Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
|
|
|
|
|
Collection Period
|
June 2025
|
Payment Date
|
7/15/2025
|
Transaction Month
|
20
|
|
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
|
|
|
4.85385
|
%
|
*
|
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
|
$
|
3,137,360.58
|
|
|
|
Principal:
|
|
Principal Collections
|
$
|
20,892,878.36
|
|
Prepayments in Full
|
$
|
9,613,449.80
|
|
Liquidation Proceeds
|
$
|
358,795.64
|
|
Recoveries
|
$
|
79,115.51
|
|
Sub Total
|
$
|
30,944,239.31
|
|
Collections
|
$
|
34,081,599.89
|
|
|
|
Purchase Amounts:
|
|
Purchase Amounts Related to Principal
|
$
|
182,929.18
|
|
Purchase Amounts Related to Interest
|
$
|
719.56
|
|
Sub Total
|
$
|
183,648.74
|
|
|
|
Clean-up Call
|
$0.00
|
|
|
Reserve Account Draw Amount
|
$
|
0.00
|
|
|
|
Available Funds - Total
|
$34,265,248.63
|
Page 1
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
|
|
|
|
|
Collection Period
|
June 2025
|
Payment Date
|
7/15/2025
|
Transaction Month
|
20
|
|
III. DISTRIBUTIONS
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
|
|
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|
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|
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|
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|
Calculated Amount
|
|
Amount Paid
|
|
Shortfall
|
|
Carryover Shortfall
|
|
Remaining Available Funds
|
Trustee and Other Fees/Expenses
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
34,265,248.63
|
|
Servicing Fee
|
$
|
593,917.21
|
|
|
$
|
593,917.21
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
33,671,331.42
|
|
Interest - Class A-1 Notes
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
33,671,331.42
|
|
Interest - Class A-2a Notes
|
$
|
90,513.91
|
|
|
$
|
90,513.91
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
33,580,817.51
|
|
Interest - Class A-2b Notes
|
$
|
57,240.55
|
|
|
$
|
57,240.55
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
33,523,576.96
|
|
Interest - Class A-3 Notes
|
$
|
2,125,593.75
|
|
|
$
|
2,125,593.75
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
31,397,983.21
|
|
Interest - Class A-4 Notes
|
$
|
285,937.50
|
|
|
$
|
285,937.50
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
31,112,045.71
|
|
First Priority Principal Payment
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
31,112,045.71
|
|
Interest - Class B Notes
|
$
|
195,097.00
|
|
|
$
|
195,097.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
30,916,948.71
|
|
Second Priority Principal Payment
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
30,916,948.71
|
|
Interest - Class C Notes
|
$
|
139,609.17
|
|
|
$
|
139,609.17
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
30,777,339.54
|
|
Reserve Account Deposit
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
30,777,339.54
|
|
Regular Principal Payment
|
$
|
28,006,650.96
|
|
|
$
|
28,006,650.96
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
2,770,688.58
|
|
Additional Trustee and Other Fees/Expenses
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
2,770,688.58
|
|
Residual Released to Depositor
|
$
|
0.00
|
|
|
$
|
2,770,688.58
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
Total
|
|
|
$
|
34,265,248.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Payment:
|
|
|
|
|
|
|
|
|
|
First Priority Principal Payment
|
|
|
|
|
|
|
|
|
$
|
0.00
|
|
Second Priority Principal Payment
|
|
|
|
|
|
|
|
|
$
|
0.00
|
|
Regular Principal Payment
|
|
|
|
|
|
|
|
|
$
|
28,006,650.96
|
|
Total
|
|
|
|
|
|
|
|
|
$
|
28,006,650.96
|
|
|
|
|
|
|
|
|
|
|
|
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
|
$
|
15,862,845.67
|
|
|
$
|
60.72
|
|
|
$
|
90,513.91
|
|
|
$
|
0.35
|
|
|
$
|
15,953,359.58
|
|
|
$
|
61.07
|
|
Class A-2b Notes
|
$
|
12,143,805.29
|
|
|
$
|
60.72
|
|
|
$
|
57,240.55
|
|
|
$
|
0.29
|
|
|
$
|
12,201,045.84
|
|
|
$
|
61.01
|
|
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
|
$
|
28,006,650.96
|
|
|
$
|
21.29
|
|
|
$
|
2,893,991.88
|
|
|
$
|
2.20
|
|
|
$
|
30,900,642.84
|
|
|
$
|
23.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 2
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
|
|
|
|
|
Collection Period
|
June 2025
|
Payment Date
|
7/15/2025
|
Transaction Month
|
20
|
|
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
|
$
|
19,122,657.44
|
|
|
0.0731968
|
|
$
|
3,259,811.77
|
|
|
0.0124777
|
Class A-2b Notes
|
$
|
14,639,354.97
|
|
|
0.0731968
|
|
$
|
2,495,549.68
|
|
|
0.0124777
|
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
|
$
|
623,292,012.41
|
|
|
0.4737053
|
|
$
|
595,285,361.45
|
|
|
0.4524201
|
|
|
|
|
|
|
|
|
|
|
|
|
Pool Information
|
|
|
|
Weighted Average APR
|
5.278
|
%
|
|
5.312
|
%
|
Weighted Average Remaining Term
|
41.43
|
|
40.72
|
Number of Receivables Outstanding
|
26,882
|
|
26,213
|
Pool Balance
|
$
|
712,700,655.69
|
|
|
$
|
681,392,218.10
|
|
Adjusted Pool Balance (Pool Balance - YSOC Amount)
|
$
|
657,008,814.86
|
|
|
$
|
628,532,537.33
|
|
Pool Factor
|
0.4937720
|
|
0.4720809
|
|
|
|
|
VI. OVERCOLLATERALIZATION INFORMATION
|
|
|
|
|
|
Specified Reserve Balance
|
$
|
3,289,470.37
|
|
Yield Supplement Overcollateralization Amount
|
$
|
52,859,680.77
|
|
Targeted Overcollateralization Amount
|
$
|
86,106,856.65
|
|
Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance)
|
$
|
86,106,856.65
|
|
|
|
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
|
June 2025
|
Payment Date
|
7/15/2025
|
Transaction Month
|
20
|
|
VIII. NET LOSS AND DELINQUENT RECEIVABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of Receivables
|
|
Amount
|
Current Collection Period Loss:
|
|
|
|
|
|
Realized Loss (Charge-Offs)
|
|
|
69
|
|
$
|
260,384.61
|
|
(Recoveries)
|
|
|
43
|
|
$
|
79,115.51
|
|
Net Loss for Current Collection Period
|
|
|
|
|
$
|
181,269.10
|
|
Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized)
|
|
|
|
|
0.3052
|
%
|
|
|
|
|
|
|
Prior and Current Collection Periods Average Loss:
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net Loss to the Average Pool Balance (annualized)
|
|
|
|
|
|
Third Prior Collection Period
|
|
|
|
|
0.3802
|
%
|
Second Prior Collection Period
|
|
0.4743
|
%
|
Prior Collection Period
|
|
|
|
|
0.2357
|
%
|
Current Collection Period
|
|
|
|
|
0.3121
|
%
|
Four Month Average (Current and Prior Three Collection Periods)
|
|
|
|
|
0.3506
|
%
|
|
|
|
|
|
|
Cumulative Loss:
|
|
|
|
|
|
Cumulative Realized Loss (Charge-Offs)
|
|
|
1,327
|
|
$
|
6,785,383.62
|
|
(Cumulative Recoveries)
|
|
|
|
|
$
|
615,304.28
|
|
Cumulative Net Loss for All Collection Periods
|
|
|
|
|
$
|
6,170,079.34
|
|
Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance
|
|
|
|
0.4275
|
%
|
|
|
|
|
|
|
Average Realized Loss for Receivables that have experienced a Realized Loss
|
|
|
|
|
$
|
5,113.33
|
|
Average Net Loss for Receivables that have experienced a Realized Loss
|
|
|
|
|
$
|
4,649.65
|
|
|
|
|
|
|
|
|
% of EOP Pool Balance
|
|
# of Receivables
|
|
Amount
|
Delinquent Receivables:
|
|
|
|
|
|
31-60 Days Delinquent
|
1.19
|
%
|
|
229
|
|
$
|
8,096,047.33
|
|
61-90 Days Delinquent
|
0.22
|
%
|
|
38
|
|
$
|
1,498,419.18
|
|
91-120 Days Delinquent
|
0.04
|
%
|
|
6
|
|
$
|
247,452.03
|
|
Over 120 Days Delinquent
|
0.12
|
%
|
|
18
|
|
$
|
805,915.58
|
|
Total Delinquent Receivables
|
1.56
|
%
|
|
291
|
|
$
|
10,647,834.12
|
|
|
Repossession Inventory:
|
|
|
|
|
|
Repossessed in the Current Collection Period
|
|
|
9
|
|
$
|
312,645.10
|
|
Total Repossessed Inventory
|
|
|
17
|
|
$
|
580,643.41
|
|
|
|
|
|
|
|
Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables:
|
|
|
Second Prior Collection Period
|
|
|
|
|
0.1705
|
%
|
Prior Collection Period
|
|
|
|
|
0.1897
|
%
|
Current Collection Period
|
|
|
|
|
0.2365
|
%
|
Three Month Average
|
|
|
|
|
0.1989
|
%
|
|
|
|
|
|
|
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
|
|
|
|
|
0.3745
|
%
|
Delinquency Trigger Occurred
|
|
|
|
|
No
|
Page 4
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
|
|
|
|
|
|
Collection Period
|
June 2025
|
Payment Date
|
7/15/2025
|
Transaction Month
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables Granted Extensions in the Current Collection Period:
|
# of Receivables
|
Amount
|
|
|
|
|
|
1 Month Extended
|
|
|
82
|
$2,894,718.79
|
2 Months Extended
|
|
|
120
|
$4,439,060.65
|
3+ Months Extended
|
|
|
28
|
$1,025,112.33
|
|
|
|
|
|
Total Receivables Extended
|
230
|
$8,358,891.77
|
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
Page 5