Exhibit 99.3
Report of Independent Accountants
Capital One Auto Finance, Inc.
3901 Dallas Parkway
Plano, Texas 75093
and
JP Morgan Chase Bank
4 New York Plaza
6th Street
New York, NY 10001
We have examined management’s assertion, included in the accompanying Report of Management on Compliance, that Capital One Auto Finance, Inc. (“COAF”), a wholly owned subsidiary of Capital One Financial Corporation, complied with the requirements of Sections 2.4(a), 2.4(b), 2.4(c), 3.7, 3.8, 3.9(a), 3.11, 4.2, 4.3(a), 4.5, 4.6, and 9.2(e) of the Sale and Servicing Agreement dated as of March 27, 2003 regarding the Capital One Prime Auto Receivables Trust, 2003-1 Class A Notes (the “2003-1 Agreement”), which was filed with the Securities and Exchange Commission on Form 8-K on April 2, 2003, and the Sale and Servicing Agreement dated as of September 23, 2003 regarding the Capital One Prime Auto Receivables Trust, 2003-2 Class A Notes (the “2003-2 Agreement”), which was filed with the Securities and Exchange Commission on Form 8-K on October 3, 2003 (collectively the “Agreements”), for the year ended December 31, 2003. Management is responsible for COAF’s compliance with those requirements. Our responsibility is to express an opinion on management’s assertion about COAF’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about COAF’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on COAF’s compliance with specified requirements.
In our opinion, management’s assertion that COAF complied with the aforementioned Sections of the Agreement for the year ended December 31, 2003 is fairly stated, in all material respects.
/s/ ERNST & YOUNG LLP |
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March 15, 2004 | |
We, as members of management of Capital One Auto Finance, Inc. (“COAF”), a wholly owned subsidiary of Capital One Financial Corporation, are responsible for complying with the requirements of Sections 2.4(a), 2.4(b), 2.4(c), 3.7, 3.8, 3.9(a), 3.11, 4.2, 4.3(a), 4.5, 4.6, and 9.2(e) of the Sale and Servicing Agreement dated as of March 27, 2003 regarding the Capital One Prime Auto Receivables Trust, 2003-1 Class A Notes (the “2003-1 Agreement”), which was filed with the Securities and Exchange Commission on Form 8-K on April 2, 2003, and the Sale and Servicing Agreement dated as of September 23, 2003 regarding the Capital One Prime Auto Receivables Trust, 2003-2 Class A Notes the “2003-2 Agreement”), which was filed with the Securities and Exchange Commission on Form 8-K on October 3, 2003 (collectively the “Agreements”). We are also responsible for establishing and maintaining effective internal control over compliance with the requirements referred to in the preceding sentence.
We have performed an evaluation of COAF’s compliance with the requirements of Sections 2.4(a), 2.4(b), 2.4(c), 3.7, 3.8, 3.9(a), 3.11, 4.2, 4.3(a), 4.5, 4.6, and 9.2(e) of the Agreements as of December 31, 2003 and for the year then ended. Based on this evaluation, we assert that for the year ended December 31, 2003, COAF complied with the requirements of the sections in the Agreements.
/s/ David R. Lawson |
| /s/ W. Randolph Ellsperman |
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David R. Lawson | W. Randolph Ellspermann | ||
President | Vice President | ||
Chief Executive Officer | Chief Financial Officer | ||
Capital One Auto Finance, Inc. | Capital One Auto Finance, Inc. | ||
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March 15, 2004 |
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