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

Exhibit 1.2

CAPITAL ONE AUTO FINANCE TRUST 2006-B

ASSET BACKED NOTES

TERMS AGREEMENT

             Dated: July 27, 2006

 

To:	CAPITAL ONE AUTO FINANCE, INC.

CAPITAL ONE AUTO RECEIVABLES, LLC

 

Re:	Underwriting Agreement, dated July 24, 2006

1. Terms of the Notes

 

Class		Initial Note Balance		Interest Rate			Final Scheduled Payment Date
Class A-1 Notes		$444,000,000		5.47963	%		August 2007 Payment Date
Class A-2		$502,000,000		5.53	%		May 2009 Payment Date
Class A-3-A Notes		$442,500,000		5.45	%		February 2011 Payment Date
Class A-3-B Notes		$442,500,000		LIBOR			February 2011 Payment Date
Class A-4 Notes		$669,000,000		LIBOR+ 0.015	%		July 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.

Barclays Capital Inc.

Deutsche Bank Securities Inc.

Banc of America Securities LLC

Credit Suisse Securities (USA) LLC

▇▇▇▇▇▇ Brothers Inc.

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RBC Capital Markets Corporation

Wachovia Capital Markets, LLC

3. Ratings

 

Class		Rating Agency
		Standard & Poor’s		▇▇▇▇▇’▇		Fitch
A-1		A-1+		Prime-1		F1+
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-1			Class A-2			Class A-3-A			Class A-3-B			Class A-4
Barclays Capital Inc.		$	64,000,000		$	72,000,000		$	63,500,000		$	63,500,000		$	96,000,000
Deutsche Bank Securities Inc.		$	64,000,000		$	72,000,000		$	63,500,000		$	63,500,000		$	96,000,000
Banc of America Securities LLC		$	63,200,000		$	71,600,000		$	63,100,000		$	63,100,000		$	95,400,000
Credit Suisse Securities (USA) LLC		$	63,200,000		$	71,600,000		$	63,100,000		$	63,100,000		$	95,400,000
▇▇▇▇▇▇ Brothers Inc.		$	63,200,000		$	71,600,000		$	63,100,000		$	63,100,000		$	95,400,000
RBC Capital Markets Corporation		$	63,200,000		$	71,600,000		$	63,100,000		$	63,100,000		$	95,400,000
Wachovia Capital Markets, LLC		$	63,200,000		$	71,600,000		$	63,100,000		$	63,100,000		$	95,400,000
Total Amount		$	444,000,000		$	502,000,000		$	442,500,000		$	442,500,000		$	669,000,000

5. Purchase Price, Discounts and Concessions

 

		Class A-1			Class A-2			Class ▇-▇-▇			▇▇▇▇▇ ▇-▇-▇			▇▇▇▇▇ ▇-▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Price		100.000000	%		99.992298	%		99.992919	%		100.000000	%		100.000000	%
Underwriting Discount		0.090000	%		0.130000	%		0.165000	%		0.165000	%		0.210000	%
Net Purchase Price		99.910000	%		99.862298	%		99.827919	%		99.835000	%		99.790000	%
Maximum Dealer Selling Concessions		0.054000	%		0.078000	%		0.099000	%		0.099000	%		0.126000	%
Maximum Dealer Reallowance Discounts		0.027000	%		0.039000	%		0.050000	%		0.050000	%		0.063000	%

6. Time of Sale

12:00 noon (Eastern Time) (U.S.) on July 27, 2006 (the time the first Contract of Sale was entered into as designated by the Representatives.)

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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 August 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