We show that the Oldroyd B fluid model is the Eulerian form of a Lagrangian model with an internal variable that satisfies the second principle of thermodynamics under some conditions on the initial value of the internal variable. We similarly derive a compressible version of the Oldroyd B model and several nonlinear versions thereof. We also derive Lagrangian formulations of the Zaremba-Jaumann and Oldroyd A fluid models. We discuss whether or not these new models satisfy the second principle.