Fitch Rates Capital One Auto Finance Trust 2001-A

    NEW YORK--July 31, 2001--Fitch rates the Capital One Auto Finance Trust 2001-A class A notes as listed below.

--	$126,500,000 3.75% class A-1 notes `F1+';
--	$234,500,000 4.14% class A-2 notes `AAA';
--	$241,500,000 4.83% class A-3 notes `AAA';
--	$247,500,000 5.40% class A-4 notes `AAA'.

    The 2001-A transaction is the first ever public automobile loan securitization offered by Capital One Auto Finance (COAF). Previously, a total of eight private term securitizations were completed, four following the acquisition of Summit Acceptance Corp. (SAC) by Capital One Finance Corp. (COF) in July 1998 and four prior to the acquisition. The ratings on the class A notes are based on the terms of the financial guaranty insurance policy of MBIA Insurance Corp. (MBIA, insurer financial strength rated `AAA' by Fitch), the transaction's sound legal and cash flow structures, and the strength of COAF as an originator and servicer of nonprime automobile loans. The insurance policy ensures full and timely payment of interest and principal by the legal final scheduled payment date.
    Interest and principal on the notes is distributed monthly. Principal is distributed sequentially within the class A notes but pro rata with the class B notes. Fitch's ratings are based on the terms of the financial guarantee insurance policy and insurer financial strength rating of MBIA, although the 2001-A transaction includes additional credit enhancement to absorb initial losses. Initially, the 2001-A transaction will include 6.5% subordination of the class B notes, 2% initial overcollateralization (OC), and a 1% fully funded non-declining reserve account. Excess spread will be used to reduce the class B notes until the 5% target OC level is achieved. Nevertheless, overall credit enhancement will remain the same through a combination of OC and class B notes plus a 1% non-declining reserve.
    The securities are backed by a pool of automobile contracts, the majority of which are nonprime, secured by new and used automobiles, minivans, sport utility vehicles, and light trucks. The contracts were originated by COAF, the automobile finance subsidiary of COF, either through indirect dealership programs or by direct marketing. The 2001-A transaction is COAF's first securitization to include receivables from the company's direct marketing originations program.
    COAF is headquartered in Plano, TX, and is a wholly owned automobile finance subsidiary of COF (rated `F2/BBB+' by Fitch). COF, headquartered in Falls Church, VA, is primarily a credit card lender whose subsidiaries provide a variety of products and services through the use of sophisticated modeling techniques to identify consumer preferences.