8-K 1 w57536be8-k.txt CURRENT REPORT 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: February 12, 2002 ----------------- CAPITAL ONE AUTO FINANCE TRUST 2001-B 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 ITEM 5. OTHER EVENTS The January 2002 Monthly Servicer Report to investors were distributed February 12, 2002. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned there-unto duly authorized. CAPITAL ONE AUTO FINANCE TRUST 2001-B By: CAPITAL ONE BANK Servicer By: /s/David M. Willey ----------------------------------- David M. Willey Senior Vice President of Corporate Financial Management Date: February 12, 2002 2 CAPITAL ONE AUTO FINANCE TRUST Automobile Receivable-Backed Notes, Series 2001-B Class A-1 1.85875 % Asset Backed Notes Class A-2 2.60% Asset Backed Notes Class A-3 LIBOR + 0.22 % Asset Backed Notes Class A-4 4.88 % Asset Backed Notes Class B 8.00 % Asset Backed Notes Preliminary Servicer's Certificate ------------------------------------------------ ----------------------------------------------------------------------------- MONTHLY PERIOD BEGINNING: 12/20/01 CUT-OFF CLOSING ORIGINAL MONTHLY PERIOD ENDING: 1/31/02 PURCHASES UNITS DATE DATE POOL BALANCE PREV. DISTRIBUTION/CLOSE DATE: 12/20/01 ----------------------------------------------------------------------------- DISTRIBUTION DATE: 2/15/02 INITIAL PURCHASE 65,540 12/17/01 12/20/01 $968,378,181 DAYS OF INTEREST FOR PERIOD: 57 SUB. PURCHASE #1 10,047 1/7/02 1/9/02 159,590,908 DAYS IN COLLECTION PERIOD: 43 SUB. PURCHASE #2 6,249 1/18/02 1/22/02 98,874,958 MONTHS SEASONED: 1 ------------------------------------------------ --------------------------------------------------------- TOTAL 81,836 $1,226,844,047.57 -----------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------ I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION: ------------------------------------------------------------------------------------------------------------------------------------ {1} Beginning of period Aggregate Principal Balance {1} $968,378,181.13 ------------------ {2} Purchase of Subsequent Receivables {2} 258,465,866.44 ------------------ Monthly Principal Amounts {3} Regular Principal Received {3} 16,777,527.30 --------------- {4} Prepaid Principal Received {4} 9,069,550.77 --------------- {5} Defaulted Receivables Deposit Amount {5} 62,149.43 --------------- {6} Principal Portion of Repurchased Receivables {6} 964,063.88 --------------- {7} Cram Down Losses and Other Non-Cash Adjustments {7} 1,069.52 --------------- {8} Total Monthly Principal Amounts {8} 26,874,360.90 ------------------ {9} End of period Aggregate Receivable Balance {9} $1,199,969,686.67 ================== {10} Pool Factor ( {9} / Original Pool Balance) {10} 0.9781 ------------------------------------------------------------------------------------------------------------------------------------ II. MONTHLY PERIOD NOTE BALANCE CALCULATION: ------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------ III. RECONCILIATION OF PRE-FUNDING ACCOUNT: ------------------------------------------------------------------------------------------------------------------------------------ {18} Beginning of period Pre-Funding Account balance {18} $328,919,116.16 ------------------ {19} Purchase of Subsequent Receivables {19} 258,465,866.44 --------------- {20} Investment Earnings {20} 526,838.23 --------------- {21} Investment Earnings Transfer to Collections Account {21} (526,838.23) --------------- {22} Payment of Mandatory Prepayment Amount {22} 0.00 --------------- {23} End of period Pre-Funding Account balance {23} $70,453,249.72 ------------------

------------------------------------------------------------------------------------------------------------------------------------ IV. RECONCILIATION OF COLLECTION ACCOUNT: ------------------------------------------------------------------------------------------------------------------------------------ Available Funds: {24} Scheduled and Prepayment Principal Cash Received {24} 25,847,078.07 --------------- {25} Liquidation Proceeds Collected during period {25} 15,357.00 --------------- {26} Receivables Repurchase Amounts {26} 964,063.88 --------------- {27} Interest and Fees Collected on Receivables {27} 23,804,599.54 --------------- {28} Recoveries on Previously Defaulted Receivables {28} 0.00 --------------- {29} Advances from the Reserve Fund {29} 0.00 --------------- Investment Earnings on Trust Accounts {30} Collection Account {30} 37,785.72 --------------- {31} Transfer from Reserve Fund {31} 11,328.48 --------------- {32} Transfer from Pre-Funding Account {32} 526,838.23 --------------- {33} Net Swap Receipts {33} 0.00 --------------- {34} Optional Note Redemption Prepayment Amount {34} 0.00 --------------- {35} Total Available Funds {35} 51,207,050.92 ------------------ DISTRIBUTIONS: {36} Trustees' Fees {36} 0.00 --------------- {37} Servicing Fees {37} 3,943,546.66 --------------- {38} Net Swap Payments {38} 1,556,655.56 ---------------

{43} Note Insurer Premiums {43} 0.00 --------------- {44} Reimbursement Obligations due Note Insurer {44} 0.00 ---------------

Class B Noteholders' Primary Note Interest ------------------------------------------------------------------------------- BEGINNING NTEREST CALCULATED CLASS NOTE BALANCE RATE DAYS DAYS BASIS INTEREST ------------------------------------------------------------------------------- {45} Class B $77,830,000 8.00000% 55 30/360 951,226 {45} 951,225.56 -------------------------------------------------------------------------------

{46} Class A Noteholders' Principal Payment Amount {46} 24,858,783.83 --------------- {47} Accrued and Unpaid Premium and Reimbursement Obligations, due Note Insurer {47} 0.00 --------------- {48} Deposit to Reserve Account, to Required Level {48} 9,063,310.41 --------------- {49} 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) {49} 0.00 --------------- {50} Class B Noteholders' Principal Payment Amount {50} 537,487.22 --------------- {51} Class B Noteholder's Accelerated Principal Amount {51} 5,310,307.65 --------------- {52} Optional Note Redemption Amount {52} 0.00 --------------- {53} Swap Termination Payment {53} 0.00 --------------- {54} Other Amounts Due to the Trustees {54} 0.00 --------------- {55} Servicer Transition Expenses {55} 0.00 --------------- {56} Indenture Trustee Title Expenses {56} 0.00 --------------- {57} Class B Excess Interest {57} 0.00 --------------- {58} Distribution to the equity certificate holder {58} 0.00 --------------- {59} Total Distributions {59} 51,207,050.92 ==================

------------------------------------------------------------------------------------------------------------------------------------ V. RECONCILIATION OF RESERVE ACCOUNT: ------------------------------------------------------------------------------------------------------------------------------------ {60} BEGINNING OF PERIOD RESERVE ACCOUNT BALANCE {60} $4,564,841.01 ------------------ DEPOSITS TO RESERVE ACCOUNT {61} Investment Earnings {61} 11,328.48 --------------- {62} Deposits Related to Subsequent Receivables Purchases {62} 636,472.19 --------------- {63} Total Additions {63} $647,800.67 ------------------ PRIORITY WITHDRAWALS FROM RESERVE ACCOUNT {64} Transfer of Investment Earnings to Collection Account {64} (11,328.48) --------------- {65} Advances to Collection Account - Priority (1) through (7) {65} - --------------- {66} Total Priority Withdrawals {66} ($11,328.48) ------------------ {67} RESERVE ACCOUNT SUBTOTAL {67} $5,201,313.20 ------------------ {68} Reserve Account Requirement {68} 14,264,623.61 --------------- {69} Reserve Account Shortfall / Excess {69} (9,063,310.41) --------------- {70} DEPOSIT TO RESERVE FUND, TO REQUIRED LEVEL {70} $9,063,310.41 ------------------ {71} RESERVE ACCOUNT PRIMARY BALANCE {71} $14,264,623.61 ------------------ SUBORDINATE WITHDRAWALS FROM RESERVE ACCOUNT {72} Advances to Collection Account - Priority (10), (16) and (17) (limited to excess amounts on deposit) {72} - --------------- {73} Advances to Collection Account - Priority (12) through (15) {73} - --------------- {74} Return of Excess to Equity Certificate Holder {74} - --------------- {75} Total Subordinate Withdrawals {75} - ------------------ {76} END OF PERIOD RESERVE ACCOUNT BALANCE {76} 14,264,623.61 ==================

------------------------------------------------------------------------------------------------------------------------------------ VI. CALCULATION OF RESERVE ACCOUNT REQUIREMENT ------------------------------------------------------------------------------------------------------------------------------------ IF PRIOR TO ACCELERATED RESERVE FUND EVENT: Lesser of: {77} (1) Ending Aggregate Note Balance {77} 1,247,123,421.30 ------------------ -or-- {78} (2) 1.0% of 98.5% of Original Receivable Balance plus $2,180,209.74 to cover Negative Arbitrage {78} 14,264,623.61 ------------------ ------------------ {79} REQUIREMENT {79} 14,264,623.61 ------------------ IF ACCELERATED RESERVE FUND EVENT: Lesser of: {80} (1) Ending Aggregate Note Balance {80} 1,247,123,421.30 ------------------ -or-- (2) Greater of: {81} (a) 3.0% of 98% of Original Receivable Balance {81} 36,069,215.00 --------------- {82} -or-- {82} 69,098,303.51 ------------------ {83} (b) 6.0% of 98% of Current Outstanding Class A Note Principal Balance {83} 69,098,303.51 --------------- ------------------ {84} REQUIREMENT {84} 69,098,303.51 ------------------

------------------------------------------------------------------------------------------------------------------------------------ VII. CALCULATION OF PRINCIPAL PAYMENT AMOUNTS ------------------------------------------------------------------------------------------------------------------------------------ {85} Principal Collections {85} 26,874,360.90 ---------------- {86} End of Period Aggregate Receivables Balance {86} 1,199,969,686.67 ---------------- {87} Required O/C Margin (as Specified in Trust Indenture) {87} 17,999,545.30 ---------------- {88} Required Maximum Ending Aggregate Class A Principal Balance (line {83} - {84}) {88} 1,181,970,141.37 ---------------- {89} Class A Aggregate Oustanding Principal Balance (Start of Period) {89} 1,200,000,000.00 ---------------- Less: {90} Allocable to Class A Notes (line {82} X 92.5%) {90} 24,858,783.83 ---------------- {91} Preliminary Class A Ending Balance {91} 1,175,141,216.17 ---------------- {92} Payment Amount Necessary to Reduce Class A Balance to Required Level (line {88} - {85}) {92} 0.00 ---------------- ------------------ {93} Class A Principal Payment Amount (line {87} + {89}) {93} 24,858,783.83 ------------------ ------------------ {94} Class B Principal Payment Amount (line {82} X 2.00%) {94} 537,487.22 ------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ 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: 02/15/02 CAPITAL ONE AUTO FINANCE TRUST Automobile Receivable-Backed Notes, Series 2001-B Class A-1 1.85875 % Asset Backed Notes Class A-2 2.60% Asset Backed Notes Class A-3 LIBOR + 0.22 % Asset Backed Notes Class A-4 4.88 % Asset Backed Notes Class B 8.00 % Asset Backed Notes Servicer's Certificate --------------------------------------------------------------------- MONTHLY PERIOD BEGINNING: 12/20/01 MONTHLY PERIOD ENDING: 1/31/02 PREV. DISTRIBUTION/CLOSE DATE: 12/20/01 DISTRIBUTION DATE: 2/15/02 DAYS OF INTEREST FOR PERIOD: 57 DAYS IN COLLECTION PERIOD: 43 MONTHS SEASONED: 1 ---------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------ II. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION: ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------ CUMULATIVE PERIOD ------------------------------------ {5} Beginning number of Receivables {5} 65,540 65,540 {6} Number of Subsequent Receivables Purchased {6} 16,296 16,296 {7} Number of Receivables Defaulted during period {7} 4 4 {8} Number of Receivables becoming Purchased Receivables during period {8} 59 59 {9} Number of Receivables paid off during period {9} 740 740 ------------------------------------ {10} Ending number of Receivables {10} 81,033 81,033 ------------------------------------

------------------------------------------------------------------------------------------------------------------------------------ III. STATISTICAL DATA: (CURRENT AND HISTORICAL) ------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------- ORIGINAL PREV. MONTH CURRENT ---------------------------------------------- {11} Weighted Average APR of the Receivables {11} 16.59% #N/A 16.41% {12} Weighted Average Remaining Term of the Receivables {12} 59.07 #N/A 59.75 {13} Weighted Average Original Term of Receivables {13} 61.55 61.55 61.55 {14} Average Receivable Balance {14} $14,775 #N/A $14,808 ----------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------ IV. DELINQUENCY: ------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------- Receivables with Scheduled Payment delinquent UNITS DOLLARS PERCENTAGE ---------------------------------------------- {15} 31-60 days {15} 1,673 25,116,331 2.59% {16} 61-90 days {16} 229 3,455,812 0.36% {17} 91-120 days {17} 2 30,202 0.00% ---------------------------------------------- {18} Receivables with Scheduled Payment delinquent more than 60 days at end of period {18} 231 $3,486,014 0.36% ----------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------ V. PERFORMANCE TESTS: ------------------------------------------------------------------------------------------------------------------------------------ DELINQUENCY RATIO {19} Receivables with Scheduled Payment delinquent more than 60 days at end of period (line {18}) {19} $3,486,014 --------------- {20} Beginning of period Principal Balance {20} 968,378,181 --------------- {21} Delinquency Ratio {16} + {17} divided by {20} {21} 0.36% ------------------ {22} Previous Monthly Period Delinquency Ratio {22} #N/A ------------------ {23} Second previous Monthly Period Delinquency Ratio {23} #N/A ------------------ {24} Average Delinquency Ratio ({21} + {22} + {23}) / 3 {24} 0.36% ------------------ ------------------------------------------------------------------------------------------------------------------------ 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} #N/A ------------------ {26} Receivables becoming Defaulted Receivables during period {26} $62,149 --------------- {27} Cram Down Losses and other non-cash Adjustments occurring during period {27} 1,070 --------------- {28} Liquidation Proceeds collected during period {28} 15,357 --------------- {29} Recoveries on Defaulted Receivables during period {29} 0 --------------- {30} Net Losses during period {26} - {27} - {28} - {29} {30} 45,723 --------------- {31} Net Losses since Initial Cut-off Date (End of Period) {31} 45,723 ------------------ {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 Complaince 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} 229 --------------- {34} Beginning of Period Loans Outstanding {34} 65,540 --------------- {35} Extension Rate {33} divided by {34} {35} 0.35% ------------------ {36} Previous Monthly Extension Rate {36} #N/A ------------------ {37} Second previous Monthly Extension Rate {37} #N/A ------------------ {38} Average Extension Rate ({35} +{36} +{37}) / 3 {38} #N/A ------------------ ------------------------------------------------------------------------------------------------------------------------ Compliance (Extension Test Pass is an Average Extension Rate less than 4%.) #N/A ------------------------------------------------------------------------------------------------------------------------

CAPITAL ONE AUTO FINANCE TRUST 2001-B 8-K