Ford Credit Auto Owner Trust 2023-B
Ford Credit Auto Owner Trust 2023-B
21/11/2024 | Press release | Distributed by Public on 21/11/2024 15:20
Asset Backed Issuer Distribution Report Form 10 D
Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 17 |
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 | 5.49981 | % | * | 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 | $ | 4,013,570.42 |
| Principal: | ||
| Principal Collections | $ | 25,955,849.36 |
| Prepayments in Full | $ | 12,413,635.04 |
| Liquidation Proceeds | $ | 495,437.93 |
| Recoveries | $ | 60,317.38 |
| Sub Total | $ | 38,925,239.71 |
| Collections | $ | 42,938,810.13 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 32,192.49 |
| Purchase Amounts Related to Interest | $ | 211.50 |
| Sub Total | $ | 32,403.99 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $ | 42,971,214.12 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 17 |
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 | $ | 42,971,214.12 |
| Servicing Fee | $ | 804,715.32 | $ | 804,715.32 | $ | 0.00 | $ | 0.00 | $ | 42,166,498.80 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 42,166,498.80 |
| Interest - Class A-2a Notes | $ | 604,369.87 | $ | 604,369.87 | $ | 0.00 | $ | 0.00 | $ | 41,562,128.93 |
| Interest - Class A-2b Notes | $ | 440,461.24 | $ | 440,461.24 | $ | 0.00 | $ | 0.00 | $ | 41,121,667.69 |
| Interest - Class A-3 Notes | $ | 2,087,641.67 | $ | 2,087,641.67 | $ | 0.00 | $ | 0.00 | $ | 39,034,026.02 |
| Interest - Class A-4 Notes | $ | 299,383.33 | $ | 299,383.33 | $ | 0.00 | $ | 0.00 | $ | 38,734,642.69 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 38,734,642.69 |
| Interest - Class B Notes | $ | 219,295.67 | $ | 219,295.67 | $ | 0.00 | $ | 0.00 | $ | 38,515,347.02 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 38,515,347.02 |
| Interest - Class C Notes | $ | 150,410.92 | $ | 150,410.92 | $ | 0.00 | $ | 0.00 | $ | 38,364,936.10 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 38,364,936.10 |
| Regular Principal Payment | $ | 35,615,440.81 | $ | 35,615,440.81 | $ | 0.00 | $ | 0.00 | $ | 2,749,495.29 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 2,749,495.29 |
| Residual Released to Depositor | $ | 0.00 | $ | 2,749,495.29 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 42,971,214.12 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 35,615,440.81 | ||||||||
| Total | $ | 35,615,440.81 | ||||||||
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 | $ | 20,775,673.81 | $ | 59.36 | $ | 604,369.87 | $ | 1.73 | $ | 21,380,043.68 | $ | 61.09 |
| Class A-2b Notes | $ | 14,839,767.00 | $ | 59.36 | $ | 440,461.24 | $ | 1.76 | $ | 15,280,228.24 | $ | 61.12 |
| 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 | $ | 35,615,440.81 | $ | 22.56 | $ | 3,801,562.70 | $ | 2.41 | $ | 39,417,003.51 | $ | 24.97 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 17 |
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 | $ | 130,205,357.47 | 0.3720153 | $ | 109,429,683.66 | 0.3126562 |
| Class A-2b Notes | $ | 93,003,826.77 | 0.3720153 | $ | 78,164,059.77 | 0.3126562 |
| 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 | $ | 852,149,184.24 | 0.5396970 | $ | 816,533,743.43 | 0.5171405 |
| Pool Information | ||||
| Weighted Average APR | 5.052 | % | 5.082 | % |
| Weighted Average Remaining Term | 44.24 | 43.53 | ||
| Number of Receivables Outstanding | 34,447 | 33,510 | ||
| Pool Balance | $ | 965,658,386.90 | $ | 926,033,829.56 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 894,265,622.98 | $ | 858,055,813.81 |
| Pool Factor | 0.5616315 | 0.5385856 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,947,366.14 |
| Yield Supplement Overcollateralization Amount | $ | 67,978,015.75 |
| Targeted Overcollateralization Amount | $ | 109,500,086.13 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 109,500,086.13 |
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 | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 17 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 94 | $ | 727,442.52 | ||
| (Recoveries) | 52 | $ | 60,317.38 | ||
| Net Loss for Current Collection Period | $ | 667,125.14 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.8290 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.9987 | % | |||
| Second Prior Collection Period | 0.6808 | % | |||
| Prior Collection Period | 0.4123 | % | |||
| Current Collection Period | 0.8464 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.7345 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 1,297 | $ | 8,319,060.81 | ||
| (Cumulative Recoveries) | $ | 967,231.64 | |||
| Cumulative Net Loss for All Collection Periods | $ | 7,351,829.17 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.4276 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 6,414.08 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,668.33 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 1.07 | % | 265 | $ | 9,910,207.57 |
| 61-90 Days Delinquent | 0.18 | % | 38 | $ | 1,694,571.23 |
| 91-120 Days Delinquent | 0.03 | % | 11 | $ | 317,654.39 |
| Over 120 Days Delinquent | 0.06 | % | 13 | $ | 582,872.73 |
| Total Delinquent Receivables | 1.35 | % | 327 | $ | 12,505,305.92 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 15 | $ | 566,890.75 | ||
| Total Repossessed Inventory | 30 | $ | 1,193,134.13 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1752 | % | |||
| Prior Collection Period | 0.1974 | % | |||
| Current Collection Period | 0.1850 | % | |||
| Three Month Average | 0.1859 | % | |||
| 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 | 0.2802 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 17 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 130 | $4,682,411.10 |
| 2 Months Extended | 224 | $9,136,360.39 |
| 3+ Months Extended | 42 | $1,894,072.83 |
| Total Receivables Extended | 396 | $15,712,844.32 |
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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