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: July 10, 2002
CAPITAL ONE AUTO FINANCE TRUST 2002-A
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
ITEM 5. OTHER EVENTS
- ------- ------------
The June 2002 Monthly Servicer Report to investors were
distributed July 10, 2002.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CAPITAL ONE AUTO FINANCE TRUST 2002-A
By: CAPITAL ONE BANK
Servicer
By: /s/David M. Willey
--------------------------------
David M. Willey
Executive Vice President, CFO
Date: July 10, 2002
2
CAPITAL ONE AUTO FINANCE TRUST
Automobile Receivable-Backed Notes, Series 2002-A
Class A-1 1.98 % Asset Backed Notes
Class A-2 2.99% Asset Backed Notes
Class A-3 4.03% Asset Backed Notes
Class A-4 4.79 % Asset Backed Notes
Class B 8.35 % Asset Backed Notes
Preliminary Servicer's Certificate
- -------------------------------------------------------------------------------
MONTHLY PERIOD BEGINNING: 6/1/02
Monthly Period Ending: 6/30/02
Prev. Distribution/Close Date: 6/17/02
DISTRIBUTION DATE: 7/15/02
DAYS OF INTEREST FOR PERIOD: 28
DAYS IN COLLECTION PERIOD: 30
MONTHS SEASONED: 3
- -------------------------------------------------------------------------------
<Caption>
- -------------------------------------------------------------------------------------------------
Original
Purchases Units Cut-off Date Closing Date Pool Balance
- -------------------------------------------------------------------------------------------------
Initial Purchase 74,011 4/18/02 4/23/02 $1,086,769,451
Sub. Purchase #1 13,358 5/17/02 5/21/02 $214,043,551
Sub. Purchase #2
Sub. Purchase #3
-------------------------------------------------------------------------
Total 87,369 $1,300,813,002.37
- -------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
- --------------------------------------------------------------------------------
{1} Beginning of period Aggregate Principal Balance {1} $1,275,216,769.32
---------------------
{2} Purchase of Subsequent Receivables {2} 0.00
---------------------
Monthly Principal Amounts
{3} Regular Principal Received {3} 13,647,612.10
--------------------
{4} Prepaid Principal Received {4} 5,798,724.01
--------------------
{5} Defaulted Receivables Deposit Amount {5} 621,697.58
--------------------
{6} Principal Portion of Repurchased Receivables {6} 324,838.11
--------------------
{7} Cram Down Losses and Other Non-Cash Adjustments {7} (21,116.12)
--------------------
{8} Total Monthly Principal Amounts {8} 20,371,755.68
---------------------
{9} End of period Aggregate Receivable Balance {9} $1,254,845,013.64
=====================
{10} Pool Factor ( {9} / Original Pool Balance) {10} 0.9647
- --------------------------------------------------------------------------------
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
- --------------------------------------------------------------------------------
------------------------------------------------------------
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------------------------------------------------------------
{11} Original Note Balance {11} $209,000,000 $349,000,000 $320,000,000 $322,000,000
------------------------------------------------------------
{12} Beginning of period Note Balance {12} 184,171,647 349,000,000 320,000,000 322,000,000
------------------------------------------------------------
{13} Noteholders' Principal Distributable Amount {13} 19,760,603 0 0 0
{14} Noteholders' Accelerated Principal Amount {14} 0 0 0 0
{15} Optional Note Redemption Principal Amount {15} 0 0 0 0
------------------------------------------------------------
{16} End of period Note Balance {16} 164,411,044 349,000,000 320,000,000 322,000,000
============================================================
{17} Note Pool Factors ( {16} / {11} ) {17} 0.7867 1.0000 1.0000 1.0000
============================================================
-----------------------------
CLASS B TOTAL
-----------------------------
{11} Original Note Balance {11} $65,040,000 $1,265,040,000
-----------------------------
{12} Beginning of period Note Balance {12} 52,600,796 $1,227,772,444
-----------------------------
{13} Noteholders' Principal Distributable Amount {13} 611,153 20,371,756
{14} Noteholders' Accelerated Principal Amount {14} 10,090,044 10,090,044
{15} Optional Note Redemption Principal Amount {15} 0 0
-----------------------------
{16} End of period Note Balance {16} 41,899,600 $1,197,310,644
=============================
{17} Note Pool Factors ( {16} / {11} ) {17} 0.6442 0.9465
=============================
- --------------------------------------------------------------------------------
III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
- --------------------------------------------------------------------------------
{18} Beginning of period Pre-Funding Account balance {18} $0.00
---------------------
{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} Mandatory Reduction of the Prefunding Account After Final Addition {23} 0.00
--------------------
{24} End of period Pre-Funding Account balance {24} $0.00
---------------------
- --------------------------------------------------------------------------------
IV. RECONCILIATION OF COLLECTION ACCOUNT:
- --------------------------------------------------------------------------------
Available Funds:
{25} Scheduled and Prepayment Principal Cash Received {25} 19,446,336.11
--------------------
{26} Liquidation Proceeds Collected during period {26} 351,110.92
--------------------
{27} Receivables Repurchase Amounts {27} 324,838.11
--------------------
{28} Interest and Fees Collected on Receivables {28} 17,260,585.44
--------------------
{29} Recoveries on Previously Defaulted Receivables {29} 0.00
--------------------
{30} Advances from the Reserve Fund {30} 0.00
--------------------
Investment Earnings on Trust Accounts
{31} Collection Account {31} 42,408.19
--------------------
{32} Transfer from Reserve Fund {32} 21,283.81
--------------------
{33} Transfer from Pre-Funding Account {33} 0.00
--------------------
{34} Transfer from the Pre-Funding Account {34} 0.00
--------------------
{35} Optional Note Redemption Prepayment Amount {35} 0.00
--------------------
{36} Class B Noteholder's Accelerated Principal Amount Not Distributed
in Prior Month {36} 0.00
--------------------
{37} Total Available Funds {37} 37,446,562.58
---------------------
DISTRIBUTIONS:
{38} Trustees' Fees {38} 0.00
--------------------
{39} Servicing Fees {39} 2,831,342.77
--------------------
Class A Noteholders' Note Interest
-------------------------------------------------------------------
BEGINNING INTEREST CALCULATED
CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST
-------------------------------------------------------------------
{40} A-1 $184,171,647 1.98000% 28 Actual days/360 $283,624 {40} 283,624.34
--------------------
{41} A-2 $349,000,000 2.99000% 30 30/360 869,592 {41} 869,591.67
--------------------
{42} A-3 $320,000,000 4.03000% 30 30/360 1,074,667 {42} 1,074,666.67
--------------------
{43} A-4 $322,000,000 4.79000% 30 30/360 1,285,317 {43} 1,285,316.67
------------------------------------------------------------------- --------------------
{44} Note Insurer Premiums {44} 274,206.72
--------------------
{45} Reimbursement Obligations due Note Insurer {45} 0.00
--------------------
Class B Noteholders' Primary Note Interest
----------------------------------------------------------------------
BEGINNING INTEREST CALCULATED
CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST
----------------------------------------------------------------------
{46} Class B $52,600,796 8.35000% 30 Actual days/360 366,014 {46} 366,013.88
---------------------------------------------------------------------- ----------------
{47} Class A Noteholders' Principal Payment Amount {47} 19,760,603.01
----------------
{48} Accrued and Unpaid Premium and Reimbursement Obligations, due Note
Insurer {48} 0.00
----------------
{49} Deposit to Reserve Account, to Required Level {49} 0.00
----------------
{50} 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) {50} 0.00
----------------
{51} Class B Noteholders' Principal Payment Amount {51} 611,152.67
----------------
{52} Class B Noteholder's Accelerated Principal Amount {52} 10,090,044.20
----------------
{53} Optional Note Redemption Amount {53} 0.00
----------------
{54} Other Amounts Due to the Trustees {54} 0.00
----------------
{55} Servicer Transition Expenses {55} 0.00
----------------
{56} Indenture Trustee Title Expenses {56} 0.00
----------------
{57} Class B Excess Interest {57} 0.00
----------------
{58} Distribution to the equity certificate holder {58} 0.00
----------------
{59} Total Distributions {59} 37,446,562.58
=================
- --------------------------------------------------------------------------------
V. RECONCILIATION OF RESERVE ACCOUNT:
- --------------------------------------------------------------------------------
{60} BEGINNING OF PERIOD RESERVE ACCOUNT BALANCE {60} $13,008,130.02
DEPOSITS TO RESERVE ACCOUNT
{61} Investment Earnings {61} 21,283.81
----------------
{62} Initial Reserve Deposit {62} -
----------------
{63} Capitalized Interest Amount {63} -
----------------
{64} Deposits Related to Subsequent Receivables Purchases {64} -
----------------
{65} Total Additions {65} $21,283.81
-----------------
PRIORITY WITHDRAWALS FROM RESERVE ACCOUNT
{66} Transfer of Investment Earnings to Collection Account {66} (21,283.81)
----------------
{67} Advances to Collection Account - Priority (1) through (7) {67} -
----------------
{68} Total Priority Withdrawals {68} ($21,283.81)
-----------------
{69} RESERVE ACCOUNT SUBTOTAL {69} $13,008,130.02
-----------------
{70} Reserve Account Requirement {70} 13,008,130.02
----------------
{71} Reserve Account Excess / (Shortfall) {71} -
----------------
{72} DEPOSIT TO / (WITHDRAWAL FROM) RESERVE FUND, TO REQUIRED LEVEL {72} $0.00
-----------------
{73} RESERVE ACCOUNT PRIMARY BALANCE {73} $13,008,130.02
-----------------
SUBORDINATE WITHDRAWALS FROM RESERVE ACCOUNT
{74} Advances to Collection Account - Priority (10), (16) and (17)
(limited to excess amounts on deposit) {74} -
----------------
{75} Advances to Collection Account - Priority (12) through (15) {75} -
----------------
{76} Return of Excess to Equity Certificate Holder {76} -
----------------
{77} Total Subordinate Withdrawals {77} -
-----------------
{78} END OF PERIOD RESERVE ACCOUNT BALANCE {78} 13,008,130.02
=================
- --------------------------------------------------------------------------------
VI. CALCULATION OF RESERVE ACCOUNT REQUIREMENT
- --------------------------------------------------------------------------------
IF PRIOR TO ACCELERATED RESERVE FUND EVENT:
Lesser of:
{79} (1) Ending Aggregate Note Balance {79} 1,197,310,644.09
-----------------
-or--
{80} (2) 1.0% of Aggregate Receivables Balance as of the latest
Cut-Off Date {80} 13,008,130.02
-----------------
-----------------
{81} REQUIREMENT {81} 13,008,130.02
-----------------
IF ACCELERATED RESERVE FUND EVENT:
Lesser of:
{82} (1) Ending Aggregate Note Balance {82} 1,197,310,644.09
-----------------
-or--
(2) Greater of:
{83} (a) 3.0% of Original Receivable Balance {83} 39,024,390.07
----------------
{84} -or-- {84} 69,324,662.67
-----------------
{85} (b) 6.0% of Current Outstanding Class A Note
Principal Balance {85} 69,324,662.67
----------------
-----------------
{86} REQUIREMENT {86} 69,324,662.67
-----------------
- --------------------------------------------------------------------------------
VII. CALCULATION OF PRINCIPAL PAYMENT AMOUNTS
- --------------------------------------------------------------------------------
{87} Principal Collections {87} 20,371,755.68
----------------
{88} End of Period Aggregate Receivables Balance + Prefunding Amount {88} 1,254,845,013.64
----------------
{89} Targeted Class A Note Balance (line {84} X 88%) {89} 1,104,263,612.00
----------------
{90} Class A Aggregate Outstanding Principal Balance (Start of Period) {90} 1,175,171,647.49
----------------
Allocable to Class A Notes:
Lesser of:
{91} Principal Collections X 97% {91} 19,760,603.01
----------------
{92} Payment Amount Necessary to Reduce Class A Balance to
Required Level (line {86} - {85}) {92} 70,908,035.49
----------------
{93} Refund of Amounts on Deposit in the Pre-Funding Account {93} 0.00
----------------
-----------------
{94} Class A Principal Payment Amount (Minimum of {89} and {90}) {94} 19,760,603.01
-----------------
Allocation to Class B Notes:
-----------------
{95} Principal Collections X 3% {95} 611,152.67
-----------------
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 Capital 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 April 23, 2002 by
and among Capital One Auto Finance Trust 2002-A, as the Issuer, JP
Morgan Chase Bank, Trustee, and the Servicer.
CAPITAL ONE AUTO FINANCE
Capital One Auto Finance, as Servicer
By:
--------------------------
Name: Jeffery Elswick
Title: Manager, Securitization
Date: 07/15/02
CAPITAL ONE AUTO FINANCE TRUST
Automobile Receivable-Backed Notes, Series 2002-A
Class A-1 1.98% Asset Backed Notes
Class A-2 2.99% Asset Backed Notes
Class A-3 4.03% Asset Backed Notes
Class A-4 4.79% Asset Backed Notes
Class B 8.35% Asset Backed Notes
Servicer's Certificate
- -----------------------------------------------------
MONTHLY PERIOD BEGINNING: 6/1/02
MONTHLY PERIOD ENDING: 6/30/02
PREV. DISTRIBUTION/CLOSE DATE: 6/17/02
DISTRIBUTION DATE: 7/15/02
DAYS OF INTEREST FOR PERIOD: 28
DAYS IN COLLECTION PERIOD: 30
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} $209,000,000 $349,000,000 $320,000,000 $322,000,000
- ---------------------------------------------------------------------------------------------------------------------
{2} Beginning of period Note Balance {2} $184,171,647 $349,000,000 $320,000,000 $322,000,000
{3} End of period Note Balance {3} $164,411,044 $349,000,000 $320,000,000 $322,000,000
=========================================================
{4} Note Pool Factors {3} / {1} {4} 0.787 1.000 1.000 1.000
=========================================================
- ---------------------------------------------------------------------------------------
I. MONTHLY PERIOD NOTE BALANCE CALCULATION: CLASS B TOTAL
------- -----
{1} Original Note Balance {1} $65,040,000 $1,265,040,000
- ---------------------------------------------------------------------------------------
{2} Beginning of period Note Balance {2} $52,600,796 $1,227,772,444
{3} End of period Note Balance {3} $41,899,600 $1,197,310,644
============================
{4} Note Pool Factors {3} / {1} {4} 0.644 0.946
============================
- --------------------------------------------------------------------------------
II. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:
- -------------------------------------------------------------------------------
----------------------------------------
CUMULATIVE PERIOD
----------------------------------------
{5} Beginning number of Receivables {5} 74,011 86,598
{6} Number of Subsequent Receivables Purchased {6} 13,358 0
{7} Number of Receivables Defaulted during period {7} 42 42
{8} Number of Receivables becoming Purchased Receivables during period {8} 61 22
{9} Number of Receivables paid off during period {9} 1,285 553
----------------------------------------
{10} Ending number of Receivables {10} 85,981 85,981
----------------------------------------
- --------------------------------------------------------------------------------
III. STATISTICAL DATA: (CURRENT AND HISTORICAL)
- --------------------------------------------------------------------------------
----------------------------------------------------
ORIGINAL PREV. MONTH CURRENT
----------------------------------------------------
{11} Weighted Average APR of the Receivables {11} 15.49% 15.75% 15.75%
{12} Weighted Average Remaining Term of the Receivables {12} 60.54 60.64 59.73
{13} Weighted Average Original Term of Receivables {13} 62.50 62.50 62.50
{14} Average Receivable Balance {14} $14,684 $14,726 $14,591
----------------------------------------------------
- --------------------------------------------------------------------------------
IV. DELINQUENCY:
- --------------------------------------------------------------------------------
--------------------------------------------------
Receivables with Scheduled Payment delinquent UNITS DOLLARS PERCENTAGE
--------------------------------------------------
{15} 31-60 days {15} 1,771 25,332,865 1.99%
{16} 61-90 days {16} 312 4,260,522 0.33%
{17} 91-120 days {17} 44 591,749 0.05%
--------------------------------------------------
{18} Receivables with Scheduled Payment delinquent
more than 60 days at end of period {18} 356 $4,852,272 0.38%
--------------------------------------------------
- --------------------------------------------------------------------------------
V. PERFORMANCE TESTS:
- --------------------------------------------------------------------------------
DELINQUENCY RATIO
{19} Receivables with Scheduled Payment delinquent more
than 60 days at end of period ( line {18}) {19} $4,852,272
--------------------
{20} Beginning of period Principal Balance {20} 1,275,216,769
--------------------
{21} Delinquency Ratio {16} + {17} divided by {20} {21} 0.38%
--------------------
{22} Previous Monthly Period Delinquency Ratio {22} 0.11%
--------------------
{23} Second previous Monthly Period Delinquency Ratio {23} 0.01%
--------------------
{24} Average Delinquency Ratio ({21} + {22} + {23}) / 3 {24} 0.17%
--------------------
- -----------------------------------------------------------------------------------
Compliance with Accelerated Reserve Fund Trigger? (Average
Delinquency Ratio is less than or equal to 3% months 1-12, 4%
months 13-24, 5% months 25-36 and 5.5% thereafter) Yes
Compliance with Insurance Agreement Event of Default? (Average
Delinquency Ratio is less than or equal to 4% months 1-12, 5%
months 13-24, 6% months 25-36 and 6.5% thereafter) Yes
- -----------------------------------------------------------------------------------
CUMULATIVE NET CHARGE-OFF RATE
{25} Net Losses since Initial Cut-off Date (Beginning of Period) {25} $27,701
--------------------
{26} Receivables becoming Defaulted Receivables during period {26} $621,698
--------------------
{27} Cram Down Losses and other non-cash Adjustments occurring
during period {27} ($21,116)
--------------------
{28} Liquidation Proceeds collected during period {28} $351,111
--------------------
{29} Recoveries on Defaulted Receivables during period {29} $0
--------------------
{30} Net Losses during period {26} + {27} - {28} - {29} {30} $249,471
--------------------
{31} Net Losses since Initial Cut-off Date (End of Period) {31} $277,172
--------------------
{32} Cumulative Net Loss Rate ({31}) / {Original Aggregate
Principal Balance} {32} 0.02%
--------------------
-------------------------------------------------------------------------------------------------------------------
Compliance with Accelerated Reserve Fund Trigger? Cumulative Net Loss Rate is less than or equal to: N/A Yes
Compliance 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} 172
--------------------
{34} Beginning of Period Loans Outstanding {34} 86,598
--------------------
{35} Extension Rate {33} divided by {34} {35} 0.20%
--------------------
{36} Previous Monthly Extension Rate {36} 0.20%
--------------------
{37} Second previous Monthly Extension Rate {37} 0.07%
--------------------
{38} Average Extension Rate ({35} +{36} +{37}) / 3 {38} 0.16%
--------------------
----------------------------------------------------------------------------------------------------------------------
Compliance (Extension Test Pass is an Average Extension Rate less than 4%.) Yes
----------------------------------------------------------------------------------------------------------------------