SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 12, 2001
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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: 11/1/01
Monthly Period Ending: 11/30/01
Prev. Distribution/Close Date: 11/15/01
Distribution Date: 12/17/01
Days of Interest for Period: 32
Days in Collection Period: 30
Months Seasoned: 4
- -------------------------------------------
- ---------------------------------------------------------------------------------------------
Original
Purchases Units Cut-off Date Closing Date Pool Balance
- --------------------------------------------------------------------------------------------
Initial Purchase 52,772 7/26/01 $815,094,313
Sub. Purchase #1 6,974 8/24/01 113,867,436
Sub. Purchase #2 0
------------------------------------------------------------------------
Total 59,746 $928,961,749
- --------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
- ---------------------------------------------------------------------------------------------------------------------------------
{1} Beginning of period Aggregate Principal Balance {1} $872,423,924.07
---------------------
{2} Purchase of Subsequent Receivables {2} 0.00
---------------------
Monthly Principal Amounts
{3} Regular Principal Received {3} 9,677,163.85
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{4} Prepaid Principal Received {4} 4,614,633.50
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{5} Defaulted Receivables Deposit Amount {5} 2,647,594.93
------------------
{6} Principal Portion of Repurchased Receivables {6} 21,994.12
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{7} Cram Down Losses and Other Non-Cash Adjustments {7} 3,799.06
------------------
{8} Total Monthly Principal Amounts {8} 16,965,185.46
---------------------
{9} End of period Aggregate Receivable Balance {9} $855,458,738.61
=====================
{10} Pool Factor ( {9} / Original Pool Balance) {10} 0.9209
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II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
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----------------------------------------------------------------------
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} 74,767,891 234,500,000 241,500,000
----------------------------------------------------------------------
{13} Noteholders' Principal Distributable Amount {13} 15,523,145 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} 59,244,746 234,500,000 241,500,000
======================================================================
{17} Note Pool Factors ( {16} / {11} ) {17} 0.4683 1.0000 1.0000
======================================================================
- ---------------------------------------------------------------------------------------------------------------------
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 35,104,886 $833,372,777
---------------------------------------------------------
{13} Noteholders' Principal Distributable Amount 0 1,102,737 16,625,882
{14} Noteholders' Accelerated Principal Amount 0 4,061,093 4,061,093
{15} Optional Note Redemption Principal Amount 0 0 0
---------------------------------------------------------
{16} End of period Note Balance 247,500,000 29,941,056 $812,685,802
=========================================================
{17} Note Pool Factors ( {16} / {11} ) 1.0000 0.4959 0.8927
=========================================================
- ----------------------------------------------------------------------------------------------------------------------
III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
- ----------------------------------------------------------------------------------------------------------------------
{18} Beginning of period Pre-Funding Account balance {18} $0.00
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{19} Purchase of Subsequent Receivables {19} 0.00
-------------------
{20} Investment Earnings {20} 0.00
-------------------
{21} Investment Earnings Transfer to Collections Account {21} 0.00
-------------------
{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} 14,291,797.35
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{25} Liquidation Proceeds Collected during period {25} 766,592.20
---------------
{26} Receivables Repurchase Amounts {26} 21,994.12
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{27} Interest and Fees Collected on Receivables {27} 12,275,045.93
---------------
{28} Recoveries on Previously Defaulted Receivables {28} 4,598.43
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{29} Advances from the Reserve Fund {29} 0.00
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Investment Earnings on Trust Accounts
{30} Collection Account {30} 40,134.35
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{31} Transfer from Reserve Fund {31} 24,134.30
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{32} Transfer from Pre-Funding Account {32} 0.00
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{33} Optional Note Redemption Prepayment Amount {33} 0.00
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{34} Total Available Funds {34} 27,424,296.68
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DISTRIBUTIONS:
{35} Trustees' Fees {35} 0.00
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{36} Servicing Fees {36} 2,068,492.55
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Class A Noteholders' Note Interest
-------------------------------------------------------------------------------
Beginning Interest Calculated
Class Note Balance Rate Days Days Basis Interest
-------------------------------------------------------------------------------
{37} A-1 $74,767,891 3.75000% 32 Actual days/360 $249,226 {37} 249,226.30
----------------
{38} A-2 $234,500,000 4.14000% 30 30/360 $809,025 {38} 809,025.00
----------------
{39} A-3 $241,500,000 4.83000% 30 30/360 $972,038 {39} 972,037.50
----------------
{40} A-4 $247,500,000 5.40000% 30 30/360 $1,113,750 {40} 1,113,750.00
------------------------------------------------------------------------------- ----------------
{41} Note Insurer Premiums {41} 199,566.97
----------------
{42} Reimbursement Obligations due Note Insurer {42} 0.00
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Class B Noteholders' Primary Note Interest
-----------------------------------------------------------------------------
Beginning Interest Calculated
Class Note Balance Rate Days Days Basis Interest
-----------------------------------------------------------------------------
{43} Class B $35,104,886 7.92000% 30 30/360 $231,692 {43} 231,692.25
----------------------------------------------------------------------------- ----------------
{44} Class A Noteholders' Principal Payment Amount {44} 15,523,144.70
----------------
{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} 1,102,737.05
----------------
{49} Class B Noteholder's Accelerated Principal Amount {49} 4,061,093.43
----------------
{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} 1,093,530.92
----------------
{56} Total Distributions {56} 27,424,296.68
===============
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V. RECONCILIATION OF RESERVE ACCOUNT:
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{57} BEGINNING OF PERIOD RESERVE ACCOUNT BALANCE {57} $9,103,825.14
----------------
DEPOSITS TO RESERVE ACCOUNT
{58} Investment Earnings {58} 24,134.30
----------------
{59} Deposits Related to Subsequent Receivables Purchases {59} -
----------------
{60} Total Additions {60} $24,134.30
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PRIORITY WITHDRAWALS FROM RESERVE ACCOUNT
{61} Transfer of Investment Earnings to Collection Account {61} (24,134.30)
----------------
{62} Advances to Collection Account - Priority (1) through (7) {62} -
----------------
{63} Total Priority Withdrawals {63} ($24,134.30)
----------------
{64} RESERVE ACCOUNT SUBTOTAL {64} $9,103,825.14
----------------
{65} Reserve Account Requirement {65} 9,103,825.14
----------------
{66} Reserve Account Shortfall / Excess {66} 0.00
----------------
{67} DEPOSIT TO RESERVE FUND, TO REQUIRED LEVEL {67} $0.00
----------------
{68} RESERVE ACCOUNT PRIMARY BALANCE {68} $9,103,825.14
----------------
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} -
----------------
{72} Total Subordinate Withdrawals {72} -
----------------
{73} END OF PERIOD RESERVE ACCOUNT BALANCE {73} 9,103,825.14
================
2
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VI. CALCULATION OF RESERVE ACCOUNT REQUIREMENT
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If Prior to Accelerated Reserve Fund Event:
-------------------------------------------
Lesser of:
{74} (1)Ending Aggregate Note Balance {74} 812,685,801.68
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-or--
{75} (2)1.0% of 98% of Original Receivable Balance {75} 9,103,825.14
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-----------------
{76} Requirement {76} 9,103,825.14
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If Accelerated Reserve Fund Event:
----------------------------------
Lesser of:
{77} (1)Ending Aggregate Note Balance {77} 812,685,801.68
-----------------
-or--
(2)Greater of:
{78} (a) 3.0% of 98% of Original Receivable Balance {78} 27,311,475.41
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{79} -or-- {79} 46,025,391.05
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{80} (b) 6.0% of 98% of Current Outstanding Class A Note Principal Balance {80} 46,025,391.05
---------------
-----------------
{81} Requirement {81} 46,025,391.05
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VII. CALCULATION OF PRINCIPAL PAYMENT AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
{82} Principal Collections {82} 16,965,185.46
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{83} End of Period Aggregate Receivables Balance {83} 855,458,738.61
---------------
{84} Required O/C Margin (as Specified in Trust Indenture) {84} 17,109,174.77
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{85} Required Maximum Ending Aggregate Class A Principal Balance (line {83} - {84}) {85} 838,349,563.84
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{86} Class A Aggregate Oustanding Principal Balance (Start of Period) {86} 798,267,890.53
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Less:
{87} Allocable to Class A Notes (line {82} X 91.5%) {87} 15,523,144.70
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{88} Preliminary Class A Ending Balance {88} 782,744,745.83
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{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} 15,523,144.70
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-----------------
{91} Class B Principal Payment Amount (line {82} X 6.5%) {91} 1,102,737.05
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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: 12/17/01
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: 11/1/01
Monthly Period Ending: 11/30/01
Prev. Distribution/Close Date: 11/15/01
Distribution Date: 12/17/01
Days of Interest for Period: 32
Days in Collection Period: 30
Months Seasoned: 4
- ----------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
I. MONTHLY PERIOD NOTE BALANCE CALCULATION: Class A-1 Class A-2 Class A-3 Class A-4 Class B TOTAL
--------- --------- --------- --------- ------- -----
{1} Original Note Balance {1} $126,500,000 $234,500,000 $241,500,000 $247,500,000 $60,382,514 $910,382,514
- ------------------------------------------------------------------------------------------------------------------------------------
{2} Beginning of period Note Balance {2} $74,767,891 $234,500,000 $241,500,000 $247,500,000 $35,104,886 $833,372,777
{3} End of period Note Balance {3} $59,244,746 $234,500,000 $241,500,000 $247,500,000 $29,941,056 $812,685,802
=================================================================================
{4} Note Pool Factors {3} / {1} {4} 0.468 1.000 1.000 1.000 0.496 0.893
=================================================================================
- -------------------------------------------------------------------------------------------------------------------------------
II. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:
- -------------------------------------------------------------------------------------------------------------------------------
-----------------------------
Cumulative Period
-----------------------------
{5} Beginning number of Receivables {5} 0 57,870
{6} Number of Subsequent Receivables Purchased {6} 6,974 0
{7} Number of Receivables Defaulted during period {7} 334 211
{8} Number of Receivables becoming Purchased Receivables during period {8} 706 1
{9} Number of Receivables paid off during period {9} 1,408 360
-----------------------------
{10} Ending number of Receivables {10} 57,298 57,298
-----------------------------
- -------------------------------------------------------------------------------------------------------------------------------
III. STATISTICAL DATA: (CURRENT AND HISTORICAL)
- -------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------
Original Prev. Month Current
---------------------------------------------
{11} Weighted Average APR of the Receivables {11} 17.37% 17.38% 17.38%
{12} Weighted Average Remaining Term of the Receivables {12} 61.22 58.74 57.88
{13} Weighted Average Original Term of Receivables {13} 64.74 64.74 64.74
{14} Average Receivable Balance {14} $15,549 $15,065 $14,913
---------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
IV. DELINQUENCY:
- -------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------
Receivables with Scheduled Payment delinquent Units Dollars Percentage
---------------------------------------------
{15} 31-60 days {15} 2,901 43,938,492 5.04%
{16} 61-90 days {16} 787 11,676,905 1.34%
{17} 91-120 days {17} 173 2,674,637 0.31%
---------------------------------------------
{18} Receivables with Scheduled Payment delinquent
more than 60 days at end of period {18} 960 $14,351,542 1.65%
---------------------------------------------
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V. PERFORMANCE TESTS:
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DELINQUENCY RATIO
{19} Receivables with Scheduled Payment delinquent more than 60
days at end of period ( line {18}) {19} $14,351,542
-------------
{20} Beginning of period Principal Balance {20} 872,423,924
-------------
{21} Delinquency Ratio {16} + {17} divided by {20} {21} 1.65%
-------------
{22} Previous Monthly Period Delinquency Ratio {22} 1.10%
-------------
{23} Second previous Monthly Period Delinquency Ratio {23} 0.78%
-------------
{24} Average Delinquency Ratio ({21} + {22} + {23}) / 3 {24} 1.17%
-------------
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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
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CUMULATIVE NET CHARGE-OFF RATE
{25} Net Losses since Initial Cut-off Date (Beginning of Period) {25} 1,079,354
-------------
{26} Receivables becoming Defaulted Receivables during period {26} $2,647,595
-------------
{27} Cram Down Losses and other non-cash Adjustments occurring during period {27} 3,799
-------------
{28} Liquidation Proceeds collected during period {28} 766,592
-------------
{29} Recoveries on Defaulted Receivables during period {29} 4,598
-------------
{30} Net Losses during period {26} - {27} - {28} - {29} {30} 1,872,605
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{31} Net Losses since Initial Cut-off Date (End of Period) {31} 2,951,959.37
-------------
{32} Cumulative Net Loss Rate ({31}) / {Original Aggregate Principal Balance} {32} 0.32%
-------------
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Compliance with Accelerated Reserve Fund Trigger? Cumulative Net Loss Rate is less than or equal to: 0.03125 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} 759
--------
{34} Beginning of Period Loans Outstanding {34} 57,870
--------
{35} Extension Rate {33} divided by {34} {35} 1.31%
---------
{36} Previous Monthly Extension Rate {36} 1.03%
---------
{37} Second previous Monthly Extension Rate {37} 0.69%
---------
{38} Average Extension Rate ({35} +{36} +{37}) / 3 {38} 1.01%
---------
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Compliance (Extension Test Pass is an Average Extension Rate less than 4%.) Yes
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