876,029,434.94 | 100.0 | % | 3,006 | 100.0 | % |
Loss Information (1) of the Trust Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Principal Balance (2) | $ | 19,344 | $ | 16,434 | $ | 18,599 | $ | 14,294 | $ | 10,858 | $ | 11,536 | $ | 16,651 | ||||||||||||||||||||||||||||||||||||
Net Losses (Recoveries) (3) Net losses/average | $ 0.0 | $ 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||||||||||||||||||||||||
principal balance (4) | 0.000 | % | 0.000 | % | 0.000 | % | 0.000 | % | 0.000 | % | 0.000 | % | 0.000 | % | ||||||||||||||||||||||||||||||||||||
(1) The trust has not experienced a loss on the trust pool during the periods above because the depositors elected to accept reassignment of the receivables in the accounts redesignated from the trust when the dealer was classified as "status" or, in limited cases, within 90 days after classification. However, the depositors are not required to do so, and they may not continue to do so in the future. For a description of the redesignation of "status" accounts and the reassignment of "status" receivables, you should read "Trust Property – Redesignation of Accounts – Ineligible Accounts." | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Average principal balance is the average of the principal balances of the receivables at the beginning of each month in the period indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Net losses in any period are gross losses, including actual losses and estimated losses, less any recoveries, including actual recoveries and reductions in the amount of estimated losses, in each case, for the period. Recoveries include amounts received from any other dealer assets securing the receivables in addition to the financed vehicles. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(4) For non-annual periods, the percentages are annualized. |
Monthly Payment Rates (1) of the Trust Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Highest month | 47.7 | % | 52.7 | % | 53.3 | % | 71.4 | % | 95.5 | % | 99.4 | % | 65.9 | % | ||||||||||||||||||||||||||||||||||||
Lowest month | 38.5 | % | 48.1 | % | 42.8 | % | 53.1 | % | 59.0 | % | 52.0 | % | 28.8 | % | ||||||||||||||||||||||||||||||||||||
Average of the months in the Period | 42.0 | % | 49.8 | % | 48.8 | % | 59.6 | % | 73.9 | % | 79.5 | % | 49.6 | % | ||||||||||||||||||||||||||||||||||||
(1) The “monthly payment rate” for a month equals the principal collections for the month divided by the principal balance of the receivables at the beginning of the month. |
Age Distribution (1) of the Trust Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
Days Outstanding | 2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
1 - 120 | 88.2 | % | 92.6 | % | 89.4 | % | 92.4 | % | 93.3 | % | 94.5 | % | 86.2 | % | ||||||||||||||||||||||||||||||||||||
121 – 180 | 4.4 | % | 3.0 | % | 4.8 | % | 3.3 | % | 3.3 | % | 2.7 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||
181 – 270 | 4.0 | % | 2.2 | % | 3.3 | % | 2.5 | % | 2.1 | % | 1.7 | % | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Over 270 | 3.4 | % | 2.2 | % | 2.5 | % | 1.7 | % | 1.3 | % | 1.2 | % | 4.6 | % | ||||||||||||||||||||||||||||||||||||
(1) Age distribution is the number of days that each receivable has been financed by Ford Credit, expressed as a percentage of the total principal balance of the receivables. For receivables relating to Ford-manufactured or Ford-distributed new vehicles, the age distribution separately takes into account the in-transit period. The age distribution measures, in the case of those receivables relating to Ford-manufactured or Ford–distributed new vehicles that are in-transit, the age of the receivables from the date the related vehicles were released from the factory or customs, as applicable, and in the case of those receivables relating to Ford-manufactured or Ford–distributed new vehicles that have been delivered to the dealer, the age of the receivables from the date the related vehicles were actually delivered to the dealer. |
Dealer Risk Rating Group | As of March 31, | ||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | ||||||||||||||||||||
I | 60.7 | % | 84.4 | % | 61.8 | % | 84.0 | % | |||||||||||||||
II | 3.2 | % | 3.1 | % | 2.1 | % | 1.8 | % | |||||||||||||||
III | 0.1 | % | 0.0% | 0.1 | % | 0.0% | |||||||||||||||||
IV | 0.0% | 0.2 | % | 0.0% | 0.0% | ||||||||||||||||||
Other (2) | 36.0% | 12.2 | % | 36.1 | % | 14.2 | % |
Dealer Risk Rating Group | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | Number of Accounts | Principal Balance | |||||||||||||||||||||||||||||||||||||||||||||||
I | 61.2 | % | 88.9 | % | 61.9 | % | 86.1 | % | 62.8 | % | 84.6 | % | 61.5 | % | 79.2 | % | 60.7 | % | 83.2 | % | ||||||||||||||||||||||||||||||||||||
II | 2.5 | % | 2.8 | % | 1.7 | % | 1.6 | % | 1.3 | % | 0.9 | % | 3.6 | % | 3.6 | % | 6.4 | % | 7.5 | % | ||||||||||||||||||||||||||||||||||||
III | 0.1 | % | 0.1 | % | 0.1 | % | 0.0 % | 0.1 | % | 0.0 % | 0.3 | % | 0.3 | % | 1.0 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
IV | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||||
Other (2) | 36.1 | % | 8.2 | % | 36.3 | % | 12.2 | % | 35.8 | % | 14.4 | % | 34.6 | % | 16.8 | % | 31.9 | % | 8.7 | % | ||||||||||||||||||||||||||||||||||||
(1) Includes accounts designated to the trust that have a zero balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes dealers that have no dealer risk rating, generally because Ford Credit only provides in-transit financing for the dealers or because Ford Credit is in the process of terminating the financing for the dealer. |
"Status" Information for the Trust Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of accounts | 3,006 | 3,160 | 3,041 | 3,219 | 3,387 | 3,370 | 3,365 | |||||||||||||||||||||||||||||||||||||||||||
Number of "status" accounts | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
Percentage of "status" accounts | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | |||||||||||||||||||||||||||||||||||||||||||
Average principal balance (1) | $ | 19,344 | $ | 16,434 | $ | 18,599 | $ | 14,294 | $ | 10,858 | $ | 11,536 | $ | 16,651 | ||||||||||||||||||||||||||||||||||||
Principal balance of "status" receivables | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of principal balance of "status" receivables | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | |||||||||||||||||||||||||||||||||||||||||||
(1) Average principal balance is the average of the principal balances of the receivables at the beginning of each month in the period indicated. |