Capital One Auto Receivables LLC Enters Underwriting for Auto Loan ABS

What Happened
Capital One Auto Receivables, LLC (COAR) filed an 8-K on Sept. 11, 2026 disclosing that on Sept. 9, 2026 it and Capital One, National Association entered into an underwriting agreement with J.P. Morgan Securities LLC, BofA Securities, Inc. and RBC Capital Markets, LLC for the sale of notes to be issued by Capital One Prime Auto Receivables Trust 2026-1. The transaction contemplates the issuance of a total of $1,974,590,000 in auto loan asset‑backed notes (ABS) with a planned closing on or about Sept. 17, 2026. The Bank will transfer motor vehicle retail installment contracts (the receivables) to COAR and those receivables will be sold to the Issuing Entity; the Bank will continue to manage and service the receivables.

Key Details

• Underwriting Agreement dated Sept. 9, 2026 with J.P. Morgan, BofA Securities and RBC as representatives of the underwriters.
• Publicly registered note classes and initial amounts: Class A-2-A 4.48% $543,760,000; Class A-2-B SOFR +0.37% $150,000,000; Class A-3 4.77% $693,760,000; Class A-4 4.88% $112,480,000.
• Retained notes (held by sponsor/affiliates) and other classes bring aggregate principal to $1,974,590,000; expected issuance on or about Sept. 17, 2026 (Closing Date).
• Transaction documents (purchase, sale, servicing, indenture, trust and administration agreements) are being filed in substantially final form; Clayton Fixed Income Services, LLC is named as the asset representations reviewer.

Why It Matters
This filing describes a securitization (sale of auto-loan receivables into a trust) that funds Capital One’s vehicle‑loan portfolio by issuing ABS to investors. For retail investors, the key points are the size ($~1.97B), the timing (planned closing ~Sept. 17, 2026), and that Capital One (the Bank) will remain the servicer. The deal structure and note classes determine who bears credit and interest‑rate risk; substantive transaction documents and a depositor certification were filed with the 8-K, which is standard for ABS offerings.