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 rates Wachovia car finance owner Trust 2006-2 fixed-rate records which are asset-backed follows:

The securities are supported by way of a pool of completely new and vehicle which is used light-duty automobile installment 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 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 car finance owner Trust 2006-2 represents Wachovia’s 2nd securitization of WFS collateral subsequent to its purchase of Westcorp as well as its own motor finance pany, WFS.

The program a documents have in fact really initial credit enhancement (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% comprised of 9.75per cent subordination, and a 0.25% guide. This course 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% book) and course E records have really really 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 course D and 1.5% for class ag ag E via accumulation linked to the cash book account to 0.50per cent linked to the initial pool security along with growth of OC to 1.00per cent connected with outstanding stability this is certainly pool. Money book flooring is defined to 0.50per cent concerning the pool that is initial even though the floor 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 payday loans in Minnesota linked to 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 big concentration of receivables comes from Ca (34.02per cent). 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 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 structural security is provided to senior noteholders by means of a repayment concern device that is 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.

Centered on a summary of WFS’s retail car lease profile performance, prior WFS securitizations, plus the framework related to assets to the pool that is securitized 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 1.87percent, and internet chargeoffs of 1.28per cent (annualized). Both information was indeed determined as a percentage for the volume of agreements outstanding.

Fitch’s rating definitions and so the terms of good use of those ranks are available in the agency’s general general public site, www. Fitchratings.. Published reviews, demands and methodologies can be obtained making use of this internet site, all the time. Fitch’s guideline of conduct, privacy, disputes of good interest, affiliate firewall, conformity along with other appropriate policies and procedures may also 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 name completely new York)Ravi R. Gupta, 312-368-2058 (Chicago)Sandro Scenga, 212-908-0278(Media Relations, nyc)

The securities are supported with a pool of brand-new and used automobile 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 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 excellent of retail auto receivables originated by WFS, even though 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 also 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% book. The class B documents are supported by initial CE of 10.00% comprised of 9.75per cent subordination, and a 0.25% guide. The program C documents have in fact really 6.00% CE (5.75% subordination and a 0.25% book), the class D documents have in fact actually 2.75% initial CE (2.5% subordination and a 0.25% guide) and course E records have really 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 linked to the cash guide account to 0.50per cent concerning the initial pool security as well as the development of OC to 1.00percent from the outstanding stability that is pool. Money guide floor coverings is placed to 0.50per cent from the initial pool security since the floors for OC equals to 0.50per cent.

The receivables had a weighted normal APR of 12.42 per cent as of the analytical cutoff date. The average this is certainly weighted readiness regarding 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 safety seasoning. A concentration is included by the pool that is big of comes from Ca (34.02percent). The 2nd four biggest state levels 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 regional downturns that are financial nonetheless, the part that is staying of pool is well diversified.

Interest and principal are payable month-to-month, beginning Dec. 20, 2006. Extra security that is structural provided to senior noteholders by means of a repayment concern system that is moving. In each circulation length, a test will be done to find out note collateralization quantities. If records 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 car lease profile performance, prior WFS securitizations, as well as the framework linked to 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 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 connected with degree of agreements outstanding.

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