CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2007-1 ASSET BACKED NOTES
Exhibit 1.2
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2007-1
ASSET BACKED NOTES
TERMS AGREEMENT
Dated: June 14, 2007
| To: | CAPITAL ONE AUTO FINANCE, INC. |
CAPITAL ONE AUTO RECEIVABLES, LLC
| Re: | Underwriting Agreement, dated June 12, 2007 |
| 1. | Terms of the Notes |
| Class | Initial Note Balance | Interest Rate | Final Scheduled Payment Date | ||||
| A-1 | $ | 279,000,000 | 5.3444% | June 2008 Payment Date | |||
| A-2 | $ | 325,000,000 | 5.43% | February 2010 Payment Date | |||
| A-3 | $ | 308,000,000 | 5.47% | June 2011 Payment Date | |||
| A-4 | $ | 283,090,000 | LIBOR + 0.02% | December 2012 Payment Date | |||
| B | $ | 54,910,000 | 5.76% | December 2013 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.
| Deutsche Bank Securities Inc. |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated |
| Barclays Capital Inc. |
| J.P. Morgan Securities Inc. |
| Lehman Brothers Inc. |
| Morgan Stanley & Co. Incorporated |
| Greenwich Capital Markets, Inc. |
| 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 | |||||||||||||||
| Deutsche Bank Securities Inc. | $ | 98,000,000 | $ | 114,000,000 | $ | 108,000,000 | $ | 99,081,500 | $ | 27,455,000 | ||||||||||
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $ | 98,000,000 | $ | 114,000,000 | $ | 108,000,000 | $ | 99,081,500 | $ | 27,455,000 | ||||||||||
| Barclays Capital Inc. | $ | 16,600,000 | $ | 19,400,000 | $ | 18,400,000 | $ | 16,985,400 | $ | — | ||||||||||
| J.P. Morgan Securities Inc. | $ | 16,600,000 | $ | 19,400,000 | $ | 18,400,000 | $ | 16,985,400 | $ | — | ||||||||||
| Lehman Brothers Inc. | $ | 16,600,000 | $ | 19,400,000 | $ | 18,400,000 | $ | 16,985,400 | $ | — | ||||||||||
| Morgan Stanley & Co. Incorporated | $ | 16,600,000 | $ | 19,400,000 | $ | 18,400,000 | $ | 16,985,400 | $ | — | ||||||||||
| Greenwich Capital Markets, Inc. | $ | 16,600,000 | $ | 19,400,000 | $ | 18,400,000 | $ | 16,985,400 | $ | — | ||||||||||
| Total Amount | $ | 279,000,000 | $ | 325,000,000 | $ | 308,000,000 | $ | 283,090,000 | $ | 54,910,000 | ||||||||||
| 5. Purchase Price, Discounts and Concessions |
| |||||||||||||||||||
| Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||||||||
| Gross Purchase Price | 100.000000 | % | 99.998900 | % | 99.991360 | % | 100.000000 | % | 99.991370 | % | ||||||||||
| Underwriting Discount | 0.090000 | % | 0.130000 | % | 0.165000 | % | 0.200000 | % | 0.300000 | % | ||||||||||
| Net Purchase Price | 99.910000 | % | 99.868900 | % | 99.826360 | % | 99.800000 | % | 99.691370 | % | ||||||||||
| Maximum Dealer Selling Concessions | 0.054000 | % | 0.078000 | % | 0.099000 | % | 0.120000 | % | 0.180000 | % | ||||||||||
| Maximum Dealer Reallowance Discounts | 0.027000 | % | 0.039000 | % | 0.050000 | % | 0.060000 | % | 0.090000 | % | ||||||||||
| 6. | Time of Sale |
11:45 a.m. (Eastern Time) (U.S.) on June 14, 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 June 28, 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.
| DEUTSCHE BANK SECURITIES INC. | ||
| By | /s/ Rick Koppenhaver | |
| Name: | Rick Koppenhaver | |
| Title: | Director | |
| By | /s/ Jay Steiner | |
| Name: | Jay Steiner | |
| Title: | Managing Director | |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | ||
| By | /s/ Lisa Waller | |
| Name: | Lisa Waller | |
| Title: | Authorized Signatory | |
For themselves and as representatives of the other several Underwriters named in this Terms Agreement.
| S-1 | 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/ Jerry Hamstead | |
| Name: | Jerry Hamstead | |
| Title: | Assistant Vice President | |
| S-2 | Terms Agreement |
