Fitch Rates Wachovia Car Finance Holder Trust

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

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

The securities are supported with a pool of new and vehicle 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 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, 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 own own car lease pany, WFS.

The program a documents have really really initial credit enhancement (CE) of 13.75 %, prising 13.50per cent subordination, and a 0.25% guide. The class B records are supported by initial CE of 10.00% consists 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 really 2.75% initial CE (2.5% subordination and a 0.25% guide) and course E records have in fact actually 0.25% initial CE (0.25% book). CE is expected 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 cash guide account to 0.50per cent from the initial pool security as well as growth of OC to 1.00per cent related to outstanding stability that is pool. Money book flooring is defined to 0.50per cent concerning the initial pool security even though floors 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 average that is weighted readiness from the pool finished 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 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 make a difference the pool to feasible neighborhood economic downturns; 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 structural security is provided to senior noteholders by means of a repayment concern apparatus 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 subordinate classes may be suspended making available as major to raised rated classes.

According to a synopsis of WFS’s retail motor finance profile performance, prior WFS securitizations, along with the framework related to assets in to the securitized pool , Fitch expects Wachovia car finance owner Trust 2006-1 doing consistent 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 internet chargeoffs of 1.28per cent (annualized). Both information was indeed determined as a percentage for the amount of agreements outstanding.

Fitch’s rating definitions and so the terms of good use of the ranks are available in the agency’s general general public site, www. Fitchratings.. Published reviews, needs and methodologies can be obtained by using this internet site, at all times. Fitch’s guideline of conduct, privacy, disputes of good interest, affiliate firewall, conformity and also other policies that are appropriate procedures Illinois payday loans laws may also be discovered through the ‚Code of Conduct‘ element of this internet site.

Associates

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

The securities are sustained by way of a pool of 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 are anticipated the documents rely on the enhancement furnished 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, whilst 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 also its car finance pany, WFS.

This course a documents have actually credit that is initial (CE) of 13.75 percent, 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 really actually 6.00% CE (5.75% subordination and a 0.25% book), the class D records have really 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% 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 linked to the outstanding stability that is pool. Money guide floor coverings is placed to 0.50per cent from the pool that is initial due to the fact floor for OC equals to 0.50percent.

The receivables possessed a weighted normal APR of 12.42per cent as of the cutoff date that is statistical. The average that is weighted readiness regarding the pool finished up being 67.0 months plus the weighted normal remaining term finished up being 63.5 months resulting in about 3.5 months of safety seasoning. The pool features a concentration that is big of comes from Ca (34.02percent). The 2nd 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 neighborhood economic downturns; however, 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 system this is certainly moving. In each distribution extent, a test will be done to ascertain note collateralization amounts. If notes 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 car that is retail profile performance, prior WFS securitizations, as well as 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 internet chargeoffs of 1.28per cent (annualized). Both information was indeed determined as a percentage related to amount of agreements outstanding.

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