Ford Credit Auto Owner Trust 2023-C
08/21/2024 | Press release | Distributed by Public on 08/21/2024 07:33
Asset Backed Issuer Distribution Report Form 10 D
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 |
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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 |
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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 |
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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 |
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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
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