Fitch Expects to Rate Capital One Auto Finance Trust 2003-B 'F1+/AAA'

Business Wire, Nov 6, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 6, 2003

Fitch Ratings expects to rate Capital One Auto Finance Trust (COAFT) 2003-B as follows:

-- $198,000,000 Class A-1 1.1475% Asset-Backed Notes 'F1+';

-- $262,000,000 Class A-2 1.64% Asset-Backed Notes 'AAA';

-- $305,000,000 Class A-3 Floating-Rate Asset-Backed Notes 'AAA';

-- $235,000,000 Class A-4 3.18% Asset-Backed Notes 'AAA'.

The ratings are based upon the terms of the financial guaranty policy of MBIA Insurance Corp. (MBIA), whose insurer financial strength is rated 'AAA' by Fitch. The ratings are also based on the transaction's sounds legal and cash flow structure and the strength of Capital One Auto Finance, Inc. (COAF) as an originator and servicer of nonprime and subprime auto loans. Initial credit enhancement for the class A notes is 9.0% and consists of 7.0% in overcollateralization (OC) and a 2.0% initial deposit to the reserve account, both based on the initial pool balance. Enhancement is expected to grow through the application of available excess spread to amortize the notes until a target OC of 10.0% of the outstanding pool balance is reached.

As of the statistical cutoff date, the receivables had a weighted average APR of 12.77%. The weighted average original maturity of the pool was 63.18 months and the weighted average remaining term was 58.05 months resulting in approximately 5.13 months of seasoning. Approximately 75% of the pool consists of loans secured by used vehicles. Loans in the pool have been originated from various channels, including indirect, direct, refinance, and internet passthrough, representing approximately 40%, 14%, 9%, and 37% of the pool, respectively.

Interest and principal are expected to be distributed on the fifteenth of each month beginning January 15, 2004. Class A-1 notes receive all principal payments until paid in full. After this point, the remaining class A notes are paid down sequentially. If a trigger event occurs, the class A-1 notes will be paid in full and the remainder of the class A notes will be paid pro rata.

Capital One Financial Corp. (rated 'BBB', Negative Rating Outlook by Fitch Ratings) is a non-bank financial services holding company whose principal subsidiaries are Capital One Bank and Capital One Bank FSB. Capital One Financial Corp. (COF) is the sixth largest credit card issuer in the United States. Through an acquisition of Summit Acceptance Corp. in 1998 and PeopleFirst.com in 2001 COF provides auto loans to a broad spectrum of borrowers. The company currently services approximately $3.4 billion in auto loans as of June 30, 2003.