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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, BsZnMG/qw4QjzRFTAg04+iInznhbHipjng3Q57rVZDXzkRVdjYB5HOfiqeSdBndl 7inIX/u4TOH5Q3DQbwOqjg==
0000950124-06-003156.txt : 200606070000950124-06-003156.hdr.sgml : 2006060720060606173456ACCESSION NUMBER:0000950124-06-003156CONFORMED SUBMISSION TYPE:FWPPUBLIC DOCUMENT COUNT:71FILED AS OF DATE:20060607DATE AS OF CHANGE:20060606
SUBJECT COMPANY:
COMPANY DATA:COMPANY CONFORMED NAME:FORD CREDIT FLOORPLAN LLCCENTRAL INDEX KEY:0001061198STANDARD INDUSTRIAL CLASSIFICATION:ASSET-BACKED SECURITIES [6189]IRS NUMBER:383372243STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:FWPSEC ACT:1934 ActSEC FILE NUMBER:333-132560-01FILM NUMBER:06890059
BUSINESS ADDRESS:STREET 1:ONE AMERICAN ROADSTREET 2:ROOM 1034CITY:DEARBORNSTATE:MIZIP:48126
MAIL ADDRESS:STREET 1:ONE AMERICAN ROADSTREET 2:ROOM 1034CITY:DEARBORNSTATE:MIZIP:48126
FILED BY:
COMPANY DATA:COMPANY CONFORMED NAME:FORD CREDIT FLOORPLAN LLCCENTRAL INDEX KEY:0001061198STANDARD INDUSTRIAL CLASSIFICATION:ASSET-BACKED SECURITIES [6189]IRS NUMBER:383372243STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:FWP
BUSINESS ADDRESS:STREET 1:ONE AMERICAN ROADSTREET 2:ROOM 1034CITY:DEARBORNSTATE:MIZIP:48126
MAIL ADDRESS:STREET 1:ONE AMERICAN ROADSTREET 2:ROOM 1034CITY:DEARBORNSTATE:MIZIP:48126
FWP1k05862f1fwp.htmFREE WRITING PROSPECTUS
fwp
Free Writing Prospectus
Filed on June 6, 2006 pursuant to Rule 433
Registration Statement Nos. 333-132560 and 333-132560-01
Ford Credit Floorplan Corporation and Ford Credit Floorplan LLC (the "Depositors")
Ford Credit Floorplan Master Owner Trust A (the "Issuer")
This document constitutes a free writing prospectus for purposes of the Securities Act of 1933. Thedepositors have filed a registration statement (including a prospectus) with the SEC for the offering to whichthis free writing prospectus relates. Before you invest, you should read the prospectus in the registrationstatement and other documents the depositors have filed with the SEC for more complete information aboutthe depositors, the issuer and this offering. You may get these documents for free by visiting EDGAR on theSEC Web site at www.sec.gov. Alternatively, the depositors, any underwriter or any dealer participating inthe offering will arrange to send you the prospectus you request it by calling toll free (888) 603-5847.
1
Ford Credit Floorplan 2006-3
Investor Presentation
AGENDA
Ford and Ford Credit Overview
U.S. Wholesale Business Overview
U.S. Wholesale Portfolio Performance
Transaction Structure
Transaction Timeline
Question and Answer
2
TOTAL COMPANY
FIRST QUARTER 2006 SUMMARY
Earnings per share from Continuing Operations, excludingspecial items, were 24*; net income was a loss of 64
Losses in North America substantial but anticipated
Launched Way Forward plan to turn around North America
South America, Europe, and the Premier Automotive Groupwere profitable and improved from last year
Ford Credit pre-tax profit of $751 million
Liquidity remains strong
* Earnings per share from continuing operations is calculated on a basis that includes pre-tax profit, provision for taxes, and minorityinterest; see Appendix (page 1) for method of calculation, and Appendix (page 2) for reconciliation to GAAP
3
Earnings Per Share
Net Income / (Loss) $ (0.64 ) $ (1.24 )
Continuing Ops. -- Excl. Special Items* 0.24 (0.38 )
After-Tax Profits (Mils.)
Net Income $(1,187 ) $(2,399 )
Continuing Ops. -- Excl. Special Items** 458 (802 )
Memo: Tax Rate 9.1 % (12.0 ) Pts.
Pre-Tax Profits (Mils.)
Incl. Special Items $(1,971 ) $(3,520 )
Excl. Special Items 560 (1,096 )
Revenue (Bils.)
Total Sales and Revenue $ 41.1 $ (4.1 )
Automotive Sales 37.0 (2.3 )
Vehicle Unit Sales (000) 1,722 6
Automotive Cash, Marketable and Loaned
Securities and Short-term VEBA*** (Bils.)
Gross**** $ 23.7 $ 0.8
Net of Total Debt 5.9 1.1
Operating-Related Cash Flow***** (0.7 ) (1.6 )
TOTAL COMPANY
2006 FIRST QUARTER RESULTS
2006
O / (U)
2005
First Quarter
* Earnings per share from continuing operations is calculated on a basis that includes pre-tax profit, provision for taxes, and minority interest; see Appendix (page 1) for
method of calculation, and Appendix (page 2) for reconciliation to GAAP
** See Appendix (page 2) for reconciliation to GAAP
*** Voluntary Employee Beneficiary Association (VEBA) Trust used to pre-fund certain employee benefit obligations
**** See Appendix (page 3) for reconciliation to GAAP
***** See Appendix (page 4) for calculation and Appendix (page 5) for reconciliation to GAAP
4
TOTAL COMPANY
2006 FIRST QUARTER PRE-TAX PROFIT / (LOSS)
BY SECTOR*
* Excludes special items; see Appendix (page 2) and Appendix (page 6) for reconciliation to GAAP
Memo:
B / (W) 2005 $(1,096) $(764) $(332) Total Auto Fin Svcs 2Q 560 -184 744
Financial
Services
Automotive
(Mils.)
Total
$560
$744
$(184)
5
AUTOMOTIVE SECTOR
2006 FIRST QUARTER PROFIT / (LOSS) BY SEGMENT*
Memo:
B / (W) 2005 $(764) $(1,121) $57 $32 $218 $(41) $(9) $100
* Excludes special items; see Appendix (page 2) and Appendix (page 6) for reconciliation to GAAP
Other
Auto.
NorthAmerica
Europe
Asia Pacific
& Africa
(Mils.) WW N. Amer S. Amer Europe PAG AP&Africa Mazda Other 2Q -184 -457 134 91 163 2 45 -162
$(184)
$(162)
$(457)
$91
P.A.G.
SouthAmerica
$163
$45
Mazda &
Assoc.
Operations
$134
$2
Worldwide
6
America's
CarCompany
Customer
Focus
Strong
Brands
Bold,
Innovative
Products
Great
Quality
Clear
Pricing
CompetitiveCosts &Capacity
Bold
Leadership
2006 - 2012
WAY FORWARD PLAN
7
Bold leadership - "change or die" mentality
A comprehensive strategy that starts with the customer
Strong brands - Ford, Lincoln and Mercury
A balanced portfolio of fully competitive products
Quality among the industry leaders
A revised pricing strategy - clear, credible and simple
Market share stabilized at about today's level
Cost structure significantly improved
Capacity right-sized
WAY FORWARD SUMMARY
8
Mustang Convertible
Lincoln Zephyr
Ford Fusion
Lincoln Mark LT
Mercury Milan
Mercury Milan
Ford Explorer
AUTOMOTIVE SECTOR - NORTH AMERICA
2005 NEW PRODUCT LAUNCHES
9
Lincoln MKX
Ford Edge
Shelby GT 500
Explorer Sport Trac
AUTOMOTIVE SECTOR - NORTH AMERICA
2006 NEW PRODUCT LAUNCHES
2006 NEW PRODUCT LAUNCHES2006 NEW PRODUCT LAUNCHES
Navigator
Expedition
10
Aston Martin DB9 Volante
Range Rover Sport
AUTOMOTIVE SECTOR - P.A.G.
2005 NEW PRODUCT LAUNCHES
Land Rover LR3
Range Rover
Jaguar XK
11
AUTOMOTIVE SECTOR - P.A.G.
2006 NEW PRODUCT LAUNCHES
Volvo C70
Volvo S80
Jaguar XK8 Convertible
Jaguar XK8 Convertible
Aston Martin V8 Vantage
12
Fiesta
Fusion
Fusion
Fusion
Focus ST
Mondeo
AUTOMOTIVE SECTOR - EUROPE
2005 NEW PRODUCT LAUNCHES
13
AUTOMOTIVE SECTOR - EUROPE
2006 NEW PRODUCT LAUNCHES
Transit
S-MAX
Focus Coupe-Cabriolet
Galaxy
14
FORD CREDIT RESULTS AND METRICS -
FIRST QUARTER
Receivables (Bils.)
On-Balance Sheet $125 $132
Securitized Off-Balance Sheet 40 17
Managed $165 $149
Charge-Offs (Mils.)
On-Balance Sheet $181 $111
Managed 229 136
Loss-to-Receivables Ratio
On-Balance Sheet 0.56 % 0.34 %
Managed
- U.S. Retail and Lease 0.72 0.57
- Worldwide Total 0.55 0.37
Allow. for Credit Losses
Worldwide Amount (Bils.) $ 2.2 $ 1.4
Pct. Of EOP Receivables 1.74 % 1.08%
Leverage (To 1)
Financial Statement 11.4 11.9
Managed 13.0 11.8
Dividend (Bils.) $ 0.5 $ 0.3
2005
2006
Key Metrics*
Net Income (Mils.) $710 $479
ROE 24.6 % 17.4% 2005 2006 East 1061 751 4Q 0 0
Pre-Tax Profits (Mils.)
1st Qtr
2005
1st Qtr
2006
$1,061
$751
First Quarter
* See Appendix (pages 7 - 10) for calculation, definitions and reconciliation to GAAP
$(310)
15
FINANCIAL SERVICES SECTOR
2006 FIRST QUARTER FORD CREDIT PRE-TAXPROFIT COMPARED WITH 2005
(Bils.) 2004 2005 Volume Other Fin Credit loss Lease Other 1.1 0.8 -0.2 -0.2 0.1 -0.1 0.1
$(0.2)
$(0.2)
Financing
Margin
Lease
Residual
$0.1
Volume
2006
$(0.1)
Other
2005
$0.1
Credit
Loss
$0.8
$1.1
$(0.3)
16
CREDIT LOSS METRICS Q105 Q205 Q305 Q405 Q106 Owned 181 137 175 213 111 Securitized 48 32 36 33 29
Worldwide Managed Credit Losses - Charge-Offs (Mils.)
On-Balance Sheet
Securitized
Off-Balance Sheet
Ford Lincoln Mercury U.S. Retail & LeaseLoss-to-Receivables Ratio (Pct.)
Worldwide
Loss-to-Receivables Ratio (Pct.)
$229
$211
$169
1Q05 2Q05 3Q05 4Q05 1Q06 ON Bal Sheet 0.0055 0.0041 0.0055 0.0065 0.0037 Managed 0.0056 0.0044 0.0058 0.0068 0.0034
$246
Managed
On-Balance Sheet
Managed
On-Balance Sheet 1Q05 2Q05 3Q05 4Q05 1Q06 ON Bal Sheet 0.0072 0.0062 0.0091 0.0093 0.0057 Managed 0.0065 0.0063 0.0094 0.0097 0.0056
Q1
2006
Q1
Q2
Q3
Q4
2005
Q1
2006
Q1
Q2
Q3
Q4
2005
Q3
Q1
Q1
Q2
2006
Q4
2005
$136
17
Q105 Q205 Q305 Q405 Q106 Worldwide Owned 30 25 28 26 23 Repo Ratio 0.0241 0.0205 0.0242 0.0232 0.0209
CREDIT LOSS DRIVERS - FORD LINCOLNMERCURY U.S. RETAIL & LEASE*
Over-60-Day Delinquencies
Repossessions (000) Q105 Q205 Q305 Q405 Q106 Worldwide Owned 6000 6000 6300 6200 5900
Loss Severity
Q3
Q1
Q1
Q2
2006
Q4
* On a serviced basis
Repo.Ratio
2005
Memo: New Bankruptcy Filings (000)
18 20 20 26 4 1Q05 2Q05 3Q05 4Q05 1Q06 NON-BANKRUPT 0.0011 0.0012 0.0019 0.0017 0.0014
Q1
2006
Q1
Q2
Q3
Q4
2005
Q1
2006
Q1
Q2
Q3
Q4
2005
18
Q4 Q1 Q2 Q3 Q4 East 34 32 28 27 22 West 6 4 4 5 9
LEASE RESIDUAL PERFORMANCE -
FORD LINCOLN MERCURY U.S.
Lease Return Volume (000)
Q3
Q4
Q1
Q1
Q2
2006
2005
1Q2005 2Q2005 3Q2005 4Q 2005 1Q 2006 AV 24-Month 16460 16130 15130 15490 16310 AV 36-Month 13810 13640 13190 13220 13830
Auction Values (At Q1 2006 Mix)
36-Month
24-Month
Q3
Q4
Q1
Q1
Q2
Memo: Worldwide Net Investment in Operating Leases in (Bils.)
$21.7 $21.9 $22.2 $22.2 $23.7
2005
36
32
32
2006
24- Month
36- Month
40
31
19
PRESENT DEBT RATINGS -
FORD & FORD CREDIT
Agency
Long-
Term
Outlook/Trend
Short-
Term
Dominion Bond Rating
Service
Ford Motor BB (low) Negative R-3 (high)
Ford Credit BB Negative R-3 (high)
Fitch Ratings BB Negative B
Moody's Investors Service
Ford Motor Ba3 Negative N/A
Ford Credit Ba2 Negative NP
Standard & Poor's BB- * Negative B-2 *
* On CreditWatch with negative implications; FCE Bank plc Long-Term on Credit Watch with developing implications
20
FORD CREDIT FUNDING STRUCTURE 2004 2005 2006 1Q2006 Equity 11 11 11 11 Term Debt/Other 110 92 70 84 Securitization 23 35 50 40 ABS CP 20 22 22 23 Ford Interest Advantage 9 8 8 7 Commercial Paper 9 1 0 1 Overborrow -12.7 -18 -17 -16
Equity
Unsecured Commercial Paper
Asset-Backed Commercial Paper
$168
$140-145
$46-50
$110
$11
$11-12
Year-end
2004
Year-end
2005
March 31,
2006
$8
$20
Funding of Managed Receivables* (Bils.)
Securitized Funding as Percentage
of Managed Receivables 26% 38% 49-53% 42%
Year-end
2006 Fcst
$22
$92
$11
Term Asset-Backed Securities
Term Debt and Other
$18
Cash, Cash Equivalents and
Marketable Securities**
$15-19
$13
$20-24
$150
$149
$40
$83
$11
$16
$70-74
$35
$23
$9
$5-7
$7
$7
Ford Interest Advantage
$23
* From continuing operations
** Excluding marketable securities related to insurance activities
21
FORD CREDIT STRATEGY
Ford Motor Credit Company is a strategic asset of Ford MotorCompany
Receivables are high quality; portfolio is performing well
On track to reduce managed receivables to $140-$145 billionby year-end 2006
Funding sources continue to be diverse
Successful implementation of North America Way Forwardplan will improve financial strength over time
22
FORD CREDIT FUNDING STRATEGY*
Maintain strong liquidity and access to diverse funding sources
Cash balance of $16 billion at March 31, 2006**
Continue to add committed funding capacity beyond present needs
Expand and diversify asset-backed funding - $13 billion YTD
Retail - issued in U.S., Mexico, Europe, Australia and Japan
Lease - completed private transactions in the U.S. and Canada
Wholesale - issued in the U.S.
Continue to participate in whole-loan sales market - $1 billion YTDCanadian deal
Issue unsecured term debt opportunistically - $2 billion YTD
* YTD funding through April 20, 2006
** Includes cash, cash equivalents and marketable securities (excluding marketable securities related to insurance activities)
23
Public Transactions
- - Institutional $ 7 $ 8 $ 2 - 5 $ 2 $ 0 - 2
- - Retail 5 1 0 - 1 0 0 - 1
Total Debt $12 $ 9 $ 2 - 5 $ 2 $ 0 - 3
Securitization** 6 12 8 - 12 3 8 - 12
Total $18 $21 $10 - 17 $ 5 $10 - 15
Private Transactions*** $10 $18 $25 - 33 $ 11 $25 - 35
FORD CREDIT TERM FUNDING PLAN
2004
Actual
(Bils.)
2005
Actual
(Bils.)
Forecast
(Bils.)
YTD
Actual*
(Bils.)
2006
Memo:
Prior
Forecast
(Bils.)
* YTD Actual through April 20, 2006
** Reflects new issuance and includes funding from discontinued operations in 2004; excludes whole-loan sales and other structured financings
*** Includes private securitizations, other structured financings and whole-loan sales; excludes sales to our on-balance sheet asset-backed
commercial paper programs and proceeds from revolving transactions
$16
24
Global Bank Lines Other FCAR Motown Conduits Cash Total Back-up liquidity 12.6 18.2 10 19.1 15.9 70.5 5.3
Bank Lines FCAR Motown Conduits Unsecured CP Total Back-up liquidity 1.5 15.9 6.5 7.4 0.7 32
FORD CREDIT LIQUIDITY PROGRAMS
Capacity /Liquidity
Utilization ofLiquidity
March 31, 2006 (Bils.)
March 31, 2006 (Bils.)
* Includes $6.5 billion of Ford bank lines that Ford Credit and/or FCE can use at Ford's option
** Subject to availability of sufficient assets; FCAR commercial paper must be supported by bank lines equal to at least 100% of the principal amount; Motown Notes must
be supported by bank lines equal to at least 5% of their principal amount (Motown lines equal $500 million); conduits includes other committed securitization programs
*** Cash, cash equivalents and marketable securities (excludes marketable securities related to insurance activities); includes $2.9 billion legally isolated related to SPE's
$75.8
**
**
Committed capacity and cash exceeded utilization by over $40 billion
*
Committed
Credit
Facilities
FCAR
Lines
Motown
Program
Conduits
Cash***
Total
Committed
Credit
Facilities
FCAR
Motown
Notes
Conduits
Unsecured
CP
Total
$19.1
$10.0
$18.2
$12.6
$15.9
CommittedCapacity andCash***
$70.5
Liquidity
Committed capacity = $59.9 billion
**
25
Under 3 Months Under 6 Months Under 1 Year Under 2 Years Total Assets 43 50 62 79 95 Liabilities 13 15 24 38 77
LIQUIDITY PROFILE OF FORD CREDIT'S
BALANCE SHEET
Cumulative Maturities* - As of March 31, 2006 (Bils.)
* Includes U.S., Europe, and Canada at scheduled maturities; interest earning assets excludes on-balance sheet securitized net of
unsold assets and retained interest; cash includes cash, cash equivalents and marketable securities (excluding marketable
securities related to insurance activities); interest bearing debt excludes on-balance sheet securitized debt
** Includes unsecuritized and retained wholesale, unrestricted cash and Ford Interest Advantage
Under
3 Months**
Under
6 Months
Under
1 Year
Under
2 Years
Total
Interest Earning Assets and Cash at Face Value
Interest Bearing Debt at Face Value
26
FIRST QUARTER 2006 SUMMARY
Ford
Earnings per share from Continuing Operations, excluding special items,were 24*; net income was a loss of 64
Losses in North America substantial but anticipated
Launched Way Forward plan to turn around North America
South America, Europe and the Premier Automotive Group wereprofitable and improved from last year
Ford Credit
Pre-tax profit of $751 million; net income of $479 million
Continued favorable credit loss performance
Strong liquidity - including $16 billion of cash, cash equivalents andmarketable securities
Completed year-to-date $16 billion of term funding
* Earnings per share from continuing operations is calculated on a basis that includes pre-tax profit, provision for taxes, and minority interest; see Appendix (page 1) for
method of calculation, and Appendix (page 2) for reconciliation to GAAP
27
AGENDA
Ford and Ford Credit Overview
U.S. Wholesale Business Overview
U.S. Wholesale Portfolio Performance
Transaction Structure
Transaction Timeline
Question and Answer
28
WHOLESALE BUSINESS OVERVIEW
Wholesale financing is a cornerstone product for Ford Credit. It buildsdealer satisfaction, develops long-term relationships, and delivers aconsistent source of profitability to the Company.
Financing is provided to over 5,000 dealerships in the U.S. including:
Ford-franchised dealers selling Ford, Lincoln, and Mercury brands -Ford Credit is the primary source of financing for these dealers
Other Ford Trustmark brand dealers including Aston Martin, Jaguar,Land Rover, Mazda and Volvo
Non-Ford dealers - primarily affiliated with Ford-franchised dealers
Origination and servicing is managed locally by Ford Credit branchoffices - higher credit level authorities and a devoted risk managementfunction are centralized at Ford Credit Headquarters
29
WHOLESALE FINANCE PLANS
Wholesale financing is provided under the following generalfinance plans:
Factory purchases - vehicle purchases directly frommanufacturer
Direct wholesale purchases - vehicle purchases other thanfrom the manufacturer (dealer trades, off-lease vehicles,customer trade-ins)
Wholesale transfers - vehicle transfers between dealers
Auction purchases - vehicle purchases from eligible auctions
In-transit period financing
30
GENERAL WHOLESALE FINANCE TERMS
Advance rates
New (untitled) vehicles - 100% of invoice amount, includingdestination charges and dealer holdback (currently approximately 3%of MSRP)
Auctioned vehicles - auction price plus auction fee
Used vehicles - up to 100% of wholesale value (as determined byselected trade publications)
Interest rates
New and auctioned vehicles - generally prime rate plus 1.00%
Used vehicles - generally prime rate plus 1.75%
Payment terms
Principal due generally upon sale of related vehicle
Interest and other administrative charges payable monthly in arrears
31
IN-TRANSIT WHOLESALE FINANCING
For Ford, Lincoln and Mercury dealers, Ford Credit providesfinancing during the in-transit period - the time between thefactory release of the vehicle and its delivery to the dealer
The dealer is legally obligated to Ford Credit for the vehicle atfactory release - Ford agrees to pay Ford Credit an adjustment feefor the in-transit period (currently the prime rate plus 0.30%)
The in-transit receivable is the obligation of the dealer; theadjustment fee is the obligation of Ford
As of April 28, 2006 in-transit receivables representedapproximately 8% of the Trust balance
32
UNDERWRITING - DEALER RISK RATINGS
A proprietary model is used to assign a risk rating to each dealer
Large sample size and significant historical experience have been analyzed toidentify key indicators that predict a dealer's ability to meet its financial obligations
Includes capitalization and leverage, liquidity and cash flow, profitability andcredit history
Dealer risk ratings categorized in the following groups:
Group I - strong to superior financial metrics
Group II - fair to favorable financial metrics
Group III - marginal to weak financial metrics
Group IV - poor financial metrics, may be uncollectible
Other - Includes dealers that either have no dealer risk rating or have a dealerrisk rating based on Ford Credit's previous risk rating model, generally becauseFord Credit only provides in-transit financing for such dealer.
33
UNDERWRITING - DEALER RISK RATINGS
34
UNDERWRITING - CREDIT LINES
Wholesale financing is provided under established credit lines - adealer may have multiple credit lines including new, used,commercial, or fleet (only new and used are eligible for the Trust)
New vehicles lines
Set and adjusted based on a 60-day vehicle supply - does notrepresent a credit commitment
Line size is a guideline, not a strict credit limit - most dealersare permitted to exceed their lines but this will trigger moreextensive monitoring
Used vehicle lines
Set and adjusted based on a 30-day vehicle supply - does notrepresent a credit commitment
Line size is a strictly monitored credit limit
35
DEALER MONITORING - PAYMENT TRENDS
Dealer payment activities are monitored on a daily, weekly,monthly, quarterly, and annual basis
Daily payment verifications
Regularly scheduled analysis of payoffs, aged inventory,overline reports, and delinquency reports
Dealers exhibiting adverse trends are typically placed on a monthlyor quarterly early warning or watch report - results in moreextensive monitoring and reviews by higher credit level authorities
An electronic curtailment tool may also be used to require thepayoff or curtailment of any receivable
36
DEALER MONITORING - WHOLESALE PAYOFFREPORT
Screen shot of wholesale payoff report
37
DEALER MONITORING - AGED INVENTORYREPORT
Screen shot of wholesale payoff report
Screen shot of wholesale payoff report
38
DEALER MONITORING - OVERLINE REPORT
Screen shot of wholesale payoff report
39
DEALER MONITORING - CURTAILMENT TOOL
Screen shot of wholesale payoff report
40
DEALER MONITORING - CREDIT REVIEWS
Ford Credit reviews dealer financial statements on a monthly basisand performs a full credit review for each dealer at least annually -frequency depends on risk rating and total exposure
Reviews consider:
Overall financial condition, including liquidity, capitalization andability to service debt
Collateral and security position available to Ford Credit - UCCsearches conducted to verify security position
Personal guarantees and related secondary collateral
Any non-standard terms or exceptions to approved plans areidentified and require approvals from a higher credit authority
Certain categories of borrowers or conditions are elevated to ahigher credit authority (e.g., separate used car operations)
41
DEALER MONITORING - INVENTORY AUDITS
Ford Credit audits dealer inventory and sales records regularly. On-site auditsperformed at least annually and as often as weekly, depending on the dealer's riskrating
Dealer receives no advance notice
Strict restrictions on how often the same auditor can visit a dealer
Auditors must account for all inventory using automated handheld tool equippedwith a VIN scanner
Payment demanded for any sold-out-of-trust (SOT) detected
42
BRANCH ACTIONS
If the branch discovers any issues in its monitoring of a dealer, itmay:
Initiate discussion with the Ford sales division
Increase audit frequency
Meet with owners/guarantors
Increase risk rating to trigger more extensive monitoring
Review curtailment options
Schedule a working capital audit
Schedule a field credit review
File liens on property of guarantors
Declare a dealer status
43
STATUS DECLARATION
A dealer status is declared when:
Dealer does not satisfy an SOT condition discovered during anaudit
Dealer fails to pay principal or interest
Dealer bankruptcy
Any other circumstances that warrant immediate action
The branch may then:
Suspend credit lines
Maintain Ford Credit personnel on site
Collect titles and keys
Secure dealer inventory
Issue demand letters
44
CHARGE-OFF PROCEDURES
If the branch does not believe that the dealer can work out of astatus situation, Ford Credit will:
Liquidate vehicles and any available secondary assets to obtaingreatest value
Continue collection efforts against personal and corporateguarantors
In liquidation, inventory is disposed through the followingchannels:
Transfer of vehicles to other dealers
Transfer of vehicles to the manufacturer
Sale of vehicles at auction
45
AGENDA
Ford and Ford Credit Overview
U.S. Wholesale Business Overview
U.S. Wholesale Portfolio Performance
Transaction Structure
Transaction Timeline
Question and Answer
47
Beginning in 2002, average principal receivables balance is the average of the monthly average principal balances (based on daily balances)for the period indicated. Prior to 2002, average principal receivables balance is the average of the monthly average principal balances (basedon beginning and ending balances) for the period indicated.
Net Losses in any period are gross losses less any recoveries for such period. Recoveries include amounts received from any related securityin addition to the underlying vehicles.
Liquidations represent monthly cash payments and charge-offs that reduce the outstanding principal balance of a receivable.
For the non-annual periods, the percentages are annualized.
WHOLESALE PORTFOLIO PERFORMANCE Loss Experience of Ford Credit's U.S. Dealer Floorplan Portfolio Loss Experience of Ford Credit's U.S. Dealer Floorplan Portfolio Loss Experience of Ford Credit's U.S. Dealer Floorplan Portfolio Loss Experience of Ford Credit's U.S. Dealer Floorplan Portfolio Loss Experience of Ford Credit's U.S. Dealer Floorplan Portfolio Loss Experience of Ford Credit's U.S. Dealer Floorplan Portfolio
Year Ended December 31 Year Ended December 31 Year Ended December 31 Year Ended December 31 Year Ended December 31
(Dollars in Millions) (Dollars in Millions) (Dollars in Millions) (Dollars in Millions) (Dollars in Millions)
2005 2004 2003 2002 2001 Average principal receivables balance(1) $ 23,633 $ 26,479 $ 25,416 $ 22,787 $ 22,158 Net losses (recoveries)(2) $ 11.6 $ 21.7 $ 11.2 $ 19.2 $ 18.6 Liquidations(3) $ 103,322 $ 110,849 $ 114,249 $ 113,221 $ 121,868 Net Losses/liquidations 0.011% 0.020% 0.010% 0.017% 0.015% Net Losses/average principal receivables balance(4) 0.049% 0.082% 0.044% 0.084% 0.084%
48
Monthly principal payment rate is calculated as the percentage equivalent of a fraction, the numerator of which is thechange in the principal receivables balance from the beginning of the period to the end of the period (without giving effectto new principal receivables), and the denominator of which is the average principle receivables balance calculated asdescribed above in the U.S. Dealer Floorplan Portfolio Loss Experience table) for the period.
WHOLESALE PORTFOLIO PERFORMANCE
Age Distribution Experience for FMCC's U.S. Wholesale Portfolio(1) Age Distribution Experience for FMCC's U.S. Wholesale Portfolio(1) Age Distribution Experience for FMCC's U.S. Wholesale Portfolio(1) Age Distribution Experience for FMCC's U.S. Wholesale Portfolio(1) Age Distribution Experience for FMCC's U.S. Wholesale Portfolio(1) Age Distribution Experience for FMCC's U.S. Wholesale Portfolio(1)
Year Ended December 31 Year Ended December 31 Year Ended December 31 Year Ended December 31 Year Ended December 31
2005 2004 2003 2002 2001 0 - 120 days 70.5% 71.5% 71.9% 81.2% 81.5% 121 - 180 days 12.2% 13.2% 15.7% 10.2% 8.8% 181 - 270 days 11.3% 9.8% 9.6% 5.3% 4.8% Over 270 days 6.0% 5.5% 2.8% 3.3% 4.9%
Monthly Principal Payment Rates for FMCC's U.S. Wholesale Portfolio(1) Monthly Principal Payment Rates for FMCC's U.S. Wholesale Portfolio(1) Monthly Principal Payment Rates for FMCC's U.S. Wholesale Portfolio(1) Monthly Principal Payment Rates for FMCC's U.S. Wholesale Portfolio(1) Monthly Principal Payment Rates for FMCC's U.S. Wholesale Portfolio(1) Monthly Principal Payment Rates for FMCC's U.S. Wholesale Portfolio(1)
Year Ended December 31 Year Ended December 31 Year Ended December 31 Year Ended December 31 Year Ended December 31
2005 2004 2003 2002 2001 Highest month 55.5% 38.9% 44.0% 53.5% 73.0% Lowest month 29.9% 31.1% 30.1% 31.5% 34.7% Average for the months in period 36.7% 34.9% 37.6% 41.6% 47.1%
49
WHOLESALE PORTFOLIO PERFORMANCE
Monthly Payment Rate is calculated as principal collections plus Cash Management Agreement deposits lessdealer-to-dealer vehicle transfers divided by the beginning of period balance
50
AGENDA
Ford and Ford Credit Overview
U.S. Wholesale Business Overview
U.S. Wholesale Performance
Transaction Structure
Transaction Timeline
Question and Answer
51
TRANSACTION BACKGROUND & STRUCTURE
Securitization is the primary funding source for Ford Credit's wholesalefinancing business - first securitized in 1992
Current Master Owner Trust structure was developed in 2001
The series 2006-3 Notes ("FCFMOT 2006-3") represents Ford Credit's fifthpublic term ABS wholesale dealer financing issuance from FCFMOTA.
Series 2006-1 and 2006-2 are privately issued variable funding notes
The transaction specifics of FCFMOT 2006-3 are as follows:
Class A Notes Class B Notes Size: Ratings (S&P/Moody's/Fitch): [AAA/Aaa/AAA] [A/A1/A] Weighted Average Life (years): [3.0/5.0] [3.0/5.0] Offering: [Public] [Public] First Interest Payment Date: [July 2006] [July 2006] Targeted Final Payment Date: [May 2009/2011] [May 2009/2011] Stated Final Payment Date: [May 2011/2013] [May 2011/2013] Monthly Distribution Date: 15th of each month 15th of each month Benchmark One-month LIBOR One-month LIBOR Day Count: [Actual/360] [Actual/360] ERISA Eligible: [Yes] [Yes] Delivery: DTC, Clearstream, Euroclear DTC, Clearstream, Euroclear
52
TRANSACTION STRUCTURE
2006-3 Wholesale Transaction 2006-3 Wholesale Transaction Class A Notes 84.50% Class B Notes 5.00% Subordination Factor 10.50% Reserve Account(1) 1.00% Participation Percentage(1) 4.00%
53
(1)As a percentage of Notes
SAMPLE OF AMORTIZATION EVENTS
Average monthly principal payment rate for the threeimmediately preceding collection periods is less than 21%
The cash balance in the Excess Funding Account (EFA) exceeds30% of the outstanding note balance for three consecutivemonths
The available subordinated amount is less than the requiredsubordinated amount
Bankruptcy, insolvency or similar events relating to Ford or FordCredit
54
AGENDA
Ford and Ford Credit Overview
U.S. Wholesale Business Overview
U.S. Wholesale Portfolio Performance
Transaction Structure
Transaction Timeline
Question and Answer
55
TRANSACTION TIMELINE
June 2006 June 2006 June 2006 June 2006 June 2006 June 2006 June 2006 S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Date Event June 7 - 8 European Roadshow (London) June 13 - 15 U.S. Roadshow [New York, Boston & Chicago] Week of June 19 Announce, launch and price transaction Week of June 26 Close transaction
56
TRANSACTION PARTICIPANTS
Issuer: Ford Credit Floorplan Master Owner Trust A
Seller/Servicer: Ford Motor Credit Company
Underwriters: ABN AMRO Incorporated (Joint-Lead Manager)
Deutsche Bank Securities (Joint-Lead Manager)
Lehman Brothers (Joint-Lead Manager)
Issuer's Counsel: Dewey Ballantine LLP
Underwriters' Counsel: McKee Nelson LLP
Indenture Trustee: JPMorgan Chase Bank, N.A.
Owner Trustee: The Bank of New York
Accountants: PriceWaterhouseCoopers LLP
57
SAFE HARBOR
Automotive Related:
A continued decline in Ford's market share;
Continued or increased price competition for Ford vehicles resulting from industry overcapacity, currency fluctuations or other factors;
A market shift (or an increase in or acceleration of market shift) away from Ford's sales of trucks or sport utility vehicles, or from sales of its other moreprofitable vehicles in the United States;
A significant decline in industry sales and our financing of those sales, particularly in the United States or Europe, resulting from slowing economicgrowth, geo-political events or other factors;
Lower-than-anticipated market acceptance of new or existing Ford products;
Continued or increased high prices for or reduced availability of fuel;
Adverse effects from the bankruptcy or insolvency of a major competitor;
Economic distress of suppliers that has in the past or may in the future require Ford to provide financial support or take other measures to ensuresupplies of components or materials;
Work stoppages at Ford or supplier facilities or other interruptions of supplies;
Single-source supply of components or materials;
The discovery of defects in Ford vehicles resulting in delays in new model launches, recall campaigns or increased warranty costs;
Increased safety, emissions, fuel economy or other (e.g., pension funding) regulations resulting in higher costs, cash expenditures and/or salesrestrictions;
Unusual or significant litigation or governmental investigations arising out of alleged defects in Ford products or otherwise;
A change in Ford's requirements for parts or materials where it has entered into long-term supply arrangements that commit it to purchase minimum orfixed quantities of certain parts or materials, or to pay a minimum amount to the seller ("take-or-pay contracts");
Inability to implement the Way Forward plan;
Ford Credit Related:
Inability to access debt or securitization markets around the world at competitive rates or in sufficient amounts due to additional credit rating downgradesor otherwise;
Higher-than-expected credit losses;
Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles;
Collection and servicing problems related to our finance receivables and net investment in operating leases;
Lower-than-anticipated residual values or higher-than-expected return volumes for lease vehicles;
New or increased credit, consumer protection or other regulations resulting in higher costs and/or additional financing restrictions;
Changes in Ford's marketing programs that de-emphasize financing incentives, which could result in a decline in our share of financing Ford vehicles;
General:
Major capital market disruptions that could prevent Ford or us from having access to the capital markets or that would limit our liquidity;
Labor or other constraints on Ford's or our ability to restructure its or our business;
Worse-than-assumed economic and demographic experience for postretirement benefit plans (e.g., discount rates, investment returns, and health carecost trends);
Currency or commodity price fluctuations;
Changes in interest rates.
Statements included or incorporated by reference herein may constitute "forward-looking statements" within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Forward-looking statements are based on our expectations, forecasts, and assumptions by our management and involve anumber of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:
We cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will proveaccurate, or that any projections will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
58
AGENDA
Ford and Ford Credit Overview
U.S. Wholesale Business Overview
U.S. Wholesale Performance
Transaction Structure
Transaction Timeline
Question and Answer
59
Appendix
TOTAL COMPANY
CALCULATION OF FIRST QUARTER
EARNINGS PER SHARE
Net
Income
(Mils.)
Numerator
After-Tax Profits $(1,187 ) $ 458
Impact on Income from assumed conversion
of convertible preferred securities 0 53
Income for EPS $(1,187 ) $ 511
Denominator
Average shares outstanding 1,865 1,865
Net issuable shares, primarily stock options (2 ) 5
Convertible preferred securities 0 282
Average shares for EPS 1,863 2,152
EPS $ (0.64 ) $ 0.24
Appendix 1 of 10
Cont. Ops. --
Excl.
Special Items
(Mils.)
First Quarter 2006
TOTAL COMPANY
2006 FIRST QUARTER INCOME FROM CONTINUINGOPERATIONS COMPARED WITH NET INCOME
Income / (Loss) from Continuing
Operations Excluding Special Items $ 0.24 $ 458 $ 560
Special Items
Way Forward Jobs Bank / Employee Separation $(0.61 ) $(1,140 ) $(1,754 )
Pension Curtailment Charges (0.14 ) (269 ) (414 )
Facility-Related U.S. Plant Idling Costs (0.10 ) (183 ) (281 )
Additional Personnel Reduction Programs (0.03 ) (53 ) (82 )
Total Special Items $(0.88 ) $(1,645 ) $(2,531 )
Income / (Loss) from Continuing Ops. $(0.64 ) $(1,187 ) $(1,971 )
Memo: Total Net Income / (Loss) $(0.64 ) $(1,187 )
Pre-Tax
Profit
(Mils.)
First Quarter
Earnings
Per Share*
After-Tax
Profit
(Mils.)
* Earnings per share from continuing operations is calculated on a basis that includes pre-tax profit, provision for taxes, and minority interest;
see Appendix (page 1) for method of calculation
$(2,449)
Appendix 2 of 10
AUTOMOTIVE SECTOR
GROSS CASH RECONCILIATION TO GAAP
Cash and Cash Equivalents $13.4 $10.1 $(3.3 ) $ 9.5
Marketable Securities 6.9 9.1 2.2 9.2
Loaned Securities 3.4 3.1 (0.3 ) 0.9
Total Cash / Market. Securities $23.7 $22.3 $(1.4 ) $19.6
Short-Term VEBA 1.4 1.4 0 3.3
Gross Cash $25.1 $23.7 $(1.4 ) $22.9
March 31, 2006
B / (W)
Dec. 31, 2005
(Bils.)
March 31,
2006
(Bils.)
Dec. 31,
2005
(Bils.)
Appendix 3 of 10
Memo:
March 31, 2005
(Bils.)
AUTOMOTIVE SECTOR
2006 FIRST QUARTER CASH*
First
Quarter
(Bils.)
Cash, Marketable and Loaned Securities, Short-Term VEBA Assets
March 31, 2006 $23.7
December 31, 2005 25.1
Change in Gross Cash $ (1.4 )
Operating-Related Cash Flows
Automotive Pre-Tax Profits** $ (0.2 )
Capital Spending (1.8 )
Depreciation and Amortization** 1.8
Changes in Receivables, Inventory, and Trade Payables (0.6 )
Other -- Primarily Expense and Payment Timing Differences 0.1
Total Automotive Operating-Related Cash Flow $ (0.7 )
Other Changes in Cash
Cash Impact of Jobs Bank Expenses and Separation Programs (0.4 )
Pension Contributions (0.3 )
Capital Transactions w / Financial Services Sector 0.2
Dividends to Shareholders (0.2 )
All Other 0
Total Change in Gross Cash $ (1.4 )
Memo: Gross Cash Compared with March 31, 2005 $ 0.8
* See Appendix (pages 3 and 5) for reconciliation to GAAP
** Excludes special items; see Appendix (page 2) and Appendix (page 6) for reconciliation to GAAP
Appendix 4 of 10
AUTOMOTIVE SECTOR
GAAP RECONCILIATION OF
OPERATING-RELATED CASH FLOWS
Net Cash Flows from Operating Activities $(0.7 ) $(2.5 )
Items Included in Operating-Related Cash Flows
Capital Expenditures $(1.8 ) $(0.4 )
Net Transactions Between Automotive and
Financial Services Sectors* (0.5 ) 0.2
Exclusion of Cash Flows from Securities Trading 1.3 0.7
Exclusion of ST VEBA Cash Flows - Net (Drawdown) / Top-Up 0 0.8
Other 0.3 0.4
Items Excluded from Operating-Related Cash Flows
Pension Contributions 0.3 (1.1 )
Cash Impact of Jobs Bank Expenses and Separation Programs 0.4 0.3
Tax Refunds 0 0
Total Auto. Operating-Related Cash Flows $(0.7 ) $(1.6 )
* Net transactions with Automotive / Financial Services consistent with the Condensed Sector Statement of Cash Flows
First Qtr.
(Bils.)
2006
B / (W)
Than 2005
(Bils.)
Appendix 5 of 10
TOTAL COMPANY
2005 - 2006 FIRST QUARTER PRE-TAX RESULTS*
North America $ 557 $(2,976 ) $(107 ) $(2,519 ) $ 664 $ (457 )
South America 77 134 0 0 77 134
Total Americas $ 634 $(2,842 ) $(107 ) $(2,519 ) $ 741 $ (323 )
Europe $ 59 $ 82 $ 0 $ (9 ) $ 59 $ 91
P.A.G. (55 ) 160 0 (3 ) (55 ) 163
Total Europe / P.A.G. $ 4 $ 242 $ 0 $ (12 ) $ 4 $ 254
Asia Pacific and Africa $ 43 $ 2 $ 0 $ 0 $ 43 $ 2
Mazda & Assoc. Operations 54 45 0 0 54 45
Total AP and Africa / Mazda $ 97 $ 47 $ 0 $ 0 $ 97 $ 47
Total International $ 101 $ 289 $ 0 $ (12 ) $ 101 $ 301
Other Automotive (262 ) (162 ) 0 0 (262 ) (162 )
Total Automotive $ 473 $(2,715 ) $(107 ) $(2,531 ) $ 580 $ (184 )
Financial Services 1,076 744 0 0 1,076 744
Total Company $1,549 $(1,971 ) $(107 ) $(2,531 ) $1,656 $ 560
* From continuing operations
2006
(Mils.)
Pre-Tax Profits
(Incl. Special Items)
Special Items
Pre-Tax Profits
(Excl. Special Items)
2006
(Mils.)
2006
(Mils.)
Appendix 6 of 10
2005
(Mils.)
2005
(Mils.)
2005
(Mils.)
FORD CREDIT KEY METRIC DEFINITIONS
In addition to evaluating Ford Credit's financial performance on a GAAP financial statement basis, FordCredit management also uses other criteria, some of which were previously disclosed in this presentationand are defined below. Information about the impact of on-balance sheet securitization is also includedbelow:
Managed Receivables - receivables reported on Ford Credit's balance sheet and receivables Ford Creditsold in off-balance-sheet securitizations and continues to service
Serviced Receivables - includes managed receivables and receivables Ford Credit sold in whole-loan saletransactions (i.e., receivables for which Ford Credit has no continuing exposure or risk of loss)
Charge-offs on Managed Receivables - charge-offs associated with receivables reported on Ford Credit'sbalance sheet plus charge-offs associated with receivables Ford Credit sold in off-balance sheetsecuritizations and continues to service
Impact of On-Balance Sheet Securitization - finance receivables (retail and wholesale) and investments inoperating leases reported on Ford Credit's balance sheet include assets transferred in securitizations thatdo not qualify for accounting sale treatment. These assets have been legally transferred to Ford Creditsponsored special purpose entities and are available only to pay the obligations of the special purposeentities and are not available to pay the other obligations of Ford Credit or the claims of Ford Credit's othercreditors. Debt reported on Ford Credit's balance sheet includes debt issued by these special purposeentities to securitization investors which is payable out of collections on the assets supporting thesecuritizations and is not the legal obligation of Ford Credit or its other subsidiaries
Appendix 7 of 10
FORD CREDIT PRE-TAX INCOME EFFECT OFRECEIVABLES SALES ACTIVITY
2006
(Mils.)
First Quarter
2005
(Mils.)
Investment and Other Income Related to
Off-Balance Sheet Securitizations
Earnings Impact if Reported on Balance Sheet
Net Gain on Sales of Receivables $ 25 $ 24
Servicing Fees 99 58
Income on Residual Interest and Other 205 120
Income on Interest in Sold Wholesale
Receivables and Retained Securities 116 8
Total Investment and Other Income Related
to Sales of Receivables $ 445 $ 210
Less: Whole-loan Income (16) (3)
Total Income Related to Off-Balance Sheet
Securitizations $ 429 $ 207
Retail Revenue $ 400 $ 327
Wholesale Revenue 301 -
Total Financing Revenue $ 701 $ 327
Borrowing Cost (242) (176)
Net Financing Margin $ 459 $ 151
Credit Losses (39) (23)
Income Before Income Taxes $ 420 $ 128
Recalendarization Impact of
Off-Balance Sheet Securitizations $ 9 $ 79
Appendix 8 of 10
FORD CREDIT RATIO DEFINITIONS
In addition to evaluating Ford Credit's financial performance on a GAAP financial statement basis, FordCredit management also uses other criteria, some of which were previously disclosed in this presentationand are defined below:
Leverage:
Total Debt
- - Financial Statement Leverage
=
Equity
Total Debt
Securitized
Off-Balance
Sheet
Receivables
Cash, Cash
Equivalents &
Marketable
Securities*
Fair ValueHedge Acctg.Adjustments
on Total Debt
Equity
Minority
Interest
Fair Value
Hedge Acctg.
Adjustment
on Equity
- - Managed Leverage
+
- -
- -
- -
=
+
- -
Retained
Interest in
Securitized
Off-Balance
Sheet
Receivables
Charge-offs
=
Average Receivables
Loss-to-Receivables Ratio
Appendix 9 of 10
* Excluding marketable securities related to insurance activities
FORD CREDIT RECONCILIATIONS OF MANAGED
LEVERAGE TO FINANCIAL STATEMENT LEVERAGE
Total Debt* $132.7 $131.4
Total Securitized Receivables Outstanding 41.1 17.0
Retained Interest in Securitized Receivables (8.3 ) (1.4 )
Adjustments for Cash, Cash Equivalents and
Marketable Securities** (13.1 ) (15.9 )
Fair Value Hedge Accounting Adjustments (2.2 ) (1.1 )
Adjusted Debt $150.2 $130.0
Total Stockholder's Equity (incl. minority interest) $ 11.6 $ 11.0
Fair Value Hedge Accounting Adjustments (0.1) 0
Adjusted Equity $ 11.5 $ 11.0
Managed Leverage 13.0 11.8
Financial Statement Leverage 11.4 11.9
* Includes $17.9 billion and $47.6 billion on March 31, 2005 and March 31, 2006 respectively of debt issued by securitization SPEs which is payable solely out of collections on the receivables sold to the SPEs and is not the legal obligation of Ford Credit
** Excluding marketable securities related to insurance activities
March 31,
2006
(Bils.)
Leverage Calculation
Appendix 10 of 10
March 31,
2005
(Bils.)
GRAPHIC2k05862f1k05862z0001.gifGRAPHIC
begin 644 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