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Initially, all the class A notes will benefit from total hard credit enhancement that represents 6.10% of the note balance, and the components give the notes a strong credit boost.
Ford Credit Floorplan pays a fixed rate to ABS investors, while the dealers' assets pay a rate pegged to the flexible prime rate, so there is the potential of eroding excess spread.
Credit performance in Ford's managed portfolio normalized recently, with June 2025, delinquencies reaching 1.38%. That was higher than 1.19% from a year prior, but lower than 1.62% at yearend 2019.
Slated to close later this week, the transaction can be upsized to $1.6 billion.
Series 2024-2 can be upsized to $1.5 billion from the base pool amount, but regardless of the increase, pricing guidance, total credit enhancements and legal final maturities are expected to remain the same.
