Ford Credit Auto Owner Trust 2022-C
Ford Credit Auto Owner Trust 2022-C
21/11/2024 | Press release | Distributed by Public on 21/11/2024 13:15
Asset Backed Issuer Distribution Report Form 10 D
Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 26 |
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 | $ | 1,745,303,060.82 | 52,430 | 54.7 months | ||
| Dollar Amount | Note Interest Rate | Final Scheduled Payment Date | ||||
| Original Securities | ||||||
| Class A-1 Notes | $ | 304,740,000.00 | 3.633 | % | October 15, 2023 | |
| Class A-2a Notes | $ | 319,040,000.00 | 4.52 | % | April 15, 2025 | |
| Class A-2b Notes | $ | 200,000,000.00 | 5.52981 | % | * | April 15, 2025 |
| Class A-3 Notes | $ | 519,040,000.00 | 4.48 | % | December 15, 2026 | |
| Class A-4 Notes | $ | 157,180,000.00 | 4.59 | % | December 15, 2027 | |
| Class B Notes | $ | 47,370,000.00 | 5.03 | % | February 15, 2028 | |
| Class C Notes | $ | 31,570,000.00 | 5.22 | % | March 15, 2030 | |
| Total | $ | 1,578,940,000.00 | ||||
| * 30-day average SOFR + 0.52% |
II. AVAILABLE FUNDS
| Interest: | ||
| Interest Collections | $ | 1,867,735.43 |
| Principal: | ||
| Principal Collections | $ | 22,231,574.93 |
| Prepayments in Full | $ | 10,450,802.60 |
| Liquidation Proceeds | $ | 484,736.23 |
| Recoveries | $ | 155,468.27 |
| Sub Total | $ | 33,322,582.03 |
| Collections | $ | 35,190,317.46 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 390,219.55 |
| Purchase Amounts Related to Interest | $ | 1,971.31 |
| Sub Total | $ | 392,190.86 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $ | 35,582,508.32 |
Page 1
Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 26 |
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 | $ | 35,582,508.32 |
| Servicing Fee | $ | 533,336.45 | $ | 533,336.45 | $ | 0.00 | $ | 0.00 | $ | 35,049,171.87 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,049,171.87 |
| Interest - Class A-2a Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,049,171.87 |
| Interest - Class A-2b Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,049,171.87 |
| Interest - Class A-3 Notes | $ | 1,177,941.90 | $ | 1,177,941.90 | $ | 0.00 | $ | 0.00 | $ | 33,871,229.97 |
| Interest - Class A-4 Notes | $ | 601,213.50 | $ | 601,213.50 | $ | 0.00 | $ | 0.00 | $ | 33,270,016.47 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,270,016.47 |
| Interest - Class B Notes | $ | 198,559.25 | $ | 198,559.25 | $ | 0.00 | $ | 0.00 | $ | 33,071,457.22 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,071,457.22 |
| Interest - Class C Notes | $ | 137,329.50 | $ | 137,329.50 | $ | 0.00 | $ | 0.00 | $ | 32,934,127.72 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 32,934,127.72 |
| Regular Principal Payment | $ | 30,491,268.19 | $ | 30,491,268.19 | $ | 0.00 | $ | 0.00 | $ | 2,442,859.53 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 2,442,859.53 |
| Residual Released to Depositor | $ | 0.00 | $ | 2,442,859.53 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 35,582,508.32 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 30,491,268.19 | ||||||||
| Total | $ | 30,491,268.19 | ||||||||
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 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Class A-2b Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Class A-3 Notes | $ | 30,491,268.19 | $ | 58.75 | $ | 1,177,941.90 | $ | 2.27 | $ | 31,669,210.09 | $ | 61.02 |
| Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 601,213.50 | $ | 3.83 | $ | 601,213.50 | $ | 3.83 |
| Class B Notes | $ | 0.00 | $ | 0.00 | $ | 198,559.25 | $ | 4.19 | $ | 198,559.25 | $ | 4.19 |
| Class C Notes | $ | 0.00 | $ | 0.00 | $ | 137,329.50 | $ | 4.35 | $ | 137,329.50 | $ | 4.35 |
| Total | $ | 30,491,268.19 | $ | 19.31 | $ | 2,115,044.15 | $ | 1.34 | $ | 32,606,312.34 | $ | 20.65 |
Page 2
Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 26 |
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 | $ | 0.00 | 0.0000000 | $ | 0.00 | 0.0000000 |
| Class A-2b Notes | $ | 0.00 | 0.0000000 | $ | 0.00 | 0.0000000 |
| Class A-3 Notes | $ | 315,520,150.95 | 0.6078918 | $ | 285,028,882.76 | 0.5491463 |
| Class A-4 Notes | $ | 157,180,000.00 | 1.0000000 | $ | 157,180,000.00 | 1.0000000 |
| Class B Notes | $ | 47,370,000.00 | 1.0000000 | $ | 47,370,000.00 | 1.0000000 |
| Class C Notes | $ | 31,570,000.00 | 1.0000000 | $ | 31,570,000.00 | 1.0000000 |
| Total | $ | 551,640,150.95 | 0.3493737 | $ | 521,148,882.76 | 0.3300625 |
| Pool Information | ||||
| Weighted Average APR | 3.525 | % | 3.541 | % |
| Weighted Average Remaining Term | 34.72 | 33.99 | ||
| Number of Receivables Outstanding | 31,083 | 30,176 | ||
| Pool Balance | $ | 640,003,745.66 | $ | 605,924,227.37 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 588,082,316.27 | $ | 557,079,855.31 |
| Pool Factor | 0.3667006 | 0.3471742 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 4,736,842.79 |
| Yield Supplement Overcollateralization Amount | $ | 48,844,372.06 |
| Targeted Overcollateralization Amount | $ | 84,775,344.61 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 84,775,344.61 |
VII. RECONCILIATION OF RESERVE ACCOUNT
| Beginning Reserve Account Balance | $ | 4,736,842.79 |
| Reserve Account Deposits Made | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Ending Reserve Account Balance | $ | 4,736,842.79 |
| Change in Reserve Account Balance | $ | 0.00 |
| Specified Reserve Balance | $ | 4,736,842.79 |
Page 3
Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 26 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 92 | $ | 522,184.98 | ||
| (Recoveries) | 64 | $ | 155,468.27 | ||
| Net Loss for Current Collection Period | $ | 366,716.71 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.6876 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.7960 | % | |||
| Second Prior Collection Period | 0.8459 | % | |||
| Prior Collection Period | 0.7391 | % | |||
| Current Collection Period | 0.7064 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.7718 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 1,778 | $ | 10,174,651.93 | ||
| (Cumulative Recoveries) | $ | 1,264,875.94 | |||
| Cumulative Net Loss for All Collection Periods | $ | 8,909,775.99 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.5105 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 5,722.53 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,011.12 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 1.61 | % | 333 | $ | 9,753,201.35 |
| 61-90 Days Delinquent | 0.20 | % | 38 | $ | 1,229,695.86 |
| 91-120 Days Delinquent | 0.03 | % | 7 | $ | 204,159.16 |
| Over 120 Days Delinquent | 0.14 | % | 28 | $ | 827,462.72 |
| Total Delinquent Receivables | 1.98 | % | 406 | $ | 12,014,519.09 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 17 | $ | 531,842.48 | ||
| Total Repossessed Inventory | 22 | $ | 809,507.42 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.2723 | % | |||
| Prior Collection Period | 0.2638 | % | |||
| Current Collection Period | 0.2419 | % | |||
| Three Month Average | 0.2593 | % | |||
| Delinquency Trigger (61+ Delinquent Receivables) | |||||
| Transaction Month | Trigger | ||||
| 1-12 | 0.80% | ||||
| 13-24 | 1.50% | ||||
| 25-36 | 2.70% | ||||
| 37+ | 4.40% | ||||
| 61+ Delinquent Receivables Balance to EOP Pool Balance | 0.3732 | % | |||
| Delinquency Trigger Occurred | No |
Page 4
Ford Credit Auto Owner Trust 2022-C
Monthly Investor Report
| Collection Period | October 2024 |
| Payment Date | 11/15/2024 |
| Transaction Month | 26 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 79 | $2,341,441.91 |
| 2 Months Extended | 216 | $6,460,907.84 |
| 3+ Months Extended | 45 | $1,301,148.68 |
| Total Receivables Extended | 340 | $10,103,498.43 |
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
Page 5