Fri, Mar 21, 12:13 PM (37 days ago)
**Summary of Ford Credit Auto Owner Trust 2024-D 10-K** **Company Overview:** Ford Credit Auto Owner Trust 2024-D is a structured finance vehicle sponsored by Ford Motor Credit Company LLC. The trust issues asset-backed securities backed by auto receivables. **Financial Performance:** The 10-K does not provide specific financial figures for revenue, net income, or operating expenses, as it focuses on regulatory and structural details rather than operational financials. **Strategic Overview:** The trust's strategy revolves around the securitization of auto receivables, leveraging Ford Credit's platform and BNY Mellon's servicing capabilities. The trust aims to maintain compliance with servicing criteria and ensure the integrity of the asset-backed securities. **Future Outlook:** The trust's future outlook is tied to the performance of the underlying auto receivables and the effectiveness of the servicing arrangements. The trust's ability to manage servicing criteria and comply with regulatory requirements will be crucial for its success. **Risk Factors:** Key risk factors include compliance with servicing criteria, the performance of the underlying assets, and the effectiveness of the servicing arrangements. Material instances of noncompliance with servicing criteria have been identified but are related to other asset types. **Financial Condition:** The financial condition of the trust is dependent on the performance of the auto receivables and the servicing arrangements. The trust has provided compliance statements and attestation reports to ensure transparency and regulatory adherence. **Market Position:** The trust's market position is influenced by its ability to issue asset-backed securities and manage the underlying receivables effectively. The trust's compliance with servicing criteria and regulatory requirements will be critical for maintaining its market position. **Key Exhibits:** - Amended Certificate of Formation and LLC Agreement of Ford Credit Auto Receivables Two LLC. - Indenture and Trust Agreement. - Receivables Purchase Agreement and Sale and Servicing Agreement. - Administration Agreement and Account Control Agreement. - Asset Representations Review Agreement. - Certifications and Compliance Statements. **Conclusion:** Ford Credit Auto Owner Trust 2024-D focuses on the securitization of auto receivables, with a strong emphasis on compliance and regulatory adherence. The trust's success will depend on the performance of the underlying assets and the effectiveness of the servicing arrangements.