Ford Investor Conference Presentation Deck
FORDREV
Summary Of Changes & Enhancements
To better align the Ford REV concentration limits with
expected originations, the following concentration limits
have been adjusted for 2023-REV2:
-
Increase in the >72-month concentration limit to
20%/25%*
A newly-formed >75-month concentration limit of
15%/20%*
Contracts with original terms >75 months to borrowers
without a FICO® score (whether commercial or
consumer) are now ineligible and while 75-month used
contracts are now eligible, >75-month used contracts
remain ineligible. With these changes, the Ford REV pool
eligibility requirements remain best in class
Additionally, there is a slight reduction to class B hard
credit enhancement offset by an increase in per annum
excess spread to at least 3.85%** vs 3.55%** in 2023-
REV1
*
Class A, C and D hard credit enhancement remains
unchanged
The structure continues to support program ratings of
AAA/AA/A/BBB category ratings for classes A/B/C/D
For the floor credit enhancement and pool composition tests, respectively
** When the floor credit enhancement test is satisfied
Concentration Limits
WAV FICOⓇ® score obligors at origination
Orig. term >60m
Orig. term >72m
Orig. term >75m
Used vehicles
Used vehicles w/ orig. term >60m
New vehicles w/ orig. term >60m and obligors w/ no FICOⓇ
Consumer obligors with no FICO®
Commercial obligors with no FICOⓇ
Used vehicles with obligors with FICO® Score <625
Credit Enhancement
Hard CE:
Class A
Class B
Class C
Class D
Soft CE:
Minimum Excess Spread
Ratings (F/M/S)
Class A
Class B
Class C
Class D
2023-REV2
Floor CE Pool Comp
≥ 715
≤ 75%
≤ 20%
≤ 15%
≤ 15%
≤ 10%
≤ 6%
N/A
N/A
≤ 2.5%
3.85%
≥ 700
≤ 80%
≤ 25%
≤ 20%
≤ 20%
≤ 11%
≤7%
≤ 2%
≤ 27.5%
≤ 4.0%
9.50%
4.50%
2.00%
0.00%
4.55%
AAA/Aaa/-
AA/Aa1/-
A/A2/-
BBB/Baa3/-
2023-REV1
Floor CE Pool Comp
≥ 715
≤ 75%
≤ 10%
≤ 15%
≤ 10%
≤ 6%
N/A
N/A
≤ 2.5%
Ford
3.55%
≥ 700
≤ 80%
≤ 12%
--
≤ 20%
≤ 11%
≤7%
≤ 2%
≤ 27.5%
≤ 4.0%
9.50%
5.75%
2.00%
0.00%
4.25%
-/Aaa/AAA
-/Aa1/AA
-/A1/A
-/Baa3/BBB
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