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
