8-K 1 w53917e8-k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: October 11, 2001 ---------------- CAPITAL ONE AUTO FINANCE TRUST CAPITAL ONE BANK (Exact name of registrant as specified in its charter) Virginia 0-25762 54-1719855 ----------------------------- ---------------- ---------------- (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) 11013 West Broad Street Road, Glen Allen, Virginia 23060 -------------------------------------------------- -------------- (Address of principal executive offices) (Zip Code)

(Registrant's telephone number, including area code): (804) 967-1000 (Former name or former address, if changed since last report): Not Applicable CAPITAL ONE AUTO FINANCE TRUST Automobile Receivable-Backed Notes, Series 2001-A Class A-1 3.75 % Asset Backed Notes Class A-2 4.14 % Asset Backed Notes Class A-3 4.83 % Asset Backed Notes Class A-4 5.40 % Asset Backed Notes Class B 7.92 % Asset Backed Notes Preliminary Servicer's Certificate ------------------------------------------ -------------------------------------------------------------------------------- MONTHLY PERIOD BEGINNING: 7/26/01 ORIGINAL MONTHLY PERIOD ENDING: 8/31/01 PURCHASES UNITS CUT-OFF DATE CLOSING DATE POOL BALANCE -------------------------------------------------------------------------------- PREV. DISTRIBUTION/CLOSE DATE: INITIAL PURCHASE 52,772 7/26/01 $815,094,313 DISTRIBUTION DATE: 9/17/01 SUB. PURCHASE #1 6,974 8/24/01 113,867,436 DAYS OF INTEREST FOR PERIOD: SUB. PURCHASE #2 0 53 DAYS IN COLLECTION PERIOD: 37 MONTHS SEASONED: ------------------------------------------------------------- 1 TOTAL 59,746 $928,961,749 ------------------------------------------ -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION: ----------------------------------------------------------------------------------------------------------------------------------- {1} Beginning of period Aggregate Principal Balance {1} $815,094,312.52 ------------------------------- {2} Purchase of Subsequent Receivables {2} 113,867,436.11 ------------------------------- Monthly Principal Amounts {3} Regular Principal Received {3} 10,620,999.04 -------------------- {4} Prepaid Principal Received {4} 5,328,293.45 -------------------- {5} Defaulted Receivables Deposit Amount {5} 19,610.19 -------------------- {6} Principal Portion of Repurchased Receivables {6} 981,508.74 -------------------- {7} Cram Down Losses and Other Non-Cash Adjustments {7} 35.61 -------------------- {8} Total Monthly Principal Amounts {8} 16,950,447.03 ------------------------------- {9} End of period Aggregate Receivable Balance {9} $912,011,301.60 =============================== {10} Pool Factor ( {9} / Original Pool Balance) {10} 0.9818 ----------------------------------------------------------------------------------------------------------------------------------- II. MONTHLY PERIOD NOTE BALANCE CALCULATION: ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------- CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS B TOTAL --------- --------- --------- --------- ------- ----- {11} Original Note Balance {11} $126,500,000 $234,500,000 $241,500,000 $247,500,000 $60,382,514 $910,382,514 ----------------------------------------------------------------------------------------- {12} Beginning of period Note Balance {12} 126,500,000 234,500,000 241,500,000 247,500,000 60,382,514 $910,382,514 ----------------------------------------------------------------------------------------- {13} Noteholders' Principal Distributable Amount {13} 15,509,659 0 0 0 1,101,779 16,611,438 {14} Noteholders' Accelerated Principal Amount {14} 0 0 0 0 7,586,289 7,586,289 {15} Optional Note Redemption Principal Amount {15} 0 0 0 0 0 0 ----------------------------------------------------------------------------------------- {16} End of period Note Balance {16} 110,990,341 234,500,000 241,500,000 247,500,000 51,694,446 $886,184,787 ========================================================================================= {17} Note Pool Factors ( {16} / {11} ) {17} 0.8774 1.0000 1.0000 1.0000 0.8561 0.9734 ========================================================================================= ----------------------------------------------------------------------------------------------------------------------------------- III RECONCILIATION OF PRE-FUNDING ACCOUNT: ----------------------------------------------------------------------------------------------------------------------------------- {18} Beginning of period Pre-Funding Account balance {18} $111,590,087.39 ------------------------------- {19} Purchase of Subsequent Receivables {19} 111,590,087.39 -------------------- {20} Investment Earnings {20} 134,710.02 -------------------- {21} Investment Earnings Transfer to Collections Account {21} (134,710.02) -------------------- {22} Payment of Mandatory Prepayment Amount {22} 0.00 -------------------- {23} End of period Pre-Funding Account balance {23} $0.00 ------------------------------- 10/16/012:35 PM 2001A Values-September 2001-A1.xls

~~ORIGINAL~~---------------------------------------------------------------------------------------------------------------------------------- ~~PURCHASES~~IV. ~~UNITS~~RECONCILIATION ~~CUT~~OF COLLECTION ACCOUNT: -~~OFF~~--------------------------------------------------------------------------------------------------------------------------------- ~~DATE~~AVAILABLE ~~CLOSING~~FUNDS: ~~DATE~~{24} ~~POOL~~Scheduled ~~BALANCE~~and Prepayment Principal Cash Received {24} 15,949,292.49 -------------------- {25} Liquidation Proceeds Collected during period {25} 12,439.60 -------------------- {26} Receivables Repurchase Amounts {26} 981,508.74 -------------------- {27} Interest and Fees Collected on Receivables {27} 15,611,308.30 -------------------- {28} Recoveries on Previously Defaulted Receivables {28} 0.00 -------------------- ~~INITIAL~~{29} ~~PURCHASE~~Advances 52from the Reserve Fund {29} 0.00 -------------------- Investment Earnings on Trust Accounts {30} Collection Account {30} 43,~~772~~133.84 7-------------------- {31} Transfer from Reserve Fund {31} 18,292.75 -------------------- {32} Transfer from Pre-Funding Account {32} 134,710.02 -------------------- {33} Optional Note Redemption Prepayment Amount {33} 0.00 -------------------- {34} Total Available Funds {34} 32,750,685.74 ------------- DISTRIBUTIONS: {35} Trustees' Fees {35} 0.00 -------------------- {36} Servicing Fees {36} 2,255,900.23 -------------------- Class A Noteholders' Note Interest ------------------------------------------------------------------------------- BEGINNING INTEREST CALCULATED CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST ------------------------------------------------------------------------------- {37} A-1 $126,500,000 3.75000% 53 Actual days/26360 $698,385 {37} 698,385.42 ------------------- {38} A-2 $234,500,000 4.14000% 51 30/01360 1,375,343 {38} 1,375,342.50 ------------------- {39} A-3 $~~815~~241,~~094~~500,~~313~~000 ~~SUB~~4.83000% ~~PURCHASE~~51 #30/360 1,652,464 6{39} 1,~~974~~652,463.75 8------------------- {40} A-4 $247,500,000 5.40000% 51 30/24360 1,893,375 {40} 1,893,375.00 ------------------- ------------------------------------------------------------------------------- {41} Note Insurer Premiums {41} 0.00 ------------------- {42} Reimbursement Obligations due Note Insurer {42} 0.00 ------------------- Class B Noteholders' Primary Note Interest ------------------------------------------------------------------------------- BEGINNING INTEREST CALCULATED CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST ------------------------------------------------------------------------------- {43} Class B $60,382,514 7.92000% 51 30/01360 ~~113~~677,~~867~~492 {43} 677,~~436~~491.80 ~~SUB~~------------------------------------------------------------------------------- ------------------- {44} Class A Noteholders' Principal Payment Amount {44} 15,509,659.03 ~~PURCHASE~~------------------- #2{45} Accrued and Unpaid Premium and Reimbursement Obligations, due Note Insurer {45} 0.00 ------------------- {46} Deposit to Reserve Account, to Required Level {46} 0.00 ------------------- ~~TOTAL~~{47} Class A Noteholder's Accelerated Principal Amount (if in an event of default under the indenture or, under certain circumstances, an insurance agreement event of default) {47} 0.00 ------------------- {48} Class B Noteholders' Principal Payment Amount {48} 1,101,779.06 ------------------- {49} Class B Noteholder's Accelerated Principal Amount {49} 7,586,288.95 ------------------- {50} Optional Note Redemption Amount {50} 0.00 ------------------- {51} Other Amounts Due to the Trustees {51} 0.00 ------------------- {52} Servicer Transition Expenses {52} 0.00 ------------------- {53} Indenture Trustee Title Expenses {53} 0.00 ------------------- {54} Class B Excess Interest {54} 0.00 ------------------- {55} Distribution to the equity certificate holder {55} 0.00 ------------------- {56} Total Distributions {56} 32,750,685.74 ============= ---------------------------------------------------------------------------------------------------------------------------------- V. RECONCILIATION OF RESERVE ACCOUNT: ---------------------------------------------------------------------------------------------------------------------------------- {57} BEGINNING OF PERIOD RESERVE ACCOUNT BALANCE {57} $8,771,845.88 ------------- DEPOSITS TO RESERVE ACCOUNT {58} Investment Earnings {58} 18,292.75 ------------------- {59} Deposits Related to Subsequent Receivables Purchases {59} 1,115,900.87 ------------------- {60} Total Additions {60} $1,134,193.62 ------------- PRIORITY WITHDRAWALS FROM RESERVE ACCOUNT {61} Transfer of Investment Earnings to Collection Account {61} (18,292.75) ------------------- {62} Advances to Collection Account - Priority (1) through (7) {62} - ------------------- {63} Total Priority Withdrawals {63} ($18,292.75) ------------------- {64} RESERVE ACCOUNT SUBTOTAL {64} $9,887,746.75 ------------------- {65} Reserve Account Requirement {65} 9,103,825.14 ------------------- {66} Reserve Account Shortfall / Excess {66} 783,921.62 ------------------- {67} DEPOSIT TO RESERVE FUND, TO REQUIRED LEVEL {67} $~~928~~0.00 ------------------- {68} RESERVE ACCOUNT PRIMARY BALANCE {68} $9,~~961~~887,~~749~~746.75 ------------------- SUBORDINATE WITHDRAWALS FROM RESERVE ACCOUNT {69} Advances to Collection Account - Priority (10), (16) and (17) (limited to excess amounts on deposit) {69} - ------------------- {70} Advances to Collection Account - Priority (12) through (15) {70} - ------------------- {71} Return of Excess to Equity Certificate Holder {71} - ------------------- {72} Total Subordinate Withdrawals {72} - ------------------- {73} END OF PERIOD RESERVE ACCOUNT BALANCE {73} 9,887,746.75 ===================

~~BEGINNING~~------------------------------------------------------------------------------------------------------------------------------------ ~~INTEREST~~VI. ~~CALCULATED~~CALCULATION ~~CLASS~~OF ~~NOTE~~RESERVE ~~BALANCE~~ACCOUNT ~~RATE~~REQUIREMENT ~~DAYS~~------------------------------------------------------------------------------------------------------------------------------------ ~~DAYS~~IF ~~BASIS~~PRIOR ~~INTEREST~~TO ACCELERATED RESERVE FUND EVENT: Lesser of: {74} (1)Ending Aggregate Note Balance {74} 886,184,786.62 -or---- {75} (2)1.0% of 98% of Original Receivable Balance {75} 9,103,825.14 ------------ ---- ---- {76} REQUIREMENT {76} 9,103,825.14 ---------- ---------- IF ACCELERATED RESERVE FUND EVENT: Lesser of: {3777} A-(1)Ending ~~$126~~Aggregate Note Balance {77} 886,~~500~~184,~~000~~786.62 -or-- (2)Greater of: {78} (a) 3.~~75000~~0% 53of ~~Actual~~98% ~~days/360~~of $Original ~~698,385~~Receivable Balance {3778} ~~698~~27,~~385~~311,475.4241 ----------------- {3879} A-2or-- ~~$234~~{79} 53,~~500~~626,~~000~~264.53 4-------------------- {80} (b) 6.~~14000~~0% 53of ~~30/360~~98% 1of Current Receivable Balance {80} 53,~~429~~626,~~278~~264.53 ----------------- -------------------- {3881} 1REQUIREMENT {81} 53,~~429~~626,~~277~~264.5053 -------------------- ------------------------------------------------------------------------------------------------------------------------------------ VII. CALCULATION OF PRINCIPAL PAYMENT AMOUNTS ------------------------------------------------------------------------------------------------------------------------------------ {3982} ~~A-3~~Principal ~~$241~~Collections {82} 16,~~500~~950,~~000~~447.03 4-------------------- {83} End of Period Aggregate Receivables Balance {83} 912,011,301.~~83000%~~60 53-------------------- 30{84} Required O/~~360~~C 1Margin (as Specified in Trust Indenture) {84} 18,~~717~~240,~~266~~226.03 -------------------- {3985} 1Required Maximum Ending Aggregate Class A Principal Balance (line {83} - {84}) {85} 893,~~717~~771,~~266~~075.2557 -------------------- {4086} Class A-4 ~~$247~~Aggregate Oustanding Principal Balance (Start of Period) {86} 850,~~500~~000,000.00 5-------------------- Less: {87} Allocable to Class A Notes (line {82} X 91.~~40000~~5%) 53{87} ~~30/360~~15,509,659.03 1-------------------- {88} Preliminary Class A Ending Balance {88} 834,~~967~~490,~~625~~340.97 -------------------- {4089} Payment Amount Necessary to Reduce Class A Balance to Required Level (line {88} - {85}) {89} 0.00 -------------------- -------------------- {90} Class A Principal Payment Amount (line {87} + {89}) {90} 15,509,659.03 -------------------- -------------------- {91} Class B Principal Payment Amount (line {82} X 6.5%) {91} 1,~~967~~101,~~625~~779.0006 -------------------- ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Monthly Servicer's Report as dated above. OFFICERS' CERTIFICATE The undersigned hereby certifies that ( i ) he or she is an Authorized Officer of Captial One Auto Finance ( the "Servicer" ), and ( ii ) Exhibit A hereto complies with the requirements of, and is being delivered pursuant to, Section 2.02 ( c ) of the Servicing Agreement ( the "Servicing Agreement" ) dated as of July 26, 2001 by and among Captial One Auto Finance Trust 2001-A, as the Issuer, Wells Fargo Bank Minnesota, National Association, Trustee, and the Servicer. CAPITAL ONE AUTO FINANCE Capital One Auto Finance, as Servicer By: --------------- Name: Stuart Levy Title: Manager of Global Trust Reporting Date: 09/17/01 3 CAPITAL ONE AUTO FINANCE TRUST Automobile Receivable-Backed Notes, Series 2001-A Class A-1 3.75 % Asset Backed Notes Class A-2 4.14 % Asset Backed Notes Class A-3 4.83 % Asset Backed Notes Class A-4 5.40 % Asset Backed Notes Class B 7.92 % Asset Backed Notes --------------------------------------------------- MONTHLY PERIOD BEGINNING: 7/26/01 MONTHLY PERIOD ENDING: 8/31/01 PREV. DISTRIBUTION/CLOSE DATE: DISTRIBUTION DATE: 9/17/01 DAYS OF INTEREST FOR PERIOD: 53 DAYS IN COLLECTION PERIOD: 37 MONTHS SEASONED: 1 --------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- I. MONTHLY PERIOD NOTE BALANCE CALCULATION: CLASS A-1 CLASS A-2 CLASS A-3 --------- --------- --------- {1} Original Note Balance {1} $126,500,000 $234,500,000 $241,500,000 --------------------------------------------------------------------------------------------------------------------------------- {2} Beginning of period Note Balance {2} $126,500,000 $234,500,000 $241,500,000 {3} End of period Note Balance {3} $110,990,341 $234,500,000 $241,500,000 ==================================================== {4} Note Pool Factors {3} / {1} {4} 0.877 1.000 1.000 ==================================================== -------------------------------------------------------------------------- --------------------------------------------------- I. MONTHLY PERIOD NOTE BALANCE CALCULATION: CLASS A-4 CLASS B TOTAL --------- ------- ----- {1} Original Note Balance {1} $247,500,000 $60,382,514 $910,382,514 ----------------------------------------------------------------------------- --------------------------------------------------- {2} Beginning of period Note Balance {2} $247,500,000 $60,382,514 $910,382,514 {3} End of period Note Balance {3} $247,500,000 $51,694,446 $886,184,787 =================================================== {4} Note Pool Factors {3} / {1} {4} 1.000 0.856 0.973 =================================================== --------------------------------------------------------------------------------------------------------------------------------- II. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION: --------------------------------------------------------------------------------------------------------------------------------- -------------------------------------- CUMULATIVE PERIOD -------------------------------------- {5} Beginning number of Receivables {5} 52,772 52,772 {6} Number of Subsequent Receivables Purchased {6} 6,974 6,974 {7} Number of Receivables Defaulted during period {7} 1 1 {8} Number of Receivables becoming Purchased Receivables during period {8} 58 58 {9} Number of Receivables paid off during period {9} 397 397 ------------------- ----------------- {10} Ending number of Receivables {10} 59,290 59,290 -------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- III. STATISTICAL DATA: (CURRENT AND HISTORICAL) --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------- ORIGINAL PREV. MONTH CURRENT --------------------------------------------------------- {11} Weighted Average APR of the Receivables {11} 17.37% 17.40% {12} Weighted Average Remaining Term of the Receivables {12} 61.22 60.51 {13} Weighted Average Original Term of Receivables {13} 64.74 64.74 64.74 {14} Average Receivable Balance {14} $15,549 $15,382 --------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- IV. DELINQUENCY: --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------- Receivables with Scheduled Payment delinquent UNITS DOLLARS PERCENTAGE --------------------------------------------------------- {15} 31-60 days {15} 1,516 22,791,020 2.80% {16} 61-90 days {16} 139 2,012,638 0.25% {17} 91-120 days {17} 1 18,800 0.00% --------------------------------------------------------- {18} Receivables with Scheduled Payment delinquent more than 60 days at end of period {18} 140 $2,031,438 0.25% --------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- V. PERFORMANCE TESTS: --------------------------------------------------------------------------------------------------------------------------------- DELINQUENCY RATIO {19} Receivables with Scheduled Payment delinquent more than 60 days at end of period ( line {18}) {19} $2,031,438 ------------------- {20} Beginning of period Principal Balance {20} 815,094,313 ------------------- {21} Delinquency Ratio {16} + {17} divided by {20} {21} 0.25% -------------------- {22} Previous Monthly Period Delinquency Ratio {22} -------------------- {23} Second previous Monthly Period Delinquency Ratio {23} -------------------- {24} Average Delinquency Ratio ({21} + {22} + {23}) / 3 {24} 0.25% -------------------- ---------------------------------------------------------------------------------------------------------------------- Compliance with Accelerated Reserve Fund Trigger? (Average Delinquency Ratio is less than or equal to 3% months 1-12, 4% months 13-24 and 5% thereafter) Yes Complaince with Insurance Agreement Event of Default? (Average Delinquency Ratio is less than or equal to 4% months 1-12, 5% months 13-24 and 6% thereafter) Yes ---------------------------------------------------------------------------------------------------------------------- CUMULATIVE NET CHARGE-OFF RATE {25} Net Losses since Initial Cut-off Date (Beginning of Period) {25} 0 -------------------- {26} Receivables becoming Defaulted Receivables during period {26} $19,610 ------------------- {27} Cram Down Losses and other non-cash Adjustments occurring during period {27} 36 ------------------- {28} Liquidation Proceeds collected during period {28} 12,440 ------------------- {29} Recoveries on Defaulted Receivables during period {29} 0 ------------------- {30} Net Losses during period {26} - {27} - {28} - {29} {30} 7,135 ------------------- {31} Net Losses since Initial Cut-off Date (End of Period) {31} 7,135 -------------------- {32} Cumulative Net Loss Rate ({31}) / {Original Aggregate Principal Balance} {32} 0.00% -------------------- ---------------------------------------------------------------------------------------------------------------------- Compliance with Accelerated Reserve Fund Trigger? Cumulative Net Loss Rate is less than or equal to: N/A Yes Compliance with Insurance Agreement Event of Default? Cumulative Net Loss Rate is less than or equal to: N/A Yes ---------------------------------------------------------------------------------------------------------------------- EXTENSION RATE {33} Number of Receivables extended during current period {33} 285 ------------------- {34} Beginning of Period Loans Outstanding {34} 52,772 ------------------- {35} Extension Rate {33} divided by {34} {35} 0.54% -------------------- {36} Previous Monthly Extension Rate {36} -------------------- {37} Second previous Monthly Extension Rate {37} -------------------- {38} Average Extension Rate ({35} +{36} +{37}) / 3 {38} 0.54% -------------------- ---------------------------------------------------------------------------------------------------------------------- Compliance (Extension Test Pass is an Average Extension Rate less than 4%.) Yes ----------------------------------------------------------------------------------------------------------------------

BEGINNING INTEREST CALCULATED CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST ----- ------------ ---- ---- ---------- -------- {43} Class B $60,382,514 7.92000% 53 30/360 704,060 {43} 704,060.11 -------------

CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS B TOTAL --------- --------- --------- --------- ------- ----- {1} Original Note Balance {1} $126,500,000 $234,500,000 $241,500,000 $247,500,000 $60,382,514 $910,382,514 ------------ ------------ ------------ ------------ ----------- ------------ {2} Beginning of period Note Balance {2} $126,500,000 $234,500,000 $241,500,000 $247,500,000 $60,382,514 $910,382,514 {3} End of period Note Balance {3} $110,990,341 $234,500,000 $241,500,000 $247,500,000 $51,914,001 $886,404,342 ============ ============ ============ ============ =========== ============ {4} Note Pool Factors {3} / {1} {4} 0.877 1.000 1.000 1.000 0.860 0.974 ============ ============ ============ ============ =========== ============

CUMULATIVE PERIOD ---------- ------ {5} Beginning number of Receivables {5} 52,772 52,772 {6} Number of Subsequent Receivables Purchased {6} 6,974 6,974 {7} Number of Receivables Defaulted during period {7} 1 1 {8} Number of Receivables becoming Purchased Receivables during period {8} 58 58 {9} Number of Receivables paid off during period {9} 397 397 ------ ------ {10} Ending number of Receivables {10} 59,290 59,290 ------ ------

ORIGINAL PREV. MONTH CURRENT -------- ----------- ------- {11} Weighted Average APR of the Receivables {11} 17.37% 17.40% {12} Weighted Average Remaining Term of the Receivables {12} 61.22 60.51 {13} Weighted Average Original Term of Receivables {13} 64.74 64.74 64.74 {14} Average Receivable Balance {14} $15,549 $15,382 ------- ----- -------

Receivables with Scheduled Payment delinquent UNITS DOLLARS PERCENTAGE ----- ------- ---------- {15} 31-60 days {15} 1,516 22,791,020 2.80% {16} 61-90 days {16} 139 2,012,638 0.25% {17} 91-120 days {17} 1 18,800 0.00% ----- ---------- ---- {18} Receivables with Scheduled Payment delinquent more than 60 days at end of period {18} 140 $2,031,438 0.25% ----- ---------- ----

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