Ford Credit Auto Owner Trust 2023-C
12/18/2024 | Press release | Distributed by Public on 12/18/2024 08:53
Asset Backed Issuer Distribution Report (Form 10 D)
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 13 |
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 | 5.35563 | % | * | 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 | $ | 3,860,838.37 |
| Principal: | ||
| Principal Collections | $ | 22,892,878.52 |
| Prepayments in Full | $ | 10,710,275.72 |
| Liquidation Proceeds | $ | 455,303.77 |
| Recoveries | $ | 30,815.81 |
| Sub Total | $ | 34,089,273.82 |
| Collections | $ | 37,950,112.19 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 94,910.24 |
| Purchase Amounts Related to Interest | $ | 460.33 |
| Sub Total | $ | 95,370.57 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $38,045,482.76 |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 13 |
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 | $ | 38,045,482.76 |
| Servicing Fee | $ | 794,073.55 | $ | 794,073.55 | $ | 0.00 | $ | 0.00 | $ | 37,251,409.21 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 37,251,409.21 |
| Interest - Class A-2a Notes | $ | 674,796.33 | $ | 674,796.33 | $ | 0.00 | $ | 0.00 | $ | 36,576,612.88 |
| Interest - Class A-2b Notes | $ | 503,325.66 | $ | 503,325.66 | $ | 0.00 | $ | 0.00 | $ | 36,073,287.22 |
| Interest - Class A-3 Notes | $ | 2,125,593.75 | $ | 2,125,593.75 | $ | 0.00 | $ | 0.00 | $ | 33,947,693.47 |
| Interest - Class A-4 Notes | $ | 285,937.50 | $ | 285,937.50 | $ | 0.00 | $ | 0.00 | $ | 33,661,755.97 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,661,755.97 |
| Interest - Class B Notes | $ | 195,097.00 | $ | 195,097.00 | $ | 0.00 | $ | 0.00 | $ | 33,466,658.97 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,466,658.97 |
| Interest - Class C Notes | $ | 139,609.17 | $ | 139,609.17 | $ | 0.00 | $ | 0.00 | $ | 33,327,049.80 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,327,049.80 |
| Regular Principal Payment | $ | 34,477,948.58 | $ | 33,327,049.80 | $ | 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 | $ | 38,045,482.76 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 33,327,049.80 | ||||||||
| Total | $ | 33,327,049.80 | ||||||||
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 | $ | 18,876,296.50 | $ | 72.25 | $ | 674,796.33 | $ | 2.58 | $ | 19,551,092.83 | $ | 74.83 |
| Class A-2b Notes | $ | 14,450,753.30 | $ | 72.25 | $ | 503,325.66 | $ | 2.52 | $ | 14,954,078.96 | $ | 74.77 |
| 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 | $ | 33,327,049.80 | $ | 25.33 | $ | 3,924,359.41 | $ | 2.98 | $ | 37,251,409.21 | $ | 28.31 |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 13 |
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 | $ | 142,562,603.89 | 0.5456942 | $ | 123,686,307.39 | 0.4734404 |
| Class A-2b Notes | $ | 109,138,835.52 | 0.5456942 | $ | 94,688,082.22 | 0.4734404 |
| 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 | $ | 841,231,439.41 | 0.6393405 | $ | 807,904,389.61 | 0.6140118 |
| Pool Information | ||||
| Weighted Average APR | 5.104 | % | 5.129 | % |
| Weighted Average Remaining Term | 46.58 | 45.83 | ||
| Number of Receivables Outstanding | 31,513 | 30,844 | ||
| Pool Balance | $ | 952,888,255.01 | $ | 918,234,414.31 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 874,710,262.55 | $ | 843,553,299.65 |
| Pool Factor | 0.6601783 | 0.6361695 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,289,470.37 |
| Yield Supplement Overcollateralization Amount | $ | 74,681,114.66 |
| Targeted Overcollateralization Amount | $ | 111,480,923.48 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 110,330,024.70 |
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 | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 13 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 82 | $ | 500,472.45 | ||
| (Recoveries) | 24 | $ | 30,815.81 | ||
| Net Loss for Current Collection Period | $ | 469,656.64 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.5915 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.6948 | % | |||
| Second Prior Collection Period | 0.5414 | % | |||
| Prior Collection Period | 0.4737 | % | |||
| Current Collection Period | 0.6024 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.5781 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 829 | $ | 4,035,313.38 | ||
| (Cumulative Recoveries) | $ | 254,538.85 | |||
| Cumulative Net Loss for All Collection Periods | $ | 3,780,774.53 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.2619 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 4,867.69 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 4,560.64 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 0.79 | % | 184 | $ | 7,277,271.59 |
| 61-90 Days Delinquent | 0.18 | % | 39 | $ | 1,632,285.37 |
| 91-120 Days Delinquent | 0.04 | % | 9 | $ | 393,878.40 |
| Over 120 Days Delinquent | 0.04 | % | 6 | $ | 364,352.98 |
| Total Delinquent Receivables | 1.05 | % | 238 | $ | 9,667,788.34 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 16 | $ | 742,279.70 | ||
| Total Repossessed Inventory | 25 | $ | 1,198,445.00 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1582 | % | |||
| Prior Collection Period | 0.1491 | % | |||
| Current Collection Period | 0.1751 | % | |||
| Three Month Average | 0.1608 | % | |||
| 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 | 0.2603 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | November 2024 |
| Payment Date | 12/16/2024 |
| Transaction Month | 13 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 82 | $3,304,664.04 |
| 2 Months Extended | 155 | $6,442,010.98 |
| 3+ Months Extended | 17 | $699,894.73 |
| Total Receivables Extended | 254 | $10,446,569.75 |
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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