v3.24.3
Ford Credit Finance Receivables (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Ford Credit finance receivables, net were as follows (in millions):
 December 31,
2023		September 30,
2024
Consumer  
Retail installment contracts, gross$73,825 $79,407 
Finance leases, gross7,793 8,752 
Retail financing, gross81,618 88,159 
Unearned interest supplements(3,344)(4,582)
Consumer finance receivables78,274 83,577 
Non-Consumer 
Dealer financing24,683 26,514 
Non-Consumer finance receivables24,683 26,514 
Total recorded investment$102,957 $110,091 
Recorded investment in finance receivables$102,957 $110,091 
Allowance for credit losses(882)(862)
Total finance receivables, net$102,075 $109,229 
Current portion$46,425 $49,340 
Non-current portion55,650 59,889 
Total finance receivables, net$102,075 $109,229 
Net finance receivables subject to fair value (a)$94,728 $100,999 
Fair value (b)93,189 100,761 
__________
(a)Net finance receivables subject to fair value exclude finance leases.
(b)The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.
Financing Receivable, Past Due
The credit quality analysis of consumer receivables at December 31, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 201920192020202120222023TotalPercent
Consumer
31 - 60 days past due$40 $49 $130 $125 $187 $159 $690 0.9 %
61 - 120 days past due9 11 30 37 58 50 195 0.2 
Greater than 120 days past due7 4 7 10 10 5 43 0.1 
Total past due56 64 167 172 255 214 928 1.2 
Current891 2,359 7,385 11,301 20,247 35,163 77,346 98.8 
Total$947 $2,423 $7,552 $11,473 $20,502 $35,377 $78,274 100.0 %
Gross charge-offs$47 $40 $75 $85 $117 $37 $401 

The credit quality analysis of consumer receivables at September 30, 2024 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 202020202021202220232024TotalPercent
Consumer
31 - 60 days past due$50 $97 $104 $178 $224 $116 $769 0.9 %
61 - 120 days past due9 22 29 49 62 27 198 0.2 
Greater than 120 days past due7 7 10 17 13 2 56 0.1 
Total past due66 126 143 244 299 145 1,023 1.2 
Current1,178 4,050 6,757 14,374 27,169 29,026 82,554 98.8 
Total$1,244 $4,176 $6,900 $14,618 $27,468 $29,171 $83,577 100.0 %
Gross charge-offs$38 $46 $55 $115 $136 $18 $408 
Financing Receivable Credit Quality Indicators
The credit quality analysis of dealer financing receivables at December 31, 2023 was as follows (in millions):
Amortized Cost Basis by Origination YearWholesale Loans
Dealer Loans
Prior to 201920192020202120222023TotalTotalPercent
Group I$383 $30 $58 $156 $61 $331 $1,019 $20,419 $21,438 86.9 %
Group II16 — 1 3 2 44 66 2,834 2,900 11.7 
Group III— — — — 1 8 9 292 301 1.2 
Group IV— 1 — — — 2 3 41 44 0.2 
Total (a)$399 $31 $59 $159 $64 $385 $1,097 $23,586 $24,683 100.0 %
Gross charge-offs$— $— $— $— $— $1 $1 $3 $4 
__________
(a)Total past due dealer financing receivables at December 31, 2023 were $33 million.

The credit quality analysis of dealer financing receivables at September 30, 2024 was as follows (in millions):
Amortized Cost Basis by Origination YearWholesale Loans
Dealer Loans
Prior to 202020202021202220232024TotalTotalPercent
Group I$284 $63 $105 $48 $239 $156 $895 $23,224 $24,119 91.0 %
Group II9 — 3 2 26 26 66 2,022 2,088 7.9 
Group III— — — — 1 5 6 295 301 1.1 
Group IV— — — — — — — 6 6 — 
Total (a)$293 $63 $108 $50 $266 $187 $967 $25,547 $26,514 100.0 %
Gross charge-offs$1 $— $— $— $— $— $1 $6 $7 
__________
(a)Total past due dealer financing receivables at September 30, 2024 were $3 million.
Financing Receivable, Allowance for Credit Loss
An analysis of the allowance for credit losses related to finance receivables for the periods ended September 30 was as follows (in millions):
Third Quarter 2023First Nine Months 2023
 ConsumerNon-ConsumerTotalConsumerNon-ConsumerTotal
Allowance for credit losses
Beginning balance$866 $7 $873 $838 $7 $845 
Charge-offs(105)— (105)(279)— (279)
Recoveries37 — 37 113 1 114 
Provision for credit losses75 (1)74 193 (2)191 
Other (a)(3)— (3)5 — 5 
Ending balance$870 $6 $876 $870 $6 $876 

Third Quarter 2024First Nine Months 2024
 ConsumerNon-ConsumerTotalConsumerNon-ConsumerTotal
Allowance for credit losses
Beginning balance$876 $4 $880 $879 $3 $882 
Charge-offs(155)— (155)(408)(7)(415)
Recoveries41 — 41 122 3 125 
Provision for credit losses99 — 99 277 5 282 
Other (a)(3)— (3)(12)— (12)
Ending balance$858 $4 $862 $858 $4 $862 
__________
(a)    Primarily represents amounts related to translation adjustments.