CAPITAL ONE AUTO FINANCE TRUST 2006-A ASSET BACKED NOTES TERMS AGREEMENT

EXHIBIT 1.2

CAPITAL ONE AUTO FINANCE TRUST 2006-A

ASSET BACKED NOTES

TERMS AGREEMENT

Dated: April 25, 2006

 

To:	CAPITAL ONE AUTO FINANCE, INC.

CAPITAL ONE AUTO RECEIVABLES, LLC

 

Re:	Underwriting Agreement, dated April 21, 2006

 

1.	Terms of the Notes

 

Class		Initial Note Balance			Interest Rate		Final Scheduled Payment Date
Class A-1 Notes		$	563,000,000		5.11738%		May 2007 Payment Date
Class A-2 Notes		$	708,000,000		5.31%		May 2009 Payment Date
Class A-3 Notes		$	764,000,000		5.33%		November 2010 Payment Date
Class A-4 Notes		$	715,000,000		LIBOR + 0.01%		December 2012 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.

Banc of America Securities LLC

Wachovia Capital Markets, LLC

ABN AMRO Incorporated

Barclays Capital Inc.

Citigroup Global Markets Inc.

Deutsche Bank Securities Inc.

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

▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated

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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

 

4.	Underwriting Liability

 

Underwriting Liability		Class A-1			Class A-2			Class A-3			Class A-4
Banc of America Securities LLC		$	70,375,000		$	88,500,000		$	95,500,000		$	89,375,000
Wachovia Capital Markets, LLC		$	70,375,000		$	88,500,000		$	95,500,000		$	89,375,000
ABN AMRO Incorporated		$	70,375,000		$	88,500,000		$	95,500,000		$	89,375,000
Barclays Capital Inc.		$	70,375,000		$	88,500,000		$	95,500,000		$	89,375,000
Citigroup Global Markets Inc.		$	70,375,000		$	88,500,000		$	95,500,000		$	89,375,000
Deutsche Bank Securities Inc.		$	70,375,000		$	88,500,000		$	95,500,000		$	89,375,000
▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated		$	70,375,000		$	88,500,000		$	95,500,000		$	89,375,000
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated		$	70,375,000		$	88,500,000		$	95,500,000		$	89,375,000
Total Amount		$	563,000,000		$	708,000,000		$	764,000,000		$	715,000,000

 

5.	Purchase Price, Discounts and Concessions

 

		Class A-1		Class A-2		Class ▇-▇		▇▇▇▇▇ ▇-▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Price		100.000000%		99.991429%		99.993092%		100.000000%
Underwriting Discount		0.115%		0.175%		0.220%		0.240%
Net Purchase Price		99.885000%		99.816429%		99.773092%		99.760000%
Maximum Dealer Selling Concessions		0.0690%		0.1050%		0.1320%		0.1440%
Maximum Dealer Reallowance Discounts		0.0345%		0.0525%		0.0660%		0.0720%

 

6.	Time of Sale

12:00 p.m. (Eastern Time) (U.S.) on April 25, 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 May 4, 2006, 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.

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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