SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-KA
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 6, 2003
-----------------
CAPITAL ONE AUTO RECEIVABLES, LLC
ON BEHALF OF
CAPITAL ONE AUTO FINANCE TRUST 2002-A
(Exact name of registrant as specified in its charter)
Deleware 333-54736-03 31-175007
- ------------------------------------ ----------------- -------------
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
2980 Fairview Park Drive, Falls Church, VA 22042
- ------------------------------------------ ---------------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(703) 720-1000
(Former name or former address, if changed since last report):
Not Applicable
1 of 5
ITEM 5. OTHER EVENTS
The November 2002 Monthly Servicer Report was restated on
January 6, 2003.
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 there-unto duly authorized.
By: Capital One Auto Receivables, LLC
By: /s/Jeffery Elswick
---------------------------------
Elswick Jeffery
President
Date: January 6, 2003
2 of 6
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: 11/1/2002 Original
Monthly Period Ending: 11/30/2002 Purchases Units Cut-off Date Closing Date Pool Balance
-------------------------------------------------------------------------
Prev. Distribution/Close Date: 11/15/02 Initial Purchase 74,011 4/18/2002 4/23/2002 $1,086,769,451
Distribution Date: 12/16/02 Sub. Purchase #1 13,358 5/17/2002 5/21/2002 $214,043,551
Days of Interest for Period: 31 Sub. Purchase #2
Days in Collection Period: 30 Sub. Purchase #3
------------------------------------------------------
Months Seasoned: 8 Total 87,369 $1,300,813,002.37
- -------------------------------------------------- -------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
- -----------------------------------------------------------------------------------------------------------------------------------
{1} Beginning of period Aggregate Principal Balance {1} $1,143,743,735.37
-----------------
{2} Purchase of Subsequent Receivables {2} 0.00
-----------------
Monthly Principal Amounts
{3} Regular Principal Received {3} 15,951,456.30
---------------
{4} Prepaid Principal Received {4} 7,407,929.55
---------------
{5} Defaulted Receivables Deposit Amount {5} 7,573,515.64
---------------
{6} Principal Portion of Repurchased Receivables {6} 2,791,716.65
---------------
{7} Cram Down Losses and Other Non-Cash Adjustments {7} 8,690.66
---------------
{8} Total Monthly Principal Amounts {8} 33,733,308.80
-----------------
{9} End of period Aggregate Receivable Balance {9} $1,110,010,426.57
=================
{10} Pool Factor ( {9} / Original Pool Balance) {10} 0.8533
- -----------------------------------------------------------------------------------------------------------------------------------
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
- -----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS B TOTAL
--------- --------- --------- --------- ------- -----
{11} Original Note Balance {11} $209,000,000 $349,000,000 $320,000,000 $322,000,000 $65,040,000 $1,265,040,000
{12} Beginning of period
Note Balance {12} 56,642,805 349,000,000 320,000,000 322,000,000 11,603,157 $1,059,245,962
----------------------------------------------------------------------------------------
{13} Noteholders' Principal
Distributable Amount {13} 32,721,310 0 0 0 1,011,999 33,733,309
{14} Noteholders' Accelerated
Principal Amount {14} 0 0 0 0 2,399,927 2,399,927
{15} Optional Note Redemption
Principal Amount {15} 0 0 0 0 0 0
----------------------------------------------------------------------------------------
{16} End of period Note
Balance {16} 23,921,495 349,000,000 320,000,000 322,000,000 8,191,231 $1,023,112,726
========================================================================================
{17} Note Pool Factors
( {16} / {11} ) {17} 0.1145 01.0000 1.0000 1.0000 0.1259 0.8088
========================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
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} 23,359,385.85
---------------
{26} Liquidation Proceeds Collected during period {26} 1,517,632.58
---------------
{27} Receivables Repurchase Amounts {27} 2,791,716.65
---------------
{28} Interest and Fees Collected on Receivables {28} 14,769,847.02
---------------
{29} Recoveries on Previously Defaulted Receivables {29} 128,569.51
---------------
{30} Advances from the Reserve Fund {30} 0.00
---------------
Investment Earnings on Trust Accounts
{31} Collection Account {31} 44,279.79
---------------
{32} Transfer from Reserve Fund {32} 15,919.89
---------------
{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} 42,627,351.29
--------------
Distributions:
{38} Trustees' Fees {38} 0.00
---------------
{39} Servicing Fees {39} 2,842,775.86
---------------
Class A Noteholders' Note Interest
------------------------------------------------------------------------------
BEGINNING INTEREST CALCULATED
CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST
------------------------------------------------------------------------------
{40} A-1 $56,642,805 1.98000% 31 Actual days/360 $96,576 {40} 96,575.98
---------------
{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} 244,449.99
---------------
{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 $11,603,157 8.35000% 30 30/360 80,739 {46} 80,738.63
------------------------------------------------------------------------------ ---------------
{47} Class A Noteholders' Principal Payment Amount {47} 32,721,309.54
--------------------
{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} 1,011,999.26
--------------------
{52} Class B Noteholder's Accelerated Principal
Amount {52} 2,399,927.03
--------------------
{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} 42,627,351.29
===================
- -----------------------------------------------------------------------------------------------------------------
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} 15,919.89
--------------------
{62} Initial Reserve Deposit {62} -
--------------------
{63} Capitalized Interest Amount {63} -
--------------------
{64} Deposits Related to Subsequent
Receivables Purchases {64} -
--------------------
{65} Total Additions {65} $15,919.89
-------------------
Priority Withdrawals from Reserve Account
{66} Transfer of Investment Earnings to
Collection Account {66} (15,919.89)
--------------------
{67} Advances to Collection Account -
Priority (1) through (7) {67} -
--------------------
{68} Total Priority Withdrawals {68} ($15,919.89)
-------------------
{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} 1,023,112,725.80
-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} 1,023,112,725.80
-------------------
(2)Greater of:
-or--
{83} (a) 3.0% of Original Receivable
Balance {83} 39,024,390.07
{84} -or-- {84} 60,895,289.70
{85} (b) 6.0% of Current Outstanding
Class A Note Principal
Balance {85} 60,895,289.70
-------------------
{86} REQUIREMENT {86} 60,895,289.70
-------------------
- -----------------------------------------------------------------------------------------------------------------
VII. CALCULATION OF PRINCIPAL PAYMENT AMOUNTS
- -----------------------------------------------------------------------------------------------------------------
{87} Principal Collections {87} 33,733,308.80
--------------------
{88} End of Period Aggregate Receivables Balance
+ Prefunding Amount {88} 1,110,010,426.57
--------------------
{89} Targeted Class A Note Balance
(line {88} X 88%) {89} 976,809,175.38
--------------------
{90} Class A Aggregate Oustanding Principal
Balance (Start of Period) {90} 1,047,642,804.56
--------------------
Allocable to Class A Notes:
Lesser of:
{91} Principal Collections X 97% {91} 32,721,309.54
--------------------
{92} Payment Amount Necessary to Reduce Class A
Balance to Required Level (line {90} - {89}) {92} 70,833,629.18
--------------------
{93} Refund of Amounts on Deposit in the
Pre-Funding Account {93} 0.00
--------------------
{94} Class A Principal Payment Amount (Minimum of -------------------
{91} and {92}) {94} 32,721,309.54
-------------------
Allocation to Class B Notes:
-------------------
{95} Prinicpal Collections X 3% {95} 1,011,999.26
-------------------
- -----------------------------------------------------------------------------------------------------------------
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 April 23, 2002 by and among Captial
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: Tom Feil
Title: Director, Capital Markets
Date: 12/16/02
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: 11/1/2002
MONTHLY PERIOD ENDING: 11/30/2002
PREV. DISTRIBUTION/CLOSE DATE: 11/15/2002
DISTRIBUTION DATE: 12/16/2002
DAYS OF INTEREST FOR PERIOD: 31
DAYS IN COLLECTION PERIOD: 30
MONTHS SEASONED: 8
- ---------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
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} $209,000,000 $349,000,000 $320,000,000 $322,000,000 $65,040,000 $1,265,040,000
- ----------------------------------------------------------------------------------------------------------------------------------
{2} Beginning of period Note Balance {2} $56,642,805 $349,000,000 $320,000,000 $322,000,000 $11,603,157 $1,059,245,962
{3} End of period Note Balance {3} $23,921,495 $349,000,000 $320,000,000 $322,000,000 $8,191,231 $1,023,112,726
==================================================================================
{4} Note Pool Factors {3} / {1} {4} 0.114 1.000 1.000 1.000 0.126 0.809
==================================================================================
- ----------------------------------------------------------------------------------------------------------------------------------
II. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:
- ----------------------------------------------------------------------------------------------------------------------------------
-----------------------------
CUMULATIVE PERIOD
-----------------------------
{5} Beginning number of Receivables {5} 74,011 81,881
{6} Number of Subsequent Receivables Purchased {6} 13,358 0
{7} Number of Receivables Defaulted during period {7} 1,850 567
{8} Number of Receivables becoming Purchased Receivables during period {8} 302 218
{9} Number of Receivables paid off during period {9} 4,843 722
-----------------------------
{10} Ending number of Receivables {10} 80,374 80,374
-----------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
III. STATISTICAL DATA: (CURRENT AND HISTORICAL)
- ----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------
ORIGINAL PREV. MONTH CURRENT
---------------------------------------------
{11} Weighted Average APR of the Receivables {11} 15.49% 15.78% 15.78%
{12} Weighted Average Remaining Term of the Receivables {12} 60.64 56.30 55.45
{13} Weighted Average Original Term of Receivables {13} 62.50 62.50 62.50
{14} Average Receivable Balance {14} $14,684 $13,945 $13,789
---------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
IV. DELINQUENCY:
- ----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------
Receivables with Scheduled Payment delinquent UNITS DOLLARS PERCENTAGE
---------------------------------------------
{15} 31-60 days {15} 4,291 61,946,422 5.42%
{16} 61-90 days {16} 1,353 19,205,678 1.68%
{17} 91-120 days {17} 378 5,520,067 0.48%
---------------------------------------------
{18} Receivables with Scheduled Payment delinquent
more than 60 days at end of period {18} 1,731 $24,725,745 2.16%
---------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
V. PERFORMANCE TESTS:
- ----------------------------------------------------------------------------------------------------------------------------------
DELINQUENCY RATIO
{19} Receivables with Scheduled Payment delinquent
more than 60 days at end of period ( line {18}) {19} $24,725,745
---------------
{20} Beginning of period Principal Balance {20} 1,143,743,735
---------------
{21} Delinquency Ratio {16} + {17} divided by {20} {21} 2.16%
--------------
{22} Previous Monthly Period Delinquency Ratio {22} 1.96%
--------------
{23} Second previous Monthly Period Delinquency Ratio {23} 1.69%
--------------
{24} Average Delinquency Ratio ({21} + {22} + {23}) / 3 {24} 1.94%
--------------
------------------------------------------------------------------------------------------------------------------
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
Complaince 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} $11,212,627
--------------
{26} Receivables becoming Defaulted Receivables during period {26} $7,573,516
---------------
{27} Cram Down Losses and other non-cash Adjustments occurring during
period {27} $8,691
---------------
{28} Liquidation Proceeds collected during period {28} $1,517,633
---------------
{29} Recoveries on Defaulted Receivables during period {29} $128,570
---------------
{30} Net Losses during period {26} + {27} - {28} - {29} {30} $5,936,004
---------------
{31} Net Losses since Initial Cut-off Date (End of Period) {31} $17,148,631
--------------
{32} Cumulative Net Loss Rate ({31}) / {Original Aggregate Principal
Balance} {32} 1.32%
--------------
------------------------------------------------------------------------------------------------------------------
Compliance with Accelerated Cumulative Net Loss Rate 0.04625 Yes
Reserve Fund Trigger? is less than or equal to:
Complaince with Insurance Cumulative Net Loss Rate 0.0525 Yes
Agreement Event of Default? is less than or equal to:
------------------------------------------------------------------------------------------------------------------
EXTENSION RATE
{33} Number of Receivables extended during current period {33} 1,103
---------------
{34} Beginning of Period Loans Outstanding {34} 81,881
---------------
{35} Extension Rate {33} divided by {34} {35} 1.35%
--------------
{36} Previous Monthly Extension Rate {36} 0.39%
--------------
{37} Second previous Monthly Extension Rate {37} 0.11%
--------------
{38} Average Extension Rate ({35} +{36} +{37}) / 3 {38} 0.62%
--------------
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Compliance (Extension Test Pass is an Average Extension Rate less than 4%.) Yes
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