{
  "docId": "019de516-6ee7-7127-8d6a-701b236dc889",
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  "documentTitle": "Ford | Investor Conference Presentation Deck | 60 slides",
  "authorId": "ford",
  "authorName": "Ford",
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  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-08-01 00:00:00",
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  "pageNumber": 34,
  "pageCount": 60,
  "prevPage": 33,
  "nextPage": 35,
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  "density": "overcrowded",
  "nDataPoints": 50,
  "notes": null,
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      "kind": "paragraph",
      "text": "Contracts with original terms >75 months to borrowers without a FICO® score (whether commercial or consumer) are now ineligible and while 75-month used contracts are now eligible, >75-month used contracts remain ineligible. With these changes, the FordREV pool eligibility requirements remain best in class",
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      "kind": "paragraph",
      "text": "The structure continues to support program ratings of AAA/AA/A/BBB category ratings for classes A/B/C/D",
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      "kind": "paragraph",
      "text": "Additionally, there is a slight reduction to class B hard credit enhancement offset by an increase in per annum excess spread to at least 3.85%** vs 3.55%** in 2023-REV1\nClass A, C and D hard credit enhancement remains unchanged",
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      "kind": "paragraph",
      "text": "To better align the FordREV concentration limits with expected originations, the following concentration limits have been adjusted for 2023-REV2:\nIncrease in the >72-month concentration limit to 20%/25%*\nA newly-formed >75-month concentration limit of 15%/20*",
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      "text": "* For the floor credit enhancement and pool composition tests, respectively\n** When the floor credit enhancement test is satisfied",
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      "text": "Concentration Limits\nWAV FICO® score obligors at origination\nOrig. term >60m\nOrig. term >72m\nOrig. term >75m\nUsed vehicles\nUsed vehicles w/ orig. term >60m\nNew vehicles w/ orig. term >60m and obligors w/ no FICO®\nConsumer obligors with no FICO®\nCommercial obligors with no FICO®\nUsed vehicles with obligors with FICO® Score <625\nCredit Enhancement\nHard CE:\nClass A\nClass B\nClass C\nClass D\nSoft CE:\nMinimum Excess Spread\nRatings (F/M/S)\nClass A\nClass B\nClass C\nClass D",
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      "name": "Cost Of Inaction",
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      "evidence": "Slides 26-35 imply the cost of inaction and the need for Ford+",
      "position": 1,
      "objective": "What are the consequences of not investing in Ford+?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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