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Fitch Costs Wachovia Car Finance Holder Trust

Fitch Costs Wachovia Car Finance Holder Trust

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

brand brand NEW YORK–( COMPANY WIRE )–Fitch costs Wachovia car finance owner Trust 2006-2 fixed-rate records being asset-backed follows:

The securities are supported by a pool of completely new and car which is used vehicle that is light-duty loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The reviews that are expected the documents rely on the enhancement distributed by subordination, over-collateralization (OC), and a money guide account. The expected ratings also mirror the servicing abilities of Wachovia, the supreme quality of retail 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 and its particular car that is own finance, WFS.

The program a documents have actually really credit that is initial (CE) of 13.75 %, prising 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 actually 6.00% CE (5.75% subordination and a 0.25% guide), the class D records have in fact really 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 linked to the cash guide account to 0.50per cent from the pool that is initial as well as growth of OC to 1.00per cent related to outstanding stability this is certainly pool. Money book flooring is defined to 0.50per cent about the initial pool security even though floors 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 weighted average original readiness from the pool finished up being 67.0 months and so the weighted normal remaining term wound up being 63.5 months causing roughly 3.5 months of protection seasoning. The pool includes 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 promotion in California may make a difference the pool to feasible neighborhood economic downturns; but, the part this is certainly remaining of pool is well diversified.

Interest and principal are payable month-to-month, starting Dec. 20, 2006. Additional structural security is provided to senior noteholders by means of a repayment concern device that is 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 subordinate classes may be suspended making available as major to raised ranked classes.

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

Fitch’s rating definitions and so the terms of good use among these ranks are available in the agency’s general site that is public www. Fitchratings.. Published reviews, demands and methodologies can be located by using this internet site, at all times. Fitch’s guideline of conduct, privacy, disputes of good interest, affiliate firewall, conformity along with other appropriate policies and procedures could be discovered through the ‚Code of Conduct‘ section of this website.

Associates

Fitch RatingsDavid Petu, 212-902-0280 (ny)Hylton Heard, 212-908-0214 ( brand name groundbreaking 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 used vehicle and light-duty truck installment loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The ranks which can be anticipated the records be determined by the enhancement furnished by subordination, over-collateralization (OC), and a money guide account. The expected ratings also mirror the servicing abilities of Wachovia, the supreme quality of retail auto receivables originated by WFS, even though the sound appropriate and cash motion structures. Wachovia auto loan holder Trust 2006-2 represents Wachovia’s 2nd securitization of WFS collateral subsequent to its purchase of Westcorp along with its car finance pany, WFS.

The program a documents have actually credit that is initial (CE) of 13.75 per cent, posed of 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. 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 program 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 program D and 1.5% for class ag E via accumulation from the cash guide account to 0.50per cent in connection with initial pool security as well as the development of OC to 1.00percent from the outstanding stability this is certainly pool. Money guide floor is placed to 0.50per cent linked to the pool that is initial while the floors for OC equals to 0.50per cent.

The receivables had a weighted normal APR of 12.42 % at the time of the analytical cutoff date. The average this is certainly readiness that is weighted the pool wound up being 67.0 months along with the weighted normal remaining term finished up being 63.5 months resulting in about 3.5 months of protection seasoning. A concentration is included by the pool this is certainly big of descends from Ca (34.02per cent). The next four biggest state amounts are Arizona (5.88%), Washington (5.75%), Texas (4.01%) and Nevada (3.14%). The exposure in California may matter the pool to feasible neighborhood economic downturns; 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 structural security is provided to senior noteholders by means of a repayment concern procedure that is moving. A test will undoubtedly be done to determine note collateralization quantities in each distribution duration. If records are undercollateralized, re re payments of good interest to classes that are subordinate be suspended making available as major to raised rated classes.

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According to a synopsis of WFS’s retail motor finance profile performance, prior WFS securitizations, as well as the framework linked to the assets in the pool that is securitized Fitch expects Wachovia automobile Loan holder Trust 2006-1 to execute consistent with current securitizations. Through June 30, 2006, WFS’s managed retail profile of approximately $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 connected with degree of agreements outstanding.

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