The Red Tail was about 8.6m long/ 7.2m wide/ 5.4m high (including guns), weighing 7.2 tons
Its weaponry, which may surpass the standard features of a MONO Transport, includes Dual Turret-Mounted Machine Guns, a Heat Seeking Missile Launcher, an Autocannon and External Pinchers for grappling other ships and objects in space. Several additional features of the Red Tail include Remote Auto-pilot, Anti-Missile Devices, Enhanced Agility, and the ability to take-off and land in a vertical position. Missiles were AGM/AA missiles. 
When Faye first met the crew of Bebop, they imprisoned her and planned to sell her ship. She, however, escaped in the Red Tail while Spike and Jet dealt with Gordon. Gordon double-crossed all of them, and Faye used her ship to reverse his rockets, destroying his ship. 
When the crew of Bebop pursued Decker, Faye had found him and chased him, only to run into an explosive he was carrying. The ship was wrecked, forcing Jet to repair it. Later, Faye had to use the Red Tail to take one of his explosives to escape a mine. Faye had to use uncharacteristic care with the ship's robotic arms. 
When the crew of the Bebop went after pirates, Faye attempted to capture them with the Red Tail by playing dead until they picked up bait. However, the ship was hit with a virus, causing it to fire randomly and she was immobilized. It was fixed later, with a modification that the computer could be shut off in favor of a satellite-based navigation. It was not needed, however. 
The ship was called a "MONO carrier" on the Earth Gate screen when Ed first looked up the Bebop arriving.
It was not described as to how Faye obtained the ship or the legalities of its acquisition.
- This ship may be named after the Redtail butterflyfish, a type of reef fish, or more likely the Redtailed Black Shark, which would fall into the same naming convention of the Swordfish II and the Hammer Head.
- It's also possible that this ship is called the Red Tail after the red-tailed hawk because it takes the form of a raptor: the pincers/guns are in the same position as a hawk's talons, slung underneath the ship, and the tail of the craft is red and similarly positioned to the red-tailed hawk's tail.