Terms Agreement for Capital One Prime Auto Receivables Trust 2007-2 Asset Backed Notes, Dated September 25, 2007
This agreement, dated September 25, 2007, is between Capital One Auto Finance, Inc., Capital One Auto Receivables, LLC, and a group of underwriters led by Barclays Capital Inc. and Citigroup Global Markets Inc. It sets the terms for the sale and purchase of asset-backed notes issued by the Capital One Prime Auto Receivables Trust 2007-2, including note classes, interest rates, payment schedules, underwriting liabilities, purchase prices, and closing date. The underwriters agree to purchase the notes under specified terms, with the closing scheduled for October 4, 2007.
Exhibit 1.2
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2007-2
ASSET BACKED NOTES
TERMS AGREEMENT
| Dated: | September 25, 2007 |
| To: | CAPITAL ONE AUTO FINANCE, INC. |
CAPITAL ONE AUTO RECEIVABLES, LLC
| Re: | Underwriting Agreement, dated September 24, 2007 |
| 1. | Terms of the Notes |
| Class | Initial Note Balance | Interest Rate | Final Scheduled Payment Date | |||||
| A-1 | $ | 127,000,000 | 5.22157 | % | October 2008 Payment Date | |||
| A-2 | $ | 107,000,000 | 5.05 | % | March 2010 Payment Date | |||
| A-3 | $ | 160,000,000 | 4.89 | % | January 2012 Payment Date | |||
| A-4 | $ | 79,822,000 | 5.06 | % | June 2014 Payment Date | |||
| B | $ | 26,178,000 | 5.68 | % | June 2014 Payment Date | |||
| 2. | Underwriters |
The Underwriters named below are the “Underwriters” for the purpose of this Agreement and for the purposes of the above-referenced Underwriting Agreement as such Underwriting Agreement is incorporated herein and made a part hereof.
| Barclays Capital Inc. |
| Citigroup Global Markets Inc. |
| ABN AMRO Incorporated |
| Credit Suisse Securities (USA) LLC |
| RBC Capital Markets Corporation |
| Greenwich Capital Markets, Inc. |
| Wachovia Capital Markets, LLC |
| 3. | Ratings |
| Class | Standard & Poor’s | Moody’s | Fitch | |||
| A-1 | A-1+ | Prime-1 | F1+ | |||
| A-2 | AAA | Aaa | AAA | |||
| A-3 | AAA | Aaa | AAA | |||
| A-4 | AAA | Aaa | AAA | |||
| B | A | A2 | A |
| 4. | Underwriting Liability |
| Underwriting Liability | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||
| Barclays Capital Inc. | $ | 18,500,000 | $ | 15,500,000 | $ | 23,000,000 | $ | 12,000,000 | $ | 13,089,000 | |||||
| Citigroup Global Markets Inc. | $ | 18,500,000 | $ | 15,500,000 | $ | 23,000,000 | $ | 12,000,000 | $ | 13,089,000 | |||||
| ABN AMRO Incorporated | $ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,165,000 | $ | — | |||||
| Credit Suisse Securities (USA) LLC | $ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,165,000 | $ | — | |||||
| RBC Capital Markets Corporation | $ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,164,000 | $ | — | |||||
| Greenwich Capital Markets, Inc. | $ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,164,000 | $ | — | |||||
| Wachovia Capital Markets, LLC | $ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,164,000 | $ | — | |||||
| Total Amount | $ | 127,000,000 | $ | 107,000,000 | $ | 160,000,000 | $ | 79,822,000 | $ | 26,178,000 | |||||
| 5. | Purchase Price, Discounts and Concessions |
| Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | |||||||||||
| Gross Purchase Price | 100.00000 | % | 99.99616 | % | 99.99047 | % | 99.98368 | % | 99.99829 | % | |||||
| Underwriting Discount | 0.090 | % | 0.130 | % | 0.165 | % | 0.210 | % | 0.300 | % | |||||
| Net Purchase Price | 99.91000 | % | 99.86616 | % | 99.82547 | % | 99.77368 | % | 99.69829 | % | |||||
| Maximum Dealer Selling Concessions | 0.054 | % | 0.078 | % | 0.099 | % | 0.126 | % | 0.180 | % | |||||
| Maximum Dealer Reallowance Discounts | 0.0270 | % | 0.0390 | % | 0.0495 | % | 0.0630 | % | 0.0900 | % |
| 6. | Time of Sale |
2:45 p.m. (Eastern Time) (U.S.) on September 25, 2007 (the time the first Contract of Sale was entered into as designated by the Representatives.)
| 7. | Closing Date |
Pursuant to Rule 15c6-1(d) under the Securities Exchange Act of 1934, as amended, the Underwriters, the Seller and COAF hereby agree that the Closing Date shall be October 4, 2007, 10:00 a.m., New York City time.
The Underwriters agree, severally and not jointly, to purchase the Notes subject to the terms and provisions of this Terms Agreement and the above-referenced Underwriting Agreement which is incorporated herein in its entirety and made a part hereof.
| BARCLAYS CAPITAL INC. | ||
| By: | /s/ Jay Kim | |
| Name: | Jay Kim | |
| Title: | Managing Director | |
| CITIGROUP GLOBAL CAPITAL MARKETS INC. | ||
| By: | /s/ Marina Donstaya | |
| Name: | Marina Donstaya | |
| Title: | Vice President | |
For themselves and as representatives of the other several Underwriters named in this Terms Agreement.
| S-1 | COPAR 2007-2 | |||
| Terms Agreement |
Accepted and Agreed:
| CAPITAL ONE AUTO RECEIVABLES, LLC, as Seller | ||
| By: | /s/ Richard Johns | |
| Name: | Richard Johns | |
| Title: | Assistant Vice President | |
| CAPITAL ONE AUTO FINANCE, INC. | ||
| By: | /s/ Albert A. Ciafre | |
| Name: | Albert A. Ciafre | |
| Title: | Assistant Vice President | |
| S-2 | COPAR 2007-2 | |||
| Terms Agreement |
