# FORDO-2022-A
Ford Credit · prime · 48 monthly tapes, 2021-12-31 to 2025-11-30

**Score 1** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 10.4% |
| Cumulative net loss (of original pool) | 0.43% |
| 60+ reported (balance-weighted) | 0.76% |
| 60+ extension-adjusted (6-month lookback) | 0.83% |
| Masking gap | 8 bps |
| Extension stock (touched in trailing 6 months) | 0.08% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.09% |
| Recoveries / charge-offs, cumulative | 29.8% |
| Loans remaining | 10,662 · balance $111.3M |
| At issuance | 34,997 loans, $1.07B, WA score 639, WA term 67.3, used 8% |

## Flags

- **Cumulative recoveries under a third of charged-off principal** (`recovery_weak`)

## Reads on the desk

- HIGH: Cumulative recoveries stand at 29.8% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 48 monthly tapes.
- WATCH: Extension-adjusted 60+ delinquency (0.83%) sits 8bps above reported (0.76%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.
- WATCH: Cumulative net loss is 0.43% at month 47, against a median of 1.62% across the 13 deals on tape at the same seasoning. Below the band by 1.19 points.

## The bonds on top (servicer report, 2025-11-30)

Pool $105.4M · notes $275.1M in 4 classes · overcollateralization $111.3M · reserve $2.6M · delinquency – vs trigger 0.80%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-1 | $182.2M | $206.8M | 196.2% | +$206.2M | +$205.6M |
| A-4 | $40.3M | $166.5M | 158.0% | +$165.9M | +$165.3M |
| B | $31.6M | $134.9M | 128.0% | +$134.3M | +$133.7M |
| C | $21.0M | $113.9M | 108.1% | +$113.3M | +$112.7M |

Stress 1 = the tape's extension-adjusted 60+ balance (0.83% of pool) charged off at this deal's own severity (70%): $616,974. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Not read from this issuer's layout: cnl_pct not parsed; dq_pct not parsed. Source: https://www.sec.gov/Archives/edgar/data/1900656/000190065625000057/fcaot2022-a10xdinvestorrep.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=FORDO-2022-A
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide