Fitch Prices Wachovia Auto Loan Holder Trust 2006-2 ‘F1+/AAA’

Fitch Prices Wachovia Auto Loan Holder Trust 2006-2 ‘F1+/AAA’

NEW YORK–( BUSINESS WIRE )–Fitch prices Wachovia car Loan holder Trust 2006-2 fixed-rate notes that are asset-backed follows:

–$219,000,000 class A-1 ‘F1+’;

–$378,000,000 course A-2 ‘AAA’;

–$306,000,000 course A-3 ‘AAA’;

–$135,000,000 class A-4 ‘AAA’;

–$45,000,000 class B ‘AA’;

–$48,000,000 course C ‘A’;

–$39,000,000 class D ‘BBB+’;

–$30,000,000 course E ‘BB’.

The securities are supported by a pool of brand new and utilized vehicle and light-duty vehicle installment loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The expected reviews on the records are derived from the improvement given by subordination, over-collateralization (OC), and a money book account. The expected ratings also mirror the servicing abilities of Wachovia, the good quality of retail auto receivables originated by WFS, and also the sound appropriate and money movement structures. Wachovia car Loan holder Trust 2006-2 represents Wachovia’s 2nd securitization of WFS collateral subsequent to its purchase of Westcorp and its own automobile finance company, WFS.

The course a notes have initial credit improvement (CE) of 13.75 percent, consisting of 13.50per cent subordination, and a 0.25% book. The class B records are supported by initial CE of 10.00% composed of 9.75per cent subordination, and a 0.25% book. The course C records have actually 6.00% CE (5.75% subordination and a 0.25% book), the class D records have actually 2.75% initial CE (2.5% subordination and a 0.25% reserve) and course E notes have actually 0.25% initial CE (0.25% book). CE is anticipated to develop to 15.00per cent for Class the; 11.25% for course B, 7.25 for course C and 4.00% for course D and 1.5% for class ag ag E via accumulation for the money book account to 0.50percent regarding the initial pool stability additionally the development of OC to 1.00per cent of this outstanding balance that is pool. Money book flooring is scheduled to 0.50percent associated with the initial pool stability as the flooring for OC equals to 0.50percent.

The receivables had a weighted average APR of 12.42% as of the statistical cutoff date. The average that is weighted readiness for the pool ended up being 67.0 months therefore the weighted normal remaining term ended up being 63.5 months leading to more or less 3.5 months of security seasoning. The pool features a concentration that is large of originated from Ca (34.02%). Read Full Report The second four biggest state levels are Arizona (5.88%), Washington (5.75%), Texas (4.01%) and Nevada (3.14%). The publicity in California may matter the pool to prospective local financial downturns; nonetheless, the remaining part of the pool is well diversified.

Interest and principal are payable month-to-month, beginning Dec. 20, 2006. Extra structural security is supplied to senior noteholders via a payment priority mechanism that is shifting. A test will be performed to calculate note collateralization amounts in each distribution period. If records are undercollateralized, re re payments of great interest to subordinate classes may be suspended making available as major to raised ranked classes.

Based on a report on WFS’s retail auto loan profile performance, prior WFS securitizations, therefore the composition of this assets when you look at the pool that is securitized Fitch expects Wachovia car Loan holder Trust 2006-1 to execute in keeping with present securitizations. Through June 30, 2006, WFS’s handled portfolio that is retail of $13.9 billion had total delinquencies of 1.87%, and web chargeoffs of 1.28per cent (annualized). Both data had been determined as a portion of this quantity of agreements outstanding.

Fitch’s score definitions therefore the terms of good use of these reviews can be obtained regarding the agency’s general general public web web site, www. Posted ranks, requirements and methodologies can be found using this site, all the time. Fitch’s rule of conduct, confidentiality, conflicts of great interest, affiliate firewall, conformity and other appropriate policies and procedures will also be available through the ‘Code of Conduct’ element of this web site.


Fitch RatingsDavid Petu, 212-902-0280 (ny)Hylton Heard, 212-908-0214 ( New York)Ravi R. Gupta, 312-368-2058 (Chicago)Sandro Scenga, 212-908-0278(Media Relations, nyc)

Leave a Reply

You must be logged in to post a comment.