8-K 1 w58484ae8-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: March 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 February 2002 Monthly Servicer Report to investors were distributed March 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 thereunto duly authorized. CAPITAL ONE AUTO FINANCE TRUST 2001-B By: CAPITAL ONE BANK Servicer By: /s/ David M. Willey ----------------------------- David M. Willey Executive Vice President, CFO Date: March 13, 2002 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: 02/1/2002 Original Monthly Period Ending: 02/28/2002 Purchases Units Cut-off Date Closing Date Pool Balance ---------------------------------------------------------------------------- Prev. Distribution/Close Date: 02/15/2002 Initial Purchase 65,540 12/17/01 12/20/01 $968,378,181 Distribution Date: 03/15/2002 Sub. Purchase #1 10,047 1/7/02 1/9/02 159,590,908 Days of Interest for Period: 28 Sub. Purchase #2 6,249 1/18/02 1/22/02 98,874,958 Days in Collection Period: 28 Sub. Purchase #3 3,417 2/4/02 2/6/02 70,453,242 ---------------------------------------------------------- Months Seasoned: 2 Total 85,253 $1,297,297,289.92 ------------------------------------------------ ---------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION: ----------------------------------------------------------------------------------------------------------------------------------- {1} Beginning of period Aggregate Principal Balance {1} $1,199,969,686.67 {2} Purchase of Subsequent Receivables {2} 70,453,242.35 Monthly Principal Amounts {3} Regular Principal Received {3} 14,026,909.78 -------------------- {4} Prepaid Principal Received {4} 5,996,693.60 -------------------- {5} Defaulted Receivables Deposit Amount {5} 966,479.14 -------------------- {6} Principal Portion of Repurchased Receivables {6} 605,101.03 -------------------- {7} Cram Down Losses and Other Non-Cash Adjustments {7} 55,273.48 -------------------- {8} Total Monthly Principal Amounts {8} 21,650,457.03 -------------------- {9} End of period Aggregate Receivable Balance {9} $1,248,772,471.99 ==================== {10} Pool Factor ( {9} / Original Pool Balance) {10} 0.9626 ----------------------------------------------------------------------------------------------------------------------------------- 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} $180,000,000 $230,000,000 $580,000,000 $210,000,000 $77,830,000 $1,277,830,000 ----------------------------------------------------------------------------------- {12} Beginning of period Note Balance {12} 155,141,216 230,000,000 580,000,000 210,000,000 71,982,205 $1,247,123,421 =================================================================================== {13} Noteholders' Principal Distributable Amount {13} 20,026,673 0 0 0 433,009 20,459,682 {14} Noteholders' Accelerated Principal Amount {14} 0 0 0 0 12,668,926 12,668,926 {15} Optional Note Redemption Principal Amount {15} 0 0 0 0 0 0 ----------------------------------------------------------------------------------- {16} End of period Note Balance {16} 135,114,543 230,000,000 580,000,000 210,000,000 58,880,270 $1,213,994,813 =================================================================================== {17} Note Pool Factors ( {16} / {11} ) {17} 0.7506 1.0000 1.0000 1.0000 0.7565 0.9500 =================================================================================== ----------------------------------------------------------------------------------------------------------------------------------- III. RECONCILIATION OF PRE-FUNDING ACCOUNT: ----------------------------------------------------------------------------------------------------------------------------------- {18} Beginning of period Pre-Funding Account balance {18} $70,453,249.72 {19} Purchase of Subsequent Receivables {19} 70,453,242.35 -------------------- {20} Investment Earnings {20} 18,262.86 -------------------- {21} Investment Earnings Transfer to Collections Account {21} (18,262.86) -------------------- {22} Payment of Mandatory Prepayment Amount {22} 7.37 -------------------- {23} End of period Pre-Funding Account balance {23} $0.00

------------------------------------------------------- ~~CLASS A~~-~~1 CLASS A~~-~~2 CLASS A~~-3 --------- --------- --------- ----------------------------------------- IV. RECONCILIATION OF COLLECTION ACCOUNT: -------------- ~~{11} Original Note Balance {11} $180,000,000 $230,000,000 $580,000,000~~ ------------------------------------------------------- ~~{12} Beginning of period Note Balance {12} 180,000,000 230,000,000 580,000,000~~ --------------------------------------------------------- ~~{13}~~Available ~~Noteholders'~~Funds: ~~Principal Distributable Amount~~ {~~13}~~ 24~~,858,784 0 0 {14~~} ~~Noteholders'~~Scheduled ~~Accelerated~~and Prepayment Principal ~~Amount~~Cash ~~{14}~~Received ~~0 0 0~~ {1524} ~~Optional~~20,023,603.38 ~~Note Redemption Principal Amount {15} 0 0 0~~ -------------------- {25} Liquidation Proceeds Collected during period {25} 564,622.74 -------------------- {26} Receivables Repurchase Amounts {26} 605,101.03 -------------------- {1627} ~~End~~Interest ofand ~~period~~Fees ~~Note~~Collected ~~Balance~~on ~~{16}~~Receivables ~~155,141,216 230,000,000 580,000,000 =======================================================~~ {1727} ~~Note Pool Factors ( {16} / {11} ) {~~17~~} 0~~,206,178.~~8619~~22 ~~1.0000 1.0000 =======================================================~~ -------------------- {28} Recoveries on Previously Defaulted Receivables {28} 46.74 --------------------~~---------------~~ ~~CLASS~~{29} ~~A-4~~Advances ~~CLASS~~from Bthe ~~TOTAL~~Reserve ~~---------~~Fund ~~-------~~{29} 0.00 ----- --------------- Investment Earnings on Trust Accounts {30} Collection Account {30} 53,357.79 -------------------- {31} Transfer from Reserve Fund {31} 13,426.86 -------------------- {1132} ~~Original~~Transfer ~~Note~~from ~~Balance~~Pre-Funding Account {1132} ~~$210~~18,~~000,000~~262.86 ~~$77,830,000 $1,277,830,000~~ -------------------- {33} Net Swap Receipts {33} 0.00 --------------------~~---------------~~ {1234} ~~Beginning~~Transfer offrom ~~period~~the ~~Note~~Pre-Funding ~~Balance~~Account {1234} ~~210,000,000~~7.37 ~~77,830,000 $1,277,830,000~~ -------------------- {35} Optional Note Redemption Prepayment Amount {35} 0.00 --------------------~~---------------~~ {1336} ~~Noteholders'~~Total ~~Principal~~Available ~~Distributable~~Funds ~~Amount~~ {1336} ~~0 537~~38,~~487 25~~484,~~396,271~~606.99 Distributions: {1437} ~~Noteholders~~Trustees' ~~Accelerated~~Fees ~~Principal Amount~~ {1437} 0.00 ~~5,310,308 5,310,308 {15} Optional Note Redemption Principal Amount {15} 0 0 0~~ -------------------- {38} Servicing Fees {38} 2,738,149.57 -------------------- {39} Net Swap Payments {39} 994,619.44 --------------- {16} End of period Note Balance {16} 210,000,000 71,982,205 $1,247,123,421 ======================================================= {17} Note Pool Factors ( {16} / {11} ) {17} 1.0000 0.9249 0.9760 =======================================================-----

Class A Noteholders' Note Interest --------------------------------------------------------~~-----------------------~~ ~~BEGINNING~~Beginning ~~NTEREST~~Interest ~~CALCULATED~~Class ~~CLASS~~Note ~~NOTE~~Balance ~~BALANCE~~Rate ~~RATE~~Days ~~DAYS DAYS BASIS INTEREST~~ --------------------------------------------------------~~-----------------------~~ {3940} A-1 $~~180~~155,~~000~~141,~~000~~216 1.85875% 5728 ~~Actual days/360 $529,744~~ {3940} ~~529~~224,~~743~~286.7579 -------------------- {4041} A-2 $230,000,000 2.60000% 55 30~~/360~~ ~~913,611~~ {4041} ~~913~~498,~~611~~333.1133 -------------------- {4142} A-3 $580,000,000 LIBOR + 0.22% 5728 ~~Actual days/360 1,976,713~~ {4142} 1932,~~976,712~~672.5022 -------------------- {4243} A-4 $210,000,000 4.88000% 55 30~~/360~~ ~~1,565,667~~ {4243} 1854,~~565,666~~000.6700 -------------------------------------------------------- -------------------- -------------------------------- Calculated Days Basis Interest -------------------------------- Actual days/360 $224,287 30/360 30 498,333 Actual days/360 932,672 30/360 30 854,000 --------------------------------

{44} Note Insurer Premiums {44} 293,785.30 -------------------- {45} Reimbursement Obligations due Note Insurer {45} 0.00 --------------------

~~-------------------------------------------------------------------------------------------------------------------~~Class I.B ~~MONTHLY~~Noteholders' ~~PERIOD~~Primary ~~NOTE BALANCE CALCULATION: CLASS A-1 CLASS A-2 CLASS A-3 --------- --------- --------- {1} Original~~ Note ~~Balance~~Interest ~~{1} $180,000,000 $230,000,000 $580,000,000~~ ------------------------------------------------------------~~-------------------------------------------------------~~ ~~{2}~~ Beginning ofInterest ~~period~~Class Note Balance ~~{2}~~Rate ~~$180,000,000~~Days $230,000,000 $580,000,000 {3} End of period Note Balance {3} $155,141,216 $230,000,000 $580,000,000 ===================================================== {4} Note Pool Factors {3} / {1} {4} 0.862 1.000 1.000 ===================================================== ------------------------------------------------------------~~-------------------------------------------------------------~~ ~~I. MONTHLY PERIOD NOTE BALANCE CALCULATION: CLASS A-4 CLASS B TOTAL --------- ------- -----~~ {146} ~~Original~~Class ~~Note~~B ~~Balance {1}~~ $~~210~~71,~~000~~982,~~000~~205 ~~$77,830,000~~8.00000% ~~$1,277,830,000~~30 ------------------------------------------------------------------------------------------------------------------------- {2} Beginning of period Note Balance {2} $210,000,000 $77,830,000 $1,277,830,000 {3} End of period Note Balance {3} $210,000,000 $71,982,205 $1,247,123,421 =========================================================== {4} Note Pool Factors {3} / {1} {4} 1.000 0.925 0.976 ===========================================================

{47} Class A Noteholders' Principal Payment Amount {47} 20,026,687.49 -------------------- {48} Accrued and Unpaid Premium and Reimbursement Obligations, due Note Insurer {48} 0.00 -------------------- {49} Deposit to Reserve Account, to Required Level {49} (1,659,736.43) -------------------- {50} 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) {50} 0.00 -------------------- {51} Class B Noteholders' Principal Payment Amount {51} 433,009.14 -------------------- {52} Class B Noteholder's Accelerated Principal Amount {52} 12,668,926.13 -------------------- {53} Optional Note Redemption Amount {53} 0.00 -------------------- {54} Swap Termination Payment {54} 0.00 -------------------- {55} Other Amounts Due to the Trustees {55} 0.00 -------------------- {56} Servicer Transition Expenses {56} 0.00 -------------------- -------------------- {57} Indenture Trustee Title Expenses {57} 0.00 -------------------- {58} Class B Excess Interest {58} 0.00 -------------------- {59} Distribution to the equity certificate holder {59} 0.00 -------------------- {60} Total Distributions {60} 38,484,614.36

-or-- {79} (2)1.0% of 98.5% of Original Receivable Balance plus $2,180,209.74 to cover Negative Arbitrage {79} 12,778,378.31 -------------------- {80} Requirement {80} 12,778,378.31 -------------------- If Accelerated Reserve Fund Event: Lesser of: {81} (1)Ending Aggregate Note Balance {81} 1,213,994,813.28 -------------------- -or-- (2)Greater of: {82} (a) 3.0% of 98% of Original Receivable Balance {82} 38,140,540.32 -------------------- {83} -or-- {83} 67,920,735.15 -------------------- {84} (b) 6.0% of 98% of Current Outstanding Class A Note Principal Balance {84} 67,920,735.15 -------------------- -------------------- {85} Requirement {85} 67,920,735.15 --------------------

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: 02/1/2002 Monthly Period Ending: 02/28/2002 Prev. Distribution/Close Date: 02/15/2002 Distribution Date: 03/15/2002 Days of Interest for Period: 28 Days in Collection Period: 28 Months Seasoned: 2 -------------------------------------------

For payment to SWAP Counterparty: Bank of New York SWIFT IRVTUS3N for favour Credit Suisse First Boston International, London A/c No. 8900360968 For payments to Capital One Financial Corporation: First Union Roanoke VA ABA 051400549 Acct# 205 0000 549 072 Name of: Capital One Financial Corporation Ref: COAF 2001-B

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