CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2006-2 ASSET BACKED NOTES TERMS AGREEMENT

Exhibit 1.2

CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2006-2

ASSET BACKED NOTES

TERMS AGREEMENT

Dated: October 4, 2006

 

To:	CAPITAL ONE AUTO FINANCE, INC.

CAPITAL ONE AUTO RECEIVABLES, LLC

 

Re:	Underwriting Agreement, dated September 29, 2006

 

1.	Terms of the Notes

 

Class		Initial Note Balance			Interest Rate			Final Scheduled Payment Date
Class A-1 Notes		$	265,000,000		5.33	%		October 2007 Payment Date
Class A-2 Notes		$	349,000,000		5.17	%		May 2009 Payment Date
Class A-3 Notes		$	308,000,000		4.98	%		September 2010 Payment Date
Class A-4 Notes		$	293,101,000		4.94	%		July 2012 Payment Date
Class B Notes		$	34,899,000		5.05	%		June 2013 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.

▇▇▇▇▇▇▇, ▇▇▇▇▇ & Co.

▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated

Banc of America Securities LLC

Citigroup Global Markets Inc.

---

Credit Suisse Securities (USA) LLC

Greenwich Capital Markets, Inc.

RBC Capital Markets Corporation

 

3.

Ratings

 

Class		Rating Agency
		Standard & Poor’s		▇▇▇▇▇’▇		Fitch
A-1		A-1+		Prime-1		F1+
A-2		AAA		Aaa		AAA
A-3		AAA		Aaa		AAA
A-4		AAA		Aaa		AAA
B		A		A3		A

 

4.	Underwriting Liability

 

Underwriting Liability		Class A-1			Class A-2			Class A-3			Class A-4			Class B
▇▇▇▇▇▇▇, ▇▇▇▇▇ & Co.		$	38,000,000		$	50,000,000		$	44,000,000		$	42,051,000		$	17,449,000
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated		$	38,000,000		$	50,000,000		$	44,000,000		$	42,050,000		$	17,450,000
Banc of America Securities LLC		$	37,800,000		$	49,800,000		$	44,000,000		$	41,800,000
Citigroup Global Markets Inc.		$	37,800,000		$	49,800,000		$	44,000,000		$	41,800,000
Credit Suisse Securities (USA) LLC		$	37,800,000		$	49,800,000		$	44,000,000		$	41,800,000
Greenwich Capital Markets, Inc.		$	37,800,000		$	49,800,000		$	44,000,000		$	41,800,000
RBC Capital Markets Corporation		$	37,800,000		$	49,800,000		$	44,000,000		$	41,800,000
Total Amount		$	265,000,000		$	349,000,000		$	308,000,000		$	293,101,000		$	34,899,000

 

5.	Purchase Price, Discounts and Concessions

 

		Class A-1			Class A-2			Class A-3			Class A-4			Class B
Gross Purchase Price		100.00000	%		99.99420	%		99.99801	%		99.98305	%		99.98202	%
Underwriting Discount		0.09000	%		0.13000	%		0.16500	%		0.21000	%		0.30000	%
Net Purchase Price		99.9100	%		99.86420	%		99.83301	%		99.77305	%		99.68202	%
Maximum Dealer Selling Concessions		0.054	%		0.078	%		0.099	%		0.126	%		0.180	%
Maximum Dealer Reallowance Discounts		0.0270	%		0.0390	%		0.0495	%		0.0630	%		0.0900	%

---

6.	Time of Sale

12:25 p.m. (Eastern Time) (U.S.) on October 4, 2006 (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 October 12, 2006, 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.

---

Accepted and Agreed: