Fitch Rates Wachovia Car Finance Holder Trust 2006-2 вЂљF1+/AAAвЂ
NEW YORKвЂ“( COMPANY WIRE )вЂ“Fitch rates Wachovia car finance owner Trust 2006-2 fixed-rate records being asset-backed follows:
The securities are supported with a pool of fresh and car which is used vehicle that is light-duty loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The expected reviews on the documents rely on the enhancement provided 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 motion structures. Wachovia auto loan owner Trust 2006-2 represents WachoviaвЂ™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 actually really credit that is initial (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% comprised 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 actually really 2.75% initial CE (2.5% subordination and a 0.25% guide) and course E notes have actually 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 course 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 payday loans New York cent linked to the pool that is initial 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.