Free Writing Prospectus
Filed Pursuant to Rule 433
Dated October 10, 2007
Registration Statement No. 333-143316-01
Filed Pursuant to Rule 433
Dated October 10, 2007
Registration Statement No. 333-143316-01
$2,218,900,000
Ford Credit Auto Owner Trust 2007-B
Issuing Entity or Trust
Issuing Entity or Trust
Ford Credit Auto Receivables Two LLC
Depositor
Depositor
Ford Motor Credit Company LLC
Sponsor and Servicer
Sponsor and Servicer
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by placing a collect call to (800) 666-2388.
The Trust will issue:
| Final Scheduled | |||||||||||
| Principal Amount | Interest Rate | Payment Date | |||||||||
Class A-1 notes(1) | $ | 771,000,000 | 5.29180% | October 15, 2008 | |||||||
| Class A-2a notes | $ | 200,000,000 | 5.26% | June 15, 2010 | |||||||
| Class A-2b notes | $ | 863,700,000 | one-month LIBOR + 0.33% | June 15, 2010 | |||||||
| Class A-3a notes | $ | 410,500,000 | 5.15% | November 15, 2011 | |||||||
| Class A-3b notes | $ | 400,000,000 | one-month LIBOR + 0.34% | November 15, 2011 | |||||||
| Class A-4a notes | $ | 173,100,000 | 5.24% | July 15, 2012 | |||||||
| Class A-4b notes | $ | 80,000,000 | one-month LIBOR + 0.38% | July 15, 2012 | |||||||
| Class B notes | $ | 91,600,000 | 5.69% | November 15, 2012 | |||||||
Class C notes(1) | $ | 61,000,000 | 6.33% | May 15, 2013 | |||||||
Class D notes(1) | $ | 61,000,000 | 7.79% | April 15, 2014 | |||||||
| Total | $ | 3,111,900,000 | |||||||||
| (1) | The Class A-1 notes, the Class C notes and the Class D notes are not being publicly offered. |
The pricing terms of the offered notes are:
| Underwriting | ||||||||||||
| Price to Public | Discount | Proceeds to the Depositor(1) | ||||||||||
| Class A-2a notes | 99.99054 | % | 0.125 | % | 99.86554 | % | ||||||
| Class A-2b notes | 100.00000 | % | 0.125 | % | 99.87500 | % | ||||||
| Class A-3a notes | 99.99185 | % | 0.175 | % | 99.81685 | % | ||||||
| Class A-3b notes | 100.00000 | % | 0.175 | % | 99.82500 | % | ||||||
| Class A-4a notes | 99.98015 | % | 0.250 | % | 99.73015 | % | ||||||
| Class A-4b notes | 100.00000 | % | 0.250 | % | 99.75000 | % | ||||||
| Class B notes | 99.98094 | % | 0.350 | % | 99.63094 | % | ||||||
| Total | $ | 2,218,795,804.94 | $ | 3,701,350.00 | $ | 2,215,094,454.94 | ||||||
| (1) | Before deducting expenses estimated to be $1,000,000. |
| Weighted Average Life(yrs)(1) | Expected Maturity | Bench+Spread | Yield | |||||||||||||
| Class A-2a notes | 1.00 | April 15, 2009 | EDSF+35 | 5.328 | % | |||||||||||
| Class A-2b notes | 1.00 | April 15, 2009 | 1ML+33 | — | ||||||||||||
| Class A-3a notes | 2.00 | June 15, 2010 | SWPS+37 | 5.210 | % | |||||||||||
| Class A-3b notes | 2.00 | June 15, 2010 | 1ML+34 | — | ||||||||||||
| Class A-4a notes | 2.95 | February 15, 2011 | SWPS+43 | 5.305 | % | |||||||||||
| Class A-4b notes | 2.95 | February 15, 2011 | 1ML+38 | — | ||||||||||||
| Class B notes | 3.54 | June 15, 2011 | SWPS+85 | 5.764 | % | |||||||||||
| (1) | Assuming a 1.5% ABS rate to the 5% clean up call. |
The trust will enter into interest rate swaps with Lehman Brothers Special Financing Inc. to hedge the interest rate risk on the Class A-2b, Class A-3b and Class A-4b notes. Each month on a net basis, the trust will pay 5.17% on the notional amount related to the Class A-2b notes, 5.08% on the notional amount related to the Class A-3b notes and 5.18% on the notional amount related to the Class A-4b notes and the trust will receive one-month LIBOR plus 0.33%, one-month LIBOR plus 0.34% and one-month LIBOR plus 0.38%, respectively, under the interest rate swap agreements.
UNDERWRITING
The depositor and the underwriters named below have entered into an underwriting agreement for the notes referred below. Subject to certain conditions, each underwriter has agreed to purchase the principal amount of notes indicated in the following tables:
| Class A-2a | Class A-2b | Class A-3a | Class A-3b | Class A-4a | Class A-4b | |||||||||||||||||||
| Underwriters | Notes | Notes | Notes | Notes | Notes | Notes | ||||||||||||||||||
| Citigroup Global Markets Inc. | $ | 40,000,000 | $ | 172,740,000 | $ | 82,100,000 | $ | 80,000,000 | $ | 34,620,000 | $ | 16,000,000 | ||||||||||||
| Lehman Brothers Inc. | 40,000,000 | 172,740,000 | 82,100,000 | 80,000,000 | 34,620,000 | 16,000,000 | ||||||||||||||||||
| Morgan Stanley & Co. Incorporated | 40,000,000 | 172,740,000 | 82,100,000 | 80,000,000 | 34,620,000 | 16,000,000 | ||||||||||||||||||
| Calyon Securities (USA) Inc. | 40,000,000 | 172,740,000 | 82,100,000 | 80,000,000 | 34,620,000 | 16,000,000 | ||||||||||||||||||
| BNP Paribas Securities Corp. | 40,000,000 | 172,740,000 | 82,100,000 | 80,000,000 | 34,620,000 | 16,000,000 | ||||||||||||||||||
| Total | $ | 200,000,000 | $ | 863,700,000 | $ | 410,500,000 | $ | 400,000,000 | $ | 173,100,000 | $ | 80,000,000 | ||||||||||||
| Class B | ||||
| Underwriters | Notes | |||
| Citigroup Global Markets Inc. | $ | 30,534,000 | ||
| Lehman Brothers Inc. | 30,533,000 | |||
| Morgan Stanley & Co. Incorporated | 30,533,000 | |||
| Total | $ | 91,600,000 | ||