Ford Investor Conference Presentation Deck
U.S. FLOORPLAN SECURITIZATION
Structure Overview
Class A notes ("AAA")
Class B notes (“AA”)
Class C notes ("A")
Class D notes ("BBB")
Available Subordinated
Amount
Reserve Account
Excess Spread
% of Pool
Balance
Allocated to
Series
76.00%
4.50%
4.00%
3.00%
12.50%
0.44%
Total Class A
Hard Credit
Enhancement
24.44%
Credit enhancement in the floorplan securitization program includes:
Subordination of junior notes
Available subordinated amount
●
●
Cash reserve (0.50% of notes)
Excess spread
Structure also provides for 1:1 incremental subordination to cover any ineligible
receivables and receivables in excess of the specified concentration limits.
- Ineligible receivables
- Dealer concentration (5% for AutoNation)
- Development Dealer concentration
- Used vehicle concentration
- Fleet concentration
- Medium/Heavy truck concentration
- Manufacturer concentration
(2% for lower-rated manufacturers)
2023-1
Concentration
Limits
N/A
2%
4%
20%
10%
5%
10%
Ford
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