Table of Contents Page Part I Item 1 Business 1 Overview 1 Consumer Financing 3 Non-Consumer Financing 5 Marketing and Special Programs 5 Servicing 6 Insurance 8 Human Capital Resources 8 Governmental Regulations 10 Certain Agreements with Ford and Affiliates 12 Item 1A Risk Factors 13 Item 1B Unresolved Staff Comments 22 Item 2 Properties 22 Item 3 Legal Proceedings 23 Item 4 Mine Safety Disclosures 23 Part II Item 5 Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 24 Item 6 Selected Financial Data 24 Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 24 Overview 24 Definitions and Information Regarding Causal Factors 26 Results of Operations 28 Financing Shares and Contract Placement Volume 32 Financial Condition 33 Credit Risk 34 Residual Risk 36 Credit Ratings 37 Funding and Liquidity 38 Securitization Transactions 44 On-Balance Sheet Arrangements 46 Leverage 47 Aggregate Contractual Obligations 48 Critical Accounting Estimates 48 Accounting Standards Issued But Not Yet Adopted 50 Outlook 50 Cautionary Note on Forward-Looking Statements 51 Item 7A Quantitative and Qualitative Disclosures About Market Risk 52 Overview 52 Market Risk 52 FORD MOTOR CREDIT COMPANY LLC ANNUAL REPORT ON FORM 10-K For the Year Ended December 31, 2020 i