8-K/A 1 w58484be8-ka.txt 8-K/A 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 there-unto 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

------------------------------------------------------------------------------- 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} 14,026,917.15 ----------------- {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} 21,650,464.40 ------------------- {9} End of period Aggregate Receivable Balance {9} $1,248,772,464.62 =================== {10} Pool Factor ( {9} / Original Pool Balance) {10} 0.9626

------------------------------------------------------------------------------- II. MONTHLY PERIOD NOTE BALANCE CALCULATION: -------------------------------------------------------------------------------

-------------------------------------------------------------------------------- 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 -------------------

-------------------------------------------------------------------------------- IV. RECONCILIATION OF COLLECTION ACCOUNT: --------------------------------------------------------------------------------

------------------------- {35} Optional Note Redemption Prepayment Amount {35} 0.00 ------------------------- {36} Total Available Funds {36} 38,484,614.36 ------------------------- Distributions: {37} Trustees' Fees {37} 0.00 ------------------------- {38} Servicing Fees {38} 2,738,149.57 ------------------------- {39} Net Swap Payments {39} 994,619.44 -------------------------

{47} Class A Noteholders' Principal Payment Amount {47} 20,026,679.57 ------------------------- {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, {50} 0.00 ------------------------- {51} Class B Noteholders' Principal Payment Amount {51} 433,009.29 ------------------------- {52} Class B Noteholder's Accelerated Principal Amount {52} 12,668,926.53 ------------------------- {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} 38,484,606.99 =====================

------------------------------------------------------------------------------- V. RECONCILIATION OF RESERVE ACCOUNT: ------------------------------------------------------------------------------- {61} Beginning of period Reserve Account balance {61} $14,264,623.61 ------------------- Deposits to Reserve Account {62} Investment Earnings {62} 13,426.86 -------------------- {63} Deposits Related to Subsequent Receivables Purchases {63} 173,491.13 -------------------- {64} Total Additions {64} $186,917.99 ------------------- Priority Withdrawals from Reserve Account {65} Transfer of Investment Earnings to Collection Account {65} (13,426.86) -------------------- {66} Advances to Collection Account - Priority (1) through (7) {66} - -------------------- {67} Total Priority Withdrawals {67} ($13,426.86) ------------------- {68} Reserve Account Subtotal {68} $14,438,114.74 ------------------- {69} Reserve Account Requirement {69} 12,778,378.31 -------------------- {70} Reserve Account Shortfall / Excess {70} 1,659,736.43 -------------------- {71} Deposit to Reserve Fund, to Required Level {71} -$1,659,736.43 ------------------- {72} Reserve Account Primary Balance {72} $12,778,378.31 ------------------- Subordinate Withdrawals from Reserve Account {73} Advances to Collection Account - Priority (10), (16) and (17) (limited to excess amounts on deposit) {73} - -------------------- {74} Advances to Collection Account - Priority (12) through (15) {74} - -------------------- {75} Return of Excess to Equity Certificate Holder {75} - -------------------- {76} Total Subordinate Withdrawals {76} - ------------------- {77} End of period Reserve Account balance {77} 12,778,378.31 ===================

------------------------------------------------------------------------------- VI. CALCULATION OF RESERVE ACCOUNT REQUIREMENT ------------------------------------------------------------------------------- If Prior to Accelerated Reserve Fund Event: Lesser of: {78} (1) Ending Aggregate Note Balance {78} 1,213,994,805.91 -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} 1,213,994,805.91 -or-- ----------------- (2) Greater of: {82} (a) 3.0% of 98% of Original Receivable Balance {82} 38,140,540.32 -------------- {83} -or-- {83} 67,920,734.75 ------------------- {84} (b) 6.0% of 98% of Current Outstanding Class A Note Principal Balance {84} 67,920,734.75 -------------- ------------------- {85} Requirement {85} 67,920,734.75 -------------------

------------------------------------------------------------------------------- VII. CALCULATION OF PRINCIPAL PAYMENT AMOUNTS ------------------------------------------------------------------------------- {86} Principal Collections {86} 21,650,464.40 ---------------------- {87} End of Period Aggregate Receivables Balance {87} 1,248,772,464.62 ---------------------- {88} Required O/C Margin (as Specified in Trust Indenture) {88} 18,731,586.97 ---------------------- {89} Required Maximum Ending Aggregate Class A Principal Balance (line {83} - {84}) {89} 1,230,040,877.65 ---------------------- {90} Class A Aggregate Oustanding Principal Balance (Start of Period) {90} 1,175,141,216.17 ---------------------- Less: {91} Allocable to Class A Notes (line {82} X 92.5%) {91} 20,026,679.57 ---------------------- {92} Preliminary Class A Ending Balance {92} 1,155,114,536.60 ---------------------- {93} Payment Amount Necessary to Reduce Class A Balance to Required Level (line {88} - {85}) {93} 0.00 ---------------------- --------------------- {94} Class A Principal Payment Amount (line {87} + {89}) {94} 20,026,679.57 --------------------- --------------------- {95} Class B Principal Payment Amount (line {82} X 2.00%) {95} 433,009.29 ---------------------

------------------------------------------------------------------------------- ------------------------------------------------------------------------------- IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Monthly Servicer's Report as dated above. OFFICERS' CERTIFICATE The undersigned hereby certifies that ( i ) he or she is an Authorized Officer of Captial One Auto Finance ( the "Servicer" ), and (ii ) Exhibit A hereto complies with the requirements of, and is being delivered pursuant to, Section 2.02 ( c ) of the Servicing Agreement (the "Servicing Agreement" ) dated as of December 20, 2001 by and among Captial One Auto Finance Trust 2001-B, as the Issuer, JP Morgan Chase Bank, Trustee, and the Servicer. CAPITAL ONE AUTO FINANCE Capital One Auto Finance, as Servicer By: ------------------------------- Name: Stuart Levy Title: Manager, Global Investor Reporting Date: 03/15/02 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: 02/01/2002 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 -------------------------------------------------

------------------------------------------------------------------------------- II. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION: ------------------------------------------------------------------------------- ---------------------------------- Cumulative Period ---------------------------------- {5} Beginning number of Receivables {5} 81,033 81,033 {6} Number of Subsequent Receivables Purchased {6} 19,713 3,417 {7} Number of Receivables Defaulted during period {7} 65 61 {8} Number of Receivables becoming Purchased Receivables during period {8} 94 35 {9} Number of Receivables paid off during period {9} 1,261 521 ---------------------------------- {10} Ending number of Receivables {10} 83,833 83,833 ----------------------------------

-------------------------------------------------------------------------------- III. STATISTICAL DATA: (CURRENT AND HISTORICAL) --------------------------------------------------------------------------------

------------------------------------------------------------------------------- IV. DELINQUENCY: -------------------------------------------------------------------------------

------------------------------------------------------------------------------ V. PERFORMANCE TESTS: ------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------- Compliance with Accelerated Reserve Fund Trigger? (Average Delinquency Ratio is less than or equal to 3% months 1-12, 4% months 13-24 and 5% thereafter) Yes Complaince with Insurance Agreement Event of Default? (Average Delinquency Ratio is less than or equal to 4% months 1-12, 5% months 13-24 and 6% thereafter) Yes ---------------------------------------------------------------------------------------------------------------------

Complaince with Insurance Agreement Event of Default? Cumulative Net Loss Rate is less than or equal to: N/A Yes ----------------------------------------------------------------------------------------------------------------------

CAPITAL ONE AUTO FINANCE TRUST 2001-B 8-K/A