New York, February 18, 2014 -- Moody's has reviewed the documentation in connection with the sale by FCAR Owner Trust of Asset Backed Notes of Ford Credit Auto Owner Trust 2010-1, Asset Backed Notes of Ford Credit Auto Owner Trust 2010-3, Asset Backed Notes of Ford Credit Auto Owner Trust 2010-4, Asset Backed Notes of Ford Credit Auto Owner Trust 2011-3, Asset Backed Notes of Ford Credit Auto Owner Trust 2012-3 (the "FABs," collectively). At this time, the sale of the FABs will not, in and of itself, result in a reduction, withdrawal, or placement under review for possible downgrade of the (i) Prime-1 rating provided to the commercial paper program of FCAR Owner Trust, or the (ii) A2 long-term rating provided to the Floating Rate Subordinated Notes issued by FCAR Owner Trust.

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