CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2006-1 ASSET BACKED NOTES
Exhibit 1.2
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2006-1
ASSET BACKED NOTES
TERMS AGREEMENT
Dated: February 28, 2006
| To: | CAPITAL ONE AUTO FINANCE, INC. |
CAPITAL ONE AUTO RECEIVABLES, LLC
| Re: | Underwriting Agreement, dated February 24, 2006 |
1. Terms of the Notes
| Class | Initial Note Balance | Interest Rate | Final Scheduled Payment Date | |||||
| Class A-1 Notes | $ | 212, 000,000 | 4.872 | % | March 2007 Payment Date | |||
| Class A-2 Notes | $ | 247,000,000 | 5.04 | % | November 2008 Payment Date | |||
| Class A-3 Notes | $ | 365,000,000 | 4.99 | % | September 2010 Payment Date | |||
| Class A-4 Notes | $ | 146,844,000 | 5.01 | % | November 2011 Payment Date | |||
| Class B Notes | $ | 29,156,000 | 5.13 | % | January 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.
Credit Suisse Securities (USA) LLC
Merrill Lynch, Pierce, Fenner Smith Incorporated
Banc of America Securities LLC
Harris Nesbitt Corp.
Lehman Brothers Inc.
Wachovia Capital Markets, LLC
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 | |||
| B | A+ | A3 | A+ | |||
4. Underwriting Liability
| Underwriting Liability | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||
| Credit Suisse Securities (USA) LLC | $ | 36,000,000 | $ | 42,000,000 | $ | 61,000,000 | $ | 25,422,000 | $ | 14,578,000 | |||||
| Merrill Lynch, Pierce, Fenner & Smith, Incorporated | $ | 36,000,000 | $ | 42,000,000 | $ | 61,000,000 | $ | 25,422,000 | $ | 14,578,000 | |||||
| Banc of America Securities LLC | $ | 35,000,000 | $ | 40,750,000 | $ | 60,750,000 | $ | 24,000,000 | $ | 0 | |||||
| Harris Nesbitt Corp. | $ | 35,000,000 | $ | 40,750,000 | $ | 60,750,000 | $ | 24,000,000 | $ | 0 | |||||
| Lehman Brothers Inc. | $ | 35,000,000 | $ | 40,750,000 | $ | 60,750,000 | $ | 24,000,000 | $ | 0 | |||||
| Wachovia Capital Markets, LLC | $ | 35,000,000 | $ | 40,750,000 | $ | 60,750,000 | $ | 24,000,000 | $ | 0 | |||||
| Total Amount | $ | 212,000,000 | $ | 247,000,000 | $ | 365,000,000 | $ | 146,844,000 | $ | 29,156,000 | |||||
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 | % | 99.99301 | % | 99.98387 | % | 99.98604 | % | 99.99702 | % | |||||
| Underwriting Discount | 0.11500 | % | 0.17500 | % | 0.22000 | % | 0.24000 | % | 0.35000 | % | |||||
| Net Purchase Price | 99.88500 | % | 99.81801 | % | 99.76387 | % | 99.74604 | % | 99.64702 | % | |||||
| Maximum Dealer Selling Concessions | 0.06900 | % | 0.10500 | % | 0.13200 | % | 0.14400 | % | 0.21000 | % | |||||
| Maximum Dealer Reallowance Discounts | 0.03450 | % | 0.05250 | % | 0.06600 | % | 0.07200 | % | 0.10500 | % |
6. Time of Sale
11:28 a.m. (Eastern Time) (U.S.) on February 28, 2006 (the time the first Contract of Sale was entered into as designated by the Representatives.)
Terms Agreement
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 March 9, 2006, 10:00 a.m., New York City time.
Terms Agreement
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.
| CREDIT SUISSE SECURITIES (USA) LLC | ||
| By: | /s/ John Slonieski | |
| Name: | John Slonieski | |
| Title: | Director | |
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED | ||
| By: | /s/ Gregory Petrie | |
| Name: | Gregory Petrie | |
| Title: | Director | |
For themselves and as representatives of the other several Underwriters named in this Terms Agreement.
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 | |
Terms Agreement
