Ford Credit Auto Owner Trust 2023-C

07/21/2025 | Press release | Distributed by Public on 07/21/2025 07:33

Asset-Backed Issuer Distribution Report (Form 10-D)


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
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
Collection Period June 2025
Payment Date 7/15/2025
Transaction Month 20
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 $ 34,265,248.63
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
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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

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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
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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

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