Ford Credit Auto Owner Trust 2024-C
03/21/2025 | Press release | Distributed by Public on 03/21/2025 07:38
Asset-Backed Issuer Distribution Report (Form 10-D)
Ford Credit Auto Owner Trust 2024-C
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 6 | ||||
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 | $1,688,795,240.91 | 42,975 | 57.2 months | ||||||||||||||
| Dollar Amount | Note Interest Rate | Final Scheduled Payment Date | |||||||||||||||
| Original Securities | |||||||||||||||||
| Class A-1 Notes | $ | 330,000,000.00 | 4.922 | % | October 15, 2025 | ||||||||||||
| Class A-2a Notes | $ | 300,000,000.00 | 4.32 | % | August 15, 2027 | ||||||||||||
| Class A-2b Notes | $ | 245,000,000.00 | 4.73864 | % | * | August 15, 2027 | |||||||||||
| Class A-3 Notes | $ | 545,000,000.00 | 4.07 | % | July 15, 2029 | ||||||||||||
| Class A-4 Notes | $ | 80,000,000.00 | 4.11 | % | July 15, 2030 | ||||||||||||
| Class B Notes | $ | 47,370,000.00 | 4.40 | % | August 15, 2030 | ||||||||||||
| Class C Notes | $ | 31,570,000.00 | 0.00 | % | March 15, 2032 | ||||||||||||
| Total | $ | 1,578,940,000.00 | |||||||||||||||
| * 30-day average SOFR + 0.40% | |||||||||||||||||
II. AVAILABLE FUNDS
| Interest: | |||||
| Interest Collections | $ | 5,667,898.29 | |||
| Principal: | |||||
| Principal Collections | $ | 30,749,063.89 | |||
| Prepayments in Full | $ | 12,899,232.96 | |||
| Liquidation Proceeds | $ | 202,807.66 | |||
| Recoveries | $ | 16,888.65 | |||
| Sub Total | $ | 43,867,993.16 | |||
| Collections | $ | 49,535,891.45 | |||
| Purchase Amounts: | |||||
| Purchase Amounts Related to Principal | $ | 91,061.31 | |||
| Purchase Amounts Related to Interest | $ | 193.62 | |||
| Sub Total | $ | 91,254.93 | |||
| Clean-up Call | $ | 0.00 | |||
| Reserve Account Draw Amount | $ | 0.00 | |||
| Available Funds - Total | $49,627,146.38 | ||||
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Ford Credit Auto Owner Trust 2024-C
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 6 | ||||
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 | $ | 49,627,146.38 | |||||||||||||||||||
| Servicing Fee | $ | 1,210,730.52 | $ | 1,210,730.52 | $ | 0.00 | $ | 0.00 | $ | 48,416,415.86 | |||||||||||||||||||
| Interest - Class A-1 Notes | $ | 356,627.94 | $ | 356,627.94 | $ | 0.00 | $ | 0.00 | $ | 48,059,787.92 | |||||||||||||||||||
| Interest - Class A-2a Notes | $ | 1,080,000.00 | $ | 1,080,000.00 | $ | 0.00 | $ | 0.00 | $ | 46,979,787.92 | |||||||||||||||||||
| Interest - Class A-2b Notes | $ | 870,725.10 | $ | 870,725.10 | $ | 0.00 | $ | 0.00 | $ | 46,109,062.82 | |||||||||||||||||||
| Interest - Class A-3 Notes | $ | 1,848,458.33 | $ | 1,848,458.33 | $ | 0.00 | $ | 0.00 | $ | 44,260,604.49 | |||||||||||||||||||
| Interest - Class A-4 Notes | $ | 274,000.00 | $ | 274,000.00 | $ | 0.00 | $ | 0.00 | $ | 43,986,604.49 | |||||||||||||||||||
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 43,986,604.49 | |||||||||||||||||||
| Interest - Class B Notes | $ | 173,690.00 | $ | 173,690.00 | $ | 0.00 | $ | 0.00 | $ | 43,812,914.49 | |||||||||||||||||||
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 43,812,914.49 | |||||||||||||||||||
| Interest - Class C Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 43,812,914.49 | |||||||||||||||||||
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 43,812,914.49 | |||||||||||||||||||
| Regular Principal Payment | $ | 96,607,867.18 | $ | 43,812,914.49 | $ | 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 | $ | 49,627,146.38 | |||||||||||||||||||||||||||
| Principal Payment: | |||||||||||||||||||||||||||||
| First Priority Principal Payment | $ | 0.00 | |||||||||||||||||||||||||||
| Second Priority Principal Payment | $ | 0.00 | |||||||||||||||||||||||||||
| Regular Principal Payment | $ | 43,812,914.49 | |||||||||||||||||||||||||||
| Total | $ | 43,812,914.49 | |||||||||||||||||||||||||||
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 | $ | 43,812,914.49 | $ | 132.77 | $ | 356,627.94 | $ | 1.08 | $ | 44,169,542.43 | $ | 133.85 | |||||||||||||||||||||||
| Class A-2a Notes | $ | 0.00 | $ | 0.00 | $ | 1,080,000.00 | $ | 3.60 | $ | 1,080,000.00 | $ | 3.60 | |||||||||||||||||||||||
| Class A-2b Notes | $ | 0.00 | $ | 0.00 | $ | 870,725.10 | $ | 3.55 | $ | 870,725.10 | $ | 3.55 | |||||||||||||||||||||||
| Class A-3 Notes | $ | 0.00 | $ | 0.00 | $ | 1,848,458.33 | $ | 3.39 | $ | 1,848,458.33 | $ | 3.39 | |||||||||||||||||||||||
| Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 274,000.00 | $ | 3.43 | $ | 274,000.00 | $ | 3.43 | |||||||||||||||||||||||
| Class B Notes | $ | 0.00 | $ | 0.00 | $ | 173,690.00 | $ | 3.67 | $ | 173,690.00 | $ | 3.67 | |||||||||||||||||||||||
| Class C Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
| Total | $ | 43,812,914.49 | $ | 27.75 | $ | 4,603,501.37 | $ | 2.92 | $ | 48,416,415.86 | $ | 30.67 | |||||||||||||||||||||||
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Ford Credit Auto Owner Trust 2024-C
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 6 | ||||
V. NOTE BALANCE AND POOL INFORMATION
| Beginning of Period | End of Period | ||||||||||||||||||||||
| Balance | Note Factor | Balance | Note Factor | ||||||||||||||||||||
| Class A-1 Notes | $ | 96,607,867.18 | 0.2927511 | $ | 52,794,952.69 | 0.1599847 | |||||||||||||||||
| Class A-2a Notes | $ | 300,000,000.00 | 1.0000000 | $ | 300,000,000.00 | 1.0000000 | |||||||||||||||||
| Class A-2b Notes | $ | 245,000,000.00 | 1.0000000 | $ | 245,000,000.00 | 1.0000000 | |||||||||||||||||
| Class A-3 Notes | $ | 545,000,000.00 | 1.0000000 | $ | 545,000,000.00 | 1.0000000 | |||||||||||||||||
| Class A-4 Notes | $ | 80,000,000.00 | 1.0000000 | $ | 80,000,000.00 | 1.0000000 | |||||||||||||||||
| Class B Notes | $ | 47,370,000.00 | 1.0000000 | $ | 47,370,000.00 | 1.0000000 | |||||||||||||||||
| Class C Notes | $ | 31,570,000.00 | 1.0000000 | $ | 31,570,000.00 | 1.0000000 | |||||||||||||||||
| Total | $ | 1,345,547,867.18 | 0.8521843 | $ | 1,301,734,952.69 | 0.8244360 | |||||||||||||||||
| Pool Information | |||||||||||
| Weighted Average APR | 4.760 | % | 4.767 | % | |||||||
| Weighted Average Remaining Term | 53.18 | 52.38 | |||||||||
| Number of Receivables Outstanding | 39,648 | 39,019 | |||||||||
| Pool Balance | $ | 1,452,876,626.54 | $ | 1,408,577,264.93 | |||||||
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 1,361,171,363.20 | $ | 1,320,281,586.94 | |||||||
| Pool Factor | 0.8603036 | 0.8340723 | |||||||||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,947,369.66 | |||
| Yield Supplement Overcollateralization Amount | $ | 88,295,677.99 | |||
| Targeted Overcollateralization Amount | $ | 119,874,635.29 | |||
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 106,842,312.24 | |||
VII. RECONCILIATION OF RESERVE ACCOUNT
| Beginning Reserve Account Balance | $ | 3,947,369.66 | |||
| Reserve Account Deposits Made | $ | 0.00 | |||
| Reserve Account Draw Amount | $ | 0.00 | |||
| Ending Reserve Account Balance | $ | 3,947,369.66 | |||
| Change in Reserve Account Balance | $ | 0.00 | |||
| Specified Reserve Balance | $ | 3,947,369.66 | |||
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Ford Credit Auto Owner Trust 2024-C
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 6 | ||||
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||||||||||||||
| Current Collection Period Loss: | |||||||||||||||||
| Realized Loss (Charge-Offs) | 65 | $ | 357,195.79 | ||||||||||||||
| (Recoveries) | 5 | $ | 16,888.65 | ||||||||||||||
| Net Loss for Current Collection Period | $ | 340,307.14 | |||||||||||||||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.2811 | % | |||||||||||||||
| Prior and Current Collection Periods Average Loss: | |||||||||||||||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||||||||||||||
| Third Prior Collection Period | 0.2581 | % | |||||||||||||||
| Second Prior Collection Period | 0.2101 | % | |||||||||||||||
| Prior Collection Period | 0.3564 | % | |||||||||||||||
| Current Collection Period | 0.2854 | % | |||||||||||||||
| Four Month Average (Current and Prior Three Collection Periods) | 0.2775 | % | |||||||||||||||
| Cumulative Loss: | |||||||||||||||||
| Cumulative Realized Loss (Charge-Offs) | 353 | $ | 1,441,813.17 | ||||||||||||||
| (Cumulative Recoveries) | $ | 27,318.48 | |||||||||||||||
| Cumulative Net Loss for All Collection Periods | $ | 1,414,494.69 | |||||||||||||||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.0838 | % | |||||||||||||||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 4,084.46 | |||||||||||||||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 4,007.07 | |||||||||||||||
| % of EOP Pool Balance | # of Receivables | Amount | |||||||||||||||
| Delinquent Receivables: | |||||||||||||||||
| 31-60 Days Delinquent | 0.62 | % | 185 | $ | 8,713,547.03 | ||||||||||||
| 61-90 Days Delinquent | 0.08 | % | 29 | $ | 1,153,270.87 | ||||||||||||
| 91-120 Days Delinquent | 0.03 | % | 9 | $ | 360,164.43 | ||||||||||||
| Over 120 Days Delinquent | 0.01 | % | 2 | $ | 78,731.19 | ||||||||||||
| Total Delinquent Receivables | 0.73 | % | 225 | $ | 10,305,713.52 | ||||||||||||
| Repossession Inventory: | |||||||||||||||||
| Repossessed in the Current Collection Period | 20 | $ | 1,026,457.19 | ||||||||||||||
| Total Repossessed Inventory | 27 | $ | 1,399,412.22 | ||||||||||||||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||||||||||||||
| Second Prior Collection Period | 0.0818 | % | |||||||||||||||
| Prior Collection Period | 0.1059 | % | |||||||||||||||
| Current Collection Period | 0.1025 | % | |||||||||||||||
| Three Month Average | 0.0967 | % | |||||||||||||||
| Delinquency Trigger (61+ Delinquent Receivables) | |||||||||||||||||
| Transaction Month | Trigger | ||||||||||||||||
| 1-12 | 0.80% | ||||||||||||||||
| 13-24 | 1.30% | ||||||||||||||||
| 25-36 | 2.40% | ||||||||||||||||
| 37+ | 4.75% | ||||||||||||||||
| 61+ Delinquent Receivables Balance to EOP Pool Balance | 0.1130 | % | |||||||||||||||
| Delinquency Trigger Occurred | No | ||||||||||||||||
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Ford Credit Auto Owner Trust 2024-C
Monthly Investor Report
| Collection Period | February 2025 | ||||
| Payment Date | 3/17/2025 | ||||
| Transaction Month | 6 | ||||
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount | ||||||||||||
| 1 Month Extended | 94 | $3,898,384.79 | ||||||||||||
| 2 Months Extended | 107 | $4,791,586.48 | ||||||||||||
| 3+ Months Extended | 11 | $558,717.93 | ||||||||||||
| Total Receivables Extended | 212 | $9,248,689.20 | ||||||||||||
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 2024-C published this content on March 21, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on March 21, 2025 at 13:38 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]