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 asset-backed records as follows:

–$219,000,000 class A-1 ‘F1+’;

–$378,000,000 class 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 car 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 derive from the improvement supplied by subordination, over-collateralization (OC), and a money book account. The expected ratings also reflect the servicing abilities of Wachovia, the good quality of retail auto receivables originated by WFS, while 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 particular car finance company, WFS.

The course a records have actually credit that is initial (CE) of 13 percent, composed 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 notes have actually 2.75% initial CE (2.5% subordination and a 0.25% book) and course E notes have actually 0.25% initial CE (0.25% book). CE is anticipated to grow 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 E via accumulation for the money book account to 0.50per cent associated with the initial pool stability additionally the development of OC to 1.00percent associated with the outstanding balance that is pool. Money book floor is defined to 0.50percent regarding the initial pool stability as the flooring for OC equals to 0.50%.

At the time of the analytical cutoff date, the receivables possessed a weighted average APR of 12.42%. The weighted average original readiness regarding the pool ended up being 67.0 months as well as the weighted typical remaining term had been 63.5 months leading to around 3.5 months of security seasoning. The pool features a concentration that is large of started in Ca (34.02%). The next four biggest state concentrations are Arizona (5.88%), Washington (5.75%), Texas (4.01%) and Nevada (3.14%). The visibility in California may matter the pool to possible local financial downturns; nevertheless, the portion that is remaining of 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 payments of great interest to classes that are subordinate be suspended making available as major to raised ranked classes.

In relation to overview of WFS’s retail car finance profile performance, prior WFS securitizations, as well as the structure for the assets within the securitized pool, Fitch expects Wachovia car Loan holder Trust 2006-1 to do in keeping with current securitizations. Through June 30, 2006, WFS’s handled portfolio that is retail of $13.9 billion had total delinquencies of 1.87per cent, and web chargeoffs of 1.28per cent (annualized). Both data had been determined as a portion of this quantity of contracts outstanding.

Fitch’s score definitions and also the terms of good use of such reviews can be obtained in the agency’s public web site, www. Posted ranks, criteria and methodologies can be obtained out of this web site, all the time. Fitch’s rule of conduct, privacy, disputes of great interest, affiliate firewall, compliance along with other policies that are relevant procedures will also be available through the ‘Code of Conduct’ part of this website.


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, ny)

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