CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2007-1 ASSET BACKED NOTES TERMS AGREEMENT

Exhibit 1.2

CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2007-1

ASSET BACKED NOTES

TERMS AGREEMENT

Dated:    June 14, 2007

 

To:	CAPITAL ONE AUTO FINANCE, INC.

CAPITAL ONE AUTO RECEIVABLES, LLC

 

Re:	Underwriting Agreement, dated June 12, 2007

 

1.	Terms of the Notes

 

Class		Initial Note Balance			Interest Rate		Final Scheduled Payment Date
A-1		$	279,000,000		5.3444%		June 2008 Payment Date
A-2		$	325,000,000		5.43%		February 2010 Payment Date
A-3		$	308,000,000		5.47%		June 2011 Payment Date
A-4		$	283,090,000		LIBOR + 0.02%		December 2012 Payment Date
B		$	54,910,000		5.76%		December 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.

 

Deutsche Bank Securities Inc.

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

Barclays Capital Inc.

▇.▇. ▇▇▇▇▇▇ Securities Inc.

▇▇▇▇▇▇ Brothers Inc.

▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated

Greenwich Capital Markets, Inc.

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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
Deutsche Bank Securities Inc.		$	98,000,000			$	114,000,000			$	108,000,000			$	99,081,500			$	27,455,000
▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated		$	98,000,000			$	114,000,000			$	108,000,000			$	99,081,500			$	27,455,000
Barclays Capital Inc.		$	16,600,000			$	19,400,000			$	18,400,000			$	16,985,400			$	—
▇.▇. ▇▇▇▇▇▇ Securities Inc.		$	16,600,000			$	19,400,000			$	18,400,000			$	16,985,400			$	—
▇▇▇▇▇▇ Brothers Inc.		$	16,600,000			$	19,400,000			$	18,400,000			$	16,985,400			$	—
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated		$	16,600,000			$	19,400,000			$	18,400,000			$	16,985,400			$	—
Greenwich Capital Markets, Inc.		$	16,600,000			$	19,400,000			$	18,400,000			$	16,985,400			$	—
Total Amount		$	279,000,000			$	325,000,000			$	308,000,000			$	283,090,000			$	54,910,000
5.      Purchase Price, Discounts and Concessions
		Class A-1				Class A-2				Class A-3				Class A-4				Class B
Gross Purchase Price			100.000000	%			99.998900	%			99.991360	%			100.000000	%			99.991370	%
Underwriting Discount			0.090000	%			0.130000	%			0.165000	%			0.200000	%			0.300000	%
Net Purchase Price			99.910000	%			99.868900	%			99.826360	%			99.800000	%			99.691370	%
Maximum Dealer Selling Concessions			0.054000	%			0.078000	%			0.099000	%			0.120000	%			0.180000	%
Maximum Dealer Reallowance Discounts			0.027000	%			0.039000	%			0.050000	%			0.060000	%			0.090000	%

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6.	Time of Sale

11:45 a.m. (Eastern Time) (U.S.) on June 14, 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 June 28, 2007, 10:00 a.m., New York City time.

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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

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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