Ford Investor Conference Presentation Deck
U.S. RETAIL SECURITIZATION
Structure Overview
I
I
Class A notes ("AAA")
Class B notes (“AA”)
Class C notes ("A")
Reserve Account
Excess Spread
Initial Overcollateralization
% of Initial
Adjusted Pool
Balance
95.00%
3.00%
2.00%
0.25%
0.00%
Total Initial Class A
Hard Credit
Enhancement
5.25%
●
●
Senior/subordinate, sequential pay structure
Credit enhancement largely consistent over the life of the program:
Subordination of junior notes
Cash reserve
Excess spread (used to build target overcollateralization)
Overcollateralization (OC) builds to a target amount
Available funds pay the Class A1 notes in full ("turbo") and target
OC amount is reached before any funds are released to the residual
interest
Target OC is the sum of:
Yield supplemental overcollateralization (YSOC)
2.0% of initial adjusted pool balance
Excess of 1.5% of current pool balance over reserve account
Initial Class A Hard Credit Enhancement
-
5.25%
5.25% 5.30% 5.30% 5.25% 5.25% 5.25%
5.00% 5.00%
5.00%
5.00% 5.00% 5.00% 5.00%
0.25% 0.25% 0.30% 0.30% 0.25%
2023-B 2023-A 2022-D 2022-C 2022-B
Reserve
5.75%
5.00%
0.75%
6.00% 6.00%
Initial Overcollateralization
5.00% 5.00%
Ford
1.00% 1.00%
0.25% 0.25%
2022-A 2021-A 2020-C 2020-B 2020-A
5.25%
5.00%
0.25%
2019-C
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