Form FWP Ford Credit Auto Lease Trust 2019-b

Filing under Securities Act Rules 163/433 of free writing prospectuses

Published: 2019-07-18 16:19:53
Submitted: 2019-07-18
a19-12884_7fwp.htm FWP


Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement Nos. 333-231819 and 333-231819-03

Ford Credit Auto Lease Trust 2019-B Investor Roadshow July 2019

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Free Writing Prospectus Registration Statement No. 333-231819 Ford Credit Auto Lease Two LLC (“the depositor”) Ford Credit Auto Lease Trust 2019-B (“the issuer”) This document constitutes a free writing prospectus for purposes of the Securities Act of 1933. The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at sec.report. Alternatively, you may request that a copy of the prospectus be sent to you by calling toll-free 1-800-854-5674, BNP Paribas Securities Corp. Syndicate Desk. 2

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FCALT 2019-B Roadshow Transaction Issuer Participants Ford Credit Auto Lease Trust 2019-B Depositor Ford Credit Auto Lease Two LLC Servicer and Sponsor Ford Motor Credit Company LLC Indenture Trustee U.S. Bank National Association Owner Trustee The Bank of New York Mellon Delaware Trustee BNY Mellon Trust of Delaware Accountants PricewaterhouseCoopers LLP Active Joint-Lead Managers BNP Paribas Securities Corp. J.P. Morgan Securities LLC SMBC Nikko Securities America, Inc. Passive Joint-Lead Managers Credit Agricole Securities (USA) Inc. Morgan Stanley and Co. LLC Asset Representation Reviewer Clayton Fixed Income Services LLC 3

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FCALT 2019-B Roadshow Executive Summary • Ford Credit Auto Lease Trust 2019-B (“FCALT 2019-B”) plans to offer $1.0 billion of AAA-rated Class A Notes and $56.2 million of AA-rated Class B Notes – Offering will include fixed-rate A-2a and floating-rate A-2b Notes which will be sized to demand; class A-2b notes are not expected to exceed $200.0 million • Consistent collateral eligibility and credit enhancement compared with prior transactions; – Initial hard credit enhancement on Class A Notes of 20.15% (target of 22.65%) including subordination (8.70%), overcollateralization (11.20%) and reserve account (0.25%) Estimated excess spread per annum of 4.23% – 4

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FCALT 2019-B Roadshow Transaction Summary • FCALT 2019-B will be the 17th public term ABS issuance from Ford Credit’s lease securitization program. Ford Credit previously sponsored three Rule 144A term lease ABS transactions in 2009 and 2010 FCALT 2019-B plans to offer $1,000,000,000 of AAA-rated Class A notes and $56,180,000 of AA-rated Class B notes. The depositor initially will retain $52,430,000 of unrated Class C notes FCALT 2019-B will use a senior / subordinate, sequential pay structure pre-and post-event of default Similar to previous Ford Credit lease securitizations, FCALT 2019-B will use an exchange note structure. The exchange note is secured by a reference pool of leases and leased vehicles The principal amount of the notes will be based on the securitization value of the leases. The securitization value of a lease is the sum of the present values of (1) the remaining scheduled base monthly payments plus (2) the base residual value of the related leased vehicle – The discount rate applied to each lease is the greater of (1) 7.85% and (2) the lease factor – The base residual value for a leased vehicle is the lesser of the contract residual value and the ALG base residual value(1). As a result, the base residual value of 92.85% of the leased vehicles in the reference pool by securitization value equals the ALG base residual value of the leased vehicle • • • • (1) ALG base residual value represents either ALG residual value at inception or the oldest ALG mark-to-market available for a vehicle. 5

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FCALT 2019-B Roadshow Transaction Summary (Continued) • • The cutoff date is July 1, 2019. The first payment date will be August 15, 2019 Credit enhancement for the notes will consist of overcollateralization, subordination, a reserve account and excess spread FCALT 2019-B provides robust disclosure of collateral performance • – Original pool characteristics, updated balances, credit loss and residual performance for prior FCALT transactions is shown in the Prospectus (Annex B) Ongoing quarterly supplemental and statistical reporting will be published on Ford Credit’s website and will include an updated payment schedule of the remaining leases, credit loss and residual performance Asset-level data about the reference pool for this securitization will be filed with the SEC on Form ABS-EE on a monthly basis – – • The fair value of the residual interest retained by the depositor, a wholly-owned affiliate of Ford Credit, will represent at least 5% of the sum of the fair values of the notes and the residual interest on the closing date 6

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FCALT 2019-B Roadshow Transaction Structure Class Class Class Class Class Class Class A-1 Notes A-2a Notes A-2b Notes A-3 Notes A-4 Notes B Notes C Notes Total Principal Amount 200,000,000 400,000,000 325,000,000 75,000,000 56,180,000 52,430,000 $1,108,610,000 Class Split(1) 16.02% 32.04% 26.03% 6.01% 4.50% 4.20% 88.80% Rating (Moody’s / Fitch) P-1 / F1+ Aaa / AAA Aaa / AAA Aaa / AAA Aa1 / AA NR Offering Type Public Public Public Public Public Retained WAL to Maturity (years)(2) 0.33 1.05 1.86 2.31 2.43 2.53 1 mo. LIBOR(4) Benchmark Int. LIBOR EDSF EDSF Int. Swaps Int. Swaps Int. Swaps Fixed/Floating Fixed Fixed Floating Fixed Fixed Fixed Fixed Interest Accrual Method Act / 360 30 / 360 Act / 360 30 / 360 30 / 360 30 / 360 30 / 360 Payment Frequency Monthly Monthly Monthly Monthly Monthly Monthly Monthly Principal Window (months)(2) 1 - 8 8 – 19 8 - 19 19 - 27 27 - 29 29 - 30 30 – 32 Expected Final(2)(3) Mar-2020 Feb-2021 Feb-2021 Oct-2021 Dec-2021 Jan-2022 Mar-2022 Legal Final(3) Aug-2020 Feb-2022 Feb-2022 Oct-2022 Nov-2022 Jan-2023 Mar-2024 ERISA Eligible (1) As a percent of initial total securitization value Yes Yes Yes Yes Yes Yes No (2) At pricing speed of 100% prepayment assumption to maturity (3) The trust will pay interest and principal on the notes on the 15th day of each month (or, if not a business day, the next business day) (4) The Class A-2b notes will accrue interest at a floating rate which will initially be benchmarked to 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.“ in the prospectus. 7

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FCALT 2019-B Roadshow Class A Credit Enhancement • Triple-A credit enhancement for FCALT 2019-B is consistent with prior transactions – Includes overcollateralization, subordination, and reserve account (20.15% / 22.65%) – Estimated excess spread per annum of 4.23% The distribution of hard credit enhancement is: • – – – – Subordination is 8.70% of the initial securitization value Initial overcollateralization is 11.20% of the initial securitization value Target overcollateralization is 13.70% of the initial securitization value The reserve account is 0.25% of the initial securitization value • The amortizing nature of the collateral, the sequential payment structure, the non-declining cash reserve account and overcollateralization are expected to result in credit enhancement increasing over time as a percent of the outstanding securitization value 8

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FCALT 2019-B Roadshow Class A-2a and A-2b Floating Rate Notes • • FCALT 2019-B will issue a fixed rate Class A-2a note and an unhedged floating rate Class A-2b note The Class A-2a and Class A-2b notes are collectively referred to as the "Class A-2 notes" and constitute a single class and have equal rights to payments of principal and interest, which will be made on a pro rata basis The allocation of the principal amount of the Class A-2 notes between the Class A-2a notes and the Class A-2b notes will be determined on or before the day of pricing — Class A-2a and Class A-2b notes will each be sized to demand with the Class A-2b notes not to exceed $200 million FCALT 2019-B includes LIBOR fallback mechanics based on the Alternative Reference Rates Committee’s recommended fallback language for new issuances of securitizations — The Class A-2b notes will accrue interest at a floating rate based on a benchmark, which will initially be one-month LIBOR. — 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" in the Prospectus. • • 9

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FCALT 2019-B Roadshow Composition of Number of leases Initial total securitization value the Reference Pool 49,787 $1,248,449,045 $803,526,656 64.36% $1,424,658,379 (1) $938,862,790 (2) 35.8 months (2) 23.9 months (2) 11.9 months (3) 754 7.85% Residual portion of initial total securitization value Residual portion as a % of initial total securitization value Base monthly payments plus base residual value Base residual value Weighted average original term Weighted average remaining term Seasoning Weighted average FICO® score at origination Minimum discount rate (1) The ALG base residual values for the leased vehicles in the reference pool are generally lower than the contract residual values of those vehicles. As a result, the base residual value of 92.85% of the leased vehicles in the reference pool by securitization value equals the ALG base residual value of the leased vehicle, with 92.85% equal to the ALG residual value and 0% equal to the oldest ALG mark-to-market value that the servicer has for the leased vehicles (2) W eighted by the securitization value of each lease on the cutoff date of July 1, 2019 (3) This weighted average excludes leases representing 5.52% of the initial securitization value that have lessees 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" in the prospectus. There can be no assurance that FICO® scores will be an accurate predictor of the likelihood of repayment of the related lease or that any lessee's credit score would not be lower if obtained on the cutoff date 10

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FCALT 2019-B Roadshow Collateral Highlights • Broad distribution of residual maturities • Seasoned assets continue to be included in the FCALT transactions (results in enhancement build during the early part of transaction) • FCALT transactions include shorter tenor leases on average, consistent with prior transactions (not shown) • The weighted average original term of FCALT 2019-B is 35.8 months (not shown) • FCALT 2019-B includes a diverse product mix of 52.48% CUVs, 27.78% Trucks, 13.02% Cars and 6.72% SUVs (not shown) • Transactions include consistently high weighted average FICO® scores • FCALT 2019-B residual portion of securitization value in line with recent FCALT transactions (1) For transactions prior to FCALT 2017-B, vehicle type reflects classification of 2011 and newer model year Explorers and 2013 and newer model year Escapes, as CUVs rather than SUVs 11 Max 6-month Residual Maturities as a % Base Residual value Seasoning (months) Model Diversification Top Model Top 3 Models SUVs and Trucks as % of Total Securitization Value(1) Weighted Average FICO Weighted Average LTV at Origination Weighted Average PTI at Origination Residual Portion of Securitization Value FCALT FCALT FCALT FCALT FCALT FCALT FCALT FCALT FCALT FCALT FCALT 2019-B 2019-A 2018-B 2018-A 2017-B 2017-A 2016-A 2015-B 2015-A 2014-B 2014-A 32.72% 35.49% 38.27% 31.39% 33.37% 31.61% 27.91% 35.70% 36.83% 34.41% 28.98% 11.9 11.7 11.1 11.9 11.9 11.7 11.5 10.3 10.0 9.6 9.4 27.27% 23.01% 21.74% 18.92% 19.76% 18.71% 18.66% 17.86% 19.16% 16.55% 18.14% 58.53% 56.11% 58.42% 53.66% 55.54% 50.79% 50.01% 51.50% 51.23% 47.69% 48.36% 34.50% 28.27% 26.22% 19.17% 19.47% 17.73% 15.96% 19.31% 18.57% 14.86% 14.85% 754 754 751 754 751 747 742 741 742 746 745 90.89% 90.40% 91.67% 90.82% 92.44% 93.43% 94.83% 93.73% 94.45% 96.11% 95.49% 7.26% 7.23% 7.31% 7.19% 7.32% 7.31% 7.39% 7.19% 7.20% 7.14% 7.25% 64.36% 63.99% 62.45% 64.26% 64.59% 64.69% 64.28% 64.74% 64.95% 63.30% 64.96%

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FCALT 2019-B Roadshow Geographic Distribution Residual Portion of ALG State(1) Michigan New York California New Jersey Ohio Pennsylvania Florida Texas Other Total Number of Leases Adjusted MSRP Acquisition Cost Securitization Value Base Residual Value Securitization Value Mark-to-Market 216,265,434.00 120,889,041.00 103,638,045.00 68,160,696.00 63,426,743.00 54,800,932.00 44,279,685.00 33,789,875.00 11,593 6,328 5,876 3,631 3,531 2,935 2,382 1,642 11,869 23.29 12.71 11.80 7.29 7.09 5.90 4.78 3.30 % $ 466,969,733.46 263,651,186.01 235,188,823.64 151,103,759.73 139,188,954.87 118,129,442.61 100,703,690.92 75,732,311.12 $ 370,971,843.04 224,954,312.81 196,610,237.91 129,472,371.80 118,542,125.45 97,037,533.90 87,842,231.40 68,932,255.20 440,553,355.05 $ 269,286,364.50 161,314,947.07 138,786,954.14 92,395,453.11 85,514,219.50 70,686,862.81 61,044,824.53 49,163,114.71 320,256,304.35 21.57 12.92 11.12 7.40 6.85 5.66 4.89 3.94 % $ 215,188,446.37 119,950,182.24 102,217,770.21 67,618,083.59 62,949,530.60 54,249,651.79 44,150,716.11 33,516,510.28 22.92 12.78 10.89 7.20 6.70 5.78 4.70 3.57 % $ 185,660,258.44 102,282,549.87 88,042,771.18 57,492,073.45 53,670,982.32 46,254,316.25 37,725,633.25 28,432,787.03 $ 23.84 519,213,903.17 25.65 239,021,898.38 25.46 203,965,284.66 241,509,838.00 49,787 100.00 % $ 2,069,881,805.53 $1,734,916,266.56 $1,248,449,044.72 100.00 % $ 938,862,789.57 100.00 % $ 803,526,656.45 $ 946,760,289.00 (1) States representing greater than 3.00% of initial total securitization value based on the billing address of the lessee on the cutoff date MI 19.8% MI 21.6% MI 22.6% MI 20.7% Other 40.1% Other 42.6% Other 41.6% Other 43.5% Top 5 States Top 5 States Top 5 States Top 5 States 59.9% NY 13.2% 56.5% 58.4% NY 13.6% NY 12.9% 57.5% NY 13.3% NJ 8 0% CA 10.7% NJ .6% CA 11.1% OH 6.9% CA OH CA OH OH 7.1% J .4% NJ 7.6% 6.8% 7.1% 6.6% 7.6% FCALT 2018-B FCALT 2018-A FCALT 2019-B FCALT 2019-A 12

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FCALT 2019-B Roadshow Vehicle Type • • FCALT 2019-B continues to have broad diversification by vehicle type Truck and SUV concentrations reflect recent origination trends, representing 34.50% of initial total securitization value in FCALT 2019-B, 28.27% in FCALT 2019-A, 26.22% in FCALT 2018-B, and 19.17% in FCALT 2018-A SUV 5.1% SUV 4.3% SU 2.9 SUV 6.7% Car 17.8% Car 13.0% Car 16.8% Car 24.3% CUV 52.5% CUV 54.9% CUV 56.0% CUV 56.5% Truck 27.8% Truck 23.2% Truck 21.9% Truck 16.2% FCALT 2019-B FCALT 2019-A FCALT 2018-B FCALT 2018-A 13

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FCALT 2019-B Roadshow Vehicle Model Residual Portion of ALG Vehicle Model(1) Number of Leases Adjusted MSRP Acquisition Cost Securitization Value Base Residual Value Securitization Value Mark-to-Market 283,090,520.00 158,809,710.00 133,607,542.00 75,240,464.00 55,955,701.00 34,919,868.00 33,794,074.00 28,477,288.00 25,729,153.00 22,937,027.00 23,408,227.00 19,993,187.00 12,222,611.00 F-150 Explorer Escape Edge Fusion(2) MKC Expedition MKZ Navigator EcoSport MKX Nautilus Flex Other(2) Total 10,278 7,635 10,160 4,262 4,773 2,093 966 1,588 607 2,011 1,058 805 758 2,793 20.64 15.34 20.41 8.56 9.59 4.20 1.94 3.19 1.22 4.04 2.13 1.62 1.52 % $ 540,304,288.30 348,439,618.24 307,345,494.21 176,530,334.92 145,224,249.86 87,168,210.68 69,651,211.98 69,582,457.41 53,856,761.46 52,043,825.03 53,108,307.83 43,320,327.14 30,787,358.66 $ 447,031,419.32 298,602,638.56 251,932,016.26 144,714,016.28 109,205,299.95 77,811,845.52 62,643,560.86 60,125,011.85 51,046,177.41 43,191,123.93 46,339,992.12 39,303,181.14 25,801,291.21 77,168,692.15 $ 340,405,617.15 209,748,113.23 180,467,752.96 102,707,867.98 78,312,159.34 50,611,853.67 46,906,538.25 39,618,764.26 37,012,637.27 33,472,405.88 30,776,836.47 29,408,363.89 16,970,991.05 52,029,143.32 27.27 % 16.80 14.46 8.23 6.27 4.05 3.76 3.17 2.96 2.68 2.47 2.36 1.36 $ 279,944,138.41 156,062,963.20 132,242,292.85 75,300,489.95 56,286,367.73 36,729,891.00 33,855,220.76 29,339,377.00 23,945,304.00 22,783,853.60 24,110,885.30 19,988,909.00 12,015,229.65 29.82 % 16.62 14.09 8.02 6.00 3.91 3.61 3.12 2.55 2.43 2.57 2.13 1.28 $ 239,503,865.50 134,226,198.57 114,236,556.58 64,273,244.77 48,463,950.25 31,300,783.26 28,092,744.14 25,335,456.23 20,172,878.17 18,855,610.73 21,237,652.64 16,240,066.73 10,285,931.21 $ 5.61 92,519,359.81 4.17 36,257,867.12 3.86 31,301,717.67 38,574,917.00 49,787 100.00 % $ 2,069,881,805.53 $1,734,916,266.56 $1,248,449,044.72 100.00 % $ 938,862,789.57 100.00 % $ 803,526,656.45 $ 946,760,289.00 (1) Models representing greater than 1.00% of initial total securitization value (2) Models include vehicles with battery electric or plug-in hybrid electric power source, which represent 1.31% of initial securitization value 14 FCALT 2019-B Pool Features Broad Model Diversification

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FCALT 2019-B Roadshow Payment Schedule Month Securitization Value Scheduled Base Monthly Payments Base Residual Value Initial Balance Initial Balance $ 1,248,449,044.72 1,235,793,334.46 1,223,054,805.52 1,210,232,913.29 1,197,327,114.58 1,184,336,857.08 1,164,544,580.73 1,140,178,581.81 1,109,076,355.26 1,075,439,796.20 1,043,595,223.78 1,008,814,609.29 974,367,822.24 939,454,678.15 907,846,817.75 873,650,063.53 843,044,238.92 808,035,111.60 771,859,426.19 742,694,550.03 703,504,113.54 666,304,588.14 626,927,738.30 586,421,285.22 547,493,620.75 506,922,745.21 467,609,424.64 2019 July 4.29 4.29 4.29 4.29 4.29 4.25 4.19 4.10 4.01 3.92 3.82 3.72 3.62 3.53 3.43 3.34 3.22 3.11 3.03 2.91 2.80 2.67 2.52 2.38 2.23 2.07 % $ - - - - - 6,907,479.90 11,638,174.80 18,641,139.20 21,428,840.20 19,833,854.40 23,041,644.54 22,952,977.05 23,697,284.45 20,605,035.90 23,494,570.20 20,117,451.68 24,859,686.20 26,344,591.90 19,508,278.20 29,916,060.32 28,220,975.32 30,774,075.09 32,352,739.81 31,197,190.90 33,340,226.45 32,567,085.95 - - - - - 0.74 1.24 1.99 2.28 2.11 2.45 2.44 2.52 2.19 2.50 2.14 2.65 2.81 2.08 3.19 3.01 3.28 3.45 3.32 3.55 3.47 % $ 20,825,130.84 20,825,130.84 20,825,130.84 20,825,130.84 20,825,130.84 20,634,662.29 20,348,171.95 19,922,002.80 19,465,139.09 19,048,029.55 18,567,927.60 18,095,188.08 17,591,817.37 17,150,340.87 16,642,904.70 16,205,325.07 15,666,075.61 15,118,594.52 14,707,397.36 14,134,299.72 13,582,028.72 12,962,871.15 12,256,187.44 11,567,923.15 10,813,411.99 10,063,537.46 August September October November December 2020 January February March April May June July August September October November December 2021 January February March April May June July August 15

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FCALT 2019-B Roadshow Payment Schedule (Continued) Schedule d Base Monthly Payments Month Securitization Va lue Base Re sidua l Value 2021 September October November December 2022 January February March April May June July August September October November December 2023 January February March April 1.93 1.79 1.55 1.27 1.07 0.83 0.61 0.35 0.23 0.07 - - - - - - - - - - 3.21 2.98 5.47 6.26 4.49 5.46 5.27 5.77 2.86 3.31 1.46 0.02 - - - 0.01 - - - - 431,152,040.82 397,314,628.32 341,022,092.65 278,300,610.56 232,777,062.49 179,015,871.90 127,796,596.15 72,739,879.75 45,236,851.21 14,057,681.50 452,118.59 253,468.80 216,189.82 193,449.70 169,368.48 115,198.92 85,422.16 49,529.82 9,547.54 - 9,357,545.72 8,705,490.70 7,511,904.52 6,167,366.09 5,182,268.64 4,028,706.27 2,940,715.31 1,722,569.17 1,096,015.46 363,363.05 12,958.78 7,963.13 7,205.02 6,822.90 6,032.78 4,080.51 2,893.35 1,715.15 482.28 - 30,159,927.15 27,953,350.30 51,380,661.88 58,785,738.23 42,162,563.18 51,255,953.36 49,450,142.01 54,170,444.76 26,883,068.28 31,111,831.02 13,684,662.09 193,659.75 31,747.10 17,346.00 19,328.00 51,197.00 27,637.00 34,736.00 39,824.00 9,610.00 Total $ 485,795,589.52 100.00 % $ 938,862,789.57 100.00 % This payment schedule will be updated quarterly and posted on the Ford Credit website: www.ford.com/finance/investor-center/asset-backed-securitization 16

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FCALT 2019-B Roadshow Residual Maturity Vs. Enhancement Build Residual Maturity by Vehicle Type vs. Hard Credit Enhancement for Class A Notes(1) 20% 100% 18% 90% 16% 80% 14% 70% 12% 60% 10% 50% 8% 40% 6% 30% 4% 20% 2% 10% 0% 0% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 Hard 'AAA' CE Car CUV SUV Truck (1) Hard credit enhancement consists of overcollateralization, subordination and the reserve account; Assumes zero loss, zero prepays 17 Hard Credit Enhancement as a % of O/S Securitization Value % of Residuals Maturing Each Period Class A-4 Paid Down Class A-3 Paid Down Class A-2 Paid Down Class A-1 Paid Down

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FCALT 2019-B Roadshow Residual Maturity Vs. Enhancement Build (Continued) • Enhancement as a percentage of the FCALT 2019-B initial total securitization value builds during the transaction, steadily increasing the amount of residual stress that each class can support over time The inclusion of seasoned leases in the pool is expected to increase the enhancement early in the life of the transaction The residual maturities are well distributed and a diverse mix of vehicle types mature in each period; maximum percentage of residual maturities in any 3 month period is 16.50%, similar to previous FCALT transactions After the A-3 notes are expected to pay-off in month 27, the A-4 notes should have approximately 83% hard enhancement • • • 18

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FCALT 2019-B Roadshow Residual Breakeven Analysis The tables below show the percentage of base residual loss, after defaults, that can be sustained before the notes incur a loss at various turn-in rates and multiples of base case credit losses 1.00x 3.00x 5.00x (1) After stress defaults Assumptions: 0% prepayments 40% / 40% / 20% (year 1 / 2 / 3) distribution for losses 50% recovery of charge-offs (with a 4 month lag on credit loss recoveries) 2 month lag on receipt of auction proceeds for residual Base net credit loss of 1% of initial total securitization value Estimated 4.23% excess spread per annum Includes 11.20% initial overcollateralization growing to a target of 13.70%, 8.70% of subordination for the Class A Notes, 4.20% of subordination for Class B Notes, and 0.25% cash reserve account 19 Class A-2 Notes Cumulative Net Credit Loss Class A-4 Notes Cumulative Net Credit Loss Class C Notes Cumulative Net Credit Loss Net Loss % Turn in Rate(1) Net Loss % Turn in Rate(1) Net Loss % Turn in Rate(1) 1.00% 3.00% 5.00% 1.00x 3.00x 5.00x 1.00% 3.00% 5.00% 1.00x 3.00x 5.00x 1.00% 3.00% 5.00% 1.00x 3.00x 5.00x 70% 100.00% 100.00% 100.00% 80% 99.48% 100.00% 100.00% 90% 88.18% 88.78% 89.43% 100% 79.30% 79.84% 80.42% 70% 52.34% 50.36% 48.01% 80% 45.72% 43.99% 41.93% 90% 40.58% 39.04% 37.21% 100% 36.46% 35.07% 33.42% 70% 35.09% 32.55% 29.29% 80% 30.63% 28.41% 25.55% 90% 27.16% 25.18% 22.65% 100% 24.39% 22.60% 20.32% Class A-1 Notes Cumulative Net Credit Loss Class A-3 Notes Cumulative Net Credit Loss Class B Notes Cumulative Net Credit Loss Net Loss % Turn in Rate(1) Net Loss % Turn in Rate(1) Net Loss % Turn in Rate(1) 1.00% 3.00% 5.00% 1.00x 3.00x 5.00x 1.00% 3.00% 5.00% 1.00x 3.00x 5.00x 1.00% 3.00% 5.00% 70% 100.00% 100.00% 100.00% 80% 100.00% 100.00% 100.00% 90% 100.00% 100.00% 100.00% 100% 100.00% 100.00% 100.00% 70% 63.92% 62.41% 60.66% 80% 55.85% 54.53% 53.00% 90% 49.58% 48.40% 47.04% 100% 44.56% 43.50% 42.28% 70% 43.63% 41.31% 38.48% 80% 38.10% 36.07% 33.60% 90% 33.80% 31.99% 29.80% 100% 30.36% 28.73% 26.76%

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FCALT 2019-B Roadshow Break-Even Analysis* Break-Even for FCALT 2019-B Compared to Historical Pool Performance Cumulative Residual Loss / (Gain) Return Rate 100% 100% Break-Even = 100% Return Rate Assumed 90% Memo: Worst Recent 12-Month Portfolio Experience = 82% (CY 2008) 80% 80% 70% 60% 60% 50% 40% 40% 20% 30% Memo: Worst Recent 12-Month Portfolio Experience = 18.3% (CY 2008) 20% 0% 10% 0% -20% 1 3 5 7 9 11 13 15 17 Period (Months) 19 21 23 25 27 29 31 33 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 2013-A 2013-B 2014-A 2014-B 2015-A 2015-B 2013-A 2013-B 2014-A 2014-B 2015-A 2015-B 2016-A 2017-A 2017-B 2018-A 2018-B 2019-A 2016-A 2017-A 2017-B 2018-A 2018-B 2019-A * Assumes cumulative net credit losses stress of 5%; break-evens are specific to FCALT 2019-B 20 A-2 Break-Even = 80.43% A-3 Break-Even = 42.54% A-4 Break-Even = 33.54% Period (Months)

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FCALT 2019-B Roadshow U.S. Managed Lease Portfolio Number of Leases Originated (000) 395 377 • Ford Credit leasing, as a share of retail sales, remains below the industry • Ford Credit works with Ford and Lincoln to set guidelines around leasing share, term, model mix and other factors to support brand value and sales Avg. # of Leases Outstanding (000) 704 841 975 1,006 1,018 1,007 1,024 Source: 2018Q2 Lease Quarterly Statistical Information. Rounded for display purposes Manheim Used Vehicle Value Index • Auction values stronger than expected YoY Source: Manheim Consulting, June 2019 (January 1996 = 104.3) 21 414 401 2014 2015 2016 2017 2018 1Q18 YTD 1Q19 YTD 363 95 85

 

FCALT 2019-B Roadshow Performance* Three Months Ended March 31, Residual • Ford’s managed portfolio residual realizations posted a gain of 4.87% for the year ended December 31, 2018, up as compared to a 1.37% gain for the year ended December 31, 2017 Year Ended December 31, 2019 2018 2018 2017 2016 2015 2014 Number of LeasesTerminated Number of Vehicles Returned and Sold Return Rate 76,863 55,144 71.74 88,851 66,563 74.92 363,568 271,352 74.64 365,618 280,741 76.79 318,122 238,410 74.94 245,392 174,437 71.09 248,030 186,320 75.12 • Rating agencies stress residuals in excess of 30% on Class A notes, which is significantly higher than Ford Credit’s worst year in 2008 when the portfolio experienced residual losses of 18.26% (not shown) Vehicles Returned and Sold Average Adjusted MSRP Average ALG Base Residual Value Average Residual Loss/ (Gain) Residual Loss/ (Gain) as a %of Adjusted MSRP Car CUV SUV Truck Total 37,959 17,835 (210) 36,644 18,077 (516) 37,194 17,972 (875) 35,462 17,531 (240) 35,050 17,853 14 34,878 18,223 (733) 34,419 17,997 (588) 0.80 (0.37) (1.87) (0.77) (0.55) 1.86 (3.97) (3.31) (0.95) (1.41) 0.01 (3.59) (3.53) (2.97) (2.35) 4.37 (4.60) (2.46) (3.61) (0.68) 5.95 (4.37) (2.36) (4.38) 0.04 4.59 (5.60) (5.80) (10.18) (2.10) 5.09 (5.71) (6.12) (10.89) (1.71) • Rating agencies apply their residual value stress to all vehicles scheduled to be returned over the life of the transaction for FCALT 2019-B, while periods of severe residual stress have historically been much shorter Residual Loss/ (Gain) as a %of ALG Base Residual Value (1.18) (2.86) (4.87) (1.37) 0.08 (4.02) (3.27) T erminated Leases Average Contract Residual Value as a %of Adjusted MSRP Average ALG Base Residual Value as a %of Adjusted MSRP Contract Residual Value Higher/ (Lower) than ALG Base Residual Value 53.87 46.94 6.92 55.21 49.14 6.07 54.81 48.21 6.60 56.08 49.35 6.73 57.31 50.59 6.72 58.65 51.66 6.99 58.83 51.80 7.03 • Rating agencies assume a 100% return rate even though Ford Credit’s highest return rate was only 82.31% in 2008 (not shown) *See Appendix for footnotes 22

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FCALT 2019-B Roadshow Credit Performance Three Months Ended March 31, Delinque ncy, Re possession a nd Credit Loss Ex perience Year Ended December 31, 2019 2018 2018 2017 2016 2015 2014 Average num ber of leas es outs tanding ………………... Average portfolio outs tanding (in m illions ) ………………… 1,023,853 $28,109 1,007,357 $26,785 1,018,021 $27,451 1,005,542 $26,586 974,580 $25,506 841,005 $22,066 704,275 $18,554 Average number of delinquencies 31 - 60 days ……………. 61-90 days ……………… 91 - 120 days …………… Over 120 days ……… … 7,049 725 53 14 7,352 788 62 6 7,509 731 52 9 7,731 870 98 13 7,436 823 103 16 6,265 585 59 8 5,802 557 49 5 Average num ber of delinquencies as a 31 - 60 days ……………. 61-90 days ……………… 91 - 120 days …………… Over 120 days …… …… percentage of average num ber of leas es ous tanding 0.69% 0.07% 0.01% 0.00% 0.73% 0.08% 0.01% 0.00% 0.74% 0.07% 0.01% 0.00% 0.77% 0.09% 0.01% 0.00% 0.76% 0.08% 0.01% 0.00% 0.74% 0.07% 0.01% 0.00% 0.82% 0.08% 0.01% 0.00% Aggregate balance of delinquent 31 - 60 days ……………. 61-90 days ……………… 91 - 120 days …………… Over 120 days … ……… leas es as a percentage of average portfolio outs tanding 0.42% 0.04% 0.00% 0.00% 0.61% 0.04% 0.00% 0.00% 0.85% 0.08% 0.00% 0.00% 0.73% 0.08% 0.00% 0.00% 0.81% 0.09% 0.01% 0.00% 0.80% 0.08% 0.01% 0.00% 0.89% 0.07% 0.01% 0.00% Repos s es s ions as a percentage of average num ber of leas es outs tanding ………………. 0.62% $24 0.34% 0.75% 4,505 1.76% $5,231 0.81% $22 0.34% 0.77% 4,682 1.86% $4,798 0.69% $86 0.31% 0.72% 18,104 1.78% $4,769 0.79% $102 0.38% 0.87% 17,953 1.79% $5,701 0.72% $83 0.33% 0.79% 16,415 1.68% $5,081 0.63% $51 0.23% 0.59% 11,838 1.41% $4,308 0.66% $39 0.21% 0.50% 8,907 1.26% $4,421 Aggregate net los s es (gains ) (in m illions ) ……… Net los s es (gains ) as a percentage of average portfolio outs tanding ………………. Net los s es (gains ) as a percentage of gros s liquidations …….. Num ber of leas es charged off ………………. Num ber of leas es charged off as a percentage of average Average net los s (gain) on leas es charged off …… num ber of leas es outs tanding …….………… *See Appendix for footnotes 23

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FCALT 2019-B Roadshow Securitization Pool Performance Cumulative Return Rate Cumulative Residual Loss / (Gain)* 1 4 7 10 13 16 19 22 25 28 31 Commentary Cumulative Net Credit Losses** * As a percentage of initial base residual value; includes losses / (gains) on retained and returned vehicles ** Total credit loss as a percent of initial total securitization value 24 0.60% 0.40% 0.20% 0.00% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 2014-A2014-B2015-A2015-B2016-A 2017-A2017-B2018-A2018-B2019-A •For the pool performance in the periods above (2014 to 2019): - Lifetime cumulative return rates average about 69% - Cumulative residual gains declining; recently, residual gains on larger vehicles have been partially offset by residual losses on smaller vehicles - Consistent credit loss performance. 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% 2014-A 2014-B 2015-A 2015-B 2016-A 2017-A 2017-B 2018-A 2018-B 2019-A 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 2014-A 2014-B 2015-A 2015-B 2016-A 2017-A 2017-B 2018-A 2018-B 2019-A

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Appendix 25

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FCALT 2019-B Roadshow Footnotes to Residual Table on Slide 22 With regard to the residual table on slide 22, "terminated leases" are leases for which (1) the related leased vehicle was returned during the period and sold by March 31, 2019, (2) the related leased vehicle was purchased under the lease during the period or (3) the lessee defaulted during the period (1) The percentage equivalent to the average residual loss (gain) for leased vehicles of each vehicle type that were returned and sold, divided by the average adjusted MSRP for those vehicles. The vehicle types do not include a small number of vehicles that are not manufactured by Ford or for which Ford Credit does not have a valid vehicle identification number (2) All Explorers and Escapes are classified as SUV regardless of model year (3) The percentage equivalent to the average residual loss (gain) for leased vehicles that were returned and sold, divided by the average ALG base residual value for those vehicles (4) The percentage equivalent to the average contract residual value for leased vehicles that terminated during the period, divided by the average adjusted MSRP of those vehicles (5) The percentage equivalent to the average ALG base residual value for leased vehicles that terminated during the period, divided by the average adjusted MSRP of those vehicles 26

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FCALT 2019-B Roadshow Footnotes to Credit Performance Table on Slide 23 (1) Average of the number of leases outstanding at the beginning and end of each month in the period (2) Average of the aggregate lease balance of leases outstanding at the beginning and end of each month in the period (3) 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 lessees and accounts that have been repossessed or charged off (4) Average of the number of leases delinquent at the beginning and end of each month in the period. 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 lessees (5) Aggregate balance at the end of the period over the aggregate balance of all leases outstanding at the end of the period (6) Net losses include the aggregate balance ((i) lease and other charges, plus (ii) external costs associated with repossession and disposition of vehicles incurred both before and after charge off, plus (iii) external costs associated with continued collection efforts incurred after charge off) of all leases that the servicer determined to be uncollectible in the period less any amounts received in the period on leases charged off in the period or any earlier periods. Net losses also include the excess mileage charges and the estimated cost to repair any excess wear and use that the lessee does not pay when the vehicle is returned, less any amount received in the period for excess mileage and excess wear and use. In addition, 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 leases for any period include the aggregate lease balance ((i) remaining total securitization value, (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 leases that the servicer determined to be uncollectible in the period less any amounts received in the period on leases charged off in the period. Therefore, realized losses for a securitized pool of leases may be higher or lower than net losses for those leases (7) Gross liquidations are cash payments and charge offs that reduce the outstanding balance of a lease 27

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