Fitch Rates Capital One Auto Finance Trust (COAFT) 2007-A.

CHICAGO -- Fitch rates Capital One Auto Finance Trust (COAFT) 2007-A asset-backed notes as follows:

--$289,000,000 5.32120% class A-1 'F1+';

--$430,000,000 5.33% class A-2 'AAA';

--$167,000,000 5.25% class A-3A 'AAA';

--$167,000,000 LIBOR +0.00% class A-3B

--$447,000,000 LIBOR + 0.02% class A-4 'AAA'.

This is Capital One Auto Finance's (COAF) 17th public subprime automobile loan securitization. Series 2007-A is supported by a note guarantee insurance policy from Ambac Assurance Corp. (Ambac) guaranteeing the payments of interest and certain payments of principal due on the notes during the term of the policy. The ratings are based on the terms of the note guaranty insurance policy from Ambac, whose insurer financial strength is rated 'AAA' by Fitch; the transaction's sound legal and cash flow structures; and the strength of COAF as an originator and servicer of subprime automobile loans.

The securities are backed by a pool of motor vehicle contracts, a majority of which are subprime loans secured by new and used automobiles, minivans, sport utility vehicles, and light trucks. The contracts were originated by COAF, the automobile finance subsidiary of Capital One Financial Corp. (COF, rated 'BBB+/F2' by Fitch with a Positive Outlook) and Onyx Acceptance Corporation (Onyx), an indirect wholly owned subsidiary of COAF, either through indirect dealership programs or by direct marketing. Barclays Bank, PLC (rated 'AA+/F1+' by Fitch with a Stable Outlook) is acting as swap counterparty for the floating-rate class A-3B and class A-4 notes.

To absorb initial losses within the transaction, the class A notes are supported by initial overcollateralization (OC) of 7.25%, a 1.5% reserve fund, and excess spread. Excess spread will be used to increase initial OC through the amortization of the class A-1 notes until the target OC of 11% is reached.

As of the statistical cutoff date, the receivables had a weighted average APR of 13.72%. The weighted average original term of the pool was 68.08 months and the weighted average remaining term to maturity (WAM) was 63.45 months, resulting in approximately 4.63 months of seasoning. Approximately 33% of the pool consists of loans secured by new vehicles, versus 67% used vehicles.

Interest is distributed on the 15th of each month or on the next business day, commencing on March 15, 2007. Principal payment is sequential, starting with the class A-1 notes, unless a triggering event occurs; in which case the class A-1 notes are paid in full and the remaining class A notes are paid pro rata.

COF is a non-bank financial services holding company whose principal subsidiaries are Capital One Bank and Capital One Bank FSB. The auto finance business is conducted under Capital One Auto Finance, a non-bank subsidiary of COF. COF's entry into the auto finance business began with the company's purchase, in 1998, of Summit Acceptance Corp., a subprime lender. In 2001, COF acquired PeopleFirst.com, an Internet-based auto lender focused on prime customers. In January 2005, COF finalized its acquisition of Onyx Acceptance Corp., a California-based midprime lender.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.