0001663129-19-000022.txt : 20191025 0001663129-19-000022.hdr.sgml : 20191025 20191025145615 ACCESSION NUMBER: 0001663129-19-000022 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190930 0001129987 0000038009 FILED AS OF DATE: 20191025 DATE AS OF CHANGE: 20191025 ABS ASSET CLASS: Auto loans FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ford Credit Auto Owner Trust 2016-A CENTRAL INDEX KEY: 0001663129 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 477343613 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-205966-02 FILM NUMBER: 191169503 BUSINESS ADDRESS: STREET 1: C/O FORD MOTOR CO , WHQ STE 801-C1 STREET 2: ONE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48126 BUSINESS PHONE: 3135943495 MAIL ADDRESS: STREET 1: C/O FORD MOTOR CO , WHQ STE 801-C1 STREET 2: ONE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48126 10-D 1 fcaot2016-a10xdform_septem.htm 10-D Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-D
 
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the monthly distribution period from September 1, 2019 to September 30, 2019
Commission File Number of issuing entity: 333-205966-02
Central Index Key Number of issuing entity: 0001663129
Ford Credit Auto Owner Trust 2016-A
(Exact name of issuing entity as specified on its charter)
Commission File Number of depositor: 333-205966
Central Index Key Number of depositor: 0001129987
Ford Credit Auto Receivables Two LLC
(Exact name of depositor as specified on its charter)
Central Index Key Number of sponsor: 0000038009
Ford Motor Credit Company LLC
(Exact name of sponsor as specified in its charter)
Ryan M. Hershberger, Phone: 313-594-3495
(Name and telephone number, including area code, of the person to contact in connection with this filing)
Delaware
(State or jurisdiction of incorporation or organization of the issuing entity)
47-7343613
(I.R.S. Employer Identification No.)
c/o U.S. Bank Trust National Association
300 Delaware Avenue, 9th Floor,
Wilmington, Delaware
(Address of principal executive offices)
               19801
                  (zip code)
(302) 576-3700
(Telephone Number, including area code)
Registered/reporting pursuant to (check one)
Title of Class
Section 12(b)
Section 12(g)
Section 15(d)
         Name of Exchange
         (If Section 12(b))
Class A-1 Notes
 
 
X
 
Class A-2a Notes
 
 
X
 
Class A-2b Notes
 
 
X
 
Class A-3 Notes
 
 
X
 
Class A-4 Notes
 
 
X
 
Class B Notes
 
 
X
 
Class C Notes
 
 
X
 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
 

1


PART I - DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

Distribution and performance information of the asset pool of the issuing entity is set forth in the attached Monthly Investor Report.

PART II - OTHER INFORMATION

Item 10. Exhibits.
(a) Documents filed as part of this report:
Exhibit 99
(b) Exhibits required by this Form and Item 601 of Regulation S-K:
 
None


2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Servicer, on behalf of the issuing entity, has duly caused this report to be signed by the undersigned duly authorized.
 
Ford Credit Auto Owner Trust 2016-A
 
(Issuing entity)
 
 
 
By: Ford Motor Credit Company LLC (Servicer)
 
 
 
/s/ Ryan M. Hershberger
 
Ryan M. Hershberger
 
Assistant Treasurer
Date: October 25, 2019




3
 EX-99 2 fcaot2016-ainvestorreporte.htm EXHIBIT 99 Exhibit


Ford Credit Auto Owner Trust 2016-A
Monthly Investor Report
Collection Period
September 2019

Payment Date
10/15/2019

Transaction Month
45

Additional information about the structure, cashflows, defined terms and parties for this transaction can be found in the prospectus, available on the SEC website (http://www.sec.gov) under the registration number 333-205966 and at https://www.ford.com/finance/investor-center/asset-backed-securitization.
I. ORIGINAL DEAL PARAMETERS    
 
Dollar Amount
 
# of Receivables
 
Weighted Avg Remaining Term at Cutoff
Initial Pool Balance
$
1,144,164,174.83

 
45,966

 
57.9 months
 
 
 
 
 
 
 
Dollar Amount
 
Note Interest Rate
 
Final Scheduled Payment Date
Original Securities
 
 
 
 
 
          Class A-1 Notes
$
228,900,000.00

 
0.68
%
 
February 15, 2017
          Class A-2a Notes
$
200,000,000.00

 
1.12
%
 
December 15, 2018
          Class A-2b Notes
$
163,100,000.00

 
2.42750
%
*
December 15, 2018
          Class A-3 Notes
$
305,200,000.00

 
1.39
%
 
July 15, 2020
          Class A-4 Notes
$
102,780,000.00

 
1.60
%
 
June 15, 2021
          Class B Notes
$
31,580,000.00

 
1.94
%
 
July 15, 2021
          Class C Notes
$
21,050,000.00

 
2.19
%
 
July 15, 2022
                         Total
$
1,052,610,000.00

 
 
 
 
 
 
 
* One-month LIBOR + 0.40%
II. AVAILABLE FUNDS
Interest:
 
        Interest Collections
$
292,689.37

 
 
Principal:
 
        Principal Collections
$
7,266,709.59

        Prepayments in Full
$
2,796,163.88

        Liquidation Proceeds
$
42,168.90

        Recoveries
$
101,692.05

                  Sub Total
$
10,206,734.42

Collections
$
10,499,423.79

 
 
Purchase Amounts:
 
        Purchase Amounts Related to Principal
$
113,188.69

        Purchase Amounts Related to Interest
$
463.66

                  Sub Total
$
113,652.35

 
 
        Clean-up Call
$
0.00

 
 
        Reserve Account Draw Amount
$
0.00

 
 
Available Funds - Total
$
10,613,076.14


Page 1


Ford Credit Auto Owner Trust 2016-A
Monthly Investor Report
Collection Period
September 2019

Payment Date
10/15/2019

Transaction Month
45

III. DISTRIBUTION
 
Calculated Amount
 
Amount Paid
 
Shortfall
 
Carryover Shortfall
 
Remaining Available Funds
Trustee and Other Fees/Expenses
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
10,613,076.14

Servicing Fee
$
112,471.68

 
$
112,471.68

 
$
0.00

 
$
0.00

 
$
10,500,604.46

Interest - Class A-1 Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
10,500,604.46

Interest - Class A-2a Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
10,500,604.46

Interest - Class A-2b Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
10,500,604.46

Interest - Class A-3 Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
10,500,604.46

Interest - Class A-4 Notes
$
69,619.18

 
$
69,619.18

 
$
0.00

 
$
0.00

 
$
10,430,985.28

First Priority Principal Payment
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
10,430,985.28

Interest - Class B Notes
$
51,054.33

 
$
51,054.33

 
$
0.00

 
$
0.00

 
$
10,379,930.95

Second Priority Principal Payment
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
10,379,930.95

Interest - Class C Notes
$
38,416.25

 
$
38,416.25

 
$
0.00

 
$
0.00

 
$
10,341,514.70

Reserve Account Deposit
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
10,341,514.70

Regular Principal Payment
$
9,516,855.88

 
$
9,516,855.88

 
$
0.00

 
$
0.00

 
$
824,658.82

Additional Trustee and Other Fees/Expenses
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
824,658.82

Residual Released to Depositor
$
0.00

 
$
824,658.82

 
$
0.00

 
$
0.00

 
$
0.00

Total
 
 
$
10,613,076.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal Payment:
 
 
 
 
 
 
 
 
 
        First Priority Principal Payment
 
 
 
 
 
 
 
 
$
0.00

        Second Priority Principal Payment
 
 
 
 
 
 
 
 
$
0.00

        Regular Principal Payment
 
 
 
 
 
 
 
 
$
9,516,855.88

        Total
 
 
 
 
 
 
 
 
$
9,516,855.88

IV. NOTEHOLDER PAYMENTS
 
Noteholder Principal Payments
 
Noteholder Interest Payments
 
Total Payments
Original
Actual
 
Per $1,000 of Original Balance
 
Actual
 
Per $1,000 of Original Balance
 
Actual
 
Per $1,000 of Original Balance
Class A-1 Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

Class A-2a Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

Class A-2b Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

Class A-3 Notes
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

 
$
0.00

Class A-4 Notes
$
9,516,855.88

 
$
92.59

 
$
69,619.18

 
$
0.68

 
$
9,586,475.06

 
$
93.27

Class B Notes
$
0.00

 
$
0.00

 
$
51,054.33

 
$
1.62

 
$
51,054.33

 
$
1.62

Class C Notes
$
0.00

 
$
0.00

 
$
38,416.25

 
$
1.83

 
$
38,416.25

 
$
1.83

Total
$
9,516,855.88

 
$
9.04

 
$
159,089.76

 
$
0.15

 
$
9,675,945.64

 
$
9.19


Page 2


Ford Credit Auto Owner Trust 2016-A
Monthly Investor Report
Collection Period
September 2019

Payment Date
10/15/2019

Transaction Month
45


V. NOTE BALANCE AND POOL INFORMATION
 
Beginning of Period Balance
 
Note Factor
 
End of Period Balance
 
Note Factor
Class A-1 Notes
$
0.00

 
0.0000000
 
$
0.00

 
0.0000000
Class A-2a Notes
$
0.00

 
0.0000000
 
$
0.00

 
0.0000000
Class A-2b Notes
$
0.00

 
0.0000000
 
$
0.00

 
0.0000000
Class A-3 Notes
$
0.00

 
0.0000000
 
$
0.00

 
0.0000000
Class A-4 Notes
$
52,214,386.17

 
0.5080209
 
$
42,697,530.29

 
0.4154264
Class B Notes
$
31,580,000.00

 
1.0000000
 
$
31,580,000.00

 
1.0000000
Class C Notes
$
21,050,000.00

 
1.0000000
 
$
21,050,000.00

 
1.0000000
Total
$
104,844,386.17

 
0.0996042
 
$
95,327,530.29

 
0.0905630
Pool Information
 
 
 
Weighted Average APR
2.600
%
 
2.598
%
Weighted Average Remaining Term
21.75

 
21.03

Number of Receivables Outstanding
15,544

 
14,873

Pool Balance
$
134,966,019.11

 
$
124,650,306.15

Adjusted Pool Balance (Pool Balance - YSOC Amount)
$
125,896,577.10

 
$
116,379,721.22

Pool Factor
0.1179604

 
0.1089444


VI. OVERCOLLATERALIZATION INFORMATION
Specified Reserve Balance
$
5,720,820.87

Targeted Credit Enhancement Amount
$
5,720,820.87

Yield Supplement Overcollateralization Amount
$
8,270,584.93

Targeted Overcollateralization Amount
$
29,322,775.86

Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance)
$
29,322,775.86


VII. RECONCILIATION OF RESERVE ACCOUNT
Beginning Reserve Account Balance
$
5,720,820.87

Reserve Account Deposits Made
$
0.00

Reserve Account Draw Amount
$
0.00

Ending Reserve Account Balance
$
5,720,820.87

Change in Reserve Account Balance
$
0.00

Specified Reserve Balance
$
5,720,820.87



Page 3


Ford Credit Auto Owner Trust 2016-A
Monthly Investor Report
Collection Period
September 2019

Payment Date
10/15/2019

Transaction Month
45

VIII. NET LOSS AND DELINQUENT RECEIVABLES
 
 
 
# of Receivables
 
Amount
Current Collection Period Loss:
 
 
 
 
 
Realized Loss (Charge-Offs)
 
 
56
 
$
97,481.90

(Recoveries)
 
 
112
 
$
101,692.05

Net Loss for Current Collection Period
 
 
 
 
$
(4,210.15
)
Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized)
 
 
 
 
-0.0374
 %
 
 
 
 
 
 
Prior and Current Collection Periods Average Loss:
 
 
 
 
 
 
 
 
 
 
 
Ratio of Net Loss to the Average Pool Balance (annualized)
 
 
 
 
 
Third Prior Collection Period
 
 
 
 
0.8803
 %
Second Prior Collection Period
 
0.2799
 %
Prior Collection Period
 
 
 
 
1.1760
 %
Current Collection Period
 
 
 
 
-0.0389
 %
Four Month Average (Current and Prior Three Collection Periods)
 
 
 
 
0.5743
 %
 
 
 
 
 
 
Cumulative Loss:
 
 
 
 
 
Cumulative Realized Loss (Charge-Offs)
 
 
3148
 
$
11,584,144.21

(Cumulative Recoveries)
 
 
 
 
$
2,410,807.68

Cumulative Net Loss for All Collection Periods
 
 
 
 
$
9,173,336.53

Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance
 
 
 
0.8018
 %
 
 
 
 
 
 
Average Realized Loss for Receivables that have experienced a Realized Loss
 
 
 
 
$
3,679.84

Average Net Loss for Receivables that have experienced a Realized Loss
 
 
 
 
$
2,914.02

 
 
 
 
 
 
 
% of EOP Pool Balance
 
# of Receivables
 
Amount
Delinquent Receivables:
 
 
 
 
 
31-60 Days Delinquent
2.48
%
 
250
 
$
3,089,684.33

61-90 Days Delinquent
0.25
%
 
22
 
$
306,269.94

91-120 Days Delinquent
0.02
%
 
2
 
$
20,567.88

Over 120 Days Delinquent
0.50
%
 
40
 
$
623,489.52

Total Delinquent Receivables
3.24
%
 
314
 
$
4,040,011.67

 
Repossession Inventory:
 
 
 
 
 
Repossessed in the Current Collection Period
 
 
12
 
$
128,977.92

Total Repossessed Inventory
 
 
19
 
$
203,947.65

 
 
 
 
 
 
Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables:
 
 
 
 
 
Second Prior Collection Period
 
 
 
 
0.4866
 %
Prior Collection Period
 
 
 
 
0.4246
 %
Current Collection Period
 
 
 
 
0.4303
 %
Three Month Average
 
 
 
 
0.4472
 %
 
 
 
 
 
 
Delinquency Trigger (61+ Delinquent Receivables)
 
 
 
 
 
Transaction Month
Trigger

 
 
 
 
1-12
1.00
%
 
 
 
 
13-24
1.75
%
 
 
 
 
25-36
3.25
%
 
 
 
 
37+
5.00
%
 
 
 
 
 61+ Delinquent Receivables Balance to EOP Pool Balance
 
 
 
 
0.7624
 %
Delinquency Trigger Occurred
 
 
 
 
No


Page 4


Ford Credit Auto Owner Trust 2016-A
Monthly Investor Report
Collection Period
September 2019

Payment Date
10/15/2019

Transaction Month
45


IX. REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)
No Activity to report
 
Most Recent Form ABS-15G for repurchase demand activity
 
Filed by: Ford Motor Credit Company LLC
CIK#: 0000038009
Date: February 6, 2019

SERVICER CERTIFICATION
THIS REPORT IS ACCURATE IN ALL MATERIAL RESPECTS.
Ford Motor Credit Company LLC
/s/ Ryan M. Hershberger
Assistant Treasurer

Page 5