Free Writing Prospectus
Filed Pursuant to Rule 433
Dated May 16, 2008
Registration Statement No. 333-143316-05
Filed Pursuant to Rule 433
Dated May 16, 2008
Registration Statement No. 333-143316-05
$3,962,600,000
Ford Credit Auto Owner Trust 2008-C
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 call to (877) 858-5407.
The Trust will issue:
| Final Scheduled | |||||||||||
| Principal Amount | Interest Rate | Payment Date | |||||||||
Class A-1 notes(1) | $ | 1,400,000,000 | 2.77620% | June 15, 2009 | |||||||
| Class A-2a notes | 400,000,000 | 3.72% | January 15, 2011 | ||||||||
| Class A-2b notes | 1,320,000,000 | one-month LIBOR + 0.90% | January 15, 2011 | ||||||||
| Class A-3 notes | 1,582,000,000 | one-month LIBOR + 1.42% | June 15, 2012 | ||||||||
| Class A-4a notes | 360,600,000 | 5.16% | April 15, 2013 | ||||||||
| Class A-4b notes | 300,000,000 | one-month LIBOR + 1.75% | April 15, 2013 | ||||||||
Class B notes(1) | 169,300,000 | 6.04% | September 15, 2013 | ||||||||
Class C notes(1) | 112,900,000 | 7.04% | January 15, 2014 | ||||||||
Class D notes(1) | 112,900,000 | 8.49% | November 15, 2014 | ||||||||
| Total | $ | 5,757,700,000 | |||||||||
| (1) | The Class A-1, Class B, Class C and 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 | 99.99622% | 0.125% | 99.87122% | |||||||||
| Class A-2b notes | 100.00000% | 0.125% | 99.87500% | |||||||||
| Class A-3 notes | 100.00000% | 0.175% | 99.82500% | |||||||||
| Class A-4a notes | 99.98337% | 0.250% | 99.73337% | |||||||||
| Class A-4b notes | 100.00000% | 0.250% | 99.75000% | |||||||||
| Total | $ | 3,962,524,912.22 | $ | 6,570,000.00 | $3,955,954,912.22 | |||||||
| (1) | Before deducting expenses estimated to be $1,100,000. |
| Weighted Average Life(yrs)(1) | Expected Maturity | Bench+Spread | Yield | |||||||||||||
| Class A-1 notes | 0.29 | December 15, 2008 | INTERPL+5 | 2.77620 | % | |||||||||||
| Class A-2a notes | 0.99 | November 15, 2009 | EDSF+90 | 3.753 | % | |||||||||||
| Class A-2b notes | 0.99 | November 15, 2009 | 1ML+90 | — | ||||||||||||
| Class A-3 notes | 1.97 | December 15, 2010 | 1ML+142 | — | ||||||||||||
| Class A-4a notes | 2.99 | November 15, 2011 | ISWAPS+175 | 5.222 | % | |||||||||||
| Class A-4b notes | 2.99 | November 15, 2011 | 1ML+175 | — | ||||||||||||
| (1) | Assuming a 1.5% ABS rate to the 5% clean up call. |
The trust will enter into interest rate swaps with BNP Paribas to hedge the interest rate risk on the Class A-2b notes, Class A-3 notes and Class A-4b notes. Each month on a net basis, the trust will pay 3.7000% on the notional amount related to the Class A-2b notes, 4.5775% on the notional amount related to the Class A-3 notes and 5.1775% on the notional amount related to the Class A-4b notes and the trust will receive one-month LIBOR + 0.90%, one-month LIBOR + 1.42% and one-month LIBOR + 1.75%, respectively, under the interest rate swaps.
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-3 | Class A-4a | Class A-4b | ||||||||||||||||
| Underwriters | Notes | Notes | Notes | Notes | Notes | |||||||||||||||
| Citigroup Global Markets Inc. | $ | 50,000,000 | $ | 165,000,000 | $ | 197,750,000 | $ | 45,075,000 | $ | 37,500,000 | ||||||||||
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | 50,000,000 | 165,000,000 | 197,750,000 | 45,075,000 | 37,500,000 | |||||||||||||||
| BNP Paribas Securities Corp. | 50,000,000 | 165,000,000 | 197,750,000 | 45,075,000 | 37,500,000 | |||||||||||||||
| Lehman Brothers Inc. | 50,000,000 | 165,000,000 | 197,750,000 | 45,075,000 | 37,500,000 | |||||||||||||||
| Morgan Stanley & Co. Incorporated | 50,000,000 | 165,000,000 | 197,750,000 | 45,075,000 | 37,500,000 | |||||||||||||||
| Greenwich Capital Markets, Inc. | 50,000,000 | 165,000,000 | 197,750,000 | 45,075,000 | 37,500,000 | |||||||||||||||
| Calyon Securities (USA) Inc. | 50,000,000 | 165,000,000 | 197,750,000 | 45,075,000 | 37,500,000 | |||||||||||||||
| Scotia Capital Inc. | 50,000,000 | 165,000,000 | 197,750,000 | 45,075,000 | 37,500,000 | |||||||||||||||
| Total | $ | 400,000,000 | $ | 1,320,000,000 | $ | 1,582,000,000 | $ | 360,600,000 | $ | 300,000,000 | ||||||||||