Item 1.
Business.
Not Applicable.
Item 1A.
Item 1A.
Risk Factors.
Not Applicable.
Item 1B.
Item 1B.
Unresolved Staff Comments.
Not Applicable.
Item 2.
Item 2.
Properties.
John Deere Owner Trust 2008 (the “Trust”) is a trust established under the laws of the State of Delaware by the Trust Agreement dated as of April 15, 2008 (the “Trust Agreement”) between John Deere Receivables, Inc. (the “Seller”) and The Bank of New York (Delaware), acting thereunder not in its individual capacity but solely as trustee of the Trust. John Deere Capital Corporation (the “Servicer”) is the Servicer under a Sale and Servicing Agreement dated as of April 15, 2008 (the “Sale and Servicing Agreement”) among the Servicer, the Seller and the Trust. On April 16, 2008 (the “Closing Date”), the Trust issued its Asset Backed Certificates (the “Certificates”) with an aggregate principal amount of $9,808,817. In addition, on the Closing Date, the Trust issued $197,800,000 aggregate principal amount of Class A-1 2.74080% Asset Backed Notes (the “A-1 Notes”), $194,800,000 aggregate principal amount of Class A-2 3.63% Asset Backed Notes (the “A-2 Notes”), $151,270,000 aggregate principal amount of Class A-3 4.18% Asset Backed Notes (the “A-3 Notes”), and $100,000,000 aggregate principal amount of Class A-4 4.89% Asset Backed Notes (the “A-4 Notes” and together with the A-1 Notes, the A-2 Notes and the A-3 Notes, the “Notes”). The Certificates evidence fractional undivided interests in the Trust. The Seller retained the entire principal amount of the Certificates. The Notes evidence debt obligations of the Trust. The Trust property includes (i) agricultural and construction equipment retail installment sale and loan contracts (the “Receivables”) secured by new and used agricultural equipment and construction and forestry equipment (the “Financed Equipment”) sold to the Trust by the Seller, (ii) all monies (including accrued interest) due thereunder on or after March 23, 2008, (iii) such amounts as from time to time may be held in one or more accounts established and maintained by the Servicer pursuant to the Sale and Servicing Agreement or the Trust Agreement and the short-term investments made from those collections, (iv) the security interests in the Financed Equipment, (v) any proceeds of repossessed Financed Equipment, (vi) the rights to proceeds from claims on physical damage, credit life or disability insurance policies, if any, covering the Financed Equipment or the obligors on the Receivables, as the case may be, (vii) the rights of the Seller under the Purchase Agreement dated as of April 15, 2008 (the “Purchase Agreement”) between the Servicer and the Seller and (viii) interest earned on short-term investments made by the Trust.
As of March 23, 2008, the Receivables had an aggregate principal balance plus accrued interest of approximately $661,633,841. As of October 31, 2008, the end of the fiscal year of the Trust for which this Form 10-K annual report is being filed, the aggregate principal balance of the Receivables remaining in the Trust was approximately $463,976,297.
Item 3.
Item 3.
Legal Proceedings.
Not applicable.
Item 4.
Item 4.
Submission of Matters to a Vote of Security Holders.
No matter was submitted during the fiscal year covered by this annual report to a vote of holders of either the Notes or Certificates.
PART II
Item 5.
Item 5.
Market For Registrant’s Common Equity and Related Stockholder Matters.
(a)
To the best knowledge of the registrant, there is no established public market for the Certificates.
(b)
As of November 1, 2008, the Seller was the sole Certificateholder of record.
Item 6.
Item 6.
Selected Financial Data.
Not Applicable.
Item 7.
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Not Applicable.
Item 7A.
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk.
Not Applicable.
Item 8.
Item 8.
Financial Statements and Supplementary Data.
Not Applicable.
Item 9.
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
Not Applicable.
Item 9A.
Item 9A.
Controls and Procedures.
Not Applicable.
Item 9B.
Item 9B.
Other Information.
No other information.
PART III
Item 10
Item 10
Directors and Executive Officers of the Registrant.
Item not applicable due to no directors or executive officers.
Item 11
Item 11
Executive Compensation.
Not Applicable.
Item 12
Item 12
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Not Applicable.
Item 13
Item 13
Certain Relationships and Related Transactions.
Not Applicable.
Item 14
Item 14
Principal Accountant Fees and Services.
Not Applicable.
PART IV
Item 15
Item 15
Exhibits and Financial Statement Schedules.
(a)(1)
Not Applicable.
(a)(2)
Not Applicable.
(a)(3)
The following documents are included as part of, or incorporated by reference to, this annual report.
Exhibit No.
31.1 Rule 13a-14(a)/(15d-14(a) Certification.
(b)
Reports on Forms 8-K, 10-D and 15.
Current reports on Form 8-K dated April 17, 2008; Current reports on Form 10-D dated May 29, 2008, June 27, 2008, July 22, 2008, August 22, 2008, September 29, 2008, and October 28, 2008; and Report on Form 15 dated November 12, 2008.
(c)
Not Applicable.
Additional Disclosure Items from Regulation AB
Item 1112(b) of Regulation AB, Significant Obligor Financial Information
Not Applicable.
Item 1114(b)(2) and Item 1115(b) f Regulation AB, Significant Enhancement Provider Financial Information
Not Applicable.
Item 1117 of Regulation AB, Legal Proceedings
There are no legal proceedings pending, or any proceedings known to be contemplated by governmental authorities, against JDCC, the depositor, the sub-servicer, the indenture trustee, the owner trustee or the trust, or any property thereof, that is material to the holders of notes.
Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions
John Deere Receivables, Inc. (JDRI), the depositor, is a wholly owned subsidiary of John Deere Capital Corporation (JDCC), the sponsor, servicer, administrator and originator. JDRI, a Nevada corporation, is organized for the limited purpose of purchasing retail receivables, transferring those receivables to third parties and performing any activities incidental to, and necessary or convenient for, the accomplishment of those purposes. JDCC, a Delaware corporation, is a wholly owned subsidiary of John Deere Credit Company, which is in turn a wholly owned subsidiary of Deere & Company. The principal business of JDCC and its subsidiaries is providing and administering financing for retail purchases of new equipment manufactured by Deere & Company’s agricultural equipment, commercial and consumer equipment, and construction and forestry divisions and used equipment taken in trade for this equipment. JDCC has designated Deere Credit Services, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Deere & Company and of JDCC, to serve as sub-servicer at the servicer’s expense.
Item 1122 of Regulation AB, Compliance with applicable Servicing Criteria
Item 1123 of Regulation AB, Servicer Compliance Statement
Supplemental information to be furnished with reports filed pursuant to Section 15(d) of the Act by Registrants which have not registered Securities pursuant to Section 12 of the Act.
No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to certificateholders, and the registrant does not presently contemplate sending any such materials subsequent to the filing of this report.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
EXHIBIT INDEX