Filed Pursuant to Rule 424(b)(2)

Registration Statement Nos. 333-225949 and 333-225949-03

$1,052,740,000

Ford Credit Auto Owner Trust 2019-B

Issuing Entity or Trust (CIK: 0001779201)

Ford Credit Auto Receivables Two LLC Depositor (CIK: 0001129987) Ford Motor Credit Company LLC Sponsor and Servicer (CIK: 0000038009)

Before you purchase any notes, be sure you understand the structure and the risks.  You should read carefully the risk factors beginning on page 17 of this prospectus.

The notes will be obligations of the issuing entity only and will not be obligations of or interests in the sponsor, the depositor or any of their affiliates.

The trust will issue:				Final Scheduled
	Principal Amount		Interest Rate	Payment Date
Class A-1 notes	$	203,000,000	2.38663%	July 15, 2020
Class A-2a notes	220,000,000		2.35%	February 15, 2022
Class A-2b notes(1)(2)	126,020,000		one-month LIBOR + 0.24%	February 15, 2022
Class A-3 notes	346,060,000		2.23%	October 15, 2023
Class A-4 notes	105,020,000		2.24%	October 15, 2024
Class B notes	31,580,000		2.40%	November 15, 2024
Class C notes	21,060,000		2.58%	December 15, 2025
Total	$	1,052,740,000

(1)The Class A-2b notes will accrue interest at a floating rate based on a benchmark, which will initially be one-month LIBOR.  However, the benchmark may change in certain situations.  For more information on how one-month LIBOR is determined and the circumstances under which the benchmark may change, you should read “Description of the Notes — Payments of Interest  — Floating Rate Benchmark; Benchmark Transition Event.”

(2)If the benchmark plus the spread for the Class A-2b notes is less than zero, the interest rate will be 0.00%.

·The notes will be backed by a pool of car, light truck and utility vehicle receivables purchased by Ford Credit from dealers.

·The trust will pay interest on and principal of the notes on the 15th day of each month (or if not a business day, the next business day).  The first payment date will be July 15, 2019.  The trust will pay each class of notes in full on its final scheduled payment date (or, if not a business day, the next business day) if not paid in full before that date.

·The trust will pay principal of the notes sequentially to each class of notes in order of seniority until each class is paid in full.

·The credit enhancement for the notes will be a reserve account, subordination, overcollateralization and excess spread.

The pricing terms of the offered notes are:

	Price to Public	Underwriting Discount	Proceeds to the Depositor(1)
Class A-1 notes	100.00000%	0.050%	99.95000%
Class A-2a notes	99.99686%	0.170%	99.82686%
Class A-2b notes	100.00000%	0.170%	99.83000%
Class A-3 notes	99.98038%	0.220%	99.76038%
Class A-4 notes	99.98917%	0.270%	99.71917%
Class B notes	99.97108%	0.300%	99.67108%
Class C notes	99.97722%	0.330%	99.64722%
Total	$1,052,639,890.96	$1,898,858.00	$1,050,741,032.96

(1)Before deducting expenses estimated to be $800,000 and any selling concessions rebated to the depositor by an underwriter due to sales to affiliates.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this prospectus is accurate or complete.  Any representation to the contrary is a criminal offense.

Barclays	Credit Suisse	RBC Capital Markets
Deutsche Bank Securities		Morgan Stanley
Bradesco BBI		COMMERZBANK

The date of this prospectus is June 18, 2019

TABLE OF CONTENTS

Reading this Prospectus	3
Forward-Looking Statements	3
Notice to United Kingdom Residents	3
Notice to European Economic Area Residents	4
Transaction Structure Diagram	5
Transaction Credit Enhancement Diagram	6
Transaction Payments Diagram	7
Transaction Parties and Documents Diagram	8
Summary	9
Risk Factors	17
Sponsor and Servicer	31
General	31
Ratings of Sponsor and Servicer	32
Securitization Experience	32
Securitization Program for Retail Installment Sale Contracts	33
Origination, Underwriting and Purchasing	33
Origination Characteristics	39
Material Changes to Origination, Underwriting and Purchasing Policies and Procedures	41
Servicing Experience	42
Servicing and Collections	42
Delinquency, Repossession and Credit Loss Information	46
Material Changes to Servicing Policies and Procedures	49
Demands to Repurchase Receivables – Prior Securitized Pools	50
Static Pool Information – Prior Securitized Pools	50
Receivables	50
Trust Assets	51
Selection of Receivables	51
Simple Interest Receivables	52
Composition of Receivables	53
Initial Asset-Level Data	59
Depositor Review of Receivables	59
Representations About Receivables	60
Obligation to Repurchase Receivables	61
Asset Representations Review	61
Dispute Resolution for Repurchase Requests	64
Description of the Notes	65
Funds Available for Payments	65
Payments of Interest	66
Payments of Principal	69
Priority of Payments	70
Post-Acceleration Priority of Payments	73
Events of Default and Acceleration	73
Optional Redemption or “Clean Up Call” Option	76
Satisfaction and Discharge of Indenture	76
Amendments to Indenture	76
Noteholder Communication	77
Book-Entry Registration	78
Computing Outstanding Principal Amount	79
Notes Held by Transaction Parties	79
Credit Enhancement	79
Reserve Account	79

Subordination	80
Overcollateralization	80
Excess Spread	83
Maturity and Prepayment Considerations	83
General	83
Weighted Average Life	84
Credit Risk Retention	90
Servicing	93
Servicing Obligations	93
Servicing Fees	93
Servicer Modifications and Obligation to Purchase Receivables	94
Trust Bank Accounts	94
Deposit of Collections	95
Custodial Obligations of Ford Credit	95
Limitations on Liability	95
Amendments to Sale and Servicing Agreement	95
Resignation and Termination of Servicer	96
Monthly Reports	97
Annual Compliance Reports	99
Transaction Parties	99
Depositor	99
Issuing Entity	100
Administrator	102
Owner Trustee	102
Indenture Trustee	104
Asset Representations Reviewer	105
Affiliations and Related Transactions	107
Transaction Fees and Expenses	107
Use of Proceeds	108
Legal Proceedings	108
Important Legal Considerations	108
Bankruptcy Considerations	108
The Dodd-Frank Act	110
Security Interests in Receivables and Vehicles	111
Receivables Contracts and Vehicles	113
Investment Considerations	114
Tax Considerations	115
General	115
Tax Characterization of Trust	116
Tax Characterization and Treatment of Notes	116
State and Local Tax	118
ERISA Considerations	118
General Investment Considerations	118
Prohibited Transactions	119
Benefit Plans Not Subject to ERISA or Internal Revenue Code	120
Underwriting	121
United Kingdom	123
European Economic Area	123
European Union Capital Requirements	123
Legal Opinions	123
Where You Can Find More Information	124
Incorporation of Documents by Reference	124
Index of Defined Terms	125
Annex A: Static Pool Information — Prior Securitized Pools	A-1

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READING THIS PROSPECTUS

This prospectus contains information about Ford Credit Auto Owner Trust 2019-B and the terms of the notes to be issued by the trust.  You should only rely on information in or referenced in this prospectus and any information incorporated by reference into the registration statement for this securitization transaction filed with the Securities and Exchange Commission, or “SEC,” that includes this prospectus.  Ford Credit has not authorized anyone to provide you with different information.

This prospectus starts with the following brief introductory sections:

·Transaction Diagrams — separate diagrams show the structure of this securitization transaction, the credit enhancement available for the notes, the order in which available funds are paid on each payment date and the role of each transaction party and transaction document in this securitization transaction,

·Summary — provides an overview of the notes, the cash flows in this securitization transaction and the credit enhancement available for the notes, and

·Risk Factors — describes the most significant risks of investing in the notes.

The other sections of this prospectus contain more details about the notes and the structure of this securitization transaction.  Cross-references refer you to more details about a particular topic or related information elsewhere in this prospectus.  The Table of Contents contains references to key topics.

An index of defined terms is at the end of this prospectus.

FORWARD-LOOKING STATEMENTS

Any projections, expectations and estimates in this prospectus are not historical in nature but are forward-looking statements based on information and assumptions Ford Credit and the depositor consider reasonable.  Forward-looking statements are about circumstances and events that have not yet taken place, so they are uncertain and may vary materially from actual events.  Neither Ford Credit nor the depositor is obligated to update or revise any forward-looking statements, including changes in economic conditions, portfolio or asset pool performance or other circumstances or developments, after the date of this prospectus.

NOTICE TO UNITED KINGDOM RESIDENTS

THIS PROSPECTUS IS DIRECTED IN THE UNITED KINGDOM ONLY AT PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND WHO QUALIFY AS INVESTMENT PROFESSIONALS UNDER ARTICLE 19(5) OF THE UNITED KINGDOM FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE “FSMA”), OR (II) ARE HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, PARTNERSHIPS OR TRUSTEES UNDER ARTICLE 49(2) OF THE FSMA (TOGETHER, “RELEVANT PERSONS”).  THIS PROSPECTUS MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS AND ONLY RELEVANT PERSONS MAY INVEST IN THE NOTES.  ANY INVESTMENT ACTIVITY RELATING TO THIS PROSPECTUS OR THE NOTES WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.

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NOTICE TO EUROPEAN ECONOMIC AREA RESIDENTS

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSE OF THE PROSPECTUS DIRECTIVE (AS DEFINED BELOW).  THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFERS OF THE NOTES IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (“EEA”), WHICH HAS IMPLEMENTED THE PROSPECTUS DIRECTIVE (EACH, A “RELEVANT MEMBER STATE”) WILL ONLY BE MADE TO A PERSON OR LEGAL ENTITY THAT IS A QUALIFIED INVESTOR UNDER THE PROSPECTUS DIRECTIVE (“QUALIFIED INVESTOR”).  ACCORDINGLY, ANY PERSON OFFERING OR INTENDING TO OFFER IN A RELEVANT MEMBER STATE THE NOTES DESCRIBED IN THIS PROSPECTUS MAY ONLY DO SO WITH RESPECT TO QUALIFIED INVESTORS.  NONE OF THE TRUST, THE DEPOSITOR NOR ANY UNDERWRITER HAS AUTHORIZED, NOR DO THEY AUTHORIZE, THE OFFERING OF THE NOTES OTHER THAN TO ONE OR MORE QUALIFIED INVESTORS.  “PROSPECTUS DIRECTIVE” MEANS DIRECTIVE 2003/71/EC (AS AMENDED OR SUPERSEDED), AND INCLUDES ANY IMPLEMENTING MEASURE IN THE RELEVANT MEMBER STATE.

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA. FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU (AS AMENDED, “MIFID II”); (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2016/97/EC (AS AMENDED, KNOWN AS THE “INSURANCE DISTRIBUTION DIRECTIVE”) WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN THE PROSPECTUS DIRECTIVE.

CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 (AS AMENDED, THE “PRIIPS REGULATION”) FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

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TRANSACTION STRUCTURE DIAGRAM

This diagram is a simplified overview of the structure of this securitization transaction and the credit enhancement available for the notes.  You should read this prospectus completely for more details about this securitization transaction.

(1)The reserve account will be funded on the closing date at 0.25% of the initial adjusted pool balance.

(2)Overcollateralization is the amount by which the pool balance or the adjusted pool balance exceeds the principal amount of the notes.  The “adjusted pool balance” is the pool balance reduced by the yield supplement overcollateralization amount.  Initially, the overcollateralization for the notes will be approximately zero on an adjusted pool balance basis.

(3)All available funds remaining after payments of the senior fees and expenses of the trust, the interest on the notes, any required priority principal payment and any required deposits in the reserve account, including the portion of the remaining available funds that is excess spread, will be used, first, to pay principal of the Class A-1 notes until paid in full and, then, to pay principal of the remaining notes until the targeted overcollateralization amount is reached.

(4)The targeted overcollateralization amount will adjust each month and is calculated as described in “Credit Enhancement — Overcollateralization.”

(5)The yield supplement overcollateralization amount is part of the targeted overcollateralization amount and is calculated as described in “Credit Enhancement — Overcollateralization.”

(6)Excess spread is available, as a portion of available funds, to make required principal payments on the notes and, as a result, provides a source of funds to offset losses on the receivables and to increase overcollateralization until the targeted overcollateralization amount is reached.

(7)All notes other than the Class C notes benefit from subordination of more junior classes to more senior classes.  The order of the subordination varies depending on whether interest or principal is being paid and whether an event of default that results in acceleration has occurred.  For more details about subordination, you should read “Description of the Notes — Priority of Payments,” “Description of the Notes — Post-Acceleration Priority of Payments” and “Credit Enhancement — Subordination.”

(8)The residual interest will be held initially by the depositor and represents the right to all funds not needed to make required payments on the notes, pay fees and expenses of the trust or make deposits in the reserve account.

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TRANSACTION CREDIT ENHANCEMENT DIAGRAM

This diagram is a simplified overview of the credit enhancement available for the notes on the closing date and how credit enhancement is used to offset losses on the receivables.  You should read this prospectus completely, including “Credit Enhancement,” for more details about the credit enhancement available for the notes.

(1)All notes other than the Class C notes benefit from subordination of more junior classes to more senior classes.  The order of the subordination varies depending on whether interest or principal is being paid and whether an event of default that results in acceleration occurred.  For more details about subordination, you should read “Description of the Notes — Priority of Payments,” “Description of the Notes — Post-Acceleration Priority of Payments” and “Credit Enhancement — Subordination.”

(2)On the closing date, the reserve account will be funded at 0.25% of the initial adjusted pool balance.

(3)Excess spread is available as a portion of available funds to make required principal payments on the notes and, as a result, provides a source of funds to offset losses on the receivables and to increase overcollateralization until the targeted overcollateralization amount is reached.

(4)Overcollateralization is the amount by which the pool balance or the adjusted pool balance exceeds the principal amount of the notes.  Initially, overcollateralization for the notes will be approximately zero on an adjusted pool balance basis.

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TRANSACTION PAYMENTS DIAGRAM

This diagram shows how available funds are paid on each payment date.  The priority of payments shown in this diagram will apply unless the notes are accelerated after an event of default under the Indenture.  You should read this prospectus completely, including “Description of the Notes — Priority of Payments” and “Description of the Notes — Post-Acceleration Priority of Payments,” for more details about the priority of payments for the notes.

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TRANSACTION PARTIES AND DOCUMENTS DIAGRAM

This diagram shows the role of each transaction party and each transaction document in this securitization transaction.  You should read this prospectus completely, including “Transaction Parties,” “Receivables,” “Description of the Notes” and “Servicing,” for more details about the roles of each transaction party and each transaction document in this securitization transaction.

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SUMMARY

This summary describes the main terms of the issuance of and payments on the notes, the assets of the trust, the cash flows in this securitization transaction and the credit enhancement available for the notes.  It does not contain all of the information that you should consider in making your decision to purchase any notes.  To understand fully the terms of the notes and the transaction structure, you should read this prospectus completely, especially “Risk Factors” starting on page 17.

Transaction Overview

The depositor will use the proceeds from the sale of the notes to purchase from Ford Credit a pool of retail installment sale contracts, or receivables, which were purchased by Ford Credit from motor vehicle dealers.  The trust will issue the notes to the depositor in exchange for the receivables on the closing date.  The depositor will sell the offered notes to the underwriters who will offer them to investors.

Transaction Parties

Sponsor, Servicer and Administrator of the Trust

Ford Motor Credit Company LLC, or “Ford Credit,” is a Delaware limited liability company and a wholly-owned subsidiary of Ford Motor Company, or “Ford.”

Depositor

Ford Credit Auto Receivables Two LLC, or the “depositor,” is a Delaware limited liability company and a special-purpose company wholly owned by Ford Credit.

Issuing Entity or Trust

Ford Credit Auto Owner Trust 2019-B, or the “trust,” is a Delaware statutory trust established under a trust agreement between the depositor and the owner trustee.

Owner Trustee

U.S. Bank Trust National Association

Indenture Trustee

The Bank of New York Mellon

Asset Representations Reviewer

Clayton Fixed Income Services LLC

For more information about the transaction parties and their roles in this securitization transaction, you should read “Sponsor and Servicer” and “Transaction Parties.”

Closing Date

The trust expects to issue the notes on or about June 21, 2019, or the “closing date.”

Cutoff Date

The trust will purchase the receivables as of June 1, 2019, or the “cutoff date.”  The initial pool balance of the receivables will be the aggregate principal balance of the receivables as of the cutoff date.  The trust will be entitled to collections on the receivables applied on or after the cutoff date.

Notes

The trust will issue the following notes:

	Principal Amount	Interest Rate
Class A-1 notes	$203,000,000	2.38663%
Class A-2a notes	$220,000,000	2.35%
Class A-2b notes(1)(2)	$126,020,000	one-month LIBOR + 0.24%
Class A-3 notes	$346,060,000	2.23%
Class A-4 notes	$105,020,000	2.24%
Class B notes	$  31,580,000	2.40%
Class C notes	$  21,060,000	2.58%

__________

(1)The Class A-2b notes will accrue interest at a floating rate based on a benchmark, which will initially be one-month LIBOR.  However, the benchmark may change in certain situations.  For more information on how one-month LIBOR is determined and the circumstances under which the benchmark may change, you should read “Description of the Notes — Payments of Interest  — Floating Rate Benchmark; Benchmark Transition Event.”

(2)If the benchmark plus the spread for the Class A-2b notes is less than zero, the interest rate will be 0.00%.

The Class A-1, Class A-2a, Class A-2b, Class A-3 and Class A-4 notes are collectively referred to as the “Class A notes.”  The Class A-1, Class A-2a, Class A-2b, Class A-3, Class A-4, Class B and Class C notes are being offered by this prospectus

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and are collectively referred to as the “offered notes” or the “notes.”

The Class A-2b notes are sometimes referred to as the “floating rate notes.”  The Class A-2a and Class A-2b notes are together referred to as the “Class A-2 notes” and are a single class with equal rights to interest and principal payments.

The depositor will initially retain the residual interest in the trust.

Form and Minimum Denomination

The notes will be issued in book-entry form. The offered notes will be available in minimum denominations of $1,000 and in multiples of $1,000.

Payment Dates; Interest Accrual

The trust will pay interest on and principal of the notes on “payment dates,” which will be the 15th day of each month (or, if not a business day, the next business day).  The first payment date will be  July 15, 2019.

The notes, except the Class A-1 notes and the floating rate notes, will accrue interest on a “30/360” basis from the 15th day of the prior month to the 15th day of the current month (or from the closing date to July 15, 2019, for the first period).

The Class A-1 notes and the floating rate notes will accrue interest on an “actual/360” basis from the prior payment date (or from the closing date, for the first period) to the following payment date.

The final scheduled payment date for each class of notes is listed below.

	Final Scheduled Payment Date
Class A-1 notes	July 15, 2020
Class A-2a notes	February 15, 2022
Class A-2b notes	February 15, 2022
Class A-3 notes	October 15, 2023
Class A-4 notes	October 15, 2024
Class B notes	November 15, 2024
Class C notes	December 15, 2025

It is expected that each class of notes will be paid in full earlier than its final scheduled payment date.

For more details about the payment of interest and principal on each payment date, you should read “Description of the Notes — Payments of Interest,” “Description of the Notes — Payments of Principal” and “Maturity and Prepayment Considerations — Weighted Average Life.”

Calculation Agent

The “calculation agent” will be the indenture trustee.  The calculation agent will determine LIBOR, which is used to calculate the interest rate for the floating rate notes.

Optional Redemption or “Clean Up Call” Option

The servicer will have a “clean up call” option to purchase all of the receivables on any payment date if the pool balance at the end of the prior month is 10% or less of the initial pool balance.  The servicer may exercise its clean up call only if the purchase price for the receivables is sufficient to pay in full the notes and all fees and expenses of the trust.  On the servicer’s exercise of its clean up call, the notes will be redeemed and paid in full.

For more information about optional redemption, you should read “Description of the Notes — Optional Redemption or “Clean Up Call” Option.”

Trust Assets

The trust assets will include:

·     the receivables and collections on the receivables applied on or after the cutoff date,

·     security interests in the financed vehicles,

·     proceeds from claims on insurance policies covering the financed vehicles or the obligors,

·     rights to funds in the reserve account and the collection account, and

·     rights under the transaction documents for the repurchase and purchase of receivables.

Receivables

The “receivables” that will be sold to the trust are retail installment sale contracts secured by new and used cars, light trucks and utility vehicles, or the “financed vehicles,” purchased by Ford Credit

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from motor vehicle dealers.  The purchasers of the financed vehicles who are responsible for paying the receivables are the “obligors.”  As of the cutoff date, the aggregate principal balance of the receivables is $1,142,066,659.36, or the “initial pool balance.”

Summary characteristics of the receivables as of the cutoff date:

Number of receivables	40,029
Average principal balance	$28,530.98
Average original amount financed	$35,622.07
Weighted average APR	3.35%
Weighted average original term	65.2 months
Original term greater than 60 months	57.28%
Weighted average remaining term	56.6 months
Remaining term greater than 60 months	43.20%
Weighted average FICO® score	736
Weighted average LTV	98.99%
Weighted average PTI	8.72%
Subvened-APR receivables	69.28%
Commercial use receivables	21.42%
New vehicle	89.26%
Car	12.56%
Light truck	50.37%
Utility	37.07%

For more details about the information in this table, including how it is calculated and defined, and for more information about the characteristics of the receivables, you should read “Receivables — Composition of Receivables.”

Servicer

Ford Credit will be the “servicer” of the receivables and this securitization transaction.  The servicer is responsible for collecting payments on the receivables, administering payoffs, defaults and delinquencies, and repossessing and liquidating financed vehicles.  The servicer will prepare monthly reports on the receivables, payments on the notes and the status of credit enhancement.  Ford Credit will also act as custodian and maintain custody of the receivable files.

The trust will pay the servicer a servicing fee on each payment date equal to 1/12 of 1% of the pool balance at the beginning of the prior month.

For more information about the servicer, you should read “Sponsor and Servicer.”

Priority of Payments

On each payment date, the indenture trustee will use available funds for the prior month to make payments in the order of priority listed below.  Available funds will consist primarily of collections on the receivables.  This priority will apply unless the notes are accelerated after an event of default under the indenture:

(1)Transaction Fees and Expenses — to the indenture trustee, the owner trustee and the asset representations reviewer, the fees, expenses and indemnities due, and to or at the direction of the trust, any expenses of the trust, up to a maximum amount of $375,000 per year,

(2)Servicing Fee — to the servicer, all unpaid servicing fees,

(3)Class A Note Interest — to the Class A noteholders, interest due on the Class A notes, pro rata based on the principal amount of the Class A notes,

(4)First Priority Principal Payment — to the Class A noteholders, sequentially by class, the amount equal to the excess, if any, of (a) the principal amount of the Class A notes, over (b) the adjusted pool balance,

(5)Class B Note Interest — to the Class B noteholders, interest due on the Class B notes,

(6)Second Priority Principal Payment — to the Class A and Class B noteholders, sequentially by class, the amount equal to the excess, if any, of (a) the principal amount of the Class A and Class B notes, over (b) the adjusted pool balance, which amount will be reduced by any first priority principal payment on that payment date,

(7)Class C Note Interest — to the Class C noteholders, interest due on the Class C notes,

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(8)Reserve Account — to the reserve account, the amount, if any, required to replenish the reserve account to its original balance, unless the payment date is on or after the final scheduled payment date for the Class C notes,

(9)Regular Principal Payment — to the noteholders, sequentially by class, the amount equal to the greater of (a) the principal amount of the Class A-1 notes and (b) the excess of the principal amount of the notes over an amount equal to the pool balance minus the targeted overcollateralization amount, which amount will be reduced by any first and second priority principal payments on that payment date,

(10)Additional Fees and Expenses — to the indenture trustee, the owner trustee, the asset representations reviewer and the trust, all fees, expenses and indemnities due to the extent not paid in item (1) above, and

(11)Residual Interest — to the holder of the residual interest in the trust, all remaining available funds.

The trust will not pay principal of any class of notes until the principal amount of more senior classes of notes are paid in full.

For more details about available funds, you should read “Description of the Notes — Funds Available for Payments.”  For more details about the priority of payments on each payment date, you should read “Description of the Notes — Priority of Payments.”  For more details about targeted overcollateralization amount and how it is used to determine the principal payable on the notes, you should read “Credit Enhancement — Overcollateralization.”

Events of Default

Each of the following will be an “event of default” under the indenture:

·     the trust fails to pay interest due on the notes of the controlling class within five days after a payment date,

·     the trust fails to pay the principal amount of any class of notes in full by its final scheduled payment date,

·     the trust fails to observe or perform a material covenant or agreement or breaches a representation in any material respect that is not corrected within a 60-day cure period, and

·     a bankruptcy or dissolution of the trust.

If an event of default occurs, other than because of a bankruptcy or dissolution of the trust, the indenture trustee or a majority of the controlling class may accelerate the notes and declare them immediately due and payable.  If an event of default occurs because of bankruptcy or dissolution of the trust, the notes will be accelerated automatically.

For more details about events of default, acceleration of the notes and other remedies available to noteholders after an event of default, you should read “Description of the Notes — Events of Default and Acceleration.”  For more details about the priority of payments on each payment date after an event of default and acceleration of the notes, you should read “Description of the Notes — Post-Acceleration Priority of Payments.”

Controlling Class

Holders of the most senior class of notes outstanding, or the “controlling class,” will control the ability to make some decisions about the trust, including whether to declare or waive events of default and servicer termination events, or accelerate the notes, cause a sale of the receivables or direct the indenture trustee to exercise other remedies after an event of default.  Notes of the controlling class held by the trust, the depositor, the servicer or their affiliates are not considered outstanding for these purposes while other notes are also outstanding.  Holders of notes that are not part of the controlling class will not have these rights.

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Credit Enhancement

Credit enhancement provides protection for the notes against losses on the receivables and potential shortfalls in the funds available to the trust to make required payments.  If the credit enhancement is not sufficient to cover all amounts payable on the notes, notes having a later final scheduled payment date will bear a greater risk of loss than notes having an earlier final scheduled payment date.

The following credit enhancement will be available to the trust.

Reserve Account

On the closing date, the depositor will deposit $2,631,928.54 in the reserve account, which is 0.25% of the initial adjusted pool balance.

If available funds (excluding reserve account amounts) are insufficient to cover the senior fees and expenses of the trust, including interest payments and any priority principal payments on the notes, the indenture trustee will use amounts in the reserve account to cover the shortfall.  The indenture trustee also will use the amounts in the reserve account if needed to pay any class of notes in full on its final scheduled payment date or to pay the notes after an event of default and acceleration of the notes.

If amounts in the reserve account are used, they will be replenished from collections on the receivables on later payment dates after the trust makes all higher priority payments.

For more details about the reserve account, you should read “Credit Enhancement — Reserve Account.”  For more details about available funds, you should read “Description of the Notes — Funds Available for Payments.”

Subordination

The trust will pay interest to all classes of the Class A notes and then will pay interest sequentially to the remaining classes of notes in order of seniority.  The trust will not pay interest on a subordinate class of notes until all interest due on more senior classes of notes is paid in full.

The trust will pay principal sequentially to each class of notes in order of seniority (starting with the Class A-1 notes).  The trust will not pay the principal of any class of notes until the principal amount of more senior classes of notes are paid in full.

In addition, if a priority principal payment is required on a payment date, the trust will pay the priority principal payment of the most senior class of notes outstanding before the payment of interest on the affected subordinated notes on that payment date.

For more details about the priority of payments, including changes to the priority after an event of default and acceleration of the notes, you should read “Description of the Notes — Priority of Payments,” “Description of the Notes — Post-Acceleration Priority of Payments” and “Credit Enhancement — Subordination.”

Overcollateralization

Overcollateralization is the amount by which the pool balance exceeds the principal amount of the notes.  Overcollateralization means there will be additional receivables generating collections that will be available to offset losses on the receivables and supplement interest collections due to low-APR receivables in the pool.  The initial amount of overcollateralization for the notes will be $89,326,659.36, or 7.82% of the initial pool balance.

Overcollateralization may also be expressed as a percentage of the “adjusted pool balance,” which is the pool balance less the yield supplement overcollateralization amount.  The adjusted pool balance as of the closing date will be approximately equal to the aggregate initial principal amount of the notes.  This means that, on an adjusted pool balance basis, the overcollateralization for the notes will be approximately zero on the closing date.

This securitization transaction is structured to use all available funds remaining after payments of the senior fees and expenses of the trust, the interest on the notes, any required priority principal payments and any required deposits in the reserve account, including the portion of the remaining available funds that is excess spread, to pay principal of the Class A-1 notes until paid in full and, then, to pay principal of the remaining notes until the targeted overcollateralization amount is

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reached.  After reaching the targeted overcollateralization amount, the regular principal payment will be used to maintain the overcollateralization at the targeted level.  The targeted overcollateralization amount will adjust each month and generally will equal the sum of (a) the yield supplement overcollateralization amount for that month, plus (b) 2.00% of the initial adjusted pool balance, plus (c) the excess, if any, of 1.50% of the current pool balance over 0.25% of the initial adjusted pool balance (the amount required to be in the reserve account).  When the pool balance has decreased to the point where 1.50% of the current pool balance is equal to or less than 0.25% of the initial adjusted pool balance, the targeted overcollateralization amount for each payment date will be the yield supplement overcollateralization amount for that payment date plus 2.00% of the initial adjusted pool balance.

For more details about the targeted overcollateralization amount, you should read “Credit Enhancement — Overcollateralization.”

Yield Supplement Overcollateralization Amount

A substantial number of the receivables have an annual percentage rate or “APR” less than the highest interest rate paid on the notes.  To compensate for the low APRs on these receivables, the notes are structured with a type of overcollateralization known as yield supplement overcollateralization.  The “yield supplement overcollateralization amount” for each payment date approximates the present value of the amount by which future payments on receivables with APRs below a stated rate of 6.50% are less than future payments would be on those receivables if their APRs were equal to the stated rate.  The yield supplement overcollateralization amount is included in the targeted overcollateralization amount for each payment date, which has the effect of recharacterizing a portion of the principal collections on the pool of receivables as interest to increase excess spread.

For more details about the calculation of the yield supplement overcollateralization amount and its effect on principal payments, you should read “Credit Enhancement — Overcollateralization.”

Excess Spread

For a payment date, excess spread is equal to the excess of (a) the sum of interest collections and principal collections equal to the decline in the

yield supplement overcollateralization amount from the prior payment date (or the closing date for the first payment date), over (b) the sum of senior fees and expenses of the trust, interest on the notes and any required deposits in the reserve account.  Any excess spread will be applied on each payment date, as part of available funds, to pay principal of the Class A-1 notes until paid in full and then to pay principal of the most senior class of notes to the extent necessary to reach the targeted overcollateralization amount.  In general, excess spread provides a source of funds to offset losses on the receivables.

For more details about the use of excess spread as credit enhancement, you should read “Credit Enhancement — Excess Spread.”

Repurchases and Purchases of Receivables

Repurchase of Receivables for Breach of Representations

Ford Credit will make representations about the origination, characteristics, terms and status of each receivable.  If a representation is later determined to be untrue, then the receivable was not eligible to be sold to the depositor or the trust.  If a breach of a representation has a material adverse effect on a receivable, Ford Credit must repurchase the receivable unless it corrects the breach before the date it is required to repurchase the receivable.

For more details about the representations made about the receivables and Ford Credit’s repurchase obligation if these representations are breached, you should read “Receivables — Representations About Receivables” and “Receivables — Obligation to Repurchase Receivables.”  For information about when the asset representations reviewer may review receivables for compliance with the representations, you should read “Receivables — Asset Representations Review.”

Purchase of Receivables for Servicer Actions

If Ford Credit as servicer materially impairs a receivable, it must purchase the receivable unless it corrects the impairment.  In addition, Ford Credit as servicer must purchase a receivable from the trust if it makes specific kinds of modifications to the receivable, including if it:

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·     modifies the amount financed or the APR of the receivable,

·     rewrites or reschedules the receivable to change the number of originally scheduled payment due dates or the payment amount, or

·     grants payment extensions resulting in the final payment date of the receivable being later than the final scheduled payment date of the Class C notes.

For more details about the servicer’s obligation to purchase receivables, you should read “Servicing — Servicer Modifications and Obligation to Purchase Receivables.”

Ratings

The depositor expects that the offered notes will receive credit ratings from two nationally recognized statistical rating organizations, or “rating agencies.”

The ratings of the notes will reflect the likelihood of the timely payment of interest on, and the ultimate payment of principal of, the notes according to their terms.  Each rating agency rating the notes will monitor its ratings under its normal surveillance process.  Ford Credit has agreed to provide ongoing information about the notes and the receivables to each rating agency.  A rating agency may change or withdraw an assigned rating at any time.  A rating action taken by one rating agency may not necessarily be taken by another rating agency.  No transaction party will be responsible for monitoring any changes to the ratings on the notes.

Tax Status

If you purchase a note, you agree by your purchase that you will treat your note as debt for U.S. federal, state and local income and franchise tax purposes.

Katten Muchin Rosenman LLP will deliver its opinion that, for U.S. federal income tax purposes:

·     the offered notes will be treated as debt to the extent they are treated as beneficially owned by a person other than the sponsor or its affiliates for such purposes, and

·     the trust will not be classified as an association or publicly traded partnership taxable as a corporation.

For more information about the application of tax laws, you should read “Tax Considerations.”

ERISA Considerations

The offered notes generally will be eligible for purchase by employee benefit plans.

For more information about the treatment of the notes under ERISA, you should read “ERISA Considerations.”

Credit Risk Retention

The risk retention regulations in Regulation RR of the Securities Exchange Act of 1934 require the sponsor, either directly or through its majority-owned affiliates, to retain an economic interest of at least 5% in the credit risk of the receivables.  The sponsor will satisfy this credit risk retention requirement by the depositor retaining an “eligible horizontal residual interest” having a fair value equal to at least 5% of the sum of the fair value, as of the closing date, of the notes to be issued by the trust and the residual interest in the trust.

For more information about how the sponsor will satisfy the risk retention requirements, you should read “Credit Risk Retention.”

Investment Considerations

The trust is not registered or required to be registered as an “investment company” under the Investment Company Act of 1940 and, in making this determination, is relying on the exemption in Rule 3a-7 of the Investment Company Act of 1940, although other exclusions or exemptions may also be available to the trust.  The trust is structured not to be a “covered fund” under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule.

The Class A-1 notes will be structured to be eligible for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940.  A money market fund should consult its legal advisors regarding the eligibility of the Class

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A-1 notes under Rule 2a-7 and whether an investment in the Class A-1 notes satisfies the fund’s investment policies and objectives.

For more information about Rule 2a-7 under the Investment Company Act of 1940, you should read “Investment Considerations.”

Contact Information for the Depositor

Ford Credit Auto Receivables Two LLC

c/o Ford Motor Credit Company LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention:  Ford Credit SPE Management Office

Telephone number:  (313) 594-3495

Email:  FSPEMgt@ford.com

Contact Information for the Servicer

Ford Motor Credit Company LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention:  Securitization Operations Manager

Telephone number:  (313) 206-7860

Email:  FDSecops@ford.com
Website:  www.fordcredit.com

CUSIP Numbers

	CUSIP
Class A-1 notes	34532D AA5
Class A-2a notes	34532D AB3
Class A-2b notes	34532D AC1
Class A-3 notes	34532D AD9
Class A-4 notes	34532D AE7
Class B notes	34532D AF4
Class C notes	34532D AG2

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RISK FACTORS

You should consider the following risk factors in deciding whether to purchase any notes.

The assets of the trust are limited and are the only source of payment for your notes	The trust will not have assets or sources of funds other than the receivables and related property it owns. Credit enhancement is limited. Your notes will not be insured or guaranteed by Ford Credit or any of its affiliates or anyone else. If these assets or sources of funds are insufficient to pay your notes in full, you will incur losses on your notes.
The timing of principal payments on your notes is uncertain	Faster than expected rates of prepayments on the receivables will cause the trust to pay principal of your notes earlier than expected and will shorten the maturity of your notes. Prepayments on the receivables will occur if:
	·obligors prepay their receivables,
	·the servicer receives liquidation proceeds on defaulted receivables,
	·the servicer receives proceeds from physical damage, credit life or other insurance policies covering the financed vehicles or the obligors,
	·the depositor or Ford Credit repurchases ineligible receivables due to a breach of representations, or
	·the servicer purchases modified or impaired receivables.
	A variety of economic, social and other factors will influence the rate of prepayments on the receivables, including individual obligor circumstances and the types of incentives offered under Ford-sponsored marketing programs. For instance, certain obligors finance their vehicle purchase with Ford Credit to obtain a cash rebate, then pay off their accounts in the first few months of the contract term. No prediction can be made about the actual prepayment rates that will occur for the receivables.
	In addition, the timing of principal payments may be affected by the level of interest rates. If interest rates fall below the rates at the time of issuance of the floating rate notes, there will be additional excess spread available to pay principal of the notes on each payment date. If interest rates rise above the rates at the time of issuance of the floating rate notes, there will be less excess spread available to pay principal of the notes on each payment date.

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	If principal of your notes is paid earlier than expected due to faster rates of prepayments on the receivables, and interest rates at that time are lower than interest rates at the time principal would have been paid had those prepayments occurred as expected, you may not be able to reinvest the principal at a rate of return that is equal to or greater than the rate of return on your notes. Alternatively, if principal of your notes is paid later than expected due to slower rates of prepayments on the receivables, and interest rates at that time are higher than interest rates at the time principal would have been paid had those prepayments occurred as expected, you may lose reinvestment opportunities and, if your notes were purchased at a discount, your yield may be reduced. You will bear all reinvestment risk resulting from principal payments on your notes occurring earlier or later than expected.
	In addition, your notes will be paid in full before maturity if the servicer exercises its clean up call when the pool balance is 10% or less of the initial pool balance.
	For more information about the timing of repayment and other sources of prepayments, you should read “Maturity and Prepayment Considerations.”
The Class B and Class C notes will be subject to greater risk because of subordination	The Class B notes will bear greater risk than the Class A notes because no interest will be paid on the Class B notes on any payment date until all interest on the Class A notes is paid in full on that payment date, and no principal will be paid on the Class B notes until the principal amount of the Class A notes is paid in full. The Class C notes will bear even greater risk because of similar subordination to more senior classes of notes. Failure to pay interest on subordinated notes that are not part of the controlling class will not be an event of default.
Overcollateralization may not increase as expected	Overcollateralization is expected to increase to the targeted overcollateralization amount as excess spread is used to pay principal of the notes in an amount greater than the decrease in the adjusted pool balance. It is not certain that the targeted overcollateralization amount will be reached or maintained, or that the receivables will generate sufficient collections to pay your notes in full.
	For more information about overcollateralization as a form of credit enhancement for your notes, you should read “Credit Enhancement — Overcollateralization.”

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An event of default and acceleration of the notes may result in earlier than expected payment of your notes or losses on your notes	An event of default may result in an acceleration of payments on your notes. If principal of your notes is paid earlier than expected, you may not be able to reinvest the principal at a rate of return that is equal to or greater than the rate of return on your notes. If the notes are accelerated after an event of default, the trust will not pay interest on or principal of any notes that are not part of the controlling class until all interest on and principal of the notes of the controlling class are paid in full. If collections on the receivables and the proceeds of any sale of receivables are insufficient to pay the amounts owed on your notes, you may have delayed payments or losses on your notes.
	For more details about events of default and acceleration of the notes, you should read “Description of the Notes — Events of Default and Acceleration.” For more details about the change in the priority of payments after events of default and acceleration of the notes, you should read “Description of the Notes — Priority of Payments” and “Description of the Notes — Post-Acceleration Priority of Payments.”
Bankruptcy of Ford Credit may result in delayed payments or losses on your notes	If Ford Credit becomes subject to a bankruptcy proceeding, you may have delayed payments or losses on your notes. A bankruptcy court could conclude that Ford Credit effectively still owns the receivables because the transfer of the receivables to the depositor was viewed as a financing and not a “true sale” or that the assets and liabilities of the depositor should be consolidated with those of Ford Credit for bankruptcy purposes. If a court were to reach either conclusion, you may have delayed payments or losses on your notes due to:
	·the “automatic stay” of the U.S. federal bankruptcy laws that prevents secured creditors from exercising remedies against a debtor in bankruptcy without permission from the bankruptcy court and other U.S. federal bankruptcy laws that permit substitution of collateral in limited circumstances,
	·tax or government liens on Ford Credit’s property that were existing before the transfer of the receivables to the trust having a claim on collections that are senior to your notes, or
	·the trust not having a perfected security interest in the financed vehicles or any cash collections held by Ford Credit at the time the bankruptcy proceeding starts.
	If a court were to decide that the transfer was not a “true sale” or that the depositor should be consolidated with Ford Credit for bankruptcy purposes, the trust would benefit from a security interest in the receivables but the receivables would be owned by Ford Credit and payments may be delayed, collateral substituted or other remedies may be imposed by the bankruptcy court that may cause delayed payments or losses on your notes.

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	Any bankruptcy proceeding involving Ford Credit may also adversely affect the rights and remedies of the trust and payments on your notes in other ways, whether or not the transfer of the receivables is considered a “true sale” or the depositor is consolidated with Ford Credit for bankruptcy purposes. For example:
	·as noted above, the “automatic stay” may prevent the exercise by the trust and others of their rights and remedies against Ford Credit and others, including the right to replace Ford Credit as servicer or the right to require it to repurchase receivables based on a breach of a representation, and/or
	·Ford Credit may be permitted to reject some agreements to which it is a party, including the sale and servicing agreement, and not be required to perform its obligations under those agreements.
	For more information about the effects of a bankruptcy of Ford Credit on your notes, you should read “Important Legal Considerations — Bankruptcy Considerations.”
Performance of the receivables is uncertain and depends on many factors and may worsen in an economic downturn	The performance of the receivables depends on a number of factors, including general economic conditions, unemployment levels, the circumstances of individual obligors, the terms of the receivables, Ford Credit’s underwriting standards at origination, Ford Credit’s servicing and collection strategies, the resale value of repossessed vehicles and changes in Ford’s marketing programs, all of which could result in higher delinquencies and losses on the receivables. Because many of these factors are outside the control of Ford Credit, the performance of the receivables cannot be predicted with accuracy and may result in losses on your notes.
	For more information about factors which could affect the performance of the receivables and the value of the financed vehicles, you should read “— Declines in the resale value of the financed vehicles may adversely affect the performance of the receivables and your notes,” “— Vehicle recalls may adversely affect the performance of the receivables and your notes” and “— High vehicle model or vehicle type concentrations may adversely affect the performance of the receivables and your notes” below.
	For more information about delinquencies, repossessions and credit losses for Ford Credit’s portfolio of U.S. retail installment sale contracts, you should read “Sponsor and Servicer — Delinquency, Repossession and Credit Loss Information.”

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Declines in the resale value of the financed vehicles may adversely affect the performance of the receivables and your notes	Vehicles that are repossessed are typically sold at auctions as used vehicles. The pricing of used vehicles is affected by supply and demand for those vehicles, which is influenced by many factors, including overall auto industry sales, the volume of returned lease vehicles, consumer tastes, economic conditions, fuel costs, the introduction and pricing of new vehicle models, a change in (or a change in consumer perception of) the quality, safety, reliability or performance of Ford vehicles, government or regulatory investigations or other actions relating to safety, emissions or fuel efficiency, the impact of vehicle recalls and the discontinuation of vehicle models or brands. Strong auto industry sales and higher volumes of returned lease vehicles generally increase the supply of used vehicles in the market, which may adversely affect auction prices for used vehicles. In addition, decisions by Ford about new vehicle production, pricing and incentives may affect used vehicle prices, particularly those for the same or similar models. Any adverse impact on the resale value for repossessed vehicles could result in increased losses on the receivables and losses on your notes.
	These impacts may be more pronounced if they relate to vehicle models or vehicle types that represent a high percentage of the financed vehicles in the pool of receivables.
	For more information about the distribution by model and vehicle type of the receivables, you should read “— High vehicle model or vehicle type concentrations may adversely affect the performance of the receivables and your notes” below and “Receivables — Composition of Receivables — Distribution by Make, Model and Vehicle Type of Receivables.”
Vehicle recalls may adversely affect the performance of the receivables and your notes	Vehicle recalls that apply to the financed vehicles, including recalls resulting from government or regulatory investigations or other actions, may adversely affect delinquencies, repossessions and credit losses on the related receivables. An increase in the number of repossessed vehicles that are subject to a vehicle recall may reduce the price at which those vehicles are sold at auction or delay the timing of disposition. An increase in delinquencies, repossessions and credit losses on the receivables and/or a decrease in the proceeds from the sale of repossessed vehicles may result in accelerated, delayed or reduced payments on your notes.
	For more information about delinquencies, repossessions and credit losses for Ford Credit’s portfolio of U.S. retail installment sale contracts, you should read “Sponsor and Servicer — Delinquency, Repossession and Credit Loss Information.”
	These impacts may be more pronounced if a vehicle recall applies to vehicle models or vehicle types that represent a high percentage of the financed vehicles in the pool of receivables.

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	For more information about the distribution by vehicle model and vehicle type of the receivables, you should read “— High vehicle model or vehicle type concentrations may adversely affect the performance of the receivables and your notes” below and “Receivables — Composition of Receivables — Distribution by Make, Model and Vehicle Type of Receivables.”
High vehicle model or vehicle type concentrations may adversely affect the performance of the receivables and your notes	If a specific vehicle model or vehicle type of the financed vehicles represents a significant percentage of the pool balance, any adverse change in the value of that specific vehicle model or vehicle type of the financed vehicles may adversely impact the performance of the related receivables and could result in delayed payments or losses on your notes.
	As of the cutoff date, the vehicle models and vehicle types of the financed vehicles related to the receivables in the pool of receivables are concentrated by initial pool balance as follows:
	Model	Vehicle Type	Percentage of Initial Pool Balance
	F-150	Light Truck	30.32%
	Explorer	Utility	11.60
	Escape	Utility	7.64
	F-250	Light Truck	7.58
	Edge	Utility	5.79
	F-350	Light Truck	5.51
	Fusion	Car	5.44
	No other vehicle model represents more than 5% of the initial pool balance as of the cutoff date.
	For more information about the distribution by vehicle model and vehicle type of the receivables, you should read “Receivables —Composition of Receivables —Distribution by Make, Model and Vehicle Type of Receivables.”
Excessive prepayments and defaults on the higher APR receivables may adversely impact your notes	Some of the receivables will have APRs that are less than the interest rate on your notes plus fees and expenses of the trust. Payments on receivables with higher APRs compensate for the payments made on receivables with lower APRs. Excessive prepayments and defaults on the higher APR receivables may adversely impact your notes by reducing the amounts available to pay principal of and interest on your notes.
The trust will issue floating rate notes, but will not enter into interest rate hedges, which may result in losses on your notes if interest rates rise	The receivables require level monthly payments and accrue interest at a fixed rate, while the floating rate notes will accrue interest at a floating rate based on a benchmark, which will initially be one-month LIBOR, plus a spread. Even though the trust will issue floating rate notes, it will not enter into interest rate hedges or other derivatives contracts to mitigate this interest rate risk.

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	The trust will pay interest on the floating rate notes out of collections on the receivables and not solely from funds that are dedicated to the floating rate notes. Therefore, an increase in the benchmark would reduce the amounts available for payments to all the notes, not just to the floating rate notes.
	If the benchmark increases to the point at which the amount of interest and principal due on the notes, together with fees and expenses of the trust, exceeds the collections on the receivables, the trust may not have sufficient funds to pay interest and principal due on the notes. If the trust does not have sufficient funds to make these payments, you may have delayed payments or losses on your notes.
Uncertainty about the future of LIBOR and the potential discontinuance of LIBOR and change to a benchmark replacement for the floating rate notes could adversely affect the market value of the floating rate notes and/or limit your ability to resell them	In July 2017, the chief executive of the United Kingdom Financial Conduct Authority, or the “FCA,” which regulates LIBOR, announced that the FCA intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. It is unknown whether any banks will continue to voluntarily submit rates for the calculation of LIBOR after 2021 or whether LIBOR will continue to be published by its administrator based on these submissions or on any other basis. It is not possible to predict the effect of these changes, other reforms, the establishment of alternative benchmark rates or a change to a benchmark replacement for the floating rate notes. The resulting uncertainty could adversely affect the market value of the floating rate notes and/or limit your ability to resell them.
	The trust will issue floating rate notes that will accrue interest based on a benchmark. The benchmark will initially be one-month LIBOR, although it may be changed following the occurrence of a benchmark transition event. Due to the uncertainty regarding the future of LIBOR, we cannot provide any assurances that that rate will be representative of market interest rates or consistent with previously published one-month LIBOR during the life of the floating rate notes. If a published one-month LIBOR is unavailable at any time prior to the occurrence of a benchmark transition event and its related benchmark replacement date, one-month LIBOR will be determined using the alternative methods stated in “Description of the Notes — Payments of Interest — Floating Rate Benchmark; Benchmark Transition Event.” These alternative methods may result in lower interest payments or interest payments that do not otherwise correlate over time with payments that would have been made if one-month LIBOR were available in its current form. The alternative methods may also be subject to factors that make one-month LIBOR impossible or impracticable to determine. If a published one-month LIBOR is unavailable at any time prior to the occurrence of a benchmark transition event and its related benchmark replacement date and banks are unwilling to provide quotations, the rate of interest on each floating rate note for an interest period will be the same as the immediately preceding interest period, and could remain the rate of interest for the life of the floating rate notes.

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In addition, as described under “Description of the Notes — Payments of Interest — Floating Rate Benchmark; Benchmark Transition Event,” one-month LIBOR will be replaced as the benchmark for the floating rate notes following the occurrence of a benchmark transition event and its related benchmark replacement date. The benchmark transition events generally include the making of public statements or publication of information by the administrator of the benchmark, its regulatory supervisor or certain other governmental authorities that the benchmark will no longer be provided or is no longer representative of underlying market or economic reality. However, we cannot provide any assurances that these events will be sufficient to trigger a change in the benchmark at all times when the then-current benchmark is no longer representative of market interest rates, or that these events will align with similar events in the market generally or in other parts of the financial markets, such as the derivatives market.

Further, as described under “Description of the Notes — Payments of Interest — Floating Rate Benchmark; Benchmark Transition Event,” the benchmark replacement will depend on the availability of various alternative benchmarks, the first of which is term SOFR, the second of which is compounded SOFR and the last two of which are not currently specified. The Secured Overnight Financing Rate, or “SOFR,” was selected by the Alternative Reference Rates Committee, or “ARRC,” of the Federal Reserve Bank of New York, or the “FRBNY,” as the replacement for LIBOR. However, because SOFR is a secured, risk-free rate, while LIBOR is an unsecured rate reflecting counterparty risk, SOFR will not be representative of LIBOR. The FRBNY started publishing SOFR in April 2018. The FRBNY has also started publishing historical indicative SOFR dating back to 2014, although such historical indicative data inherently involves assumptions, estimates and approximations. Since the initial publication of SOFR, daily changes in SOFR have, on occasion, been more volatile than daily changes in comparable benchmark or market rates, and SOFR over the term of the floating rate notes may bear little or no relation to the historical actual or historical indicative data. Moreover, one-month LIBOR is a forward-looking term rate. Term SOFR, which is expected to be a similar forward-looking term rate which will be based on SOFR, is the first alternative among the benchmark replacement, but is currently being developed under the sponsorship of the FRBNY, and we cannot provide any assurances that the development of term SOFR will be completed. If term SOFR is not available as of the benchmark replacement date, the next available benchmark replacement is compounded SOFR. Compounded SOFR is a backward-looking rate generally calculated using actual rates during the interest accrual period, and may be even less representative of one-month LIBOR. Finally, if a benchmark replacement other than term SOFR is chosen because term SOFR is not initially available, term SOFR will become the benchmark replacement if it later becomes available, which could lead to further volatility in the interest rate on the floating rate notes. In order to compensate for these differences in the benchmark, a benchmark replacement adjustment will be included in any benchmark replacement.

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	However, we cannot provide any assurances that any benchmark replacement adjustment will be sufficient to produce the economic equivalent of the then-current benchmark, either at the benchmark replacement date or over the life of the floating rate notes. As a result of each of the foregoing factors, we cannot provide any assurances that the characteristics of any benchmark replacement will be similar to the then-current benchmark that it is replacing, or that any benchmark replacement will produce the economic equivalent of the then-current benchmark that it is replacing.
	Finally, the trust will have discretion in certain elements of the benchmark replacement process, including determining if a benchmark transition event and its related benchmark replacement date has occurred, determining which benchmark replacement is available and, if the term SOFR or compounded SOFR is not available, selecting a benchmark replacement, determining the benchmark replacement adjustment and making benchmark replacement conforming changes. The noteholders will not have any right to approve or disapprove of these changes and will be deemed to have agreed to waive and release any and all claims relating to any such determinations.
	For more information about the benchmark for the floating rate notes and the replacement of the benchmark, you should read “Description of the Notes — Payments of Interest — Floating Rate Benchmark; Benchmark Transition Event.”
Failure to pay principal of a note will not be an event of default until its final scheduled payment date	The trust will not be obligated to pay a specific amount of principal of any note on any date other than its outstanding principal amount on its final scheduled payment date. Failure to pay principal of a note will not be an event of default until its final scheduled payment date.
Federal financial regulatory reform could have an adverse impact on Ford Credit, the depositor or the trust	The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the “Dodd-Frank Act,” is extensive legislation that impacts financial institutions and other non-bank financial companies, such as Ford Credit. The Dodd-Frank Act created the Consumer Financial Protection Bureau, an agency responsible for administering and enforcing the laws and regulations for consumer financial products and services. The Consumer Financial Protection Bureau has authority to supervise and examine the largest nonbank automotive finance companies, including Ford Credit, for compliance with consumer financial protection laws.
	For more information about potentially applicable provisions of the Dodd-Frank Act, you should read “Important Legal Considerations — The Dodd-Frank Act.”

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	The Dodd-Frank Act created an alternative liquidation framework under which the FDIC may be appointed as receiver for the resolution of a non-bank financial company if the company is in default or in danger of default and the resolution of the company under law would have serious adverse effects on financial stability in the United States. It is not clear whether the liquidation framework would apply to Ford Credit, the depositor or the trust. The expectation is that the framework will be invoked only very rarely. Guidance from the FDIC indicates that the framework will be exercised in a manner consistent with the existing bankruptcy laws, which is the insolvency regime that would apply to Ford Credit, the depositor and the trust. If the FDIC were appointed as receiver for Ford Credit, the depositor or the trust, or if future regulations or FDIC actions are contrary to the FDIC guidance, you may have delayed payments or losses on your notes.
	For more information about the framework, you should read “Important Legal Considerations — The Dodd-Frank Act.”
Interests of other persons in the receivables or the related financed vehicles could reduce funds available to pay your notes	If another person acquires an interest in a receivable or a related financed vehicle that is superior to the trust’s interest, the collections on that receivable or the proceeds from the sale of that financed vehicle may not be available to make payments on your notes. If the trust does not have a perfected security interest in a receivable or a financed vehicle, its ability to repossess and sell the financed vehicle securing a defaulted receivable may be adversely affected. Another person could acquire an interest in a receivable or a financed vehicle that is superior to the trust’s interest if:
	·the trust does not have a perfected security interest in the receivable or the financed vehicle because Ford Credit’s security interest in the receivable or in the financed vehicle was not properly perfected,
	·the trust does not have a perfected security interest in the financed vehicle in some states because the servicer will not amend the certificate of title to identify the trust as the new secured party,
	·the trust’s security interest in the receivable or the financed vehicle is impaired because holders of some types of liens, such as tax liens or mechanic’s liens, may have priority over the trust’s security interest or a financed vehicle is confiscated by a government agency, or
	·the trust does not have a perfected security interest in the receivable because Ford Credit did not maintain physical possession, in the case of a tangible contract, or “control,” in the case of an electronic contract.
	For more information about the security interests in the receivables and financed vehicles, you should read “Important Legal Considerations — Security Interests in Receivables and Vehicles.”

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The servicer’s ability to commingle collections with its own funds may result in delayed payments or losses on your notes	The servicer will be required to deposit collections on the receivables in the trust’s collection account within two business days of applying them to the obligor’s account or on a monthly basis, depending on its credit ratings, other than recoveries, which will be deposited on a monthly basis. Until it deposits collections, the servicer may use them at its own risk and for its own benefit and may commingle collections on the receivables with its own funds. If the servicer does not pay these amounts to the trust by the next payment date, which could occur if the servicer becomes subject to a bankruptcy proceeding, it may result in delayed payments or losses on your notes.
The absence of a secondary market for your notes, financial market disruptions and a lack of liquidity in the secondary market may adversely affect the market value of your notes and/or limit your ability to resell your notes	If a secondary market for your notes does not develop, it could limit your ability to resell them. This means that if you want to sell your notes before they mature, you may be unable to find a buyer or, if you find a buyer, the selling price may be less than it would have been if a secondary market existed. The underwriters may assist in the resale of notes, but they are not required to do so. If a secondary market does develop, it might not continue, it might be disrupted by events in the global financial markets or it might not be sufficiently liquid to allow you to resell your notes.
You may suffer losses because you have limited control over actions of the trust and conflicts between classes of notes may occur	The controlling class may provide notice of a default relating to a breach of a material covenant, may accelerate the notes after an event of default and may waive certain events of default. The controlling class may, in some circumstances, direct the indenture trustee to sell the receivables after an acceleration of the notes even if the proceeds would not be sufficient to pay all of the notes in full and would cause some classes of notes to suffer a loss. The controlling class may terminate the servicer after a servicer termination event and may waive servicer termination events.
	Holders of notes that are not part of the controlling class will have no right to take these actions. Only the controlling class will have these rights. The controlling class may have different interests from the noteholders of other classes and will not be required to consider the effect of its actions on the noteholders of other classes.
	For more details about the actions that the controlling class may direct, you should read “Description of the Notes — Events of Default and Acceleration” and “Servicing — Resignation and Termination of Servicer.”
Geographic concentration may result in more risk to you	As of the cutoff date, the billing addresses of the obligors of the receivables are concentrated by initial pool balance in the following states:
		Texas	18.76%
		California	10.56%
		Florida	7.38%

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	No other state represents more than 5% of the initial pool balance as of the cutoff date. Economic conditions or other factors affecting states with a high concentration of receivables may adversely impact the performance of the receivables and could result in delayed payments or losses on your notes.
Delays in collecting payments could occur if Ford Credit is not the servicer	If Ford Credit resigns or is terminated as servicer, the processing of payments on the receivables and information about collections could be disrupted or delayed. This may result in delayed payments on your notes. Ford Credit may be removed as servicer if it defaults on its servicing obligations or becomes subject to bankruptcy proceedings as described in “Servicing — Resignation and Termination of Servicer.”
The servicing fee may be insufficient to attract a replacement servicer	If Ford Credit resigns or is terminated as servicer, the servicing fee, which is calculated as a fixed percentage of the pool balance, may be insufficient to attract a replacement servicer or cover the actual cost of servicing the receivables. In particular, the amount of the servicing fee will decline each month as the pool balance declines, but the cost of servicing each account will remain essentially fixed. This risk is greatest toward the end of a securitization transaction when the pool balance has declined significantly. A delay or inability to find a replacement servicer would disrupt or delay collection and other servicing activities on the receivables and could disrupt or delay reports to the noteholders and the indenture trustee and result in delayed payments or losses on your notes.
Failure by Ford Credit or the depositor to repurchase receivables when required may result in delayed payments or losses on your notes	Ford Credit and the depositor make representations regarding the receivables, including that they comply with U.S. federal and state consumer financial protection laws. If any of these representations are not true, it could adversely affect the collectability of the related receivables. For instance, if a receivable does not comply with U.S. federal and state consumer financial protection laws, the servicer may be prevented from or delayed in collecting the receivable. Also, some of these laws may provide that the assignee of a consumer contract (such as the trust) is liable to the obligor for any failure of the contract to comply with these laws. Ford Credit and/or the depositor must repurchase receivables that breach any of these representations if such breach has a material adverse effect on the receivable. Similarly, Ford Credit, as servicer, is required to purchase from the trust receivables for which certain modifications have been made. If Ford Credit or the depositor fails to repurchase, or the servicer fails to purchase, the related receivables, you may experience delayed payments or losses on your notes.

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	Recent interpretations of regulations implementing the Military Lending Act indicate that previously originated retail installment sale contracts that include credit-related ancillary products (guaranteed asset protection, credit life and similar credit products) may need to comply with the requirements of the Military Lending Act. Regulations implementing the Military Lending Act limit the military annual percentage rate, adjust arbitration rules and require additional disclosures. Financial services industry groups are seeking further clarification on these interpretations. Although not expected to be material at this time, if the recent interpretations are ultimately unchanged, it could result in an obligation of the depositor and the sponsor to repurchase certain receivables that are determined to be covered by the interpretations, or adversely impact the cashflows relating to such receivables available for the trust. If Ford Credit or the depositor fails to repurchase, or the servicer fails to purchase, the related receivables, you may experience delayed payments or losses on your notes.
	For more details about consumer financial protection laws relating to the receivables, you should read “Important Legal Considerations — Receivables Contracts and Vehicles — Consumer Financial Protection Laws.”
A reduction, withdrawal or qualification of the ratings on your notes, or the issuance of unsolicited ratings on your notes, may adversely affect the market value of your notes and/or limit your ability to resell your notes	The ratings on the notes are not recommendations to purchase, hold or sell the notes and do not address market value or investor suitability. The ratings reflect each rating agency’s assessment of the future performance of the receivables, the credit enhancement available for the notes and the likelihood of repayment of the notes. The notes may not perform as expected and the ratings may be reduced, withdrawn or qualified in the future as a result of a change of circumstances, deterioration in the performance of the receivables, analytical errors or incorrect assumptions. None of the depositor, the sponsor or any of their affiliates will be obligated to replace or supplement any credit enhancement or to take other action to maintain any ratings on the notes. If the ratings on your notes are reduced, withdrawn or qualified, it may adversely affect the market value of your notes and/or limit your ability to resell your notes.
	The sponsor hired two rating agencies that are nationally recognized statistical rating organizations, or “NRSROs,” and will pay them a fee to assign ratings on the offered notes. The sponsor has not hired any other NRSRO to assign ratings on the notes and is not aware that any other NRSRO assigned ratings on the notes. However, under SEC rules, information provided to a hired rating agency for the purpose of assigning or monitoring the ratings on the notes is required to be made available to each NRSRO to make it possible for non-hired NRSROs to assign unsolicited ratings on the notes. An unsolicited rating could be assigned at any time, including before the closing date, and none of the sponsor, the depositor, the underwriters or any of their affiliates will be obligated to inform you of any unsolicited ratings assigned after the date of this prospectus. NRSROs, including the hired rating agencies, have different methodologies, criteria, models and requirements. If a non-hired NRSRO assigns an unsolicited rating on the notes, it may be lower than the ratings provided by the hired

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	rating agencies, which may adversely affect the market value of your notes and/or limit your ability to resell your notes. In addition, if the sponsor fails to make available to the non-hired NRSROs any information provided to any hired rating agency for the purpose of assigning or monitoring the ratings on the notes, a hired rating agency could withdraw its ratings on the notes, which may adversely affect the market value of your notes and/or limit your ability to resell your notes.
	You should make your own evaluation of the future performance of the receivables, the credit enhancement available for the notes and the likelihood of repayment of the notes. You should not rely solely on the ratings on the notes.
Eligibility of the Class A-1 notes under Rule 2a-7	The Class A-1 notes will be structured to be eligible for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940. However, Rule 2a-7 includes additional criteria for investments by money market funds, including requirements relating to portfolio maturity, quality and diversification. Any determinations about the qualification of the Class A-1 notes under, and compliance with, other applicable requirements of Rule 2a-7 are solely the responsibility of each money market fund and its investment advisor.
	For more information about Rule 2a-7 under the Investment Company Act of 1940, you should read “Investment Considerations.”
Changes to the U.S. federal income tax laws may adversely affect the market value of your notes and/or limit your ability to resell your notes	In 2017, the U.S. Congress enacted the “Tax Cuts and Jobs Act,” which made numerous changes to the U.S. federal income tax laws. The interpretations of many provisions of the new law are still unclear. We cannot predict when or to what extent any U.S. federal tax laws, regulations, interpretations or rulings clarifying this new law will be issued or the impact that any of these may have on noteholders. Prospective investors should consult their tax advisors regarding the effect of the Tax Cuts and Jobs Act and other potential changes to the U.S. federal tax laws prior to purchasing the notes.
	For more information about changes to the U.S. federal income tax laws, you should read “Tax Considerations — Changes in U.S. Federal Tax Laws.”

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SPONSOR AND SERVICER

General

Ford Credit was established in 1959 to provide financing for Ford vehicles and support Ford dealers.  Ford Credit is a Delaware limited liability company and is a wholly-owned subsidiary of Ford.

Ford Credit provides a wide variety of automotive financing products to and through automotive dealers throughout the world.  The predominant share of Ford Credit’s business consists of financing Ford and Lincoln vehicles and supporting the dealers of those brands.  Ford Credit’s primary financing products are:

·     Retail financing — purchasing retail installment sale contracts and leases from dealers, and offering financing to commercial customers, primarily vehicle leasing companies and fleet purchasers, to lease or purchase vehicle fleets,

·     Wholesale financing — making loans to dealers to finance the purchase of vehicle inventory, also known as floorplan financing, and

·     Other financing — making loans to dealers for working capital, improvements to dealership facilities, and to purchase or finance dealership real estate.

Ford Credit also services the finance receivables and leases it originates and purchases, makes loans to Ford affiliates and provides insurance services related to its financing programs.

Ford Credit earns its revenue primarily from:

·     payments on retail installment sale contracts and leases that it purchases,

·     interest rate supplements and other support payments from Ford and affiliated companies, and

·     payments on wholesale and other dealer financing programs.

Ford Credit will be the sponsor of the securitization transaction in which the notes will be issued.  Ford Credit will be the servicer of the receivables and the securitization transaction and the administrator for the trust.

As sponsor, Ford Credit will be responsible for structuring this securitization transaction, selecting the transaction parties and paying the expenses of forming the trust, legal fees of some transaction parties, rating agency fees for rating the notes and other transaction expenses.  Ford Credit will also select the pool of receivables for this securitization transaction using the criteria described in “Receivables — Selection of Receivables.”  Ford Credit will make representations about the characteristics of the receivables sold to the depositor and sold by the depositor to the trust.  If Ford Credit has knowledge or is notified by the trust, the owner trustee or the indenture trustee that a representation was untrue when made and the breach has a material adverse effect on a receivable, Ford Credit must repurchase the receivable unless it corrects the breach in all material respects before the date it is required to repurchase the receivable.

For more information about the representations and repurchase obligations, you should read “Receivables — Representations About Receivables” and “Receivables — Obligation to Repurchase Receivables.”

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Ford Credit’s wholly-owned subsidiary, the depositor, will retain the residual interest in the trust.  The residual interest represents the ownership interest in the trust and the right to all funds not needed to make required payments on the notes, offset losses on the receivables, pay fees and expenses of the trust or make deposits in the reserve account.  The residual interest is subordinated to the notes and represents the first-loss interest in this securitization transaction.  The depositor’s retained residual interest will not be sold, transferred or hedged by Ford Credit, the depositor or any of their affiliates other than as permitted by Regulation RR.

For more information about the required retention of credit risk in the transaction by the sponsor, you should read “Credit Risk Retention.”

Ratings of Sponsor and Servicer

As of the date of this prospectus, Ford Credit’s senior unsecured debt ratings are:

	DBRS	Fitch	Moody’s	S&P
Short-term debt ratings	R-2 (middle)	F2	P-3	A-2
Long-term debt ratings	BBB	BBB	Baa3	BBB
Outlook	Negative	Negative	Negative	Negative

The rating agencies periodically review Ford Credit’s debt ratings and may raise, downgrade or change the ratings or the outlook of the ratings at any time.

Based on its present ratings, Ford Credit, as servicer, will be required to deposit collections (except recoveries) on the receivables in the collection account within two business days of applying these amounts to the obligor accounts.

For more information about the deposit of collections, you should read “Servicing — Deposit of Collections.”

Securitization Experience

Ford Credit has securitized its assets since 1988.

Ford Credit’s securitization programs are diversified across asset classes and markets.  Ford Credit sponsors securitization programs for retail installment sale contracts, leases and the related vehicles and dealer floorplan receivables.  Ford Credit participates in a number of international securitization markets, including the United States, Canada, the United Kingdom, Germany, Mexico and China.  Ford Credit also participated in the securitization markets in Japan and Australia and other European countries.

In the United States, Ford Credit sponsors a number of securitization and structured financing programs in which it sells receivables to trusts making registered public offerings or broadly-distributed Rule 144A offerings of asset-backed securities.  In addition, Ford Credit regularly sells interests in, and asset-backed securities backed by, pools of receivables to a large number of bank-sponsored asset-backed commercial paper conduits and other banks and financial institutions.

Ford Credit securitizes its assets because the market for securitization of financial assets usually provides the company with a lower cost source of funding than other alternatives, diversifies funding among different markets and investors and provides additional liquidity.  Ford Credit meets a significant portion of its funding requirements through securitizations for these reasons.  Securitization is a core component of Ford Credit’s funding strategy.

For more information about Ford Credit’s securitization programs and its funding strategy, please read Ford Credit’s Annual Report on Form 10-K which is available on Ford Credit’s website at www.fordcredit.com.

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Securitization Program for Retail Installment Sale Contracts

Ford Credit has had an active publicly-registered securitization program for retail installment sale contracts in the United States since 1989 and has issued asset-backed securities in more than 75 transactions under this program.  The notes offered by this prospectus are part of this program.  Ford Credit has also had a broadly-distributed Rule 144A securitization program for revolving pools of retail installment sale contracts in the United States since 2014 and has issued asset-backed securities in more than ten transactions under this program.  Ford Credit has never received a demand to repurchase any receivable backing asset-backed securities offered in either program due to a breach of representations made about the receivables.  Repurchases of receivables due to Ford Credit’s discovery of a breach of representations have been immaterial in these programs.  None of the asset-backed securities offered in either program have experienced any losses or events of default and Ford Credit has never taken any action out of the ordinary in any transaction to prevent losses or events of default.

Origination, Underwriting and Purchasing

Vehicle Financing.  Ford Credit purchases completed retail installment sale contracts entered into between retail customers and motor vehicle dealers for the sale and financing of vehicles.  When a customer purchases a vehicle from a dealer, the customer and the dealer agree on the purchase price of the vehicle and the purchase of any insurance, service contracts and other products offered by the dealer.  If the customer elects to finance the vehicle through the dealer, the customer and the dealer decide on the amount to be financed, contract term, payment terms and finance charge rate, or APR, on the retail installment sale contract.  The amount financed is the purchase price of the vehicle less any vehicle trade-in, customer down payment and cash payments from Ford-sponsored marketing programs plus taxes, additional products such as insurance and service contracts, dealer installed or other accessories, outstanding balances on turn-in or trade-in vehicles and other fees and charges the dealer agrees to pay on behalf of the customer.  Ford Credit will generally only purchase contracts from dealers if it approved the additional products financed on the contract and the providers of those products.  The customer also chooses the day of the month on which monthly payments will be due and the first payment date, which generally must be within 45 days of the date the contract is signed.  The dealer will determine if the customer is eligible for and will be using any Ford-sponsored marketing programs that impact the terms of the contract, such as low-APR vehicle marketing incentive programs or marketing programs that allow the customer to defer payments for a limited time before starting to make monthly payments.

Contracts originated under Ford-sponsored low-APR vehicle marketing incentive programs, or “subvened-APR contracts,” have finance charge rates below the standard financing rates that Ford Credit offers.  Ford pays Ford Credit the present value of the difference between the customer’s subvened rate and Ford Credit’s standard financing rate.  Ford and Ford Credit may also offer other forms of vehicle marketing or financing incentives to customers, such as cash rebates, but contracts receiving these incentives are not considered subvened-APR contracts.  Cash rebates may be applied toward the purchase price of the financed vehicle.

Each customer that elects to finance through the dealer completes a credit application.  If the dealer is requesting that Ford Credit purchase the retail installment sale contract, the dealer submits the credit application electronically to Ford Credit, typically through online systems, together with information about the proposed terms of the retail installment sale contract.

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Credit Application and Scoring Models.  After receiving a credit application submitted by a dealer, Ford Credit automatically obtains a credit report on the applicant from a national credit bureau, which includes a credit score and other credit information.  Ford Credit generally selects a credit bureau based on its assessment of which credit bureau provides the most accurate and complete credit reports and a credit analyst may select an additional credit bureau for more information.  In some cases, the applicant is a business entity and a credit report from a commercial credit bureau is used as described in “— Commercial Accounts” below.  In a small number of cases, a credit report is not available because an applicant does not have a sufficient credit history.  Ford Credit also automatically obtains other information on the applicant including results of compliance and fraud checks, whether the applicant has other active credit applications submitted to Ford Credit, whether the applicant is a current or former Ford Credit customer, and in some cases, other available credit information.

If an individual applicant has sufficient recent credit history, the credit bureau information used in Ford Credit’s origination scoring models includes the applicant’s credit risk score, often called a FICO® score.  A FICO® score is generated using statistical models created by Fair Isaac Corporation and measures the likelihood that an applicant will become severely delinquent.  FICO® is a registered trademark of Fair Isaac Corporation.  FICO® models are updated from time to time.  From 2005 to April 2011 Ford Credit used FICO® 2 scores.  Ford Credit currently uses scores designed specifically for automotive financing known as FICO® 8 scores.  FICO® scores range from 250 to 900.  An applicant’s FICO® score is a significant factor in Ford Credit’s consumer origination scoring models.  An applicant’s loan-to-value and payment-to-income ratios are also important factors in Ford Credit’s consumer origination scoring models.

The first step Ford Credit takes on receipt of an application is to classify the applicant based on whether the applicant is an individual or business entity, the applicant’s credit profile and whether the vehicle being financed is new or used.  This classification determines the particular origination scoring model to be used.  Ford Credit’s proprietary origination scoring models assess the creditworthiness of the applicant using the information in the applicant’s credit application, the proposed terms of the retail installment sale contract and the applicant’s credit bureau information and other information obtained by Ford Credit.  The origination scoring models are statistical tools used to differentiate credit applicants based on their probability of paying the amounts due under their contracts.  The origination scoring models assign a proprietary risk score for each applicant that is used in Ford Credit’s evaluation process.  The origination scoring models update the applicant’s risk score in real time throughout the evaluation and purchasing process if any of the inputs to the risk score change.  However, using origination scoring models does not eliminate credit risk in Ford Credit’s origination, underwriting and purchasing practices.

Ford Credit’s origination scoring models were developed internally based on Ford Credit’s portfolio databases of millions of contracts originated over several decades to identify key variables that predict an applicant’s probability of paying the amount due under the contract.  Ford Credit regularly reviews its origination scoring models to confirm the continued business significance and statistical predictability of the variables, including comparing actual and predicted performance of its retail portfolio.  Ford Credit develops new origination scoring models for its consumer, commercial and commercial line of credit applicants on a regular cycle plan.  Ford Credit may make adjustments to improve the performance of the origination scoring models between development cycles by uniformly changing the overall risk scores or modifying the weighting of selected variables.

Underwriting and Credit Evaluation.  After all information is obtained and a proprietary risk score is generated, Ford Credit evaluates the application to determine whether to approve it.  Ford Credit’s decision process is based on a judgmental evaluation of the applicant, the credit application, the proposed terms of the contract, the credit bureau information, the proprietary risk score and other information.  The evaluation emphasizes the applicant’s ability to pay and creditworthiness focusing on payment, affordability, applicant credit history and stability as key considerations.  The creditworthiness of any co-applicant or guarantor is evaluated in a similar manner to the applicant and is also considered when determining whether to approve an application.

The loan-to-value ratio, or “LTV,” used by Ford Credit to evaluate credit applications is determined by dividing the loan amount by the collateral value of the vehicle.  The “loan amount” used in the LTV

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calculation for credit evaluation is the agreed on purchase price of the vehicle plus taxes and fees, minus any cash payments from marketing programs, vehicle trade-in value and cash down payment.  This amount is less than the amount financed, particularly if the applicant purchases additional products such as insurance and service contracts.  The collateral value in the LTV calculation is determined using the wholesale value of the vehicle.  If the financed vehicle is a new vehicle, including demonstrator vehicles, the wholesale value is generally the dealer invoice price but it may be increased to reflect equipment added to the vehicle including specialty bodies.  Ford Credit may adjust the wholesale value before calculating the LTV that is used in the origination scoring models.  If the financed vehicle is a used vehicle, excluding demonstrator vehicles, the wholesale value is the amount entered by the dealer during the credit application process.  In some cases, the credit analyst adjusts or updates the dealer entered value, typically by using the National Auto Dealers Association Official Used Car Guide or Kelley Blue Book, but other sources of information such as other vehicle value guides, auction or purchase price or other methods may be used.

The payment-to-income ratio, or “PTI,” is determined by dividing the monthly payment by the combined gross monthly income and other monthly income of the applicant and any co-applicant as reported by them in the credit application or as adjusted in limited cases through Ford Credit’s income verification process.  PTI is not calculated for commercial use contracts with a business entity as the primary obligor.  PTI is not used for credit evaluation for a limited number of contracts where the applicant stated no income or negligible income and contracts where Ford Credit has determined that the PTI is unreliable.

All credit applications automatically go into Ford Credit’s electronic decisioning process in order to expedite the review of applications, promote consistent decisions and allow Ford Credit to make and communicate decisions to dealers faster and more efficiently.  The electronic decisioning process first identifies the applications to approve, then the applications to reject, and then the remaining applications are assigned to a credit analyst for further evaluation.  Electronic approval and rejection decisions are made using models that generally replicate the judgmental evaluation that would be applied by an experienced credit analyst based on various combinations of factors that in Ford Credit’s experience have resulted in credit analyst approval or rejection.  Ford Credit regularly reviews its electronic decisioning process and makes adjustments in response to market conditions, financing terms and the performance of its portfolio or to increase or decrease the percentage of applications electronically approved or rejected.  Ford Credit electronically approves approximately 43% to 50% of the contracts that are purchased.  Ford Credit uses a single level underwriting standard for all credit applications including those that are electronically decisioned and those that are decisioned by a credit analyst.  Many applications are evaluated and approved by a credit analyst although they were not approved in the electronic decisioning process.

On receipt of a credit application, the credit analyst judgmentally evaluates the credit application using uniform system processes and system based decision-making tools in the framework of Ford Credit’s purchasing standards.  Each credit application is reviewed separately and the credit analyst makes an individual decision based on the credit analyst’s assessment of the strengths and weaknesses of the application.  The credit analyst may work with the dealer to determine acceptable contract terms for applications that cannot be approved as originally submitted.  The credit analyst may condition approval on the addition of a qualified co-applicant or guarantor or on changes to the financing terms, such as a higher cash down payment or a less expensive vehicle being financed.  For less creditworthy applicants, or if there is a discrepancy in the information provided by the applicant, the credit analyst may verify the identity, employment, income, residency and other applicant information using Ford Credit’s established procedures before a decision is made.

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To support consistent credit and purchase decisions and the overall quality of the portfolio, as described in “— Portfolio Quality” below, Ford Credit establishes purchasing standards and procedures including purchase quality guidelines and risk factor guidelines that are used by its credit analysts.  Purchase quality guidelines set targets for the purchase of lower and marginal quality contracts and may be set at different levels for different Ford Credit business regions.  Risk factor guidelines provide a framework of evaluation guidelines for specific attributes of an application, including affordability measures like PTI and debt-to-income ratios, FICO® score, LTV and contract term.  Risk factor guidelines and purchase quality guidelines are not strict limits or requirements and the credit analysts evaluating an application determine whether there may be other factors that, in their judgment, support approval of the application, including demonstrated ability to pay, strong credit history, prior favorable Ford Credit financing experience, residency and employment stability and eligibility for Ford-sponsored marketing programs.  For used vehicles, Ford Credit’s purchasing guidelines recommend shorter contract terms for older vehicles.  Ford Credit also uses performance monitoring software to improve process discipline and consistency of decisions.  Notwithstanding these guidelines, procedures and software, the judgment of the credit analyst is the most important aspect of Ford Credit’s evaluation and decision process.

Each credit analyst is assigned a maximum approval level that is based on the applicant’s total outstanding balances with Ford Credit.  More experienced credit analysts are assigned higher approval levels.  Managers with higher approval authority review or approve any credit application that exceeds the credit analyst’s approval level or that contain specific characteristics or combinations of characteristics identified in Ford Credit’s risk factor guidelines.  Ford Credit’s credit and purchase decisions are made independently of Ford, and Ford cannot require Ford Credit to approve a credit application or purchase a contract that would not otherwise be approved or purchased through Ford Credit’s decision process.

Ford Credit also has a compliance management program designed to ensure that Ford Credit’s processes comply with legal and regulatory requirements.  The compliance management program is commensurate with Ford Credit’s structure and the complexity of the products and services it offers.

Credit and purchase decisions are typically communicated to the dealer electronically.  Approvals and rejections made through the electronic decisioning process are communicated in seconds.  For credit applications not electronically approved or rejected, Ford Credit typically makes a decision within 20 minutes of receipt of an application.  Less creditworthy applicants may require additional investigation and take longer before a decision can be made.  Over 98% of Ford Credit’s decisions are made within one hour of receipt of an application.

Contract Purchasing Process.  For approved credit applications, dealers must submit retail installment sale contracts, signed by both the customer and the dealer, on paper or electronic forms approved by Ford Credit and determined by Ford Credit to be in compliance with law and enforceable.  After the dealer submits a completed contract, the contract funding analyst, aided by Ford Credit’s origination system, confirms that the terms of the contract are consistent with the application approval and checks for errors apparent in the contract disclosures made by the dealer.  If the contract is consistent with the approval but contains minor errors, Ford Credit may purchase the contract and send a correction notice to the customer or obtain a signed modification from the customer.  If the contract is not consistent with the approval or has more significant errors, Ford Credit returns it to the dealer for correction or a new contract.

As part of the approval process, Ford Credit establishes a “dealer discount rate” that is used to calculate Ford Credit’s purchase price for the contract.  This dealer discount rate is determined based on a combination of factors, including Ford Credit’s proprietary risk score, the applicant’s FICO® score and the contract characteristics.  For commercial applicants that do not have a FICO® score, the dealer discount rate is determined based on Ford Credit’s proprietary risk score.  If the contract APR exceeds the dealer discount rate by more than the limits established by Ford Credit, then Ford Credit either will not purchase the contract or will reduce the APR to meet Ford Credit guidelines.  In the case of subvened-APR contracts, the dealer discount rate will match the APR established by Ford.  In some cases Ford Credit may approve a reduced dealer discount rate.  These rate concessions generally are granted to dealers who could obtain lower rates from other financing providers or to resolve a discrepancy in the

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originally quoted dealer discount rate.  Ford and Ford Credit may also offer marketing programs where the dealer discount rate is determined primarily based on the specific applicant or contract characteristics rather than on the risk scores.  These programs are generally offered to attract particular types of applicants, such as current college students and recent college graduates or first time buyers of Ford or Lincoln vehicles, or to promote sales of particular Ford and Lincoln vehicles.

Ford Credit purchases the contract from the dealer for an amount generally equal to the amount financed on the contract plus one or more of a set fee, a percentage of the amount financed and a portion of the finance charge on the contract.  The portion of the finance charge earned by the dealer is generally calculated using the difference between the dealer discount rate set by Ford Credit and the APR on the contract.

Each dealer signs an assignment agreement with Ford Credit and represents that the contract assigned to Ford Credit is complete, all required contract disclosures were properly made and all material statements made to Ford Credit by the dealer on behalf of the customer are true.  If, after investigation, these representations are later determined to be untrue, including due to fraud, Ford Credit may require the dealer to repurchase the contract and the contract is paid off in Ford Credit’s receivables system, or may retain the contract and obtain a dealer guaranty in case there is a subsequent default on the contract.

Contract Maintenance.  Contracts purchased by Ford Credit are either completed in paper form and are physically signed by the customer or are completed in electronic form and are electronically signed by the customer.  Ford Credit maintains possession of the paper contracts and related documents through a third-party vendor in secure, limited access facilities.  These facilities use security access measures, including physical badge or biometric authentication and may use video surveillance.  These facilities have fire suppression systems and are subject to disaster recovery and business continuity plans to ensure safekeeping and preservation of the documents.  The electronic contracts are stored in a specially-designed computer system or “electronic vault” maintained by a third-party vendor that identifies Ford Credit as the owner and establishes Ford Credit’s “control” of the electronic contracts.  Access to the electronic vault is limited to users having a business need and controlled by user identification, passwords, machine token authentication and access logs.  Access to the data center housing the electronic vault is limited to authorized system maintenance users and is controlled by intrusion software, video surveillance and physical badge or biometric authentication.  The data center and electronic vault are subject to disaster recovery and business continuity plans.

All contracts purchased by Ford Credit are entered into Ford Credit’s originations and receivables systems and assigned a unique account number for the life of the contract.  Ford Credit considers a contract to be originated on the date the contract is signed by the customer and finance charges start to accrue on the contract as of that date.

Purchased contracts and related documents are electronically imaged.  For electronic contracts, a separate image of the original contract is created for servicing purposes.  Once imaged, the documents may be viewed on Ford Credit’s systems for servicing, but may not be altered or deleted from those systems.  Additional documents generated or received by Ford Credit during servicing are also added to the imaged file.

Vehicle Title.  The assignment agreement also requires the dealer to apply immediately for a certificate of title for the financed vehicle that identifies Ford Credit as the lienholder.  Ford Credit verifies that its lien is noted on the certificate of title.  In most states, the verification occurs when the certificate of title is received.  In the states that do not provide the certificate of title to the lienholder, Ford Credit verifies its lien through a notice from the state.  Ford Credit also uses the electronic certificate of title process offered in many states that maintain electronic records of the certificate of title and lienholder information.  If Ford Credit cannot verify that its lien is noted on the certificate of title within an established period of time or if the lien notation is incorrect, it follows up with the dealer, the customer or state vehicle regulatory agencies to properly note or correct the lien.  Ford Credit stores paper certificates of title in locked, fireproof cabinets in Ford Credit facilities segregated from the origination and servicing functions

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and controlled by physical badge authentication.  Access to the title storage area is limited to Ford Credit personnel with a business need.  Electronic titles are processed by a third-party vendor and in some cases are converted to paper titles and stored at a Ford Credit facility.

Types of Contracts and Vehicle Classification.  Most contracts purchased by Ford Credit are to finance new Ford or Lincoln vehicles that have not had their title registered.  Most contracts purchased by Ford Credit are with individuals who use the financed vehicle for personal use.  Ford Credit also purchases contracts to finance used vehicles, including certified pre-owned Ford and Lincoln vehicles.  A certified pre-owned vehicle must satisfy manufacturer-established mileage limits, condition requirements and routine maintenance standards and typically is still covered by the manufacturer’s warranty.  Certified pre-owned vehicles are eligible for manufacturer sponsored incentive marketing programs.  Ford Credit may also purchase contracts to finance vehicles previously used by the dealer as demonstrator vehicles or courtesy vehicles for the dealer’s service customers.  These vehicles are classified as used vehicles for purposes of Ford Credit’s retail securitization programs.

Ford Credit’s standard policy is to purchase contracts with terms up to 84 months.  The contracts purchased by Ford Credit are simple interest, fixed rate contracts that amortize the amount financed over a series of payments.  Ford Credit may change its standard policy on existing products or introduce new financing products for retail customers in response to competitive pressures, customer demand or new business strategies.

Ford Credit classifies vehicles into categories.  The car category includes sedans, hatchbacks and coupes.  The light truck category includes minivans, vans and light pick-up trucks including a limited number that may have specialty bodies.  The truck category includes medium and heavy trucks with specialty bodies.  The utility category includes wagons, SUVs and cross-overs.

Commercial Accounts.  Some of the retail installment sale contracts purchased by Ford Credit are for customers who are either business entities or individuals who use the financed vehicle for commercial purposes.  Commercial customers may have multiple vehicles financed with Ford Credit and a portion of commercial customers have lines of credit that allow the customer to finance multiple vehicles up to the approved amount under pre-established terms, subject to some conditions.  No single commercial customer has financed the purchase of vehicles under a commercial line of credit representing more than 1% of the principal balance of Ford Credit’s portfolio of retail installment sale contracts.

Ford Credit’s origination scoring models for commercial applicants that are business entities include factors relevant to businesses and use commercial credit bureau information.  Consumer credit bureaus do not provide data or FICO® scores for business entities.  The origination scoring models for commercial applications that include individuals as the applicant, co-applicant or guarantor use the individual’s FICO® score, but still factor in the commercial use of the financed vehicle and commercial credit bureau information if the commercial applicant is a business entity.

For the majority of commercial applicants that are business entities, the commercial credit bureau information used in Ford Credit’s origination scoring models includes the primary applicant’s Small Business Credit Share, or SBCS® score, even if there is also a FICO® score because the commercial application included an individual.  SBCS® scores are generated using statistical models created by Experian and measure the likelihood that a commercial applicant will become severely delinquent.  SBCS® scores range from 0 to 100.  Ford Credit uses the SBCS® Acquisition Score in its commercial origination scoring models to generate a proprietary risk score for the applicants.  Commercial credit bureau scores are not as significant a factor in Ford Credit’s commercial origination scoring models as FICO® scores are in the consumer origination scoring models.

If the credit analyst requires additional information on a commercial applicant, the analyst may obtain a credit report from Dun & Bradstreet.  The analyst may regenerate the applicant’s proprietary risk score through the commercial origination scoring models using data from this report, including various scores on the applicant.  Ford Credit does not consider these various scores to be traditional credit scores.  The

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credit report obtained from Dun & Bradstreet also includes a commercial credit score, which is not used in Ford Credit’s origination scoring models or relied on by the analyst in making a credit decision.

For commercial line of credit applicants, there are two steps in the process.  First, Ford Credit evaluates the applicant for approval of the line of credit that includes reviewing its financial statements, proposed vehicle usage and a commercial credit report from Dun & Bradstreet that contains payment history information and various scores on the applicant.  Ford Credit considers these scores in the origination process for lines of credit but they are not considered to be traditional credit scores.  Once the applicant is approved for a line of credit, the second step in the process occurs each time there is a request to finance the purchase of a vehicle under the line of credit.  At this time, Ford Credit gathers the same information for commercial customers with a line of credit as it does for other commercial customers, including a Dun & Bradstreet credit report and generates a proprietary risk score for each applicant.  The key considerations for requests to finance the purchase of a vehicle under a line of credit are that there is capacity under the line of credit and there have been no significant changes to the customer’s financial condition.  A commercial credit bureau score is not used in the process.

Similar to purchase decisions for consumer applicants, purchase decisions for commercial applicants emphasize ability to pay and creditworthiness, but also recognize that commercial vehicles may have specialty bodies or equipment added and are often put to more demanding uses, which may reduce the resale value of the financed vehicle.  For these reasons, Ford Credit uses a different electronic decisioning process for commercial applicants and its purchase standards are often different which generally results in larger down payments and shorter terms.

An important difference between commercial contracts and other contracts is that commercial contracts may be included in a cross collateral agreement.  These agreements allow Ford Credit to enforce collection and repossession rights against all contracts and financed vehicles with the same customer even if payments for some contracts are current.  Payments or other amounts received on a specific contract, such as repossession sale proceeds, generally are applied first to that contract.  Excess amounts collected for one contract may be applied to other contracts with the same customer to reduce losses.

Portfolio Quality.  Ford Credit uses its purchasing standards to manage the overall quality of its portfolio of retail installment sale contracts.  Ford Credit reviews credit analysts’ decisions regularly to ensure they are consistent with Ford Credit’s purchasing standards and credit approval authority.  In addition, a specific auditing group within Ford Credit regularly reviews the underwriting process and compliance with company procedures and legal requirements.

Ford Credit uses credit performance and purchase quality reports to monitor credit quality, consistency of purchase decisions and portfolio composition, including levels of lower and marginal quality contracts, and to provide ongoing training for credit analysts.  These reports are generated at a number of levels including total company, geographic region, business center, dealer and credit analyst.

Ford Credit regularly reviews and analyzes its portfolio of receivables to evaluate the effectiveness of its credit decisions and purchasing standards.  If external economic factors, credit losses or delinquencies, market conditions, consumer credit trends, customer characteristics or other factors change, Ford Credit may adjust its purchasing standards and procedures, including purchase quality guidelines and risk factor guidelines, to change the quality of its portfolio or to achieve other business objectives.

Origination Characteristics

The following table contains information about the retail installment sale contracts purchased by Ford Credit from motor vehicle dealers during each of the periods indicated.

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Origination Characteristics

	Three Months Ended March 31,		Year Ended December 31,
	2019	2018	2018	2017	2016	2015	2014
Number of contracts originated	109,718	172,990	729,323	705,490	718,580	898,772	839,397
Aggregate original principal balance (in millions)	$4,169	$5,935	$25,293	$23,561	$23,074	$26,697	$23,007
Weighted average(1) original term (in months)	66.0	66.2	66.3	66.2	65.4	65.5	63.5
Original term greater than 60 months(2)	58.0%	58.5%	59.9%	61.9%	57.2%	60.3%	47.0%
Weighted average(1) FICO® score at origination(3)	732	739	741	741	734	736	736
Weighted average(1) FICO® score at origination(3) for original term greater than 60 months	711	720	722	725	711	718	707
No FICO® score consumer(2)(4)	0.9%	1.0%	0.9%	0.9%	1.2%	1.5%	1.5%
Weighted average(1) LTV(5)	99%	95%	96%	95%	98%	95%	92%
Weighted average(1) PTI(6)	9.0%	8.8%	8.7%	8.8%	8.9%	8.7%	8.5%
Subvened-APR contracts(2)(7)	65%	38%	54%	47%	61%	47%	45%
Commercial use(2)(8)	21%	20%	18%	18%	17%	15%	15%
New vehicles(2)	92%	90%	89%	92%	92%	92%	92%

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(1)Weighted averages are weighted by the original principal balance of each contract.

(2)As a percentage of the original principal balance of contracts purchased during the period.

(3)Excludes contracts that have primary obligors who do not have FICO® scores because they (a) are not individuals and use financed vehicles for commercial purposes, or (b) are individuals with minimal or no recent credit history.  For a description of FICO® scores, you should read “Sponsor and Servicer – Origination, Underwriting and Purchasing.”

(4)Contracts with obligors who are individuals with minimal or no recent credit history.

(5)The LTV for a contract for purposes of this table is the original amount financed divided by the wholesale value of the vehicle.

(6)The PTI for a contract is the monthly payment divided by the monthly combined income of the obligor and any co-obligor.  Excludes commercial use contracts with business entities as the primary obligor, contracts where the applicant stated no income or negligible income in the credit application and contracts where Ford Credit has determined that the PTI is unreliable.

(7)Contracts originated under a Ford-sponsored low-APR vehicle marketing program.

(8)Contracts with obligors who use the financed vehicle for commercial purposes.  These obligors may be business entities or individuals.

Ford Credit’s origination and purchasing policies focus on supporting the sale of new Ford vehicles.  The number of contracts purchased by Ford Credit is correlated to Ford vehicle sales and is influenced by market conditions and competitive pressures. A substantial percentage of the contracts purchased by Ford Credit are originated under Ford-sponsored marketing programs.  As a result, changes in origination volumes and the types of contracts purchased are caused primarily by changes in sales of Ford vehicles and changes in Ford-sponsored marketing programs.  For example, the number of contracts originated by Ford Credit in the first quarter of 2019 and the aggregate original principal balance of those contracts were lower than the same period of time during the prior year, in part, because Ford-sponsored marketing programs offered applicants less attractive cash rebates, which led to a lower financing share. The relative cost and availability of funding sources also impact Ford Credit’s willingness to purchase some retail installment sale contracts and Ford Credit may limit purchases of some types of contracts for risk management purposes.

The weighted average original term (in months) of the contracts purchased by Ford Credit and the percentage of the principal balance of contracts purchased by Ford Credit with an original term greater than 60 months increased from 2014 to 2017. Those increases were caused, in part, by Ford-sponsored marketing programs that included longer-term contracts such as 0% financing for up to 72-month contracts. In 2018, Ford Credit purchased an increasing number of 84-month contracts, which contributed to a continued increase in the weighted average original term (in months) of the contracts purchased by Ford Credit. The percentage of the principal balance of contracts purchased by Ford Credit with an original term greater than 60 months, however, declined in 2018 primarily because Ford Credit purchased fewer 72-month contracts and more contracts with certified pre-owned financed vehicles, which generally have shorter original contract terms.

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The percentage of the principal balance of 75-month contracts purchased by Ford Credit has been between approximately 2% and 4% of the principal balance of all contracts purchased by Ford Credit since it began purchasing 75-month contracts nationwide in 2014.  The percentage of the principal balance of 84-month contracts purchased by Ford Credit has increased from approximately 2% in 2016—when Ford Credit began purchasing 84-month contracts nationwide—to nearly 7% of the principal balance of all contracts purchased by Ford Credit in the first quarter of 2019.

Ford-sponsored marketing programs typically offer applicants a choice between cash rebates and subvened financing, and the applicant’s choice changes the proportion of subvened-APR contracts purchased by Ford Credit.  The relative attractiveness to applicants of a cash rebate or subvened financing depends on a number of factors including the amount of the cash rebate, the amount of the subvention and the availability in the market of low-rate financing for the applicant.  The combination of these factors can lead to an increase or decrease in subvened-APR contracts purchased by Ford Credit.

There are a variety of factors that affect the weighted average LTV of contracts purchased by Ford Credit, including whether obligors choose subvened financing under Ford-sponsored marketing programs.  Obligors that choose subvened financing generally have a higher original amount financed than other similarly situated obligors because they have a smaller, if any, cash rebate to apply.

During the periods covered in the table above, new vehicle contracts represented between approximately 89% and 92% of the original principal balance of all contracts purchased by Ford Credit.  In 2018, the percentage of the original principal balance of contracts purchased by Ford Credit related to new vehicle contracts decreased to 89% primarily because Ford Credit purchased more contracts with certified pre-owned vehicles during that time.  During the periods covered in the table above, receivables related to certified pre-owned vehicles represented between approximately 67% and 69% of the principal balance of used vehicle contracts purchased by Ford Credit and between approximately 5% and 6% of all of the contracts purchased by Ford Credit.  In 2018, receivables related to certified pre-owned vehicles increased to nearly 75% of the principal balance of used vehicle contracts purchased by Ford Credit and approximately 8% of all of the contracts purchased by Ford Credit. The increase in certified pre-owned vehicle financing was primarily caused by Ford-sponsored marketing vehicle incentive programs that incentivize dealers to sell certified pre-owned vehicles and offered customers both subvened financing and cash rebates toward the purchase of a certified pre-owned vehicle.

Material Changes to Origination, Underwriting and Purchasing Policies and Procedures

As part of its regular cycle plan, Ford Credit launched new origination scoring models for consumer credit applicants in January 2018, for commercial credit applicants in April 2015 and again in January 2019 and for commercial line of credit applicants in May 2017.

In 2014, Ford Credit conducted a limited pilot program to purchase 75-month contracts and changed its standard policy to purchase 75-month contracts nationwide after the pilot program indicated customer interest in contracts with longer terms.  In 2015, Ford Credit conducted a limited pilot program to purchase 84-month contracts and in April 2016 again changed its standard policy in response to strong customer interest to begin purchasing 84-month contracts nationwide.  75-month and 84-month contracts are offered to applicants under Ford-sponsored marketing programs to finance the purchase of new vehicles for the applicants’ personal use. However, 75-month and 84-month contracts do not meet Ford Credit’s selection criteria for this securitization transaction.

For more details about Ford Credit’s origination and underwriting policies and procedures, you should read “Sponsor and Servicer — Origination, Underwriting and Purchasing.”

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Servicing Experience

Ford Credit will be the servicer for the receivables and this securitization transaction.  Ford Credit will be responsible for all servicing functions, except that the indenture trustee will be responsible for making payments to the noteholders based on information and calculations provided by the servicer.  Ford Credit has been the servicer for its publicly-registered and broadly-distributed Rule 144A securitization programs for retail installment sale contracts in the United States since it started securitizing in 1989.  None of the asset-backed securities in these programs have experienced any losses or events of default.  Ford Credit has not had any material instances of noncompliance with the servicing criteria in its publicly-registered securitization program for retail receivables.

Ford Credit services all the receivables it originates, including receivables sold in securitizations and other structured financings.  Ford Credit uses technologies and has comprehensive online servicing policies and procedures that ensure common servicing practices and procedures are used for all receivables.  These technologies, practices and procedures are described in “— Servicing and Collections” below.  Servicing personnel do not know if a receivable they are servicing has been included in a securitization transaction.

Ford Credit’s servicing and collections systems maintain records for all receivables, track application of payments and maintain relevant information on the obligors and account status.  The systems also capture communications with obligors and allow management to review collection personnel activities.

As is customary in the servicing industry, Ford Credit engages vendors, which may be affiliates, to perform some servicing processes.  These processes include processing monthly lockbox payments from obligors, providing telephonic and internet payment systems, monitoring notation of Ford Credit’s lien on certificates of title for financed vehicles, imaging obligor documents, storing paper and electronic contracts, providing obligor communications and notifications and early stage collections support, communicating with obligors in languages other than English and performing data entry and administrative functions.  Ford Credit requires all vendors to follow processes set by Ford Credit or agreed to between Ford Credit and the vendor and regularly monitors them for compliance.  Vendors do not have the discretion to make decisions that would materially affect agreed on processes, amounts collected or the timing for amounts applied to obligor accounts.  Ford Credit believes these vendors could be easily replaced, if necessary.  Some vendors perform their services from locations outside the United States.

Ford Credit also contracts with a network of outside contractors to repossess vehicles and to collect some deficiencies for charged off accounts.  These contractors are monitored for compliance with the contracts, but due to the nature of these relationships, these contractors follow their own procedures.  Ford Credit uses online auctions and auction houses engaged by Ford to prepare and sell repossessed vehicles at auction.

As servicer of the securitization transaction, Ford Credit will prepare monthly investor reports, provide payment instructions to the indenture trustee and prepare annual compliance reports.

Servicing and Collections

General.  Ford Credit services the receivables from its centralized business centers and specialty servicing centers in the United States.  Ford Credit’s servicing operations are divided into three areas — account services, collections and vehicle liquidations.  The account services area handles the processing of non-collection related customer requests.  The collections area has two main functions — early stage delinquency, which includes account maintenance, and late stage delinquency, which focuses on loss prevention.  The vehicle liquidations area manages the disposal of repossessed vehicles.  Ford Credit’s collections operations are supported by workforce scheduling software, call monitoring software, auto dialing technology, collection systems and workflow operating systems.

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Ford Credit has a centralized customer service center that handles inbound customer calls and a specialty service center for collection of charged off accounts.  Ford Credit uses specialty teams in its servicing operations for some functions such as total loss insurance claims, vehicle skip tracing, multiple account customers, accounts with bankrupt obligors and repossession reinstatements.  One or more of these functions may be located in a single center.

Payments and Application of Payments.  Ford Credit encourages obligors to make payments electronically, including through direct debit, online payment applications or telephone payment.  Obligors who do not pay electronically are instructed to send their monthly payments to one of several lockbox locations.

Ford Credit applies almost all payments that are received before the designated processing time on each business day to an obligor’s account on the day payment is received.  By the end of the next business day, Ford Credit researches, matches and applies most payments that do not include enough information to match an account.  A specialized group at Ford Credit researches, matches and applies the remaining small number of payments that have not been matched to an account.

If a payment is applied to an obligor’s account but is later reversed or if a misapplied payment is reversed or corrected, an account may have negative collections for the period.

Obligors may prepay their contracts by making partial prepayments in multiple small amounts or larger lump sum payments at any time.  These partial prepayments result in the receivable being paid ahead and no payment being due for a period of time that is typically one or two months but may be longer depending on the amount of the prepayment.  Many obligors continue to make their monthly payments even though no payment is due.

Obligors may also request payoff quotes at any time.  If a payment is received that pays the remaining principal amount outstanding on an account, except up to $9.99, Ford Credit will consider the account paid in full and the remaining amount is written off.  If a payment is received that pays the remaining principal amount outstanding on an account, except more than $9.99 up to $49.99, Ford Credit makes a final attempt to collect the remaining amount and then will consider the account paid in full and the remaining amount is written off.

Ford Credit also writes off the remaining amount if the obligor dies and the estate of the deceased obligor meets requirements that include returning the vehicle.

Behavioral Scoring Models.  Ford Credit uses behavioral scoring models to assess the probability of payment default for each receivable and implements collection efforts based on its determination of the credit risk of the obligor on the payment due date.  These models assess a number of variables including origination characteristics, customer account history, payment patterns, expected loss or severity and periodically updated FICO® scores, if applicable.  Based on data from these models, receivables are grouped by risk category for collection.  These categories determine how soon an obligor will be contacted after a payment becomes delinquent, how often the obligor will be contacted during the delinquency and how long the account will remain in early stage collections before it is transferred to late stage collections where a more experienced customer service representative follows the account until the delinquency is resolved.  Ford Credit develops new behavioral scoring models on a regular cycle plan and regularly reviews the models to confirm the continued business significance and statistical predictability of the variables.  Ford Credit may make adjustments to improve the performance of the behavioral scoring models between development cycles by uniformly changing the overall scores or modifying the weighting of selected variables.

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Servicing and Collections.  Most of the receivables are paid without any additional servicing or collection efforts.  If an account becomes delinquent, Ford Credit will attempt to contact the obligor to determine the reason for the delinquency and identify the obligor’s plans to resolve the delinquency.  Ford Credit considers an account to be delinquent if more than $49.99 of a scheduled payment is past due.  Accounts with bankrupt obligors, accounts in repossession status and accounts that have been charged off are not considered delinquent because they are removed from Ford Credit’s standard servicing process or have been accelerated.  Ford Credit assesses a late fee to delinquent accounts after the grace period has ended.  Most delinquent accounts are resolved because the obligor makes the past due payment.  If the obligor cannot make the past due payment Ford Credit frequently will extend the contract to allow an obligor to continue to make the normal monthly payments or the obligor may request and process a payment extension online.

A payment extension defers one or more past due payments and moves the scheduled maturity date by the number of months extended.  The length of a typical payment extension is two months, however extensions may be granted for a single month and multiple payment extensions may be given over the term of the contract.  After a payment extension, the account generally is no longer considered delinquent.  Ford Credit’s guidelines for offering a payment extension generally require that the obligor’s payment problem is temporary, the obligor has an income source for making the next payment and the obligor made at least one payment since the contract’s origination.  Payment extensions are reviewed regularly by Ford Credit’s servicing managers.  When allowed by state law, Ford Credit usually collects a fee on extensions and additional interest will be earned on the extended contracts.  Each month Ford Credit grants payment extensions on about 1% to 2% of the retail installment contracts in its portfolio.

Alternatively, Ford Credit may rewrite a contract if the obligor cannot make the past due payments by amortizing the obligor’s outstanding principal balance over a longer contract term and, sometimes, at a different interest rate that may result in the capitalization of interest on the contract.  Ford Credit’s guidelines for granting rewrites include requirements that the obligor has a stable source of income and that all original parties remain on the contract and sign an amendment to the contract unless more senior personnel approve it.  Ford Credit may reschedule an obligor’s payments if the obligor makes a large prepayment or a large insurance payment is received.  A reschedule generally means a reduction of the amount of the monthly payment over the same or shorter contract term.

From time to time Ford Credit may offer goodwill extensions to obligors whose contracts meet the eligibility criteria established by Ford Credit, including limits on delinquency.  For example, an extension of up to three months may be offered to obligors who live in an area affected by a natural disaster, such as a flood, hurricane, wildfire or tornado.  Ford Credit also may offer administrative extensions for one month.

Ford Credit may allow an obligor to change the monthly payment due date typically by not more than 30 days over the life of the contract, if, for example, the day on which the obligor is paid by their employer changes.  A due date change is generally not allowed for delinquent accounts and may not be used to bring an account current.  A due date change is not considered to be a payment extension.

Occasionally, Ford Credit allows a change to the obligors on the contract by releasing a co-obligor or adding a new obligor who may assume the contract with the original obligor either still obligated or released from the terms of the contract.  In rare instances, Ford Credit may permit a substitution of the financed vehicle with a vehicle of similar value.

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In limited circumstances, Ford Credit may cancel its purchase of a contract if there are mistakes that cannot be corrected or to resolve an issue with a customer.  In this case, all payments and fees are reversed, including rate subvention, the contract is returned to the dealer, and Ford Credit’s lien on the financed vehicle is released.

Ford Credit uses periodic management reports on delinquencies, extensions, reschedules, rewrites and other measurements and operating audits to maintain control over the use of collection actions.  Ford Credit regularly tests new servicing procedures on controlled portions of its receivables to develop and refine its servicing procedures.  Areas tested include timing and frequency of collection calls and when it is more effective for the early stage delinquency team or the late stage delinquency team to contact the obligor.  If a test shows that a new procedure is an improvement over the existing procedure, the new servicing procedure is applied to the entire portfolio.  Ford Credit’s servicing policies and procedures may change over time.

Customer Service and Complaint Handling.  Ford Credit provides general account services to customers who contact its centralized customer service center by phone, email or in writing.  Services provided include processing address and due date changes, handling title paperwork if the customer moves to a different state, providing account payoff information and early stage collection support.  The customer service center also supports Ford Credit’s online account manager application that allows customers to manage their accounts by making payments and updating their information, such as address and phone number.

Ford Credit sometimes receives complaints from customers about the origination and servicing of their contracts, including complaints about the dealer that sold the financed vehicle.  Customer complaints are handled by customer service and collections personnel, including a dedicated customer relations team, who are experienced and authorized to resolve customer issues.  These personnel use a defined escalation process to ensure customers have a means to further address concerns.  All complaints received are entered into a complaint tracking system for tracking, reporting and regulatory purposes.  Reports are monitored by senior operations management to promote uniform, consistent, and timely handling and to identify and implement process improvements.

Repossession and Charge Off.  Ford Credit makes reasonable efforts to collect on delinquent accounts and to keep contracts current.  Repossession is considered only after other collection efforts have failed.  While some delinquent obligors voluntarily surrender their vehicles to Ford Credit, self-help repossession is the method used by Ford Credit in most cases and usually occurs by an independent contractor taking possession of the financed vehicle.  On average, Ford Credit repossesses the financed vehicle when the account is between 60 and 70 days delinquent, but may do so earlier or later depending on the risk of the account or other circumstances.  Following repossession, the obligor may redeem the vehicle and, in some states, may reinstate its contract under a mandatory reinstatement right before the vehicle is sold.  To minimize credit losses, Ford Credit may allow some obligors to reinstate their contracts in states where there is no mandatory reinstatement right.

The vast majority of repossessed vehicles are sold at a physical or online auction and the net sale proceeds are applied to the outstanding balance of the contract.  Ford Credit works with the vehicle remarketing department of Ford to manage the disposal of repossessed vehicles and seeks to maximize net sale proceeds, which equals gross auction proceeds less auction fees and expenses for reconditioning and transporting the vehicle to auction.  On average, vehicles are sold at auction within 40 to 55 days of repossession.  A small number of repossessed vehicles are sold through other means.  For example, some heavily damaged vehicles are sold for salvage or scrap and some vehicles may be sold directly to an insurance company if a claim has been filed on the repossessed vehicle.  Also, some vehicles with a limited resale market, such as some medium and heavy trucks and vehicles with specialty equipment, may be sold through a targeted bidding process to maximize net sale proceeds.

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After standard collection efforts are exhausted and all collections, including net sale proceeds, refunds on cancelled service contracts and insurance products and insurance claims, are applied, Ford Credit charges off any remaining balance owed by the obligor.  In a limited number of cases, an obligor or a financed vehicle cannot be located after skip tracing and the remaining balance owed by the obligor is charged off as a skip account.

Ford Credit continues to pursue collection of deficiency balances and skip accounts after charge off through its specialty service center for charged off contracts.  Collection activities generally are continued until the contract is paid or settled in full, the contract is determined to be uncollectible due to bankruptcy of the obligor, or the obligor dies and the estate of the deceased obligor meets certain requirements that include returning the vehicle or the statute of limitations expires.  After several cycles of collection activity on charged off contracts, Ford Credit typically sells them as a final effort to realize value.  Ford Credit may decide not to pursue further collection of the contract if the expected cost of collection exceeds the balance owed by the obligor.

Ford Credit may release the security interest in the financed vehicle to an insurer to receive proceeds from insurance covering the financed vehicle, as part of a discounted settlement of the contract or in connection with abandoning its rights in the financed vehicle.

Bankruptcy Accounts.  When Ford Credit is notified that an obligor has filed for bankruptcy, the account is moved to its specialty team that handles accounts with bankrupt obligors.  Restrictions of the U.S. federal bankruptcy laws, including the automatic stay, generally prohibit Ford Credit from taking any collection action against the obligor or the financed vehicle without court approval.  In a Chapter 7 bankruptcy, the most common form of bankruptcy, the obligor is generally required to reaffirm its obligations, redeem the financed vehicle for a lump sum or return the financed vehicle.  If a contract is reaffirmed by the obligor, it will be returned to normal servicing after the obligor is discharged from bankruptcy.  In a Chapter 13 bankruptcy, the plan of reorganization usually requires the obligor to make payments over a three-year to five-year period.  The payments required are usually based on the full contract balance but may be based on the value of the financed vehicle at the time of bankruptcy, if the statutory period has passed between the obligor’s purchase of the financed vehicle and the bankruptcy filing and the debt was incurred for personal use by the obligor.  When the payments required under the plan of reorganization are completed and any additional legal requirements are satisfied, the obligor is discharged from liability for any remaining balance under the contract and Ford Credit charges off any remaining balance.

Delinquency, Repossession and Credit Loss Information

The following table shows Ford Credit’s delinquency, repossession and credit loss information for its portfolio of retail installment sale contracts.  The table includes contracts sold in securitizations and other transactions that Ford Credit continues to service.  Delinquencies, repossessions or credit losses may be influenced by a variety of economic, social, geographic and other factors beyond the control of Ford Credit.  It is not certain that the delinquency, repossession or credit loss information of a particular pool of retail installment sale contracts will be similar to the historical information shown below or that any trends shown in the table will continue for any period.

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Delinquency, Repossession and Credit Loss Information

	Three Months Ended March 31,		Year Ended December 31,
	2019	2018	2018	2017	2016	2015	2014
Average number of contracts outstanding(1)	2,179,705	2,186,900	2,194,989	2,144,925	2,106,026	2,004,606	1,895,546
Average portfolio outstanding (in millions)(2)	$47,074	$46,219	$46,704	$44,406	$42,651	$38,601	$34,646
Average commercial portfolio outstanding (in millions)(3)	$ 8,121	$ 7,972	$ 8,047	$ 7,360	$ 6,775	$ 6,009	$ 5,397
Delinquencies
Average number of delinquencies(4)(5)
31 - 60 days	28,330	29,427	29,486	30,166	30,539	30,140	35,617
61 - 90 days	2,718	2,932	2,797	3,202	3,329	2,752	3,057
91 - 120 days	152	167	145	276	346	223	212
Over 120 days	62	36	43	61	73	49	51
Average number of delinquencies as a percentage of average number of contracts outstanding(4)(5)
31 - 60 days	1.30%	1.35%	1.34%	1.41%	1.45%	1.50%	1.88%
61 - 90 days	0.12%	0.13%	0.13%	0.15%	0.16%	0.14%	0.16%
91 - 120 days	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%
Over 120 days	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Aggregate principal balance of delinquent contracts as a percentage of portfolio outstanding(4)(6)
31 - 60 days	0.90%	1.12%	1.45%	1.31%	1.46%	1.44%	1.66%
61 - 90 days	0.08%	0.09%	0.15%	0.14%	0.16%	0.16%	0.16%
91 - 120 days	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%
Over 120 days	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Aggregate principal balance of delinquent commercial contracts as a percentage of commercial portfolio outstanding(4)(7)
31 - 60 days	0.86%	0.95%	1.17%	0.90%	0.91%	0.84%	0.84%
61 - 90 days	0.09%	0.08%	0.16%	0.10%	0.11%	0.11%	0.10%
91 - 120 days	0.01%	0.01%	0.01%	0.00%	0.01%	0.01%	0.00%
Over 120 days	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

(1)      Average of the number of contracts outstanding at the beginning and end of each month in the period.

(2)      Average of the aggregate principal balance of contracts outstanding at the beginning and end of each month in the period.

(3)      Average of the aggregate principal balance of contracts with obligors who use the financed vehicle for commercial purposes outstanding at the beginning and end of each month in the period.

(4)      The period of delinquency is the number of days that more than $49.99 of a scheduled monthly payment is past due, excluding accounts with bankrupt obligors and accounts that have been repossessed or charged off.

(5)      Average of the number of contracts delinquent at the beginning and end of each month in the period.

(6)      Aggregate principal balance at the end of the period over the aggregate principal balance of all contracts outstanding at the end of the period.

(7)      Aggregate principal balance at the end of the period over the aggregate principal balance of all contracts with obligors who use the financed vehicle for commercial purposes outstanding at the end of the period.

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Repossessions and Credit Losses

	Three Months Ended March 31,		Year Ended December 31,
	2019	2018	2018	2017	2016	2015	2014
Repossessions as a percentage of average number of contracts outstanding(10)	1.23%	1.41%	1.28%	1.29%	1.21%	1.12%	1.22%
Repossessions of commercial contracts as a percentage of average number of commercial contracts outstanding(10)	0.66%	0.62%	0.61%	0.63%	0.56%	0.44%	0.50%
Aggregate net losses (in millions)(8)	$65	$70	$253	$272	$230	$146	$113
Net losses as a percentage of average portfolio outstanding(8)(10)	0.55%	0.61%	0.54%	0.61%	0.54%	0.38%	0.33%
Net losses on commercial contracts as a percentage of average commercial portfolio outstanding(8)(10)	0.38%	0.25%	0.28%	0.36%	0.22%	0.15%	0.10%
Net losses as a percentage of gross liquidations(8)(9)	1.17%	1.15%	1.07%	1.26%	1.12%	0.68%	0.57%
Number of contracts charged off	10,018	11,173	41,520	40,943	36,779	32,737	34,383
Number of contracts charged off as a percentage of average number of contracts outstanding(10)	1.84%	2.04%	1.89%	1.91%	1.75%	1.63%	1.81%
Average net loss on contracts charged off(8)	$6,508	$6,264	$6,100	$6,640	$6,245	$4,445	$3,292
Average net loss on commercial contracts charged off(8)	$8,226	$6,393	$7,133	$8,610	$6,456	$4,766	$2,803

(8)      Beginning in 2015, net losses include the aggregate balance ((i) remaining principal plus accrued finance charges, (ii) external costs associated with repossession and disposition of vehicles incurred both before and after charge off and (iii) external costs associated with continued collection efforts incurred after charge off) of all contracts that the servicer determined to be uncollectible in the period less any amounts received in the period on contracts charged off in the period or any earlier periods.  Starting in 2012 but prior to 2015, net losses included all of the same external costs listed in the first sentence above except for those external costs associated with repossession of vehicles incurred before charge off.  In addition, for all periods, net losses include the estimated loss recorded at the time a vehicle is repossessed and this estimated loss is adjusted to reflect the actual loss after the vehicle is sold.  Realized losses for a securitized pool of contracts for any period include the aggregate principal balance ((i) remaining principal, (ii) external costs associated with repossession and disposition of vehicles incurred both before and after charge off and (iii) external costs associated with continued collection efforts incurred after charge off) of all contracts that the servicer determined to be uncollectible in the period less any amounts received in the period on contracts charged off in the period.  Therefore, realized losses for a securitized pool of contracts may be higher or lower than net losses for those contracts.

(9)      Gross liquidations are cash payments and charge offs that reduce the outstanding balance of a contract.

(10)      For non-annual periods, the percentages are annualized.

Repossessions as a percentage of average number of contracts outstanding in 2015 were relatively low compared to the other periods covered in the table above because Ford Credit’s portfolio was growing relatively quickly during those years. As Ford Credit purchased an increasing number of new retail installment sale contracts, the weighted average months after origination, or “seasoning,” of its portfolio declined. Since then, as the growth of Ford Credit’s retail installment sale contract portfolio has slowed and the seasoning of its portfolio has increased, repossessions as a percentage of average number of contracts outstanding has also generally increased.

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From 2014 through 2017, aggregate net losses increased due to higher loss severities because of longer-term contracts in Ford Credit’s portfolio and contracts with higher average amounts financed at repossession, which resulted in greater amounts being charged off.  Aggregate net losses increased in 2016 and 2017 primarily because repossessions as a percentage of average number of contracts outstanding increased.  In addition, Ford Credit changed its calculation of net losses in 2015 to include repossession expenses incurred before charge off, which has increased aggregate net losses since then.

Net losses as a percentage of average portfolio outstanding and average net loss on contracts charged off generally increased from 2014 through 2017 primarily due to higher loss severities because of longer-term contracts in Ford Credit’s portfolio and contracts with higher average amounts financed at repossession, which resulted in greater amounts being charged off.  Net losses as a percentage of average portfolio outstanding were partially offset by fewer contracts charged off in 2014 and 2015 and increased in 2016 and 2017 as the number of contracts charged off has increased.  In addition, in 2016 and 2017, an increased supply of used vehicles in the auction market contributed to weakness in used vehicle prices that caused Ford Credit’s average net loss on contracts charged off to increase.  However, net losses as a percentage of average portfolio outstanding and average net loss on contracts charged off decreased in 2018 because auction prices for used vehicles increased and loss severities were lower due to greater seasoning of contracts in Ford Credit’s portfolio prior to repossession.  Aggregate net losses and net losses as a percentage of average portfolio outstanding were lower in the first quarter of 2019 than during the same period in 2018 because of fewer repossessions, which was partially offset by higher average net loss on contracts charged off.  The higher average net loss on contracts charged off is the result of higher balances outstanding at the time of repossession.  Auction values remain variable and can be seasonal.

The trends in delinquency, repossession and credit losses for commercial use contracts purchased by Ford Credit was consistent with those trends in Ford Credit’s entire portfolio of retail installment sale contracts during the periods covered in the table above.  While the historical loss performance of commercial use contracts purchased by Ford Credit has been comparatively better than for personal use contracts purchased by Ford Credit, commercial use obligors are generally small businesses or self-employed and may experience more severe loss performance in an economic or industry specific downturn.

Delinquencies, repossessions and credit losses are shown as a percentage of Ford Credit’s portfolio of retail installment sale contracts.  During the periods covered in the table above, the portfolio size increased as new contracts were originated and decreased as existing receivables were paid down or liquidated.  The delinquency, repossession and credit loss percentages for a particular pool of contracts originated in any period may differ from the portfolio percentages shown in the table above.

Material Changes to Servicing Policies and Procedures

In July 2014, Ford Credit completed a consolidation of its bankruptcy specialty center into an existing business center due to a decline in accounts with bankrupt customers and the ability to more efficiently provide service to obligors in all time zones.  In early 2015, in response to sharply lower oil prices, Ford Credit proactively expanded risk monitoring of the portfolio located in oil producing regions. Ford Credit implemented actions to reduce potential losses by establishing dedicated teams for oil-related commercial accounts, accelerating commercial credit reviews, and enhancing customer support to establish earlier contact with delinquent obligors.

As part of its regular cycle plan, Ford Credit launched new consumer behavioral scoring models in February 2018.  Ford Credit launched new commercial behavioral scoring models for its commercial portfolio in February 2016 and again in January 2019.

For more details about Ford Credit’s servicing policies and procedures, you should read “Sponsor and Servicer — Servicing and Collections.”

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Demands to Repurchase Receivables – Prior Securitized Pools

The transaction documents for prior securitizations of retail installment sale contracts sponsored by Ford Credit require Ford Credit or the depositor to repurchase a receivable for breach of a representation made about a receivable that has a material adverse effect on the receivable and is not corrected before the date the receivable is required to be repurchased.  During the three-year period ended December 31, 2018, neither Ford Credit nor any of the depositors, the indenture trustees or the owner trustees for those securitizations received a demand to repurchase any receivable in those securitizations.  Ford Credit, as securitizer, discloses all repurchase demands and related activity on SEC Form ABS-15G.  Ford Credit filed its most recent Form ABS-15G for repurchase demands related to the three-year period ended December 31, 2018, with the SEC on February 6, 2019.  Ford Credit’s CIK number is 0000038009.

Static Pool Information – Prior Securitized Pools

Annex A contains static pool information about prior amortizing pools of retail installment sale contracts securitized by Ford Credit.  The information in Annex A consists of summary information about the original characteristics of the prior securitized pools, cumulative losses, prepayments and delinquency data and as a graphical presentation of the data.  The original characteristics of the prior securitized pools may differ somewhat from each other and from the characteristics of the pool of receivables in this securitization transaction.  This is because Ford Credit’s portfolio of retail installment sale contracts, from which the securitized pools are selected, changes over time.  Despite these differences, the prior securitized pools are generally comparable to the receivables in this securitization transaction because these changes have not been significant and Ford Credit’s origination, underwriting and purchasing policies and servicing policies have been generally consistent over time.

Based on Ford Credit’s experience, the characteristics that are expected to most significantly influence the performance of a securitized pool of retail installment sale contracts are the FICO® scores, loan-to-value ratios and payment-to-income ratios of the contracts and whether the pool includes contracts with original terms greater than 60 months, subvened-APR contracts and commercial use contracts.  A securitized pool with lower FICO® scores or with higher loan-to-value and payment-to-income ratios and a higher percentage of longer term contracts may perform worse comparatively.  A securitized pool with higher percentages of subvened-APR contracts and commercial use contracts may perform better comparatively.  Given the consistency of these characteristics across the prior securitized pools and the pool of receivables in this securitization transaction, any difference in performance in the pool of receivables compared to prior securitized pools may be more influenced by general macroeconomic conditions than differences in these characteristics.  In addition, while the historical loss performance of commercial use contracts has been comparatively better than for personal use contracts, commercial use obligors are generally small businesses or self-employed and may experience more severe loss performance in an economic or industry specific downturn.

In addition, although the selection criteria used for the retail installment sale contracts in the prior securitized pools have changed over time, these changes do not diminish the general comparability of the prior securitized pools to the pool of receivables in this securitization transaction.  Losses, prepayments and delinquencies for the pool of receivables in this securitization transaction may differ from the information shown in Annex A for prior securitized pools.

RECEIVABLES

The following description of the receivables summarizes parts of the transaction documents, including the receivables purchase agreement, the sale and servicing agreement, the indenture and the asset representations review agreement, but is not a complete description of these agreements.  For more details about the transaction documents, you should read the forms of the transaction documents that are included as exhibits to the registration statement filed with the SEC that includes this prospectus.

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Trust Assets

The primary assets of the trust will be a pool of receivables consisting of retail installment sale contracts secured by new and used cars, light trucks and utility vehicles.  On the closing date, Ford Credit will sell the receivables and other related assets to the depositor, and the depositor will sell the receivables and other related assets to the trust.  The trust assets will be pledged by the trust to the indenture trustee for the benefit of the noteholders.

The trust assets will be:

·the receivables,

·collections on the receivables applied on or after the cutoff date, including refunds for cancelled items originally included in the amount financed, such as service contracts, insurance and similar products,

·security interests in the financed vehicles,

·proceeds from claims on insurance companies for insurance covering the financed vehicles or the obligors,

·rights under the transaction documents for the repurchase of receivables that breach representations and purchase of servicer impaired receivables and servicer modified receivables,

·rights to funds and investments in bank accounts of the trust,

·rights under the transaction documents to credit enhancement for the notes, and

·all proceeds of the above.

The “initial pool balance” for the trust will be the aggregate principal balance of the receivables on the cutoff date.  The “pool balance” as of the last day of any month will be the aggregate principal balance of the receivables on that day excluding purchased and repurchased receivables.  The “principal balance” of a receivable as of the cutoff date or the last day of any month means the amount financed, less:

·collections on the receivables applied to reduce the principal balance of the receivable, and

·any amounts charged off on the receivable.

Selection of Receivables

The receivables were randomly selected by Ford Credit from its U.S. portfolio of retail installment sale contracts that meet the selection criteria as of the cutoff date.  Ford Credit did not use selection procedures believed to be adverse to the noteholders in selecting the receivables from its portfolio of receivables.  The selection criteria include that each receivable:

·is a simple interest, fixed rate receivable with level monthly payments,

·has an original term of not greater than 72 months,

·is secured by a car, light truck or utility vehicle,

·is currently not more than 30 days delinquent as of the cutoff date (Ford Credit considers a receivable delinquent if more than $49.99 of a scheduled payment is overdue), although it may have been more than 30 days delinquent in the past,

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·has not been granted a payment extension or rewritten as of the cutoff date, and

·is not subject to a bankruptcy proceeding as of the cutoff date.

Ford Credit changed its selection criteria for the securitization transactions included in Annex A over time to accommodate new financing products, increased vehicle pricing and changes in securitization market practices including changes resulting from regulatory requirements that may affect the selection criteria.  Ford Credit’s portfolio of retail installment sale contracts available for this securitization program changes over time as a result of changes in Ford Credit’s origination, underwriting and purchasing policies, Ford-sponsored marketing programs and Ford Credit’s sales of receivables in securitization and other funding transactions and programs, some of which may use different selection criteria than this program.  Ford Credit uses a single level underwriting standard and does not consider any of the receivables to be exceptions to its underwriting and purchasing standards described in “Sponsor and Servicer — Origination, Underwriting and Purchasing.”

Simple Interest Receivables

All of the receivables will be simple interest, fixed rate receivables.  A “simple interest receivable” amortizes the amount financed or principal balance of the receivable over a series of level monthly payments.  Payments under a simple interest receivable are applied first to interest accrued to the date of payment and then to reduce the principal balance.  Each payment consists of interest (if the APR is greater than 0.00%) and a portion of the principal balance of the receivable.  The interest amount of a payment is calculated by multiplying the unpaid principal balance of the receivable by its APR and by the number of days (as a fraction of a calendar year) since the prior payment was made.  The principal amount of a payment will be equal to the remainder of the payment.  A simple interest receivable may be prepaid without penalty, but the obligor will be required to pay interest to the date of prepayment.

If an obligor makes a payment before its scheduled due date, the portion of the payment applied to interest will be less than it would have been had the payment been made as scheduled because less interest will have accrued, and the portion of the payment applied to reduce the principal balance will be correspondingly greater.  Conversely, if an obligor makes a payment after its scheduled due date, the portion of the payment applied to interest will be greater than it would have been had the payment been made as scheduled because more interest will have accrued, and the portion of the payment applied to reduce the principal balance will be correspondingly less.

All of the receivables have level monthly payments.  The obligor pays a fixed monthly payment until the final maturity date.  The amount of the final payment is increased or decreased as necessary to repay the then unpaid principal balance due to the timing of payments made over the term of the contract, payment extensions or partial prepayments.

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Composition of Receivables

The following tables show the characteristics or distributions of some characteristics of the pool of receivables on the cutoff date.  The percentages in the following tables may not sum to 100.00% due to rounding.

Number of Receivables	40,029
Initial Pool Balance	$	1,142,066,659.36
Principal Balance:
Average	$	28,530.98
Highest	$	99,892.15
Lowest	$	251.44
Original Amount Financed:
Average	$	35,622.07
Highest	$	117,463.54
Lowest	$	1,745.10
Annual Percentage Rate (APR):
Weighted average(1)	3.35%
Highest	22.99%
Lowest	0.00%
Original Term(2):
Weighted average(1)	65.2 months
Original term greater than 60 months (by principal balance)	57.28%
Longest	72 months
Shortest	12 months
Remaining Term(2):
Weighted average(1)	56.6 months
Remaining term greater than 60 months (by principal balance)	43.20%
Longest	72 months
Shortest	2 months
Scheduled Weighted Average Life(2)(3)	2.46 years
Weighted Average Months After Origination (Seasoning)(1)(2)	8.6 months
Credit Score:
Weighted average(1) FICO® score(4) at origination	736
Weighted average(1) FICO® score(4) at origination for receivables with original terms greater than 60 months(2)	715
Percentage FICO® score(4) less than 650 (by principal balance)	14.91%
Percentage No FICO® score consumer(5) (by principal balance)	1.15%
Weighted Average(1) LTV(6) at Origination	98.99%
Weighted Average(1) PTI(7) at Origination	8.72%
Financed Vehicle — Subvened-APR Receivables(8):
Aggregate principal balance	$	791,172,931.57
Percentage of initial pool balance	69.28%
Financed Vehicle — Commercial Use(9):
Aggregate principal balance	$	244,609,495.31
Percentage of initial pool balance	21.42%
Financed Vehicle — New:
Aggregate principal balance	$	1,019,424,180.53
Percentage of initial pool balance	89.26%
Financed Vehicle — Used:
Aggregate principal balance	$	122,642,478.83
Percentage of initial pool balance	10.74%
Financed Vehicle — Car(10):
Aggregate principal balance	$	143,415,069.91
Percentage of initial pool balance	12.56%
Financed Vehicle — Light Truck(10):
Aggregate principal balance	$	575,247,636.05
Percentage of initial pool balance	50.37%
Financed Vehicle — Utility(10):
Aggregate principal balance	$	423,403,953.40
Percentage of initial pool balance	37.07%

_______________

(1)     Weighted averages are weighted by the principal balance of each receivable on the cutoff date.

(2)     Characteristics in the table related to the term of the receivables may not match the asset-level data included as an exhibit to Form ABS-EE due to differences in how term is calculated for the securitized pool and how term is required to be calculated for asset-level data.

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(3)     The weighted average life of the receivables is calculated by (a) multiplying the scheduled principal payments by the number of months from the cutoff date, (b) adding the results, (c) dividing the sum by 12 and (d) dividing the result by the initial pool balance, and based on the assumption that payments are due on the first day of the month, all receivables pay as scheduled, starting one month from the cutoff date, with no delays, defaults or prepayments.

(4)     Excludes receivables representing 21.35% of the initial pool balance that have primary obligors who do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history.  For a description of FICO® scores, you should read “Sponsor and Servicer – Origination, Underwriting and Purchasing.”  It is not certain that FICO® scores will be an accurate predictor of the likelihood of repayment of the related receivable or that any obligor’s credit score would not be lower if obtained as of the cutoff date.

(5)     Represents receivables with primary obligors that use the financed vehicles for personal use and do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history.

(6)     The LTV for a receivable for purposes of this table is the original amount financed divided by the wholesale value of the vehicle.

(7)     The PTI for a receivable is the monthly payment divided by the monthly combined income of the obligor and any co-obligor.  Excludes commercial use receivables with a business entity as the primary obligor.  Also excludes a limited number of receivables where the applicant stated no income or negligible income and receivables where Ford Credit has determined that the PTI is unreliable.

(8)     Receivables originated under a Ford-sponsored low-APR vehicle marketing program offered by Ford.

(9)     Receivables with obligors who use the financed vehicle for commercial purposes.  These obligors may be business entities or individuals.

(10)    Car includes sedans, hatchbacks and coupes.  Light truck includes minivans, vans and light pick-up trucks.  Utility includes wagons, SUVs and cross-overs.

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Distribution by Original Term of Receivables

Original Term (months)(1)	Number of Receivables	Aggregate Principal Balance		Percentage of Initial Pool Balance
0 – 24	137	$	1,921,803.31	0.17%
25 – 36	1,636	40,851,098.25		3.58
37 – 48	2,314	60,980,039.56		5.34
49 – 60	14,266	384,165,191.49		33.64
61 – 72	21,676	654,148,526.75		57.28
Total	40,029	$	1,142,066,659.36	100.00%

_______________

(1)     The original term of the receivables may not match the asset-level data included as an exhibit to Form ABS-EE due to differences in how term is calculated for the securitized pool and how term is required to be calculated for asset-level data.

Distribution by FICO® Score of Receivables(1)

FICO® Score(2) Range	Number of Receivables	Aggregate Principal Balance		Percentage of Initial Pool Balance
Greater than 749	15,815	$	422,511,341.08	37.00%
700 – 749	5,547	160,826,771.23		14.08
650 – 699	4,993	144,714,975.12		12.67
600 – 649	3,573	105,727,871.75		9.26
Less than 600	2,312	64,509,999.78		5.65
Commercial(3)	7,058	230,631,163.92		20.19
No FICO® score(4)	731	13,144,536.48		1.15
Total	40,029	$	1,142,066,659.36	100.00%

_______________

(1)The table shows the distribution of the receivables by FICO® score of primary obligors on their origination dates.

(2)For a description of FICO® scores, you should read “Sponsor and Servicer – Origination, Underwriting and Purchasing.”  It is not certain that FICO® scores will be an accurate predictor of the likelihood of repayment of the related receivable or that an obligor’s credit score would not be lower if obtained on the cutoff date.

(3)Represents receivables with primary obligors that use the financed vehicles for commercial purposes and do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history.  For a description of commercial accounts, you should read “Sponsor and Servicer – Commercial Accounts.”

(4)Represents receivables with primary obligors that use the financed vehicles for personal use and do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history.

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Distribution by LTV of Receivables

LTV(1) Range	Number of Receivables	Aggregate Principal Balance		Percentage of Initial Pool Balance
Less than 86.00%	12,650	$	273,048,904.97	23.91%
86.00 – 100.00	9,482	278,530,347.51		24.39
100.01 – 115.00	10,420	346,886,049.84		30.37
115.01 – 130.00	5,120	172,006,617.14		15.06
Greater than 130.00	2,357	71,594,739.90		6.27
Total	40,029	$	1,142,066,659.36	100.00%

_______________

(1)     The LTV for a receivable for purposes of this table is the original amount financed divided by the wholesale value of the vehicle.

Distribution by PTI of Receivables

PTI(1) Range	Number of Receivables	Aggregate Principal Balance		Percentage of Initial Pool Balance
Less than 11.00%	25,170	$	670,696,794.71	58.73%
11.00 – 15.00	4,662	143,518,857.39		12.57
15.01 – 20.00	2,081	65,195,812.03		5.71
Greater than 20.00	735	24,611,053.65		2.15
Excluded(2)	7,381	238,044,141.58		20.84
Total	40,029	$	1,142,066,659.36	100.00%

_______________

(1)The PTI for a receivable is the monthly payment divided by the monthly combined income of the obligor and any co-obligor.

(2)Represents commercial use receivables with a business entity as the primary obligor.  Also includes a limited number of receivables where the applicant stated no income or negligible income and receivables where Ford Credit has determined that the PTI is unreliable.

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Distribution by APR of Receivables

APR Range	Number of Receivables	Aggregate Principal Balance		Percentage of Initial Pool Balance
0.00 – 0.99%	14,391	$	428,155,526.34	37.49%
1.00 – 1.99	5,584	162,056,591.91		14.19
2.00 – 2.99	2,612	71,535,436.03		6.26
3.00 – 3.99	2,669	67,013,731.28		5.87
4.00 – 4.99	2,557	62,894,963.95		5.51
5.00 – 5.99	2,697	69,986,538.14		6.13
6.00 – 6.99	3,592	105,390,468.39		9.23
7.00 – 7.99	1,987	63,364,675.06		5.55
8.00 – 8.99	1,553	48,125,242.82		4.21
9.00 – 9.99	798	23,605,091.60		2.07
10.00 – 10.99	461	13,099,273.46		1.15
11.00 – 11.99	339	8,819,022.29		0.77
12.00 – 12.99	259	6,307,894.15		0.55
13.00 – 13.99	199	5,037,201.35		0.44
14.00 – 14.99	122	2,755,601.94		0.24
15.00 – 15.99	71	1,438,812.43		0.13
16.00 – 16.99	46	987,749.29		0.09
17.00 – 17.99	37	582,712.95		0.05
18.00 – 18.99	28	511,849.07		0.04
19.00 – 19.99	17	239,823.34		0.02
20.00 – 24.99	10	158,453.57		0.01
Total	40,029	$	1,142,066,659.36	100.00%

Geographic Distribution of Receivables(1)

State	Number of Receivables	Aggregate Principal Balance		Percentage of Initial Pool Balance
Texas	6,229	$	214,238,094.90	18.76%
California	4,163	120,655,792.38		10.56
Florida	3,045	84,232,248.99		7.38
Georgia	1,375	40,309,468.00		3.53
Illinois	1,580	39,621,558.30		3.47
Ohio	1,441	35,291,673.88		3.09
North Carolina	1,265	34,718,484.57		3.04
Pennsylvania	1,427	34,314,002.12		3.00
Other	19,504	538,685,336.22		47.17
Total	40,029	$	1,142,066,659.36	100.00%

_______________

(1)     The table shows the states with concentrations greater than 3.00% of the initial pool balance based on the billing addresses of the obligors.

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Distribution by Make, Model and Vehicle Type of Receivables(1)

Make	Model	Vehicle Type	Number of Receivables	Aggregate Principal Balance		Percentage of Initial Pool Balance
Ford	F-150	Light Truck	10,374	$	346,248,889.99	30.32%
Ford	Explorer	Utility	4,255	132,425,430.06		11.60
Ford	Escape	Utility	4,447	87,236,147.04		7.64
Ford	F-250	Light Truck	2,348	86,613,185.79		7.58
Ford	Edge	Utility	2,592	66,130,578.35		5.79
Ford	F-350	Light Truck	1,620	62,969,863.53		5.51
Ford	Fusion	Car	3,242	62,135,875.10		5.44
Ford	Expedition	Utility	1,205	55,286,166.84		4.84
Ford	Focus	Car	1,672	22,169,336.01		1.94
Ford	Mustang	Car	767	20,777,426.18		1.82
Lincoln	Navigator	Utility	369	19,956,779.62		1.75
Lincoln	MKX	Utility	689	17,875,546.64		1.57
Ford	F-550	Light Truck	368	16,966,958.67		1.49
Ford	F-450	Light Truck	339	15,705,886.61		1.38
Lincoln	MKC	Utility	599	15,171,654.50		1.33
Ford	T-250	Light Truck	602	15,028,928.91		1.32
Lincoln	MKZ	Car	540	11,971,709.35		1.05
Lincoln	Nautilus	Utility	293	11,811,116.04		1.03
Ford/Lincoln	Other		3,708	75,585,180.13		6.62
Total			40,029	$	1,142,066,659.36	100.00%

_______________

(1)     The table shows models representing greater than 1.00% of initial pool balance.

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Initial Asset-Level Data

The depositor prepared asset-level data for the receivables, or the “initial asset-level data,” and related information and filed it with the SEC by the date of filing of this prospectus as exhibits to Form ABS-EE.  This Form ABS-EE, and any exhibits attached to the form, is incorporated by reference into this prospectus.  The initial asset-level data contains detailed information for each receivable about its identification, origination, contract terms, financed vehicle, obligor, contract and payment activity, servicing and status.  Certain data in the initial asset-level data, such as data related to original term and remaining term, may not match the data provided in this prospectus due to differences in how this data is required to be calculated for the initial asset-level data and how this data is calculated for this prospectus.  Investors should carefully review the initial asset-level data and related information attached as exhibits to Form ABS-EE.

For more details about the monthly asset level data, you should read “Monthly Reports.”

Depositor Review of Receivables

The depositor performed a review of the receivables designed and effected to provide reasonable assurance that the disclosures about the receivables in this prospectus, including the initial asset-level data, are accurate in all material respects.  This review consisted of a statistical data review, a contract review, reviews of data and information by securitization funding personnel and reviews of factual information by senior management and legal office personnel of Ford Credit, and is supported by Ford Credit’s business and systems control processes.  The depositor consulted with, and was assisted by, responsible personnel of Ford Credit in performing the review.  The depositor also engaged a third party to assist it in its statistical data review and the contract review using procedures designed and established by the depositor and determined by the depositor to be sufficient for purposes of its review of the receivables.  The depositor takes full responsibility for the review of the receivables, the work performed by Ford Credit and third parties and the findings and conclusions of that review.

The depositor completed a multistep quality assurance review of the receivables selected for this securitization transaction in which Ford Credit securitization funding personnel applied systemic and manual filters to confirm that the receivables meet the selection criteria described in “Receivables – Selection of Receivables” as of the cutoff date.  As part of the pool selection process, certain data and information about the receivables that was transferred from Ford Credit’s receivables system and other system sources to Ford Credit’s securitization system, including the initial asset-level data, was systematically verified back to the source systems and the depositor found no discrepancies.

The pool composition and stratification tables in “Summary — Receivables” and “Receivables — Composition of Receivables” were systematically created by Ford Credit’s securitization system or calculated from data in Ford Credit’s securitization system or other source data by Ford Credit’s securitization funding personnel.  Ford Credit securitization funding personnel reviewed and verified the data and information in these tables as consistent with the data and information from Ford Credit’s securitization system and other source data.  In addition, the data and information in these tables were recalculated and confirmed to be consistent with the data and information from the securitization system and other source data.  To the extent applicable, the data and information in these tables were confirmed to be consistent with the initial asset-level data.  The depositor found no discrepancies in the pool composition and stratification tables.

The depositor reviewed a sample of 125 contract files randomly selected from the retail installment sale contracts in the receivables pool and compared specific contract information in the sample contracts relevant to the data and information about the receivables in this prospectus to the same information in Ford Credit’s receivables system.  The depositor found three errors out of 2,250 data points reviewed or compared in the sample contracts.  The depositor considers that the review indicates no systemic errors in the receivables data or other errors that could have a material adverse effect on the data and information about the receivables in this prospectus.  Receivables systems data for the sample of 125 contract files was also compared against the initial asset-level data.

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The depositor confirmed with senior management and legal office personnel of Ford Credit that they performed a comprehensive management and legal review of the information about the receivables in this prospectus.  Senior managers and legal office personnel reviewed and confirmed as accurate the descriptions of the general information about the receivables and how they were originated.  Ford Credit legal office personnel also reviewed and confirmed that the descriptions of the material terms of the receivables accurately reflect the terms of the forms of retail installment sale contracts purchased by Ford Credit, that the descriptions of the legal and regulatory considerations that may materially affect the performance of the receivables accurately reflect current federal and state law and regulations and case law precedents and that the summary of the representations and the remedies available for breach of these representations accurately reflect the terms of the securitization transaction documents.

The depositor’s review of the receivables, including the initial asset-level data, is supported by Ford Credit’s extensive control processes used in the day-to-day operation of its business.  These controls include financial reporting controls required by the Sarbanes-Oxley Act, regular internal reviews of key business functions, including receivables contract purchasing, servicing and systems processing, controls to verify compliance with procedures and legal requirements, and quality assurance reviews for credit decisions, contract purchases and securitization processes.  In addition, Ford Credit uses an integrated network of computer applications to ensure that information about the receivables is accurately entered, captured and maintained in its receivables and other systems and accurately transferred among its systems.  These computer systems are subject to change control processes, automated controls testing and control review programs to determine whether systems controls are operating effectively and accurately.  All of these controls and procedures ensure integrity of data and information and accuracy of securitization disclosures.

After completion of the review described above, the depositor concluded that it has reasonable assurance that the disclosure about the receivables in this prospectus, including the initial asset-level data, is accurate in all material respects.

Representations About Receivables

As sponsor, Ford Credit will make representations to the depositor about each receivable.  Generally, these representations relate to the origination of the receivable, the characteristics of the receivable, legal compliance, terms of the contract and status of the contract, as well as the selection criteria described in “— Selection of Receivables” above.  In addition, the representations include:

·each receivable was originated and has been serviced in compliance with law in all material respects,

·Ford Credit has a first priority perfected security interest or begun procedures that will result in the perfection of a first priority security interest in the related financed vehicle in favor of Ford Credit, and

·each receivable is an enforceable payment obligation of the obligor and the obligor has not asserted a right of rescission, setoff, counterclaim or defenses against the receivable.

In addition, Ford Credit will make representations about the entire pool of receivables and other property sold to the depositor, including that:

·immediately before the sale of the receivables and other property to the depositor, Ford Credit had, and immediately after the sale the depositor will have, good title to the receivables and other property, free and clear of liens not permitted by the transaction documents, and

·after the sale of the receivables and other property to the depositor, the depositor will have a first priority perfected security interest in the receivables and the other property.

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The depositor will make similar representations to the trust about each receivable and the pool of receivables and other property.

Obligation to Repurchase Receivables

If any representation made by Ford Credit or the depositor about a receivable was untrue when made, the receivable was not eligible to be sold by Ford Credit to the depositor or by the depositor to the trust.  If either Ford Credit or the depositor knows, or receives notice from the trust, the owner trustee or the indenture trustee that any representation made about a receivable was untrue when made and the breach has a material adverse effect on the receivable, Ford Credit or the depositor must repurchase the receivable.  In addition, a noteholder may make a request or demand that a receivable be repurchased due to a breach of a representation made about the receivables and the indenture trustee will notify Ford Credit of any noteholder request or demand it receives.

Ford Credit and the depositor will be considered to know about a breach if a responsible person of Ford or Ford Credit knows of the breach.  A “responsible person” of a party is a designated employee or officer of the party who is responsible for this securitization transaction.  Ford Credit and the depositor will designate to the indenture trustee their responsible persons for this purpose.

None of the indenture trustee, the owner trustee, the asset representations reviewer or the servicer are obligated to monitor the receivables or investigate whether any representations have been breached.

If Ford Credit or the depositor knows of a breach or receives notice of a breach, a repurchase request or demand or a review report from the asset representations reviewer indicating that a test was failed for a receivable, Ford Credit or the depositor will investigate the receivable or receivables to confirm the breach and determine if it has a material adverse effect on any receivable.  Ford Credit will report any requests or demands to repurchase receivables and related activity and status on SEC Form ABS-15G.

If a repurchase is required, Ford Credit or the depositor will repurchase the receivable on the first payment date after the month in which it obtained knowledge or was notified of the breach or, at its option, on the next payment date, unless it corrects the breach in all material respects before that payment date.  On that payment date, Ford Credit or the depositor will repurchase the receivable, effective as of the last day of the second prior month by depositing in the collection account an amount generally equal to the remaining principal balance of the receivable plus 30 days of interest at the related APR.

These repurchase obligations will be the sole remedy of the trust, the indenture trustee and the noteholders for any losses resulting from a breach of the representations of Ford Credit or the depositor about the receivables.

Asset Representations Review

If two triggers are met, the asset representations reviewer will perform a review of receivables to test for compliance with the representations made by Ford Credit and the depositor about the receivables.  The first trigger is a delinquency trigger that will occur if the aggregate principal balance of receivables in the pool that are more than 60 days delinquent as a percentage of the pool balance as of the end of a month meets or exceeds the percentage for that month set by Ford Credit as described in “ — Delinquency Trigger” below.  If the delinquency trigger occurs, it will be reported on the investor report and reported in the Form 10-D for that month.  The second trigger is a voting trigger that will be met if, after the occurrence of a delinquency trigger, the noteholders of at least 5% of the principal amount of notes demand a vote and, subject to a 5% voting quorum, the noteholders of a majority of the principal amount of the notes that are voted vote to direct a review.

Delinquency Trigger.  The “delinquency trigger” will be 0.70% for the first 12 months after the cutoff date, 1.40% for the next 12 months, 2.40% for the next 12 months and 3.70% for the remaining months that the notes are outstanding.  Ford Credit developed the delinquency trigger by considering the monthly

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greater than 60-day delinquency rate observed in its prior securitizations of retail installment sale contracts in this program from 2009 through 2018.  The delinquency rate is calculated as the aggregate principal balance of the receivables that are more than 60 days delinquent as a percentage of the pool balance as of the end of a month.  For this purpose, a “delinquent” receivable is a receivable with more than $49.99 of a scheduled payment past due, including receivables with bankrupt obligors but excluding receivables in repossession status or that have been charged off by the servicer according to its servicing procedures.

Annually, Ford Credit derives average monthly delinquency percentages from these prior securitization transactions and uses this data to construct a delinquency curve which it believes, given the consistency of its origination and servicing practices, represents a reasonable expected case delinquency curve for the receivables over economic cycles.  Ford Credit then applies a multiple of 3.0 to the average delinquency percentage observed at month 12, month 24 and month 36 and a multiple of 2.5 at month 48, and then rounds the resulting percentages up to the nearest multiple of 0.10.  By establishing these multiples consistent with, or within, the multiples of expected cumulative net losses that the Class C notes are expected to be able to withstand without a loss, Ford Credit believes the delinquency trigger is an appropriate threshold at the point when noteholders may benefit from an asset representations review.  The delinquency trigger starts at a lower level for the first year and increases in each of the following three years of the securitization transaction to reflect the historical shape of the delinquency curve in Ford Credit’s securitization transactions.  This provides a more conservative delinquency trigger level early in this securitization transaction’s life, when rising delinquencies may cause concern about whether the representations made about the receivables are true and when noteholders may benefit most from an asset representations review.

Ford Credit believes that the delinquency trigger is appropriate based on:

·its experience with delinquency in its prior securitized pools of retail installment sale contracts, and in its portfolio of retail installment sale contracts,

·its experience setting delinquency triggers in its retail installment sale contract securitization programs,

·its observation that greater than 60 day delinquency rates and net cumulative losses in its retail installment sale contract securitization transactions increase over time and are correlated, and

·its assessment of the amount of cumulative net losses that would likely result in a loss to noteholders of the most junior notes in its prior securitized pools.

For Ford Credit’s prior securitized pools from 2009 through 2018, the percentage of receivables that have been more than 60 days delinquent at month 12 have ranged from 0.12% to 0.37%, at month 24 have ranged from 0.25% to 0.71%, at month 36 have ranged from 0.38% to 1.19% and at month 48 have ranged from 0.85% to 1.97%.  The following chart shows the monthly percentages of receivables more than 60 days delinquent in Ford Credit’s prior securitized pools and the average monthly delinquency rate for these prior securitized pools from 2009 through 2018 compared to the delinquency trigger established for this securitization transaction.

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Voting Trigger.  If the delinquency trigger occurs on the last day of a month, a noteholder may demand that the indenture trustee call a vote of all noteholders on whether to direct the asset representations reviewer to perform a review.  If noteholders of at least 5% of the principal amount of the notes demand a vote within 90 days after the filing of the Form 10-D reporting the occurrence of the delinquency trigger, the indenture trustee will submit the matter to a vote of all noteholders of record as of the most recent record date through DTC.  The vote will remain open until the 150th day after the filing of that Form 10-D.  Assuming a voting quorum of noteholders holding at least 5% of the principal amount of the notes is reached, if the noteholders of a majority of the principal amount of the notes that are voted vote to direct a review, the indenture trustee will notify the asset representations reviewer and the servicer to start the review.  If the requirements of the voting trigger are not met within these time periods, no review of the receivables will be performed for that occurrence of the delinquency trigger.

Asset Representations Review Process.  The review will be performed on each receivable that is more than 60 days delinquent at the end of the prior month, or the “review receivables.”  Within 60 days of the receipt of a review notice, the servicer will give the asset representations reviewer access to the receivable files and other information necessary for the review of all of the review receivables.  Upon receiving access to the review materials, the asset representations reviewer will start its review of the review receivables and complete its review within 60 days after receiving access to all review materials.  The review period may be extended by up to an additional 30 days if the asset representations reviewer detects missing review materials that are subsequently provided within the 60-day period or requires clarification of any review materials or testing procedures.  The review will consist of performing specific tests for each representation and each review receivable and determining whether each test was passed or failed.  If the servicer notifies the asset representations reviewer that a review receivable was paid in full or repurchased from the pool before the review report is delivered, the asset representations reviewer will terminate the tests of that receivable and the review of that review receivable will be considered complete.

The review tests were designed by Ford Credit to determine whether a receivable was not in compliance with the representations made about it in the transaction documents at the relevant time,

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which is usually at origination of the receivable or as of the cutoff date or closing date.  There may be multiple tests for each representation.  The review is not designed to determine why the obligor is delinquent or the creditworthiness of the obligor, either at the time of the review or at origination of the receivable.  The review is not designed to determine whether the receivable was serviced in compliance with the sale and servicing agreement after the cutoff date.  The review is not designed to establish cause, materiality or recourse for any failed test.  The review is not designed to determine whether Ford Credit’s origination, underwriting, purchasing and servicing policies and procedures are adequate, reasonable or prudent.

Review Report.  Within five days after the end of the review period, the asset representations reviewer will provide a report to the trust, the servicer and the indenture trustee on the test results for each review receivable and each representation, including any review receivable for which the tests were considered complete, and the related reason.  The asset representations reviewer is not responsible for determining whether noncompliance with any representation is a breach of the transaction documents or if any receivable is required to be repurchased.

On delivery of the review report, the asset representations reviewer will be entitled to receive a review fee of up to $230 for each receivable tested in the review.  On receipt of the report, the review fee will be paid to the asset representations reviewer according to the priority of payments as described under “Description of the Notes — Priority of Payments.”  A summary of the report of the asset representations review will be included in the Form 10-D for the trust in the next month.

For more information about the asset representations reviewer, you should read “Transaction Parties — Asset Representations Reviewer.”

Dispute Resolution for Repurchase Requests

If a request is made for the repurchase of a receivable due to a breach of a representation made about the receivables, and the repurchase is not resolved within 180 days after Ford Credit or the depositor receives notice of the repurchase request, the requesting party, including a noteholder, will have the right to refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration.  The requesting party must start the mediation or arbitration proceeding according to the rules of the mediation or arbitration organization within 90 days after the end of the 180-day period.  Ford Credit and the depositor must agree to participate in the selected resolution method.  Dispute resolution to resolve repurchase requests will be available regardless of whether the noteholders voted to direct an asset representations review or whether the delinquency trigger occurred.  However, if the receivable subject to a repurchase request was part of an asset representations review and the asset representations review report states that no tests were failed for the receivable, the repurchase request for the receivable will be deemed to be resolved.

A mediation or arbitration will be administered by The American Arbitration Association using its mediation or arbitration rules in effect at the time of the proceeding.  If The American Arbitration Association no longer exists, or if its rules would no longer permit mediation or arbitration of the dispute, the matter will be administered by another nationally recognized mediation or arbitration organization selected by Ford Credit, using its rules then in effect.  However, if any rules of the mediation or arbitration organization are inconsistent with the procedures for the mediation or arbitration stated in the transaction documents, the procedures in the transaction documents will control.  Any mediation or arbitration will be held in New York City at the offices of the mediator or arbitrator or at another location selected by Ford Credit or the depositor.  Any party or witness may appear by teleconference or video conference.

A single mediator or arbitrator will be selected by the mediation or arbitration organization from a list of neutrals maintained by it according to its mediation or arbitration rules then in effect.  The mediator or arbitrator must be impartial, an attorney admitted to practice in the state of New York and have at least 15 years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

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For a mediation, the proceeding will start within 15 days after selection of the mediator and conclude within 30 days after the start of the mediation.  Expenses of the mediation will be allocated among the parties as mutually agreed by the parties as part of the mediation.  If the parties fail to agree at the completion of the mediation, the requesting party may refer the repurchase request to arbitration.

For an arbitration, the arbitrator will have the authority to schedule, hear and determine any motions according to New York law, and will do so at the motion of any party.  Discovery will be completed within 30 days of selection of the arbitrator and will be limited for each party to two witness depositions not to exceed five hours, two interrogatories, one document request and one request for admissions.  However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary.  Briefs will be limited to no more than ten pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief.  The evidentiary hearing on the merits will start no later than 60 days after selection of the arbitrator and will proceed for no more than six consecutive business days with equal time allocated to each party for the presentation of evidence and cross examination.  The arbitrator may allow additional time for discovery and hearing on a showing of good cause or due to unavoidable delays.

The arbitrator will make its final determination in writing no later than 90 days after its selection.  The arbitrator will resolve the dispute according to the transaction documents, and may not modify or change the transaction documents in any way or award remedies not consistent with the transaction documents.  The arbitrator will not have the power to award punitive or consequential damages.  In its final determination, the arbitrator will determine and award the expenses of the arbitration to the parties in its reasonable discretion.  The final determination of the arbitrator will be final and non-appealable, except for actions to confirm or vacate the determination permitted under law, and may be entered and enforced in any court with jurisdiction over the parties and the matter.  By selecting arbitration, the requesting party is giving up its right to sue in court, including the right to a trial by jury.

Neither the depositor nor the sponsor will be required to produce personally identifiable customer information for purposes of any mediation or arbitration.  Each party will agree to keep the details of the repurchase request and the dispute resolution confidential.

DESCRIPTION OF THE NOTES

The trust will issue the notes under an indenture between the trust and the indenture trustee.  The following description summarizes the main terms of the notes and the indenture but is not a complete description of the notes or the indenture.  For more details about the notes and the indenture, you should read the form of indenture that is included as an exhibit to the registration statement filed with the SEC that includes this prospectus.

Funds Available for Payments

Payments on the notes will be made from “available funds,” which for any payment date generally will be equal to collections on the receivables for the prior month, amounts paid to the trust by the depositor or Ford Credit to repurchase ineligible receivables or by the servicer to purchase servicer impaired receivables or receivables modified by the servicer for the prior month and amounts withdrawn from the reserve account.  For each month, “collections” include (a) all principal and interest collected on the receivables and applied by the servicer during the period, (b) all amounts received under physical damage, credit life and disability insurance on the financed vehicles or obligors, (c) rebates of cancelled service contracts, insurance and similar products, (d) proceeds from the liquidation of financed vehicles, or “liquidation proceeds,” including net auction proceeds from the sale of repossessed vehicles and other amounts received on defaulted accounts, and (e) net recoveries on charged off accounts.

This diagram shows the sources of available funds for each payment date.  Available funds, including amounts withdrawn from the reserve account to cover shortfalls, are the only funds that will be used to make payments to the noteholders on each payment date.

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Payments of Interest

General.  Interest will accrue on the notes at the per annum interest rate for each class stated on the cover of this prospectus and will be due and payable to the noteholders on each payment date.  The benchmark for the floating rate notes will be determined as described below under “— Floating Rate Benchmark; Benchmark Transition Event.”  Interest on the Class A-1 notes and the floating rate notes will accrue on an “actual/360” basis from the prior payment date to the following payment date (or from the closing date, for the first period).  Interest on all other classes of notes will accrue on a “30/360” basis from the 15th day of the prior month to the 15th day of the current month (or from the closing date to July 15, 2019, for the first period).

All interest due but not paid on a payment date will be due on the next payment date, together with interest on the unpaid amount at the applicable interest rate.  Failure to pay interest that is due on the notes of the controlling class that continues for five days after the payment date will be an event of default.  Failure to pay interest that is due on any class of notes that is not part of the controlling class will not be an event of default.

The trust will pay interest on the notes on each payment date from available funds.  Interest will not be paid on any subordinated class of notes until interest due on more senior classes of notes is paid in full.

If available funds, including the amount withdrawn from the reserve account, are insufficient to pay all interest due on any class of notes on a payment date, each holder of that class of notes will receive its pro rata share of the funds that are available.  Any priority principal payments on more senior classes of notes will be made before the payment of interest due on the Class B or Class C notes.

For more details about the priority of payments made from available funds on each payment date, including priority payments of principal of senior classes of notes, you should read “— Priority of Payments” below.

If the notes are accelerated after an event of default, interest due on the subordinated classes of notes will not be paid until both interest on and principal of more senior classes of notes are paid in full.  For instance, interest due on the Class B notes will not be paid until interest on and principal of the Class A notes are paid in full.

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For more details about the payment priorities after an acceleration of the notes, you should read “— Post-Acceleration Priority of Payments” below.

Floating Rate Benchmark; Benchmark Transition Event.  Interest on the floating rate notes will accrue at a floating rate based on a “benchmark,” which will initially be the one-month London Interbank Offered Rate, or “LIBOR,” but will be replaced by the benchmark replacement following the occurrence of a benchmark transition event and its related benchmark replacement date as described below.

The one-month LIBOR rate will be determined by the calculation agent for each interest period by referring to a published source of the rate.  If a published one-month LIBOR rate is unavailable, the rate will be determined on the basis of the rates at which deposits in dollars are offered by major banks selected by the calculation agent.  If the banks selected by the calculation agent are not quoting rates at the time LIBOR is to be determined for an interest period, LIBOR for the interest period will be the same as LIBOR for the immediately preceding interest period.  The calculation agent will determine LIBOR for each interest period on the “LIBOR determination date,” which is the second London business day before that interest period.  All determinations of LIBOR by the calculation agent, in absence of manifest error, will be conclusive and binding on the noteholders.

Notwithstanding the foregoing, if the trust determines that a benchmark transition event and its related benchmark replacement date have occurred prior to the determination date of the then-current benchmark, the benchmark replacement will replace the then-current benchmark for all purposes relating to the floating rate notes in respect of such determination on such date and all determinations on all subsequent dates.  However, if the initial benchmark replacement is any rate other than term SOFR and the trust later determines that term SOFR can be determined, term SOFR will become the new unadjusted benchmark replacement and will, together with a new benchmark replacement adjustment for term SOFR, replace the then-current benchmark on the next benchmark determination date for term SOFR.

A “benchmark transition event” means the occurrence of one or more of the following events with respect to the then-current benchmark:

(1)a public statement or publication of information by or on behalf of the administrator of the benchmark announcing that such administrator has ceased or will cease to provide the benchmark, permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator that will continue to provide the benchmark,

(2)a public statement or publication of information by the regulatory supervisor for the administrator of the benchmark, the central bank for the currency of the benchmark, an insolvency official with jurisdiction over the administrator for the benchmark, a resolution authority with jurisdiction over the administrator for the benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the benchmark, which states that the administrator of the benchmark has ceased or will cease to provide the benchmark permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator that will continue to provide the benchmark, or

(3)a public statement or publication of information by the regulatory supervisor for the administrator of the benchmark announcing that the benchmark is no longer representative of the underlying market or economic reality or may no longer be used.

A “benchmark replacement date” means:

(1)in the case of clause (1) or (2) of the definition of benchmark transition event, the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the benchmark permanently or indefinitely ceases to provide the benchmark, or

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(2)in the case of clause (3) of the definition of benchmark transition event, the date of the public statement or publication of information referenced therein.

The “benchmark replacement” will be the first alternative set forth in the order below that can be determined by the trust as of the benchmark replacement date:

(1)the sum of (a) term SOFR and (b) the benchmark replacement adjustment,

(2)the sum of (a) compounded SOFR and (b) the benchmark replacement adjustment,

(3)the sum of (a) the alternate rate of interest that has been selected or recommended by the relevant governmental body as the replacement for the then-current benchmark for the applicable corresponding tenor and (b) the benchmark replacement adjustment, and

(4)the sum of (a) the alternate rate of interest that has been selected by the trust in its reasonable discretion as the replacement for the then-current benchmark for the applicable corresponding tenor and (b) the benchmark replacement adjustment.

“SOFR” is the secured overnight financing rate published by the Federal Reserve Bank of New York.  “Term SOFR” means the forward-looking term rate for the applicable corresponding tenor based on SOFR that has been selected or recommended by the relevant governmental body.  The “corresponding tenor” will be a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current benchmark.

“Compounded SOFR” means, for any interest accrual period, the compounded average, in arrears, of the SOFRs for each day of such interest accrual period, as determined on the benchmark determination date for such interest accrual period, with the rate, or methodology for this rate, and conventions for this rate (which will include a five business day suspension period as a mechanism to determine the interest amount payable prior to the end of each interest accrual period, such that the SOFR on the benchmark determination date will apply for each day in the interest accrual period following the benchmark determination date) being established by the trust in accordance with:

(1)the rate, or methodology for this rate, and conventions for this rate selected or recommended by the relevant governmental body for determining compounded SOFR, or

(2)if, and to the extent that, the trust determines that compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the trust in its reasonable discretion.

The “benchmark replacement adjustment” will be the first alternative set forth in the order below that can be determined by the trust as of the benchmark replacement date:

(1)the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the relevant governmental body for the applicable unadjusted benchmark replacement, and

(2)the spread adjustment (which may be a positive or negative value or zero) that has been selected by the trust in its reasonable discretion for the replacement of the then-current benchmark with the applicable unadjusted benchmark replacement.

The “unadjusted benchmark replacement” is the benchmark replacement excluding the benchmark replacement adjustment.  The “relevant governmental body” is the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or any successor thereto.

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In connection with the implementation of a benchmark replacement, the trust will have the right from time to time to make “benchmark replacement conforming changes,” which are any technical, administrative or operational changes (including changes to the timing and frequency of determining rates, the process of making payments of interest and other administrative matters) that the trust decides may be appropriate to reflect the adoption of such benchmark replacement in a manner substantially consistent with market practice (or, if the trust decides that adoption of any portion of such market practice is not administratively feasible or if the trust determines that no market practice for use of the benchmark replacement exists, in such other manner as the trust determines is reasonably necessary).

Notice of the occurrence of a benchmark transition event and its related benchmark replacement date, the determination of a benchmark replacement and the making of any benchmark conforming changes will be included in the monthly investor report.  Notwithstanding anything in the transaction documents to the contrary, upon the inclusion of such information in the monthly investor report, the relevant transaction documents will be deemed to have been amended to reflect the new unadjusted benchmark replacement, benchmark replacement adjustment and/or benchmark replacement conforming changes without further compliance with the amendment provisions of the relevant transaction documents.

Any determination, decision or election that may be made by the trust in connection with a benchmark transition event or a benchmark replacement as described above, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the trust’s sole discretion, and, notwithstanding anything to the contrary in the transaction documents, will become effective without consent from any other party.  None of the trust, the owner trustee, the indenture trustee, the calculation agent, the administrator, the sponsor, the depositor or the servicer will have any liability for any determination made by or on behalf of the trust in connection with a benchmark transition event or a benchmark replacement as described above, and each noteholder, by its acceptance of a note or a beneficial interest in a note, will be deemed to waive and release any and all claims against the trust, the owner trustee, the indenture trustee, the calculation agent, the administrator, the sponsor, the depositor or the servicer relating to any such determinations.

Payments of Principal

The trust will pay principal of the notes on each payment date in the amounts described below.  Principal will be paid sequentially to each class of notes in order of seniority, starting with the Class A-1 notes.  The Class A-2a notes and the Class A-2b notes are a single class with equal rights to payments of principal and interest, which will be made on a pro rata basis.  The trust will not pay principal of any class of notes until the principal amount of more senior classes are paid in full.  Ford Credit expects the principal amount of each class of notes to be repaid by that class’s final scheduled payment date.  If the principal amount of any class of notes is not paid in full by its final scheduled payment date, an event of default will occur and the principal amount of all classes of notes may be declared immediately due and payable.

The Class A-1 notes benefit from a “turbo” feature that will apply available funds remaining after payment of the senior fees and expenses of the trust, interest due on the notes and any required deposits in the reserve account, including the portion of the remaining available funds that is excess spread, to pay principal of the Class A-1 notes until paid in full.  After the Class A-1 notes have been paid in full, the trust will apply any remaining available funds to pay principal of the other classes of notes until the targeted overcollateralization amount is reached before any funds will be distributed to the holder of the residual interest.

After the Class A 1 notes have been paid in full and the targeted overcollateralization amount is reached, the trust will pay principal of the notes on each payment date generally in an amount equal to the excess of (a) the principal amount of the notes as of the close of business on the prior payment date over (b) the pool balance as of the last day of the prior month minus the targeted overcollateralization

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amount for the current payment date.  In other words, principal will be paid on the notes on each payment date in an amount equal to the decrease in the pool balance for the prior month less the decrease in the targeted overcollateralization amount for the current payment date, unless the actual amount of overcollateralization is greater than the targeted overcollateralization amount.  All available funds, including collections of interest on the receivables, will be used to make these payments.

Unless a priority principal payment is required, the trust will pay principal of the notes on each payment date only after all interest due on the notes is paid in full and any required deposit in the reserve account is made.  Priority principal payments are required when the adjusted pool balance is less than the principal amount of the Class A and Class B notes.  Priority principal payments are also required for the Class A and Class B notes if they are not paid in full before their final scheduled payment date.  These priority principal payments will be paid to more senior classes of notes before payments of interest on subordinated classes of notes.  The “priority principal payments” for a payment date are:

·a “first priority principal payment” payable to the Class A noteholders, equal to the excess of the principal amount of the Class A notes on the prior payment date (after giving effect to payments on that date) over the adjusted pool balance, except that on and after the final scheduled payment date for each class of Class A notes, this amount will equal the principal amount of that class of Class A notes until paid in full, and

·a “second priority principal payment” payable to the Class A and Class B noteholders, equal to (a) the excess of the principal amount of the Class A and Class B notes on the prior payment date (after giving effect to payments on that date) over the adjusted pool balance, minus (b) the amount of any first priority principal payment, except that on and after the final scheduled payment date for the Class B notes, this amount will equal the principal amount of the Class B notes until paid in full.

The trust will pay the regular principal payment to the notes after all interest due on the notes and any required priority principal payments are paid in full.  The regular principal payment includes the “turbo” feature described above that pays the Class A-1 notes in full and then pays principal to the other classes of notes if required to reach the targeted overcollateralization amount before any funds are distributed to the holder of the residual interest.  The “regular principal payment” for a payment date is equal to:

·the greater of (a) the principal amount of the Class A-1 notes on the prior payment date (after giving effect to payments on that date) and (b) the excess of the principal amount of the notes as of the close of business on the prior payment date over an amount equal to the pool balance as of the last day of the prior month minus the targeted overcollateralization amount for the current payment date, minus

·the sum of any first priority principal payment and second priority principal payment made on that payment date,

except that on and after the final scheduled payment date for the Class C notes, the regular principal payment will equal the principal amount of the Class C notes until paid in full.

The amount of the regular principal payment will be limited by the remaining available funds after more senior payments are made.

Priority of Payments

On each payment date, the servicer will direct the indenture trustee to use available funds to make payments and deposits in the order of priority listed below and, unless otherwise indicated below, pro rata based on the amounts due.  This priority will apply unless the notes are accelerated after an event of default:

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(1)to the indenture trustee, the owner trustee and the asset representations reviewer, all amounts due, including indemnities, and to or at the direction of the trust, any expenses of the trust incurred under the transaction documents, in each case, to the extent not paid by the depositor or administrator, up to a maximum of $375,000 per year,

(2)to the servicer, all unpaid servicing fees,

(3)to the Class A noteholders, interest due on the Class A notes, pro rata, based on the principal amount of the Class A notes on the prior payment date (after giving effect to payments on that date),

(4)to the Class A noteholders, sequentially by class, in each case until paid in full, principal in an amount equal to the first priority principal payment, if any,

(5)to the Class B noteholders, interest due on the Class B notes,

(6)to the Class A and Class B noteholders, sequentially by class, in each case until paid in full, principal in an amount equal to the second priority principal payment, if any,

(7)to the Class C noteholders, interest due on the Class C notes,

(8)to the reserve account, the amount, if any, required to replenish the reserve account to its original balance, unless the payment date is on or after the final scheduled payment date for the Class C notes,

(9)to the noteholders, sequentially by class, in each case until paid in full, principal in an amount equal to the regular principal payment,

(10)to the indenture trustee, the owner trustee and the asset representations reviewer and to or at the direction of the trust, all fees, expenses and indemnities due but not paid under item (1), and

(11)to the holder of the residual interest in the trust, all remaining available funds.

If available funds (other than reserve account amounts) on a payment date are insufficient to cover all amounts payable under items (1) through (7) (including to pay the Class A and Class B notes in full on their final scheduled payment dates), the servicer will direct the indenture trustee to withdraw the shortfall from the reserve account to the extent available and use it to pay items (1) through (7) (including to pay the Class A and Class B notes in full on their final scheduled payment dates).  Amounts in the reserve account will also be available to pay the Class C notes in full on their final scheduled payment date under item (9).

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This diagram shows how available funds are paid on each payment date.  The priority of payments shown in this diagram will apply unless the notes are accelerated after an event of default.

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Post-Acceleration Priority of Payments

If the notes are accelerated after an event of default, on each payment date, the servicer will direct the indenture trustee to use amounts in the collection account for the prior month and amounts in the reserve account to make payments in the order of priority listed below and, unless otherwise indicated below, pro rata based on the amounts due:

(1)to the indenture trustee, the owner trustee and the asset representations reviewer, all amounts due, including indemnities, and to or at the direction of the trust, any expenses of the trust incurred under the transaction documents,

(2)to the servicer, all unpaid servicing fees,

(3)to the Class A noteholders, interest due on the Class A notes, pro rata based on the principal amount of the Class A notes on the prior payment date (after giving effect to payments on that date),

(4)to the Class A noteholders, sequentially by class, principal of the Class A notes until paid in full,

(5)to the Class B noteholders, interest due on the Class B notes,

(6)to the Class B noteholders, principal of the Class B notes until paid in full,

(7)to the Class C noteholders, interest due on the Class C notes,

(8)to the Class C noteholders, principal of the Class C notes until paid in full, and

(9)to the holder of the residual interest in the trust, any remaining amounts.

For more details about events of default and your rights after an event of default, you should read “— Events of Default and Acceleration” below.

Events of Default and Acceleration

Each of the following will be an “event of default” under the indenture:

·the trust fails to pay interest due on the notes of the controlling class within five days after any payment date,

·the trust fails to pay the principal amount of any class of notes in full by its final scheduled payment date,

·the trust fails to observe or perform a material covenant or agreement made in the indenture or a representation of the trust made in the indenture is later determined to have been incorrect in any material respect and, in either case, is not corrected for a period of 60 days after notice was given to the trust by the indenture trustee or to the trust and the indenture trustee by at least 25% of the controlling class, and

·a bankruptcy or dissolution of the trust.

If a responsible person of the trust knows of an event that with notice or the lapse of time, or both, would become an event of default of the type described in the third item above, it must notify the indenture trustee within five business days.  Except in limited circumstances, if a responsible person of the indenture trustee knows of an event that with notice or the lapse of time, or both, would become an event of default, it must notify the noteholders within 90 days.

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The trust must notify the indenture trustee, the servicer and the rating agencies no more than five business days after a responsible person of the trust knows of an event of default.  If a responsible person of the indenture trustee knows of an event of default, it must notify all noteholders within five business days.

A majority of the controlling class may waive any event of default and its consequences except an event of default (a) in the payment of principal of or interest on any of the notes (other than an event of default relating to failure to pay principal due only because of the acceleration of the notes) or (b) relating to a covenant or term of the indenture that cannot be amended, supplemented or modified without the consent of all noteholders.

Acceleration of the Notes.  If an event of default occurs, other than because of a bankruptcy or dissolution of the trust, the indenture trustee or a majority of the controlling class may accelerate the notes and declare the notes to be immediately due and payable.  If an event of default occurs because of bankruptcy or dissolution of the trust, the notes will be accelerated automatically.

A majority of the controlling class may rescind a declaration of acceleration if:

·notice of the rescission is given before a judgment for payment of the amount due is obtained by the indenture trustee,

·the trust deposited with the indenture trustee an amount sufficient to pay the interest and principal due on the notes (other than amounts due only because of the acceleration of the notes) and all other outstanding fees and expenses of the trust, and

·all events of default (other than the nonpayment of amounts due only because of the acceleration of the notes) are corrected or waived by a majority of the controlling class.

Remedies After Acceleration.  If the notes have been accelerated and the acceleration has not been rescinded, the indenture trustee may, and at the direction of a majority of the controlling class, will:

·start a legal proceeding for the collection of the notes and enforce any judgment obtained,

·start foreclosure proceedings on the receivables,

·sell or liquidate any receivables at public or private sales,

·exercise any remedies of a secured party under the UCC, and

·take any other action to protect and enforce the rights and remedies of the indenture trustee and the noteholders.

However, the indenture trustee is only permitted to sell the receivables if the following conditions are met, depending on which event of default has occurred:

·If an event of default occurs because of the late payment of interest on or principal of any note, the indenture trustee may sell the receivables without obtaining the consent of the noteholders or may elect to have the trust maintain possession of the receivables and apply collections as they are received, except that the indenture trustee will sell the receivables if directed by a majority of the controlling class.

·If an event of default occurs because of the bankruptcy or dissolution of the trust, the indenture trustee may not sell the receivables unless:

—all of the noteholders of the controlling class consent to the sale,

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—the proceeds of the sale are expected to be sufficient to pay all amounts owed by the trust, including payments on the notes, or

—the indenture trustee determines that the assets of the trust would not be sufficient on an ongoing basis to pay all amounts owed by the trust, including payments on the notes as those payments would have become due if the obligations had not been accelerated, and the indenture trustee obtains the consent of 66-2/3% of the controlling class.

·If an event of default occurs because of a breach of a representation or covenant of the trust, the indenture trustee may not sell the receivables unless:

—all of the noteholders consent to the sale, or

—the proceeds of the sale are expected to be sufficient to pay all amounts owed by the trust, including payments on the notes.

The indenture trustee will notify the noteholders at least 15 days before any sale of the receivables.  Any noteholder, the depositor and the servicer may submit a bid to purchase the receivables and may purchase the receivables at a sale proceeding.

Payments After Accelerations and Sales of Receivables.  After an acceleration of the notes and any sale of the receivables, any amounts collected by the indenture trustee will be paid according to the “post-acceleration” priority of payments described in “— Post-Acceleration Priority of Payments” above.

Standard of Care of the Indenture Trustee After an Event of Default.  If an event of default occurred and is continuing, the indenture trustee must exercise its rights and powers under the indenture using the same degree of care and skill that a prudent person would use under the circumstances in conducting his or her own affairs.  A majority of the controlling class generally will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the indenture trustee after an event of default and acceleration of the notes.

Limitation on Legal Proceedings.  No noteholder will have the right to start any legal proceeding for any remedy under the indenture described in “— Remedies After Acceleration” above unless:

·the noteholder notified the indenture trustee of a continuing event of default,

·at least 25% of the controlling class requested the indenture trustee to start the legal proceeding,

·the requesting noteholders offered reasonable security or indemnity satisfactory to the indenture trustee against any liabilities that the indenture trustee may incur in complying with the request,

·the indenture trustee failed to start the legal proceeding within 60 days after its receipt of the notice, request and offer of indemnity, and

·a majority of the controlling class has not given the indenture trustee any inconsistent direction during the 60-day period.

A noteholder, however, has the right to start a proceeding at any time to enforce its right to receive principal and interest due to it under its note.

The indenture trustee and the noteholders will agree not to start or pursue a bankruptcy proceeding against the trust.

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Optional Redemption or “Clean Up Call” Option

The servicer will have a “clean up call” option to purchase the receivables from the trust on any payment date if the pool balance at the end of the prior month is 10% or less of the initial pool balance.  The servicer will notify the indenture trustee, the owner trustee and the rating agencies at least ten days before the payment date the option is exercised.  The servicer will exercise the option by depositing the purchase price for the receivables in the collection account on the business day before the payment date the option is exercised (or, with the satisfaction of the rating agency condition, on that payment date), and the trust will transfer the receivables to the servicer.  The indenture trustee will notify the noteholders of the redemption and provide instructions for surrender of the notes for final payment of principal of and interest on the notes.  The servicer may exercise its clean up call option only if the purchase price for the receivables plus the collections in the collection account in the final month will be sufficient to pay in full the notes and all fees and expenses of the trust.  The purchase price paid by the servicer for the receivables will be the outstanding principal balance of the receivables.  On the servicer’s exercise of its clean up call option, the notes will be redeemed and paid in full.  Ford Credit expects that the clean up call option will become available to the servicer when the Class A-4, Class B and Class C notes are still outstanding.

Satisfaction and Discharge of Indenture

The indenture will not be discharged until:

·the indenture trustee has received all notes for cancellation or, with some limitations, funds sufficient to pay all notes in full,

·the trust has paid all other amounts payable by it under the transaction documents, and

·the trust has delivered an officer’s certificate and a legal opinion each stating that all conditions to the satisfaction and discharge of the indenture have been satisfied.

Amendments to Indenture

The indenture trustee and the trust may amend the indenture without the consent of the noteholders for limited purposes, including to:

·further protect the indenture trustee’s interest in the receivables and other trust assets under the lien of the indenture,

·add to the covenants of the trust for the benefit of the noteholders,

·transfer or pledge any trust assets to the indenture trustee,

·correct any ambiguity or mistake or add a term that is not inconsistent with the other terms of the indenture, if it will not have a material adverse effect on the notes, and

·modify, eliminate or add a term required by or necessary to qualify the indenture under the Trust Indenture Act.

The indenture trustee and the trust may amend the indenture to add, change or eliminate a term or modify the noteholders’ rights under the indenture:

·without the consent of the noteholders if (a) the administrator certifies that the amendment will not have a material adverse effect on the notes and (b) the “rating agency condition” is satisfied, which generally means, for any proposed action, that each rating agency either (i) confirms that the proposed action will not result in a reduction or withdrawal of its then-current ratings of the

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notes or (ii) within ten business days of receiving notice of the proposed action, does not notify the depositor, the servicer, the owner trustee or the indenture trustee that the proposed action will result in a reduction or withdrawal of its then-current ratings of the notes, or

·with the consent of a majority of the controlling class.

In each case, the indenture trustee must receive a legal opinion that, for federal income tax purposes, the amendment will not cause any note to be deemed sold or exchanged, cause the trust to be treated as an association or publicly traded partnership taxable as a corporation or adversely affect the treatment of the notes as debt for federal income tax purposes.

The prior consent of all adversely affected noteholders will be required for any amendment that would:

·change the terms for amending the indenture or voting or consent under the indenture,

·change the principal amount of or interest rate on any note, the final scheduled payment date of any class of notes, the price at which notes may be redeemed after exercise of the clean up call option by the servicer or the percentage of the initial pool balance at which that option may be exercised or the priority of payments or how principal or interest payments are calculated or made on the notes,

·change the right of noteholders to start legal proceedings to enforce the indenture,

·change the percentage of the note balance or of the controlling class required for any action,

·change the definitions of “controlling class” or “outstanding”,

·change the calculation of the amount of a payment of principal of or interest on any note, or

·permit the creation of a lien ranking prior or equal to, or impair, the lien of the indenture trustee on the trust assets.

Noteholder Communication

A noteholder may communicate with the indenture trustee and provide notices and make requests and demands and give directions to the indenture trustee as permitted by the transaction documents through the procedures of DTC or by notice to the indenture trustee.

Three or more noteholders may request a list of all noteholders of the trust maintained by the indenture trustee for the purpose of communicating with other noteholders about their rights under the indenture or under the notes.  Any request must be accompanied by a copy of the communication that the requesting noteholders propose to send.

A noteholder may also send a request to the trust or to the servicer, on behalf of the trust, stating that the noteholder is interested in communicating with other noteholders about the possible exercise of rights under the transaction documents.  The requesting noteholder must include in the request a description of the method by which other noteholders may contact the requesting noteholder.  The trust will promptly deliver any such request to the servicer.  On receipt of a communication request, the servicer will include in the Form 10-D filed in the next month the following information:

·a statement that the trust received a communication request,

·the date the request was received,

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·the name of the requesting noteholder,

·a statement that the requesting noteholder is interested in communicating with other noteholders about the possible exercise of rights under the transaction documents, and

·a description of the method by which the other noteholders may contact the requesting noteholder.

Any expenses of the trust or the servicer relating to an investor communication, including any review of documents evidencing ownership of a note and the inclusion of the investor communication information in the Form 10-D, will be paid by the servicer.

In order to make a request or demand or to provide notice to the trust, the owner trustee, the indenture trustee, the depositor, the sponsor or the servicer under the transaction documents, a noteholder must either be a noteholder of record or must provide a written certification stating that it is a beneficial owner of a note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a note.

Book-Entry Registration

The notes will be available only in book-entry form except in the limited circumstances described below.  All notes will be held in book-entry form by The Depository Trust Company, or “DTC,” in the name of Cede & Co., as nominee of DTC.  Noteholders’ interests in the notes will be represented through financial institutions acting on their behalf as direct and indirect participants in DTC.  Noteholders may hold their notes through DTC, Clearstream Banking Luxembourg S.A.  or Euroclear Bank S.A./N.V., which will hold positions on behalf of their customers or participants through their depositories, which in turn will hold positions in accounts as DTC participants.  The notes will be traded as home market instruments in both the U.S. domestic and European markets.  Initial settlement and all secondary trades will settle in same-day funds.

Noteholders who hold their notes through DTC will follow the settlement practices for U.S. corporate debt obligations.  Noteholders who hold global notes through Clearstream or Euroclear accounts will follow the settlement procedures for conventional eurobonds, except that there will be no temporary global notes and no “lock-up” or restricted period.

Actions of noteholders under the indenture will be taken by DTC on instructions from its participants and all payments, notices, reports and statements to be delivered to noteholders will be delivered to DTC or its nominee as the registered holder of the book-entry notes for distribution to holders of book-entry notes according to DTC’s rules and procedures.

Prospective noteholders should review the rules and procedures of DTC, Clearstream and Euroclear for clearing, settlement, payments and tax withholding applicable to their purchase of the notes.  In particular, noteholders should note that DTC’s rules and procedures limit the ability of the trust and the indenture trustee to make post-payable adjustments for principal and interest payments after a period of time, which may be as short as 90 days.

Notes will be issued in physical form to noteholders only if:

·the administrator determines that DTC is no longer willing or able to properly discharge its responsibilities as depository for the notes and the administrator or the depositor cannot appoint a qualified successor,

·the administrator terminates the book-entry system through DTC, or

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·after the occurrence of an event of default or a servicer termination event, a majority of the controlling class notify the indenture trustee and DTC to terminate the book-entry system through DTC (or a successor to DTC).

Payments of interest on and principal of definitive notes will be made by the indenture trustee on each payment date to registered holders of definitive notes as of the end of the prior month.  The payments will be made by check mailed to the address of the holder as it appears on the register maintained by the indenture trustee.  The final payment on a definitive note will be made only on presentation and surrender of the definitive note at the address stated in the notice of final payment to the noteholders.

Definitive notes will be transferable and exchangeable at the offices of the indenture trustee or a note registrar.  No service charge will be imposed for registration of transfer or exchange, but the indenture trustee may require payment of an amount sufficient to cover any tax or other governmental charge related to a transfer or exchange.

Computing Outstanding Principal Amount

The monthly investor report will include a note factor for each class of notes that can be used to compute the outstanding principal amount of that class of notes each month.  The note factor for each class of notes is a seven-digit decimal indicating the remaining outstanding principal amount of that class of notes as of the applicable payment date as a percentage of its original principal amount, after giving effect to payments to be made on the payment date.

The note factors for each class of notes will initially be 1.0000000 and will decline as the outstanding principal amount of the class declines.  For each note, the portion of the outstanding principal amount of that class of notes can be determined by multiplying the original denomination of that note by the note factor for that class of notes.

Notes Held by Transaction Parties

Notes held by the trust, the depositor, the servicer or any of their affiliates will not be included for purposes of determining whether a required percentage of any class of notes has taken any action under the indenture or any other transaction document.

CREDIT ENHANCEMENT

This securitization transaction is structured to provide credit enhancement that increases the likelihood that the trust will make timely payments of interest on and principal of the notes and decreases the likelihood that losses on the receivables will impair the trust’s ability to do so.  The amount of credit enhancement will be limited and it is not certain it will be sufficient in all circumstances.  The noteholders will have no recourse to the sponsor, the depositor, the servicer, the indenture trustee or the owner trustee as a source of payment.

Reserve Account

The servicer will establish the reserve account with the indenture trustee for the benefit of the noteholders.  On the closing date, the depositor will make a deposit in the reserve account from the net proceeds of the sale of the notes equal to $2,631,928.54, which is 0.25% of the initial adjusted pool balance.

If, on a payment date, collections on the receivables for the prior month and any amounts paid to the trust by Ford Credit, the depositor or the servicer to repurchase or purchase any receivables are insufficient to pay the senior fees and expenses of the trust, interest and any priority principal payments on the notes, the servicer will direct the indenture trustee to use amounts in the reserve account to cover the shortfall.  Similarly, if any class of notes would not be paid in full on its final scheduled payment date from collections on the receivables for the prior month, any amounts paid to the trust by Ford Credit, the

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depositor or the servicer to repurchase or purchase receivables, the servicer will direct the indenture trustee to use amounts in the reserve account to pay those notes in full.  Ford Credit does not expect that amounts in the reserve account will be required for this purpose.

If amounts in the reserve account are used on a payment date, other than the final scheduled payment date for the Class C notes, the trust will deposit available funds into the reserve account on future payment dates after making more senior payments until the reserve account is replenished to its initial level.

On payment of the notes in full, the trust will distribute any amounts remaining in the reserve account to the holder of the residual interest.  Net investment earnings on amounts in the reserve account will be paid to the servicer on each payment date, as described in “Servicing — Servicing Fees,” and will not be available to the trust.

For more information about how amounts in the reserve account may be invested, you should read “Servicing — Trust Bank Accounts.”

Subordination

This securitization transaction is structured so that the trust will pay interest on all classes of the Class A notes and then will pay interest sequentially on the remaining classes of notes in order of seniority.

The trust will pay principal sequentially, starting with the Class A-1 notes, and will not pay principal of any class of notes until the principal amount of more senior classes of notes are paid in full.  In addition, if a priority principal payment is required on a payment date, the trust will pay principal of the most senior class of notes outstanding before the payment of interest on any subordinated class of notes on that payment date.

If the notes are accelerated after an event of default, the priority of payments will change and the trust will pay interest and principal sequentially by class, starting with the Class A notes (paying interest on the Class A notes, pro rata, and principal of the Class A notes sequentially, starting with the Class A-1 notes), and will not pay interest on or principal of the Class B and Class C notes until all more senior classes of notes are paid in full.  These subordination features provide credit enhancement to more senior classes of notes, with the Class A notes benefiting the most.

Overcollateralization

Overcollateralization is the amount by which the pool balance exceeds the principal amount of the notes.  Overcollateralization means there will be excess receivables generating collections that will be available to offset losses on the receivables and supplement interest collections due to low-APR receivables.  The initial amount of overcollateralization will be $89,326,659.36, or 7.82% of the initial pool balance.  Overcollateralization may also be expressed as a percentage of the adjusted pool balance, to identify the overcollateralization exclusive of the yield supplement overcollateralization amount.  The adjusted pool balance as of the closing date will be approximately equal to the aggregate initial principal amount of the notes.  Therefore, on an adjusted pool balance basis, the initial amount of overcollateralization for the notes will be approximately zero.  Overcollateralization expressed as a percentage of initial pool balance will be different for each securitization transaction in this program as a result of changes in interest rates on the notes, the APRs of the receivables in the securitized pool and the stated rate used to determine the yield supplement overcollateralization amount for a particular transaction.  Initial overcollateralization expressed as a percentage of initial adjusted pool balance, however, is expected to stay the same for all securitization transactions in this program.

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The following table shows the notes as a percentage of the initial pool balance and as a percentage of the initial adjusted pool balance.  The percentages may not sum due to rounding.

	Percentage of Initial Pool Balance	Percentage of Adjusted Pool Balance
Class A notes	87.57%	95.00%
Class B notes	2.77	3.00
Class C notes	1.84	2.00
Total	92.18%	100.00%

This securitization transaction is structured to use all available funds remaining after payments of the senior fees and expenses of the trust, interest due on the notes, any priority principal payments and any required deposits in the reserve account, including the portion of the remaining available funds that is excess spread, to pay principal of the notes until the targeted overcollateralization amount is reached.

The “targeted overcollateralization amount” for each payment date will be equal to the sum of:

(1)the yield supplement overcollateralization amount, plus

(2)2.00% of the initial adjusted pool balance, plus

(3)the excess, if any, of (a) 1.50% of the current pool balance over (b) 0.25% of the initial adjusted pool balance (the amount required to be deposited in the reserve account).

Therefore, the targeted overcollateralization amount will generally adjust each month based on (a) decreases in the pool balance due to actual payments (including prepayments) of principal made on the receivables and losses on charged off receivables, and (b) the scheduled decrease in the yield supplement overcollateralization amount for that month.

To increase the amount of overcollateralization on a payment date and reach the targeted overcollateralization amount, the trust must pay principal of the notes in an amount greater than the decline in the adjusted pool balance for the prior month.  The use of excess spread to make regular principal payments and priority principal payments is expected to increase overcollateralization as a percentage of each class’s principal amount.  When the actual amount of overcollateralization is less than the targeted overcollateralization amount, principal will be paid to the noteholders from available funds until the targeted overcollateralization amount is reached.

When the pool balance has decreased to the point where 1.50% of the current pool balance is equal to or less than 0.25% of the initial adjusted pool balance, the targeted overcollateralization amount will be equal to the yield supplement overcollateralization amount for that payment date plus 2.00% of the initial adjusted pool balance.  Therefore, after that point, the principal payable on the notes on the payment date will be equal to the decrease in the pool balance for the prior month less the scheduled decrease in the yield supplement overcollateralization amount for the payment date, unless the actual amount of overcollateralization is greater than the targeted overcollateralization amount.

Because the pool of receivables includes a substantial number of low-APR receivables, the pool could generate less collections of interest than the sum of the senior fees and expenses of the trust, interest due on the notes and any required deposits in the reserve account if the low-APR receivables are not adequately offset by high-APR receivables in the pool.  The yield supplement overcollateralization amount for each payment date approximates the present value of the amount by which future payments on receivables with APRs below a stated rate are less than future payments would be on those receivables if their APRs were equal to the stated rate.  The stated rate is set by the depositor at a level that will result in an amount of excess spread sufficient to obtain the required ratings on the notes, and will at least equal the highest interest rate on the notes plus the servicing fee.  The yield supplement overcollateralization amount is included in the targeted overcollateralization amount for each payment

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date, which has the effect of recharacterizing a portion of the principal collections on the pool of receivables as interest to increase excess spread.

The “yield supplement overcollateralization amount” for the closing date and a payment date is equal to the sum of the excess, if any, for each receivable of (a) the present value of all future payments due on the receivable discounted at the APR of the receivable over (b) the present value of all future payments due on the receivable discounted at a stated rate of 6.50%.  For purposes of this calculation, future payments on each receivable are assumed to be equal monthly payments made over the remaining scheduled term regardless of any prepayments before the cutoff date and without any delays, defaults or prepayments.  The yield supplement overcollateralization amount is calculated as of the cutoff date for all future payment dates and will not be recalculated to give effect to delays, defaults or prepayments.  This means that, if a low-APR receivable prepays, the related portion of the yield supplement overcollateralization amount will continue to provide credit enhancement for the notes and yield enhancement for other low-APR receivables as a component of the targeted overcollateralization amount.

The yield supplement overcollateralization amount for the closing date and each payment date will be:

Closing Date	$89,295,242.73	June 2022	$15,566,140.81
July 2019	86,358,798.08	July 2022	14,447,687.68
August 2019	83,472,548.01	August 2022	13,376,822.56
September 2019	80,636,815.05	September 2022	12,353,496.56
October 2019	77,851,609.19	October 2022	11,377,538.35
November 2019	75,116,900.32	November 2022	10,448,668.30
December 2019	72,432,692.86	December 2022	9,566,315.45
January 2020	69,798,960.08	January 2023	8,730,099.24
February 2020	67,215,805.62	February 2023	7,939,724.23
March 2020	64,683,317.45	March 2023	7,194,719.63
April 2020	62,201,518.32	April 2023	6,494,492.67
May 2020	59,770,488.35	May 2023	5,838,358.22
June 2020	57,390,255.46	June 2023	5,225,373.89
July 2020	55,060,899.25	July 2023	4,654,701.94
August 2020	52,782,480.19	August 2023	4,125,398.12
September 2020	50,555,086.70	September 2023	3,636,726.23
October 2020	48,378,818.93	October 2023	3,187,730.19
November 2020	46,253,771.12	November 2023	2,777,102.45
December 2020	44,179,912.49	December 2023	2,403,095.65
January 2021	42,157,296.99	January 2024	2,064,335.94
February 2021	40,186,021.38	February 2024	1,759,216.12
March 2021	38,266,204.75	March 2024	1,485,357.00
April 2021	36,397,821.50	April 2024	1,240,556.41
May 2021	34,580,920.12	May 2024	1,023,621.23
June 2021	32,815,428.91	June 2024	832,707.94
July 2021	31,101,288.70	July 2024	665,892.00
August 2021	29,438,408.56	August 2024	521,271.11
September 2021	27,826,569.11	September 2024	398,205.05
October 2021	26,265,559.06	October 2024	295,637.67
November 2021	24,755,134.42	November 2024	211,856.67
December 2021	23,294,607.65	December 2024	144,966.07
January 2022	21,883,786.68	January 2025	93,343.99
February 2022	20,522,505.72	February 2025	55,666.52
March 2022	19,210,437.79	March 2025	29,292.67
April 2022	17,947,176.15	April 2025	12,086.38
May 2022	16,732,532.25	May 2025	3,134.38

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Excess Spread

For a payment date, excess spread is equal to the excess of (a) the sum of (i) the interest collections for the prior month and (ii) the principal collections equal to the decline in the yield supplement overcollateralization amount from the prior payment date (or closing date, as applicable), over (b) the sum of the senior fees and expenses of the trust, the interest on the notes and any required deposits in the reserve account.  Any excess spread will be applied on each payment date, as a component of available funds, to pay principal of the Class A-1 notes until paid in full and then to pay principal of the most senior class of notes to the extent necessary to reach the targeted overcollateralization amount.  In general, having excess spread available to pay principal of the notes provides a source of funds to offset losses on the receivables.

MATURITY AND PREPAYMENT CONSIDERATIONS

General

The final scheduled payment date for each class of notes is listed on the cover of this prospectus.  Ford Credit determined these dates:

·for the Class A-1 notes, by selecting the latest payment date falling within the 397-day period after the date of pricing of those notes,

·for the Class A-2, Class A-3, Class A-4 and Class B notes, by selecting the first payment date that is three months or, for the Class A-4 notes, six months after the payment date on which those classes of notes would be paid in full assuming all receivables pay as scheduled with no delays, defaults or prepayments, and

·for the Class C notes, by selecting the first payment date that is six months after the scheduled maturity date of the latest maturing receivable.

Ford Credit expects that the final payment of each class of notes will occur before its final scheduled payment date.  The final payment of any class of notes could occur significantly earlier (or could occur later) than that class’s final scheduled payment date because the rate of principal payments on each class of notes depends primarily on the rate of payment (including prepayments) by the obligors on the receivables.

The weighted average life of each note is uncertain because it generally will be determined by the rate at which the principal balances of the receivables are paid.  An increase in prepayments on the receivables will decrease the weighted average life of the notes.  “Prepayments” on the receivables will occur in the following circumstances:

·Prepayments on receivables — obligors may prepay their retail installment sale contracts in full or in part at any time without penalty,

·Rebates for cancelled items — rebates on cancelled service contracts, insurance and similar products included in the amount financed of the receivable may be received,

·Defaults — liquidation proceeds on defaulted receivables may be received,

·Insurance proceeds — proceeds from claims on any insurance policies covering the financed vehicles or the obligors may be received,

·Repurchases of receivables by Ford Credit and the depositor — Ford Credit and the depositor may be required to repurchase ineligible receivables from the trust for breaches of representations as described in “Receivables — Obligation to Repurchase Receivables,”

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·Purchases of receivables by the servicer — the servicer may be required to purchase receivables if the servicer fails to maintain the security interest of the trust in the financed vehicles or impairs the rights of the trust or the noteholders in the receivables or if the servicer makes modifications to the receivables as described in “Servicing — Servicer Modifications and Obligation to Purchase Receivables,” and

·Clean up call option — the servicer will have the option to purchase the receivables from the trust on any payment date if the pool balance at the end of the prior month is 10% or less of the initial pool balance.

In Ford Credit’s experience, prepayments on its retail installment sale contracts occur primarily when obligors decide to purchase new vehicles, obligors finance with Ford Credit to obtain specific Ford marketing incentives that require Ford Credit financing and pay off their accounts within the first few months of the contract term, defaulted contracts are liquidated or insurance proceeds are received after the financed vehicle is determined to be a total loss.  Unlike some other asset classes, such as residential mortgage loans, retail installment sale contracts for the purchase of cars, light trucks and utility vehicles do not experience significant voluntary prepayments as interest rates decline.  The short-term nature and smaller principal amount of Ford Credit’s retail installment sale contracts makes the benefit of refinancing smaller.  In addition, because a substantial number of receivables in the securitization transactions in this program are subvened-APR contracts, the situations in which an obligor could take advantage of lower rates by refinancing are limited.

Any reinvestment risk resulting from a faster or slower rate of prepayment of receivables will be borne entirely by the noteholders.  For more information about reinvestment risk, you should read “Risk Factors — The timing of principal payments on your notes is uncertain.”

Weighted Average Life

Prepayments on the receivables can be measured against a prepayment standard or model.  This securitization transaction uses the Absolute Prepayment Model commonly referred to as “ABS,” which uses an assumed rate of prepayment each month relative to the original number of receivables in a pool.  ABS assumes that all receivables are the same size and maturity and amortize at the same rate and that in each month each receivable will be paid as scheduled or be prepaid in full.  For example, in a pool of receivables originally containing 10,000 receivables, a 1% ABS rate means that 100 receivables prepay in full each month.  ABS is not a historical description of prepayment experience or a prediction of the anticipated rate of prepayment of any pool of assets.  Ford Credit intends to establish the interest rates for the notes based on their weighted average lives determined by assuming the receivables will prepay at a 1.4% ABS rate.

The ABS tables below were prepared by (a) classifying the pool of receivables that will be sold to the trust into sub-pools based on APR, original term and remaining term, (b) determining a level monthly payment for each of the sub-pools that fully amortizes the pool by the end of its remaining term to maturity, assuming that each monthly payment is made on the last day of each month and each month has 30 days and (c) making the following assumptions:

·each sub-pool prepays at the stated constant monthly ABS rate, and pays as scheduled with no delays, defaults or repurchases on the receivables,

·interest accrues on the notes at the following rates:

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Class	Interest Rate
Class A-1	2.50307%
Class A-2a	2.61%
Class A-2b	2.83050%
Class A-3	2.49%
Class A-4	2.52%
Class B	2.67%
Class C	2.87%

·the principal amount of the Class A-2 notes is allocated to Class A-2a notes in the amount of $173,010,000 and to Class A-2b notes in the amount of $173,010,000;

·payments on the notes are made on the 15th of each month, and

·the servicer exercises its clean up call option on the first payment date that the option is available.

The sub-pools used in this analysis are shown in the table below:

Pool	Aggregate Principal Balance	Weighted Average APR	Weighted Average Original Term (In Months)	Weighted Average Remaining Term (In Months)
1	$    14,011,922.12	2.135%	36	34
2	8,400,043.71	7.886%	35	33
3	7,438,662.16	2.345%	36	30
4	2,342,742.34	7.665%	35	29
5	9,039,635.12	3.036%	36	22
6	1,539,896.11	7.660%	35	22
7	20,933,761.34	1.773%	48	46
8	9,716,675.63	8.052%	48	46
9	9,482,859.85	2.282%	48	41
10	3,333,205.54	8.309%	48	42
11	14,588,812.39	3.441%	48	32
12	2,924,724.81	7.784%	48	35
13	103,581,334.47	1.558%	60	58
14	49,344,653.98	8.203%	60	58
15	70,368,174.66	1.285%	60	54
16	20,971,963.48	8.183%	60	54
17	117,889,223.20	2.228%	60	42
18	22,179,250.37	7.852%	60	45
19	199,809,115.59	1.715%	72	70
20	67,096,719.65	9.027%	72	70
21	129,590,735.06	1.777%	72	65
22	27,556,838.34	9.006%	72	66
23	193,897,574.12	2.134%	72	52
24	36,028,135.32	8.734%	72	55
Total	$1,142,066,659.36

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The results shown in the ABS tables should approximate the results that would be obtained if the analysis had been based on similar assumptions using the actual pool of receivables that will be sold to the trust, rather than on sub-pools.  The actual characteristics and performance of the receivables will differ from the assumptions used in constructing the ABS tables.  The ABS tables only give a general sense of how each class of notes may amortize at different assumed ABS rates with other assumptions held constant.  It is unlikely that the receivables will prepay at a constant ABS rate until maturity or that all of the receivables will prepay at the same ABS rate.  The diversity of the receivables could produce slower or faster prepayment rates for any payment date, including for payment dates early in the transaction, which would result in principal payments occurring earlier or later than indicated in the ABS tables.  Any difference between those assumptions and the actual characteristics and performance of the receivables, or actual prepayment experience, will affect the weighted average life and period during which principal is paid on each class of notes.

For a description of factors which may affect the rate of principal payments on the notes, you should read “Risk Factors — The timing of principal payments on your notes is uncertain.”

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Percent of Initial Note Principal Amount at Various ABS Rates(1)

	Class A-1						Class A-2a and Class A-2b
Payment Date	0.00%	0.50%	1.00%	1.40%	1.70%	2.00%	0.00%	0.50%	1.00%	1.40%	1.70%	2.00%
Closing Date	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
July 15, 2019	90.08	87.18	83.97	81.12	78.76	76.16	100.00	100.00	100.00	100.00	100.00	100.00
August 15, 2019	80.35	74.66	68.36	62.75	58.12	53.02	100.00	100.00	100.00	100.00	100.00	100.00
September 15, 2019	70.60	62.22	52.94	44.68	37.85	30.35	100.00	100.00	100.00	100.00	100.00	100.00
October 15, 2019	60.81	49.84	37.69	26.88	17.96	8.15	100.00	100.00	100.00	100.00	100.00	100.00
November 15, 2019	51.00	37.54	22.65	9.40	0.00	0.00	100.00	100.00	100.00	100.00	99.09	92.04
December 15, 2019	41.14	25.31	7.79	0.00	0.00	0.00	100.00	100.00	100.00	95.42	87.87	79.57
January 15, 2020	31.27	13.16	0.00	0.00	0.00	0.00	100.00	100.00	95.97	85.51	76.88	67.39
February 15, 2020	21.38	1.09	0.00	0.00	0.00	0.00	100.00	100.00	87.48	75.77	66.11	55.49
March 15, 2020	11.43	0.00	0.00	0.00	0.00	0.00	100.00	93.59	79.09	66.20	55.56	43.87
April 15, 2020	1.47	0.00	0.00	0.00	0.00	0.00	100.00	86.60	70.83	56.80	45.24	32.54
May 15, 2020	0.00	0.00	0.00	0.00	0.00	0.00	95.00	79.65	62.67	47.67	35.44	22.02
June 15, 2020	0.00	0.00	0.00	0.00	0.00	0.00	89.21	73.09	55.29	39.47	26.44	12.14
July 15, 2020	0.00	0.00	0.00	0.00	0.00	0.00	84.08	67.02	48.18	31.44	17.66	2.53
August 15, 2020	0.00	0.00	0.00	0.00	0.00	0.00	78.92	60.98	41.16	23.58	9.09	0.00
September 15, 2020	0.00	0.00	0.00	0.00	0.00	0.00	73.74	54.97	34.25	15.87	0.74	0.00
October 15, 2020	0.00	0.00	0.00	0.00	0.00	0.00	68.52	48.99	27.45	8.34	0.00	0.00
November 15, 2020	0.00	0.00	0.00	0.00	0.00	0.00	63.27	43.05	20.74	0.97	0.00	0.00
December 15, 2020	0.00	0.00	0.00	0.00	0.00	0.00	57.99	37.13	14.14	0.00	0.00	0.00
January 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	52.67	31.25	7.64	0.00	0.00	0.00
February 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	47.33	25.40	1.25	0.00	0.00	0.00
March 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	41.96	19.59	0.00	0.00	0.00	0.00
April 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	36.55	13.81	0.00	0.00	0.00	0.00
May 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	31.26	8.18	0.00	0.00	0.00	0.00
June 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	25.93	2.59	0.00	0.00	0.00	0.00
July 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	20.58	0.00	0.00	0.00	0.00	0.00
August 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	15.19	0.00	0.00	0.00	0.00	0.00
September 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	9.77	0.00	0.00	0.00	0.00	0.00
October 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	4.32	0.00	0.00	0.00	0.00	0.00
November 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
December 15, 2021	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
January 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
February 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
March 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
April 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
May 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
June 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
July 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
August 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
September 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
October 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
November 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
December 15, 2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
January 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
February 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
March 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
April 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
May 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
June 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
July 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
August 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
September 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
October 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
November 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
December 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
January 15, 2024	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
February 15, 2024	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Weighted Average Life to Call (years)(2)	0.45	0.36	0.29	0.25	0.23	0.21	1.65	1.35	1.11	0.94	0.83	0.74
Weighted Average Life to Maturity (years)(2)	0.45	0.36	0.29	0.25	0.23	0.21	1.65	1.35	1.11	0.94	0.83	0.74

_______________

(1)The numbers in this table, other than the weighted average life to maturity, were calculated based on the assumption that the servicer will exercise its clean up call option on the first payment date that the option is available.

(2)The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the receivables that will differ from the actual characteristics and performance of the receivables.  You should be sure you understand these assumptions when reading the ABS tables.

87

Percent of Initial Note Principal Amount at Various ABS Rates(1)

	Class A-3						Class A-4
Payment Date	0.00%	0.50%	1.00%	1.40%	1.70%	2.00%	0.00%	0.50%	1.00%	1.40%	1.70%	2.00%
Closing Date	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
July 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
August 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
September 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
October 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
November 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
December 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
January 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
February 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
March 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
April 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
May 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
June 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
July 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
August 15, 2020	100.00	100.00	100.00	100.00	100.00	93.20	100.00	100.00	100.00	100.00	100.00	100.00
September 15, 2020	100.00	100.00	100.00	100.00	100.00	84.14	100.00	100.00	100.00	100.00	100.00	100.00
October 15, 2020	100.00	100.00	100.00	100.00	92.61	75.36	100.00	100.00	100.00	100.00	100.00	100.00
November 15, 2020	100.00	100.00	100.00	100.00	84.69	66.86	100.00	100.00	100.00	100.00	100.00	100.00
December 15, 2020	100.00	100.00	100.00	93.76	77.00	58.64	100.00	100.00	100.00	100.00	100.00	100.00
January 15, 2021	100.00	100.00	100.00	86.73	69.53	50.69	100.00	100.00	100.00	100.00	100.00	100.00
February 15, 2021	100.00	100.00	100.00	79.86	62.28	43.03	100.00	100.00	100.00	100.00	100.00	100.00
March 15, 2021	100.00	100.00	94.96	73.17	55.25	35.65	100.00	100.00	100.00	100.00	100.00	100.00
April 15, 2021	100.00	100.00	88.78	66.64	48.45	28.55	100.00	100.00	100.00	100.00	100.00	100.00
May 15, 2021	100.00	100.00	82.80	60.36	41.94	21.79	100.00	100.00	100.00	100.00	100.00	100.00
June 15, 2021	100.00	100.00	76.93	54.26	35.65	15.31	100.00	100.00	100.00	100.00	100.00	100.00
July 15, 2021	100.00	97.03	71.17	48.32	29.58	9.11	100.00	100.00	100.00	100.00	100.00	100.00
August 15, 2021	100.00	91.51	65.50	42.55	23.73	3.19	100.00	100.00	100.00	100.00	100.00	100.00
September 15, 2021	100.00	86.02	59.95	36.95	18.11	0.00	100.00	100.00	100.00	100.00	100.00	91.91
October 15, 2021	100.00	80.56	54.49	31.52	12.71	0.00	100.00	100.00	100.00	100.00	100.00	74.26
November 15, 2021	98.84	75.13	49.15	26.26	7.53	0.00	100.00	100.00	100.00	100.00	100.00	57.30
December 15, 2021	93.36	69.76	43.92	21.18	2.59	0.00	100.00	100.00	100.00	100.00	100.00	41.29
January 15, 2022	87.92	64.49	38.85	16.32	0.00	0.00	100.00	100.00	100.00	100.00	93.09	28.86
February 15, 2022	82.44	59.25	33.89	11.62	0.00	0.00	100.00	100.00	100.00	100.00	78.39	0.00
March 15, 2022	77.08	54.15	29.12	7.15	0.00	0.00	100.00	100.00	100.00	100.00	64.33	0.00
April 15, 2022	71.76	49.16	24.50	2.89	0.00	0.00	100.00	100.00	100.00	100.00	51.09	0.00
May 15, 2022	66.53	44.29	20.06	0.00	0.00	0.00	100.00	100.00	100.00	96.23	38.74	0.00
June 15, 2022	61.31	39.48	15.74	0.00	0.00	0.00	100.00	100.00	100.00	83.51	27.13	0.00
July 15, 2022	56.05	34.71	11.53	0.00	0.00	0.00	100.00	100.00	100.00	71.15	0.00	0.00
August 15, 2022	50.76	29.96	7.41	0.00	0.00	0.00	100.00	100.00	100.00	59.31	0.00	0.00
September 15, 2022	45.45	25.25	3.40	0.00	0.00	0.00	100.00	100.00	100.00	48.03	0.00	0.00
October 15, 2022	40.10	20.57	0.00	0.00	0.00	0.00	100.00	100.00	98.30	37.30	0.00	0.00
November 15, 2022	34.73	15.93	0.00	0.00	0.00	0.00	100.00	100.00	85.74	0.00	0.00	0.00
December 15, 2022	29.39	11.37	0.00	0.00	0.00	0.00	100.00	100.00	73.46	0.00	0.00	0.00
January 15, 2023	24.89	7.50	0.00	0.00	0.00	0.00	100.00	100.00	62.90	0.00	0.00	0.00
February 15, 2023	20.35	3.66	0.00	0.00	0.00	0.00	100.00	100.00	52.62	0.00	0.00	0.00
March 15, 2023	15.79	0.00	0.00	0.00	0.00	0.00	100.00	99.49	42.63	0.00	0.00	0.00
April 15, 2023	11.36	0.00	0.00	0.00	0.00	0.00	100.00	87.35	33.17	0.00	0.00	0.00
May 15, 2023	7.12	0.00	0.00	0.00	0.00	0.00	100.00	75.67	0.00	0.00	0.00	0.00
June 15, 2023	2.85	0.00	0.00	0.00	0.00	0.00	100.00	64.08	0.00	0.00	0.00	0.00
July 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	95.22	52.57	0.00	0.00	0.00	0.00
August 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	80.79	41.15	0.00	0.00	0.00	0.00
September 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	66.25	0.00	0.00	0.00	0.00	0.00
October 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	51.62	0.00	0.00	0.00	0.00	0.00
November 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	40.63	0.00	0.00	0.00	0.00	0.00
December 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
January 15, 2024	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
February 15, 2024	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Weighted Average Life to Call (years)(2)	3.22	2.87	2.46	2.12	1.87	1.64	4.35	4.08	3.69	3.23	2.86	2.48
Weighted Average Life to Maturity (years)(2)	3.22	2.87	2.46	2.12	1.87	1.64	4.40	4.13	3.73	3.28	2.88	2.50

_______________

(1)The numbers in this table, other than the weighted average life to maturity, were calculated based on the assumption that the servicer will exercise its clean up call option on the first payment date that the option is available.

(2)The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the receivables that will differ from the actual characteristics and performance of the receivables.  You should be sure you understand these assumptions when reading the ABS tables.

88

Percent of Initial Note Principal Amount at Various ABS Rates(1)

	Class B						Class C
Payment Date	0.00%	0.50%	1.00%	1.40%	1.70%	2.00%	0.00%	0.50%	1.00%	1.40%	1.70%	2.00%
Closing Date	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
July 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
August 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
September 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
October 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
November 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
December 15, 2019	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
January 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
February 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
March 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
April 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
May 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
June 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
July 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
August 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
September 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
October 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
November 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
December 15, 2020	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
January 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
February 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
March 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
April 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
May 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
June 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
July 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
August 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
September 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
October 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
November 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
December 15, 2021	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
January 15, 2022	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
February 15, 2022	100.00	100.00	100.00	100.00	100.00	0.00	100.00	100.00	100.00	100.00	100.00	0.00
March 15, 2022	100.00	100.00	100.00	100.00	100.00	0.00	100.00	100.00	100.00	100.00	100.00	0.00
April 15, 2022	100.00	100.00	100.00	100.00	100.00	0.00	100.00	100.00	100.00	100.00	100.00	0.00
May 15, 2022	100.00	100.00	100.00	100.00	100.00	0.00	100.00	100.00	100.00	100.00	100.00	0.00
June 15, 2022	100.00	100.00	100.00	100.00	100.00	0.00	100.00	100.00	100.00	100.00	100.00	0.00
July 15, 2022	100.00	100.00	100.00	100.00	0.00	0.00	100.00	100.00	100.00	100.00	0.00	0.00
August 15, 2022	100.00	100.00	100.00	100.00	0.00	0.00	100.00	100.00	100.00	100.00	0.00	0.00
September 15, 2022	100.00	100.00	100.00	100.00	0.00	0.00	100.00	100.00	100.00	100.00	0.00	0.00
October 15, 2022	100.00	100.00	100.00	100.00	0.00	0.00	100.00	100.00	100.00	100.00	0.00	0.00
November 15, 2022	100.00	100.00	100.00	0.00	0.00	0.00	100.00	100.00	100.00	0.00	0.00	0.00
December 15, 2022	100.00	100.00	100.00	0.00	0.00	0.00	100.00	100.00	100.00	0.00	0.00	0.00
January 15, 2023	100.00	100.00	100.00	0.00	0.00	0.00	100.00	100.00	100.00	0.00	0.00	0.00
February 15, 2023	100.00	100.00	100.00	0.00	0.00	0.00	100.00	100.00	100.00	0.00	0.00	0.00
March 15, 2023	100.00	100.00	100.00	0.00	0.00	0.00	100.00	100.00	100.00	0.00	0.00	0.00
April 15, 2023	100.00	100.00	100.00	0.00	0.00	0.00	100.00	100.00	100.00	0.00	0.00	0.00
May 15, 2023	100.00	100.00	0.00	0.00	0.00	0.00	100.00	100.00	0.00	0.00	0.00	0.00
June 15, 2023	100.00	100.00	0.00	0.00	0.00	0.00	100.00	100.00	0.00	0.00	0.00	0.00
July 15, 2023	100.00	100.00	0.00	0.00	0.00	0.00	100.00	100.00	0.00	0.00	0.00	0.00
August 15, 2023	100.00	100.00	0.00	0.00	0.00	0.00	100.00	100.00	0.00	0.00	0.00	0.00
September 15, 2023	100.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00	0.00	0.00
October 15, 2023	100.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00	0.00	0.00
November 15, 2023	100.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00	0.00	0.00
December 15, 2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
January 15, 2024	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
February 15, 2024	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Weighted Average Life to Call (years)(2)	4.48	4.23	3.90	3.40	3.07	2.65	4.48	4.23	3.90	3.40	3.07	2.65
Weighted Average Life to Maturity (years)(2)	4.98	4.73	4.36	3.89	3.41	2.99	5.31	5.13	4.76	4.28	3.77	3.28

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(1)The numbers in this table, other than the weighted average life to maturity, were calculated based on the assumption that the servicer will exercise its clean up call option on the first payment date that the option is available.

(2)The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the receivables that will differ from the actual characteristics and performance of the receivables.  You should be sure you understand these assumptions when reading the ABS tables.

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CREDIT RISK RETENTION

The risk retention regulations in Regulation RR of the Securities Exchange Act of 1934 require the sponsor, either directly or through its majority-owned affiliates, to retain an economic interest in the credit risk of the receivables.  The depositor is a wholly-owned affiliate of Ford Credit and will retain the required economic interest in the credit risk of the receivables to satisfy the sponsor’s requirements under Regulation RR.

The depositor’s retention of the residual interest satisfies the requirements for an “eligible horizontal residual interest” under Regulation RR.  The fair value of the residual interest will represent at least 5% of the sum of the fair value of the notes and the residual interest on the closing date.  The depositor, Ford Credit, or another majority-owned affiliate of Ford Credit is required to retain the residual interest until the latest of two years after the closing date, the date the pool balance is one-third or less of the initial pool balance, or the date the principal amount of the notes is one-third or less of the original principal amount.  None of Ford Credit, the depositor or any of their affiliates may sell, transfer or hedge the residual interest during this period other than as permitted by Regulation RR.  The depositor intends to retain the residual interest for the life of this securitization transaction.

In general, the residual interest represents the rights to the overcollateralization and amounts in the reserve account and excess spread not needed to make required payments on the notes, offset losses on the receivables, or pay expenses and fees of the trust.  Because the residual interest is subordinated to each class of notes and is only entitled to amounts not needed on a payment date to make payments on the notes or to make other required payments or deposits according to the priority of payments described in “Description of the Notes — Priority of Payments” and “Description of the Notes — Post-Acceleration Priority of Payments,” the residual interest offsets all losses on the receivables by reduction of, first, the excess spread, second, the overcollateralization and, third, the amounts in the reserve account, before any losses are incurred by the notes.  For a description of the credit enhancement available for the notes, including the excess spread and overcollateralization, you should read “Credit Enhancement.”

The fair value of the notes and the residual interest is summarized below.  The totals in the table may not sum due to rounding:

	Fair Value (in millions)	Fair Value (as a percentage)
Class A notes	$                     1,000.1	89.3%
Class B notes	31.6	2.8
Class C notes	21.1	1.9
Residual Interest	67.8	6.0
Total	$                     1,120.5	100.0%

The sponsor determined the fair value of the notes and the residual interest using a fair value measurement framework under generally accepted accounting principles.  In measuring fair value, the use of observable and unobservable inputs and their significance in measuring fair value are reflected in the fair value hierarchy assessment, with Level 1 inputs favored over Level 2 and Level 3 inputs, and Level 2 inputs favored over Level 3 inputs.

·Level 1 – inputs include quoted prices for identical instruments and are the most observable,

·Level 2 – inputs include quoted prices for similar instruments and observable inputs such as interest rates and yield curves, and

·Level 3 – inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instrument.

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The fair value of the notes is categorized within Level 2 of the hierarchy, reflecting the use of inputs derived from prices for similar instruments.  The fair value of the residual interest is categorized within Level 3 of the hierarchy as inputs to the fair value calculation are generally not observable.

The fair value of the notes is assumed to be equal to the initial principal amount, or par.  The interest rates in the table below are based on the final pricing of the notes.  For the Class A-2b notes, the interest rate below is based on one-month LIBOR at the time of pricing plus the applicable spread:

Class	Interest Rate
Class A-1	2.38663%
Class A-2a	2.35%
Class A-2b	2.62288%
Class A-3	2.23%
Class A-4	2.24%
Class B	2.40%
Class C	2.58%

To calculate the fair value of the residual interest, Ford Credit used an internal valuation model.  This model projects future interest and principal payments of the pool of receivables, the interest and principal payments on each class of notes, transaction fees and expenses and the servicing fee.  The model also assumes that the servicer will exercise its clean up call option on the first payment date that the option is available and that the purchase price paid for the receivables will be equal to the outstanding principal balance of the receivables, which is the minimum amount the servicer may pay for the receivables.  The resulting cash flows to the residual interest are discounted to present value based on a discount rate that reflects the credit exposure to these cash flows.  In completing these calculations, Ford Credit made the following assumptions:

·interest accrues on the notes at the rates described above.  In determining the interest payments on the floating rate notes, assumptions for one-month LIBOR are consistent with the applicable forward rate curve as of the date of this prospectus,

·principal and interest cash flows for the receivables are calculated using the sub-pools and related assumptions as described in “Maturity and Prepayment Considerations – Weighted Average Life,”

·receivables prepay at a 1.4% ABS rate as described in “Maturity and Prepayment Considerations—Weighted Average Life,”

·cumulative net losses on the receivables, as a percentage of the initial pool balance, occur each month at the following rates:

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Month	Cumulative Net Loss	Month	Cumulative Net Loss	Month	Cumulative Net Loss
1	0.0%	17	0.5%	33	0.9%
2	0.0%	18	0.5%	34	0.9%
3	0.0%	19	0.6%	35	0.9%
4	0.0%	20	0.6%	36	0.9%
5	0.1%	21	0.6%	37	0.9%
6	0.1%	22	0.6%	38	0.9%
7	0.1%	23	0.7%	39	0.9%
8	0.2%	24	0.7%	40	0.9%
9	0.2%	25	0.7%	41	0.9%
10	0.2%	26	0.7%
11	0.3%	27	0.7%
12	0.3%	28	0.8%
13	0.4%	29	0.8%
14	0.4%	30	0.8%
15	0.4%	31	0.8%
16	0.5%	32	0.8%

·residual interest cash flows are discounted at 11.0%.

Ford Credit developed these inputs and assumptions by considering the following factors:

·ABS rate –  estimated considering the composition of the receivables and the performance of its prior securitized pools included in Annex A,

·Cumulative net loss rate – estimated using assumptions for both the magnitude of lifetime cumulative net losses and the shape of the cumulative net loss curve.  The lifetime cumulative net loss assumption and the shape of the cumulative net loss curve were developed considering the composition of the receivables, the 10-year historical average performance of its prior securitized pools including those in Annex A, trends in used vehicle values, economic conditions and the cumulative net loss assumptions of the hired NRSROs.  Default and recovery rate estimates are included in the cumulative net loss assumption, and

·Discount rate applicable to the residual cash flows – estimated to reflect the credit exposure to the residual cash flows.  Due to the lack of an actively traded market in residual interests, the discount rate was derived using qualitative factors that consider the equity-like component of the first-loss exposure.

Ford Credit believes that the inputs and assumptions described above include the inputs and assumptions that could have a significant impact on the fair value calculation or a prospective noteholder’s ability to evaluate the fair value calculation.  The fair values of the notes and the residual interest were calculated based on the assumptions described above, including the assumptions regarding the characteristics and performance of the receivables that will differ from the actual characteristics and performance of the receivables.  You should be sure you understand these assumptions when considering the fair value calculation.

Ford Credit will recalculate the fair value of the notes and the residual interest after the closing date to reflect the issuance of the notes and any changes in the methodology or inputs and assumptions described above.  The fair value of the residual interest as a dollar amount and as a percentage of the sum of the fair value of the notes and the residual interest will be included in the first investor report, together with a description of any changes in the methodology or inputs and assumptions used to calculate the fair value.

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SERVICING

The servicer will service the receivables and this securitization transaction under a sale and servicing agreement among the trust, the depositor and the servicer.  The following description summarizes the main terms of the sale and servicing agreement but is not a complete description of the agreement.  For more details about the sale and servicing agreement, you should read the form of sale and servicing agreement that is included as an exhibit to the registration statement filed with the SEC that includes this prospectus.

Servicing Obligations

Under the sale and servicing agreement, the servicer’s main obligations will be to:

·collect and apply all payments made on the receivables and any other amounts received related to the receivables,

·investigate delinquencies,

·send invoices and respond to inquiries of obligors,

·process requests for extensions, modifications and adjustments,

·administer payoffs, defaults and delinquencies,

·repossess and then sell financed vehicles,

·maintain accurate and complete accounts and computer systems for the servicing of the receivables,

·prepare and provide monthly investor reports and instructions to the indenture trustee, and

·provide the custodian with updated records for the receivable files.

The servicer is not required or permitted to make advances for shortfalls in scheduled payments on receivables, collections or other cash flows on the receivables.

The servicer may delegate or perform its servicing obligations to or through others.  No delegation or subcontracting will relieve the servicer of its servicing obligations.  The servicer will be responsible for paying the fees of any delegates or subcontractors.

Servicing Fees

The servicer will earn a servicing fee each month equal to 1/12 of 1% of the pool balance on the first day of the month.  In addition, the servicer will retain any late fees, extension fees and other administrative fees received from obligors and receive net investment earnings on funds in the trust bank accounts.  The servicer may be reimbursed for fees and expenses paid to third parties for repossession and disposition of financed vehicles and external costs of collection activities on charged off accounts.  The servicer may net these fees and expenses from collections deposited in the collection account.

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Servicer Modifications and Obligation to Purchase Receivables

The servicer will follow its policies and procedures in servicing the receivables.  As part of its normal collection efforts, the servicer may waive or modify the terms of a receivable, including granting a payment extension and rewriting, rescheduling or amending any contract or waiving late fees, extension fees or other administrative fees.  The servicer will purchase a receivable from the trust if the servicer makes certain modifications, including if it gives a payment extension resulting in the final payment date of the receivable being later than the final scheduled payment date of the most junior class of notes issued by the trust.  The servicer will also purchase a receivable if it changes the then-current principal balance or the APR of the receivable or rewrites or reschedules the contract to change the number of originally scheduled due dates of the receivable or the payment amount.  However, the servicer will not be required to purchase any modified receivable if the modification was required by law or court order, including by a bankruptcy court, although it may choose to do so.  Ford Credit’s servicing systems identify these types of modifications and will automatically purchase the modified receivable on the payment date after the month in which the modification is made.  On payment of the purchase price, the purchase will be effective at the end of the month before the month in which the modification is made.  The purchase price will be the principal balance of the receivable plus 30 days of interest at its APR before the modification, which will be deposited by the servicer in the collection account.  The purchase of a receivable by the servicer due to a modification is effectively the same as a prepayment of the receivable in full, and will result in payment of principal of the notes earlier than would have been the case if the receivable was not repurchased.  For modifications or waivers that do not result in the purchase of a receivable, Ford Credit does not expect that these changes or waivers will materially affect the cash flows on the receivables.

For more information about the servicer’s policies and procedures for servicing the receivables, including extensions and rewrites, you should read “Sponsor and Servicer — Servicing and Collections.”

The servicer must maintain perfection of the trust’s security interest in each receivable and Ford Credit’s security interest in the related financed vehicle until immediately before the time the receivable is paid in full or repurchased.  For a charged off receivable, the servicer may release the security interest in a sale of charged-off receivables as permitted by the servicer’s policies and procedures.  If the servicer fails to maintain perfection of the trust’s security interest in the financed vehicle or impairs the rights of the trust or the noteholders in the receivable (other than according to its policies and procedures), the servicer must purchase the receivable from the trust on the payment date after the month that a responsible person of the servicer obtained actual knowledge or was notified of the impairment or, at the servicer’s option, on the following payment date, unless it corrects the failure or impairment before that date.  The purchase price will generally be the principal balance of the receivable plus 30 days of interest at its APR, which will be deposited by the servicer in the collection account.  On payment of the purchase price, the purchase will be effective as of the last day of the second month before the payment date.

For more information about the servicer’s policies and procedures for releasing the security interest in a receivable, you should read “Sponsor and Servicer — Servicing and Collections — Repossession and Charge Off.”

The servicer may offer extensions to obligors located in states and counties subject to a major disaster declaration by the Federal Emergency Management Agency prior to the closing date, and the servicer will repurchase the receivables of the obligors that accept those offered extensions.  In the servicer’s experience, the acceptance rate for these extension offers is generally less than 5%.

Trust Bank Accounts

The servicer will establish a collection account for the trust and will deposit all collections on the receivables, the repurchase price for any receivables repurchased by the sponsor or the depositor and the purchase price for any receivables purchased by the servicer in the collection account.  The servicer will also establish the reserve account.  All trust bank accounts will be pledged to the indenture trustee to secure the notes.

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Funds in the collection account and the reserve account will be invested in highly rated short-term investments that mature or are made available on or before the next payment date.  Net investment earnings on funds in the trust bank accounts will be paid to the servicer each month.  The servicer will direct the investments unless the indenture trustee instructs the bank holding the account otherwise after an event of default.  The trust may invest the funds in the trust bank accounts in obligations issued by the underwriters or their affiliates.

The servicer will have no access to the funds in the trust bank accounts.  Only the indenture trustee may withdraw funds from these accounts to make payments, including payments to the noteholders or to pay investment earnings to the servicer.  The indenture trustee will make payments from the collection account to the noteholders and others based on information provided by the servicer.

Deposit of Collections

Ford Credit will deposit all collections in the collection account within two business days of applying them to the obligors’ accounts, except that net recoveries on charged off accounts will be deposited on a monthly basis.  However, if Ford Credit’s short-term unsecured debt is rated equal to or higher than “F1” by Fitch and “A-1” by S&P, and if no servicer termination event has occurred, Ford Credit may deposit all collections for the prior month in the collection account on the business day before each payment date or, with satisfaction of the rating agency condition, on each payment date.  Until deposited in the collection account, collections may be used by the servicer for its own benefit and will not be segregated from its own funds.

For administrative convenience, the servicer may deposit collections in the collection account each month net of the servicing fee payable to the servicer for the month, but must account for all transactions individually.  If amounts are deposited in error, they will be returned to the servicer or netted from later deposits.

Custodial Obligations of Ford Credit

Ford Credit will act as custodian for the trust and the indenture trustee and will maintain a receivable file for each receivable.  A receivable file will include originals or copies of the retail installment sale contract, credit application, certificate of title and other documents relating to the receivable, the obligor and the financed vehicle.  Each receivable file will be maintained separately, but will not be segregated from other similar receivable files or stamped or marked to reflect the sale to the trust so long as Ford Credit is servicing the receivables.  The receivable files are held by Ford Credit, directly or through third-party vendors, as described in “Sponsor and Servicer — Origination, Underwriting and Purchasing — Vehicle Title” and “Sponsor and Servicer — Origination, Underwriting and Purchasing — Types of Contracts and Vehicle Classification.”

Limitations on Liability

The servicer will not be liable to the trust or the noteholders for any action or omission or for any error in judgment, except for its own willful misconduct, bad faith or negligence in the performance of its obligations.  The servicer will not be obligated to start, pursue or participate in any legal proceeding that is not incidental to its servicing obligations and that may cause it to incur expense or liability.  The servicer will indemnify the trust, the owner trustee and the indenture trustee for damages caused by the servicer’s willful misconduct, bad faith or negligence in the performance of its servicing obligations.

Amendments to Sale and Servicing Agreement

The trust, the depositor and the servicer may amend the sale and servicing agreement, without the consent of the noteholders, to clarify an ambiguity, correct an error or correct or supplement any term of the agreement that may be defective or inconsistent with the other terms of the agreement.

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The trust, the depositor and the servicer may amend the sale and servicing agreement to add, change or eliminate terms of the agreement if:

·the depositor, the servicer or the trust certifies that the amendment will not have a material adverse effect on the noteholders or, if such a certification cannot be made, the consent of a majority of each class of notes (with each class voting separately, except that the Class A notes will vote together as a single class) is received, and

·the depositor, the servicer or the trust delivers a legal opinion that, for federal income tax purposes, the amendment will not cause any note to be deemed sold or exchanged, cause the trust to be treated as an association or publicly traded partnership taxable as a corporation or adversely affect the treatment of the notes as debt for federal income tax purposes.

The prior consent of all affected noteholders will be required for any amendment that would:

·change the amount, timing, allocation or priority of distributions required to be made to the noteholders,

·change the terms on which the servicer may exercise the clean up call option,

·reduce the percentage of noteholders that are required to consent to an amendment, or

·change the amount required to be in the reserve account.

Resignation and Termination of Servicer

Ford Credit may not resign as servicer unless it is legally unable to perform its servicing obligations.  No resignation will become effective until a successor servicer has been engaged by the indenture trustee or the date the servicer becomes legally unable to act.

Each of the following events will be a “servicer termination event” under the sale and servicing agreement:

·the servicer fails to deposit any collections, payments or other amounts and that failure continues for five business days after it receives notice of the failure from the owner trustee or the indenture trustee or a responsible person of the servicer knows of the failure, unless:

—the failure was caused by an event outside the servicer’s control and does not continue for more than ten business days, and the servicer uses all commercially reasonable efforts to perform its obligations and promptly notifies the owner trustee, the indenture trustee and the depositor of the failure and the steps being taken by the servicer to correct it, or

—the failure relates to an amount no greater than 0.05% of the outstanding principal balance of notes issued by the trust and does not continue for more than (a) if the servicer’s long-term debt is rated investment grade by all rating agencies rating the notes, 90 days after the servicer receives notice of the failure or a responsible person of the servicer learns of the failure or (b) if the servicer’s long-term debt is not so rated, 90 days after the collections, payments or other amounts were required to be deposited,

·the servicer fails to perform its obligations under the transaction documents and that failure has a material adverse effect on the notes and continues for 90 days after it receives notice of the failure from the owner trustee, the indenture trustee or at least 25% of the controlling class, or

·bankruptcy of the servicer.

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The indenture trustee, acting at the direction of a majority of the controlling class, may waive any servicer termination event.  As long as a servicer termination event has not been corrected, the indenture trustee may, or, at the direction of a majority of the controlling class, must, terminate the servicer for the trust.

If the servicer resigns or is terminated, the indenture trustee will promptly engage a successor servicer to assume the servicing obligations.  If a successor servicer is not appointed when the servicer stops performing its obligations, the indenture trustee automatically will become the successor servicer.  If the indenture trustee is unwilling or legally unable to act as servicer, it may appoint, or petition a court to appoint, a successor servicer having a net worth of at least $50 million and whose regular business includes the servicing of motor vehicle receivables.

If a bankruptcy trustee or similar official is appointed for the servicer and no other servicer termination event has occurred, the bankruptcy trustee or official may have the power to prevent the indenture trustee or the noteholders from terminating the servicer.

The servicer will agree to cooperate to effect an orderly servicing transfer and make available its records on payments on the receivables and the receivable files.  The servicer will not be required to make available or license its proprietary servicing procedures, processes, models, software or other applications.  The predecessor servicer will reimburse the successor servicer for reasonable expenses for the transition of servicing obligations.

MONTHLY REPORTS

On or about the 10th day of each month, the servicer will prepare and deliver an investor report to the owner trustee, the indenture trustee, the depositor and, if requested, the rating agencies.  Each investor report will contain information about payments to be made on the notes on the payment date, the performance of the receivables during the prior month and the status of any credit enhancement.  An officer of the servicer will certify the accuracy of the information in each investor report.  The servicer will post each investor report on its website located at https://www.ford.com/finance/investor-center/asset-backed-securitization on the payment date.  The investor report will contain the following information for each payment date:

·collections on the receivables for the prior month allocated by interest and principal,

·the fees and expenses payable to the indenture trustee, the owner trustee, the asset representations reviewer and the trust,

·the servicing fee payable to the servicer,

·the amount of interest and principal payable and paid on each class of notes, in each case expressed as an aggregate amount and per $1,000 of principal amount,

·the regular principal payment and any priority principal payments,

·the principal amount of each class of notes at the beginning of the period and the end of the period and the note factors needed to compute the principal amount of each class of notes, in each case giving effect to all payments to be made on the payment date,

·the balance of the reserve account and the amount of any withdrawals from or deposits to the reserve account to be made on the payment date,

·information on the performance of the receivables for the prior month, including the pool balance, collections and the aggregate amount paid by Ford Credit or the depositor to repurchase

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ineligible receivables, servicer impaired receivables or receivables modified by the servicer, any repurchase demand activity, the number of receivables remaining in the pool and the pool factor,

·delinquency, repossession and credit loss information on the receivables for the prior month, and whether the delinquency trigger occurred,

·the targeted overcollateralization amount and the yield supplement overcollateralization amount,

·the amount of available funds released to the holder of the residual interest, and

·notice of the occurrence of a benchmark transition event and its related benchmark replacement date, the determination of a benchmark replacement and the making of any benchmark conforming changes.

The first investor report will also include the fair value of the residual interest as a percentage of the sum of the fair value of the notes and the residual interest and as a dollar amount as of the closing date, together with a description of any changes in the methodology or inputs and assumptions used to calculate the fair value, as described in “Credit Risk Retention.”

The servicer will use the investor report to direct the indenture trustee on payments to be made to the noteholders on each payment date.  The indenture trustee will not be obligated to verify calculations made by the servicer.  On each payment date, the indenture trustee, as paying agent, will forward the investor report to each noteholder of record or make the investor report available to noteholders through the indenture trustee’s internet website, which is located at https://gctinvestorreporting.bnymellon.com.

The servicer, on behalf of the trust, will file a Form 10-D for the trust with the SEC within 15 days after each payment date, which will include the investor report for that payment date and the following information, if applicable:

·a description of the events that triggered a review of the review receivables by the asset representations reviewer during the prior month,

·if the asset representations reviewer delivered its review report during the prior month, a summary of the report,

·if the asset representations reviewer resigned or was removed, replaced or substituted, or if a new asset representations reviewer was appointed during the prior month, the identity and experience of the new asset representations reviewer, the date the change occurred and the circumstances surrounding the change,

·a statement that the trust received a request from a noteholder during the prior month to communicate with other noteholders, together with the date the request was received, the name of the requesting noteholder, a statement that the requesting noteholder is interested in communicating with other noteholders about the possible exercise of rights under the transaction documents and a description of the method by which the other noteholders may contact the requesting noteholder, and

·any material change in the depositor’s retained interest in this securitization transaction.

The servicer, on behalf of the trust, will also prepare asset-level data about the receivables for this securitization transaction for the prior month and file it with the SEC on Form ABS-EE before filing the Form 10-D.  The Form ABS-EE, and related information attached as exhibits to the form, will be incorporated by reference into the Form 10-D.  The asset-level data will contain detailed information for each receivable about its identification, origination, contract terms, financed vehicle, obligor, contract and payment activity, servicing and status.  Certain asset-level data, such as data related to collections,

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repurchased receivables, losses on the receivables and repossessions, may not match the aggregate data provided on the investor report due to differences in how this data is required to be reported for asset-level data and how this data is reported for the investor report.  Investors should carefully review the asset-level data and related information attached as exhibits to Form ABS-EE to find more information about the differences, if any, between the asset-level data and investor reports.

ANNUAL COMPLIANCE REPORTS

The servicer will prepare or obtain a number of annual reports, statements or certificates for the trust.  No later than 90 days after the end of the calendar year, the servicer will provide to the depositor, the trust, the indenture trustee and the rating agencies the following:

·Compliance Certificate:  a certificate stating that the servicer fulfilled all of its obligations under the sale and servicing agreement in all material respects throughout the prior year or, if there was a failure to fulfill any obligation in any material respect, stating the nature and status of each failure,

·Assessment of Compliance:  copies of any report by the servicer and any other “servicer” (as defined in Regulation AB under the Securities Act of 1933) on its assessment of compliance with the minimum servicing criteria regarding general servicing, cash collection and administration, investor payments and reporting and pool asset administration during the prior year covering securitization transactions sponsored by Ford Credit involving retail installment sale contracts that were subject to Regulation AB, including disclosure of any material instance of noncompliance identified by that servicer, and

·Attestation Report:  copies of any report by a registered public accounting firm that attests to, and reports on, the assessment made by the servicer and any other “servicer” (as defined in Regulation AB under the Securities Act of 1933) of compliance with the minimum servicing criteria during the prior year covering securitization transactions sponsored by Ford Credit involving retail installment sale contracts that were subject to Regulation AB, which must be made according to standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board.

The servicer will file the compliance certificate, the assessment report and the attestation report with the SEC as exhibits to the trust’s annual report on Form 10-K within 90 days after the end of the calendar year.  A copy of these items may be obtained by any noteholder by request to the indenture trustee.

TRANSACTION PARTIES

The following descriptions of the transaction parties summarize parts of the transaction documents to which they are parties, including the trust agreement, the indenture, the administration agreement and the asset representations review agreement, but are not complete descriptions of these agreements.  For more details about the transaction documents, you should read the forms of the transaction documents that are included as exhibits to the registration statement filed with the SEC that includes this prospectus.

Depositor

The depositor for this securitization transaction is Ford Credit Auto Receivables Two LLC, a Delaware limited liability company created in January 2001.  The depositor met the registrant requirements of paragraph I.A. of the General Instructions to Form SF-3 at the time the registration statement was filed.

Ford Credit is the sole member of the depositor.  The depositor was created for the limited purpose of purchasing receivables from Ford Credit and selling the receivables to trusts for securitization transactions.

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In connection with the offering of the notes, the chief executive officer of the depositor will make the certifications required under the Securities Act of 1933 about this prospectus, the disclosures made about the characteristics of the receivables and the structure of this securitization transaction, the risks of owning the notes and whether the securitization transaction will produce sufficient cash flows to make interest and principal payments on the notes when due.  This certification will be filed by the depositor with the SEC at the time of filing of this prospectus.  The certification should not be considered to reduce or eliminate the risks of investing in the notes.

The depositor will make representations about the receivables sold to the trust.  If any of these representations prove to have been untrue when made and the breach has a material adverse effect on a receivable, the depositor must repurchase the receivable unless it corrects the breach in all material respects before the date it is required to repurchase the receivable.  In addition, the depositor must enforce Ford Credit’s repurchase obligation described in “Receivables — Obligation to Repurchase Receivables.”  In addition, the depositor will represent that it owns the receivables free of liens or claims.

The depositor will be responsible for filing required income tax or franchise tax returns for the trust and for filing and maintaining the effectiveness of the financing statements that perfect the trust’s security interest in the receivables and other trust assets.

The depositor will:

·pay the administrator’s annual fees,

·indemnify the owner trustee for liabilities and damages resulting from the owner trustee’s performance of its obligations under the trust agreement unless resulting from the willful misconduct, bad faith or negligence (other than errors in judgment) of the owner trustee or the breach of representations made by the owner trustee in the trust agreement,

·reimburse the expenses of the owner trustee or the indenture trustee if they resign or are removed, if those expenses are not paid by the trust, and

·indemnify the underwriters for certain liabilities as described in “Underwriting.”

Issuing Entity

The issuing entity for this securitization transaction is Ford Credit Auto Owner Trust 2019-B, a Delaware statutory trust.  The trust’s fiscal year is the calendar year.

The purpose of the trust will be to:

·acquire and hold the receivables and other trust assets,

·issue the notes and pledge the trust assets to the indenture trustee to secure payments on the notes,

·make payments on the notes, and

·engage in any other related activities to accomplish these purposes.

The trust may not engage in other activities and may not invest in other securities or make loans to anyone.

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The depositor and the owner trustee may amend the trust agreement, without the consent of the noteholders, to (a) clarify an ambiguity, correct an error or correct or supplement any term of the agreement that may be inconsistent with the others terms of the agreement or (b) provide for, or facilitate the acceptance of the agreement by, a successor owner trustee.

The depositor and the owner trustee may amend the trust agreement to add, change or eliminate terms of the agreement if:

·the holder of the residual interest certifies that the amendment will not have a material adverse effect on the noteholders or, if such a certification cannot be made, the consent of a majority of each class of notes (with each class voting separately, except that the Class A notes will vote together as a single class) is received, and

·the holder of the residual interest delivers a legal opinion that, for federal income tax purposes, the amendment will not cause any note to be deemed sold or exchanged, cause the trust to be treated as an association or publicly traded partnership taxable as a corporation or adversely affect the treatment of the notes as debt for federal income tax purposes.

The prior consent of all affected noteholders will be required for any amendment that would:

·change the amount, timing, allocation or priority of distributions required to be made to the noteholders, or

·reduce the percentage of noteholders that are required to consent to an amendment.

The trust may not dissolve, merge with or sell substantially all its assets to anyone or impair the first priority lien of the indenture trustee in the trust assets except as permitted by the transaction documents.

The servicer will indemnify the trust for liabilities and damages resulting from the servicer’s willful misconduct, bad faith or negligence (other than errors in judgment) in the performance of its obligations as servicer.

On the closing date, the depositor will sell the receivables to the trust and make an initial deposit in the reserve account in exchange for the notes and the residual interest in the trust.  The following table shows the capitalization of the trust on the closing date after issuance of the notes.

	Principal Amount
Class A-1 notes	$     203,000,000.00
Class A-2a notes	220,000,000.00
Class A-2b notes	126,020,000.00
Class A-3 notes	346,060,000.00
Class A-4 notes	105,020,000.00
Class B notes	31,580,000.00
Class C notes	21,060,000.00
Residual Interest — Initial Overcollateralization	89,326,659.36
Subtotal — Initial Pool Balance	$  1,142,066,659.36
Reserve Account	2,631,928.54
Total	$  1,144,698,587.90

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Administrator

Ford Credit will be the administrator of the trust under an administration agreement.

The administrator’s main obligations will be to provide notices on behalf of the trust and perform all administrative obligations of the trust under the transaction documents, including to:

·obtain and maintain the trust’s qualification to do business where necessary,

·notify the rating agencies and the indenture trustee of events of default,

·prepare and file reports with the SEC,

·cause the servicer to perform its obligations under the sale and servicing agreement, and

·cause the indenture trustee to notify the noteholders of the redemption of their notes.

The administrator will indemnify the owner trustee, the indenture trustee and the asset representations reviewer for liabilities and damages resulting from the performance of their obligations under the transaction documents unless resulting from their willful misconduct, bad faith or negligence (other than errors in judgment) or breach of their representations in the transaction documents.

The depositor will pay the administrator an annual administration fee.

The administrator may not resign unless it is legally unable to perform its administrative obligations.  If the servicer is terminated, the administrator will immediately resign on the appointment or engagement of a successor servicer (other than the indenture trustee), who will automatically become the successor administrator.  The owner trustee, with the consent of a majority of the controlling class, may remove the administrator if (a) the administrator fails to perform in any material respect its obligations, which continues for 90 days after the administrator receives notice of the failure from the owner trustee, the indenture trustee or at least 25% of the controlling class or (b) an insolvency event of the administrator occurs.  No resignation or removal of the administrator will become effective until a successor administrator is in place.

Owner Trustee

U.S. Bank Trust National Association, or “U.S. Bank Trust,” a national banking association, will act as the “owner trustee” under the trust agreement.  U.S. Bank Trust is a national banking association and a wholly-owned subsidiary of U.S. Bank National Association, or “U.S. Bank,” the fifth largest commercial bank in the United States.  U.S. Bancorp, with total assets exceeding $476 billion as of March 31, 2019, is the parent company of U.S. Bank.  As of March 31, 2019, U.S. Bancorp served approximately 18 million customers and operated over 3,000 branch offices in 25 states. A network of specialized U.S. Bancorp offices across the nation provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

U.S. Bank Trust has provided owner trustee services since the year 2000.  As of March 31, 2019, U.S. Bank Trust was acting as owner trustee with respect to 700 issuances of securities.  This portfolio includes mortgage-backed and asset-backed securities.  U.S. Bank Trust has acted as owner trustee of auto-backed securities since the year 2000.  As of March 31, 2019, U.S. Bank Trust was acting as owner trustee on 60 issuances of auto-backed securities.

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The owner trustee’s main obligations will be to:

·create the trust by filing a certificate of trust with the Delaware Secretary of State, and

·execute documents on behalf of the trust.

The owner trustee will not be liable for any action, omission or error in judgment, except for its own willful misconduct, bad faith or negligence.  The owner trustee will not be required to exercise any of its rights or powers under the transaction documents or to start, conduct or defend any legal proceedings on behalf of the trust at the direction of the depositor unless the depositor has offered reasonable security or indemnity satisfactory to the owner trustee to protect it against the costs and expenses that it may incur in complying with the direction.

The depositor and the administrator will indemnify the owner trustee for liabilities and damages resulting from the owner trustee’s performance of its obligations under the trust agreement unless resulting from the willful misconduct, bad faith or negligence (other than errors in judgment) of the owner trustee or the breach of representations made by the owner trustee in the trust agreement.  The servicer will indemnify the owner trustee for liabilities and damages resulting from the servicer’s willful misconduct, bad faith or negligence (other than errors in judgment) in the performance of its obligations as servicer.

The trust will pay the acceptance fees and annual fees of the owner trustee, reimburse the owner trustee for expenses incurred in performing its obligations, and pay any indemnities due to the owner trustee, to the extent those amounts are not paid or reimbursed by the depositor or the administrator.  The trust will pay these amounts to the owner trustee on each payment date, along with similar amounts owed to the indenture trustee and the asset representations reviewer and expenses incurred by the trust under the transaction documents, up to the limit of $375,000 per year, before the trust makes any other payments.  The trust will pay any of these amounts in excess of the limit only after paying in full on that payment date all other fees and expenses of the trust and all required interest and principal payments on the notes and after any required deposits in the reserve account are made.  After an event of default, however, these fees, expenses and indemnities will be paid first.

The owner trustee may resign at any time by notifying the depositor and the administrator at least 30 days in advance.  The administrator may remove the owner trustee at any time and for any reason by notifying the owner trustee at least 30 days in advance.  The administrator must remove the owner trustee if the owner trustee becomes legally unable to act as owner trustee, becomes subject to a bankruptcy or is no longer eligible to act as owner trustee under the trust agreement because of changes in its legal status, financial condition or ratings.  No resignation or removal of the owner trustee will be effective until a successor owner trustee is in place.  If not paid by the trust, the depositor will pay the owner trustee and the successor owner trustee for the expenses for replacement of the owner trustee.

The trust agreement will terminate when:

·the last receivable has been paid in full, settled, sold or charged off and all collections have been applied, or

·the trust paid all notes in full and all other amounts payable by it under the transaction documents.

On termination of the trust agreement, any remaining trust assets will be distributed to the holder of the residual interest in the trust and the trust will be terminated.

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Indenture Trustee

The Bank of New York Mellon, a New York banking corporation, will act as the “indenture trustee” under the indenture.  Its principal corporate trust office is located at 240 Greenwich Street, New York, New York 10286.  The Bank of New York Mellon has been, and currently is, serving as indenture trustee and trustee for numerous securitization transactions and programs involving pools of auto receivables.  The Bank of New York Mellon is one of the largest corporate trust providers of trust services on securitization transactions.

The indenture trustee’s main obligations will be to:

·hold the security interest in the receivables and other trust assets on behalf of the noteholders,

·administer the trust bank accounts,

·enforce remedies at the direction of the controlling class after an event of default and acceleration of the notes,

·act as note registrar to maintain a record of noteholders and provide for the registration, transfer, exchange and replacement of notes,

·act as note paying agent to make payments from the trust bank accounts to the noteholders and others,

·notify the asset representations reviewer when a review has been directed by the noteholders, and

·notify the noteholders of an event of default.

Except in limited circumstances, if a responsible person of the indenture trustee knows of an event that with notice or the lapse of time or both would become an event of default, it must provide written notice to the noteholders within 90 days.  If a responsible person of the indenture trustee knows of an event of default, it must notify all noteholders within five business days.  If the notes have been accelerated, the indenture trustee may, and at the direction of a majority of the controlling class must, start proceedings for the collection of amounts payable on the notes and enforce any judgment obtained, start foreclosure proceedings and, in some circumstances, sell the receivables.

The indenture trustee’s obligations and standard of care change depending on whether an event of default occurred.  Before an event of default, the indenture trustee is only required to perform the obligations stated in the indenture and will not have any implied obligations and will not be liable for any action, omission or error in judgment, except for its own willful misconduct, bad faith or negligence.  After an event of default, the indenture trustee must exercise its rights and powers under the indenture using the same degree of care and skill that a prudent person would use under the circumstances in conducting his or her own affairs.  After an event of default, the indenture trustee may assert claims on behalf of the trust and the noteholders against the depositor and Ford Credit.

For a description of the rights and obligations of the indenture trustee after an event of default and on acceleration of the notes, you should read “Description of the Notes — Events of Default and Acceleration.”

The indenture trustee must mail an annual report to the noteholders if events stated in the Trust Indenture Act have occurred during the prior year, including a change to the indenture trustee’s eligibility under the Trust Indenture Act, a conflict of interest under the Trust Indenture Act, a release of trust assets from the lien of the indenture and any action taken by the indenture trustee that has a material adverse effect on the notes.

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The indenture trustee will not be required to exercise any of its rights or powers, expend or risk its own funds or incur financial liability in the performance of its obligations if it has reasonable grounds to believe that it is not likely to be repaid or indemnified by the trust.  The indenture trustee also will not be required to take action in response to litigation, investigations, requests, demands or directions of the noteholders, other than litigation, investigations, requests, demands or directions relating to an asset representations review, unless the noteholders have offered reasonable security or indemnity satisfactory to the indenture trustee to protect it against the costs and expenses that it may incur in complying with the litigation, investigation, request, demand or direction.

The trust and the administrator will indemnify the indenture trustee for liabilities and damages resulting from the indenture trustee’s performance of its obligations under the indenture unless resulting from the willful misconduct, bad faith or negligence (other than errors in judgment) of the indenture trustee or the breach of representations made by the indenture trustee in the indenture.  The servicer will indemnify the indenture trustee for damages resulting from the servicer’s willful misconduct, bad faith or negligence (other than errors of judgment) in the performance of its obligations as servicer.

The trust will pay the acceptance fees and annual fees of the indenture trustee, reimburse the indenture trustee for expenses incurred in performing its obligations and pay any indemnities due to the indenture trustee, to the extent those amounts are not paid or reimbursed by the depositor or the administrator.  The trust will pay these amounts to the indenture trustee on each payment date, along with similar amounts owed to the owner trustee and the asset representations reviewer and expenses incurred by the trust under the transaction documents, up to the limit of $375,000 per year, before the trust makes any other payments.  The trust will pay any of these amounts in excess of the limit only after paying in full on that payment date all other fees and expenses of the trust and all required interest and principal payments on the notes and after any required deposits in the reserve account have been made.  After an event of default, however, these fees, expenses and indemnities will be paid first.

Under the Trust Indenture Act, the indenture trustee may be considered to have a conflict of interest and be required to resign as indenture trustee for the notes or any class of notes if a default occurs under the indenture.  In these circumstances, separate successor indenture trustees will be appointed for each class of notes.  Even if separate indenture trustees are appointed, only the indenture trustee acting on behalf of the controlling class will have the right to exercise remedies and only the controlling class will have the right to direct or consent to any action to be taken, including a sale of the receivables.

The indenture trustee may resign at any time by notifying the trust at least 30 days in advance.  A majority of the controlling class may remove the indenture trustee at any time and for any reason by notifying the indenture trustee and the trust at least 30 days in advance.  The trust must remove the indenture trustee if the indenture trustee becomes legally unable to act as indenture trustee, becomes subject to a bankruptcy or is no longer eligible to act as indenture trustee under the indenture because of changes in its legal status, financial condition or ratings.  No resignation or removal of the indenture trustee will be effective until a successor indenture trustee is in place.  If not paid by the trust, the depositor will pay the indenture trustee and the successor indenture trustee for any expenses for replacement of the indenture trustee.

Asset Representations Reviewer

Clayton Fixed Income Services LLC, a Delaware limited liability company, or “Clayton,” will act as the “asset representations reviewer” under the asset representations review agreement.  Clayton is a wholly-owned subsidiary of Radian Group, Inc. (NYSE: RDN). Clayton and its affiliates have provided independent due diligence loan review and servicer oversight services since 1989.  Clayton has been engaged as the asset representations reviewer on more than 250 auto and equipment loan, lease and dealer floorplan and credit card securitization transactions since 2015.

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Clayton and its affiliates are leading providers of targeted due diligence reviews of securitized assets and policies and procedures of originators and servicers to assess compliance with representations and warranties, regulatory and legal requirements, investor guidelines and settlement agreements.  Clayton and its affiliates have performed over 12 million loan reviews and provided ongoing oversight on over $2 trillion of securitization transactions on behalf of investors, sponsors, issuers and originators, including government sponsored enterprises and other governmental agencies.  These services have been performed primarily on residential mortgage loan and residential mortgage-backed security transactions, although Clayton and its affiliates have also performed these services for transactions involving auto loans, credit cards, commercial mortgage loans, student loans, timeshare loans and boat and recreational vehicle loans.

The asset representations reviewer is an “eligible asset representations reviewer,” meaning that (i) it is not affiliated with the sponsor, the depositor, the servicer, the indenture trustee, the owner trustee or any of their affiliates and (ii) neither it nor any of its affiliates has been hired by the sponsor or the underwriters to perform pre-closing due diligence work on the receivables.  For so long as the notes remain outstanding, the asset representations reviewer must be an eligible asset representations reviewer.

The asset representations reviewer’s main obligations will be to:

·review each review receivable after receipt of a review notice from the indenture trustee, and

·provide a report on the results of the review to the trust, the servicer and the indenture trustee.

For a description of the review to be performed by the asset representations reviewer, you should read “Receivables — Asset Representations Review.”

The asset representations reviewer is not responsible for (a) reviewing the receivables for compliance with the representations under the transaction documents, except in connection with a review under the asset representations review agreement or (b) determining whether noncompliance with any representation is a breach of the transaction documents or if any receivable is required to be repurchased.

The asset representations reviewer will not be liable for any action, omission or error in judgment, except for its own willful misconduct, bad faith or negligence.  The asset representations reviewer will not be liable for any errors in any review materials relied on by it to perform a review or for the noncompliance or breach of any representation made about the receivables.

The trust and the administrator will indemnify the asset representations reviewer for liabilities and damages resulting from the asset representations reviewer’s performance of its obligations under the asset representations review agreement unless resulting from the willful misconduct, bad faith or negligence (other than errors in judgment) of the asset representations reviewer or the breach of representations made by the asset representations reviewer in the asset representations review agreement.

The trust will pay the annual fees and review fees of the asset representations reviewer, reimburse the asset representations reviewer for their reasonable travel expenses for a review and pay any indemnities due to the asset representations reviewer, to the extent those amounts are not paid or reimbursed by the administrator.  The trust will pay these amounts to the asset representations reviewer on each payment date, along with similar amounts owed to the indenture trustee and the owner trustee and expenses incurred by the trust under the transaction documents, up to the limit of $375,000 per year, before the trust makes any other payments.  The trust will pay any of these amounts in excess of the limit only after paying in full on that payment date all other fees and expenses of the trust and all required interest and principal payments on the notes and after any required deposits in the reserve account have been made.  After an event of default, however, these fees, expenses and indemnities will be paid first.

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The asset representations reviewer may not resign, unless it becomes legally unable to perform its obligations as asset representations reviewer.  The trust may remove the asset representations reviewer if the asset representations reviewer (a) ceases to be an eligible asset representations reviewer, (b) becomes legally unable to perform its obligations or (c) becomes subject to a bankruptcy.  No resignation or removal of the asset representations reviewer will be effective until a successor asset representations reviewer who is an eligible asset representations reviewer is in place.  The asset representations reviewer will pay the expenses of transitioning the asset representations reviewer’s obligations to the successor asset representations reviewer.

AFFILIATIONS AND RELATED TRANSACTIONS

Ford Credit is the sponsor of this securitization transaction, the original purchaser of the receivables originated by motor vehicle dealers that are being securitized and the servicer of the receivables.  As the sponsor, Ford Credit caused the depositor to be formed for purposes of participating in securitization transactions.  Ford Credit is the sole member of the depositor.  Ford Credit caused the depositor to form the trust that is the issuing entity for this securitization transaction and will be the administrator of the trust.  The depositor is the sole beneficiary of the trust and the holder of the residual interest in the trust.

In the ordinary course of business from time to time, Ford Credit and its affiliates have business relationships and agreements with the owner trustee, the indenture trustee and the asset representations reviewer and their affiliates, including commercial banking and corporate trust services, committed credit facilities, underwriting agreements, hedging agreements, investment and financial advisory services, due diligence services and securitization services, all on arm’s length terms and conditions.

TRANSACTION FEES AND EXPENSES

The following table shows the amount or formula for the fees payable to the indenture trustee, the owner trustee, the asset representations reviewer and the servicer.  The fees of the indenture trustee, the owner trustee and the asset representations reviewer may be paid monthly, annually or on another schedule as agreed by the administrator and the indenture trustee, the owner trustee and the asset representations reviewer.  To the extent these fees have not been paid by the depositor or the administrator, they will be paid on each payment date from available funds in the order of priority described in “Description of the Notes — Priority of Payments.”  These fees will not change during the term of this securitization transaction.

Fee	Amount
Indenture trustee acceptance fee	$5,000 on closing of the transaction
Indenture trustee annual fee	$7,500 each year
Owner trustee acceptance fee	$2,500 on closing of the transaction
Owner trustee annual fee	$3,500 each year
Asset representations reviewer annual fee	$5,000 each year
Asset representations reviewer review fee	Up to $230 for each review receivable on completion of a review
Servicing fee	1/12 of 1.00% of the pool balance each month

The indenture trustee acceptance fee and the owner trustee acceptance fee are one-time fees payable to the indenture trustee and the owner trustee on closing of the transaction in consideration of their acceptance of their obligations under the transaction documents.  The indenture trustee annual fee will be paid to the indenture trustee for performance of its obligations under the indenture.  The owner trustee annual fee will be paid to the owner trustee for performance of its obligations under the trust agreement.  The asset representations reviewer annual fee will be paid to the asset representations reviewer in consideration of its obligation to perform the asset representations reviewer’s obligations

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under the asset representations review agreement.  The asset representations reviewer review fee will be paid to the asset representations reviewer on completion of a review for its performance of the review.

The trust will pay and reimburse the indenture trustee and the owner trustee for their fees and reasonable expenses incurred under the indenture and the trust agreement and the asset representations reviewer for its reasonable travel expenses for a review under the asset representations review agreement, each to the extent not paid by the depositor or the administrator.  The trust also will pay any indemnities owed to the indenture trustee, the owner trustee or the asset representations reviewer if not paid by the depositor or the administrator.  For information about indemnities applicable to the indenture trustee, the owner trustee and the asset representations reviewer, you should read “Transaction Parties — Indenture Trustee,” “Transaction Parties — Owner Trustee” and “Transaction Parties — Asset Representations Reviewer.”

The servicing fee will be paid to the servicer for the servicing of the receivables under the sale and servicing agreement.  The servicer will be responsible for its own expenses under the servicing agreement except that the servicer may net from collections the costs and expenses of the repossession and disposition of financed vehicles and external costs of collection on charged off receivables.

USE OF PROCEEDS

The net proceeds from the sale of the notes issued on the closing date will be used by the depositor to purchase the receivables from Ford Credit.  Ford Credit will use the proceeds from the sale of the receivables for general corporate purposes.  No expenses were incurred in connection with the selection or acquisition of receivables for this securitization transaction.

LEGAL PROCEEDINGS

There are no legal proceedings pending or known to be contemplated by any governmental authorities against the sponsor, the depositor, the owner trustee, the indenture trustee, the trust or the servicer, or of which any of their property is subject, that is material to noteholders.

IMPORTANT LEGAL CONSIDERATIONS

Bankruptcy Considerations

Sale of Receivables by Ford Credit to the Depositor.  The sale of the receivables by Ford Credit to the depositor will be structured to minimize the possibility that a bankruptcy proceeding of Ford Credit will adversely affect the trust’s rights in the receivables.  Ford Credit and the depositor intend that the sale of the receivables by Ford Credit to the depositor will be a “true sale.” The depositor will have no recourse to Ford Credit other than the limited obligation to repurchase receivables for breaches of representations.

On the closing date, Ford Credit and the depositor will receive a reasoned legal opinion that in a bankruptcy of Ford Credit:

·the receivables and the collections on the receivables would not be property of Ford Credit’s bankruptcy estate under U.S. federal bankruptcy laws, and

·the automatic stay under U.S. federal bankruptcy laws would not apply to prevent payment of the collections on the receivables to the depositor or the trust.

This opinion will be subject to assumptions and qualifications and a court in a Ford Credit bankruptcy proceeding may not reach the same conclusion.

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Structure of Depositor; Risk of Substantive Consolidation.  The depositor is organized as a special purpose entity and is restricted by its limited liability company agreement to activities designed to make it “bankruptcy-remote.”  These restrictions limit the nature of its activities, prohibit the incurrence of additional indebtedness and make it unlikely that the depositor will have any creditors.  This agreement also restricts the depositor from starting a voluntary case or proceeding under U.S. bankruptcy laws or similar state laws without the unanimous consent of its board of managers, including independent managers who are instructed to take into account the interests of creditors of the depositor and the trusts created by the depositor, as well as the interests of the depositor, in any vote to allow the depositor to file for bankruptcy.  The limited liability company agreement also contains covenants meant to maintain the separate identity of the depositor from Ford Credit and to avoid substantive consolidation of Ford Credit and the depositor.  The most important of these covenants require each company to maintain its separate existence, maintain separate books and bank accounts, prepare separate financial statements and not hold itself as liable for debts of the other and not commingle the depositor’s assets with the assets of Ford Credit or its affiliates.  These restrictions and covenants may not be amended without the consent of the entire board of managers, including the independent managers, and satisfaction of the rating agency condition.

In addition, in the transaction documents, the owner trustee, the indenture trustee and the noteholders will agree not to start or pursue a bankruptcy proceeding against the depositor.

On the closing date, Ford Credit and the depositor will obtain a reasoned legal opinion that in a bankruptcy of Ford Credit, a creditor or bankruptcy trustee of Ford Credit (or Ford Credit as debtor in possession) would not have valid grounds to request a court to disregard the separate legal existence of the depositor so as to cause substantive consolidation of the assets and liabilities of the depositor with the assets and liabilities of Ford Credit in a manner prejudicial to the noteholders.  This opinion will be subject to assumptions and qualifications, including an assumption that the depositor and Ford Credit comply with its limited liability company agreement.  A court in a Ford Credit bankruptcy proceeding may not reach the same conclusion.  If the separate legal existence of Ford Credit and the depositor were disregarded and the assets and liabilities of Ford Credit and the depositor were consolidated, assets of the depositor could be used to satisfy Ford Credit’s creditors instead of the noteholders or the trust.  This consolidation of assets and liabilities generally is referred to as “substantive consolidation.”

Sale of Receivables by the Depositor to the Trust; Perfection of Security Interests.  The transfer of the receivables by the depositor to the trust will also be structured as a sale.  Similar to the sale by Ford Credit to the depositor, where Ford Credit is the sole member of the depositor, the depositor will retain an interest in the receivables it sells in the form of a residual interest in the trust.  This transfer may not be a “true sale” that removes the receivables from the bankruptcy estate of the depositor.  The depositor will grant a back-up security interest in the receivables to the trust and will file Uniform Commercial Code financing statements to perfect the trust’s ownership interest and security interest in the receivables.  The trust agreement contains terms similar to those in the depositor’s limited liability company agreement designed to make it “bankruptcy-remote” by limiting the trust’s activities and requiring creditors to agree not to start a bankruptcy proceeding against the trust.

Assuming that the sale of the receivables by Ford Credit to the depositor is a “true sale,” the depositor is not consolidated with Ford Credit in a bankruptcy of Ford Credit and the depositor is not in bankruptcy, the trust’s perfected security interest in the receivables generally will provide the trust with uninterrupted access to collections on the receivables (other than any collections held by Ford Credit as servicer at the time a bankruptcy proceeding is begun).  The trust will grant a security interest in the receivables and other trust assets to the indenture trustee for the benefit of the noteholders, and the administrator will file Uniform Commercial Code financing statements to perfect and maintain the perfection of the security interest.

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Bankruptcy Proceedings of Ford Credit, the Depositor or the Servicer.  The depositor does not intend to start, and Ford Credit will agree that it will not cause the depositor to start, a voluntary bankruptcy proceeding while the depositor is solvent.

The bankruptcy of the servicer will be a servicer termination event.  If no other servicer termination event other than a bankruptcy exists, a trustee-in-bankruptcy of the servicer may have the power to prevent either the indenture trustee or the noteholders from terminating the servicer.

Payments made by Ford Credit or the depositor to repurchase receivables may be recoverable by Ford Credit or the depositor, as debtor-in-possession, or by a creditor or a trustee-in-bankruptcy of Ford Credit or of the depositor as a preferential transfer from Ford Credit or the depositor if the payments were made within one year before the filing of a bankruptcy proceeding against Ford Credit.

The Dodd-Frank Act

Orderly Liquidation Authority.  The Dodd-Frank Act established the Orderly Liquidation Authority, or “OLA,” under which the Federal Deposit Insurance Corporation, or “FDIC,” is authorized to act as receiver of a financial company and its subsidiaries.  OLA differs from U.S. federal bankruptcy laws in several ways.  In addition, because the legislation remains subject to clarification through FDIC regulations and has yet to be applied by the FDIC in a receivership, it is unclear what impact OLA will have on a particular company, including Ford Credit, the depositor or the trust, or the company’s creditors.

Potential Applicability to Ford Credit, the Depositor and the Trust.  It is not clear which companies will be subject to OLA rather than the U.S. federal bankruptcy laws.  For a company to become subject to OLA, the Secretary of the Treasury (in consultation with the President of the United States) must determine that (a) the company is in default or in danger of default, (b) the failure of the company and its resolution under the U.S. federal bankruptcy laws would have serious adverse effects on financial stability in the United States, (c) no viable private sector alternative is available to prevent the default of the company and (d) an OLA proceeding would mitigate these effects.  It is not clear whether OLA would be applied to Ford Credit, although it is expected that OLA will be used only very rarely.  The depositor or the trust could, under some circumstances, also be subject to OLA.

FDIC’s Avoidance Power Under OLA.  The parts of OLA relating to preferential transfers differ from those of the U.S. federal bankruptcy laws.  If Ford Credit were to become subject to OLA, there is an interpretation under OLA that previous transfers of receivables by Ford Credit perfected for purposes of state law and the U.S. federal bankruptcy laws could nevertheless be avoided by the FDIC as preferential transfers.  In this case, the receivables securing the notes could be reclaimed by the FDIC and the noteholders may have only an unsecured claim against Ford Credit.

In July 2011, the FDIC adopted final rules which harmonize the application of the FDIC’s avoidance power under OLA with the related parts of the U.S. federal bankruptcy laws.  Based on these rules, the transfer of the receivables by Ford Credit would not be avoidable by the FDIC as a preference under OLA.

FDIC’s Repudiation Power Under OLA.  If the FDIC is appointed receiver of a company under OLA, the FDIC would have the power to repudiate any contract to which the company was a party, if the FDIC determined that performance of the contract was burdensome and that repudiation would promote the orderly administration of the company’s affairs.

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In January 2011, the Acting General Counsel of the FDIC issued an advisory opinion confirming:

·that nothing in the Dodd-Frank Act changes the existing law governing the separate existence of separate entities under other applicable law, or changes the enforceability of standard contractual provisions meant to foster the bankruptcy-remote treatment of special purpose entities such as the depositor and the trust, and

·that, until the FDIC adopts a regulation, the FDIC will not exercise its repudiation authority to reclaim, recover or recharacterize as property of a company in receivership or the receivership assets transferred by the company before the end of the transition period of any future regulation, if the transfer satisfies the conditions for the exclusion of the assets from the property of the estate of the company under the U.S. federal bankruptcy laws.

Ford Credit and the depositor intend that the sale of the receivables by Ford Credit to the depositor will be a “true sale” between separate legal entities under state law.  As a result, Ford Credit believes that the FDIC would not be able to recover the receivables using its repudiation power.

Although the advisory opinion does not bind the FDIC, and could be modified or withdrawn in the future, the opinion provides that it will apply to asset transfers which occur before the end of any transition period adopted to implement future regulation addressing the FDIC’s repudiation authority under OLA.  However, it is not certain that the FDIC will address its repudiation authority under OLA in future regulations or that future regulations or FDIC actions in an OLA proceeding involving Ford Credit, the depositor or the trust would not be contrary to this opinion.

If the trust were placed in receivership under OLA, the FDIC would have the power to repudiate the notes issued by the trust.  In that case, the FDIC would be required to pay compensatory damages that are no less than the principal amount of the notes plus accrued interest as of the date the FDIC was appointed receiver and, to the extent that the value of the property that secured the notes is greater than the principal amount of the notes and accrued interest through the date of repudiation or disaffirmance, that accrued interest.

Security Interests in Receivables and Vehicles

The sale and assignment of the receivables to the trust, the perfection of the security interests pledged in the receivables and the enforcement of rights to realize on the financed vehicles as collateral for the receivables will be subject to a number of federal and state laws, including the Uniform Commercial Code in effect in each state.  The retail installment sale contracts, both tangible and electronic, purchased by Ford Credit are “chattel paper” for purposes of the Uniform Commercial Code.  The sale, assignment and pledge of “chattel paper” may be perfected either by taking physical possession of tangible contracts and taking and maintaining “control” (within the meaning of the Uniform Commercial Code) of electronic contracts or by the filing of financing statements under the Uniform Commercial Code.

All retail installment sale contracts acquired by Ford Credit are assigned to Ford Credit by the dealer under the terms of an assignment agreement.  Each retail installment sale contract includes a grant by the obligor of a security interest in the financed vehicle.  Ford Credit either takes physical possession, for tangible contracts, or takes and maintains “control,” for electronic contracts, to obtain a perfected security interest in the contract against the dealer.  The tangible contracts are held by Ford Credit or by a third-party vendor.  The electronic contracts are stored in a specially-designed computer system maintained by a third-party vendor that identifies Ford Credit as the owner and establishes Ford Credit’s “control” of the electronic contracts.

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The sale and assignment of the receivables from Ford Credit to the depositor and from the depositor to the trust and the pledge of the receivables from the trust to the indenture trustee, will be perfected, at each stage, by the filing of a financing statement under the Uniform Commercial Code.  Ford Credit will not transfer physical possession or “control” of the contracts to the trust or the indenture trustee, but will maintain possession and “control” and act as custodian for the trust and the indenture trustee.  Ford Credit will mark its accounting records and computer systems to reflect the assignment and pledge, but will not segregate the contracts that are in its possession or “control” and they will not be stamped or marked to reflect the sale and assignment to the trust or the pledge to the indenture trustee so long as Ford Credit is servicing the receivables.

Ford Credit follows procedures to perfect its security interest in the financed vehicle usually by notation of its lien on the certificate of title for the financed vehicle.  Generally, these procedures require the dealer to apply for a title that includes Ford Credit’s lien immediately after Ford Credit’s purchase of a contract.  The vehicle titling laws of most states also allow Ford Credit to retain possession of the certificate of title until the contract is paid in full.  The procedures to perfect Ford Credit’s lien on the financed vehicle depend on the actions of third parties, including dealers, vehicle owners and state and local motor vehicle registration authorities.  If Ford Credit obtains a validly perfected security interest in the financed vehicle on a timely basis, the trust, as assignee of the receivable, will also have the benefits of this security interest in most states.  To avoid the administrative burden and costs, no financed vehicles are re-registered to identify the trust as the new secured party on the certificate of title and the obligors will not be notified that their contracts have been sold.  If Ford Credit does not obtain a perfected security interest in the financed vehicle due to fraud, forgery, negligence or administrative error of a third party, its security interest and, therefore, that of the trust, could be subordinated to later purchasers of the financed vehicle and later lenders with a perfected security interest.  If the trust does not have a perfected security interest in a financed vehicle, its ability to realize on the financed vehicle after an obligor default would be adversely affected.  Under the sale and servicing agreement, the servicer must take appropriate steps to maintain perfection of the security interest in the financed vehicles and must purchase the receivable if it fails to do so and the receivable is materially and adversely affected.

In most states, a perfected security interest in a financed vehicle continues for four months after the vehicle is moved to a new state from the state where it is registered and thereafter until the vehicle owner re-registers the vehicle in the new state.  Ford Credit, as secured party, must surrender possession if it holds the certificate of title to the financed vehicle, or would receive notice of surrender if its security interest is noted on the certificate of title.  In either case, Ford Credit would have the opportunity to continue its security interest in the financed vehicle in the new state.  Similarly, when an obligor sells a financed vehicle, Ford Credit must surrender possession of the certificate of title or will receive notice as a lienholder and will have an opportunity to require repayment of the receivable before release of the lien.  Under the sale and servicing agreement, the servicer must take appropriate steps to maintain perfection of the security interests in the financed vehicles and must purchase the receivable if it fails to do so and the receivable is materially and adversely affected.

The trust’s security interest in the receivable or the financed vehicle may be subordinated because federal or state law gives the holders of some types of liens, such as tax liens or mechanic’s liens, priority over even the properly perfected lien of other secured parties.  In addition, if a financed vehicle is confiscated by a government agency, Ford Credit may not be able to obtain possession of the vehicle and enforce the security interest unless it completes documentation required by the agency, including a “hold harmless” agreement.  Unless Ford Credit fails to follow its policies and procedures, Ford Credit will not be required to purchase a receivable in these circumstances.

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Receivables Contracts and Vehicles

Repossession; Notice of Sale and Cure Rights.  If an obligor defaults on its retail installment sale contract, the servicer will have certain remedies available under that retail installment sale contract as allowed by state laws.  These remedies include the right to perform self-help repossession unless it would be a breach of the peace or unless prohibited by state law.  Self-help repossession is the method used by Ford Credit in most cases and usually is accomplished by using an independent contractor to take possession of the financed vehicle.  In cases where the obligor objects or raises a defense to repossession, or if required by state law, Ford Credit may have to obtain a court order before repossessing the vehicle.

If an obligor is in default under its retail installment sale contract, some states require that the obligor be notified of the default and given time to correct the default before repossession.  In Ford Credit’s experience, this right to correct is exercised by only a limited number of defaulted obligors.

On repossession of a vehicle, Ford Credit provides the obligor with notice of the date, time and place of a public sale and/or the date after which a private sale of the vehicle may be held.  The obligor has the right to redeem the vehicle before sale by paying the unpaid balance of the contract plus reasonable expenses for repossessing, holding, and preparing the vehicle for disposition and arranging for the sale, including attorney’s fees when allowed by law.  In some states, the obligor has the right to reinstate the contract by payment of past due amounts and other amounts instead of all amounts due under the contract.

Deficiency Judgments.  Ford Credit generally is required to apply the proceeds of sale of a repossessed vehicle to the expenses of resale and repossession and then to the satisfaction of the indebtedness of the obligor on the receivable.  If the net proceeds from sale do not cover the full amount of the obligation, Ford Credit may seek a deficiency judgment in some states, but other states prohibit or limit deficiency judgments.  Because a deficiency judgment is an unsecured personal judgment against the obligor for the shortfall, in many cases it is not worthwhile to seek one.  If a deficiency judgment is obtained, it may be settled at a significant discount or it may be impossible to collect.

Consumer Financial Protection Laws.  Numerous federal and state consumer financial protection laws and regulations impose substantial requirements on dealers, finance companies, lenders and servicers involved in consumer finance, including Ford Credit, and impose statutory liabilities on those who fail to comply with them.  The most significant consumer financial protection laws regulating the receivables include:

·the federal Truth-in-Lending Act and state motor vehicle retail installment sales acts that mandate financing disclosures that must be made to consumers,

·the federal Equal Credit Opportunity Act that prohibits creditors from discriminating on the basis of specific factors, such as race, color, sex, age and marital status in all aspects of a credit transaction, including the application process and the development and use of scoring models,

·the federal Fair Credit Reporting Act that regulates consumer credit reports and includes requirements on when and how creditors may obtain and use these reports and actions creditors must take to prevent identity theft, and

·the Gramm Leach Bliley Act and state privacy laws that require protection of specific consumer data and communication of privacy rights with consumers.

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State motor vehicle retail installment sales acts and other state laws regulate fees, finance charges, collection processes and licensing requirements.  In some cases, these laws could affect the trust’s ability to enforce the receivables or subject the trust to claims and defenses of the obligor including claims the obligor may assert against the motor vehicle dealer who sold the financed vehicle.  In addition, courts have imposed general equitable principles on secured parties pursuing repossession of collateral or litigation involving deficiency balances.  These equitable principles may relieve an obligor from some or all of the legal consequences of a default.

Ford Credit and the depositor will represent that each receivable complies in all material respects with requirements of law and that each receivable is not subject to claims or defenses of the obligor.  This representation is based on Ford Credit’s review of form contract terms, its review of completed contracts for errors apparent in the contract, and dealer representations of contract disclosure accuracy in agreements between Ford Credit and the dealer.  If an obligor has a claim against the trust for a violation of law related to a receivable, that violation would be a breach by Ford Credit and the depositor and if the breach has a material adverse effect on a receivable, Ford Credit and the depositor would have to repurchase the receivable unless the breach is corrected in all material respects before the date the receivable is required to be repurchased.

Under the terms of the Servicemembers Civil Relief Act and similar state laws, Ford Credit may not charge off a receivable or use self-help methods to repossess the vehicle of an obligor who enters military service after entering into a qualifying retail installment sale contract.  In addition, an obligor who enters military service may be entitled to forgiveness of finance charges in excess of 6% per year, and a corresponding reduction in the amount of each monthly payment.  Receivables with obligors who are in the military or who enter the military may be included in the receivables owned by the trust and neither the depositor nor Ford Credit will be required to repurchase a receivable that becomes subject to these laws.

Bankruptcy Limitations.  U.S. bankruptcy laws affect the ability of the trust to realize on collateral or enforce a deficiency judgment.  For example, in a Chapter 13 proceeding under the U.S. federal bankruptcy law, a court may prevent a creditor from repossessing a vehicle and, as part of the plan of reorganization may, in limited circumstances, reduce the amount of the secured indebtedness to the market value of the financed vehicle at the time of bankruptcy, leaving the creditor as a general unsecured creditor for the remainder of the indebtedness.  A bankruptcy court may also reduce the monthly payments due under a contract or change the rate of interest and time of repayment of the indebtedness.  Neither the depositor nor Ford Credit will be required to repurchase a receivable that becomes subject to a bankruptcy proceeding after the cutoff date solely as a result of the bankruptcy.

INVESTMENT CONSIDERATIONS

The Class A-1 notes will be structured to be eligible for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940.  Rule 2a-7 includes additional criteria for investments by money market funds, including requirements relating to portfolio maturity, quality and diversification.  Any determinations as to the qualification of the Class A-1 notes under, and compliance with, these other requirements of Rule 2a-7 are solely the responsibility of each money market fund and its investment advisor.

A money market fund should consider whether an investment by the money market fund in the Class A-1 notes satisfies the money market fund’s investment policies and objectives, and should consult its own legal advisors in determining whether and to what extent the Class A-1 notes are a legal investment or are subject to restrictions on investment.  For more information about Rule 2a-7 under the Investment Company Act of 1940, you should read “Risk Factors – Eligibility of the Class A-1 notes under Rule 2a-7.”

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TAX CONSIDERATIONS

General

Below is a description of the anticipated material U.S. federal income tax consequences of the purchase, ownership and disposition of the notes offered by this prospectus.  This description is based on current provisions of the Internal Revenue Code, existing and proposed Treasury regulations, current administrative rulings, judicial decisions and other authorities all of which are subject to change, perhaps with retroactive effect.  There are no cases or Internal Revenue Service, or “IRS,” rulings on similar transactions involving debt issued by a trust with terms similar to those of the notes.  It is not certain that the IRS will not challenge the conclusions reached in this description, and no ruling from the IRS has been or will be sought on any of the issues described below.  Furthermore, legislative, judicial or administrative changes may occur, perhaps with retroactive effect, which could affect the accuracy of the statements and conclusions in this prospectus.

This description does not deal with all aspects of U.S. federal income taxation that may be relevant to the holders of notes in light of their personal investment circumstances nor, except for specific limited descriptions of particular topics, to noteholders subject to special treatment under the U.S. federal income tax laws, such as non-U.S. persons, insurance companies, tax-exempt organizations, financial institutions or broker dealers, taxpayers subject to the alternative minimum tax, holders that will hold the notes as part of a hedge, straddle, appreciated financial position or conversion transaction and holders that will hold the notes as other than capital assets.  This information is directed only to prospective noteholders who:

·purchase notes in the initial distribution of the notes,

·are citizens or residents of the United States, and

·hold the notes as “capital assets” within the meaning of Section 1221 of the Internal Revenue Code.

As used in this section of this prospectus, the term “U.S. noteholder” means a beneficial owner of a note that is for U.S. federal income tax purposes:

·a citizen or resident of the United States,

·a corporation created or organized in or under the laws of the United States, any state of the United States or the District of Columbia,

·an estate whose income is subject to U.S. federal income tax regardless of its source, or

·a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or that has made a valid election under Treasury Regulations to be treated as a U.S. person.

The term “U.S. noteholder” also includes a noteholder whose income or gain on its investment in a note is effectively connected with the conduct of a U.S. trade or business.  As used in this section of the prospectus, the term “non-U.S. noteholder” means a beneficial owner of a note other than a U.S. noteholder and other than a partnership.

If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) owns a note, the tax treatment of a partner in the partnership will depend on the status of the partner and the activities of the partnership.  Partners are encouraged to consult their tax advisors as to the particular U.S. federal income tax consequences to them.

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Prospective noteholders are encouraged to consult with their tax advisors as to the U.S. federal, state and local, foreign and other tax consequences to them of the purchase, ownership and disposition of notes.

Tax Characterization of Trust

In the opinion of Katten Muchin Rosenman LLP, tax counsel to the depositor, assuming compliance with the terms of the trust agreement and transaction documents, the trust will not be an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

If the IRS successfully asserted that one or more classes of notes did not represent debt for U.S. federal income tax purposes, the class or classes of notes might be treated as equity interests in the trust.  If so treated, the trust might be treated as a publicly traded partnership taxable as a corporation with potentially adverse tax consequences, including not being able to reduce its taxable income by deductions for interest expense on notes recharacterized as equity.  Alternatively, the trust could be treated as a publicly traded partnership that would not be taxable as a corporation because it would satisfy a safe harbor.  Nonetheless, treatment of notes as equity interests in a publicly traded partnership could have adverse tax consequences to some noteholders.  For example, income to some tax-exempt entities (including pension funds) would be “unrelated business taxable income,” income to non-U.S. noteholders may be subject to U.S. withholding tax and U.S. tax return filing requirements, and individual holders might be subject to some limitations on their ability to deduct their share of trust expenses.

Tax Characterization and Treatment of Notes

Characterization as Debt.  In the opinion of Katten Muchin Rosenman LLP, the offered notes will be treated as debt for U.S. federal income tax purposes to the extent they are treated as beneficially owned by a person other than the sponsor or its affiliates for such purposes.  The depositor, the servicer, the indenture trustee and each noteholder, by acquiring an interest in a note, will agree to treat the notes as debt for U.S. federal, state and local income and franchise tax purposes.  Neither the opinion of tax counsel nor the agreement to treat the notes as debt is binding on the IRS or the courts.

For a description of the potential U.S. federal income tax consequences to noteholders if the IRS were successful in challenging the characterization of the notes for U.S. federal income tax purposes, you should read “— Tax Characterization of Trust” above.

Treatment of Stated Interest.  The stated interest on a note that constitutes qualified stated interest will be taxable to a holder as ordinary income when received or accrued according to the holder’s method of tax accounting.  For stated interest to be qualified stated interest it must be payable at least annually and reasonable remedies must exist to compel timely payment or the terms of the instrument must make late payment or non-payment sufficiently remote for purposes of the original issue discount, or “OID,” rules.  Although stated interest on the Class B and Class C notes can be deferred under certain circumstances, the trust intends to treat the potential deferral as sufficiently remote for purposes of the OID rules and treat the stated interest on the notes as qualified stated interest.

Original Issue Discount.  A holder of notes treated as issued with OID must include OID in its gross income as ordinary interest income as it accrues, regardless of the holder’s regular method of accounting, generally under a constant yield method.  The trust does not anticipate issuing the notes with any OID.

Changes in U.S. Federal Tax Laws. Certain provisions in the “Tax Cuts and Jobs Act” could impact the U.S. federal income tax treatment of the notes for certain noteholders.  Under the Tax Cuts and Jobs Act, a noteholder that uses an accrual method of accounting for U.S. federal income tax purposes generally would be required to include certain amounts in income no later than the time those amounts are reflected on certain financial statements of the holder. The application of this rule may require the accrual of income earlier than would be the case under the general tax rules described under “— Tax Characterization and Treatment of Notes” above, although the precise application of this rule is unclear at

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this time. Further, it is unclear at this time the specific impact that other provisions of the Tax Cuts and Jobs Act could have on noteholders.

Disposition of Notes.  If a noteholder sells or disposes of a note, the holder will recognize gain or loss in an amount equal to the difference between the amount realized on the sale or disposition and the holder’s adjusted tax basis in the note.  The holder’s adjusted tax basis will equal the holder’s cost for the note, increased by any OID and market discount previously included by the noteholder in income on the note and decreased by any bond premium previously amortized and any payments of principal and OID previously received by the noteholder on the note.  Any gain or loss on sale or disposition will be capital gain or loss if the note was held as a capital asset, except for gain representing accrued interest or accrued market discount not previously included in income.  Capital gain or loss will be long-term if the note was held by the holder for more than one year and otherwise will be short-term.

Information Reporting and Backup Withholding.  The indenture trustee will be required to report annually to the IRS, and to each noteholder of record, the amount of interest paid on the notes, and any amount of interest withheld for U.S. federal income taxes, except as to exempt holders (generally, corporations, tax-exempt organizations, qualified pension and profit-sharing trusts, individual retirement accounts, or nonresident aliens who provide certification as to their status).  Each holder who is not an exempt holder will be required to provide to the indenture trustee, under penalties of perjury, a certificate containing the holder’s name, address, correct federal taxpayer identification number and a statement that the holder is not subject to backup withholding.  Should a holder fail to provide the required certification, the indenture trustee will be required to withhold the tax from interest payable to the holder and pay the withheld amount to the IRS.

Tax Consequences to Non-U.S. Noteholders.  Subject to the application of the FATCA withholding tax described in “—Payments to Foreign Financial Institutions and Certain Other Non-U.S. Entities” below, a non-U.S. noteholder who is an individual or corporation (or a person treated as a corporation for U.S. federal income tax purposes) holding the notes on its own behalf and not in connection with the conduct of a U.S. trade or business will not be subject to U.S. federal income taxes on payments of principal, premium, interest or OID on a note, unless the non-U.S. noteholder is a direct or indirect 10% or greater shareholder of the trust or a controlled foreign corporation related to the trust.  To qualify for the exemption from taxation, the withholding agent must have received a signed statement from the individual or corporation that:

·is signed under penalties of perjury by the beneficial owner of the note,

·certifies that the beneficial owner is not a U.S. noteholder, and

·provides the beneficial owner’s name and address.

A “withholding agent” is the last U.S. payor (or a non-U.S. payor who is a qualified intermediary, U.S. branch of a foreign person, or withholding foreign partnership) in the chain of payment before payment to a non-U.S. noteholder (which itself is not a withholding agent).  Generally, this statement is made on an IRS Form W-8BEN or W-8BEN-E (or any substitute form), which generally is effective for the remainder of the year of signature plus three full calendar years unless a change in circumstances makes any information on the form incorrect.  Under some circumstances, an IRS Form W-8BEN or W-8BEN-E can remain effective indefinitely.  The beneficial owner must inform the withholding agent within 30 days of a change in circumstances that makes any information on the form incorrect and furnish a new IRS Form W-8BEN or W-8BEN-E to the withholding agent.

A non-U.S. noteholder who is not an individual or corporation (or a person treated as a corporation for U.S. federal income tax purposes) holding the notes on its own behalf may have substantially increased reporting requirements and is encouraged to consult its tax advisor.

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A non-U.S. noteholder whose income on its investment in a note is effectively connected with the conduct of a U.S. trade or business would generally be taxed as if the holder was a U.S. noteholder.

Some securities clearing organizations, and other entities who are not beneficial owners, may be able to provide the signed statement to the withholding agent.  However, in this case, the signed statement may require a copy of the beneficial owner’s IRS Form W-8BEN or W-8BEN-E (or the substitute form).

Any capital gain realized on the sale, redemption, retirement or other taxable disposition of a note by a non-U.S. noteholder will be exempt from U.S. federal income and withholding tax so long as:

·the gain is not effectively connected with the conduct of a trade or business in the United States by the non-U.S. noteholder, and

·in the case of a foreign individual, the non-U.S. noteholder is not present in the United States for 183 days or more in the taxable year.

If the interest, gain or income on a note held by a non-U.S. noteholder is effectively connected with the conduct of a trade or business in the United States by the non-U.S. noteholder, the holder, although exempt from the withholding tax described above if an appropriate statement is furnished, will generally be subject to U.S. federal income tax on the interest, gain or income at regular federal income tax rates.  In addition, if the non-U.S. noteholder is a foreign corporation, it may be subject to a branch profits tax equal to 30 percent of its “effectively connected earnings and profits” within the meaning of the Internal Revenue Code for the taxable year, unless it qualifies for a lower rate under a tax treaty.

Payments to Foreign Financial Institutions and Certain Other Non-U.S. Entities.  A 30% withholding tax generally will apply to payments of interest that are made to foreign financial institutions and certain non-financial foreign entities.  Withholding tax, imposed under sections 1471 through 1474 of the Internal Revenue Code, or “FATCA,” generally will not apply where payments are made to (i) a foreign financial institution that enters into an agreement with the IRS to, among other requirements, undertake to identify accounts held by certain U.S. persons or U.S.-owned foreign entities, report annually certain information about those accounts and withhold tax as may be required by that agreement, or (ii) a non-financial foreign entity that certifies it does not have substantial U.S. owners or furnishes identifying information about each substantial U.S. owner.  Alternative requirements may apply to foreign entities subject to an intergovernmental agreement for the implementation of FATCA.  The FATCA withholding tax applies regardless of whether a payment would be exempt from U.S. non-resident withholding tax (such as under the portfolio interest exemption or as capital gain) and regardless of whether a foreign financial institution is the beneficial owner of a payment.  Prospective noteholders should consult their own tax advisors about the application and requirements of information reporting and withholding under FATCA and any intergovernmental agreement for the implementation of FATCA.

State and Local Tax

Because of the variation in the tax laws of each state and locality, it is impossible to predict the tax classification of the trust or the tax consequences to the trust or to holders of notes in all of the state and local taxing jurisdictions in which they may be subject to tax.  Prospective noteholders are encouraged to consult their tax advisors about state and local taxation of the trust and state and local tax consequences of the purchase, ownership and disposition of notes.

ERISA CONSIDERATIONS

General Investment Considerations

The Employee Retirement Income Security Act of 1974, or “ERISA,” and the Internal Revenue Code impose obligations and requirements on employee benefit plans and other retirement plans and arrangements (such as individual retirement accounts and Keogh plans) that are subject to Title I of

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ERISA and/or Section 4975 of the Internal Revenue Code, referred to as “plans,” and some entities (including insurance company general accounts) whose assets are deemed to include assets of plans, and on persons who are fiduciaries of plans.  Any person who exercises authority or control over the management or disposition of a plan’s assets or who gives investment advice for a fee or other compensation regarding a plan is considered to be a fiduciary of that plan, or a “plan fiduciary.”  Below is a description of the anticipated consequences of the purchase, ownership and disposition of the notes offered by this prospectus by a plan or a fiduciary of that plan.  Under ERISA’s general fiduciary standards, before investing in the notes, a plan fiduciary should determine, among other factors:

·whether the investment is permitted under the plan’s governing documents,

·whether the fiduciary has the authority to make the investment,

·whether the investment is consistent with the plan’s funding objectives,

·the tax effects of the investment,

·whether under the general fiduciary standards of investment prudence and diversification an investment in the notes  is appropriate for the plan, taking into account the overall investment policy of the plan and the composition of the plan’s investment portfolio, and

·whether the investment is prudent considering the factors described in this prospectus.

In addition, ERISA and Section 4975 of the Internal Revenue Code prohibit a broad range of transactions involving assets of a plan and persons who are “parties in interest” under ERISA or “disqualified persons” under Section 4975 of the Internal Revenue Code.  A violation of these rules may result in the imposition of significant excise taxes and other liabilities.

Subject to the considerations described below, plans generally may purchase the notes.  A fiduciary of a plan should carefully review with its legal and other advisors whether the purchase, holding or disposition of any notes could give rise to a transaction prohibited or impermissible under ERISA or Section 4975 of the Internal Revenue Code, and should consider the restrictions on the purchase, holding and/or disposition of the notes.  Unless otherwise stated, references to the purchase, holding and disposition of the notes in these sections also refer to the purchase, holding and disposition of an interest or participation in the notes.

Prohibited Transactions

Whether or not an investment in the notes will give rise to a transaction prohibited or impermissible under ERISA or Section 4975 of the Internal Revenue Code will depend on whether the assets of the trust will be deemed to be “plan assets” of a plan investing in notes issued by the trust.  Under a regulation issued by the U.S. Department of Labor, as modified by Section 3(42) of ERISA, or the “plan assets regulation,” a plan’s assets may be deemed to include an interest in the assets of the trust if the plan acquires an “equity interest” in the trust and none of the exceptions in the plan assets regulation are applicable.  In general, an “equity interest” is defined under the plan assets regulation as any interest in an entity other than an instrument which is treated as indebtedness under local law and which has no substantial equity features.

The depositor believes that the notes will be treated as indebtedness without substantial equity features for purposes of the plan assets regulation.  This assessment is based on the traditional debt features of the notes, including the reasonable expectation of purchasers of the notes that the notes will be repaid when due, traditional default remedies, and on the absence of conversion rights, warrants and other typical equity features.

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Without regard to whether the notes are treated as debt for ERISA purposes, the purchase, holding and disposition of the notes by or on behalf of a plan could be considered to give rise to a direct or indirect prohibited transaction under ERISA or Section 4975 of the Internal Revenue Code if the trust, the owner trustee, the indenture trustee, any underwriter or any of their affiliates, including Ford Credit, is or becomes a “party in interest” under ERISA or a “disqualified person” under Section 4975 of the Internal Revenue Code for the plan.  In this case, exemptions from the prohibited transaction rules could apply to the purchase, holding and disposition of notes by or on behalf of a plan depending on the type and circumstances of the plan fiduciary making the decision to purchase a note and the relationship of the party in interest to the plan or investor using plan assets, collectively, the “plan investor.”  Included among these exemptions are:

·prohibited transaction class exemption 84-14, regarding transactions effected by qualified professional asset managers,

·prohibited transaction class exemption 90-1, regarding transactions entered into by insurance company pooled separate accounts,

·prohibited transaction class exemption 91-38, regarding transactions entered into by bank collective investment funds,

·prohibited transaction class exemption 95-60, regarding transactions entered into by insurance company general accounts, and

·prohibited transaction class exemption 96-23, regarding transactions effected by in-house asset managers.

In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Internal Revenue Code provide an exemption for some transactions between a plan and a person that is a party in interest or disqualified person for a plan solely by reason of providing services to the plan or having a relationship with a service provider (other than a party in interest or a disqualified person that is, or is an affiliate of, a fiduciary for the assets of the plan involved in the transaction), if the plan pays no more than, and receives no less than, adequate consideration in connection with the transaction.  However, even if the conditions in one or more of these exemptions are met, the scope of relief may not necessarily cover all acts that might be construed as prohibited transactions.

Due to the possibility that the sponsor, the trust, the underwriters or any of their affiliates, or the “transaction parties,” may receive certain benefits in connection with the sale or holding of the notes, the purchase of the notes using plan assets over which any of the transaction parties has investment authority, renders investment advice to for a fee with respect to the plan assets or is the employer or other sponsor of the plan, may be deemed to be a violation of Title I of ERISA or Section 4975 of the Internal Revenue Code.  Accordingly, the notes may not be purchased using plan assets if any of the transaction parties has investment authority, renders investment advice to for a fee with respect to the plan assets or is the employer or other sponsor of the plan, unless an applicable prohibited transaction exemption is available to cover the purchase or holding of the notes or the transaction is not otherwise prohibited.

Any plan investor that purchases, holds or disposes of the notes will be deemed to have represented that its purchase, holding or disposition of the notes is not and will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Internal Revenue Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules.

Benefit Plans Not Subject to ERISA or Internal Revenue Code

Some employee benefit plans, such as governmental plans, foreign plans and some church plans (each as defined or described in ERISA) are not subject to the prohibited transaction provisions of ERISA

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or Section 4975 of the Internal Revenue Code.  However, these plans may be subject to other federal, state, local or non-U.S. laws or regulations that are substantially similar to Part 4 of Title I of ERISA or Section 4975 of the Internal Revenue Code.  In addition, any of these plans that are qualified and exempt from taxation under Sections 401(a) and 501(a) of the Internal Revenue Code are subject to the prohibited transaction rules in Section 503 of the Internal Revenue Code.  Each of these plans that are subject to laws or regulations substantially similar to Part 4 of Title I of ERISA or Section 4975 of the Internal Revenue Code, and each person acting on behalf of or investing the assets of such a plan, that purchases, holds or disposes of notes will be deemed to have represented that its purchase, holding and disposition of the notes is not and will not result in a non-exempt violation of these similar laws or regulations.

UNDERWRITING

The depositor and the underwriters named below have entered into an underwriting agreement for the notes offered by this prospectus.  Subject to some conditions, each underwriter agreed to purchase the principal amount of the offered notes indicated in the following table:

Underwriters	Class A-1 Notes		Class A-2a Notes		Class A-2b Notes		Class A-3 Notes
Barclays Capital Inc.	$	40,600,000	$	41,800,000	$	23,944,000	$	65,751,000
Credit Suisse Securities (USA) LLC	40,600,000		41,800,000		23,944,000		65,751,000
RBC Capital Markets, LLC	40,600,000		41,800,000		23,944,000		65,751,000
Deutsche Bank Securities Inc.	40,600,000		41,800,000		23,944,000		65,752,000
Morgan Stanley & Co. LLC	40,600,000		41,800,000		23,944,000		65,752,000
Banco Bradesco BBI S.A.	-		5,500,000		3,150,000		8,652,000
Commerz Markets LLC	-		5,500,000		3,150,000		8,651,000
Total	$	203,000,000	$	220,000,000	$	126,020,000	$	346,060,000
Underwriters	Class A-4 Notes		Class B Notes		Class C Notes
Barclays Capital Inc.	$	19,954,000	$	6,316,000	$	4,212,000
Credit Suisse Securities (USA) LLC	19,954,000		6,316,000		4,212,000
RBC Capital Markets, LLC	19,954,000		6,316,000		4,212,000
Deutsche Bank Securities Inc.	19,954,000		6,316,000		4,212,000
Morgan Stanley & Co. LLC	19,953,000		6,316,000		4,212,000
Banco Bradesco BBI S.A.	2,626,000		-		-
Commerz Markets LLC	2,625,000		-		-
Total	$	105,020,000	$	31,580,000	$	21,060,000

Banco Bradesco BBI S.A. is not a broker-dealer registered with the SEC and may not make sales of any notes in the United States or to U.S. persons.  All sales of notes in the United States or to U.S. persons by this underwriter will be made through Bradesco Securities Inc., its affiliated broker-dealer registered with the SEC, as agent.

All classes of notes must be issued and purchased (or retained by the depositor) for any offered notes to be issued and purchased by the underwriters.

The underwriters will resell the offered notes to the public.  The selling concessions that the underwriters may allow to some dealers, and the discounts that those dealers may reallow to other dealers, expressed as a percentage of the initial principal amount of each class of notes, are indicated in the following table.  Due to sales to affiliates, one or more of the underwriters may be required to forego a minor portion of the selling concessions they would otherwise receive.

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	Selling Concessions not to exceed	Reallowances not to exceed
Class A-1 notes	0.030%	0.020%
Class A-2a notes	0.102%	0.068%
Class A-2b notes	0.102%	0.068%
Class A-3 notes	0.132%	0.088%
Class A-4 notes	0.162%	0.108%
Class B notes	0.180%	0.120%
Class C notes	0.198%	0.132%

Each class of notes is a new issue of securities with no established trading market.  The underwriters have advised the depositor that they intend to make a market in the classes of the offered notes purchased by them but they are not obligated to do so and may discontinue market-making at any time without notice.  It is not certain that a secondary market for the notes will develop, that it will continue or that it will provide sufficient liquidity.  If a secondary market for the notes does develop, it might end at any time or it might not be sufficiently liquid to allow noteholders to resell any of the notes.

In connection with the sale of the notes, the underwriters may, to the extent permitted by Regulation M under the Securities Exchange Act of 1934, engage in:

·over-allotments, in which members of the selling syndicate sell more notes than the seller actually sold to the syndicate, creating a syndicate short position,

·stabilizing transactions, in which purchases and sales of the notes may be made by the members of the selling syndicate at prices that do not exceed a stated maximum,

·syndicate covering transactions, in which members of the selling syndicate purchase the notes in the open market after the distribution is completed to cover syndicate short positions, and

·penalty bids, by which underwriters reclaim a selling concession from a syndicate member when any of the notes originally sold by that syndicate member are purchased in a syndicate covering transaction to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may cause the prices of the notes to be higher than they would otherwise be.  These transactions, if begun, may be discontinued at any time.

The depositor and Ford Credit will indemnify the underwriters against specific liabilities, including liabilities under the federal securities laws, or contribute to payments the underwriters may be required to make for those liabilities.

The trust may invest the funds in its bank accounts in obligations issued by the underwriters or their affiliates.

In the ordinary course of their businesses, the underwriters and their affiliates have engaged and may engage in various financial advisory, investment banking and commercial banking transactions with the sponsor, the depositor, the servicer and their affiliates.

On request by a noteholder who received an electronic prospectus from an underwriter within the period during which there is an obligation to deliver a prospectus, the underwriter will promptly deliver, without charge, a paper copy of this prospectus.

122

United Kingdom

Each underwriter severally, but not jointly, has represented and agreed that:

·it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, or “FSMA”) received by it in connection with the issue or sale of any offered notes in circumstances in which Section 21(1) of the FSMA does not apply to the trust or the depositors, and

·it has complied and will comply with all applicable provisions of the FSMA for anything done by it in relation to any offered notes in, from or involving the United Kingdom.

European Economic Area

Each underwriter severally, but not jointly, has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any offered notes which are the subject of this prospectus to any retail investor in the European Economic Area. For the purposes of this provision:

·the expression “retail investor” means a person who is one (or more) of the following:

—a retail client as defined in point (11) of Article 4(1) of MiFID II, or

—a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II, or

—not a qualified investor as defined in the Prospectus Directive, and

·the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the offered notes to be offered so as to enable an investor to decide to purchase or subscribe the offered notes.

European Union Capital Requirements

None of the sponsor, the depositor, the servicer, the trust or any underwriter makes any representation or agreement that the offered notes or this securitization transaction complies or will comply with the requirements of (a) Articles 405-410 of the Capital Requirements Regulation 575/2013 (as supplemented by Commission Delegated Regulation (EU) No 625/2014 and Commission Implementing Regulation (EU) No 602/2014) nor with the requirements of Chapter 2 of Regulation (EU) 2017/2401 and 2017/2402, (b) Article 17 of the Alternative Investment Fund Managers Directive 2011/61/EU (as supplemented by Chapter III, Section 5, of Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012, and as replaced by Article 41 of Regulation (EU) 2017/2402) or (c) Article 135(2) of the European Union Solvency II Directive 2009/138/EC (as supplemented by Articles 254-257 of the Commission Delegated Regulation (EU) No. 2015/35, and as replaced by Article 39 of Regulation (EU) 2017/2402).  Prospective noteholders are responsible for analyzing their own regulatory requirements and are encouraged to consult with their own investment and legal advisors regarding the suitability of the notes for investment and compliance with these legal requirements.

LEGAL OPINIONS

Katten Muchin Rosenman LLP will review or provide opinions on legal matters relating to the notes and U.S. federal income tax and other matters for the trust, the depositor and the servicer.  Chapman and

123

Cutler LLP will review or provide opinions on some legal matters relating to the notes and other matters for the underwriters.  Chapman and Cutler LLP has from time to time represented Ford Credit and its affiliates on other matters.

WHERE YOU CAN FIND MORE INFORMATION

The depositor, as originator of the trust, filed with the SEC a registration statement, Registration No.  333-225949 under the Securities Act of 1933, for the notes offered by this prospectus.  Forms of the transaction documents described in this prospectus are included as exhibits to the registration statement.

The SEC maintains a website containing reports, proxy materials, information statements and other information regarding issuers that file electronically with the SEC.  The address is http://www.sec.gov.

You may obtain more information about Ford and Ford Credit at www.ford.com and www.fordcredit.com.  The information about Ford and Ford Credit’s websites in this prospectus and their content is not incorporated by reference into this prospectus.

The servicer will file for the trust annual reports on Form 10-K, monthly distribution reports on Form 10-D, monthly asset-level data for the receivables attached as exhibits to Form ABS-EE, any required current reports on Form 8-K, and amendments to these reports with the SEC.  A copy of any reports may be obtained by any noteholder by request to the indenture trustee or the depositor.

INCORPORATION OF DOCUMENTS BY REFERENCE

The trust “incorporates by reference” some information it files with the SEC, which means that the trust can disclose important information to you by referring you to those documents.  The information incorporated by reference is considered to be part of this prospectus.  Information that the trust files later with the SEC will automatically update the information in this prospectus.  In all cases, you should rely on the later information over different information included in this prospectus.  The trust incorporates by reference the initial asset-level data and related information attached as exhibits to the Form ABS-EE filed with the SEC by the depositor by the date of filing of this prospectus.  The trust also incorporates by reference any current reports on Form 8-K later filed by or on behalf of the trust before the termination of the offering of the notes (including any market-making transactions for the notes unless exempt from the registration requirements of the Securities Act of 1933).

The depositor will provide without charge to each person, including any beneficial owner of the notes, to whom a copy of this prospectus is delivered, on request, a copy of any of the documents incorporated in this prospectus by reference.

Requests for copies should be directed to:

Ford Credit Auto Receivables Two LLC

c/o Ford Motor Credit Company LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention:  Ford Credit SPE Management Office

Telephone number:  (313) 594-3495

Email:  FSPEMgt@ford.com

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INDEX OF DEFINED TERMS

ABS	85
adjusted pool balance	13
APR	14
asset representations reviewer	106
available funds	65
benchmark	67
benchmark replacement	68
benchmark replacement adjustment	68
benchmark replacement conforming changes	69
benchmark replacement date	67
benchmark transition event	67
calculation agent	10
Class A notes	9
Class A-2 notes	10
Clayton	106
clean up call	77
closing date	9
collections	65
compounded SOFR	68
controlling class	12
corresponding tenor	68
cutoff date	9
delinquency trigger	61
depositor	9
Dodd-Frank Act	25
DTC	79
EEA	4
eligible asset representation reviewer	107
ERISA	119
event of default	74
FATCA	119
FCA	23
financed vehicles	11
first priority principal payment	70
floating rate notes	10
Ford	9
Ford Credit	9
FSMA	3
indenture trustee	105
initial asset-level data	59
initial pool balance	11
Insurance Distribution Directive	4
IRS	116
LIBOR	67

LIBOR determination date	67
liquidation proceeds	65
LTV	34
MiFID II	4
notes	10
NRSROs	29
obligors	11
offered notes	10
OID	117
owner trustee	103
payment dates	10
plan fiduciary	120
plan investor	121
plans	120
pool balance	51
PRIIPs Regulation	4
principal balance	51
priority principal payments	70
Prospectus Directive	4
PTI	35
qualified investor	4
rating agencies	15
rating agency condition	77
receivables	11
regular principal payment	71
relevant governmental body	69
responsible person	61
review receivables	63
SEC	3
second priority principal payment	70
servicer	11
servicer termination event	97
simple interest receivable	52
SOFR	68
subvened-APR contracts	33
targeted overcollateralization amount	82
term SOFR	68
transaction parties	121
trust	9
turbo	70
U.S. Bank	103
U.S. Bank Trust	103
unadjusted benchmark replacement	69
yield supplement overcollateralization amount	83

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Annex A

STATIC POOL INFORMATION — PRIOR SECURITIZED POOLS

This Annex contains static pool information about prior pools of retail installment sale contracts securitized by Ford Credit.  The information in this Annex consists of summary information about the original characteristics of the prior securitized pools, cumulative losses, prepayments and delinquency data for the prior securitized pools and graphical presentation of the data.  The original characteristics of the prior securitized pools may differ somewhat from each other and from the characteristics of the pool of receivables in the securitization transaction described in the prospectus.   This is because Ford Credit’s portfolio of retail installment sale contracts, from which the securitized pools are selected, changes over time.  Despite these differences, the prior securitized pools are generally comparable to the receivables in the securitization transaction described in the prospectus because these changes have not been significant and Ford Credit’s origination, underwriting and purchasing policies and servicing policies have been generally consistent over time.

Based on Ford Credit’s experience, the characteristics that are expected to most significantly influence the performance of a securitized pool of retail installment sale contracts are the FICO® scores, loan-to-value ratios and payment-to-income ratios of the contracts and whether the pool includes contracts with original terms greater than 60 months, subvened-APR contracts and commercial use contracts.  A securitized pool with lower FICO® scores or with higher loan-to-value and payment-to-income ratios and a higher percentage of longer term contracts may perform worse comparatively.  A securitized pool with higher percentages of subvened-APR contracts and commercial use contracts may perform better comparatively.  Given the consistency of these characteristics across the prior securitized pools and the pool of receivables in the securitization transaction described in the prospectus, any difference in performance in the pool of receivables compared to prior securitized pools may be more influenced by general macroeconomic conditions than differences in these characteristics.  In addition, while the historical loss performance of commercial use contacts has been comparatively better than for personal use contracts, commercial use obligors are generally small businesses or self-employed and may experience more severe loss performance in an economic or industry specific downturn.

In addition, although the selection criteria used for the retail installment sale contracts in the prior securitized pools have changed over time to accommodate new financing products, increased vehicle pricing and changes in securitization market practices, these changes do not diminish the general comparability of the prior securitized pools to the pool of receivables in the securitization transaction described in the prospectus.  Losses, prepayments and delinquencies for the pool of receivables in the securitization transaction described in the prospectus may differ from the information shown in this Annex for prior securitized pools.

The following footnotes are applicable to the static pool information for each of the prior securitized pools included in this Annex:

(1)Weighted averages are weighted by the principal balance of each receivable on the cutoff date for the prior securitized pool.

(2)Percentage of initial pool balance.

(3)The weighted average life of the receivables is calculated by (a) multiplying the scheduled principal payments by the number of months from the cutoff date, (b) adding the results, (c) dividing the sum by 12 and (d) dividing the result by the initial pool balance, and based on the assumption that all payments are due on the first day of the month, all receivables pay as scheduled, starting one month from the cutoff date, with no delays, defaults or prepayments.

(4)Excludes receivables with primary obligors who do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history.

A-1

(5)Represents receivables with primary obligors that use the financed vehicles for personal use and do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history.

(6)The LTV for a receivable is the original amount financed divided by the wholesale value of the vehicle.

(7)The PTI for a receivable is the monthly payment divided by the monthly combined income of the obligor and any co-obligor.  Excludes commercial use receivables with business entities as the primary obligor, receivables where the applicant stated no income or negligible income in the credit application and receivables where Ford Credit has determined that the PTI is unreliable.

(8)Subvened-APR Receivables are receivables originated under a Ford-sponsored low-APR marketing program.

(9)Commercial Use Receivables are receivables with customers who use the financed vehicle for commercial purposes.  These customers may be either business entities or individuals.

(10)Car includes sedans, hatchbacks and coupes.  Light truck includes vans, minivans and light pick-up trucks.  Utility includes wagons, SUVs and cross-overs.  Other includes primarily non-Ford, Lincoln and Mercury vehicles which Ford Credit does not categorize.

(11) Based on the billing addresses of the obligors on the cutoff date for the prior securitized pool.

(12) End-of-Month Pool Balance is the aggregate principal balance of the receivables in the securitization transaction at the end of the month, after applying all payments received from obligors, liquidation proceeds, purchase amounts to be deposited by the servicer, the sponsor or the depositor, and all realized losses.

(13) Cumulative Net Losses are the aggregate principal balance of all receivables that the servicer determined to be uncollectible less any liquidation proceeds (primarily auction proceeds) and other recoveries.  Net Losses include all external costs for repossession and disposition of the financed vehicle and continued collection efforts after charge off.

(14) Prepayments are the aggregate principal balance of all receivables prepaid in full during the month.

(15) The period of delinquency is the number of days that more than $49.99 of a scheduled payment is past due.  The dollar amounts represent the aggregate outstanding principal balances of the delinquent receivables as of the end of the month.  The percentages represent the aggregate outstanding principal balances of the delinquent receivables as of the end of the month as a percentage of the End-of-Month Pool Balance.  Delinquencies include receivables with bankrupt obligors and exclude receivables in repossession status or that have been charged off by the servicer.

(16) Pool Factor represents the End-of-Month Pool Balance, as a percentage of the Initial Pool Balance.  The scheduled monthly pool factor assumes receipt of scheduled receivable principal payments as of the cutoff date, a 0% ABS rate and that the servicer does not exercise its clean-up call option.  The Initial pool factor assumption assumes receipt of scheduled and unscheduled receivable principal payments as of the cutoff date, at an assumed ABS rate and that the servicer will exercise its clean-up call option on the first payment date that the option is available.  A change in the actual pool factor reflects both scheduled and unscheduled principal payments and other reductions in the aggregate principal balance of the receivables.  For more information about the ABS rate, you should read “Maturity and Prepayment Considerations – Weighted Average Life.”

A-2

Ford Credit Auto Owner Trust 2014-A

_______________

See page A-1 for footnotes

A-3

Ford Credit Auto Owner Trust 2014-A

Original Pool Characteristics

Closing Date	January 22, 2014			Weighted Average(1) FICO® Score(4) at Origination		728
Cutoff Date	January 1, 2014			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	72,484			for Original Term Greater than 60 Months		697
Initial Pool Balance	$	1,646,197,310		Percentage FICO® Score(4) less than 650(2)		17.25	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.14	%
Average	$	22,711		Weighted Average(1) LTV(6) at Origination		93.42	%
Highest	$	93,814		Weighted Average(1) PTI(7) at Origination		8.50	%
Lowest	$	251		Percentage Subvened-APR Receivables(2)(8)		44.22	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		17.82	%
Average	$	27,761		Percentage New Vehicle(2)		88.27	%
Highest	$	118,272		Percentage Car(2)(10)		21.56	%
Lowest	$	1,064		Percentage Light Truck(2)(10)		51.14	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		26.11	%
Weighted average(1)	4.23		%	Percentage Other(2)(10)		1.19	%
Highest	25.29		%	Percentage of Top 10 Makes/Models(2)		82.51	%
Lowest	0.00		%	Ford F-150	29.15	%
APR greater than or equal to 20 percent(2)	0.02		%	Ford Escape	9.62
Original Term				Ford F-250	9.46
Weighted average(1)	62.7 months			Ford Fusion	7.42
Original term greater than 60 months(2)	40.99		%	Ford F-350	7.19
Longest	72 months			Ford Edge	5.94
Shortest	6 months			Ford Focus	5.24
Remaining Term				Ford Explorer	3.74
Weighted average(1)	55.3 months			Ford Expedition	2.40
Remaining term greater than 60 months(2)	32.26		%	Ford Mustang	2.35
Longest	72 months			Percentage in Top 5 States(2)(11)		38.30	%
Shortest	2 months			Texas	16.56	%
Scheduled Weighted Average Life(3)	2.43 years			California	8.26
Weighted Average(1) Months After Origination				Florida	6.30
(Seasoning)	7.3 months			Michigan	3.75
				Pennsylvania	3.43

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days		61-90 Days	91-120 Days	121+ Days	61+ Days
1	Jan-14	$     1,560,243,447	$            762	$   47,677,086	$    7,565,710		$      38,837	$              –	$               –	0.00%
2	Feb-14	1,492,885,350	21,296	33,339,044	7,727,085		339,782	–	–	0.02
3	Mar-14	1,420,413,207	126,672	38,779,290	8,431,297		713,939	–	–	0.05
4	Apr-14	1,357,637,010	283,444	31,187,074	7,726,051		510,153	40,962	–	0.04
5	May-14	1,305,479,788	482,342	22,366,015	10,631,553		761,649	37,064	19,952	0.06
6	Jun-14	1,255,224,980	715,337	20,739,096	10,488,940		1,473,161	169,274	19,952	0.13
7	Jul-14	1,205,158,817	888,299	20,894,073	10,640,127		1,094,209	400,504	56,494	0.13
8	Aug-14	1,159,885,000	1,201,396	18,403,460	11,186,909		993,566	303,099	264,415	0.13
9	Sep-14	1,113,954,716	1,503,385	18,303,071	11,497,431		1,086,915	280,937	255,878	0.15
10	Oct-14	1,070,809,409	1,794,671	15,549,559	10,983,694		1,241,852	380,762	317,949	0.18
11	Nov-14	1,033,929,047	2,190,753	12,870,792	10,606,952		1,387,086	271,451	407,054	0.20
12	Dec-14	991,747,072	2,687,887	15,130,034	12,568,355		1,319,880	275,461	461,908	0.21
13	Jan-15	952,533,042	3,034,123	14,227,501	11,135,169		1,264,340	251,133	417,390	0.20
14	Feb-15	916,157,861	3,493,943	12,210,988	8,638,443		841,248	313,044	357,790	0.17
15	Mar-15	873,742,431	3,673,628	16,108,748	9,863,362		719,051	333,717	439,515	0.17
16	Apr-15	835,868,241	3,931,210	14,354,569	9,465,079		1,068,700	358,686	423,871	0.22
17	May-15	800,073,679	4,217,070	13,511,700	9,243,299		1,056,118	259,245	468,890	0.22
18	Jun-15	762,595,430	4,483,818	13,953,944	10,806,241		913,044	204,767	627,915	0.23
19	Jul-15	725,859,676	4,714,908	14,289,700	10,250,377		886,307	138,480	606,429	0.22
20	Aug-15	690,737,381	4,995,174	13,957,533	10,570,447		1,476,548	179,376	527,062	0.32
21	Sep-15	655,577,253	5,250,533	14,083,387	9,945,377		918,133	218,635	577,708	0.26
22	Oct-15	623,961,115	5,512,854	11,155,923	9,964,541		1,260,910	230,484	540,513	0.33
23	Nov-15	594,549,260	5,735,753	9,841,185	10,050,089		1,729,763	313,069	610,944	0.45
24	Dec-15	564,291,412	6,005,137	10,178,372	10,813,668		1,513,872	279,369	812,058	0.46
25	Jan-16	537,372,523	6,242,093	8,651,795	9,650,426		1,157,302	228,633	839,732	0.41
26	Feb-16	509,505,428	6,663,248	8,301,369	8,703,772		921,199	333,242	903,585	0.42
27	Mar-16	480,585,983	6,947,564	9,811,985	8,289,557		776,065	234,174	825,494	0.38
28	Apr-16	454,562,143	7,055,087	8,794,061	7,728,007		924,882	292,857	879,358	0.46
29	May-16	428,781,099	7,248,792	8,341,746	8,075,111		1,143,581	383,023	866,500	0.56
30	Jun-16	403,971,933	7,518,687	7,774,671	7,760,854		1,090,519	229,763	1,024,804	0.58
31	Jul-16	380,810,687	7,646,998	7,523,550	7,307,690		986,974	174,997	961,513	0.56
32	Aug-16	355,879,073	7,823,861	8,646,308	7,148,584		947,913	205,273	989,494	0.60
33	Sep-16	333,645,339	8,021,680	7,080,377	6,908,113		601,181	282,640	971,886	0.56
34	Oct-16	314,156,132	8,235,260	5,237,346	8,099,689		716,655	162,040	1,037,707	0.61
35	Nov-16	294,447,398	8,330,773	5,866,301	6,586,412		912,843	204,793	1,040,128	0.73
36	Dec-16	275,310,434	8,582,338	5,500,341	6,789,831		877,965	177,170	1,008,318	0.75
37	Jan-17	256,521,051	8,675,500	5,684,885	6,551,426		667,163	187,866	1,036,870	0.74
38	Feb-17	239,827,340	8,898,832	4,271,244	5,265,503		447,057	136,753	1,053,482	0.68
39	Mar-17	221,515,414	8,908,626	5,468,764	5,057,060		475,831	118,080	1,007,734	0.72
40	Apr-17	206,302,765	9,017,079	4,150,335	4,765,683		456,356	137,970	958,200	0.75
41	May-17	190,165,603	9,077,923	4,155,543	4,603,062		571,402	143,159	954,137	0.88
42	Jun-17	175,009,819	9,167,025	3,840,233	4,186,639		641,894	157,948	966,859	1.01
43	Jul-17	161,027,706	9,348,680	3,518,840	4,418,752		440,720	106,638	965,259	0.94
44	Aug-17	146,617,374	9,514,277	4,045,582	4,156,548		395,934	66,235	919,948	0.94
45	Sep-17	134,447,167	9,547,096	2,754,111	3,499,937		397,611	56,403	835,935	0.96
46	Oct-17	122,070,142	9,574,961	2,878,779	3,270,973		388,643	69,942	824,781	1.05
47	Nov-17	110,622,426	9,691,586	2,748,698	3,059,279		470,792	32,905	821,034	1.20
48	Dec-17	100,324,978	9,784,888	2,463,746	2,869,288		363,590	49,318	786,888	1.20
49	Jan-18	89,757,930	9,894,898	2,386,783	3,053,504		295,839	37,643	759,480	1.22
50	Feb-18	80,642,475	9,920,455	1,917,651	2,534,853		244,502	33,220	766,474	1.29
See page A-1 for footnotes						Final Payment Date:  March 15, 2018

A-4

Ford Credit Auto Owner Trust 2014-B

_______________

See page A-1 for footnotes

A-5

Ford Credit Auto Owner Trust 2014-B

Original Pool Characteristics

Closing Date	June 24, 2014			Weighted Average(1) FICO® Score(4) at Origination		726
Cutoff Date	June 1, 2014			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	81,628			for Original Term Greater than 60 Months		697
Initial Pool Balance	$	1,648,176,733		Percentage FICO® Score(4) less than 650(2)		17.61	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.36	%
Average	$	20,191		Weighted Average(1) LTV(6) at Origination		94.66	%
Highest	$	94,877		Weighted Average(1) PTI(7) at Origination		8.56	%
Lowest	$	254		Percentage Subvened-APR Receivables(2)(8)		49.66	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		17.88	%
Average	$	28,013		Percentage New Vehicle(2)		88.78	%
Highest	$	106,854		Percentage Car(2)(10)		24.31	%
Lowest	$	1,366		Percentage Light Truck(2)(10)		48.03	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		26.59	%
Weighted average(1)	4.02		%	Percentage Other(2)(10)		1.07	%
Highest	24.49		%	Percentage of Top 10 Makes/Models(2)		80.94	%
Lowest	0.00		%	Ford F-150	26.66	%
APR greater than or equal to 20 percent(2)	0.02		%	Ford Escape	9.44
Original Term				Ford Fusion	8.73
Weighted average(1)	63.1 months			Ford F-250	8.66
Original term greater than 60 months(2)	42.82		%	Ford F-350	6.68
Longest	72 months			Ford Focus	6.07
Shortest	6 months			Ford Edge	5.92
Remaining Term				Ford Explorer	3.87
Weighted average(1)	52.2 months			Ford Expedition	2.60
Remaining term greater than 60 months(2)	29.50		%	Ford Mustang	2.31
Longest	72 months			Percentage in Top 5 States(2)(11)		38.88	%
Shortest	2 months			Texas	15.66	%
Scheduled Weighted Average Life(3)	2.28 years			California	8.61
Weighted Average(1) Months After Origination				Florida	6.44
(Seasoning)	10.9 months			Illinois	4.19
				Michigan	3.98

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Jun-14	$    1,568,535,771	$       20,432	$  39,344,985	$    7,867,745	$              –	$             –	$     35,126	0.00%
2	Jul-14	1,493,031,958	66,904	36,260,453	9,261,125	423,449	–	–	0.03
3	Aug-14	1,423,565,840	186,407	34,412,016	9,192,247	609,185	–	–	0.04
4	Sep-14	1,359,355,846	391,753	28,555,363	10,573,290	873,544	234,589	–	0.08
5	Oct-14	1,300,168,190	717,140	23,414,158	10,607,891	575,829	250,002	77,699	0.07
6	Nov-14	1,253,780,729	974,731	15,928,830	11,109,717	899,931	246,429	169,221	0.10
7	Dec-14	1,201,357,431	1,226,711	18,159,025	13,531,840	1,328,874	320,953	228,683	0.16
8	Jan-15	1,152,397,685	1,705,123	17,103,709	11,582,197	1,268,689	199,231	305,218	0.15
9	Feb-15	1,108,292,964	2,134,860	13,910,289	9,482,762	981,922	378,070	233,474	0.14
10	Mar-15	1,055,983,726	2,386,524	19,616,259	9,287,075	661,819	147,965	390,123	0.11
11	Apr-15	1,009,518,680	2,612,104	17,085,578	8,730,382	655,555	216,899	427,057	0.13
12	May-15	967,876,273	2,893,304	14,064,968	9,188,777	916,573	132,514	358,188	0.15
13	Jun-15	923,725,338	3,159,552	15,649,821	10,799,044	1,127,852	185,512	401,913	0.19
14	Jul-15	879,183,254	3,541,799	16,605,332	10,287,249	1,179,291	252,324	376,365	0.21
15	Aug-15	837,099,060	3,797,373	16,463,144	11,702,430	909,804	338,904	404,793	0.20
16	Sep-15	795,805,604	4,092,439	16,223,234	11,445,819	1,512,751	152,834	468,527	0.27
17	Oct-15	758,617,326	4,533,361	12,437,253	10,413,389	1,144,787	240,399	377,527	0.23
18	Nov-15	724,700,502	4,812,943	10,474,595	12,053,420	1,258,770	242,237	484,187	0.27
19	Dec-15	688,446,907	5,088,388	12,380,284	12,058,007	1,500,165	333,705	471,554	0.33
20	Jan-16	656,645,090	5,658,034	10,243,054	11,594,181	1,516,739	326,595	614,803	0.37
21	Feb-16	623,548,910	6,028,124	10,236,413	9,317,692	1,197,491	284,313	629,120	0.34
22	Mar-16	589,266,801	6,388,272	12,053,711	9,166,743	1,023,321	296,164	523,365	0.31
23	Apr-16	558,668,356	6,485,603	10,590,535	8,192,452	1,141,810	389,917	484,144	0.36
24	May-16	528,525,257	6,657,488	10,022,705	9,324,568	1,299,286	349,236	577,885	0.42
25	Jun-16	499,448,506	6,747,633	9,640,726	8,723,512	1,182,687	454,568	508,048	0.43
26	Jul-16	472,506,697	7,081,212	8,658,794	8,174,634	865,913	380,797	689,540	0.41
27	Aug-16	444,871,333	7,353,122	9,152,056	8,661,020	972,383	191,909	825,848	0.45
28	Sep-16	418,897,173	7,612,236	8,881,015	7,893,166	964,055	217,676	817,534	0.48
29	Oct-16	395,307,436	7,765,709	7,051,645	8,698,794	1,336,951	190,301	908,630	0.62
30	Nov-16	372,947,724	7,982,794	6,465,461	7,853,515	1,099,028	363,741	816,890	0.61
31	Dec-16	350,860,715	8,243,375	6,613,632	8,149,094	1,275,488	229,660	883,491	0.68
32	Jan-17	328,412,027	8,395,137	6,990,325	7,037,739	957,227	233,699	884,666	0.63
33	Feb-17	308,551,053	8,686,814	5,446,634	6,007,104	759,698	244,287	770,812	0.58
34	Mar-17	287,246,336	8,983,548	6,209,159	6,005,227	682,346	163,323	783,724	0.57
35	Apr-17	269,556,930	9,088,513	5,239,391	5,542,767	640,451	113,455	749,501	0.56
36	May-17	250,959,537	9,212,006	5,318,414	5,518,891	710,217	239,866	705,341	0.66
37	Jun-17	233,317,347	9,303,215	5,140,332	5,057,497	803,033	222,159	690,002	0.74
38	Jul-17	217,338,790	9,429,794	4,326,392	5,508,747	779,912	200,817	707,703	0.78
39	Aug-17	200,448,227	9,639,110	5,193,263	4,800,493	662,492	129,738	723,707	0.76
40	Sep-17	185,557,733	9,718,436	4,365,307	4,219,851	481,270	211,699	755,300	0.78
41	Oct-17	170,817,985	9,906,937	3,860,499	3,763,594	529,356	99,947	762,347	0.81
42	Nov-17	157,652,471	10,011,713	3,406,375	4,289,543	408,726	59,626	739,946	0.77
43	Dec-17	145,654,021	10,097,778	2,798,032	4,507,581	469,146	42,180	716,631	0.84
44	Jan-18	132,988,788	10,066,802	3,325,754	3,228,819	551,601	74,049	702,162	1.00
45	Feb-18	121,840,540	10,148,689	2,682,010	2,638,689	387,922	125,011	681,134	0.98
46	Mar-18	110,581,156	10,158,912	2,727,369	2,778,110	218,825	38,351	753,011	0.91
47	Apr-18	100,502,246	10,108,052	2,229,830	2,696,847	301,573	41,712	675,189	1.01
48	May-18	90,640,028	10,178,181	2,321,516	2,961,027	247,580	31,301	664,759	1.04
49	Jun-18	81,476,038	10,093,871	2,234,986	2,354,746	226,154	8,866	646,760	1.08
See page A-1 for footnotes					Final Payment Date:  July 16, 2018

A-6

Ford Credit Auto Owner Trust 2014-C

_______________

See page A-1 for footnotes

A-7

Ford Credit Auto Owner Trust 2014-C

Original Pool Characteristics

Closing Date	November 25, 2014			Weighted Average(1) FICO® Score(4) at Origination		731
Cutoff Date	November 1, 2014			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	76,623			for Original Term Greater than 60 Months		701
Initial Pool Balance	$	1,673,565,407		Percentage FICO® Score(4) less than 650(2)		16.67	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.51	%
Average	$	21,842		Weighted Average(1) LTV(6) at Origination		94.61	%
Highest	$	90,785		Weighted Average(1) PTI(7) at Origination		8.53	%
Lowest	$	259		Percentage Subvened-APR Receivables(2)(8)		53.01	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		16.97	%
Average	$	28,008		Percentage New Vehicle(2)		89.38	%
Highest	$	109,368		Percentage Car(2)(10)		25.77	%
Lowest	$	1,000		Percentage Light Truck(2)(10)		44.22	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		29.10	%
Weighted average(1)	3.73		%	Percentage Other(2)(10)		0.90	%
Highest	23.49		%	Percentage of Top 10 Makes/Models(2)		82.12	%
Lowest	0.00		%	Ford F-150	24.64	%
APR greater than or equal to 20 percent(2)	0.01		%	Ford Escape	11.79
Original Term				Ford Fusion	9.65
Weighted average(1)	63.4 months			Ford F-250	7.84
Original term greater than 60 months(2)	43.92		%	Ford Focus	6.73
Longest	72 months			Ford F-350	6.34
Shortest	8 months			Ford Edge	5.32
Remaining Term				Ford Explorer	5.09
Weighted average(1)	54.8 months			Ford Expedition	2.47
Remaining term greater than 60 months(2)	34.66		%	Ford Mustang	2.25
Longest	72 months			Percentage in Top 5 States(2)(11)		38.25	%
Shortest	2 months			Texas	15.01	%
Scheduled Weighted Average Life(3)	2.40 years			California	8.90
Weighted Average(1) Months After Origination				Florida	6.31
(Seasoning)	8.5 months			Illinois	4.25
				Ohio	3.78

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Nov-14	$    1,602,262,344	$             413	$     35,771,638	$      7,288,175	$              –	$                –	$                –	0.00%
2	Dec-14	1,527,578,709	45,829	36,285,635	9,444,848	888,639	15,834	–	0.06
3	Jan-15	1,462,357,432	253,016	30,830,431	9,893,349	635,871	132,975	–	0.05
4	Feb-15	1,404,548,251	434,517	25,252,009	8,269,072	793,059	74,950	65,312	0.07
5	Mar-15	1,344,387,704	674,566	24,360,203	9,198,499	709,366	230,628	31,509	0.07
6	Apr-15	1,292,255,348	939,580	20,670,067	8,404,083	933,058	111,851	58,512	0.09
7	May-15	1,244,414,881	1,208,863	17,736,084	8,953,206	804,425	147,336	115,388	0.09
8	Jun-15	1,195,293,610	1,551,727	17,987,000	9,985,270	1,328,130	143,642	202,595	0.14
9	Jul-15	1,146,829,810	1,923,309	18,305,841	10,763,162	916,699	433,819	236,482	0.14
10	Aug-15	1,101,860,533	2,283,469	16,733,580	10,825,354	1,244,130	436,333	361,059	0.19
11	Sep-15	1,056,419,076	2,591,652	17,401,926	10,629,290	1,180,400	203,662	422,000	0.17
12	Oct-15	1,014,787,365	3,117,708	13,603,118	11,074,948	1,563,355	222,428	415,173	0.22
13	Nov-15	975,476,470	3,520,179	12,645,865	12,019,577	2,022,874	291,349	399,858	0.28
14	Dec-15	935,880,530	3,888,862	12,425,562	12,665,420	1,882,930	426,221	459,961	0.30
15	Jan-16	898,881,649	4,537,665	12,134,444	11,621,994	1,743,736	355,566	458,911	0.28
16	Feb-16	860,276,777	5,016,518	12,422,622	10,790,708	1,234,454	237,665	516,417	0.23
17	Mar-16	820,538,743	5,396,038	14,155,097	9,710,412	1,023,885	514,015	463,284	0.24
18	Apr-16	784,705,704	5,631,491	12,246,957	9,241,211	994,549	434,316	627,736	0.26
19	May-16	749,814,342	5,979,880	11,200,071	10,008,979	1,455,124	289,940	642,390	0.32
20	Jun-16	714,618,707	6,274,817	12,389,865	8,715,623	1,592,315	440,087	627,757	0.37
21	Jul-16	682,968,015	6,852,152	9,718,971	8,224,027	1,271,242	261,496	765,403	0.34
22	Aug-16	646,957,564	7,168,993	13,409,346	8,994,529	1,290,089	257,740	628,347	0.34
23	Sep-16	615,484,881	7,389,241	10,477,219	8,227,523	1,314,298	454,460	607,424	0.39
24	Oct-16	586,070,655	7,842,894	9,099,897	10,100,418	1,365,394	263,570	613,282	0.38
25	Nov-16	557,804,128	8,103,208	8,329,990	8,769,890	1,560,863	263,607	603,889	0.44
26	Dec-16	530,153,915	8,574,431	7,906,264	9,230,002	1,144,631	383,289	646,250	0.41
27	Jan-17	502,323,273	8,980,582	8,208,241	8,574,720	1,315,041	308,570	736,189	0.47
28	Feb-17	475,956,439	9,406,910	8,011,104	7,708,392	935,770	410,072	769,022	0.44
29	Mar-17	448,237,511	9,656,597	8,820,509	6,954,784	717,203	272,008	822,853	0.40
30	Apr-17	425,054,620	9,860,514	7,126,917	6,324,170	710,236	168,841	834,190	0.40
31	May-17	400,207,159	10,049,187	7,292,186	7,151,860	814,638	264,252	782,636	0.47
32	Jun-17	375,871,855	10,288,082	7,638,136	5,761,715	907,630	163,985	809,531	0.50
33	Jul-17	353,722,222	10,532,868	6,385,201	6,622,242	789,782	127,283	788,250	0.48
34	Aug-17	330,768,310	10,834,042	7,328,458	6,031,821	870,163	151,418	798,218	0.55
35	Sep-17	310,636,929	11,003,257	6,093,369	5,817,366	636,049	142,673	812,737	0.51
36	Oct-17	290,677,915	11,087,173	5,571,754	5,219,725	560,367	163,149	684,288	0.48
37	Nov-17	271,969,376	11,290,305	5,207,553	4,988,233	739,797	162,529	721,638	0.60
38	Dec-17	254,680,372	11,493,426	4,586,696	5,172,637	534,522	150,551	723,558	0.55
39	Jan-18	236,454,834	11,696,299	4,930,184	5,120,152	768,014	71,356	797,869	0.69
40	Feb-18	220,129,939	11,759,544	4,087,101	4,260,338	439,520	86,195	770,051	0.59
41	Mar-18	202,991,541	11,873,361	4,718,091	4,172,706	167,415	61,651	763,248	0.49
42	Apr-18	187,237,251	11,960,778	4,321,715	3,516,719	287,733	94,787	731,342	0.59
43	May-18	172,022,288	11,976,232	4,069,298	3,866,948	199,781	129,633	701,254	0.60
44	Jun-18	158,413,646	11,997,524	3,443,591	3,426,075	341,811	42,178	734,676	0.71
45	Jul-18	144,980,415	11,975,756	3,125,230	3,481,642	324,916	81,434	730,445	0.78
46	Aug-18	131,579,199	12,073,229	3,564,940	3,140,634	291,222	54,109	692,833	0.79
47	Sep-18	120,426,258	12,144,771	2,495,812	2,749,990	329,349	56,112	668,666	0.88
48	Oct-18	108,543,436	12,199,521	2,797,291	3,045,570	194,995	43,460	679,638	0.85
49	Nov-18	98,198,921	12,261,020	2,259,647	2,708,078	315,089	42,753	662,052	1.04
50	Dec-18	88,616,091	12,253,223	2,076,174	2,689,576	392,743	58,944	672,819	1.27
51	Jan-19	78,852,502	12,289,358	2,192,441	2,270,360	244,310	51,016	665,232	1.22
See page A-1 for footnotes							Final Payment Date:  February 15, 2019

A-8

Ford Credit Auto Owner Trust 2015-A

_______________

See page A-1 for footnotes

A-9

Ford Credit Auto Owner Trust 2015-A

Original Pool Characteristics

Closing Date	March 24, 2015			Weighted Average(1) FICO® Score(4) at Origination		731
Cutoff Date	March 1, 2015			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	74,643			for Original Term Greater than 60 Months		701
Initial Pool Balance	$	1,669,398,082		Percentage FICO® Score(4) less than 650(2)		16.67	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.53	%
Average	$	22,365		Weighted Average(1) LTV(6) at Origination		94.54	%
Highest	$	95,999		Weighted Average(1) PTI(7) at Origination		8.48	%
Lowest	$	252		Percentage Subvened-APR Receivables(2)(8)		51.40	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		17.84	%
Average	$	28,278		Percentage New Vehicle(2)		89.41	%
Highest	$	104,646		Percentage Car(2)(10)		24.82	%
Lowest	$	1,411		Percentage Light Truck(2)(10)		44.47	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		29.87	%
Weighted average(1)	3.78		%	Percentage Other(2)(10)		0.84	%
Highest	24.54		%	Percentage of Top 10 Makes/Models(2)		82.44	%
Lowest	0.00		%	Ford F-150	24.57	%
APR greater than or equal to 20 percent(2)	0.01		%	Ford Escape	11.23
Original Term				Ford Fusion	9.46
Weighted average(1)	63.4 months			Ford F-250	7.96
Original term greater than 60 months(2)	44.66		%	Ford Focus	6.58
Longest	72 months			Ford F-350	6.55
Shortest	4 months			Ford Explorer	6.30
Remaining Term				Ford Edge	5.09
Weighted average(1)	54.9 months			Ford Expedition	2.53
Remaining term greater than 60 months(2)	35.59		%	Ford Mustang	2.17
Longest	72 months			Percentage in Top 5 States(2)(11)		38.37	%
Shortest	2 months			Texas	15.03	%
Scheduled Weighted Average Life(3)	2.40 years			California	9.00
Weighted Average(1) Months After Origination				Florida	6.40
(Seasoning)	8.5 months			Michigan	4.02
				Illinois	3.92

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Mar-15	$ 1,579,186,721	$804	$48,754,399	$6,879,287	$27,448	$–	$–	0.00%
2	Apr-15	1,507,605,085	13,591	36,231,077	7,289,890	573,667	–	–	0.04
3	May-15	1,445,418,836	143,010	29,318,557	7,773,357	628,573	271,319	–	0.06
4	Jun-15	1,384,513,985	288,905	27,311,670	8,895,831	770,678	104,452	171,116	0.08
5	Jul-15	1,330,093,823	594,783	21,801,848	10,343,072	742,890	281,709	155,245	0.09
6	Aug-15	1,279,757,768	943,125	19,933,870	9,878,706	1,176,704	350,182	99,796	0.13
7	Sep-15	1,230,602,077	1,269,058	19,276,838	10,197,049	1,405,852	276,235	203,369	0.15
8	Oct-15	1,184,791,138	1,657,393	15,895,773	11,030,310	1,089,158	252,984	280,284	0.14
9	Nov-15	1,143,717,344	2,145,238	12,801,927	12,512,108	1,685,444	280,202	273,450	0.20
10	Dec-15	1,100,108,913	2,531,277	14,504,219	11,708,235	1,791,034	530,024	248,808	0.23
11	Jan-16	1,059,099,183	3,242,196	13,689,154	12,292,534	1,422,836	380,927	268,825	0.20
12	Feb-16	1,016,867,923	3,710,981	13,762,692	11,195,819	1,370,923	489,133	363,610	0.22
13	Mar-16	974,245,746	4,081,841	14,648,745	10,449,255	849,585	421,673	451,515	0.18
14	Apr-16	935,843,838	4,453,957	13,161,955	9,378,322	1,638,044	219,259	385,624	0.24
15	May-16	895,967,169	4,806,500	13,597,935	11,881,447	1,059,011	559,009	449,967	0.23
16	Jun-16	857,672,896	5,290,011	12,786,187	11,194,341	1,420,006	401,467	637,101	0.29
17	Jul-16	821,420,683	5,559,541	12,909,110	10,143,178	1,049,318	235,456	683,792	0.24
18	Aug-16	781,970,360	5,858,902	14,440,056	11,203,782	1,223,970	269,248	700,276	0.28
19	Sep-16	746,593,633	6,108,068	12,608,899	10,364,526	1,740,591	452,632	734,095	0.39
20	Oct-16	712,972,078	6,649,351	11,200,471	12,185,328	1,685,997	602,366	706,374	0.42
21	Nov-16	681,095,516	7,156,744	9,934,930	10,204,838	1,768,082	345,991	727,519	0.42
22	Dec-16	648,928,524	7,799,041	10,311,008	10,920,021	1,058,634	459,271	685,790	0.34
23	Jan-17	616,855,085	8,349,601	10,220,992	10,781,947	1,544,728	249,083	742,631	0.41
24	Feb-17	588,276,974	8,590,187	8,516,273	8,408,435	1,387,798	459,109	615,273	0.42
25	Mar-17	556,270,158	8,984,521	10,704,991	8,064,457	945,203	238,315	712,409	0.34
26	Apr-17	529,826,293	9,249,080	8,213,602	7,580,140	923,515	236,914	666,169	0.34
27	May-17	501,059,196	9,408,798	8,661,487	8,833,899	831,550	290,951	733,306	0.37
28	Jun-17	473,059,806	9,655,057	8,922,241	6,873,355	843,307	268,318	783,040	0.40
29	Jul-17	447,653,991	9,838,369	7,721,502	8,421,962	1,024,773	217,852	860,397	0.47
30	Aug-17	421,402,377	10,055,943	8,719,342	7,565,660	1,005,563	243,471	824,198	0.49
31	Sep-17	397,847,446	10,233,015	6,967,691	7,059,416	837,244	186,728	776,925	0.45
32	Oct-17	373,689,803	10,409,911	7,109,666	7,199,622	562,303	81,814	750,958	0.37
33	Nov-17	351,282,519	10,563,244	6,860,221	6,281,589	912,683	142,604	703,652	0.50
34	Dec-17	330,534,861	10,740,248	6,105,755	6,697,103	715,704	91,544	788,556	0.48
35	Jan-18	308,932,463	10,945,648	6,052,576	5,959,872	777,362	225,071	765,772	0.57
36	Feb-18	290,069,113	11,169,651	4,656,715	5,799,713	444,806	113,368	698,875	0.43
37	Mar-18	270,200,670	11,300,522	5,501,004	4,660,430	521,590	104,781	729,338	0.50
38	Apr-18	252,228,103	11,290,586	4,752,928	4,633,004	609,665	142,225	670,519	0.56
39	May-18	234,137,722	11,414,683	4,949,555	5,562,543	426,128	179,002	606,243	0.52
40	Jun-18	217,557,366	11,443,557	4,345,744	4,514,397	663,084	21,286	675,074	0.62
41	Jul-18	200,869,806	11,571,360	4,329,909	5,017,016	483,057	183,530	622,663	0.64
42	Aug-18	184,604,374	11,727,223	4,253,694	4,102,066	497,572	104,945	611,508	0.66
43	Sep-18	170,542,818	11,730,725	3,842,497	3,829,486	416,852	139,565	583,352	0.67
44	Oct-18	155,527,609	11,876,475	3,596,296	3,600,262	452,756	87,301	635,274	0.76
45	Nov-18	142,359,607	12,020,276	3,265,705	3,307,003	263,321	111,954	538,799	0.64
46	Dec-18	129,757,099	12,040,936	3,217,020	3,852,069	328,179	53,184	603,100	0.76
47	Jan-19	117,656,326	12,201,137	2,676,472	3,197,289	379,991	45,926	597,187	0.87
48	Feb-19	107,108,332	12,276,018	2,068,200	2,441,073	360,827	60,981	597,824	0.95
49	Mar-19	96,274,846	12,282,334	2,523,517	2,008,818	277,767	49,943	571,816	0.93
50	Apr-19	85,872,416	12,223,877	2,287,508	2,203,081	240,218	26,977	545,954	0.95

See page A-1 for footnotes

A-10

Ford Credit Auto Owner Trust 2015-B

_______________

See page A-1 for footnotes

A-11

Ford Credit Auto Owner Trust 2015-B

Original Pool Characteristics

Closing Date	May 26, 2015			Weighted Average(1) FICO® Score(4) at Origination		731
Cutoff Date	May 1, 2015			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	84,593			for Original Term Greater than 60 Months		702
Initial Pool Balance	$	1,941,398,111		Percentage FICO® Score(4) less than 650(2)		16.84	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.60	%
Average	$	22,950		Weighted Average(1) LTV(6) at Origination		94.57	%
Highest	$	98,513		Weighted Average(1) PTI(7) at Origination		8.52	%
Lowest	$	253		Percentage Subvened-APR Receivables(2)(8)		50.35	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		17.69	%
Average	$	28,487		Percentage New Vehicle(2)		89.32	%
Highest	$	98,865		Percentage Car(2)(10)		24.86	%
Lowest	$	1,017		Percentage Light Truck(2)(10)		44.33	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		30.05	%
Weighted average(1)	3.79		%	Percentage Other(2)(10)		0.76	%
Highest	26.49		%	Percentage of Top 10 Makes/Models(2)		82.22	%
Lowest	0.00		%	Ford F-150	24.18	%
APR greater than or equal to 20 percent(2)	0.01		%	Ford Escape	10.77
Original Term				Ford Fusion	9.73
Weighted average(1)	63.6 months			Ford F-250	7.88
Original term greater than 60 months(2)	46.43		%	Ford Explorer	6.79
Longest	72 months			Ford F-350	6.62
Shortest	6 months			Ford Focus	6.39
Remaining Term				Ford Edge	5.16
Weighted average(1)	55.5 months			Ford Expedition	2.45
Remaining term greater than 60 months(2)	37.16		%	Ford Mustang	2.25
Longest	72 months			Percentage in Top 5 States(2)(11)		39.27	%
Shortest	2 months			Texas	15.57	%
Scheduled Weighted Average Life(3)	2.42 years			California	9.31
Weighted Average(1) Months After Origination				Florida	6.49
(Seasoning)	8.0 months			Illinois	4.03
				Michigan	3.87

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	May-15	$1,851,386,906	$11,995	$47,195,903	$7,063,845	$31,695	$–	$–	0.00%
2	Jun-15	1,769,081,639	92,877	40,690,697	8,871,142	838,783	–	–	0.05
3	Jul-15	1,693,403,339	193,959	36,212,206	10,135,994	1,089,882	83,972	–	0.07
4	Aug-15	1,623,271,991	657,335	32,478,950	11,653,719	1,129,130	251,229	68,734	0.09
5	Sep-15	1,560,734,571	1,025,663	26,463,371	11,784,034	1,065,790	206,476	51,218	0.08
6	Oct-15	1,502,871,862	1,459,927	22,127,947	12,386,863	1,162,638	122,742	170,359	0.10
7	Nov-15	1,451,556,018	1,894,917	16,897,451	13,105,076	1,968,723	251,648	209,708	0.17
8	Dec-15	1,396,806,853	2,300,177	19,653,554	14,089,600	1,925,017	252,315	110,910	0.16
9	Jan-16	1,346,960,971	2,801,024	17,803,241	14,183,619	1,939,884	430,823	215,054	0.19
10	Feb-16	1,296,104,642	3,166,118	16,776,493	12,466,331	1,950,548	480,490	387,558	0.22
11	Mar-16	1,242,335,848	3,629,104	20,264,595	12,199,265	1,311,559	391,014	338,239	0.16
12	Apr-16	1,195,039,130	4,127,089	16,601,114	10,690,281	1,743,614	400,646	341,423	0.21
13	May-16	1,148,049,684	4,538,036	16,124,723	14,753,211	1,625,892	446,265	435,895	0.22
14	Jun-16	1,101,225,923	4,898,451	16,382,574	12,657,036	2,152,013	671,046	608,267	0.31
15	Jul-16	1,058,312,369	5,529,814	13,975,164	12,549,843	1,946,351	737,739	663,464	0.32
16	Aug-16	1,011,275,770	5,992,267	16,746,300	13,329,151	1,818,418	460,314	986,067	0.32
17	Sep-16	966,521,997	6,491,364	16,419,238	12,597,885	1,961,443	357,949	884,551	0.33
18	Oct-16	926,387,375	7,060,942	12,631,447	14,466,950	2,007,964	438,676	802,940	0.35
19	Nov-16	886,257,121	7,639,164	13,118,457	12,003,002	2,211,146	531,312	838,193	0.40
20	Dec-16	847,111,841	8,382,214	12,564,460	13,450,697	1,610,518	541,962	911,525	0.36
21	Jan-17	808,078,381	8,901,044	12,510,579	12,916,372	2,046,082	441,227	903,217	0.42
22	Feb-17	771,482,862	9,320,441	11,737,368	10,847,043	1,505,481	530,175	921,953	0.38
23	Mar-17	731,629,009	9,873,210	13,416,641	11,376,596	986,343	497,154	985,983	0.34
24	Apr-17	698,278,744	10,132,451	10,580,430	10,067,761	1,180,431	351,101	933,453	0.35
25	May-17	662,215,993	10,437,961	11,183,556	10,743,414	1,299,035	442,285	945,138	0.41
26	Jun-17	627,802,730	10,786,178	11,201,074	10,172,754	1,123,440	426,189	910,698	0.39
27	Jul-17	595,006,180	11,199,336	10,504,637	10,401,035	1,238,538	400,751	1,026,616	0.45
28	Aug-17	561,231,148	11,714,443	11,732,555	10,011,372	1,189,937	293,063	937,935	0.43
29	Sep-17	531,184,727	11,940,982	9,816,008	9,189,927	1,069,094	347,363	947,690	0.45
30	Oct-17	500,520,913	12,221,407	9,442,041	8,790,511	1,281,953	350,402	965,373	0.52
31	Nov-17	471,949,689	12,475,073	9,022,838	7,861,429	1,238,402	297,324	961,387	0.53
32	Dec-17	445,391,005	12,686,463	7,965,874	8,331,603	1,094,362	223,704	1,008,721	0.52
33	Jan-18	417,393,294	13,124,230	8,243,817	7,987,311	1,003,133	122,426	1,044,990	0.52
34	Feb-18	392,949,765	13,216,909	6,917,607	6,619,264	976,856	231,035	944,353	0.55
35	Mar-18	367,277,423	13,380,134	7,557,482	6,141,489	638,110	146,966	1,011,088	0.49
36	Apr-18	342,988,947	13,721,352	7,090,950	5,637,700	864,086	316,957	900,172	0.61
37	May-18	319,948,638	13,852,204	6,632,623	5,968,865	544,680	178,366	953,903	0.52
38	Jun-18	298,858,133	13,984,218	5,794,510	5,812,038	712,514	122,326	1,027,224	0.62
39	Jul-18	277,388,401	14,144,517	5,765,558	5,402,876	592,013	144,209	1,021,253	0.63
40	Aug-18	257,245,048	14,256,045	5,157,903	5,043,170	385,065	98,935	1,008,297	0.58
41	Sep-18	239,755,878	14,282,220	4,376,780	4,833,894	549,841	163,968	943,111	0.69
42	Oct-18	220,239,964	14,347,616	5,140,428	4,949,134	609,301	131,313	918,865	0.75
43	Nov-18	202,778,105	14,506,797	4,148,207	4,436,315	600,361	113,281	897,976	0.79
44	Dec-18	186,385,033	14,634,962	4,090,506	5,731,225	626,231	182,309	939,407	0.94
45	Jan-19	170,068,957	14,749,703	4,056,554	4,324,633	399,733	112,707	974,607	0.87
46	Feb-19	155,810,395	14,832,069	3,102,252	3,686,069	238,306	60,962	998,830	0.83
47	Mar-19	141,675,342	14,840,106	3,313,441	2,838,650	265,711	122,804	865,510	0.89
48	Apr-19	127,808,895	14,900,768	3,241,608	3,078,440	365,584	122,790	816,133	1.02

See page A-1 for footnotes

A-12

Ford Credit Auto Owner Trust 2015-C

_______________

See page A-1 for footnotes

A-13

Ford Credit Auto Owner Trust 2015-C

Original Pool Characteristics

Closing Date	September 22, 2015			Weighted Average(1) FICO® Score(4) at Origination		731
Cutoff Date	September 1, 2015			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	46,836			for Original Term Greater than 60 Months		708
Initial Pool Balance	$	1,124,319,860		Percentage FICO® Score(4) less than 650(2)		16.75	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.56	%
Average	$	24,005		Weighted Average(1) LTV(6) at Origination		95.94	%
Highest	$	93,992		Weighted Average(1) PTI(7) at Origination		8.59	%
Lowest	$	252		Percentage Subvened-APR Receivables(2)(8)		53.08	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		16.97	%
Average	$	28,989		Percentage New Vehicle(2)		88.62	%
Highest	$	107,000		Percentage Car(2)(10)		25.26	%
Lowest	$	2,000		Percentage Light Truck(2)(10)		42.58	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		31.32	%
Weighted average(1)	3.53		%	Percentage Other(2)(10)		0.84	%
Highest	23.49		%	Percentage of Top 10 Makes/Models(2)		82.24	%
Lowest	0.00		%	Ford F-150	22.61	%
APR greater than or equal to 20 percent(2)	0.01		%	Ford Escape	11.38
Original Term				Ford Fusion	9.70
Weighted average(1)	64.4 months			Ford Explorer	8.21
Original term greater than 60 months(2)	52.49		%	Ford F-250	7.58
Longest	72 months			Ford Focus	6.74
Shortest	12 months			Ford F-350	6.51
Remaining Term				Ford Edge	4.56
Weighted average(1)	57.2 months			Ford Mustang	2.68
Remaining term greater than 60 months(2)	43.20		%	Ford Expedition	2.27
Longest	72 months			Percentage in Top 5 States(2)(11)		38.49	%
Shortest	2 months			Texas	15.56	%
Scheduled Weighted Average Life(3)	2.50 years			California	8.76
Weighted Average(1) Months After Origination				Florida	6.33
(Seasoning)	7.2 months			Illinois	4.09
				Michigan	3.75

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Sep-15	$  1,073,948,097	$            303	$  26,791,991	$  4,126,873	$     47,624	$            –	$            –	0.00%
2	Oct-15	1,031,227,705	41,385	19,823,500	5,179,942	227,594	–	–	0.02
3	Nov-15	993,761,293	100,811	16,231,261	6,164,493	779,234	77,332	–	0.09
4	Dec-15	955,815,851	255,562	15,858,487	7,167,733	503,084	314,883	46,262	0.09
5	Jan-16	924,756,973	510,782	11,790,818	7,046,824	673,872	173,650	185,499	0.11
6	Feb-16	893,327,853	789,731	10,479,387	6,489,041	767,414	217,524	184,102	0.13
7	Mar-16	862,202,636	937,515	10,711,823	6,912,427	809,828	150,768	219,231	0.14
8	Apr-16	832,322,931	1,186,882	10,783,880	6,128,459	983,400	215,319	165,619	0.16
9	May-16	803,377,132	1,399,216	9,675,092	8,461,512	740,863	393,665	207,844	0.17
10	Jun-16	773,926,524	1,882,107	10,134,297	7,985,389	1,046,196	281,485	230,723	0.20
11	Jul-16	747,321,045	2,128,036	9,085,606	6,803,843	878,874	318,483	201,226	0.19
12	Aug-16	717,010,200	2,657,105	11,266,625	7,849,100	954,588	219,807	270,600	0.20
13	Sep-16	688,839,541	3,130,250	9,852,355	6,289,633	1,153,344	257,313	216,810	0.24
14	Oct-16	663,606,004	3,406,268	7,864,421	7,829,857	1,109,911	209,101	245,778	0.24
15	Nov-16	638,980,640	3,744,376	7,651,203	8,259,398	1,073,349	288,210	301,269	0.26
16	Dec-16	614,367,281	4,112,542	7,881,710	9,381,522	885,111	286,100	322,341	0.24
17	Jan-17	589,911,085	4,340,064	7,718,008	8,744,233	1,286,177	177,560	353,421	0.31
18	Feb-17	566,102,947	4,605,614	7,875,456	6,871,084	1,139,064	400,236	250,809	0.32
19	Mar-17	542,101,069	4,812,625	7,430,286	7,350,508	873,713	174,080	463,101	0.28
20	Apr-17	519,959,011	5,115,682	7,377,894	6,985,979	988,582	150,808	388,468	0.29
21	May-17	496,241,526	5,264,232	7,772,017	7,701,028	1,021,674	324,544	429,822	0.36
22	Jun-17	472,969,145	5,595,852	7,961,222	6,864,715	737,047	197,424	419,444	0.29
23	Jul-17	451,664,257	5,874,253	6,735,459	7,857,515	983,655	171,713	468,554	0.36
24	Aug-17	429,323,033	6,145,787	8,160,255	7,075,754	870,684	196,017	514,423	0.37
25	Sep-17	408,471,616	6,461,683	7,069,563	6,931,876	866,147	190,848	509,193	0.38
26	Oct-17	387,881,541	6,741,742	6,452,364	6,153,050	908,369	125,146	459,772	0.38
27	Nov-17	367,957,132	7,182,275	6,614,987	6,433,629	878,509	273,279	298,648	0.39
28	Dec-17	350,142,273	7,579,345	5,273,918	5,572,456	909,150	225,388	346,732	0.42
29	Jan-18	331,635,830	7,832,105	5,630,509	5,620,262	673,288	393,794	404,262	0.44
30	Feb-18	314,997,177	8,121,913	4,639,938	5,218,853	521,572	151,997	485,675	0.37
31	Mar-18	296,849,153	8,333,027	5,829,363	4,850,009	431,652	132,145	339,524	0.30
32	Apr-18	280,214,871	8,415,839	5,251,027	4,547,824	600,931	105,077	322,172	0.37
33	May-18	263,829,800	8,432,574	5,255,971	4,465,261	656,368	118,366	317,503	0.41
34	Jun-18	248,914,180	8,571,045	4,178,561	4,560,840	397,930	150,226	299,080	0.34
35	Jul-18	233,160,769	8,695,943	4,834,633	4,761,590	517,265	83,593	315,987	0.39
36	Aug-18	218,214,668	8,814,560	4,373,032	3,571,659	421,774	99,515	315,745	0.38
37	Sep-18	205,181,455	8,942,377	3,890,931	3,630,299	335,962	27,229	307,567	0.33
38	Oct-18	191,186,017	9,065,917	3,656,896	3,791,219	493,414	27,354	281,209	0.42
39	Nov-18	178,869,044	9,286,853	3,036,955	3,509,135	353,468	75,011	277,676	0.39
40	Dec-18	166,920,181	9,384,240	2,943,946	3,730,198	597,802	45,392	287,346	0.56
41	Jan-19	154,389,955	9,511,091	3,899,400	2,991,091	376,217	68,883	292,959	0.48
42	Feb-19	143,958,546	9,549,914	2,433,608	2,769,608	329,030	–	315,585	0.45
43	Mar-19	133,292,361	9,650,492	2,535,558	2,011,406	304,868	40,032	292,706	0.48
44	Apr-19	122,816,680	9,699,708	2,551,655	2,271,175	460,143	28,113	315,398	0.65

See page A-1 for footnotes

A-14

Ford Credit Auto Owner Trust 2016-A

_______________

See page A-1 for footnotes

A-15

Ford Credit Auto Owner Trust 2016-A

Original Pool Characteristics

Closing Date	January 26, 2016			Weighted Average(1) FICO® Score(4) at Origination		734
Cutoff Date	January 1, 2016			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	45,966			for Original Term Greater than 60 Months		716
Initial Pool Balance	$	1,144,164,175		Percentage FICO® Score(4) less than 650(2)		15.61	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.46	%
Average	$	24,892		Weighted Average(1) LTV(6) at Origination		96.94	%
Highest	$	98,192		Weighted Average(1) PTI(7) at Origination		8.58	%
Lowest	$	251		Percentage Subvened-APR Receivables(2)(8)		58.54	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		18.42	%
Average	$	29,795		Percentage New Vehicle(2)		89.50	%
Highest	$	118,736		Percentage Car(2)(10)		24.87	%
Lowest	$	990		Percentage Light Truck(2)(10)		44.49	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		29.95	%
Weighted average(1)	3.08		%	Percentage Other(2)(10)		0.69	%
Highest	23.49		%	Percentage of Top 10 Makes/Models(2)		82.73	%
Lowest	0.00		%	Ford F-150	23.67	%
APR greater than or equal to 20 percent(2)	0.00		%	Ford Escape	11.65
Original Term				Ford Fusion	9.77
Weighted average(1)	65.0 months			Ford F-250	7.59
Original term greater than 60 months(2)	57.05		%	Ford Explorer	7.06
Longest	72 months			Ford F-350	6.65
Shortest	12 months			Ford Focus	6.57
Remaining Term				Ford Edge	4.36
Weighted average(1)	57.9 months			Ford Mustang	2.94
Remaining term greater than 60 months(2)	47.81		%	Ford Expedition	2.47
Longest	72 months			Percentage in Top 5 States(2)(11)		36.42	%
Shortest	2 months			Texas	12.17	%
Scheduled Weighted Average Life(3)	2.51 years			California	9.39
Weighted Average(1) Months After Origination				Florida	7.17
(Seasoning)	7.1 months			Illinois	4.03
				Michigan	3.66

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Jan-16	$     1,100,262,052	$            261	$   21,465,074	$    4,468,108	$      27,427	$             –	$             –	0.00%
2	Feb-16	1,059,906,664	40,591	16,471,888	4,923,220	561,385	–	–	0.05
3	Mar-16	1,018,952,780	150,028	17,997,633	4,880,336	414,432	164,672	–	0.06
4	Apr-16	983,666,194	438,171	14,090,042	5,568,812	433,347	115,180	60,163	0.06
5	May-16	951,250,882	579,443	11,435,162	5,975,471	566,521	211,636	119,594	0.09
6	Jun-16	919,923,485	786,986	10,826,311	6,284,461	864,436	199,747	113,677	0.13
7	Jul-16	891,907,156	1,114,571	8,623,832	6,585,909	1,118,162	154,250	126,608	0.16
8	Aug-16	861,407,613	1,330,795	10,181,843	7,078,370	837,186	237,177	276,263	0.16
9	Sep-16	831,983,181	1,659,140	10,193,347	7,133,068	989,435	272,996	296,487	0.19
10	Oct-16	805,357,725	1,940,290	7,586,643	8,016,404	970,452	258,407	404,699	0.20
11	Nov-16	778,516,899	2,340,060	8,179,216	7,241,790	872,716	330,117	469,258	0.21
12	Dec-16	750,931,007	2,930,637	8,531,487	8,972,980	976,595	205,350	422,885	0.21
13	Jan-17	723,496,816	3,457,559	8,350,495	7,655,036	1,527,089	247,546	338,881	0.29
14	Feb-17	698,989,282	3,798,675	6,794,952	6,755,472	894,732	298,693	356,685	0.22
15	Mar-17	671,305,422	4,116,283	8,651,617	6,667,128	512,743	135,763	431,866	0.16
16	Apr-17	647,161,562	4,283,534	8,066,613	6,292,016	717,960	251,351	368,706	0.21
17	May-17	620,803,473	4,614,736	8,323,024	6,504,011	1,227,151	150,689	432,989	0.29
18	Jun-17	595,981,692	4,759,505	8,203,316	5,602,497	924,251	251,175	486,191	0.28
19	Jul-17	571,862,880	5,018,195	8,269,692	6,577,432	924,600	226,015	455,009	0.28
20	Aug-17	547,200,501	5,279,162	8,285,162	5,694,730	789,207	171,334	484,102	0.26
21	Sep-17	524,696,417	5,481,756	7,562,627	6,450,011	727,224	257,239	455,770	0.27
22	Oct-17	501,808,708	5,637,091	7,160,028	6,546,552	1,060,906	253,835	551,462	0.37
23	Nov-17	479,682,102	6,016,705	7,342,111	6,591,947	1,041,970	250,342	521,409	0.38
24	Dec-17	458,626,894	6,274,736	6,932,221	7,071,869	832,936	175,758	623,298	0.36
25	Jan-18	436,410,707	6,514,302	7,366,068	6,543,930	787,275	183,917	663,854	0.37
26	Feb-18	416,651,124	6,855,064	5,679,449	5,525,188	804,722	107,200	585,026	0.36
27	Mar-18	396,107,445	7,093,279	6,147,156	5,324,169	388,912	165,321	599,897	0.29
28	Apr-18	377,292,980	7,258,638	5,420,504	4,811,860	647,032	136,711	573,287	0.36
29	May-18	357,569,053	7,361,590	6,389,483	5,240,003	672,812	232,017	543,486	0.41
30	Jun-18	339,200,672	7,582,753	5,760,560	4,840,203	532,711	81,222	472,380	0.32
31	Jul-18	320,059,710	7,660,290	6,399,651	5,119,493	695,594	121,900	400,122	0.38
32	Aug-18	301,530,365	7,789,184	6,093,020	4,834,805	683,782	205,087	379,475	0.42
33	Sep-18	285,364,852	8,032,927	5,131,355	4,654,066	577,353	185,002	392,872	0.40
34	Oct-18	267,992,355	8,134,230	5,285,024	4,779,285	663,291	60,291	492,572	0.45
35	Nov-18	252,330,220	8,364,760	4,544,386	4,683,748	518,567	153,116	448,134	0.44
36	Dec-18	237,507,992	8,474,326	4,551,240	5,050,632	505,739	56,028	473,204	0.44
37	Jan-19	222,563,485	8,555,414	4,794,009	4,097,911	525,046	111,618	471,257	0.50
38	Feb-19	209,508,491	8,648,358	3,156,935	3,718,056	449,803	105,439	500,938	0.50
39	Mar-19	195,724,992	8,761,111	3,896,117	2,584,735	440,208	97,631	493,742	0.53
40	Apr-19	182,164,774	8,864,166	3,879,249	2,841,878	361,302	105,002	474,547	0.52
See page A-1 for footnotes

A-16

Ford Credit Auto Owner Trust 2016-B

_______________

See page A-1 for footnotes

A-17

Ford Credit Auto Owner Trust 2016-B

Original Pool Characteristics

Closing Date	April 26, 2016			Weighted Average(1) FICO® Score(4) at Origination		732
Cutoff Date	April 1, 2016			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	56,550			for Original Term Greater than 60 Months		710
Initial Pool Balance	$	1,420,298,372		Percentage FICO® Score(4) less than 650(2)		16.16	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.47	%
Average	$	25,116		Weighted Average(1) LTV(6) at Origination		97.73	%
Highest	$	97,112		Weighted Average(1) PTI(7) at Origination		8.66	%
Lowest	$	252		Percentage Subvened-APR Receivables(2)(8)		59.84	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		19.82	%
Average	$	30,197		Percentage New Vehicle(2)		88.61	%
Highest	$	118,634		Percentage Car(2)(10)		24.07	%
Lowest	$	1,000		Percentage Light Truck(2)(10)		43.75	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		31.45	%
Weighted average(1)	3.08		%	Percentage Other(2)(10)		0.73	%
Highest	24.99		%	Percentage of Top 10 Makes/Models(2)		82.03	%
Lowest	0.00		%	Ford F-150	22.36	%
APR greater than or equal to 20 percent(2)	0.01		%	Ford Escape	12.74
Original Term				Ford Fusion	9.66
Weighted average(1)	64.6 months			Ford F-250	7.43
Original term greater than 60 months(2)	54.15		%	Ford Explorer	7.29
Longest	72 months			Ford F-350	6.63
Shortest	12 months			Ford Focus	6.43
Remaining Term				Ford Edge	4.10
Weighted average(1)	56.8 months			Ford Mustang	2.93
Remaining term greater than 60 months(2)	44.32		%	Ford Expedition	2.47
Longest	72 months			Percentage in Top 5 States(2)(11)		39.09	%
Shortest	2 months			Texas	14.96	%
Scheduled Weighted Average Life(3)	2.47 years			California	9.50
Weighted Average(1) Months After Origination				Florida	6.89
(Seasoning)	7.8 months			Illinois	4.01
				Michigan	3.72

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Apr-16	$  1,371,336,918	$          271	$   20,953,037	$   5,725,927	$               –	$             –	$            –	0.00%
2	May-16	1,325,916,242	29,390	16,662,729	8,227,120	550,741	–	–	0.04
3	Jun-16	1,282,049,416	211,548	16,335,761	7,634,252	1,292,786	67,393	–	0.11
4	Jul-16	1,243,482,096	472,911	12,465,327	8,390,678	957,384	176,239	–	0.09
5	Aug-16	1,200,464,353	680,799	15,753,784	9,701,622	1,036,346	106,481	106,578	0.10
6	Sep-16	1,161,236,738	1,169,701	12,807,008	9,550,092	1,585,016	220,258	78,524	0.16
7	Oct-16	1,124,496,094	1,490,555	11,676,199	10,974,250	1,853,351	391,598	136,920	0.21
8	Nov-16	1,088,567,550	1,903,739	10,701,494	10,003,095	1,249,564	397,935	298,213	0.18
9	Dec-16	1,052,513,526	2,517,523	11,436,635	11,378,461	1,677,893	346,961	424,660	0.23
10	Jan-17	1,016,508,147	3,027,911	10,583,820	10,719,787	1,536,203	567,376	471,604	0.25
11	Feb-17	983,361,116	3,391,763	9,594,339	10,150,176	1,473,320	273,666	529,278	0.23
12	Mar-17	945,801,518	3,966,749	11,631,090	10,421,140	1,289,679	178,021	334,658	0.19
13	Apr-17	913,289,718	4,528,409	10,024,461	9,600,186	999,134	148,245	357,434	0.16
14	May-17	878,733,446	4,986,361	10,084,235	11,297,171	1,344,850	273,920	309,932	0.22
15	Jun-17	845,602,982	5,517,769	9,784,044	10,527,989	1,293,449	422,392	291,925	0.24
16	Jul-17	812,200,989	6,003,438	10,861,184	10,332,184	1,657,748	283,914	399,666	0.29
17	Aug-17	778,301,282	6,474,586	11,483,326	9,775,172	1,462,164	245,881	495,300	0.28
18	Sep-17	747,044,831	6,965,532	10,399,792	9,360,600	1,307,182	116,209	426,914	0.25
19	Oct-17	714,902,046	7,428,585	9,946,756	9,430,554	1,240,318	108,074	473,486	0.25
20	Nov-17	684,107,068	7,830,681	10,612,612	9,414,696	1,285,211	269,638	517,508	0.30
21	Dec-17	654,814,480	8,274,732	9,967,797	9,651,706	1,184,979	223,734	496,832	0.29
22	Jan-18	624,481,008	8,584,470	9,694,229	9,743,545	1,059,369	372,194	447,600	0.30
23	Feb-18	597,308,433	9,113,877	7,408,338	8,619,827	1,098,402	223,560	590,585	0.32
24	Mar-18	568,691,268	9,335,813	8,785,359	7,614,408	953,288	111,473	631,694	0.30
25	Apr-18	542,029,192	9,698,720	7,950,470	7,887,567	1,008,620	340,711	507,569	0.34
26	May-18	514,770,558	10,003,241	8,502,383	8,205,566	1,160,992	277,399	529,010	0.38
27	Jun-18	489,320,194	10,299,208	7,956,681	7,122,972	794,131	241,055	488,012	0.31
28	Jul-18	463,253,644	10,486,316	8,164,529	7,938,364	696,926	119,754	554,709	0.30
29	Aug-18	437,663,628	10,771,206	8,624,212	6,924,804	744,709	145,958	500,020	0.32
30	Sep-18	415,500,741	11,096,511	6,966,880	6,273,844	848,348	191,184	593,912	0.39
31	Oct-18	391,089,512	11,338,306	7,408,956	6,586,286	588,662	193,503	574,448	0.35
32	Nov-18	369,321,258	11,470,748	6,341,481	6,851,080	506,134	175,987	613,886	0.35
33	Dec-18	348,388,514	11,652,159	6,474,530	7,618,597	869,163	175,973	644,957	0.49
34	Jan-19	327,474,708	11,761,768	6,306,831	6,396,370	863,007	205,019	659,181	0.53
35	Feb-19	308,965,587	11,985,425	4,696,608	5,703,704	608,006	169,184	676,691	0.47
36	Mar-19	289,584,193	12,234,366	5,339,668	4,249,103	641,190	135,104	639,224	0.49
37	Apr-19	271,198,601	12,339,515	4,714,054	4,645,776	511,610	151,977	589,765	0.46
See page A-1 for footnotes

A-18

Ford Credit Auto Owner Trust 2016-C

____________________________

See page A-1 for footnotes

A-19

Ford Credit Auto Owner Trust 2016-C

Original Pool Characteristics

Closing Date	October 25, 2016			Weighted Average(1) FICO® Score(4) at Origination		736
Cutoff Date	October 1, 2016			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	55,788			for Original Term Greater than 60 Months		713
Initial Pool Balance	$	1,429,998,203		Percentage FICO® Score(4) less than 650(2)		15.19	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.37	%
Average	$	25,633		Weighted Average(1) LTV(6) at Origination		98.30	%
Highest	$	97,575		Weighted Average(1) PTI(7) at Origination		8.65	%
Lowest	$	271		Percentage Subvened-APR Receivables(2)(8)		66.66	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		18.63	%
Average	$	31,046		Percentage New Vehicle(2)		89.84	%
Highest	$	107,895		Percentage Car(2)(10)		23.25	%
Lowest	$	1,000		Percentage Light Truck(2)(10)		42.10	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		34.06	%
Weighted average(1)	2.64		%	Percentage Other(2)(10)		0.59	%
Highest	20.59		%	Percentage of Top 10 Makes/Models(2)		82.46	%
Lowest	0.00		%	Ford F-150	21.84	%
APR greater than or equal to 20 percent(2)	0.00		%	Ford Escape	11.90
Original Term				Ford Explorer	9.11
Weighted average(1)	64.9 months			Ford Fusion	8.97
Original term greater than 60 months(2)	54.51		%	Ford F-250	7.23
Longest	72 months			Ford F-350	5.96
Shortest	12 months			Ford Focus	5.89
Remaining Term				Ford Edge	5.37
Weighted average(1)	57.2 months			Ford Mustang	3.54
Remaining term greater than 60 months(2)	38.42		%	Ford Expedition	2.65
Longest	72 months			Percentage in Top 5 States(2)(11)		39.80	%
Shortest	2 months			Texas	14.97	%
Scheduled Weighted Average Life(3)	2.47 years			California	9.80
Weighted Average(1) Months After Origination				Florida	6.98
(Seasoning)	7.8 months			Illinois	4.22
				Ohio	3.84

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Oct-16	$1,380,937,727	$          199	$   19,921,813	$   6,726,724	$   208,369	$             –	$            –	0.02%
2	Nov-16	1,337,372,422	9,168	14,536,650	6,719,972	895,056	14,967	–	0.07
3	Dec-16	1,293,094,689	76,080	15,101,729	8,736,743	748,466	208,694	–	0.07
4	Jan-17	1,251,837,216	260,699	13,679,143	8,104,811	1,434,100	116,273	61,933	0.13
5	Feb-17	1,214,235,877	706,726	10,919,865	8,001,406	938,181	154,772	89,500	0.10
6	Mar-17	1,173,985,825	1,099,298	12,122,775	7,180,037	739,560	255,238	97,309	0.09
7	Apr-17	1,138,315,690	1,504,007	10,962,146	8,220,272	704,620	210,399	61,971	0.09
8	May-17	1,099,657,839	1,843,040	11,613,862	7,959,058	1,054,365	167,259	202,615	0.13
9	Jun-17	1,062,846,042	2,216,014	11,547,051	8,174,953	1,004,030	157,417	87,332	0.12
10	Jul-17	1,028,324,958	2,593,744	10,170,453	9,845,426	1,450,557	190,654	113,003	0.17
11	Aug-17	992,002,606	2,880,198	11,769,486	8,777,128	1,173,075	307,297	173,968	0.17
12	Sep-17	957,794,609	3,312,230	10,843,103	9,705,780	805,639	189,207	215,375	0.13
13	Oct-17	922,686,279	3,723,531	10,819,012	9,757,613	1,552,964	209,618	266,355	0.22
14	Nov-17	889,096,950	4,176,004	10,810,037	9,617,813	1,050,037	188,897	186,610	0.16
15	Dec-17	857,086,909	4,723,139	9,837,222	10,238,876	1,353,773	296,170	158,404	0.21
16	Jan-18	823,915,763	5,381,794	9,697,409	9,897,160	923,602	252,954	256,861	0.17
17	Feb-18	792,801,192	5,701,171	9,399,476	8,002,269	1,124,980	236,412	332,917	0.21
18	Mar-18	760,212,401	6,174,020	9,969,945	8,062,607	834,963	170,591	444,802	0.19
19	Apr-18	729,292,266	6,690,878	9,272,712	7,914,272	883,703	202,314	368,151	0.20
20	May-18	697,803,804	6,962,417	10,147,329	8,638,810	1,026,496	138,986	400,025	0.22
21	Jun-18	667,740,379	7,274,538	10,253,683	8,169,539	969,558	224,880	377,672	0.24
22	Jul-18	637,518,625	7,592,461	9,590,487	8,152,854	771,845	222,115	355,438	0.21
23	Aug-18	607,511,884	7,918,579	9,955,881	7,585,320	872,445	142,037	399,464	0.23
24	Sep-18	581,257,646	8,166,013	8,801,013	7,299,329	853,747	303,096	406,894	0.27
25	Oct-18	552,296,939	8,496,160	9,162,121	7,781,728	799,191	320,615	499,631	0.29
26	Nov-18	526,566,041	8,769,494	7,813,056	7,529,605	971,518	216,389	616,907	0.34
27	Dec-18	502,285,052	9,013,658	6,868,572	9,359,814	1,153,536	331,040	570,313	0.41
28	Jan-19	476,455,650	9,460,115	7,866,141	7,435,522	816,066	331,458	622,119	0.37
29	Feb-19	453,883,744	9,595,431	5,795,486	6,103,148	760,566	265,745	716,840	0.38
30	Mar-19	430,096,759	9,858,623	7,165,071	5,463,944	728,083	341,134	638,898	0.40
31	Apr-19	405,696,644	10,089,675	7,739,184	6,039,590	732,392	438,787	587,525	0.43
See page A-1 for footnotes

A-20

Ford Credit Auto Owner Trust 2017-A

____________________________

See page A-1 for footnotes

A-21

Ford Credit Auto Owner Trust 2017-A

Original Pool Characteristics

Closing Date	January 25, 2017			Weighted Average(1) FICO® Score(4) at Origination		736
Cutoff Date	January 1, 2017			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	66,537			for Original Term Greater than 60 Months		714
Initial Pool Balance	$	1,718,023,630		Percentage FICO® Score(4) less than 650(2)		14.74	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.34	%
Average	$	25,821		Weighted Average(1) LTV(6) at Origination		98.16	%
Highest	$	98,029		Weighted Average(1) PTI(7) at Origination		8.64	%
Lowest	$	250		Percentage Subvened-APR Receivables(2)(8)		66.33	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		19.54	%
Average	$	31,676		Percentage New Vehicle(2)		90.68	%
Highest	$	118,810		Percentage Car(2)(10)		22.71	%
Lowest	$	1,655		Percentage Light Truck(2)(10)		43.68	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		33.61	%
Weighted average(1)	2.61		%	Percentage Other(2)(10)		0.00	%
Highest	23.04		%	Percentage of Top 10 Makes/Models(2)		82.35	%
Lowest	0.00		%	Ford F-150	22.17	%
APR greater than or equal to 20 percent(2)	0.00		%	Ford Escape	11.29
Original Term				Ford Explorer	9.00
Weighted average(1)	64.9 months			Ford Fusion	8.81
Original term greater than 60 months(2)	55.08		%	Ford F-250	7.63
Longest	72 months			Ford F-350	6.67
Shortest	12 months			Ford Edge	5.32
Remaining Term				Ford Focus	5.29
Weighted average(1)	56.5 months			Ford Mustang	3.43
Remaining term greater than 60 months(2)	38.73		%	Ford Expedition	2.74
Longest	72 months			Percentage in Top 5 States(2)(11)		39.90	%
Shortest	2 months			Texas	15.20	%
Scheduled Weighted Average Life(3)	2.44 years			California	9.64
Weighted Average(1) Months After Origination				Florida	7.57
(Seasoning)	8.5 months			Illinois	3.92
				Georgia	3.58

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Jan-17	$  1,655,172,739	$          537	$   25,905,448	$   6,816,450	$   145,755	$             –	$            –	0.01%
2	Feb-17	1,603,448,963	34,858	17,255,391	7,900,302	746,225	–	–	0.05
3	Mar-17	1,549,145,727	187,119	17,847,971	7,866,236	590,308	177,887	–	0.05
4	Apr-17	1,502,640,846	519,233	14,648,570	8,150,027	717,620	80,588	–	0.05
5	May-17	1,451,408,833	995,177	17,043,599	7,554,087	1,103,832	290,316	–	0.10
6	Jun-17	1,405,880,778	1,269,839	13,050,454	6,944,006	1,293,190	85,584	–	0.10
7	Jul-17	1,360,086,427	1,864,797	13,911,722	9,684,957	1,042,856	167,300	66,700	0.09
8	Aug-17	1,314,884,157	2,254,816	13,596,527	9,660,392	1,129,263	123,383	46,364	0.10
9	Sep-17	1,271,293,442	2,627,661	13,300,260	9,156,015	1,423,967	120,206	130,256	0.13
10	Oct-17	1,226,554,199	3,253,984	14,086,455	10,287,855	1,117,928	166,448	157,271	0.12
11	Nov-17	1,184,268,329	3,741,374	12,782,836	9,883,228	1,248,789	316,603	255,873	0.15
12	Dec-17	1,142,871,213	4,484,540	12,910,319	11,646,779	1,486,815	103,174	172,930	0.15
13	Jan-18	1,099,605,642	5,140,333	13,505,136	10,497,751	1,393,738	315,998	231,614	0.18
14	Feb-18	1,061,517,791	5,556,606	10,301,526	10,172,045	1,514,601	246,069	335,400	0.20
15	Mar-18	1,019,803,673	6,095,161	12,743,735	8,036,130	812,931	308,316	290,636	0.14
16	Apr-18	980,183,456	6,525,122	12,054,091	8,387,334	1,113,148	156,107	400,356	0.17
17	May-18	940,575,905	6,952,016	12,522,390	9,770,276	964,363	232,398	343,014	0.16
18	Jun-18	902,101,600	7,362,102	12,190,424	9,960,345	992,782	348,465	430,994	0.20
19	Jul-18	863,891,786	7,485,767	12,387,954	9,049,590	773,506	229,166	483,710	0.17
20	Aug-18	825,084,155	7,937,876	12,972,146	9,296,896	1,232,451	139,163	391,454	0.21
21	Sep-18	790,307,872	8,254,716	11,469,883	9,169,860	842,363	324,523	491,786	0.21
22	Oct-18	752,903,855	8,568,543	12,391,743	9,947,633	860,568	240,569	571,856	0.22
23	Nov-18	719,102,317	9,033,779	10,170,714	8,424,375	1,242,955	269,860	678,251	0.30
24	Dec-18	687,436,796	9,385,734	9,070,289	9,725,771	920,128	486,171	858,636	0.33
25	Jan-19	654,055,413	9,809,497	10,363,186	8,714,027	792,555	277,937	986,450	0.31
26	Feb-19	624,245,028	10,206,673	8,105,696	7,920,528	882,785	165,382	1,044,948	0.34
27	Mar-19	593,132,735	10,568,076	8,904,545	7,272,063	603,155	253,648	989,542	0.31
28	Apr-19	562,443,913	10,695,245	9,229,166	5,837,443	790,453	266,854	914,754	0.35
See page A-1 for footnotes

A-22

Ford Credit Auto Owner Trust 2017-B

____________________________

See page A-1 for footnotes

A-23

Ford Credit Auto Owner Trust 2017-B

Original Pool Characteristics

Closing Date	June 27, 2017			Weighted Average(1) FICO® Score(4) at Origination		734
Cutoff Date	June 1, 2017			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	55,385			for Original Term Greater than 60 Months		714
Initial Pool Balance	$	1,410,368,511		Percentage FICO® Score(4) less than 650(2)		15.14	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.24	%
Average	$	25,465		Weighted Average(1) LTV(6) at Origination		98.56	%
Highest	$	98,260		Weighted Average(1) PTI(7) at Origination		8.67	%
Lowest	$	262		Percentage Subvened-APR Receivables(2)(8)		65.54	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		20.05	%
Average	$	32,062		Percentage New Vehicle(2)		89.69	%
Highest	$	114,586		Percentage Car(2)(10)		22.10	%
Lowest	$	1,000		Percentage Light Truck(2)(10)		44.17	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		33.73	%
Weighted average(1)	2.71		%	Percentage Other(2)(10)		0.00	%
Highest	23.49		%	Percentage of Top 10 Makes/Models(2)		82.24	%
Lowest	0.00		%	Ford F-150	24.14	%
APR greater than or equal to 20 percent(2)	0.00		%	Ford Escape	10.16
Original Term				Ford Explorer	9.91
Weighted average(1)	65.2 months			Ford Fusion	8.80
Original term greater than 60 months(2)	56.98		%	Ford F-250	7.22
Longest	72 months			Ford F-350	5.60
Shortest	12 months			Ford Edge	5.43
Remaining Term				Ford Focus	5.23
Weighted average(1)	55.9 months			Ford Mustang	2.99
Remaining term greater than 60 months(2)	41.30		%	Ford Expedition	2.76
Longest	72 months			Percentage in Top 5 States(2)(11)		41.79	%
Shortest	2 months			Texas	15.22	%
Scheduled Weighted Average Life(3)	2.42 years			California	10.91
Weighted Average(1) Months After Origination				Florida	7.86
(Seasoning)	9.3 months			Georgia	3.93
				Illinois	3.87

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Jun-17	$  1,360,583,351	$          221	$   18,999,605	$   4,569,397	$             –	$             –	$            –	0.00%
2	Jul-17	1,317,392,593	28,413	14,427,507	7,109,432	714,943	33,961	–	0.06
3	Aug-17	1,272,989,834	272,650	15,804,894	5,854,663	909,243	37,796	33,961	0.08
4	Sep-17	1,232,228,253	475,196	13,749,945	6,996,319	649,782	355,824	50,590	0.09
5	Oct-17	1,192,209,168	798,745	12,179,834	6,903,130	752,184	54,925	113,163	0.08
6	Nov-17	1,154,637,350	1,108,183	11,538,540	8,198,620	796,324	223,577	51,060	0.09
7	Dec-17	1,117,395,637	1,569,115	11,081,960	8,608,095	1,013,043	104,534	231,024	0.12
8	Jan-18	1,078,074,055	2,078,871	12,486,729	9,225,432	1,017,952	121,757	219,567	0.13
9	Feb-18	1,043,429,296	2,337,310	9,316,354	8,826,311	808,941	326,493	247,714	0.13
10	Mar-18	1,005,298,065	2,754,000	11,976,352	7,657,256	1,015,547	160,393	217,361	0.14
11	Apr-18	969,334,863	3,088,586	11,619,792	7,691,475	1,010,352	243,379	166,610	0.15
12	May-18	933,049,971	3,386,019	11,537,594	8,621,025	1,285,998	275,642	275,283	0.20
13	Jun-18	898,978,756	3,752,380	10,422,487	9,552,887	798,429	204,260	333,336	0.15
14	Jul-18	865,628,162	4,044,796	9,686,520	8,028,531	1,025,347	361,247	367,195	0.20
15	Aug-18	831,483,100	4,417,852	10,684,955	7,724,561	1,012,260	94,505	487,365	0.19
16	Sep-18	799,736,593	4,897,429	10,470,223	9,834,433	964,054	169,793	405,312	0.19
17	Oct-18	764,910,616	5,484,743	11,838,697	8,895,642	781,141	278,843	428,540	0.19
18	Nov-18	734,157,711	5,943,500	9,241,400	7,491,578	1,111,439	147,547	350,463	0.22
19	Dec-18	703,399,766	6,160,233	10,077,624	9,222,020	1,118,132	240,159	307,542	0.24
20	Jan-19	672,983,797	6,443,846	9,378,347	7,571,945	921,316	246,959	456,153	0.24
21	Feb-19	645,872,330	6,866,057	7,370,759	6,952,974	833,299	279,330	398,430	0.23
22	Mar-19	616,354,625	7,250,685	8,656,366	6,490,185	534,745	259,558	338,253	0.18
23	Apr-19	588,498,415	7,326,340	7,975,747	6,061,054	935,756	275,578	373,727	0.27
See page A-1 for footnotes

A-24

Ford Credit Auto Owner Trust 2017-C

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See page A-1 for footnotes

A-25

Ford Credit Auto Owner Trust 2017-C

Original Pool Characteristics

Closing Date	November 21, 2017			Weighted Average(1) FICO® Score(4) at Origination		739
Cutoff Date	November 1, 2017			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	78,146			for Original Term Greater than 60 Months		720
Initial Pool Balance	$	1,997,343,293		Percentage FICO® Score(4) less than 650(2)		13.93	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.15	%
Average	$	25,559		Weighted Average(1) LTV(6) at Origination		97.32	%
Highest	$	98,631		Weighted Average(1) PTI(7) at Origination		8.63	%
Lowest	$	260		Percentage Subvened-APR Receivables(2)(8)		59.89	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		19.58	%
Average	$	32,555		Percentage New Vehicle(2)		89.73	%
Highest	$	118,527		Percentage Car(2)(10)		19.76	%
Lowest	$	1,000		Percentage Light Truck(2)(10)		46.70	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		33.54	%
Weighted average(1)	3.06		%	Percentage Other(2)(10)		0.00	%
Highest	23.89		%	Percentage of Top 10 Makes/Models(2)		82.82	%
Lowest	0.00		%	Ford F-150	25.50	%
APR greater than or equal to 20 percent(2)	0.01		%	Ford Explorer	10.90
Original Term				Ford Escape	8.79
Weighted average(1)	65.3 months			Ford F-250	8.35
Original term greater than 60 months(2)	58.15		%	Ford Fusion	7.82
Longest	72 months			Ford F-350	6.20
Shortest	6 months			Ford Edge	5.73
Remaining Term				Ford Focus	4.22
Weighted average(1)	56.2 months			Ford Mustang	2.85
Remaining term greater than 60 months(2)	39.92		%	Ford Expedition	2.46
Longest	72 months			Percentage in Top 5 States(2)(11)		37.97	%
Shortest	2 months			Texas	16.53	%
Scheduled Weighted Average Life(3)	2.44 years			California	9.91
Weighted Average(1) Months After Origination				Illinois	4.02
(Seasoning)	9.1 months			Ohio	3.82
				Georgia	3.69

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Nov-17	$  1,911,964,416	$          386	$   41,681,835	$   7,408,272	$              –	$             –	$            –	0.00%
2	Dec-17	1,841,726,585	58,604	30,082,977	10,812,716	547,174	–	–	0.03
3	Jan-18	1,772,129,464	228,703	28,264,617	9,851,889	1,176,509	124,783	–	0.07
4	Feb-18	1,712,672,524	523,854	20,695,098	10,131,010	989,445	90,114	43,056	0.07
5	Mar-18	1,651,448,533	935,599	20,997,344	9,100,134	820,052	81,280	62,754	0.06
6	Apr-18	1,594,753,247	1,538,941	18,782,467	9,261,063	1,182,758	91,908	121,875	0.09
7	May-18	1,538,363,664	2,122,059	18,766,538	9,324,402	1,085,204	249,652	87,575	0.09
8	Jun-18	1,486,547,091	2,588,148	16,323,784	10,490,562	862,987	181,349	79,459	0.08
9	Jul-18	1,434,722,679	3,092,699	15,865,870	10,870,293	1,112,564	109,502	198,452	0.10
10	Aug-18	1,382,351,165	3,507,632	16,896,141	10,475,594	1,063,452	213,554	141,938	0.10
11	Sep-18	1,334,432,627	4,007,865	15,450,000	11,750,265	1,313,110	205,972	180,111	0.13
12	Oct-18	1,283,514,255	4,694,334	16,381,622	12,008,464	1,008,040	345,091	208,027	0.12
13	Nov-18	1,237,694,092	5,338,669	13,319,619	10,690,877	1,644,131	152,426	305,781	0.17
14	Dec-18	1,192,490,908	5,958,957	13,871,425	13,029,094	1,404,098	137,060	392,893	0.16
15	Jan-19	1,146,514,770	6,472,902	14,220,271	11,689,211	1,364,145	219,805	375,814	0.17
16	Feb-19	1,103,861,556	6,966,784	12,162,076	10,510,148	1,413,690	364,063	343,900	0.19
17	Mar-19	1,058,566,170	7,516,426	14,018,489	8,730,875	1,259,057	234,008	413,631	0.18
18	Apr-19	1,013,628,839	7,813,206	14,344,572	8,791,634	1,235,160	451,264	342,445	0.20
See page A-1 for footnotes

A-26

Ford Credit Auto Owner Trust 2018-A

____________________________

See page A-1 for footnotes

A-27

Ford Credit Auto Owner Trust 2018-A

Original Pool Characteristics

Closing Date	May 22, 2018			Weighted Average(1) FICO® Score(4) at Origination		737
Cutoff Date	May 1, 2018			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	64,956			for Original Term Greater than 60 Months		718
Initial Pool Balance	$	1,727,999,801		Percentage FICO® Score(4) less than 650(2)		14.36	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.16	%
Average	$	26,603		Weighted Average(1) LTV(6) at Origination		96.78	%
Highest	$	99,451		Weighted Average(1) PTI(7) at Origination		8.62	%
Lowest	$	252		Percentage Subvened-APR Receivables(2)(8)		54.84	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		22.24	%
Average	$	33,309		Percentage New Vehicle(2)		88.34	%
Highest	$	128,619		Percentage Car(2)(10)		16.34	%
Lowest	$	1,018		Percentage Light Truck(2)(10)		49.84	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		33.83	%
Weighted average(1)	3.55		%	Percentage Other(2)(10)		0.00	%
Highest	21.50		%	Percentage of Top 10 Makes/Models(2)		82.70	%
Lowest	0.00		%	Ford F-150	24.92	%
APR greater than or equal to 20 percent(2)	0.00		%	Ford Explorer	11.59
Original Term				Ford F-250	10.34
Weighted average(1)	65.2 months			Ford Escape	8.29
Original term greater than 60 months(2)	57.59		%	Ford F-350	7.20
Longest	72 months			Ford Fusion	6.37
Shortest	12 months			Ford Edge	5.67
Remaining Term				Ford Focus	3.26
Weighted average(1)	57.0 months			Ford Expedition	2.64
Remaining term greater than 60 months(2)	42.35		%	Ford Mustang	2.43
Longest	72 months			Percentage in Top 5 States(2)(11)		42.58	%
Shortest	2 months			Texas	17.09	%
Scheduled Weighted Average Life(3)	2.49 years			California	10.43
Weighted Average(1) Months After Origination				Florida	7.85
(Seasoning)	8.2 months			Illinois	3.66
				Georgia	3.56

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	May-18	$  1,652,868,448	$      16,939	$   37,039,484	$   7,011,418	$     71,262	$             –	$           –	0.00%
2	Jun-18	1,591,821,805	46,980	26,081,870	7,007,489	662,101	–	–	0.04
3	Jul-18	1,534,011,405	204,110	22,874,524	8,136,441	713,125	56,892	–	0.05
4	Aug-18	1,478,510,604	544,550	21,253,223	8,939,593	647,749	136,975	12,739	0.05
5	Sep-18	1,431,613,521	895,128	15,914,380	8,912,232	1,238,050	118,866	79,552	0.10
6	Oct-18	1,382,725,534	1,420,600	15,852,681	9,659,182	991,589	314,841	187,272	0.11
7	Nov-18	1,338,691,626	1,940,547	13,132,745	9,096,574	1,112,742	204,242	204,972	0.11
8	Dec-18	1,295,721,772	2,351,153	13,326,340	12,121,511	1,728,574	300,148	286,890	0.18
9	Jan-19	1,250,818,099	3,087,385	14,518,692	10,157,957	1,621,796	199,087	348,593	0.17
10	Feb-19	1,210,740,485	3,580,693	11,304,362	9,924,943	1,359,938	343,035	354,510	0.17
11	Mar-19	1,167,092,994	4,146,243	13,920,606	8,575,878	1,122,614	187,893	319,249	0.14
12	Apr-19	1,125,280,509	4,802,280	12,333,710	8,458,945	970,837	390,347	295,796	0.15
See page A-1 for footnotes

A-28

Ford Credit Auto Owner Trust 2018-B

____________________________

See page A-1 for footnotes

A-29

Ford Credit Auto Owner Trust 2018-B

Original Pool Characteristics

Closing Date	October 23, 2018			Weighted Average(1) FICO® Score(4) at Origination		739
Cutoff Date	October 1, 2018			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	40,936			for Original Term Greater than 60 Months		719
Initial Pool Balance	$	1,161,498,793		Percentage FICO® Score(4) less than 650(2)		14.38	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.10	%
Average	$	28,374		Weighted Average(1) LTV(6) at Origination		97.71	%
Highest	$	99,886		Weighted Average(1) PTI(7) at Origination		8.48	%
Lowest	$	286		Percentage Subvened-APR Receivables(2)(8)		62.17	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		19.88	%
Average	$	33,827		Percentage New Vehicle(2)		86.84	%
Highest	$	118,762		Percentage Car(2)(10)		14.80	%
Lowest	$	2,550		Percentage Light Truck(2)(10)		47.47	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		37.74	%
Weighted average(1)	3.46		%	Percentage Other(2)(10)		0.00	%
Highest	22.49		%	Percentage of Top 10 Makes/Models(2)		82.76	%
Lowest	0.00		%	Ford F-150	26.48	%
APR greater than or equal to 20 percent(2)	0.01		%	Ford Explorer	13.85
Original Term				Ford Escape	8.82
Weighted average(1)	65.4 months			Ford F-250	8.02
Original term greater than 60 months(2)	57.95		%	Ford F-350	6.50
Longest	72 months			Ford Fusion	6.23
Shortest	12 months			Ford Edge	5.83
Remaining Term				Ford Expedition	2.46
Weighted average(1)	58.4 months			Ford Focus	2.43
Remaining term greater than 60 months(2)	46.63		%	Lincoln MKX	2.14
Longest	72 months			Percentage in Top 5 States(2)(11)		42.33	%
Shortest	2 months			Texas	17.16	%
Scheduled Weighted Average Life(3)	2.54 years			California	9.85
Weighted Average(1) Months After Origination				Florida	7.52
(Seasoning)	7.0 months			Illinois	3.91
				Georgia	3.89

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Oct-18	$  1,113,830,882	$           150	$22,979,543	$4,450,358	$89,919	$–	$–	0.01%
2	Nov-18	1,076,939,266	7,962	14,635,458	4,980,187	357,838	–	–	0.03
3	Dec-18	1,042,636,733	175,336	13,224,466	7,166,904	690,320	15,024	–	0.07
4	Jan-19	1,008,343,193	558,757	12,728,367	6,004,788	685,204	59,232	15,024	0.08
5	Feb-19	979,080,880	817,446	8,826,842	5,968,744	777,197	22,552	37,864	0.09
6	Mar-19	947,781,418	1,152,106	9,752,374	5,434,798	674,787	109,293	22,840	0.09
7	Apr-19	916,652,467	1,530,657	9,754,585	5,370,059	641,853	199,958	84,451	0.10
See page A-1 for footnotes

A-30

Ford Credit Auto Owner Trust 2019-A

____________________________

See page A-1 for footnotes

A-31

Ford Credit Auto Owner Trust 2019-A

Original Pool Characteristics

Closing Date	March 22, 2019			Weighted Average(1) FICO® Score(4) at Origination		738
Cutoff Date	March 1, 2019			Weighted Average(1) FICO® Score(4) at Origination
Number of Receivables	60,790			for Original Term Greater than 60 Months		716
Initial Pool Balance	$	1,786,699,021		Percentage FICO® Score(4) less than 650(2)		14.33	%
Principal Balance				Percentage No FICO® Score Consumer(2)(5)		1.13	%
Average	$	29,391		Weighted Average(1) LTV(6) at Origination		98.78	%
Highest	$	99,942		Weighted Average(1) PTI(7) at Origination		8.68	%
Lowest	$	260		Percentage Subvened-APR Receivables(2)(8)		68.32	%
Original Amount Financed				Percentage Commercial Use Receivables(2)(9)		21.08	%
Average	$	35,184		Percentage New Vehicle(2)		88.24	%
Highest	$	121,625		Percentage Car(2)(10)		13.01	%
Lowest	$	1,559		Percentage Light Truck(2)(10)		49.39	%
Annual Percentage Rate (APR)				Percentage Utility(2)(10)		37.60	%
Weighted average(1)	3.42		%	Percentage Other(2)(10)		0.00	%
Highest	23.44		%	Percentage of Top 10 Makes/Models(2)		82.46	%
Lowest	0.00		%	Ford F-150	29.46	%
APR greater than or equal to 20 percent(2)	0.02		%	Ford Explorer	12.57
Original Term				Ford F-250	7.81
Weighted average(1)	65.1 months			Ford Escape	7.80
Original term greater than 60 months(2)	56.35		%	Ford Edge	5.66
Longest	72 months			Ford Fusion	5.55
Shortest	12 months			Ford F-350	5.35
Remaining Term				Ford Expedition	4.26
Weighted average(1)	58.1 months			Ford Focus	2.06
Remaining term greater than 60 months(2)	45.18		%	Lincoln MKX	1.94
Longest	72 months			Percentage in Top 5 States(2)(11)		44.38	%
Shortest	2 months			Texas	18.50	%
Scheduled Weighted Average Life(3)	2.53 years			California	11.36
Weighted Average(1) Months After Origination				Florida	7.68
(Seasoning)	7.0 months			Georgia	3.54
				Illinois	3.30

		End-of-Month	Cumulative		Delinquencies(15)
Month	Date	Pool Balance(12)	Net Losses(13)	Prepayments(14)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	Mar-19	$  1,721,113,788	$          190	$  28,491,172	$   5,689,926	$   52,499	$            –	$            –	0.00%
2	Apr-19	1,663,635,691	51,446	22,308,280	5,984,054	615,719	–	–	0.04
See page A-1 for footnotes

A-32

Ford Credit Auto Owner Trusts

Delinquency Information.  The graph below shows delinquency information for Ford Credit’s prior securitized pools of retail installment sale contracts for all transactions issued since 2014.

Cumulative Net Loss Information.  The graph below shows cumulative net loss information for Ford Credit’s prior securitized pools of retail installment sale contracts for all transactions issued since 2014.

____________________________

See page A-1 for footnotes

A-33

You should rely only on the information in or incorporated by reference into this prospectus.  We have not authorized anyone to give you different information.  You should not rely on the accuracy of the information in this prospectus for any date other than its date.  We are not offering the notes in any state where their offer is not permitted.	Ford Credit Auto Owner Trust 2019-B Issuing Entity or Trust
	$203,000,000	Class A-1 2.38663% Asset Backed Notes
	$220,000,000	Class A-2a 2.35% Asset Backed Notes
	$126,020,000	Class A-2b Floating Rate Asset Backed Notes
Ford Credit Auto Receivables Two LLC Depositor
	$346,060,000	Class A-3 2.23% Asset Backed Notes
	$105,020,000	Class A-4 2.24% Asset Backed Notes
Ford Motor Credit Company LLC Sponsor and Servicer
	$ 31,580,000	Class B 2.40% Asset Backed Notes
	$ 21,060,000	Class C 2.58% Asset Backed Notes
	PROSPECTUS
Dealer Prospectus Delivery Obligation.  Until 90 days after the date of this prospectus all dealers that effect transactions in these securities, whether or not participating in the offering, may be required to deliver a prospectus.  This is in addition to the dealers’ obligation to deliver a prospectus when acting as underwriters and for their unsold allotments or subscriptions.	Barclays Credit Suisse RBC Capital Markets Deutsche Bank Securities Morgan Stanley Bradesco BBI COMMERZBANK