CAPITAL ONE AUTO FINANCE TRUST 2006-A ASSET BACKED NOTES
EXHIBIT 1.2
CAPITAL ONE AUTO FINANCE TRUST 2006-A
ASSET BACKED NOTES
TERMS AGREEMENT
Dated: April 25, 2006
| To: | CAPITAL ONE AUTO FINANCE, INC. |
| CAPITAL ONE AUTO RECEIVABLES, LLC |
| Re: | Underwriting Agreement, dated April 21, 2006 |
| 1. | Terms of the Notes |
| Class | Initial Note Balance | Interest Rate | Final Scheduled Payment Date | ||||
| Class A-1 Notes | $ | 563,000,000 | 5.11738% | May 2007 Payment Date | |||
| Class A-2 Notes | $ | 708,000,000 | 5.31% | May 2009 Payment Date | |||
| Class A-3 Notes | $ | 764,000,000 | 5.33% | November 2010 Payment Date | |||
| Class A-4 Notes | $ | 715,000,000 | LIBOR + 0.01% | December 2012 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.
Banc of America Securities LLC
Wachovia Capital Markets, LLC
ABN AMRO Incorporated
Barclays Capital Inc.
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
| 3. | Ratings |
| Class | Rating Agency | |||||
| 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 | |||
| 4. | Underwriting Liability |
| Underwriting Liability | Class A-1 | Class A-2 | Class A-3 | Class A-4 | ||||||||
| Banc of America Securities LLC | $ | 70,375,000 | $ | 88,500,000 | $ | 95,500,000 | $ | 89,375,000 | ||||
| Wachovia Capital Markets, LLC | $ | 70,375,000 | $ | 88,500,000 | $ | 95,500,000 | $ | 89,375,000 | ||||
| ABN AMRO Incorporated | $ | 70,375,000 | $ | 88,500,000 | $ | 95,500,000 | $ | 89,375,000 | ||||
| Barclays Capital Inc. | $ | 70,375,000 | $ | 88,500,000 | $ | 95,500,000 | $ | 89,375,000 | ||||
| Citigroup Global Markets Inc. | $ | 70,375,000 | $ | 88,500,000 | $ | 95,500,000 | $ | 89,375,000 | ||||
| Deutsche Bank Securities Inc. | $ | 70,375,000 | $ | 88,500,000 | $ | 95,500,000 | $ | 89,375,000 | ||||
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $ | 70,375,000 | $ | 88,500,000 | $ | 95,500,000 | $ | 89,375,000 | ||||
| Morgan Stanley & Co. Incorporated | $ | 70,375,000 | $ | 88,500,000 | $ | 95,500,000 | $ | 89,375,000 | ||||
| Total Amount | $ | 563,000,000 | $ | 708,000,000 | $ | 764,000,000 | $ | 715,000,000 | ||||
| 5. | Purchase Price, Discounts and Concessions |
| Class A-1 | Class A-2 | Class A-3 | Class A-4 | |||||
| Gross Purchase Price | 100.000000% | 99.991429% | 99.993092% | 100.000000% | ||||
| Underwriting Discount | 0.115% | 0.175% | 0.220% | 0.240% | ||||
| Net Purchase Price | 99.885000% | 99.816429% | 99.773092% | 99.760000% | ||||
| Maximum Dealer Selling Concessions | 0.0690% | 0.1050% | 0.1320% | 0.1440% | ||||
| Maximum Dealer Reallowance Discounts | 0.0345% | 0.0525% | 0.0660% | 0.0720% |
| 6. | Time of Sale |
12:00 p.m. (Eastern Time) (U.S.) on April 25, 2006 (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 May 4, 2006, 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.
| WACHOVIA CAPITAL MARKETS, LLC | ||
| By | /s/ Steven J. Ellis | |
| Name: | Steven J. Ellis | |
| Title: | Director | |
| BANC OF AMERICA SECURITIES LLC | ||
| By | /s/ Michael T. Brown | |
| Name: | Michael T. Brown | |
| Title: | Principal | |
For themselves and as representatives of the other several Underwriters named in this Terms Agreement.
Accepted and Agreed:
| CAPITAL ONE AUTO RECEIVABLES, LLC, as Seller | ||
| By | /s/ Al Ciafre | |
| Name | Al Ciafre | |
| Title: | Assistant Vice President | |
| CAPITAL ONE AUTO FINANCE, INC. | ||
| By | /s/ Jerry Hamstead | |
| Name: | Jerry Hamstead | |
| Title: | Assistant Vice President | |
