Ford Credit Auto Owner Trust 2023-C
09/20/2024 | Press release | Distributed by Public on 09/20/2024 08:42
Asset Backed Issuer Distribution Report Form 10 D
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 10 |
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 | 5.90353 | % | * | 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 | $ | 4,488,933.08 |
| Principal: | ||
| Principal Collections | $ | 25,205,075.49 |
| Prepayments in Full | $ | 11,107,905.39 |
| Liquidation Proceeds | $ | 681,935.69 |
| Recoveries | $ | 67,812.23 |
| Sub Total | $ | 37,062,728.80 |
| Collections | $ | 41,551,661.88 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 207,757.55 |
| Purchase Amounts Related to Interest | $ | 1,746.58 |
| Sub Total | $ | 209,504.13 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $ | 41,761,166.01 |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 10 |
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 | $ | 41,761,166.01 |
| Servicing Fee | $ | 886,849.20 | $ | 886,849.20 | $ | 0.00 | $ | 0.00 | $ | 40,874,316.81 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 40,874,316.81 |
| Interest - Class A-2a Notes | $ | 962,785.38 | $ | 962,785.38 | $ | 0.00 | $ | 0.00 | $ | 39,911,531.43 |
| Interest - Class A-2b Notes | $ | 817,137.89 | $ | 817,137.89 | $ | 0.00 | $ | 0.00 | $ | 39,094,393.54 |
| Interest - Class A-3 Notes | $ | 2,125,593.75 | $ | 2,125,593.75 | $ | 0.00 | $ | 0.00 | $ | 36,968,799.79 |
| Interest - Class A-4 Notes | $ | 285,937.50 | $ | 285,937.50 | $ | 0.00 | $ | 0.00 | $ | 36,682,862.29 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 36,682,862.29 |
| Interest - Class B Notes | $ | 195,097.00 | $ | 195,097.00 | $ | 0.00 | $ | 0.00 | $ | 36,487,765.29 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 36,487,765.29 |
| Interest - Class C Notes | $ | 139,609.17 | $ | 139,609.17 | $ | 0.00 | $ | 0.00 | $ | 36,348,156.12 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 36,348,156.12 |
| Regular Principal Payment | $ | 46,187,766.93 | $ | 36,348,156.12 | $ | 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 | $ | 41,761,166.01 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 36,348,156.12 | ||||||||
| Total | $ | 36,348,156.12 | ||||||||
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 | $ | 20,587,438.02 | $ | 78.80 | $ | 962,785.38 | $ | 3.69 | $ | 21,550,223.40 | $ | 82.49 |
| Class A-2b Notes | $ | 15,760,718.10 | $ | 78.80 | $ | 817,137.89 | $ | 4.09 | $ | 16,577,855.99 | $ | 82.89 |
| 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 | $ | 36,348,156.12 | $ | 27.62 | $ | 4,526,160.69 | $ | 3.44 | $ | 40,874,316.81 | $ | 31.06 |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 10 |
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 | $ | 203,405,362.41 | 0.7785851 | $ | 182,817,924.39 | 0.6997815 |
| Class A-2b Notes | $ | 155,717,023.85 | 0.7785851 | $ | 139,956,305.75 | 0.6997815 |
| 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 | $ | 948,652,386.26 | 0.7209810 | $ | 912,304,230.14 | 0.6933562 |
| Pool Information | ||||
| Weighted Average APR | 5.052 | % | 5.072 | % |
| Weighted Average Remaining Term | 48.88 | 48.11 | ||
| Number of Receivables Outstanding | 33,796 | 33,004 | ||
| Pool Balance | $ | 1,064,219,041.73 | $ | 1,026,343,350.32 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 974,978,200.52 | $ | 940,886,062.19 |
| Pool Factor | 0.7373103 | 0.7110694 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,289,470.37 |
| Yield Supplement Overcollateralization Amount | $ | 85,457,288.13 |
| Targeted Overcollateralization Amount | $ | 123,878,730.99 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 114,039,120.18 |
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 | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 10 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 72 | $ | 673,017.29 | ||
| (Recoveries) | 17 | $ | 67,812.23 | ||
| Net Loss for Current Collection Period | $ | 605,205.06 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.6824 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.2918 | % | |||
| Second Prior Collection Period | 0.3436 | % | |||
| Prior Collection Period | 0.8572 | % | |||
| Current Collection Period | 0.6948 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.5468 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 610 | $ | 2,561,945.30 | ||
| (Cumulative Recoveries) | $ | 89,072.08 | |||
| Cumulative Net Loss for All Collection Periods | $ | 2,472,873.22 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.1713 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 4,199.91 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 4,053.89 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 0.71 | % | 184 | $ | 7,274,666.67 |
| 61-90 Days Delinquent | 0.14 | % | 31 | $ | 1,422,774.51 |
| 91-120 Days Delinquent | 0.02 | % | 4 | $ | 159,785.21 |
| Over 120 Days Delinquent | 0.03 | % | 5 | $ | 282,203.92 |
| Total Delinquent Receivables | 0.89 | % | 224 | $ | 9,139,430.31 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 19 | $ | 881,531.70 | ||
| Total Repossessed Inventory | 31 | $ | 1,580,295.95 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1156 | % | |||
| Prior Collection Period | 0.1391 | % | |||
| Current Collection Period | 0.1212 | % | |||
| Three Month Average | 0.1253 | % | |||
| 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 | 0.1817 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | August 2024 |
| Payment Date | 9/16/2024 |
| Transaction Month | 10 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 89 | $3,775,499.08 |
| 2 Months Extended | 116 | $4,871,790.47 |
| 3+ Months Extended | 28 | $1,143,446.47 |
| Total Receivables Extended | 233 | $9,790,736.02 |
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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