Ford Credit Auto Owner Trust 2023-C
10/22/2024 | Press release | Distributed by Public on 10/22/2024 08:48
Asset Backed Issuer Distribution Report Form 10 D
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | September 2024 |
| Payment Date | 10/15/2024 |
| Transaction Month | 11 |
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 | 5.89207 | % | * | 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 | $ | 4,364,373.20 |
| Principal: | ||
| Principal Collections | $ | 24,870,640.66 |
| Prepayments in Full | $ | 10,771,585.93 |
| Liquidation Proceeds | $ | 488,612.33 |
| Recoveries | $ | 9,093.81 |
| Sub Total | $ | 36,139,932.73 |
| Collections | $ | 40,504,305.93 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 41,551.65 |
| Purchase Amounts Related to Interest | $ | 99.72 |
| Sub Total | $ | 41,651.37 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $ | 40,545,957.30 |
Page 1
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | September 2024 |
| Payment Date | 10/15/2024 |
| Transaction Month | 11 |
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 | $ | 40,545,957.30 |
| Servicing Fee | $ | 855,286.13 | $ | 855,286.13 | $ | 0.00 | $ | 0.00 | $ | 39,690,671.17 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 39,690,671.17 |
| Interest - Class A-2a Notes | $ | 865,338.18 | $ | 865,338.18 | $ | 0.00 | $ | 0.00 | $ | 38,825,332.99 |
| Interest - Class A-2b Notes | $ | 664,287.17 | $ | 664,287.17 | $ | 0.00 | $ | 0.00 | $ | 38,161,045.82 |
| Interest - Class A-3 Notes | $ | 2,125,593.75 | $ | 2,125,593.75 | $ | 0.00 | $ | 0.00 | $ | 36,035,452.07 |
| Interest - Class A-4 Notes | $ | 285,937.50 | $ | 285,937.50 | $ | 0.00 | $ | 0.00 | $ | 35,749,514.57 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,749,514.57 |
| Interest - Class B Notes | $ | 195,097.00 | $ | 195,097.00 | $ | 0.00 | $ | 0.00 | $ | 35,554,417.57 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,554,417.57 |
| Interest - Class C Notes | $ | 139,609.17 | $ | 139,609.17 | $ | 0.00 | $ | 0.00 | $ | 35,414,808.40 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,414,808.40 |
| Regular Principal Payment | $ | 42,238,934.06 | $ | 35,414,808.40 | $ | 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 | $ | 40,545,957.30 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 35,414,808.40 | ||||||||
| Total | $ | 35,414,808.40 | ||||||||
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 | $ | 20,058,793.92 | $ | 76.78 | $ | 865,338.18 | $ | 3.31 | $ | 20,924,132.10 | $ | 80.09 |
| Class A-2b Notes | $ | 15,356,014.48 | $ | 76.78 | $ | 664,287.17 | $ | 3.32 | $ | 16,020,301.65 | $ | 80.10 |
| 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 | $ | 35,414,808.40 | $ | 26.92 | $ | 4,275,862.77 | $ | 3.25 | $ | 39,690,671.17 | $ | 30.17 |
Page 2
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | September 2024 |
| Payment Date | 10/15/2024 |
| Transaction Month | 11 |
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 | $ | 182,817,924.39 | 0.6997815 | $ | 162,759,130.47 | 0.6230015 |
| Class A-2b Notes | $ | 139,956,305.75 | 0.6997815 | $ | 124,600,291.27 | 0.6230015 |
| 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 | $ | 912,304,230.14 | 0.6933562 | $ | 876,889,421.74 | 0.6664408 |
| Pool Information | ||||
| Weighted Average APR | 5.072 | % | 5.088 | % |
| Weighted Average Remaining Term | 48.11 | 47.34 | ||
| Number of Receivables Outstanding | 33,004 | 32,243 | ||
| Pool Balance | $ | 1,026,343,350.32 | $ | 989,707,043.36 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 940,886,062.19 | $ | 907,937,194.34 |
| Pool Factor | 0.7110694 | 0.6856871 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,289,470.37 |
| Yield Supplement Overcollateralization Amount | $ | 81,769,849.02 |
| Targeted Overcollateralization Amount | $ | 119,641,747.28 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 112,817,621.62 |
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 |
Page 3
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | September 2024 |
| Payment Date | 10/15/2024 |
| Transaction Month | 11 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 65 | $ | 463,916.39 | ||
| (Recoveries) | 21 | $ | 9,093.81 | ||
| Net Loss for Current Collection Period | $ | 454,822.58 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.5318 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.3436 | % | |||
| Second Prior Collection Period | 0.8572 | % | |||
| Prior Collection Period | 0.6948 | % | |||
| Current Collection Period | 0.5414 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.6092 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 675 | $ | 3,025,861.69 | ||
| (Cumulative Recoveries) | $ | 98,165.89 | |||
| Cumulative Net Loss for All Collection Periods | $ | 2,927,695.80 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.2028 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 4,482.76 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 4,337.33 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 0.81 | % | 193 | $ | 7,974,964.27 |
| 61-90 Days Delinquent | 0.18 | % | 39 | $ | 1,764,351.05 |
| 91-120 Days Delinquent | 0.05 | % | 9 | $ | 500,652.06 |
| Over 120 Days Delinquent | 0.02 | % | 3 | $ | 181,140.50 |
| Total Delinquent Receivables | 1.05 | % | 244 | $ | 10,421,107.88 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 15 | $ | 688,854.60 | ||
| Total Repossessed Inventory | 27 | $ | 1,287,843.18 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1391 | % | |||
| Prior Collection Period | 0.1212 | % | |||
| Current Collection Period | 0.1582 | % | |||
| Three Month Average | 0.1395 | % | |||
| 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 | 0.2472 | % | |||
| Delinquency Trigger Occurred | No |
Page 4
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | September 2024 |
| Payment Date | 10/15/2024 |
| Transaction Month | 11 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 86 | $3,437,369.29 |
| 2 Months Extended | 101 | $4,062,505.64 |
| 3+ Months Extended | 21 | $723,807.81 |
| Total Receivables Extended | 208 | $8,223,682.74 |
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