10-D 1 k27600e10vd.txt ASSET-BACKED ISSUER DISTRIBUTION REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from May 1, 2008 to May 31, 2008 Commission File Number of issuing entity: 333-143316-04 Ford Credit Auto Owner Trust 2008-B (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-143316 Ford Credit Auto Receivables Two LLC (Exact name of depositor as specified in its charter) Ford Motor Credit Company LLC (Exact name of sponsor as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization of the issuing entity) 22-6995253 (I.R.S. Employer Identification No.) C/O U.S. Bank Trust National Association 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801 (Address of principal executive offices (Zip Code) of the issuing entity)

(302) 576-3700 (Telephone number, including area code) Registered/reporting pursuant to (check one)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- PART I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information. Distribution and performance information of the asset pool of the issuing entity is set forth in the attached Monthly Investor Report. PART II OTHER INFORMATION Item 9. Exhibits. EXHIBITS

2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FORD CREDIT AUTO OWNER TRUST 2008-B (Issuing entity) By: Ford Motor Credit Company LLC (Servicer) Date: June 24, 2008 /s/ Susan J. Thomas ---------------------------------------- Susan J. Thomas Secretary 3 EXHIBIT INDEX

Weighted Avg Remaining Dollar Amount # of Receivables Term at Cutoff Initial Pool Balance $1,739,998,149.52 94,331 52.1 months Original Securities: Dollar Amount Note Interest Rate Legal Final Maturity Class A-1 Notes $390,000,000.00 2.76579% May 15, 2009 Class A-2 Notes $497,900,000.00 one-month LIBOR + 1.20% December 15, 2010 Class A-3a Notes $359,200,000.00 4.280% May 15, 2012 Class A-3b Notes $80,000,000.00 one-month LIBOR + 1.62% May 15, 2012 Class A-4a Notes $120,700,000.00 4.950% March 15, 2013 Class A-4b Notes $50,000,000.00 one-month LIBOR + 2.00% March 15, 2013 Class B Notes $47,300,000.00 5.880% July 15, 2013 Class C Notes $31,500,000.00 6.650% December 15, 2013 Class D Notes $31,500,000.00 8.100% October 15, 2014 -------------- Total $1,608,100,000.00 II. AVAILABLE FUNDS Interest: Interest Collections $6,915,095.69 Principal: Principal Collections $38,718,150.86 Prepayments in Full $19,616,367.17 Liquidation Proceeds $9,600.00 Recoveries $0.00 ----- Sub Total $58,344,118.03 -------------- Collections $65,259,213.72 Purchase Amounts: Purchase Amounts Related to Principal $894,978.22 Purchase Amounts Related to Interest $3,900.03 --------- Sub Total $898,878.25 Clean-up Call $0.00 Reserve Account Draw Amount $0.00 Net Swap Receipt - Tranche A-2 $137,977.08 Net Swap Receipt - Tranche A-3b $10,925.00 Net Swap Receipt - Tranche A-4b $0.00 Available Funds $66,306,994.05

III. DISTRIBUTIONS Carryover Remaining Available Funds Calculated Amount Amount Paid Shortfall Shortfall Available Funds Owner Trustee Fees and Expenses $0.00 $0.00 $0.00 $0.00 $66,306,994.05 Indenture Trustee Fees and $0.00 $0.00 $0.00 $0.00 $66,306,994.05 Servicing Fee $1,449,998.46 $1,449,998.46 $0.00 $0.00 $64,856,995.59 Net Swap Payment - Tranche A-2 $0.00 $0.00 $0.00 $0.00 $64,856,995.59 Net Swap Payment - Tranche A-3b $0.00 $0.00 $0.00 $0.00 $64,856,995.59 Net Swap Payment - Tranche A-4b $3,394.09 $3,394.09 $0.00 $0.00 $64,853,601.50 Swap Termination Payment $0.00 $0.00 $0.00 $0.00 $64,853,601.50 Interest - Class A-1 Notes $689,142.68 $689,142.68 $0.00 $0.00 $64,164,458.82 Interest - Class A-2b Notes $1,295,871.19 $1,295,871.19 $0.00 $0.00 $62,868,587.63 Interest - Class A-3a Notes $982,212.44 $982,212.44 $0.00 $0.00 $61,886,375.19 Interest - Class A-3b Notes $229,680.56 $229,680.56 $0.00 $0.00 $61,656,694.63 Interest - Class A-4a Notes $381,713.75 $381,713.75 $0.00 $0.00 $61,274,980.88 Interest - Class A-4b Notes $155,689.24 $155,689.24 $0.00 $0.00 $61,119,291.64 First Priority Principal Payment $0.00 $0.00 $0.00 $0.00 $61,119,291.64 Interest - Class B Notes $177,690.33 $177,690.33 $0.00 $0.00 $60,941,601.31 Second Priority Principal Payment $21,818,261.28 $21,818,261.28 $0.00 $0.00 $39,123,340.03 Interest - Class C Notes $133,831.25 $133,831.25 $0.00 $0.00 $38,989,508.78 Third Priority Principal Payment $31,500,000.00 $31,500,000.00 $0.00 $0.00 $7,489,508.78 Interest - Class D Notes $163,012.50 $163,012.50 $0.00 $0.00 $7,326,496.28 Reserve Account Deposit $0.00 $0.00 $0.00 $0.00 $7,326,496.28 Regular Principal Payment $336,681,738.72 $7,326,496.28 $0.00 $0.00 $0.00 Subordinated Swap Termination $0.00 $0.00 $0.00 $0.00 $0.00 Additional Trustee Fees and $0.00 $0.00 $0.00 $0.00 $0.00 Residual Released to Depositor $0.00 $0.00 $0.00 $0.00 $0.00 ----- Total $66,306,994.05

Noteholder Principal Payments Noteholder Interest Payments Total Payment Actual Per $1,000 of Actual Per $1,000 of Actual Per $1,000 of Original Original Original Balance Balance Balance Class A-1 Notes $60,644,757.56 $155.50 $689,142.68 $1.77 $61,333,900.24 $157.27 Class A-2 Notes $0.00 $0.00 $1,295,871.19 $2.60 $1,295,871.19 $2.60 Class A-3a Notes $0.00 $0.00 $982,212.44 $2.73 $982,212.44 $2.73 Class A-3b Notes $0.00 $0.00 $229,680.56 $2.87 $229,680.56 $2.87 Class A-4a Notes $0.00 $0.00 $381,713.75 $3.16 $381,713.75 $3.16 Class A-4b Notes $0.00 $0.00 $155,689.24 $3.11 $155,689.24 $3.11 Class B Notes $0.00 $0.00 $177,690.33 $3.76 $177,690.33 $3.76 Class C Notes $0.00 $0.00 $133,831.25 $4.25 $133,831.25 $4.25 Class D Notes $0.00 $0.00 $163,012.50 $5.18 $163,012.50 $5.18 ----- ----------- ----------- Total $60,644,757.56 $4,208,843.94 $64,853,601.50

Beginning of Period End of Period Balance Note Factor Balance Note Factor Class A-1 Notes $390,000,000.00 1.0000000 $329,355,242.44 0.8445006 Class A-2 Notes $497,900,000.00 1.0000000 $497,900,000.00 1.0000000 Class A-3a Notes $359,200,000.00 1.0000000 $359,200,000.00 1.0000000 Class A-3b Notes $80,000,000.00 1.0000000 $80,000,000.00 1.0000000 Class A-4a Notes $120,700,000.00 1.0000000 $120,700,000.00 1.0000000 Class A-4b Notes $50,000,000.00 1.0000000 $50,000,000.00 1.0000000 Class B Notes $47,300,000.00 1.0000000 $47,300,000.00 1.0000000 Class C Notes $31,500,000.00 1.0000000 $31,500,000.00 1.0000000 Class D Notes $31,500,000.00 1.0000000 $31,500,000.00 1.0000000 -------------- --------- -------------- --------- Total $1,608,100,000.00 1.0000000 $1,547,455,242.44 0.9622879 Pool Information Weighted Average APR 4.844% 4.830% Weighted Average Remaining Term 52.10 51.42 Number of Receivables Outstanding 94,331 92,570 Pool Balance $1,739,998,149.52 $1,680,758,045.65 Adjusted Pool Balance (Pool Balance - YSOC Amount) $1,576,610,572.96 $1,523,281,738.72 Pool Factor 1.0000000 0.9659539 VI. OVERCOLLATERALIZATION INFORMATION Specified Reserve Balance $8,699,990.75 Targeted Credit Enhancement Amount $16,807,580.46 Yield Supplement Overcollateralization Amount $157,476,306.93 Targeted Overcollateralization Amount $165,583,896.64 Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) $133,302,803.21 VII. RECONCILIATION OF RESERVE ACCOUNT Beginning Reserve Account Balance $8,699,990.75 Reserve Account Deposits Made 0.00 Reserve Account Draw Amount 0.00 ---- Ending Reserve Account Balance $8,699,990.75 Change in Reserve Account Balance $0.00 Specified Reserve Balance $8,699,990.75

VIII. NET LOSSES AND DELINQUENT RECEIVABLES # of Receivables Amount Realized Loss 128 $1,007.62 (Recoveries) 0 $0.00 ----- Net Losses for Current Collection Period $1,007.62 Cumulative Net Losses Last Collection $0.00 ----- Cumulative Net Losses for all Collection Periods $1,007.62 Ratio of Net Losses for Current Collection Period to Beginning of Period Pool Balance (annualized) 0.00%

% OF EOP Pool # of Receivables Amount 31-60 Days Delinquent 0.61% 504 $10,299,665.72 61-90 Days Delinquent 0.00% 1 $22,718.23 91-120 Days Delinquent 0.00% 0 $0.00 Over 120 Days Delinquent 0.00% 0 $0.00 ----- - ----- Total Delinquent Receivables 0.61% 505 $10,322,383.95 Repossesion Inventory: Repossesed in the Current Collection Period 19 $532,406.60 Total Repossesed Inventory 18 $532,406.60 Ratio of Net Losses to the Average Pool Balance for the Collection Period: Second Preceding Collection Period 0.0000% Preceding Collection Period 0.0000% Current Collection Period 0.0007% Three Month Average 0.0000% Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: Second Preceding Collection Period 0.0000% Preceding Collection Period 0.0000% Current Collection Period 0.0011% Three Month Average 0.0000%

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