Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | May 2026 |
| Payment Date | 6/15/2026 |
| Transaction Month | 31 | |
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 | | | 4.19285 | % | * | 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 | $ | 1,789,846.84 | |
| |
| Principal: | |
| Principal Collections | $ | 14,051,659.48 | |
| Prepayments in Full | $ | 7,548,639.14 | |
| Liquidation Proceeds | $ | 207,556.87 | |
| Recoveries | $ | 60,653.83 | |
| Sub Total | $ | 21,868,509.32 | |
| Collections | $ | 23,658,356.16 | |
| |
| Purchase Amounts: | |
| Purchase Amounts Related to Principal | $ | 211,287.95 | |
| Purchase Amounts Related to Interest | $ | 1,500.72 | |
| Sub Total | $ | 212,788.67 | |
| |
| Clean-up Call | $ | 0.00 | |
| |
| Reserve Account Draw Amount | $ | 0.00 | |
| |
| Available Funds - Total | $ | 23,871,144.83 | |
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | May 2026 |
| Payment Date | 6/15/2026 |
| Transaction Month | 31 | |
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 | | | $ | 23,871,144.83 | |
| Servicing Fee | $ | 333,454.93 | | | $ | 333,454.93 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 23,537,689.90 | |
| Interest - Class A-1 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 23,537,689.90 | |
| Interest - Class A-2a Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 23,537,689.90 | |
| Interest - Class A-2b Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 23,537,689.90 | |
| Interest - Class A-3 Notes | $ | 982,161.99 | | | $ | 982,161.99 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 22,555,527.91 | |
| Interest - Class A-4 Notes | $ | 285,937.50 | | | $ | 285,937.50 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 22,269,590.41 | |
| First Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 22,269,590.41 | |
| Interest - Class B Notes | $ | 195,097.00 | | | $ | 195,097.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 22,074,493.41 | |
| Second Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 22,074,493.41 | |
| Interest - Class C Notes | $ | 139,609.17 | | | $ | 139,609.17 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 21,934,884.24 | |
| Reserve Account Deposit | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 21,934,884.24 | |
| Regular Principal Payment | $ | 20,113,378.70 | | | $ | 20,113,378.70 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 1,821,505.54 | |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 1,821,505.54 | |
| Residual Released to Depositor | $ | 0.00 | | | $ | 1,821,505.54 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Total | | | $ | 23,871,144.83 | | | | | | | |
| | | | | | | | | |
| Principal Payment: | | | | | | | | | |
| First Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Second Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Regular Principal Payment | | | | | | | | | $ | 20,113,378.70 | |
| Total | | | | | | | | | $ | 20,113,378.70 | |
| | | | | | | | | |
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 | $ | 20,113,378.70 | | | $ | 43.61 | | | $ | 982,161.99 | | | $ | 2.13 | | | $ | 21,095,540.69 | | | $ | 45.74 | |
| 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 | $ | 20,113,378.70 | | | $ | 15.29 | | | $ | 1,602,805.66 | | | $ | 1.22 | | | $ | 21,716,184.36 | | | $ | 16.51 | |
| | | | | | | | | | | |
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | May 2026 |
| Payment Date | 6/15/2026 |
| Transaction Month | 31 | |
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 | $ | 213,127,375.40 | | | 0.4620648 | | $ | 193,013,996.70 | | | 0.4184585 |
| 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 | $ | 341,407,375.40 | | | 0.2594715 | | $ | 321,293,996.70 | | | 0.2441852 |
| | | | | | | | | | | |
| Pool Information | | | |
| Weighted Average APR | 5.688 | % | | 5.728 | % |
| Weighted Average Remaining Term | 34.13 | | 33.45 |
| Number of Receivables Outstanding | 19,038 | | 18,240 |
| Pool Balance | $ | 400,145,920.34 | | | $ | 377,884,961.63 | |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 370,435,856.82 | | | $ | 349,988,563.73 | |
| Pool Factor | 0.2772284 | | 0.2618056 |
| | | |
VI. OVERCOLLATERALIZATION INFORMATION
| | | | | |
| Specified Reserve Balance | $ | 3,289,470.37 | |
| Yield Supplement Overcollateralization Amount | $ | 27,896,397.90 | |
| Targeted Overcollateralization Amount | $ | 56,590,964.93 | |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 56,590,964.93 | |
| |
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 | May 2026 |
| Payment Date | 6/15/2026 |
| Transaction Month | 31 | |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| | | | | | | | | | | | | | | | | |
| | | # of Receivables | | Amount |
| Current Collection Period Loss: | | | | | |
| Realized Loss (Charge-Offs) | | | 57 | | $ | 241,815.27 | |
| (Recoveries) | | | 66 | | $ | 60,653.83 | |
| Net Loss for Current Collection Period | | | | | $ | 181,161.44 | |
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | | | | | 0.5433 | % |
| | | | | |
| Prior and Current Collection Periods Average Loss: | | | | | |
| | | | | |
| Ratio of Net Loss to the Average Pool Balance (annualized) | | | | | |
| Third Prior Collection Period | | | | | 0.9433 | % |
| Second Prior Collection Period | | 1.0046 | % |
| Prior Collection Period | | | | | 1.1821 | % |
| Current Collection Period | | | | | 0.5588 | % |
| Four Month Average (Current and Prior Three Collection Periods) | | | | | 0.9222 | % |
| | | | | |
| Cumulative Loss: | | | | | |
| Cumulative Realized Loss (Charge-Offs) | | | 2,083 | | $ | 11,560,624.88 | |
| (Cumulative Recoveries) | | | | | $ | 1,617,051.79 | |
| Cumulative Net Loss for All Collection Periods | | | | | $ | 9,943,573.09 | |
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | | | | 0.6889 | % |
| | | | | |
| Average Realized Loss for Receivables that have experienced a Realized Loss | | | | | $ | 5,549.99 | |
| Average Net Loss for Receivables that have experienced a Realized Loss | | | | | $ | 4,773.68 | |
| | | | | |
| % of EOP Pool Balance | | # of Receivables | | Amount |
| Delinquent Receivables: | | | | | |
| 31-60 Days Delinquent | 1.40 | % | | 173 | | $ | 5,276,440.77 | |
| 61-90 Days Delinquent | 0.29 | % | | 32 | | $ | 1,091,952.09 | |
| 91-120 Days Delinquent | 0.12 | % | | 11 | | $ | 443,249.71 | |
| Over 120 Days Delinquent | 0.14 | % | | 15 | | $ | 540,161.61 | |
| Total Delinquent Receivables | 1.95 | % | | 231 | | $ | 7,351,804.18 | |
|
| Repossession Inventory: | | | | | |
| Repossessed in the Current Collection Period | | | 13 | | $ | 508,481.08 | |
| Total Repossessed Inventory | | | 27 | | $ | 908,269.80 | |
| | | | | |
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | | |
| Second Prior Collection Period | | | | | 0.2570 | % |
| Prior Collection Period | | | | | 0.2889 | % |
| Current Collection Period | | | | | 0.3180 | % |
| Three Month Average | | | | | 0.2879 | % |
| | | | | |
| 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 | | | | | 0.5492 | % |
| Delinquency Trigger Occurred | | | | | No |
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| | | | | |
| Collection Period | May 2026 |
| Payment Date | 6/15/2026 |
| Transaction Month | 31 | |
| | | | | | | | | | | | | | |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| | | | |
| 1 Month Extended | | | 44 | $1,315,620.76 |
| 2 Months Extended | | | 82 | $2,660,812.73 |
| 3+ Months Extended | | | 20 | $632,270.08 |
| | | | |
| Total Receivables Extended | 146 | $4,608,703.57 |
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 6, 2026 |
|
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