Ford Credit Auto Owner Trust 2023-C
01/22/2025 | Press release | Distributed by Public on 01/22/2025 09:03
Asset-Backed Issuer Distribution Report (Form 10-D)
Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 14 |
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 | 5.14757 | % | * | 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 | $ | 3,974,918.16 |
| Principal: | ||
| Principal Collections | $ | 24,370,974.08 |
| Prepayments in Full | $ | 11,308,459.89 |
| Liquidation Proceeds | $ | 399,072.22 |
| Recoveries | $ | 4,513.47 |
| Sub Total | $ | 36,083,019.66 |
| Collections | $ | 40,057,937.82 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 161,681.36 |
| Purchase Amounts Related to Interest | $ | 834.05 |
| Sub Total | $ | 162,515.41 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $40,220,453.23 |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 14 |
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 | $ | 40,220,453.23 |
| Servicing Fee | $ | 765,195.35 | $ | 765,195.35 | $ | 0.00 | $ | 0.00 | $ | 39,455,257.88 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 39,455,257.88 |
| Interest - Class A-2a Notes | $ | 585,448.52 | $ | 585,448.52 | $ | 0.00 | $ | 0.00 | $ | 38,869,809.36 |
| Interest - Class A-2b Notes | $ | 406,177.94 | $ | 406,177.94 | $ | 0.00 | $ | 0.00 | $ | 38,463,631.42 |
| Interest - Class A-3 Notes | $ | 2,125,593.75 | $ | 2,125,593.75 | $ | 0.00 | $ | 0.00 | $ | 36,338,037.67 |
| Interest - Class A-4 Notes | $ | 285,937.50 | $ | 285,937.50 | $ | 0.00 | $ | 0.00 | $ | 36,052,100.17 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 36,052,100.17 |
| Interest - Class B Notes | $ | 195,097.00 | $ | 195,097.00 | $ | 0.00 | $ | 0.00 | $ | 35,857,003.17 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,857,003.17 |
| Interest - Class C Notes | $ | 139,609.17 | $ | 139,609.17 | $ | 0.00 | $ | 0.00 | $ | 35,717,394.00 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 35,717,394.00 |
| Regular Principal Payment | $ | 34,031,928.64 | $ | 34,031,928.64 | $ | 0.00 | $ | 0.00 | $ | 1,685,465.36 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 1,685,465.36 |
| Residual Released to Depositor | $ | 0.00 | $ | 1,685,465.36 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 40,220,453.23 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 34,031,928.64 | ||||||||
| Total | $ | 34,031,928.64 | ||||||||
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 | $ | 19,275,536.82 | $ | 73.78 | $ | 585,448.52 | $ | 2.24 | $ | 19,860,985.34 | $ | 76.02 |
| Class A-2b Notes | $ | 14,756,391.82 | $ | 73.78 | $ | 406,177.94 | $ | 2.03 | $ | 15,162,569.76 | $ | 75.81 |
| 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 | $ | 34,031,928.64 | $ | 25.86 | $ | 3,737,863.88 | $ | 2.84 | $ | 37,769,792.52 | $ | 28.70 |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 14 |
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 | $ | 123,686,307.39 | 0.4734404 | $ | 104,410,770.57 | 0.3996585 |
| Class A-2b Notes | $ | 94,688,082.22 | 0.4734404 | $ | 79,931,690.40 | 0.3996585 |
| 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 | $ | 807,904,389.61 | 0.6140118 | $ | 773,872,460.97 | 0.5881473 |
| Pool Information | ||||
| Weighted Average APR | 5.129 | % | 5.151 | % |
| Weighted Average Remaining Term | 45.83 | 45.10 | ||
| Number of Receivables Outstanding | 30,844 | 30,181 | ||
| Pool Balance | $ | 918,234,414.31 | $ | 881,398,728.68 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 843,553,299.65 | $ | 810,119,734.51 |
| Pool Factor | 0.6361695 | 0.6106491 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,289,470.37 |
| Yield Supplement Overcollateralization Amount | $ | 71,278,994.17 |
| Targeted Overcollateralization Amount | $ | 107,526,267.71 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 107,526,267.71 |
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 | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 14 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 72 | $ | 595,498.08 | ||
| (Recoveries) | 32 | $ | 4,513.47 | ||
| Net Loss for Current Collection Period | $ | 590,984.61 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.7723 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.5414 | % | |||
| Second Prior Collection Period | 0.4737 | % | |||
| Prior Collection Period | 0.6024 | % | |||
| Current Collection Period | 0.7881 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.6014 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 901 | $ | 4,630,811.46 | ||
| (Cumulative Recoveries) | $ | 259,052.32 | |||
| Cumulative Net Loss for All Collection Periods | $ | 4,371,759.14 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.3029 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 5,139.64 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 4,852.12 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 1.09 | % | 252 | $ | 9,580,532.38 |
| 61-90 Days Delinquent | 0.14 | % | 29 | $ | 1,204,030.68 |
| 91-120 Days Delinquent | 0.04 | % | 9 | $ | 318,591.17 |
| Over 120 Days Delinquent | 0.04 | % | 8 | $ | 363,426.72 |
| Total Delinquent Receivables | 1.30 | % | 298 | $ | 11,466,580.95 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 10 | $ | 570,152.69 | ||
| Total Repossessed Inventory | 18 | $ | 948,622.88 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1491 | % | |||
| Prior Collection Period | 0.1751 | % | |||
| Current Collection Period | 0.1524 | % | |||
| Three Month Average | 0.1589 | % | |||
| 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 | 0.2140 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-C
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 14 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 133 | $5,071,498.52 |
| 2 Months Extended | 139 | $5,867,765.96 |
| 3+ Months Extended | 23 | $1,005,707.36 |
| Total Receivables Extended | 295 | $11,944,971.84 |
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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