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 notes that are asset-backed follows:

–$219,000,000 class A-1 ‘F1+’;

–$378,000,000 course 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 ratings that are expected the records are derived from the improvement provided by subordination, over-collateralization (OC), and a money book account. The expected ratings also mirror the servicing capabilities of Wachovia, the quality that is high of auto receivables originated by WFS, additionally the sound appropriate and cash movement structures. Wachovia car Loan holder Trust 2006-2 represents Wachovia’s 2nd securitization of WFS collateral subsequent to its purchase of Westcorp as well as its car finance company, WFS.

The course a records have actually initial credit enhancement (CE) of 13.75 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 records have 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 expected 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 ag ag E via accumulation associated with money book account to 0.50percent associated with the initial pool stability as well as the development of OC to 1.00per cent of this outstanding pool balance. Money book flooring is placed to 0.50% regarding the initial pool stability although the flooring for OC equals to 0.50per cent.

As of the analytical cutoff date, the receivables possessed a weighted average APR of 12.42per cent. The weighted average original readiness associated with pool ended up being 67.0 months as well as the weighted typical remaining term ended up being 63.5 months leading to about 3.5 months of security seasoning. The pool has a concentration that is large of started in Ca (34.02%). The next four biggest state levels are Arizona (5.88%), Washington (5.75%), Texas (4.01%) and Nevada (3.14%). The visibility in California may subject the pool to possible local financial downturns; nonetheless, 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. In each circulation duration, a test will undoubtedly be done to determine note collateralization quantities. If records are undercollateralized, re re re payments of great interest to subordinate classes may be suspended making available as major to raised ranked classes.

In relation to overview of WFS’s retail car loan profile performance, prior WFS securitizations, while the composition of this assets into the pool that is securitized Fitch expects Wachovia car Loan holder Trust 2006-1 to execute in line with present securitizations. Through June 30, 2006, WFS’s handled retail portfolio of around $13.9 billion had total delinquencies of 1.87percent, and web chargeoffs of 1.28per cent (annualized). Both data had been determined as a portion for the level of contracts outstanding.

Fitch’s score definitions and also the terms of good use of these ranks can be obtained regarding the agency’s general public web site, www. Posted ranks, requirements and methodologies can be obtained using this web web site, all the time. Fitch’s code of conduct, privacy, disputes of great interest, affiliate firewall, conformity as well as other policies that are relevant procedures may also be available through the ‘Code of Conduct’ portion of this website.


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

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