CAPITAL ONE AUTO FINANCE TRUST 2007-B ASSET BACKED NOTES TERMS AGREEMENT

Exhibit 1.2

CAPITAL ONE AUTO FINANCE TRUST 2007-B

ASSET BACKED NOTES

TERMS AGREEMENT

Dated: April 30, 2007

 

To:	CAPITAL ONE AUTO FINANCE, INC.

CAPITAL ONE AUTO RECEIVABLES, LLC

 

Re:	Underwriting Agreement, dated April 27, 2007

 

1.	Terms of the Notes

 

Class		Initial Note Balance			Interest Rate			Final Scheduled Payment Date
A-2		$	454,000,000		5.27	%		June 2010 Payment Date
A-3-A		$	331,500,000		5.03	%		April 2012 Payment Date
A-3-B		$	331,500,000		LIBOR			April 2012 Payment Date
A-4		$	450,000,000		LIBOR + 0.03	%		April 2014 Payment Date

 

2.	Underwriters

The Underwriters named below are the “Underwriters” for the purpose of this Agreement and for the purposes of the above-referenced Underwriting Agreement as such Underwriting Agreement is incorporated herein and made a part hereof.

 

Credit Suisse Securities (USA) LLC

Banc of America Securities LLC

Wachovia Capital Markets, LLC

Deutsche Bank Securities Inc.

Greenwich Capital Markets, Inc.

▇▇▇▇▇▇ Brothers Inc.

▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated

RBC Capital Markets Corporation

---

3.

Ratings

 

Class		Standard & Poor’s		▇▇▇▇▇’▇		Fitch
A-2		AAA		Aaa		AAA
A-3-A		AAA		Aaa		AAA
A-3-B		AAA		Aaa		AAA
A-4		AAA		Aaa		AAA

 

4.	Underwriting Liability

 

Underwriting Liability		Class A-2			Class A-3-A			Class A-3-B			Class A-4
Credit Suisse Securities (USA) LLC		$	56,750,000		$	41,500,000		$	41,500,000		$	56,250,000
Banc of America Securities LLC		$	56,750,000		$	41,500,000		$	41,500,000		$	56,250,000
Wachovia Capital Markets, LLC		$	56,750,000		$	41,500,000		$	41,500,000		$	56,250,000
Deutsche Bank Securities Inc.		$	56,750,000		$	41,400,000		$	41,400,000		$	56,250,000
Greenwich Capital Markets, Inc.		$	56,750,000		$	41,400,000		$	41,400,000		$	56,250,000
▇▇▇▇▇▇ Brothers Inc.		$	56,750,000		$	41,400,000		$	41,400,000		$	56,250,000
▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated		$	56,750,000		$	41,400,000		$	41,400,000		$	56,250,000
RBC Capital Markets Corporation		$	56,750,000		$	41,400,000		$	41,400,000		$	56,250,000
Total Amount		$	454,000,000		$	331,500,000		$	331,500,000		$	450,000,000

 

5.	Purchase Price, Discounts and Concessions

 

		Class A-2			Class ▇-▇-▇			▇▇▇▇▇ ▇-▇-▇			▇▇▇▇▇ ▇-▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Price		99.997408	%		99.986830	%		100.000000	%		100.000000	%
Underwriting Discount		0.130000	%		0.165000	%		0.150000	%		0.200000	%
Net Purchase Price		99.867408	%		99.821830	%		99.850000	%		98.800000	%
Maximum Dealer Selling Concessions		0.078000	%		0.099000	%		0.090000	%		0.120000	%
Maximum Dealer Reallowance Discounts		0.039000	%		0.049500	%		0.045000	%		0.060000	%

 

6.	Time of Sale

2:52 p.m. (Eastern Time) (U.S.) on April 30, 2007 (the time the first Contract of Sale was entered into as designated by the Representatives.)

 

7.	Closing Date

Pursuant to Rule 15c6-1(d) under the Securities Exchange Act of 1934, as amended, the Underwriters, the Seller and COAF hereby agree that the Closing Date shall be May 10, 2007, 10:00 a.m., New York City time.

---

The Underwriters agree, severally and not jointly, to purchase the Notes subject to the terms and provisions of this Terms Agreement and the above-referenced Underwriting Agreement which is incorporated herein in its entirety and made a part hereof.

 

For themselves and as representatives of the other several Underwriters named in this Terms Agreement.

 

		S-1		Terms Agreement

---

Accepted and Agreed:
CAPITAL ONE AUTO RECEIVABLES, LLC, as Seller
By		/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Name:		▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title:		Assistant Vice President
CAPITAL ONE AUTO FINANCE, INC.
By		/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Name:		▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title:		Assistant Vice President

 

		S-2		Terms Agreement