Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
Collection Period
|
July 2024
|
Payment Date
|
8/15/2024
|
Transaction Month
|
9
|
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
|
5.88741
|
%
|
*
|
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
|
$
|
4,791,309.86
|
|
Principal:
|
Principal Collections
|
$
|
27,760,617.86
|
Prepayments in Full
|
$
|
12,207,070.32
|
Liquidation Proceeds
|
$
|
592,306.14
|
Recoveries
|
$
|
8,783.99
|
Sub Total
|
$
|
40,568,778.31
|
Collections
|
$
|
45,360,088.17
|
|
Purchase Amounts:
|
Purchase Amounts Related to Principal
|
$
|
82,081.72
|
Purchase Amounts Related to Interest
|
$
|
460.16
|
Sub Total
|
$
|
82,541.88
|
|
Clean-up Call
|
$
|
0.00
|
|
Reserve Account Draw Amount
|
$
|
0.00
|
|
Available Funds - Total
|
$
|
45,442,630.05
|
Page 1
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
Collection Period
|
July 2024
|
Payment Date
|
8/15/2024
|
Transaction Month
|
9
|
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
|
$
|
45,442,630.05
|
Servicing Fee
|
$
|
921,370.73
|
$
|
921,370.73
|
$
|
0.00
|
$
|
0.00
|
$
|
44,521,259.32
|
Interest - Class A-1 Notes
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
44,521,259.32
|
Interest - Class A-2a Notes
|
$
|
1,069,563.09
|
$
|
1,069,563.09
|
$
|
0.00
|
$
|
0.00
|
$
|
43,451,696.23
|
Interest - Class A-2b Notes
|
$
|
876,993.73
|
$
|
876,993.73
|
$
|
0.00
|
$
|
0.00
|
$
|
42,574,702.50
|
Interest - Class A-3 Notes
|
$
|
2,125,593.75
|
$
|
2,125,593.75
|
$
|
0.00
|
$
|
0.00
|
$
|
40,449,108.75
|
Interest - Class A-4 Notes
|
$
|
285,937.50
|
$
|
285,937.50
|
$
|
0.00
|
$
|
0.00
|
$
|
40,163,171.25
|
First Priority Principal Payment
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
40,163,171.25
|
Interest - Class B Notes
|
$
|
195,097.00
|
$
|
195,097.00
|
$
|
0.00
|
$
|
0.00
|
$
|
39,968,074.25
|
Second Priority Principal Payment
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
39,968,074.25
|
Interest - Class C Notes
|
$
|
139,609.17
|
$
|
139,609.17
|
$
|
0.00
|
$
|
0.00
|
$
|
39,828,465.08
|
Reserve Account Deposit
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
39,828,465.08
|
Regular Principal Payment
|
$
|
52,492,229.06
|
$
|
39,828,465.08
|
$
|
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
|
$
|
45,442,630.05
|
|
Principal Payment:
|
First Priority Principal Payment
|
$
|
0.00
|
Second Priority Principal Payment
|
$
|
0.00
|
Regular Principal Payment
|
$
|
39,828,465.08
|
Total
|
$
|
39,828,465.08
|
|
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
|
$
|
22,558,669.92
|
$
|
86.35
|
$
|
1,069,563.09
|
$
|
4.09
|
$
|
23,628,233.01
|
$
|
90.44
|
Class A-2b Notes
|
$
|
17,269,795.16
|
$
|
86.35
|
$
|
876,993.73
|
$
|
4.38
|
$
|
18,146,788.89
|
$
|
90.73
|
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
|
$
|
39,828,465.08
|
$
|
30.27
|
$
|
4,692,794.24
|
$
|
3.57
|
$
|
44,521,259.32
|
$
|
33.84
|
|
Page 2
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
Collection Period
|
July 2024
|
Payment Date
|
8/15/2024
|
Transaction Month
|
9
|
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
|
$
|
225,964,032.33
|
0.8649341
|
$
|
203,405,362.41
|
0.7785851
|
Class A-2b Notes
|
$
|
172,986,819.01
|
0.8649341
|
$
|
155,717,023.85
|
0.7785851
|
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
|
$
|
988,480,851.34
|
0.7512509
|
$
|
948,652,386.26
|
0.7209810
|
|
Pool Information
|
Weighted Average APR
|
5.033
|
%
|
5.052
|
%
|
Weighted Average Remaining Term
|
49.61
|
48.88
|
Number of Receivables Outstanding
|
34,614
|
33,796
|
Pool Balance
|
$
|
1,105,644,881.41
|
$
|
1,064,219,041.73
|
Adjusted Pool Balance (Pool Balance - YSOC Amount)
|
$
|
1,012,524,240.23
|
$
|
974,978,200.52
|
Pool Factor
|
0.7660109
|
0.7373103
|
|
VI. OVERCOLLATERALIZATION INFORMATION
|
Specified Reserve Balance
|
$
|
3,289,470.37
|
Yield Supplement Overcollateralization Amount
|
$
|
89,240,841.21
|
Targeted Overcollateralization Amount
|
$
|
128,230,419.45
|
Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance)
|
$
|
115,566,655.47
|
|
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
|
|
Page 3
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
Collection Period
|
July 2024
|
Payment Date
|
8/15/2024
|
Transaction Month
|
9
|
VIII. NET LOSS AND DELINQUENT RECEIVABLES
|
# of Receivables
|
Amount
|
Current Collection Period Loss:
|
Realized Loss (Charge-Offs)
|
83
|
$
|
783,763.64
|
(Recoveries)
|
8
|
$
|
8,783.99
|
Net Loss for Current Collection Period
|
$
|
774,979.65
|
Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized)
|
0.8411
|
%
|
|
Prior and Current Collection Periods Average Loss:
|
|
Ratio of Net Loss to the Average Pool Balance (annualized)
|
Third Prior Collection Period
|
0.2456
|
%
|
Second Prior Collection Period
|
0.2918
|
%
|
Prior Collection Period
|
0.3436
|
%
|
Current Collection Period
|
0.8572
|
%
|
Four Month Average (Current and Prior Three Collection Periods)
|
0.4345
|
%
|
|
Cumulative Loss:
|
Cumulative Realized Loss (Charge-Offs)
|
538
|
$
|
1,888,928.01
|
(Cumulative Recoveries)
|
$
|
21,259.85
|
Cumulative Net Loss for All Collection Periods
|
$
|
1,867,668.16
|
Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance
|
0.1294
|
%
|
|
Average Realized Loss for Receivables that have experienced a Realized Loss
|
$
|
3,511.02
|
Average Net Loss for Receivables that have experienced a Realized Loss
|
$
|
3,471.50
|
|
% of EOP Pool Balance
|
# of Receivables
|
Amount
|
Delinquent Receivables:
|
31-60 Days Delinquent
|
0.77
|
%
|
206
|
$
|
8,226,534.35
|
61-90 Days Delinquent
|
0.17
|
%
|
37
|
$
|
1,800,078.46
|
91-120 Days Delinquent
|
0.02
|
%
|
5
|
$
|
224,220.67
|
Over 120 Days Delinquent
|
0.03
|
%
|
5
|
$
|
278,501.56
|
Total Delinquent Receivables
|
0.99
|
%
|
253
|
$
|
10,529,335.04
|
|
Repossession Inventory:
|
Repossessed in the Current Collection Period
|
22
|
$
|
1,217,623.21
|
Total Repossessed Inventory
|
33
|
$
|
1,753,509.35
|
|
Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables:
|
Second Prior Collection Period
|
0.1105
|
%
|
Prior Collection Period
|
0.1156
|
%
|
Current Collection Period
|
0.1391
|
%
|
Three Month Average
|
0.1217
|
%
|
|
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
|
0.2164
|
%
|
Delinquency Trigger Occurred
|
No
|
Page 4
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
Collection Period
|
July 2024
|
Payment Date
|
8/15/2024
|
Transaction Month
|
9
|
|
Receivables Granted Extensions in the Current Collection Period:
|
# of Receivables
|
Amount
|
|
1 Month Extended
|
106
|
$4,415,387.04
|
2 Months Extended
|
136
|
$6,025,954.92
|
3+ Months Extended
|
19
|
$737,629.37
|
|
Total Receivables Extended
|
261
|
$11,178,971.33
|
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
Page 5