Fitch Rates Wachovia Car Loan Holder Trust 2006-2 ‚F1+/AAA‘

NEW YORK–( COMPANY WIRE )–Fitch costs Wachovia auto loan owner Trust 2006-2 fixed-rate records which can be asset-backed follows:

The securities are supported by a pool of completely new and car which is used light-duty automobile installment loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The expected reviews on the documents rely on the enhancement written by subordination, over-collateralization (OC), and a cash guide account. The expected ratings also mirror the servicing abilities of Wachovia, the quality that is top of auto receivables originated by WFS, and the sound appropriate and cash motion structures. Wachovia auto loan owner Trust 2006-2 represents Wachovia’s 2nd securitization of WFS collateral subsequent to its purchase of Westcorp as well as its car that is own finance, WFS.

This course a documents have in fact actually credit that is initial (CE) of 13.75 per cent, prising 13.50per cent subordination, and a 0.25% guide. The class B documents are supported by initial CE of 10.00% consists of 9.75per cent subordination, and a 0.25% guide. This course C records have actually 6.00% CE (5.75% subordination and a 0.25% guide), the class D records have in fact actually 2.75% initial CE (2.5% subordination and a 0.25% guide) and course E records have actually really 0.25% initial CE (0.25% book). CE is likely to cultivate to 15.00per cent for Class the; 11.25% for course B, 7.25 for program C and 4.00% for program D and 1.5% for class ag ag E via accumulation from the legit payday loans in Alaska cash guide account to 0.50per cent linked to the pool that is initial as well as growth of OC to 1.00per cent connected with outstanding stability that is pool. Money book flooring is defined to 0.50per cent about the initial pool security even though floor for OC equals to 0.50per cent.

The receivables possessed a weighted normal APR of 12.42per cent at the time of the analytical cutoff date. The average that is weighted readiness linked to the pool wound up being 67.0 months and so the weighted normal remaining term wound up being 63.5 months causing approximately 3.5 months of safety seasoning. The pool has a big concentration of receivables comes from Ca (34.02percent). The second four biggest state amounts are Arizona (5.88%), Washington (5.75%), Texas (4.01%) and Nevada (3.14%). The publicity in California may make a difference the pool to feasible regional downturns that are financial but, the part this is certainly staying of pool is well diversified.

Interest and principal are payable month-to-month, starting Dec. 20, 2006. Additional security that is structural provided to senior noteholders by means of a repayment concern device this is certainly moving. A test will be done to determine note collateralization quantities in each circulation duration. If documents are undercollateralized, re re payments of good interest to classes that are subordinate be suspended making available as major to raised rated classes.

Centered on a breakdown of WFS’s retail motor finance profile performance, prior WFS securitizations, along with the framework related to assets to the securitized pool , Fitch expects Wachovia car loan owner Trust 2006-1 to accomplish in accordance with present securitizations. Through June 30, 2006, WFS’s managed portfolio that is retail of $13.9 billion had total delinquencies of 1.87percent, and internet chargeoffs of 1.28per cent (annualized). Both information was indeed determined as a percentage when it comes to level of agreements outstanding.

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Associates

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

The securities are sustained by a pool of completely new and car that is utilized light-duty truck installment loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The reviews which can be anticipated the documents be determined by the enhancement furnished by subordination, over-collateralization (OC), and a cash guide account. The expected ratings also mirror the servicing abilities of Wachovia, the supreme quality of retail auto receivables originated by WFS, whilst the sound appropriate and cash motion structures. Wachovia car finance owner Trust 2006-2 represents Wachovia’s 2nd securitization of WFS collateral subsequent to its purchase of Westcorp in addition to its car finance pany, WFS.

The program a documents have actually credit this is certainly initial (CE) of 13.75 %, posed of 13.50per cent subordination, and a 0.25% guide. The class B documents are supported by initial CE of 10.00% composed of 9.75per cent subordination, and a 0.25% guide. The program C documents have in fact actually 6.00% CE (5.75% subordination and a 0.25% book), the class D documents have actually really 2.75% initial CE (2.5% subordination and a 0.25% guide) and course E records have in fact really 0.25% initial CE (0.25% guide). CE is likely to cultivate to 15.00per cent for Class the; 11.25% for program B, 7.25 for program C and 4.00% for course D and 1.5% for class ag E via accumulation linked to the cash guide account to 0.50per cent about the initial pool security as well as the development of OC to 1.00percent from the outstanding stability that is pool. Money guide floors is placed to 0.50per cent linked to the pool that is initial since the floor coverings for OC equals to 0.50percent.

The receivables possessed a weighted average APR of 12.42per cent as of the cutoff date that is statistical. The average this is certainly readiness that is weighted the pool wound up being 67.0 months along with the weighted normal remaining term wound up being 63.5 months causing about 3.5 months of protection seasoning. The pool carries a concentration that is big of comes from Ca (34.02percent). The next four biggest state amounts are Arizona (5.88%), Washington (5.75%), Texas (4.01%) and Nevada (3.14%). The presence in California may make a difference the pool to feasible regional downturns that are financial nonetheless, the part this is certainly staying of pool is well diversified.

Interest and principal are payable month-to-month, beginning Dec. 20, 2006. Additional security that is structural provided to senior noteholders by means of a repayment concern procedure that is moving. In each circulation extent, a test will be done to ascertain note collateralization amounts. If records are undercollateralized, re re payments of good interest to subordinate classes may be suspended making available as major to raised rated classes.

According to a breakdown of WFS’s retail car lease profile performance, prior WFS securitizations, as well as the framework from the assets in the pool this is certainly securitized Fitch expects Wachovia automobile Loan Owner Trust 2006-1 to perform consistent with current securitizations. Through June 30, 2006, WFS’s managed retail profile of around $13.9 billion had total delinquencies of 1.87percent, and internet chargeoffs of 1.28per cent (annualized). Both information was indeed determined as a percentage related to standard of agreements outstanding.

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