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  "documentTitle": "Ford Credit | Fixed Income Presentation Deck | 45 slides",
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  "presentationDate": "2023-07-01 00:00:00",
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      "text": "Auction Values (Per Unit)*\n$34,620\n$32,905\n$31,675\n$31,830\n$30,950\n$30,000\n$23,685\nQ2 2020, Q2 2021, Q2 2022, Q3 2022, Q4 2022, Q1 2023, Q2 2023",
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      "text": "EBT ($M)\n$1,623\n$903\n$543\n$589\n$303\n$381\n$191\nQ2 2020, Q2 2021, Q2 2022, Q3 2022, Q4 2022, Q1 2023, Q2 2023\nDistributions $826, $4,000, $600, $500, $-, $-, $-",
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      "text": "U.S. Retail Loss-to-Receivables (\"LTR\") Ratio (%)\n0.35%\n0.25%\n0.21%\n0.15%\n0.18%\n0.05%\n(0.07)%\n2017-2019: 0.56%\nQ2 2020, Q2 2021, Q2 2022, Q3 2022, Q4 2022, Q1 2023, Q2 2023",
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      "text": "Q2 EBT YoY ($M)**\n$903, $47, $(196), $(96), $(112), $(156), $390, $(9), $381\nQ2 2022, Vol. / Mix, Fin Margin, Credit Loss, Lease Residual, Other, Subtotal, Special Items, Q2 2023",
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      "text": "+ EBT down $0.5B, in line with expectations, driven by lower financing margin, credit losses and lease residuals\n+ Lower financing margin due to higher borrowing costs\n+ Credit losses remain below historical average but are normalizing\n+ Auction values remain strong, but expect industry decline as supply of new vehicles improves",
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      "text": "** Includes special items: $(36)M SA Exit in Q2 2022 and $(9)M investment impairments in Q2 2023",
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      "text": "* U.S. 36-month off-lease auction values at Q2 2023 mix",
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      "kind": "subtitle",
      "text": "Best-in-class finance company",
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