Information on Capital one fsb loan account

NEW YORK -- Fitch rates Capital One Auto Finance Trust (COAFT) 2005-A as follows:

--$293,000,000 3.1220% class A-1 asset-backed notes 'F1+'

--$430,000,000 3.82% class A-2 asset-backed notes 'AAA';

--$340,000,000 4.28% class A-3 asset-backed notes 'AAA';

--$437,000,000 LIBOR + 0.05% class A-4 asset-backed notes 'AAA'.

The ratings are based on the terms of the financial guaranty policy of Ambac Assurance Corp (Ambac), whose insurer financial strength is rated 'AAA' by Fitch, 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 subprime auto loans.

The initial credit enhancement for the class A notes is 11.75% and consists of 9.75% in overcollateralization (OC) and a 2% nondeclining reserve account. Enhancement is expected to grow through the application of available excess spread to amortize the notes until a target OC of 15.75% of the outstanding pool balance is reached. If cumulative net losses are below a specified schedule, OC will step down to 13.25% of the outstanding pool balance.

As of the statistical cutoff date (March 2, 2005), the receivables had a weighted average APR of 15.10%. The weighted average original term of the pool was 66.85 months and the weighted average remaining term was 62.24 months, resulting in approximately 4.61 months of seasoning. Approximately 34.23% of the pool consists of loans secured by new vehicles, versus 65.77% used vehicles.

Interest is distributed on the 15th of each month or on the next business day. The first payment date is May 16, 2005. Principal payment is sequential, starting with the class A-1 notes, unless a triggering event occurs; in which case the class A-1 notes are paid in full and the remainder of the class A notes is paid pro rata.

Capital One Financial Corp. (COF, which is rated 'F2/BBB' by Fitch, and on Rating Watch Positive) is a non-bank financial services holding company whose principal subsidiaries are Capital One Bank and Capital One Bank FSB. The auto finance business is conducted under Capital One Auto Finance, a non-bank subsidiary of COF. COF's entry into the auto finance business began with the company's purchase, in 1998, of Summit Acceptance Corp., a subprime lender. In 2001, COF acquired PeopleFirst.com, an Internet-based auto lender focused on prime customers. In January 2005, COF finalized its acquisition of Onyx Acceptance Corp., a California-based midprime lender.

Recently, COF announced its intention to purchase Hibernia Corporation (HIB), a Louisiana-based retail bank. The Positive Rating Watch reflects Fitch's view that gaining core funding should strengthen COF's liquidity and reduce its overall cost of funds. Further, Fitch considers HIB's focus on consumer lending complementary to COF's existing loan book.