Results
Ford Credit Auto Owner Trust 2023-B
Ford Credit Auto Owner Trust 2023-B
18/12/2024 | Press release | Distributed by Public on 18/12/2024 14:50
Asset Backed Issuer Distribution Report (Form 10 D)
Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 18 |
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 | $1,719,380,848.17 | 49,034 | 56.5 months | |||
| Dollar Amount | Note Interest Rate | Final Scheduled Payment Date | ||||
| Original Securities | ||||||
| Class A-1 Notes | $ | 350,000,000.00 | 5.517 | % | July 15, 2024 | |
| Class A-2a Notes | $ | 350,000,000.00 | 5.57 | % | June 15, 2026 | |
| Class A-2b Notes | $ | 250,000,000.00 | 5.29563 | % | * | June 15, 2026 |
| Class A-3 Notes | $ | 479,000,000.00 | 5.23 | % | May 15, 2028 | |
| Class A-4 Notes | $ | 71,000,000.00 | 5.06 | % | February 15, 2029 | |
| Class B Notes | $ | 47,330,000.00 | 5.56 | % | March 15, 2029 | |
| Class C Notes | $ | 31,610,000.00 | 5.71 | % | December 15, 2030 | |
| Total | $ | 1,578,940,000.00 | ||||
| * 30-day average SOFR + 0.49% |
II. AVAILABLE FUNDS
| Interest: | ||
| Interest Collections | $ | 3,746,761.72 |
| Principal: | ||
| Principal Collections | $ | 24,161,293.49 |
| Prepayments in Full | $ | 10,674,530.65 |
| Liquidation Proceeds | $ | 613,763.27 |
| Recoveries | $ | 106,440.13 |
| Sub Total | $ | 35,556,027.54 |
| Collections | $ | 39,302,789.26 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 114,660.62 |
| Purchase Amounts Related to Interest | $ | 811.45 |
| Sub Total | $ | 115,472.07 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $39,418,261.33 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 18 |
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 | $ | 39,418,261.33 |
| Servicing Fee | $ | 771,694.86 | $ | 771,694.86 | $ | 0.00 | $ | 0.00 | $ | 38,646,566.47 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 38,646,566.47 |
| Interest - Class A-2a Notes | $ | 507,936.11 | $ | 507,936.11 | $ | 0.00 | $ | 0.00 | $ | 38,138,630.36 |
| Interest - Class A-2b Notes | $ | 356,437.95 | $ | 356,437.95 | $ | 0.00 | $ | 0.00 | $ | 37,782,192.41 |
| Interest - Class A-3 Notes | $ | 2,087,641.67 | $ | 2,087,641.67 | $ | 0.00 | $ | 0.00 | $ | 35,694,550.74 |
| Interest - Class A-4 Notes | $ | 299,383.33 | $ | 299,383.33 | $ | 0.00 | $ | 0.00 | $ | 35,395,167.41 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,395,167.41 |
| Interest - Class B Notes | $ | 219,295.67 | $ | 219,295.67 | $ | 0.00 | $ | 0.00 | $ | 35,175,871.74 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,175,871.74 |
| Interest - Class C Notes | $ | 150,410.92 | $ | 150,410.92 | $ | 0.00 | $ | 0.00 | $ | 35,025,460.82 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,025,460.82 |
| Regular Principal Payment | $ | 32,302,514.31 | $ | 32,302,514.31 | $ | 0.00 | $ | 0.00 | $ | 2,722,946.51 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 2,722,946.51 |
| Residual Released to Depositor | $ | 0.00 | $ | 2,722,946.51 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 39,418,261.33 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 32,302,514.31 | ||||||||
| Total | $ | 32,302,514.31 | ||||||||
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 | $ | 18,843,133.35 | $ | 53.84 | $ | 507,936.11 | $ | 1.45 | $ | 19,351,069.46 | $ | 55.29 |
| Class A-2b Notes | $ | 13,459,380.96 | $ | 53.84 | $ | 356,437.95 | $ | 1.43 | $ | 13,815,818.91 | $ | 55.27 |
| Class A-3 Notes | $ | 0.00 | $ | 0.00 | $ | 2,087,641.67 | $ | 4.36 | $ | 2,087,641.67 | $ | 4.36 |
| Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 299,383.33 | $ | 4.22 | $ | 299,383.33 | $ | 4.22 |
| Class B Notes | $ | 0.00 | $ | 0.00 | $ | 219,295.67 | $ | 4.63 | $ | 219,295.67 | $ | 4.63 |
| Class C Notes | $ | 0.00 | $ | 0.00 | $ | 150,410.92 | $ | 4.76 | $ | 150,410.92 | $ | 4.76 |
| Total | $ | 32,302,514.31 | $ | 20.46 | $ | 3,621,105.65 | $ | 2.29 | $ | 35,923,619.96 | $ | 22.75 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 18 |
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 | $ | 109,429,683.66 | 0.3126562 | $ | 90,586,550.31 | 0.2588187 |
| Class A-2b Notes | $ | 78,164,059.77 | 0.3126562 | $ | 64,704,678.81 | 0.2588187 |
| Class A-3 Notes | $ | 479,000,000.00 | 1.0000000 | $ | 479,000,000.00 | 1.0000000 |
| Class A-4 Notes | $ | 71,000,000.00 | 1.0000000 | $ | 71,000,000.00 | 1.0000000 |
| Class B Notes | $ | 47,330,000.00 | 1.0000000 | $ | 47,330,000.00 | 1.0000000 |
| Class C Notes | $ | 31,610,000.00 | 1.0000000 | $ | 31,610,000.00 | 1.0000000 |
| Total | $ | 816,533,743.43 | 0.5171405 | $ | 784,231,229.12 | 0.4966821 |
| Pool Information | ||||
| Weighted Average APR | 5.082 | % | 5.105 | % |
| Weighted Average Remaining Term | 43.53 | 42.79 | ||
| Number of Receivables Outstanding | 33,510 | 32,734 | ||
| Pool Balance | $ | 926,033,829.56 | $ | 889,878,071.33 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 858,055,813.81 | $ | 825,210,963.13 |
| Pool Factor | 0.5385856 | 0.5175573 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,947,366.14 |
| Yield Supplement Overcollateralization Amount | $ | 64,667,108.20 |
| Targeted Overcollateralization Amount | $ | 105,646,842.21 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 105,646,842.21 |
VII. RECONCILIATION OF RESERVE ACCOUNT
| Beginning Reserve Account Balance | $ | 3,947,366.14 |
| Reserve Account Deposits Made | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Ending Reserve Account Balance | $ | 3,947,366.14 |
| Change in Reserve Account Balance | $ | 0.00 |
| Specified Reserve Balance | $ | 3,947,366.14 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 18 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 103 | $ | 591,510.20 | ||
| (Recoveries) | 44 | $ | 106,440.13 | ||
| Net Loss for Current Collection Period | $ | 485,070.07 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.6286 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.6808 | % | |||
| Second Prior Collection Period | 0.4123 | % | |||
| Prior Collection Period | 0.8464 | % | |||
| Current Collection Period | 0.6411 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.6451 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 1,400 | $ | 8,910,571.01 | ||
| (Cumulative Recoveries) | $ | 1,073,671.77 | |||
| Cumulative Net Loss for All Collection Periods | $ | 7,836,899.24 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.4558 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 6,364.69 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,597.79 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 1.12 | % | 272 | $ | 10,003,621.96 |
| 61-90 Days Delinquent | 0.18 | % | 41 | $ | 1,575,914.17 |
| 91-120 Days Delinquent | 0.05 | % | 9 | $ | 420,051.82 |
| Over 120 Days Delinquent | 0.07 | % | 17 | $ | 641,587.62 |
| Total Delinquent Receivables | 1.42 | % | 339 | $ | 12,641,175.57 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 17 | $ | 733,341.05 | ||
| Total Repossessed Inventory | 26 | $ | 1,145,856.19 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1974 | % | |||
| Prior Collection Period | 0.1850 | % | |||
| Current Collection Period | 0.2047 | % | |||
| Three Month Average | 0.1957 | % | |||
| 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 | 0.2964 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 18 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 118 | $4,677,719.12 |
| 2 Months Extended | 217 | $8,176,766.85 |
| 3+ Months Extended | 34 | $1,364,296.63 |
| Total Receivables Extended | 369 | $14,218,782.60 |
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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