Fitch Rates Capital One Auto Finance Trust (COAFT) 2005-D

NEW YORK--Dec. 1, 2005--Fitch rates Capital One Auto Finance Trust (COAFT) 2005-D as follows:

-- $249,000,000 4.42750% class A-1 asset-backed notes 'F1+';

-- $427,000,000 4.79% class A-2 asset-backed notes 'AAA';

-- $221,000,000 4.81% class A-3 asset-backed notes 'AAA';

-- $503,000,000 LIBOR + .04% class A-4 asset-backed notes 'AAA'.

This is Capital One Auto Finance (COAF) 13th public subprime automobile loan securitization. The COAFT 2005-D transaction is insured by MBIA Insurance Company. Fitch's ratings address the likelihood of noteholders receiving full payments of interest and principal in accordance with the transaction governing documents. The ratings on the class A notes are based on the terms of the note guaranty insurance policy from MBIA, 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), either through indirect dealership programs or by direct marketing. Deutsche Bank AG (rated 'AA-/F1+' by Fitch) is acting as swap counterparty for the floating-rate class A-4 notes.

To absorb initial losses within the transaction, the class A notes are supported by initial overcollateralization (OC) of 10.30%, a 2.00% 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 16.50% is reached.

As of the statistical cutoff date, the receivables had a weighted average APR of 14.06%. The weighted average original term of the pool was 68.37 months, and the weighted average remaining term was 65.73 months, resulting in approximately 2.64 months of seasoning. Approximately 36.15% of the pool consists of loans secured by new vehicles, versus 63.85% used vehicles.

Interest is distributed on the 15th of each month or on the next business day, commencing on Jan. 1, 20067, 2006. 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 remainder of the class A notes is paid pro rata.

Capital One Financial Corp. (COF, which is rated 'F2/BBB', with a Positive Rating Watch by Fitch) is a nonbank 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 nonbank 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.