Fitch Rates Capital One Auto Finance Trust 2004-A

Business Wire, May 25, 2004

Business Editors

NEW YORK--(BUSINESS WIRE)--May 25, 2004

Fitch rates Capital One Auto Finance Trust (COAFT) 2004-A as follows:

-- $155,000,000 Class A-1 1.21% Asset-Backed Notes 'F1+';

-- $375,000,000 Class A-2 2.22% Asset-Backed Notes 'AAA';

-- $165,000,000 Class A-3 3.07% Asset-Backed Notes 'AAA';

-- $305,000,000 Class A-4 Floating-Rate Asset-Backed Notes 'AAA'.

The ratings are based upon the terms of the unconditional and irrevocable Note Guaranty Insurance Policy provided by Ambac Assurance Corporation (Ambac), whose insurer financial strength is rated 'AAA' by Fitch Ratings. The ratings are also based on the transaction's sound 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 15% and consists of 13.0% 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 16.0% of the outstanding pool balance is reached.

There is also an OC step-down feature that is based upon cumulative performance at set time intervals. This feature will reduce the required OC percentage by 250 bps, from 16.00% to 13.50% upon passing established cumulative net loss thresholds. If the OC target is allowed to be lowered based on certain specified thresholds, principal payments that would otherwise be used to pay noteholders would instead flow back to the issuer.

As of April 25, 2004 the receivables had a weighted average APR of 12.78%. The weighted average original maturity of the pool was 64.31 months and the weighted average remaining term was 59.32 months resulting in approximately 4.99 months of seasoning. Approximately 62.34% of the pool consists of loans secured by used vehicles. Loans in the pool originated from Internet applications and indirect channels represent approximately 20% and 55% of the pool, respectively, with the remainder originated from various direct channels including a portion of cross-sells to existing COF customers.

Interest and principal are expected to be distributed on the fifteenth of each month beginning July 15, 2004. Beginning with the class A-1 notes, sub classes of A notes receive principal payments sequentially. If a trigger event occurs, the class A-1 notes will be paid in full prior to the remainder of the class A notes being paid pro rata.

Capital One Financial Corp. (rated 'BBB', Rating Outlook Stable 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 one of the largest credit card issuers 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. On a managed basis, the company currently services approximately $8.8 billion in auto loans as of March 31, 2004.