SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: November 9, 2001
----------------
CAPITAL ONE AUTO FINANCE TRUST
CAPITAL ONE BANK
(Exact name of registrant as specified in its charter)
Virginia 0-25762 54-1719855
- ---------------------------------- -------------- --------------------
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
11013 West Broad Street Road, Glen Allen, Virginia 23060
- -------------------------------------------------- -------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(804) 967-1000
(Former name or former address, if changed since last report):
Not Applicable
CAPITAL ONE AUTO FINANCE TRUST
Automobile Receivable-Backed Notes, Series 2001-A
Class A-1 3.75 % Asset Backed Notes
Class A-2 4.14 % Asset Backed Notes
Class A-3 4.83 % Asset Backed Notes
Class A-4 5.40 % Asset Backed Notes
Class B 7.92 % Asset Backed Notes
Preliminary Servicer's Certificate
- ------------------------------------------- ---------------------------------------------------------------------------------
MONTHLY PERIOD BEGINNING: 10/1/01 ORIGINAL
MONTHLY PERIOD ENDING: 10/31/01 PURCHASES UNITS CUT-OFF DATE CLOSING DATE POOL BALANCE
PREV. DISTRIBUTION/CLOSE DATE: 10/15/01 ---------------------------------------------------------------------------------
DISTRIBUTION DATE: 11/15/01 INITIAL PURCHASE 52,772 7/26/01 $815,094,313
DAYS OF INTEREST FOR PERIOD: 31 SUB. PURCHASE #1 6,974 8/24/01 113,867,436
DAYS IN COLLECTION PERIOD: 31 SUB. PURCHASE #2 0
MONTHS SEASONED: 3
---------------------------------------------------------------
TOTAL 59,746 $928,961,749
- ------------------------------------------- ---------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
- -----------------------------------------------------------------------------------------------------------------------------------
{1} Beginning of period Aggregate Principal Balance {1} $889,734,322.68
---------------------------
{2} Purchase of Subsequent Receivables {2} 0.00
---------------------------
Monthly Principal Amounts
{3} Regular Principal Received {3} 10,474,531.61
-----------------
{4} Prepaid Principal Received {4} 4,771,478.67
-----------------
{5} Defaulted Receivables Deposit Amount {5} 1,895,778.54
-----------------
{6} Principal Portion of Repurchased Receivables {6} 157,028.68
-----------------
{7} Cram Down Losses and Other Non-Cash Adjustments {7} 11,581.11
-----------------
{8} Total Monthly Principal Amounts {8} 17,310,398.61
---------------------------
{9} End of period Aggregate Receivable Balance {9} $872,423,924.07
===========================
{10} Pool Factor ( {9} / Original Pool Balance) {10} 0.9391
- -----------------------------------------------------------------------------------------------------------------------------------
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
- -----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
CLASS A-1 CLASS A-2 CLASS A-3
--------- --------- ---------
{11} Original Note Balance {11} $126,500,000 $234,500,000 $241,500,000
----------------------------------------------------------------
{12} Beginning of period Note Balance {12} 90,606,905 234,500,000 241,500,000
----------------------------------------------------------------
{13} Noteholders' Principal Distributable Amount {13} 15,839,015 0 0
{14} Noteholders' Accelerated Principal Amount {14} 0 0 0
{15} Optional Note Redemption Principal Amount {15} 0 0 0
----------------------------------------------------------------
{16} End of period Note Balance {16} 74,767,891 234,500,000 241,500,000
================================================================
{17} Note Pool Factors ( {16} / {11} ) {17} 0.5911 1.0000 1.0000
================================================================
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II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
- -----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------
CLASS A-4 CLASS B TOTAL
--------- ------- -----
{11} Original Note Balance $247,500,000 $60,382,514 $910,382,514
---------------------------------------------------------------
{12} Beginning of period Note Balance 247,500,000 43,222,505 $857,329,410
---------------------------------------------------------------
{13} Noteholders' Principal Distributable Amount 0 1,125,176 16,964,191
{14} Noteholders' Accelerated Principal Amount 0 6,992,443 6,992,443
{15} Optional Note Redemption Principal Amount 0 0 0
---------------------------------------------------------------
{16} End of period Note Balance 247,500,000 35,104,886 $833,372,777
===============================================================
{17} Note Pool Factors ( {16} / {11} ) 1.0000 0.5814 0.9154
===============================================================
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III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
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{18} Beginning of period Pre-Funding Account balance {18} $0.00
--------------
{19} Purchase of Subsequent Receivables {19} 0.00
---------------
{20} Investment Earnings {20} 188,404.50
---------------
{21} Investment Earnings Transfer to Collections Account {21} (188,404.50)
---------------
{22} Payment of Mandatory Prepayment Amount {22} 0.00
---------------
{23} End of period Pre-Funding Account balance {23} $0.00
--------------
1
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IV. RECONCILIATION OF COLLECTION ACCOUNT:
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AVAILABLE FUNDS:
{24} Scheduled and Prepayment Principal Cash Received {24} 15,246,010.28
-----------------------------
{25} Liquidation Proceeds Collected during period {25} 874,628.15
-----------------------------
{26} Receivables Repurchase Amounts {26} 157,028.68
-----------------------------
{27} Interest and Fees Collected on Receivables {27} 13,195,329.34
-----------------------------
{28} Recoveries on Previously Defaulted Receivables {28} 0.00
-----------------------------
{29} Advances from the Reserve Fund {29} 0.00
-----------------------------
Investment Earnings on Trust Accounts
{30} Collection Account {30} 39,302.35
-----------------------------
{31} Transfer from Reserve Fund {31} 32,661.43
-----------------------------
{32} Transfer from Pre-Funding Account {32} 188,404.50
-----------------------------
{33} Optional Note Redemption Prepayment Amount {33} 0.00
-----------------------------
{34} Total Available Funds {34} 29,733,364.73
-------------------
DISTRIBUTIONS:
{35} Trustees' Fees {35} 0.00
-----------------------------
{36} Servicing Fees {36} 2,100,538.85
-----------------------------
Class A Noteholders' Note Interest
-----------------------------------------------------------------------------------------------------
BEGINNING INTEREST CALCULATED
CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST
-----------------------------------------------------------------------------------------------------
{37} A-1 $90,606,905 3.75000% 31 Actual days/360 $292,585
{38} A-2 $234,500,000 4.14000% 30 30/360 809,025
{39} A-3 $241,500,000 4.83000% 30 30/360 972,038
{40} A-4 $247,500,000 5.40000% 30 30/360 1,113,750
-----------------------------------------------------------------------------------------------------
{41} Note Insurer Premiums
{42} Reimbursement Obligations due Note Insurer
{37} 292,584.80
-------------------------
{38} 809,025.00
-------------------------
{39} 972,037.50
-------------------------
{40} 1,113,750.00
-------------------------
{41} 203,526.73
-------------------------
{42} 0.00
-------------------------
Class B Noteholders' Primary Note Interest
---------------------------------------------------------------------
BEGINNING INTEREST CALCULATED
CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST
---------------------------------------------------------------------
{43} Class B $43,222,505 7.92000% 30 30/360 285,269 {43} 285,268.53
--------------------------------------------------------------------- --------------
{44} Class A Noteholders' Principal Payment Amount {44} 15,839,014.73
--------------
{45} Accrued and Unpaid Premium and Reimbursement Obligations,
due Note Insurer {45} 0.00
--------------
{46} Deposit to Reserve Account, to Required Level {46} 0.00
--------------
{47} Class A Noteholder's Accelerated Principal Amount (if in an event of
default under the indenture or, under certain
circumstances, an insurance agreement event of default) {47} 0.00
--------------
{48} Class B Noteholders' Principal Payment Amount {48} 1,125,175.91
--------------
{49} Class B Noteholder's Accelerated Principal Amount {49} 6,992,442.68
--------------
{50} Optional Note Redemption Amount {50} 0.00
--------------
{51} Other Amounts Due to the Trustees {51} 0.00
--------------
{52} Servicer Transition Expenses {52} 0.00
--------------
{53} Indenture Trustee Title Expenses {53} 0.00
--------------
{54} Class B Excess Interest {54} 0.00
--------------
{55} Distribution to the equity certificate holder {55} 0.00
--------------
{56} Total Distributions {56} 29,733,364.73
=============
- ------------------------------------------------------------------------------------------------------------------------------------
V. RECONCILIATION OF RESERVE ACCOUNT:
- ------------------------------------------------------------------------------------------------------------------------------------
{57} BEGINNING OF PERIOD RESERVE ACCOUNT BALANCE {57} $9,887,746.75
----------------
DEPOSITS TO RESERVE ACCOUNT
{58} Investment Earnings {58} 32,661.43
----------------
{59} Deposits Related to Subsequent Receivables Purchases {59} -
----------------
{60} Total Additions {60} $32,661.43
----------------
PRIORITY WITHDRAWALS FROM RESERVE ACCOUNT
{61} Transfer of Investment Earnings to Collection Account {61} (32,661.43)
----------------
{62} Advances to Collection Account - Priority (1) through (7) {62} -
----------------
{63} Total Priority Withdrawals {63} ($32,661.43)
----------------
{64} RESERVE ACCOUNT SUBTOTAL {64} $9,887,746.75
----------------
{65} Reserve Account Requirement {65} 9,103,825.14
----------------
{66} Reserve Account Shortfall / Excess {66} 783,921.61
----------------
{67} DEPOSIT TO RESERVE FUND, TO REQUIRED LEVEL {67} $0.00
----------------
{68} RESERVE ACCOUNT PRIMARY BALANCE {68} $9,887,746.75
----------------
SUBORDINATE WITHDRAWALS FROM RESERVE ACCOUNT
{69} Advances to Collection Account - Priority (10), (16) and
(17) (limited to excess amounts on deposit) {69} -
----------------
{70} Advances to Collection Account - Priority (12) through (15) {70} -
----------------
{71} Return of Excess to Equity Certificate Holder {71} (783,921.61)
----------------
{72} Total Subordinate Withdrawals {72} (783,921.61)
----------------
{73} END OF PERIOD RESERVE ACCOUNT BALANCE {73} 9,103,825.14
================
2
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VI. CALCULATION OF RESERVE ACCOUNT REQUIREMENT
- ------------------------------------------------------------------------------------------------------------------------------------
IF PRIOR TO ACCELERATED RESERVE FUND EVENT:
Lesser of:
{74} (1)Ending Aggregate Note Balance {74} 833,372,776.86
--------------------
-or--
{75} (2)1.0% of 98% of Original Receivable Balance {75} 9,103,825.14
--------------------
--------------------
{76} REQUIREMENT {76} 9,103,825.14
--------------------
IF ACCELERATED RESERVE FUND EVENT:
Lesser of:
{77} (1)Ending Aggregate Note Balance {77} 833,372,776.86
--------------------
-or--
(2)Greater of:
{78} (a) 3.0% of 98% of Original Receivable Balance {78} 27,311,475.41
---------------
{79} -or-- {79} 51,298,526.74
--------------------
{80} (b) 6.0% of 98% of Current Receivable Balance {80} 51,298,526.74
---------------
--------------------
{81} REQUIREMENT {81} 51,298,526.74
--------------------
- ------------------------------------------------------------------------------------------------------------------------------------
VII. CALCULATION OF PRINCIPAL PAYMENT AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
{82} Principal Collections {82} 17,310,398.61
-----------------------------
{83} End of Period Aggregate Receivables Balance {83} 872,423,924.07
-----------------------------
{84} Required O/C Margin (as Specified in Trust Indenture) {84} 17,448,478.48
-----------------------------
{85} Required Maximum Ending Aggregate Class A Principal
Balance (line {83} - {84}) {85} 854,975,445.59
-----------------------------
{86} Class A Aggregate Oustanding Principal Balance (Start of
Period) {86} 814,106,905.26
-----------------------------
Less:
{87} Allocable to Class A Notes (line {82} X 91.5%) {87} 15,839,014.73
-----------------------------
{88} Preliminary Class A Ending Balance {88} 798,267,890.53
-----------------------------
{89} Payment Amount Necessary to Reduce Class A Balance to
Required Level (line {88} - {85}) {89} 0.00
-----------------------------
-----------------
{90} Class A Principal Payment Amount (line {87} + {89}) {90} 15,839,014.73
-----------------
-----------------
{91} Class B Principal Payment Amount (line {82} X 6.5%) {91} 1,125,175.91
-----------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Monthly Servicer's Report as dated above.
OFFICERS' CERTIFICATE
The undersigned hereby certifies that ( i ) he or she is an Authorized
Officer of Captial One Auto Finance ( the "Servicer" ), and ( ii ) Exhibit A
hereto complies with the requirements of, and is being delivered pursuant to,
Section 2.02 ( c ) of the Servicing Agreement ( the "Servicing Agreement" )
dated as of July 26, 2001 by and among Captial One Auto Finance Trust 2001-A, as
the Issuer, Wells Fargo Bank Minnesota, National Association, Trustee, and the
Servicer.
CAPITAL ONE AUTO FINANCE
Capital One Auto Finance, as Servicer
By: /s/Stuart Levy
----------------------
Name: Stuart Levy
Title: Manager of Global Trust Reporting
Date: 11/15/01
3
CAPITAL ONE AUTO FINANCE TRUST
Automobile Receivable-Backed Notes, Series 2001-A
Class A-1 3.75 % Asset Backed Notes
Class A-2 4.14 % Asset Backed Notes
Class A-3 4.83 % Asset Backed Notes
Class A-4 5.40 % Asset Backed Notes
Class B 7.92 % Asset Backed Notes
Servicer's Certificate
- ----------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------
MONTHLY PERIOD BEGINNING: 10/1/01
MONTHLY PERIOD ENDING: 10/31/01
PREV. DISTRIBUTION/CLOSE DATE: 10/15/01
DISTRIBUTION DATE: 11/15/01
DAYS OF INTEREST FOR PERIOD: 31
DAYS IN COLLECTION PERIOD: 31
MONTHS SEASONED: 3
- ----------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
I. MONTHLY PERIOD NOTE BALANCE CALCULATION: CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
--------- --------- --------- ---------
{1} Original Note Balance {1} $126,500,000 $234,500,000 $241,500,000 $247,500,000
- ---------------------------------------------------------------------------------------------------------------------------------
{2} Beginning of period Note Balance {2} $90,606,905 $234,500,000 $241,500,000 $247,500,000
{3} End of period Note Balance {3} $74,767,891 $234,500,000 $241,500,000 $247,500,000
====================================================================
{4} Note Pool Factors {3} / {1} {4} 0.591 1.000 1.000 1.000
====================================================================
- -------------------------------------------------------------------------------------
I. MONTHLY PERIOD NOTE BALANCE CALCULATION: CLASS B TOTAL
------- -----
{1} Original Note Balance $60,382,514 $910,382,514
- -------------------------------------------------------------------------------------
{2} Beginning of period Note Balance $43,222,505 $857,329,410
{3} End of period Note Balance $35,104,886 $833,372,777
============================
{4} Note Pool Factors {3} / {1} 0.581 0.915
============================
- -----------------------------------------------------------------------------------------------------------------------------------
II. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:
- -----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------
CUMULATIVE PERIOD
--------------------------------------------
{5} Beginning number of Receivables {5} 0 58,372
{6} Number of Subsequent Receivables Purchased {6} 6,974 0
{7} Number of Receivables Defaulted during period {7} 123 111
{8} Number of Receivables becoming Purchased Receivables during period {8} 705 8
{9} Number of Receivables paid off during period {9} 1,048 383
--------------------------------------------
{10} Ending number of Receivables {10} 57,870 57,870
--------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
III. STATISTICAL DATA: (CURRENT AND HISTORICAL)
- -----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------
ORIGINAL PREV. MONTH CURRENT
--------------------------------------------------------
{11} Weighted Average APR of the Receivables {11} 17.37% 17.39% 17.38%
{12} Weighted Average Remaining Term of the Receivables {12} 61.22 59.65 58.74
{13} Weighted Average Original Term of Receivables {13} 64.74 64.74 64.74
{14} Average Receivable Balance {14} $15,549 $15,241 $15,065
--------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
IV. DELINQUENCY:
- -----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------
Receivables with Scheduled Payment delinquent UNITS DOLLARS PERCENTAGE
-----------------------------------------------------
{15} 31-60 days {15} 2,515 38,125,681 4.29%
{16} 61-90 days {16} 512 7,651,559 0.86%
{17} 91-120 days {17} 140 2,098,838 0.24%
-----------------------------------------------------
{18} Receivables with Scheduled Payment delinquent
more than 60 days at end of period {18} 652 $9,750,397 1.10%
-----------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
V. PERFORMANCE TESTS:
- -----------------------------------------------------------------------------------------------------------------------------------
DELINQUENCY RATIO
{19} Receivables with Scheduled Payment delinquent more than 60
days at end of period ( line {18}) {19} $9,750,397
---------------------
{20} Beginning of period Principal Balance {20} 889,734,323
---------------------
{21} Delinquency Ratio {16} + {17} divided by {20} {21} 1.10%
----------------------
{22} Previous Monthly Period Delinquency Ratio {22} 0.78%
----------------------
{23} Second previous Monthly Period Delinquency Ratio {23} 0.25%
----------------------
{24} Average Delinquency Ratio ({21} + {22} + {23}) / 3 {24} 0.71%
----------------------
------------------------------------------------------------------------------------------------------------------
Compliance with Accelerated Reserve Fund Trigger? (Average Delinquency Ratio
is less than or equal to 3% months 1-12, 4% months 13-24 and 5% thereafter) Yes
Complaince with Insurance Agreement Event of Default? (Average Delinquency
Ratio is less than or equal to 4% months 1-12, 5% months 13-24 and 6%
thereafter) Yes
------------------------------------------------------------------------------------------------------------------
CUMULATIVE NET CHARGE-OFF RATE
{25} Net Losses since Initial Cut-off Date (Beginning of Period) {25} 69,785
---------------
{26} Receivables becoming Defaulted Receivables during period {26} $1,895,779
--------------------
{27} Cram Down Losses and other non-cash Adjustments occurring during period {27} 11,581
--------------------
{28} Liquidation Proceeds collected during period {28} 874,628
--------------------
{29} Recoveries on Defaulted Receivables during period {29} 0
--------------------
{30} Net Losses during period {26} - {27} - {28} - {29} {30} 1,009,569
--------------------
{31} Net Losses since Initial Cut-off Date (End of Period) {31} 1,079,354
---------------
{32} Cumulative Net Loss Rate ({31}) / {Original Aggregate Principal Balance} {32} 0.12%
---------------
-----------------------------------------------------------------------------------------------------------------------------
Compliance with Accelerated Reserve Fund Trigger? Cumulative Net Loss Rate is less than or equal to: N/A Yes
Complaince with Insurance Agreement Event of Default? Cumulative Net Loss Rate is less than or equal to: N/A Yes
-----------------------------------------------------------------------------------------------------------------------------
EXTENSION RATE
{33} Number of Receivables extended during current period {33} 604
-------------------------
{34} Beginning of Period Loans Outstanding {34} 58,372
-------------------------
{35} Extension Rate {33} divided by {34} {35} 1.03%
-----------------------
{36} Previous Monthly Extension Rate {36} 0.69%
-----------------------
{37} Second previous Monthly Extension Rate {37} 0.54%
-----------------------
{38} Average Extension Rate ({35} +{36} +{37}) / 3 {38} 0.76%
-----------------------
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Compliance (Extension Test Pass is an Average Extension Rate less than 4%.) Yes
------------------------------------------------------------------------------------------------------------------
1