Ford Credit Auto Owner Trust 2023-A
07/22/2024 | Press release | Distributed by Public on 07/22/2024 10:35
Asset Backed Issuer Distribution Report Form 10 D
Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | June 2024 |
| Payment Date | 7/15/2024 |
| Transaction Month | 16 |
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 | $ | 1,732,167,317.56 | 48,752 | 57.8 months | ||
| Dollar Amount | Note Interest Rate | Final Scheduled Payment Date | ||||
| Original Securities | ||||||
| Class A-1 Notes | $ | 300,000,000.00 | 5.028 | % | April 15, 2024 | |
| Class A-2a Notes | $ | 359,000,000.00 | 5.14 | % | March 15, 2026 | |
| Class A-2b Notes | $ | 235,000,000.00 | 6.05303 | % | * | March 15, 2026 |
| Class A-3 Notes | $ | 510,000,000.00 | 4.65 | % | February 15, 2028 | |
| Class A-4 Notes | $ | 96,000,000.00 | 4.56 | % | December 15, 2028 | |
| Class B Notes | $ | 47,330,000.00 | 5.07 | % | January 15, 2029 | |
| Class C Notes | $ | 31,610,000.00 | 5.51 | % | September 15, 2030 | |
| Total | $ | 1,578,940,000.00 | ||||
| * 30-day average SOFR + 0.72% |
II. AVAILABLE FUNDS
| Interest: | ||
| Interest Collections | $ | 3,952,716.09 |
| Principal: | ||
| Principal Collections | $ | 23,965,406.53 |
| Prepayments in Full | $ | 10,889,293.87 |
| Liquidation Proceeds | $ | 412,544.14 |
| Recoveries | $ | 26,299.47 |
| Sub Total | $ | 35,293,544.01 |
| Collections | $ | 39,246,260.10 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 91,073.09 |
| Purchase Amounts Related to Interest | $ | 614.58 |
| Sub Total | $ | 91,687.67 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $ | 39,337,947.77 |
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | June 2024 |
| Payment Date | 7/15/2024 |
| Transaction Month | 16 |
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 | $ | 39,337,947.77 |
| Servicing Fee | $ | 854,774.24 | $ | 854,774.24 | $ | 0.00 | $ | 0.00 | $ | 38,483,173.53 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 38,483,173.53 |
| Interest - Class A-2a Notes | $ | 552,615.63 | $ | 552,615.63 | $ | 0.00 | $ | 0.00 | $ | 37,930,557.90 |
| Interest - Class A-2b Notes | $ | 397,596.97 | $ | 397,596.97 | $ | 0.00 | $ | 0.00 | $ | 37,532,960.93 |
| Interest - Class A-3 Notes | $ | 1,976,250.00 | $ | 1,976,250.00 | $ | 0.00 | $ | 0.00 | $ | 35,556,710.93 |
| Interest - Class A-4 Notes | $ | 364,800.00 | $ | 364,800.00 | $ | 0.00 | $ | 0.00 | $ | 35,191,910.93 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,191,910.93 |
| Interest - Class B Notes | $ | 199,969.25 | $ | 199,969.25 | $ | 0.00 | $ | 0.00 | $ | 34,991,941.68 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 34,991,941.68 |
| Interest - Class C Notes | $ | 145,142.58 | $ | 145,142.58 | $ | 0.00 | $ | 0.00 | $ | 34,846,799.10 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 34,846,799.10 |
| Regular Principal Payment | $ | 31,569,362.62 | $ | 31,569,362.62 | $ | 0.00 | $ | 0.00 | $ | 3,277,436.48 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 3,277,436.48 |
| Residual Released to Depositor | $ | 0.00 | $ | 3,277,436.48 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 39,337,947.77 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 31,569,362.62 | ||||||||
| Total | $ | 31,569,362.62 | ||||||||
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 | $ | 19,079,799.97 | $ | 53.15 | $ | 552,615.63 | $ | 1.54 | $ | 19,632,415.60 | $ | 54.69 |
| Class A-2b Notes | $ | 12,489,562.65 | $ | 53.15 | $ | 397,596.97 | $ | 1.69 | $ | 12,887,159.62 | $ | 54.84 |
| Class A-3 Notes | $ | 0.00 | $ | 0.00 | $ | 1,976,250.00 | $ | 3.88 | $ | 1,976,250.00 | $ | 3.88 |
| Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 364,800.00 | $ | 3.80 | $ | 364,800.00 | $ | 3.80 |
| Class B Notes | $ | 0.00 | $ | 0.00 | $ | 199,969.25 | $ | 4.23 | $ | 199,969.25 | $ | 4.23 |
| Class C Notes | $ | 0.00 | $ | 0.00 | $ | 145,142.58 | $ | 4.59 | $ | 145,142.58 | $ | 4.59 |
| Total | $ | 31,569,362.62 | $ | 19.99 | $ | 3,636,374.43 | $ | 2.30 | $ | 35,205,737.05 | $ | 22.29 |
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | June 2024 |
| Payment Date | 7/15/2024 |
| Transaction Month | 16 |
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 | $ | 129,015,323.19 | 0.3593742 | $ | 109,935,523.22 | 0.3062271 |
| Class A-2b Notes | $ | 84,452,927.44 | 0.3593742 | $ | 71,963,364.79 | 0.3062271 |
| Class A-3 Notes | $ | 510,000,000.00 | 1.0000000 | $ | 510,000,000.00 | 1.0000000 |
| Class A-4 Notes | $ | 96,000,000.00 | 1.0000000 | $ | 96,000,000.00 | 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 | $ | 898,408,250.63 | 0.5689945 | $ | 866,838,888.01 | 0.5490005 |
| Pool Information | ||||
| Weighted Average APR | 4.932 | % | 4.950 | % |
| Weighted Average Remaining Term | 45.96 | 45.17 | ||
| Number of Receivables Outstanding | 35,974 | 35,280 | ||
| Pool Balance | $ | 1,025,729,087.45 | $ | 989,838,688.83 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 941,425,773.31 | $ | 909,318,054.71 |
| Pool Factor | 0.5921651 | 0.5714452 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,947,369.48 |
| Yield Supplement Overcollateralization Amount | $ | 80,520,634.12 |
| Targeted Overcollateralization Amount | $ | 122,999,800.82 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 122,999,800.82 |
VII. RECONCILIATION OF RESERVE ACCOUNT
| Beginning Reserve Account Balance | $ | 3,947,369.48 |
| Reserve Account Deposits Made | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Ending Reserve Account Balance | $ | 3,947,369.48 |
| Change in Reserve Account Balance | $ | 0.00 |
| Specified Reserve Balance | $ | 3,947,369.48 |
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | June 2024 |
| Payment Date | 7/15/2024 |
| Transaction Month | 16 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 69 | $ | 532,080.99 | ||
| (Recoveries) | 34 | $ | 26,299.47 | ||
| Net Loss for Current Collection Period | $ | 505,781.52 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.5917 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.4298 | % | |||
| Second Prior Collection Period | 0.2210 | % | |||
| Prior Collection Period | 0.9061 | % | |||
| Current Collection Period | 0.6022 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.5398 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 1,127 | $ | 6,305,939.63 | ||
| (Cumulative Recoveries) | $ | 633,476.98 | |||
| Cumulative Net Loss for All Collection Periods | $ | 5,672,462.65 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.3275 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 5,595.33 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,033.24 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 0.96 | % | 270 | $ | 9,491,155.34 |
| 61-90 Days Delinquent | 0.14 | % | 32 | $ | 1,346,345.96 |
| 91-120 Days Delinquent | 0.05 | % | 13 | $ | 500,596.58 |
| Over 120 Days Delinquent | 0.06 | % | 13 | $ | 641,789.00 |
| Total Delinquent Receivables | 1.21 | % | 328 | $ | 11,979,886.88 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 22 | $ | 999,924.24 | ||
| Total Repossessed Inventory | 34 | $ | 1,563,455.96 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1851 | % | |||
| Prior Collection Period | 0.1835 | % | |||
| Current Collection Period | 0.1644 | % | |||
| Three Month Average | 0.1776 | % | |||
| 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 | 0.2514 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | June 2024 |
| Payment Date | 7/15/2024 |
| Transaction Month | 16 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 99 | $3,879,077.65 |
| 2 Months Extended | 137 | $5,731,027.05 |
| 3+ Months Extended | 28 | $1,427,402.26 |
| Total Receivables Extended | 264 | $11,037,506.96 |
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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