| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 352.8 | 21.2% | 5.25% | 0.28 | 4.27% | +14 I-curve | 2027-10-15 | A-1+ | P-1 |
| Class A-2-A | 386.6 | 23.2% | 5.25% | 1.05 | 4.72% | — | 2029-07-15 | AAA | Aaa |
| Class A-2-B | 145.0 | 8.7% | 5.25% | 1.05 | floating | +33 SOFR | 2029-07-15 | AAA | Aaa |
| Class A-3 | 531.6 | 32.0% | 5.25% | 2.34 | 5.08% | +37 I-curve | 2031-04-15 | AAA | Aaa |
| Class A-4 | 84.0 | 5.0% | 5.25% | 3.42 | 5.17% | +41 I-curve | 2033-04-15 | AAA | Aaa |
| Class B | 47.4 | 2.8% | 2.25% | 3.46 | 5.28% | +52 I-curve | 2033-04-15 | AA | Aa3 |
| Class Cretained | 31.6 | 1.9% | 0.25% | 3.46 | — | — | 2034-03-15 | NR | NR |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | Ford Motor Credit Company LLC |
|---|---|
| Servicer | Ford Motor Credit Company LLC |
| Depositor / Transferor | Ford Credit Auto Receivables Two LLC |
| Indenture Trustee | The Bank of New York Mellon |
| Owner Trustee | U.S. Bank Trust National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BNP Paribas Securities, Lloyds Securities, RBC Capital Markets, BofA Securities, Credit Agricole Securities, ING Financial Markets, U.S. Bancorp Investments, CastleOak Securities |
| FCAOT 2026-C | FCAOT 2026-B | FCAOT 2026-A | FCAOT 2025-C | FCAOT 2025-B | FCAOT 2025-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-09-28 | 2026-06-23 | 2026-03-24 | 2025-11-25 | 2025-09-26 | 2025-03-25 | 424B5 |
| Pool balance | $1,663.6MM | $1,655.3MM | $1,489.0MM | $1,096.6MM | $1,645.7MM | $1,668.4MM | 424B5 |
| WA Credit Score | 753+1 | 752 | 754 | 752 | 752 | 755 | 424B5 |
| WA APR | 5.13%+0.06pp | 5.07% | 4.84% | 5.15% | 5.21% | 4.80% | 424B5 |
| WA original term mo | 66.5+0.6 | 66.4 mo | 65.8 mo | 65.9 mo | 66.0 mo | 64.8 mo | 424B5 |
| % new vehicles | 92.9% | 92.6% | 93.8% | 93.7% | 93.5% | 94.3% | 424B5 |
| Geo top-3 | TX 17.7% FL 8.9% CA 8.6% | TX 17.3% CA 8.7% FL 8.5% | TX 16.5% FL 8.6% CA 8.5% | TX 16.6% CA 8.8% FL 8.4% | TX 16.5% CA 8.7% FL 8.2% | TX 15.6% CA 8.9% FL 8.8% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%0.00pp | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | calc |
| Enhancement, target | 7.25% | 7.25% | 7.25% | 7.25% | 7.25% | 7.25% | calc |
| Subordinate notes | 5.0%0.0pp | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | calc |
| OC (initial) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 424B5 |
| OC target | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 424B5 |
| OC floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 5.09% | 4.61% | 4.56% | 4.01% | 4.06% | 5.36% | 424B5 |
| Pricing | |||||||
| AAA spread | +37 bps+1bps A-3 · 2.3y | +36 bps A-3 · 2.4y | +42 bps A-3 · 2.4y | +35 bps A-3 · 2.3y | +35 bps A-3 · 2.3y | +48 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 7 | 7 | 7 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| FCAOT 2026-C | HART 2026-C | WOART 2026-C | BMWOT 2026-A | HAROT 2026-3 | TAOT 2026-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-09-28 | 2026-09-23 | 2026-08-26 | 2026-08-19 | 2026-08-12 | 2026-07-21 | 424B5 |
| Pool balance | $1,663.6MM | $2,306.5MM | $1,084.4MM | $1,895.5MM | $2,159.3MM | $2,023.1MM | 424B5 |
| WA Credit Score | 753−18 | 774 | 758 | 788 | 770 | 771 | 424B5 |
| WA APR | 5.13%−0.23pp | 4.49% | 5.74% | 5.36% | 4.94% | 5.36% | 424B5 |
| WA original term mo | 66.5+0.6 | 65.9 mo | 69.0 mo | 65.1 mo | 62.7 mo | 66.0 mo | 424B5 |
| % new vehicles | 92.9% | 99.9% | 98.5% | 70.5% | 86.1% | 87.5% | 424B5 |
| Geo top-3 | TX 17.7% FL 8.9% CA 8.6% | TX 13.0% FL 9.6% CA 8.6% | FL 46.2% GA 18.6% NC 15.4% | CA 15.9% TX 13.2% FL 10.9% | CA 16.1% TX 10.0% NY 5.8% | CA 24.2% TX 16.3% IL 3.9% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.25%+2.50pp | 7.55% | 4.75% | 2.75% | 2.75% | 2.75% | calc |
| Enhancement, target | 7.25% | 8.05% | 5.65% | 2.75% | — | 3.60% | calc |
| Subordinate notes | 5.0%+2.5pp | 4.8% | 4.5% | 0.0% | 0.0% | 2.5% | calc |
| OC (initial) | 0.00% | 2.50% | 0.00% | 2.50% | 2.50% | 0.00% | 424B5 |
| OC target | 2.00% | 3.00% | 0.90% | 2.50% | — | 0.85% | 424B5 |
| OC floor | 2.00% | 3.00% | 0.50% | 2.50% | — | 0.85% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 5.09% | 8.12% | 6.76% | 5.31% | n.a. | 6.08% | 424B5 |
| Pricing | |||||||
| AAA spread | +37 bps−1bps A-3 · 2.3y | +38 bps A-3 · 2.4y | +43 bps A-3 · 2.6y | +39 bps A-3 · 2.4y | +36 bps A-3 · 2.4y | +35 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 7 | 5 | 5 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (214 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
Ford Motor Credit Company LLC — ticker FCAOT.
Peer tier: prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.