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

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

Brand new YORK–( COMPANY WIRE )–Fitch prices Wachovia car finance holder Trust 2006-2 fixed-rate asset-backed records as follows:

–$219,000,000 course A-1 ‘F1+’;

–$378,000,000 course A-2 ‘AAA’;

–$306,000,000 course A-3 ‘AAA’;

–$135,000,000 course A-4 ‘AAA’;

–$45,000,000 course B ‘AA’;

–$48,000,000 course C ‘A’;

–$39,000,000 course D ‘BBB+’;

–$30,000,000 course E ‘BB’.

The securities are supported by a pool of brand new and utilized car and light-duty truck 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), plus cash book account. The expected ranks also mirror the servicing abilities of Wachovia, the quality that is high of automobile receivables originated by WFS, together with sound appropriate and cashflow structures. Wachovia car loan holder Trust 2006-2 represents Wachovia’s 2nd securitization of WFS security after its purchase of Westcorp and its own car finance company, WFS.

The class A notes have initial credit online payday loans Maine enhancement (CE) of 13.75 percent, composed of 13.50percent subordination, plus 0.25per cent book. The class B records are supported by initial CE of 10.00per cent made up of 9.75per cent subordination, plus 0.25percent book. The course C records have 6.00per cent CE (5.75per cent subordination plus 0.25percent book), the course D records have actually 2.75per cent initial CE (2.5percent subordination plus 0.25per cent book) and course E records have actually 0.25per cent initial CE (0.25percent book). CE is anticipated to cultivate to 15.00percent for Class the; 11.25per cent for course B, 7.25 for class C and 4.00per cent for course D and 1.5per cent for class E via accumulation associated with money book account to 0.50percent regarding the initial pool stability and also the development of OC to 1.00% regarding the outstanding balance that is pool. Money book floor is scheduled to 0.50percent regarding the initial pool stability even though the flooring for OC equals to 0.50per cent.

At the time of the analytical cutoff date, the receivables possessed a weighted normal APR of 12.42percent. The weighted average initial maturity of this pool had been 67.0 months therefore the weighted typical remaining term had been 63.5 months leading to more or less 3.5 months of security seasoning. The pool possesses concentration that is large of originated from Ca (34.02percent). The following four biggest state levels are Arizona (5.88%), Washington (5.75per cent), Texas (4.01percent) and Nevada (3.14percent). The visibility in Ca may matter the pool to possible local economic downturns; but the staying percentage of the pool is well diversified.

Interest and principal are payable month-to-month, starting Dec. 20, 2006. Extra structural security is supplied to senior noteholders by way of a moving repayment concern apparatus. In each circulation duration, a test may be done to determine note collateralization quantities. If records are undercollateralized, repayments of great interest to classes that are subordinate be suspended and made available as major to raised ranked classes.

Based on a overview of WFS’s retail car loan portfolio performance, prior WFS securitizations, and also the structure for the assets into the securitized pool, Fitch expects Wachovia car loan holder Trust 2006-1 to execute in line with current securitizations. Through June 30, 2006, WFS’s handled retail profile of roughly $13.9 billion had total delinquencies of 1.87percent, and web chargeoffs of 1.28per cent (annualized). Both data had been determined as a share of this level of agreements outstanding.

Fitch’s score definitions as well as the terms of good use of these ranks can be found in the agency’s general public website, www. Posted ranks, requirements and methodologies can be obtained using this website, all of the time. Fitch’s rule of conduct, privacy, disputes of great interest, affiliate firewall, conformity as well as other appropriate policies and procedures can also be found through the ‘Code of Conduct’ part of this site.


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