CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2007-2 ASSET BACKED NOTES TERMS AGREEMENT
Exhibit 1.2
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2007-2
ASSET BACKED NOTES
| Dated: | September 25, 2007 |
| To: | CAPITAL ONE AUTO FINANCE, INC. |
CAPITAL ONE AUTO RECEIVABLES, LLC
| Re: | Underwriting Agreement, dated September 24, 2007 |
| 1. | Terms of the Notes |
| Class |
Initial Note Balance |
Interest Rate | Final Scheduled Payment Date | |||||
| A-1 |
$ | 127,000,000 | 5.22157 | % | October 2008 Payment Date | |||
| A-2 |
$ | 107,000,000 | 5.05 | % | March 2010 Payment Date | |||
| A-3 |
$ | 160,000,000 | 4.89 | % | January 2012 Payment Date | |||
| A-4 |
$ | 79,822,000 | 5.06 | % | June 2014 Payment Date | |||
| B |
$ | 26,178,000 | 5.68 | % | June 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.
| Barclays Capital Inc. |
| Citigroup Global Markets Inc. |
| ABN AMRO Incorporated |
| Credit Suisse Securities (USA) LLC |
| RBC Capital Markets Corporation |
| Greenwich Capital Markets, Inc. |
| Wachovia Capital Markets, LLC |
| 3. | Ratings |
| Class |
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 | A2 | A |
| 4. | Underwriting Liability |
| Underwriting Liability |
Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||
| Barclays Capital Inc. |
$ | 18,500,000 | $ | 15,500,000 | $ | 23,000,000 | $ | 12,000,000 | $ | 13,089,000 | |||||
| Citigroup Global Markets Inc. |
$ | 18,500,000 | $ | 15,500,000 | $ | 23,000,000 | $ | 12,000,000 | $ | 13,089,000 | |||||
| ABN AMRO Incorporated |
$ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,165,000 | $ | — | |||||
| Credit Suisse Securities (USA) LLC |
$ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,165,000 | $ | — | |||||
| RBC Capital Markets Corporation |
$ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,164,000 | $ | — | |||||
| Greenwich Capital Markets, Inc. |
$ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,164,000 | $ | — | |||||
| Wachovia Capital Markets, LLC |
$ | 18,000,000 | $ | 15,200,000 | $ | 22,800,000 | $ | 11,164,000 | $ | — | |||||
| Total Amount |
$ | 127,000,000 | $ | 107,000,000 | $ | 160,000,000 | $ | 79,822,000 | $ | 26,178,000 | |||||
| 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 | % | 99.99616 | % | 99.99047 | % | 99.98368 | % | 99.99829 | % | |||||
| Underwriting Discount |
0.090 | % | 0.130 | % | 0.165 | % | 0.210 | % | 0.300 | % | |||||
| Net Purchase Price |
99.91000 | % | 99.86616 | % | 99.82547 | % | 99.77368 | % | 99.69829 | % | |||||
| 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 |
2:45 p.m. (Eastern Time) (U.S.) on September 25, 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 October 4, 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.
| BARCLAYS CAPITAL INC. | ||
| By: | /s/ ▇▇▇ ▇▇▇ | |
| Name: | ▇▇▇ ▇▇▇ | |
| Title: | Managing Director | |
| CITIGROUP GLOBAL CAPITAL MARKETS INC. | ||
| By: | /s/ Marina Donstaya | |
| Name: | Marina Donstaya | |
| Title: | Vice President | |
For themselves and as representatives of the other several Underwriters named in this Terms Agreement.
| S-1 | COPAR 2007-2 | |||
| 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 | COPAR 2007-2 | |||
| Terms Agreement |