Ford Credit Auto Owner Trust 2023-A
03/21/2025 | Press release | Distributed by Public on 03/21/2025 07:20
Asset-Backed Issuer Distribution Report (Form 10-D)
Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 24 | ||||
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 | 5.05864 | % | * | 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 | $ | 3,059,596.45 | |||
| Principal: | |||||
| Principal Collections | $ | 21,131,034.63 | |||
| Prepayments in Full | $ | 9,954,755.09 | |||
| Liquidation Proceeds | $ | 507,331.08 | |||
| Recoveries | $ | 48,424.66 | |||
| Sub Total | $ | 31,641,545.46 | |||
| Collections | $ | 34,701,141.91 | |||
| Purchase Amounts: | |||||
| Purchase Amounts Related to Principal | $ | 87,665.06 | |||
| Purchase Amounts Related to Interest | $ | 592.84 | |||
| Sub Total | $ | 88,257.90 | |||
| Clean-up Call | $ | 0.00 | |||
| Reserve Account Draw Amount | $ | 0.00 | |||
| Available Funds - Total | $34,789,399.81 | ||||
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 24 | ||||
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 | $ | 34,789,399.81 | |||||||||||||||||||
| Servicing Fee | $ | 612,361.46 | $ | 612,361.46 | $ | 0.00 | $ | 0.00 | $ | 34,177,038.35 | |||||||||||||||||||
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 34,177,038.35 | |||||||||||||||||||
| Interest - Class A-2a Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 34,177,038.35 | |||||||||||||||||||
| Interest - Class A-2b Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 34,177,038.35 | |||||||||||||||||||
| Interest - Class A-3 Notes | $ | 1,799,334.42 | $ | 1,799,334.42 | $ | 0.00 | $ | 0.00 | $ | 32,377,703.93 | |||||||||||||||||||
| Interest - Class A-4 Notes | $ | 364,800.00 | $ | 364,800.00 | $ | 0.00 | $ | 0.00 | $ | 32,012,903.93 | |||||||||||||||||||
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 32,012,903.93 | |||||||||||||||||||
| Interest - Class B Notes | $ | 199,969.25 | $ | 199,969.25 | $ | 0.00 | $ | 0.00 | $ | 31,812,934.68 | |||||||||||||||||||
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 31,812,934.68 | |||||||||||||||||||
| Interest - Class C Notes | $ | 145,142.58 | $ | 145,142.58 | $ | 0.00 | $ | 0.00 | $ | 31,667,792.10 | |||||||||||||||||||
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 31,667,792.10 | |||||||||||||||||||
| Regular Principal Payment | $ | 28,723,225.44 | $ | 28,723,225.44 | $ | 0.00 | $ | 0.00 | $ | 2,944,566.66 | |||||||||||||||||||
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 2,944,566.66 | |||||||||||||||||||
| Residual Released to Depositor | $ | 0.00 | $ | 2,944,566.66 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
| Total | $ | 34,789,399.81 | |||||||||||||||||||||||||||
| Principal Payment: | |||||||||||||||||||||||||||||
| First Priority Principal Payment | $ | 0.00 | |||||||||||||||||||||||||||
| Second Priority Principal Payment | $ | 0.00 | |||||||||||||||||||||||||||
| Regular Principal Payment | $ | 28,723,225.44 | |||||||||||||||||||||||||||
| Total | $ | 28,723,225.44 | |||||||||||||||||||||||||||
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 | $ | 28,723,225.44 | $ | 56.32 | $ | 1,799,334.42 | $ | 3.53 | $ | 30,522,559.86 | $ | 59.85 | |||||||||||||||||||||||
| 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 | $ | 28,723,225.44 | $ | 18.19 | $ | 2,509,246.25 | $ | 1.59 | $ | 31,232,471.69 | $ | 19.78 | |||||||||||||||||||||||
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 24 | ||||
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 | $ | 464,344,367.54 | 0.9104792 | $ | 435,621,142.10 | 0.8541591 | |||||||||||||||||
| 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 | $ | 639,284,367.54 | 0.4048820 | $ | 610,561,142.10 | 0.3866905 | |||||||||||||||||
| Pool Information | |||||||||||
| Weighted Average APR | 5.123 | % | 5.150 | % | |||||||
| Weighted Average Remaining Term | 39.98 | 39.23 | |||||||||
| Number of Receivables Outstanding | 29,595 | 28,910 | |||||||||
| Pool Balance | $ | 734,833,753.22 | $ | 702,655,017.47 | |||||||
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 677,938,460.21 | $ | 648,732,553.73 | |||||||
| Pool Factor | 0.4242279 | 0.4056508 | |||||||||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,947,369.48 | |||
| Yield Supplement Overcollateralization Amount | $ | 53,922,463.74 | |||
| Targeted Overcollateralization Amount | $ | 92,093,875.37 | |||
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 92,093,875.37 | |||
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 | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 24 | ||||
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||||||||||||||
| Current Collection Period Loss: | |||||||||||||||||
| Realized Loss (Charge-Offs) | 81 | $ | 497,949.89 | ||||||||||||||
| (Recoveries) | 65 | $ | 48,424.66 | ||||||||||||||
| Net Loss for Current Collection Period | $ | 449,525.23 | |||||||||||||||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.7341 | % | |||||||||||||||
| Prior and Current Collection Periods Average Loss: | |||||||||||||||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||||||||||||||
| Third Prior Collection Period | 0.7377 | % | |||||||||||||||
| Second Prior Collection Period | 0.8712 | % | |||||||||||||||
| Prior Collection Period | 0.7396 | % | |||||||||||||||
| Current Collection Period | 0.7505 | % | |||||||||||||||
| Four Month Average (Current and Prior Three Collection Periods) | 0.7748 | % | |||||||||||||||
| Cumulative Loss: | |||||||||||||||||
| Cumulative Realized Loss (Charge-Offs) | 1,805 | $ | 10,793,091.71 | ||||||||||||||
| (Cumulative Recoveries) | $ | 1,347,700.48 | |||||||||||||||
| Cumulative Net Loss for All Collection Periods | $ | 9,445,391.23 | |||||||||||||||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.5453 | % | |||||||||||||||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 5,979.55 | |||||||||||||||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,232.90 | |||||||||||||||
| % of EOP Pool Balance | # of Receivables | Amount | |||||||||||||||
| Delinquent Receivables: | |||||||||||||||||
| 31-60 Days Delinquent | 1.21 | % | 246 | $ | 8,506,441.86 | ||||||||||||
| 61-90 Days Delinquent | 0.17 | % | 31 | $ | 1,199,740.17 | ||||||||||||
| 91-120 Days Delinquent | 0.04 | % | 9 | $ | 270,161.24 | ||||||||||||
| Over 120 Days Delinquent | 0.10 | % | 17 | $ | 673,850.92 | ||||||||||||
| Total Delinquent Receivables | 1.52 | % | 303 | $ | 10,650,194.19 | ||||||||||||
| Repossession Inventory: | |||||||||||||||||
| Repossessed in the Current Collection Period | 24 | $ | 999,140.94 | ||||||||||||||
| Total Repossessed Inventory | 41 | $ | 1,723,320.81 | ||||||||||||||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||||||||||||||
| Second Prior Collection Period | 0.2537 | % | |||||||||||||||
| Prior Collection Period | 0.2399 | % | |||||||||||||||
| Current Collection Period | 0.1972 | % | |||||||||||||||
| Three Month Average | 0.2303 | % | |||||||||||||||
| 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 | 0.3051 | % | |||||||||||||||
| Delinquency Trigger Occurred | No | ||||||||||||||||
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Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 24 | ||||
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount | ||||||||||||
| 1 Month Extended | 86 | $3,235,365.93 | ||||||||||||
| 2 Months Extended | 127 | $4,694,273.17 | ||||||||||||
| 3+ Months Extended | 32 | $835,488.36 | ||||||||||||
| Total Receivables Extended | 245 | $8,765,127.46 | ||||||||||||
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 7, 2025 | ||
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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Ford Credit Auto Owner Trust 2023-A published this content on March 21, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on March 21, 2025 at 13:20 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]