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  "documentTitle": "Ford | Investor Presentation Deck | 110 slides",
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  "authorName": "Ford",
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  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2025-02-01 00:00:00",
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      "text": "Ongoing receivables funded in the 2025-REV1 transaction will:\n(i) conform to the Eligibility Criteria set out in the Offering Memorandum and\n(ii) not be selected in a matter that is adverse to the interests of the noteholders\nThis is an adjustment to the previous random selection methodology and a change that is consistent with market practice\nAs a result, certain concentration limits have been adjusted:\nIncrease WA FICO® concentration limit to 725/715*\nIncrease the original term >72-month concentration limit to 30%/35%*\nIncrease the original term >75-month concentration limit to 25%/30%*\nDecrease Used <625 FICO concentration limit to 2.0%/3.0%*\nThe changes to the concentration limits framework improves the credit profile of funded REV pools, particularly driven by changes to the WA FICO floor and Used Vehicle <625 FICO concentration limits\nConsequently, changes made to concentration limits result in decreased expected losses from rating agencies, leading to a decrease in per annum excess spread to at least 3.10% vs. 3.55% in 2024-REV1**\nHard credit enhancement remains unchanged from 2024-REV1\nThe structure continues to support program ratings of AAA/AA/A/BBB category ratings for classes A/B/C/D\nClass A and B*** notes will be offered",
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      "text": "* For the floor credit enhancement and pool composition tests, respectively\n** When the floor credit enhancement test is satisfied\n*** Reserve levels apply for the sale of the Class B notes",
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      "text": "Concentration Limits\nWA 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 & obligors w/ no FICO\nConsumer obligors w/ no FICO\nCommercial obligors w/ no FICO\nUsed vehicles w/ obligors w/ FICO Score <625\nCredit Enhancement\nHard CE:\nClass A\nClass B\nClass C\nClass D\nSoft CE:\nMinimum Excess Spread\nExpected Net Losses\nFitch\nS&P\nRatings (Fitch / S&P)\nClass A\nClass B\nClass C\nClass D",
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      "kind": "title",
      "text": "2025-REV1 Changes & Enhancements",
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