# FORDO-2025-A
Ford Credit · prime · 18 monthly tapes, 2025-02-28 to 2026-07-31

**Score 1** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 28.9% |
| Cumulative net loss (of original pool) | 0.20% |
| 60+ reported (balance-weighted) | 0.28% |
| 60+ extension-adjusted (6-month lookback) | 0.29% |
| Masking gap | 2 bps |
| Extension stock (touched in trailing 6 months) | 0.01% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.25% |
| Recoveries / charge-offs, cumulative | 8.3% |
| Loans remaining | 30,561 · balance $876.1M |
| At issuance | 83,828 loans, $3.03B, WA score 612, WA term 66.2, used 6% |

## Flags

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

## Reads on the desk

- HIGH: Cumulative recoveries stand at 8.3% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 18 monthly tapes.
- WATCH: Extension-adjusted 60+ delinquency (0.29%) sits 2bps above reported (0.28%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.
- WATCH: Cumulative net loss is 0.20% at month 17, against a median of 0.72% across the 42 deals on tape at the same seasoning. Below the band by 0.52 points.

## The bonds on top (servicer report, 2026-07-31)

Pool $833.1M · notes $839.7M in 6 classes · overcollateralization $74.6M · reserve $3.9M · delinquency – vs trigger 0.80%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-2A | $85.9M | $832.3M | 99.9% | +$830.1M | +$827.8M |
| A-2B | $65.9M | $766.5M | 92.0% | +$764.2M | +$761.9M |
| A-3 | $513.6M | $252.9M | 30.4% | +$250.6M | +$248.3M |
| A-4 | $95.4M | $157.5M | 18.9% | +$155.2M | +$152.9M |
| B | $47.4M | $110.1M | 13.2% | +$107.8M | +$105.6M |
| C | $31.6M | $78.5M | 9.4% | +$76.3M | +$74.0M |

Stress 1 = the tape's extension-adjusted 60+ balance (0.29% of pool) charged off at this deal's own severity (92%): $2.3M. 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/2057342/000205734226000035/fcaot2025-a10xdinvestorrep.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=FORDO-2025-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