Form 10-D Ford Credit Auto Lease For: Dec 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D | ||
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the monthly distribution period from December 1, 2021 to December 31, 2021
Commission File Number of issuing entity: 333-231819-03
Central Index Key Number of issuing entity: 0001781819
Ford Credit Auto Lease Trust 2019-B
(Exact name of issuing entity as specified on its charter)
Commission File Number of depositor: 333-231819
Central Index Key Number of depositor: 0001519881
Ford Credit Auto Lease Two LLC
(Exact name of depositor as specified on its charter)
Central Index Key Number of sponsor: 0000038009
Ford Motor Credit Company LLC
(Exact name of sponsor as specified in its charter)
Ryan M. Hershberger, Phone: 313-594-3495
(Name and telephone number, including area code, of the person to contact in connection with this filing)
Delaware
(State or jurisdiction of incorporation or organization of the issuing entity)
84-6521321
(I.R.S. Employer Identification No.)
c/o BNY Mellon Trust of Delaware 301 Bellevue Parkway, 3rd Floor Wilmington, Delaware (Address of principal executive offices) | 19809 (zip code) |
(302) 791-3610
(Telephone Number, including area code)
Registered/reporting pursuant to (check one)
Title of Class | Section 12(b) | Section 12(g) | Section 15(d) | Name of Exchange (If Section 12(b)) | ||||||||||
Class A-1 Notes | X | |||||||||||||
Class A-2a Notes | X | |||||||||||||
Class A-2b Notes | X | |||||||||||||
Class A-3 Notes | X | |||||||||||||
Class A-4 Notes | X | |||||||||||||
Class B Notes | X | |||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
PART I - DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
Distribution and performance information of the asset pool of the issuing entity is set forth in the attached Monthly Investor Report.
Item 1A. Asset-Level Information
The asset-level data for the asset pool of the issuing entity included in Exhibit 102 to the Form ABS-EE filed by the issuing entity with the U.S. Securities and Exchange Commission on January 19, 2022 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference.
The additional asset-level information or explanatory language for the asset pool of the issuing entity included in Exhibit 103 to the Form ABS-EE is also incorporated into this Form 10-D by reference.
PART II - OTHER INFORMATION
Item 10. Exhibits.
(a) Documents filed as part of this report: | |||||
Exhibit 99.1 | |||||
Exhibit 99.2 |
(b) Exhibits required by this Form and Item 601 of Regulation S-K: | |||||
Exhibit 102 | |||||
Exhibit 103 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Servicer, on behalf of the issuing entity, has duly caused this report to be signed by the undersigned duly authorized.
Ford Credit Auto Lease Trust 2019-B | |||||
(Issuing entity) | |||||
By: Ford Motor Credit Company LLC (Servicer) | |||||
/s/ Ryan M. Hershberger | |||||
Ryan M. Hershberger | |||||
Assistant Treasurer |
Date: January 24, 2022
Exhibit 99.1
Ford Credit Auto Lease Trust 2019-B
Monthly Investor Report
Transaction Month | 30 | Payment Date | January 18, 2022 | |||||||||||
Collection Period | December, 2021 |
Additional information about the structure, cashflows, defined terms and parties for this transaction can be found in the prospectus, available on the SEC website (http://www.sec.gov) under the registration number 333-231819-03 and at https://www.ford.com/finance/investor-center/asset-backed-securitization. | |||||||||||||||||||||||||||||||||||
I. SUMMARY | |||||||||||||||||||||||||||||||||||
Initial | Beginning of Period Balance | End of Period Balance | End of Period Factor | ||||||||||||||||||||||||||||||||
2019-B Reference Pool Balance | $ | 1,248,449,044.72 | $ | 271,166,044.95 | $ | 227,207,913.89 | 0.1819921 | ||||||||||||||||||||||||||||
Total Note Balance | $ | 1,108,610,000.00 | $ | 100,128,525.82 | $ | 56,170,394.76 | 0.0506674 | ||||||||||||||||||||||||||||
Total Overcollateralization | $ | 139,839,044.72 | $ | 171,037,519.13 | $ | 171,037,519.13 | |||||||||||||||||||||||||||||
2019-B Exchange Note Balance | $ | 1,142,896,907.22 | $ | 136,105,063.25 | $ | 92,146,932.19 | 0.0806258 | ||||||||||||||||||||||||||||
2019-B Exchange Note Overcollateralization | $ | 105,552,137.50 | $ | 135,060,981.70 | $ | 135,060,981.70 | |||||||||||||||||||||||||||||
Overcollateralization | Beginning of Period | End of Period | |||||||||||||||||||||||||||||||||
2019-B Reference Pool Balance as a % of Total Note Balance | 270.82 | % | 404.50 | % | |||||||||||||||||||||||||||||||
2019-B Reference Pool Balance as a % of 2019-B Exchange Note Balance | 199.23 | % | 246.57 | % | |||||||||||||||||||||||||||||||
Note Interest Rate | Initial Balance | Beginning of Period Balance | End of Period Balance | End of Period Factor | |||||||||||||||||||||||||||||||
Class A-1 Notes | 2.28650% | $ | 200,000,000.00 | $ | 0.00 | $ | 0.00 | 0.0000000 | |||||||||||||||||||||||||||
Class A-2a Notes | 2.28000% | $ | 275,000,000.00 | $ | 0.00 | $ | 0.00 | 0.0000000 | |||||||||||||||||||||||||||
Class A-2b Notes* | 0.36975% | $ | 125,000,000.00 | $ | 0.00 | $ | 0.00 | 0.0000000 | |||||||||||||||||||||||||||
Class A-3 Notes | 2.22000% | $ | 325,000,000.00 | $ | 0.00 | $ | 0.00 | 0.0000000 | |||||||||||||||||||||||||||
Class A-4 Notes | 2.27000% | $ | 75,000,000.00 | $ | 0.00 | $ | 0.00 | 0.0000000 | |||||||||||||||||||||||||||
Class B Notes | 2.36000% | $ | 56,180,000.00 | $ | 47,698,525.82 | $ | 3,740,394.76 | 0.0665788 | |||||||||||||||||||||||||||
Class C Notes | 2.56000% | $ | 52,430,000.00 | $ | 52,430,000.00 | $ | 52,430,000.00 | 1.0000000 | |||||||||||||||||||||||||||
Total | $ | 1,108,610,000.00 | $ | 100,128,525.82 | $ | 56,170,394.76 | 0.0506674 |
Principal Payments | Interest Payments | Total Payments | |||||||||||||||||||||||||||||||||
Actual | per $1000 Face | Actual | per $1000 Face | Actual | per $1000 Face | ||||||||||||||||||||||||||||||
Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
Class A-2a Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
Class A-2b Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
Class A-3 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
Class B Notes | $ | 43,958,131.06 | $ | 782.45 | $ | 93,807.10 | $ | 1.67 | $ | 44,051,938.16 | $ | 784.12 | |||||||||||||||||||||||
Class C Notes | $ | 0.00 | $ | 0.00 | $ | 111,850.67 | $ | 2.13 | $ | 111,850.67 | $ | 2.13 | |||||||||||||||||||||||
Total | $ | 43,958,131.06 | $ | 39.65 | $ | 205,657.77 | $ | 0.19 | $ | 44,163,788.83 | $ | 39.84 |
II. POOL INFORMATION | ||||||||||||||||||||||||||
2019-B Reference Pool Balance | Lease Balance** | Securitization Value | Residual Portion of Securitization Value | |||||||||||||||||||||||
Beginning of Period | $ | 317,285,187.31 | $ | 271,166,044.95 | $ | 255,602,942.95 | ||||||||||||||||||||
Change | $ | (52,398,123.13) | $ | (43,958,131.06) | $ | (39,135,278.96) | ||||||||||||||||||||
End of Period | $ | 264,887,064.18 | $ | 227,207,913.89 | $ | 216,467,663.99 | ||||||||||||||||||||
Residual Portion of Securitization Value as % of Securitization Value at end of period | 95.27 | % |
At Cutoff Date | Terminations in Prior Period | Beginning of Period | Terminations in Current Period | End of Period | |||||||||||||||||||||||||||||||||||||
Number of Leases | 49,787 | 36,116 | 13,671 | 2,207 | 11,464 | ||||||||||||||||||||||||||||||||||||
Beginning of Period | End of Period | ||||||||||||||||||||||||||||||||||||||||
Weighted Average Remaining Term to Maturity in Months*** | 2.7 | 2.2 |
Page 1
Ford Credit Auto Lease Trust 2019-B
Monthly Investor Report
Transaction Month | 30 | Payment Date | January 18, 2022 | |||||||||||
Collection Period | December, 2021 |
Delinquent Leases | |||||||||||||||||||||||
Number of Leases | Securitization Value | % of End of Period Reference Pool Balance | |||||||||||||||||||||
31 - 60 Days Delinquent | 85 | $ | 1,594,982.75 | 0.70 | % | ||||||||||||||||||
61 - 90 Days Delinquent | 9 | $ | 165,135.26 | 0.07 | % | ||||||||||||||||||
91- 120 Days Delinquent | 2 | $ | 52,349.83 | 0.02 | % | ||||||||||||||||||
Over 120 Days Delinquent | 1 | $ | 19,645.93 | 0.01 | % | ||||||||||||||||||
Total Delinquent Leases | 97 | $ | 1,832,113.77 | 0.81 | % | ||||||||||||||||||
Delinquency Trigger (61+ Delinquent Leases) | |||||||||||||||||||||||
Transaction Month | Trigger | ||||||||||||||||||||||
1-12 | 0.30% | ||||||||||||||||||||||
13+ | 0.40% | ||||||||||||||||||||||
61+ Delinquent Leases Balance to EOP Pool Balance | 0.1044 | % | |||||||||||||||||||||
Delinquency Trigger Occurred | No | ||||||||||||||||||||||
Payment Extensions Granted in the Current Collection Period | |||||||||||||||||||||||
Number of Leases**** | Securitization Value | ||||||||||||||||||||||
1 Month Extended | 14 | $ | 264,914.64 | ||||||||||||||||||||
2 Months Extended | 9 | $ | 170,462.36 | ||||||||||||||||||||
3+ Months Extended | 8 | $ | 137,897.48 | ||||||||||||||||||||
Total | 31 | $ | 573,274.48 | ||||||||||||||||||||
Current Period | Cumulative | ||||||||||||||||||||||
Prepayment Speed | 27.86 | % | 0.57 | % | |||||||||||||||||||
III. EXCHANGE NOTE COLLECTIONS AND DISTRIBUTION | |||||||||||||||||||||||
Collections | |||||||||||||||||||||||
Base monthly Payments (Rent) | $ | 5,347,223.92 | |||||||||||||||||||||
plus: Payoffs | $ | 39,773,759.40 | |||||||||||||||||||||
plus: Other (including extension fees, excess charges, etc.) | $ | 2,056,578.65 | |||||||||||||||||||||
minus: Payaheads | $ | (372,899.70) | |||||||||||||||||||||
plus: Payahead Draws | $ | 301,278.25 | |||||||||||||||||||||
plus: Advances | $ | 168,364.83 | |||||||||||||||||||||
minus: Advance Reimbursement Amounts | $ | (497,895.80) | |||||||||||||||||||||
plus: Administrative Reallocation Amounts | $ | 0.00 | |||||||||||||||||||||
plus: Net Sale Proceeds | $ | 8,128,650.54 | |||||||||||||||||||||
plus: Recoveries | $ | 181,690.77 | |||||||||||||||||||||
Total Collections | $ | 55,086,750.86 | |||||||||||||||||||||
Reserve Account Draw Amount | $ | 0.00 | |||||||||||||||||||||
Total Collections Plus Reserve Account Draw Amount | $ | 55,086,750.86 | |||||||||||||||||||||
Exchange Note Distributions | |||||||||||||||||||||||
Amount Due | Amount Paid | Remaining Available Funds | Shortfall | ||||||||||||||||||||
Ref Pool Servicing Fee and Adv Reimbursement | $ | 225,971.70 | $ | 225,971.70 | $ | 54,860,779.16 | $ | 0.00 | |||||||||||||||
2019-B Exchange Note Interest Payment | $ | 330,357.23 | $ | 330,357.23 | $ | 54,530,421.93 | $ | 0.00 | |||||||||||||||
Shortfall Payment (to cover Notes) | $ | 0.00 | $ | 0.00 | $ | 54,530,421.93 | $ | 0.00 | |||||||||||||||
Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 54,530,421.93 | $ | 0.00 | |||||||||||||||
2019-B Exchange Note Principal Payment | $ | 43,958,131.06 | $ | 43,958,131.06 | $ | 10,572,290.87 | $ | 0.00 | |||||||||||||||
Shared Amounts | $ | 0.00 | $ | 0.00 | $ | 10,572,290.87 | $ | 0.00 | |||||||||||||||
Excess Exchange Note Amounts | $ | 10,572,290.87 | $ | 10,572,290.87 | $ | 0.00 | $ | 0.00 | |||||||||||||||
Total | $ | 55,086,750.86 | $ | 55,086,750.86 | $ | 0.00 | $ | 0.00 |
Page 2
Ford Credit Auto Lease Trust 2019-B
Monthly Investor Report
Transaction Month | 30 | Payment Date | January 18, 2022 | |||||||||||
Collection Period | December, 2021 |
IV. AVAILABLE FUNDS AND DISTRIBUTIONS | |||||||||||||||||||||||
Available Funds | |||||||||||||||||||||||
2019-B Exchange Note Interest Payment | $ | 330,357.23 | |||||||||||||||||||||
2019-B Exchange Note Principal Payment | $ | 43,958,131.06 | |||||||||||||||||||||
Shortfall Payment (to cover Notes) | $ | 0.00 | |||||||||||||||||||||
Excess Exchange Note Amounts | $ | 10,572,290.87 | |||||||||||||||||||||
Total | $ | 54,860,779.16 | |||||||||||||||||||||
ABS Note Distributions | Amount Due | Amount Paid | Remaining Available Funds | Shortfall | |||||||||||||||||||
Trustee Fees and Expenses | $ | 0.00 | $ | 0.00 | $ | 54,860,779.16 | $ | 0.00 | |||||||||||||||
Administration Fee | $ | 834.40 | $ | 834.40 | $ | 54,859,944.76 | $ | 0.00 | |||||||||||||||
Class A-1 Interest | $ | 0.00 | $ | 0.00 | $ | 54,859,944.76 | $ | 0.00 | |||||||||||||||
Class A-2a Interest | $ | 0.00 | $ | 0.00 | $ | 54,859,944.76 | $ | 0.00 | |||||||||||||||
Class A-2b Interest | $ | 0.00 | $ | 0.00 | $ | 54,859,944.76 | $ | 0.00 | |||||||||||||||
Class A-3 Interest | $ | 0.00 | $ | 0.00 | $ | 54,859,944.76 | $ | 0.00 | |||||||||||||||
Class A-4 Interest | $ | 0.00 | $ | 0.00 | $ | 54,859,944.76 | $ | 0.00 | |||||||||||||||
Total Class A Interest | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 54,859,944.76 | |||||||||||||||||
Class B Interest | $ | 93,807.10 | $ | 93,807.10 | $ | 54,766,137.66 | $ | 0.00 | |||||||||||||||
Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 54,766,137.66 | |||||||||||||||||
Class C Interest | $ | 111,850.67 | $ | 111,850.67 | $ | 54,654,286.99 | $ | 0.00 | |||||||||||||||
Specified Reserve Deposit | $ | 0.00 | $ | 0.00 | $ | 54,654,286.99 | $ | 0.00 | |||||||||||||||
Regular Principal Payment | $ | 43,958,131.06 | $ | 43,958,131.06 | $ | 10,696,155.93 | $ | 0.00 | |||||||||||||||
Additional Trustee Fees and Expenses | $ | 0.00 | $ | 0.00 | $ | 10,696,155.93 | $ | 0.00 | |||||||||||||||
Remaining Funds to Holder of Residual Interest | $ | 10,696,155.93 | $ | 10,696,155.93 | $ | 0.00 | $ | 0.00 | |||||||||||||||
Total | $ | 54,860,779.16 | $ | 54,860,779.16 | $ | 0.00 | $ | 0.00 | |||||||||||||||
V. RECONCILIATION OF ADVANCES AND PAYAHEADS | |||||||||||||||||||||||
Advances | |||||||||||||||||||||||
Beginning of Period Advance Balance | $ | 1,981,031.27 | |||||||||||||||||||||
plus: Additional Advances | $ | 168,364.83 | |||||||||||||||||||||
minus: Advance Reimbursement Amounts | $ | (497,895.80) | |||||||||||||||||||||
End of Period Advance Balance | $ | 1,651,500.30 | |||||||||||||||||||||
Payaheads | |||||||||||||||||||||||
Beginning of Period Payahead Balance | $ | 596,883.76 | |||||||||||||||||||||
plus: Additional Payaheads | $ | 372,899.70 | |||||||||||||||||||||
minus: Payahead Draws | $ | (301,278.25) | |||||||||||||||||||||
End of Period Payahead Balance | $ | 668,505.21 | |||||||||||||||||||||
VI. RESERVE ACCOUNT | |||||||||||||||||||||||
Beginning of Period Reserve Account Balance | $ | 3,121,122.61 | |||||||||||||||||||||
minus: Reserve Account Draw | $ | 0.00 | |||||||||||||||||||||
plus: Reserve Deposit from Exchange Note Distributions | $ | 0.00 | |||||||||||||||||||||
plus: Reserve Deposit from Note Distributions | $ | 0.00 | |||||||||||||||||||||
End of Period Reserve Account Balance | $ | 3,121,122.61 | |||||||||||||||||||||
Memo: Required Reserve Amount | $ | 3,121,122.61 | |||||||||||||||||||||
VII. OVERCOLLATERALIZATION INFORMATION | |||||||||||||||||||||||
Targeted Overcollateralization Amount | $ | 171,037,519.13 | |||||||||||||||||||||
Actual Overcollateralization Amount (EOP Pool Balance- EOP Note Balance) | 171,037,519.13 |
Page 3
Ford Credit Auto Lease Trust 2019-B
Monthly Investor Report
Transaction Month | 30 | Payment Date | January 18, 2022 | |||||||||||
Collection Period | December, 2021 |
VIII. LEASE TERMINATIONS | |||||||||||||||||||||||
Number of Leases | Securitization Value | ||||||||||||||||||||||
Retained Vehicles | Current Period | Cumulative | Current Period | Cumulative | |||||||||||||||||||
Early Terminations | 298 | 8,975 | $ | 6,158,322.70 | $ | 195,954,799.94 | |||||||||||||||||
Standard Terminations | 1,521 | 10,982 | $ | 27,696,329.89 | $ | 203,444,747.90 | |||||||||||||||||
Total Retained | 1,819 | 19,957 | $ | 33,854,652.59 | $ | 399,399,547.84 | |||||||||||||||||
Returned Vehicles | |||||||||||||||||||||||
Early Terminations | 17 | 3,514 | $ | 354,155.21 | $ | 68,839,345.19 | |||||||||||||||||
Standard Terminations | 244 | 13,521 | $ | 4,586,445.91 | $ | 252,452,011.29 | |||||||||||||||||
Total Returned | 261 | 17,035 | $ | 4,940,601.12 | $ | 321,291,356.48 | |||||||||||||||||
Charged Off / Repossessed Vehicles | 6 | 355 | $ | 113,091.83 | $ | 7,749,414.19 | |||||||||||||||||
Removals by Servicer and Other | 121 | 976 | $ | 2,356,185.52 | $ | 21,130,235.93 | |||||||||||||||||
Total Terminations | 2,207 | 38,323 | $ | 41,264,531.06 | $ | 749,570,554.44 | |||||||||||||||||
Memo: 1) Removals of Leases Terminated in Prior Periods | 0 | 0 | |||||||||||||||||||||
2) Number of Leases Scheduled to Terminate | 3,236 | 35,970 | Current Period | Cumulative | |||||||||||||||||||
Return Rate (Returned / Total Terminations) | 11.83 | % | 44.45 | % | |||||||||||||||||||
Early Termination Rate (Early Terminations / Total Terminations) | 14.27 | % | 32.59 | % | |||||||||||||||||||
Note: An Early Termination is a lease that terminates more than three months prior to the month in which it is scheduled to terminate. | |||||||||||||||||||||||
IX. GAIN (LOSS) CALCULATIONS | Number of Leases | Gain (Loss) | |||||||||||||||||||||
Current Period | Cumulative | Current Period | Cumulative | ||||||||||||||||||||
Gain (Loss) on Retained Vehicles | |||||||||||||||||||||||
Customer Payments | $ | 40,102,858.57 | |||||||||||||||||||||
plus: Payahead draws | $ | 155,215.50 | |||||||||||||||||||||
minus: Unreimbursed Advances | $ | (215,215.01) | |||||||||||||||||||||
minus: Securitization Value of Retained Vehicles | $ | (33,854,652.59) | |||||||||||||||||||||
Total | 1,819 | 19,957 | $ | 6,188,206.47 | $ | 68,597,683.83 | |||||||||||||||||
Gain (Loss) Per Retained Vehicle | $ | 3,401.98 | $ | 3,437.27 | |||||||||||||||||||
Gain (Loss) on Returned Vehicles | |||||||||||||||||||||||
Customer Payments | $ | 176,742.60 | |||||||||||||||||||||
plus: Net Sale Proceeds | $ | 8,118,301.26 | |||||||||||||||||||||
plus: Payahead Draws | $ | 15,792.15 | |||||||||||||||||||||
minus: Unreimbursed Advances | $ | (29,684.00) | |||||||||||||||||||||
minus: Securitization Value of Returned Vehicles | $ | (4,940,601.12) | |||||||||||||||||||||
Total | 261 | 17,035 | $ | 3,340,550.89 | $ | 77,214,306.31 | |||||||||||||||||
Gain (Loss) Per Returned Vehicle | $ | 12,799.05 | $ | 4,532.69 | |||||||||||||||||||
Credit Gain (Loss) Charged Off / Repo Vehicles | 6 | 355 | $ | (51,127.24) | $ | (2,001,262.06) | |||||||||||||||||
Credit Gain (Loss) Per Charged Off / Repo Vehicle | $ | (8,521.21) | $ | (5,637.36) | |||||||||||||||||||
Recoveries | $ | 375,553.85 | $ | 5,571,237.61 | |||||||||||||||||||
Total Gain (Loss) | 2,086 | 37,347 | $ | 9,853,183.97 | $ | 149,381,965.69 | |||||||||||||||||
Average Gain (Loss) on all Retained, Returned and Repo Vehicles | $ | 4,723.48 | $ | 3,999.84 | |||||||||||||||||||
Removals by Servicer and Other | 121 | 976 | |||||||||||||||||||||
Note: There is no Gain or Loss on Removals | |||||||||||||||||||||||
Memo: Residual Gain (Loss) on Returned Vehicles | |||||||||||||||||||||||
Net Sale Proceeds | $ | 8,118,301.26 | |||||||||||||||||||||
plus: Excess Wear and Use and Excess Mileage Assessed | $ | 85,293.79 | |||||||||||||||||||||
minus: Residual Portion of Securitization Value | $ | (4,876,803.22) | |||||||||||||||||||||
Total | 261 | 17,035 | $ | 3,326,791.83 | $ | 79,602,369.71 | |||||||||||||||||
Residual Gain (Loss) Per Returned Vehicle | $ | 12,746.33 | $ | 4,672.87 |
Page 4
Ford Credit Auto Lease Trust 2019-B
Monthly Investor Report
Transaction Month | 30 | Payment Date | January 18, 2022 | |||||||||||
Collection Period | December, 2021 |
Prior and Current Collection Periods Average Gain (Loss) | Percent | ||||||||||||||||||||||
Ratio of Total Gain (Loss) to the Average Pool Balance (annualized) | |||||||||||||||||||||||
Third Prior Collection Period | 25.05% | ||||||||||||||||||||||
Second Prior Collection Period | 36.85% | ||||||||||||||||||||||
Prior Collection Period | 38.37% | ||||||||||||||||||||||
Current Collection Period | 47.45% | ||||||||||||||||||||||
Four Month Average (Current and Prior Three Collection Periods) | 36.93% | ||||||||||||||||||||||
Ratio of Cumulative Total Gain (Loss) for all Collection Periods to Initial Pool Balance | 11.97% |
X. FLOATING RATE BENCHMARK: BENCHMARK TRANSITION | |||||||||||
Benchmark Transition Event: | N/A | ||||||||||
Benchmark Replacement Date | N/A | ||||||||||
Unadjusted Benchmark Replacement: Benchmark | N/A | ||||||||||
Replacement Adjustment: | N/A | ||||||||||
Benchmark Replacement Conforming Changes: | N/A | ||||||||||
XI. REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1) | ||||||||||||||
No activity to report | ||||||||||||||
Most Recent Form ABS-15G for repurchase demand activity | ||||||||||||||
Filed by: Ford Motor Credit Company LLC | ||||||||||||||
CIK#: 0000038009 | ||||||||||||||
Date: February 4, 2021 |
SERVICER CERTIFICATION | ||
THIS REPORT IS ACCURATE IN ALL MATERIAL RESPECTS. | ||
Ford Motor Credit Company LLC | ||
/s/ Ryan M. Hershberger | ||
Assistant Treasurer | ||
* Tranche A2b note interest rate is floating based on one-month LIBOR+0.26% | ||
**Lease Balance is calculated similar to Securitization Value, but present values the base monthly payments and contract lease end value at the contract lease factor, without considering the base residual value or minimum discount rate. | ||
***The Weighted Average is calculated based on Securitization Value. | ||
****Excludes leases that were extended and closed accounts during the Collection Period. |
Page 5
Exhibit 99.2
Ford Credit Auto Lease Trust 2019-B | ||||||||||||||||||||||||||||||||||||||
Quarterly Supplemental Report -- Payment Schedule of Remaining Leases as of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
The following table shows the decline in the securitization value of the remaining leases in the reference pool as of December 31, 2021, and the remaining payments that will be received each month on the reference pool assuming (1) each base month payment is made as scheduled with no prepayments, delays or defaults and (2) each leased vehicle is returned and sold for an amount equal to the base residual value in the month after the month in which the final base monthly payment is due. In addition, as of December 31, 2021, leases with a total base residual value of $44,217,418.40 had either (1) reached their scheduled termination dates but had not been purchased or returned or (2) been returned or repossessed but had not been sold. In the following table, this amount is assumed to be received in January 2022. The percentages in the following table may not sum to 100.00% due to rounding. | ||||||||||||||||||||||||||||||||||||||
Remaining Leases as of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Month | Securitization Value | Scheduled Base Monthly Payments | Base Residual Value | |||||||||||||||||||||||||||||||||||
2021- | December | $ | 227,207,913.89 | |||||||||||||||||||||||||||||||||||
2022- | January | $ | 161,318,958.34 | $ | 3,543,103.54 | 32.47 | % | $ | 63,543,388.25 | 28.80 | % | |||||||||||||||||||||||||||
February | $ | 127,766,653.16 | $ | 2,844,400.47 | 26.06 | % | $ | 31,763,665.11 | 14.40 | % | ||||||||||||||||||||||||||||
March | $ | 93,276,361.17 | $ | 2,128,610.27 | 19.51 | % | $ | 33,197,802.61 | 15.05 | % | ||||||||||||||||||||||||||||
April | $ | 53,918,186.45 | $ | 1,263,916.49 | 11.58 | % | $ | 38,704,542.65 | 17.54 | % | ||||||||||||||||||||||||||||
May | $ | 34,333,159.85 | $ | 823,423.22 | 7.55 | % | $ | 19,114,414.78 | 8.66 | % | ||||||||||||||||||||||||||||
June | $ | 10,586,268.27 | $ | 271,438.22 | 2.49 | % | $ | 23,700,065.97 | 10.74 | % | ||||||||||||||||||||||||||||
July | $ | 339,332.71 | $ | 9,614.47 | 0.09 | % | $ | 10,306,588.89 | 4.67 | % | ||||||||||||||||||||||||||||
August | $ | 185,879.61 | $ | 5,947.38 | 0.05 | % | $ | 149,741.00 | 0.07 | % | ||||||||||||||||||||||||||||
September | $ | 177,269.68 | $ | 5,640.92 | 0.05 | % | $ | 4,200.00 | 0.00 | % | ||||||||||||||||||||||||||||
October | $ | 155,839.06 | $ | 5,258.80 | 0.05 | % | $ | 17,346.00 | 0.01 | % | ||||||||||||||||||||||||||||
November | $ | 133,075.90 | $ | 4,468.68 | 0.04 | % | $ | 19,328.00 | 0.01 | % | ||||||||||||||||||||||||||||
December | $ | 104,408.21 | $ | 3,598.23 | 0.03 | % | $ | 25,940.00 | 0.01 | % | ||||||||||||||||||||||||||||
2023- | January | $ | 75,043.14 | $ | 2,411.07 | 0.02 | % | $ | 27,637.00 | 0.01 | % | |||||||||||||||||||||||||||
February | $ | 39,565.18 | $ | 1,232.87 | 0.01 | % | $ | 34,736.00 | 0.02 | % | ||||||||||||||||||||||||||||
March | $ | 0.00 | $ | 0.00 | 0.00 | % | $ | 39,824.00 | 0.02 | % | ||||||||||||||||||||||||||||
Total | $ | 10,913,064.63 | 100.00 | % | $ | 220,649,220.26 | 100.00 | % | ||||||||||||||||||||||||||||||
Total Scheduled Base Monthly Payments plus Base Residual Value | $ | 231,562,284.89 |
Ford Credit Auto Lease Trust 2019-B | |||||||||||||||||||||||||||||||||||||||||
Quarterly Supplemental Report -- Residual Performance | |||||||||||||||||||||||||||||||||||||||||
The following table shows the residual performance as calculated on the monthly investor report in sections VII and VIII for returned vehicles segregated by the vehicle types. | |||||||||||||||||||||||||||||||||||||||||
Residual Gain (Loss) per Returned Vehicle | |||||||||||||||||||||||||||||||||||||||||
Collection Period | Vehicle Type | Returned Vehicles | Return Rate | Amount | As a % of Adjusted MSRP | As a % of ALG Residual Value | |||||||||||||||||||||||||||||||||||
OCTOBER 2021 | Car | 59 | 21.53% | $10,190 | 27.46% | 70.54% | |||||||||||||||||||||||||||||||||||
CUV | 287 | 23.54% | $12,044 | 32.36% | 78.32% | ||||||||||||||||||||||||||||||||||||
SUV | 13 | 14.61% | $20,761 | 26.35% | 55.55% | ||||||||||||||||||||||||||||||||||||
Truck | 52 | 13.44% | $7,278 | 13.91% | 27.63% | ||||||||||||||||||||||||||||||||||||
Total/Average | 411 | 20.87% | $11,450 | 28.33% | 66.09% | ||||||||||||||||||||||||||||||||||||
NOVEMBER 2021 | Car | 36 | 11.50% | $10,805 | 27.31% | 70.31% | |||||||||||||||||||||||||||||||||||
CUV | 193 | 15.54% | $12,749 | 33.18% | 78.95% | ||||||||||||||||||||||||||||||||||||
SUV | 6 | 8.00% | $21,978 | 26.65% | 59.96% | ||||||||||||||||||||||||||||||||||||
Truck | 46 | 11.00% | $10,426 | 20.11% | 40.31% | ||||||||||||||||||||||||||||||||||||
Total/Average | 281 | 13.72% | $12,317 | 29.53% | 68.14% | ||||||||||||||||||||||||||||||||||||
DECEMBER 2021 | Car | 45 | 12.71% | $13,437 | 34.25% | 90.99% | |||||||||||||||||||||||||||||||||||
CUV | 156 | 11.63% | $13,234 | 33.68% | 80.24% | ||||||||||||||||||||||||||||||||||||
SUV | 5 | 5.38% | $20,546 | 25.56% | 51.12% | ||||||||||||||||||||||||||||||||||||
Truck | 55 | 13.13% | $10,089 | 18.83% | 37.03% | ||||||||||||||||||||||||||||||||||||
Total/Average | 261 | 11.83% | $12,746 | 29.59% | 67.39% | ||||||||||||||||||||||||||||||||||||
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