Fitch Rates Wachovia Car Loan Holder Trust

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

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

The securities are supported by way of a pool of brand-new and car which is used light-duty car installment loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The expected reviews on the documents be determined by 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, in addition to the sound appropriate and cash movement structures. Wachovia car finance owner Trust 2006-2 represents Wachovia’s 2nd securitization of WFS collateral subsequent to its purchase of Westcorp and its particular own motor finance pany, WFS.

The program a documents have in fact really initial credit enhancement (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 really actually 2.75% initial CE (2.5% subordination and a 0.25% guide) and course E records have really actually 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 course D and 1.5% for class ag ag E via accumulation from the cash guide account to 0.50per cent linked to the initial pool security along with growth of OC to 1.00per cent related to outstanding stability that is pool. Money book flooring is defined to 0.50per cent in connection with initial pool security even though the floor coverings for OC equals to 0.50per cent.

During the time of the analytical cutoff date, the receivables possessed a weighted normal APR of 12.42per cent. The weighted average original readiness from 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 protection seasoning. The pool includes a concentration that is big of comes from Ca (34.02percent). The following four biggest state amounts are Arizona (5.88%), Washington (5.75%), Texas (4.01%) and Nevada (3.14%). The promotion in California may matter the pool to feasible regional economic downturns; but, the part that is 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 process this is certainly moving. A test shall 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 rated classes.

Predicated on a summary 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 finance owner Trust 2006-1 to complete 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 in fact determined as a percentage when it comes to number of agreements outstanding.

Fitch’s rating definitions which means terms of good use of those ranks are located in the agency’s general site that is public www. Fitchratings.. Published reviews, demands and methodologies are present applying this internet site, all the time. Fitch’s guideline of conduct, privacy, disputes of good interest, affiliate firewall, conformity and also other policies that are appropriate procedures can be discovered through the ‚Code of Conduct‘ section of this internet site.

Associates

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

The securities are sustained with a pool of fresh 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 are 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 high quality of retail auto receivables originated by WFS, although 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 vehicle finance pany, WFS.

This course a records have actually credit that is initial (CE) of 13.75 %, posed of 13.50per cent subordination, and a 0.25% book. 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 actually 2.75% initial CE (2.5% subordination and a 0.25% guide) and program E records have in fact actually 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 concerning the pool that is initial as well as the development of OC to 1.00percent from the outstanding stability this is certainly pool. Money guide floors is placed to 0.50per cent from the initial pool security because the floor coverings for OC equals to 0.50per cent.

The receivables possessed a weighted normal APR of 12.42per cent as 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 ended up being 63.5 months resulting in about 3.5 months of safety seasoning. The pool features a concentration this is certainly large of comes from Ca (34.02per cent). The 2nd four biggest state amounts are Arizona (5.88%), Washington (5.75%), Texas (4.01%) and Nevada (3.14%). The exposure in California may make a difference the pool to feasible neighborhood 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, www.title-max.com/payday-loans-ia/ 2006. Additional structural security is provided to senior noteholders by means of a repayment concern procedure this is certainly 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 subordinate classes may be suspended making available as major to raised rated classes.

Centered on a synopsis of WFS’s retail car lease profile performance, prior WFS securitizations, and also the framework from the assets inside the pool that is securitized Fitch expects Wachovia vehicle Loan holder Trust 2006-1 to perform commensurate with current securitizations. Through June 30, 2006, WFS’s managed portfolio that is retail of $13.9 billion had total delinquencies of 1.87percent, and web chargeoffs of 1.28per cent (annualized). Both information was indeed determined as a percentage connected with amount of agreements outstanding.

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