Fitch Prices Wachovia Auto Loan Owner Trust 2006-2 ‘F1+/AAA’
Brand new YORK–( COMPANY WIRE )–Fitch rates Wachovia car finance holder Trust 2006-2 fixed-rate notes that are asset-backed follows:
–$219,000,000 course A-1 ‘F1+’;
–$378,000,000 course A-2 ‘AAA’;
–$306,000,000 course A-3 ‘AAA’;
–$135,000,000 course A-4 ‘AAA’;
–$45,000,000 course B ‘AA’;
–$48,000,000 course C ‘A’;
–$39,000,000 course D ‘BBB+’;
–$30,000,000 course E ‘BB’.
The securities are supported by a pool of brand new and automobile that is used light-duty vehicle installment loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The expected reviews on the records are derived from the improvement given by subordination, over-collateralization (OC), plus money book account. The expected reviews additionally mirror the servicing capabilities of Wachovia, the quality that is high of automobile receivables originated by WFS, plus the sound appropriate and income structures. Wachovia car finance holder Trust 2006-2 represents Wachovia’s 2nd securitization of WFS security after its purchase of Westcorp and its own automobile finance company, WFS.
The course A records have credit that is initial (CE) of 13.75 percent, composed of 13.50per cent subordination, plus 0.25percent book. The course B records are supported by initial CE of 10.00per cent composed of 9.75per cent subordination, plus 0.25percent book. The course C records have actually 6.00percent CE (5.75percent subordination and a 0.25percent book), the course D records have actually 2.75percent initial CE (2.5percent subordination plus 0.25percent book) and course E records have actually 0.25percent initial CE (0.25per cent book).