Ford Investor Conference Presentation Deck
U.S LEASE SECURITIZATION
Structure Overview
Class A notes ("AAA")
Class B notes (“AA”)
Class C notes (“A”)
Class D notes ("BBB")
Overcollateralization
Reserve Account
Excess Spread
% of Initial Total
Securitization
Value
77.05%
5.35%
6.60%
4.00%
7.00%
0.25%
Total Initial Class A
Hard Credit
Enhancement
23.20%
Senior/subordinate, sequential pay structure
Credit enhancement in the lease securitization program includes:
Subordination of junior notes
-
Overcollateralization
Cash reserve
Excess spread (used to build target overcollateralization)
Target OC is 9.50% of Initial Total Securitization Value
-
-
7.00%
15.95%
Initial Class A Hard Credit Enhancement
7.00%
15.95%
13.50%
9.45%
13.50%
9.45%
0.25%
0.50%
0.25%
0.25%
2023-A 2022-A 2021-B 2021-A
Reserve Subordination
12.75%
9.45%
11.20%
8.70%
11.20%
8.70%
1.00%
0.25%
0.25%
2020-B 2020-A 2019-B
Initial Overcollateralization
11.20%
8.70%
0.25%
2019-A
Ford
37View entire presentation