Fitch Prices Wachovia Car Finance Holder Trust 2006-2 ‘F1+/AAA’

Brand new YORK–( COMPANY WIRE )–Fitch prices Wachovia car loan 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 utilized car and light-duty vehicle installment loans originated by WFS Financial Inc (WFS), a subsidiary of Wachovia Bank N.A. (Wachovia). The expected ranks on the records depend on the improvement given by subordination, over-collateralization (OC), plus money book account. The expected reviews additionally mirror the servicing abilities of Wachovia, the top quality of retail car receivables originated by WFS, and also the sound appropriate and cashflow structures. Wachovia car loan holder Trust 2006-2 represents Wachovia’s 2nd securitization of WFS security after its purchase of Westcorp as payday loans in Maine well as its car finance company, WFS.

The course A records have initial credit improvement (CE) of 13.75 per cent, composed of 13.50per cent subordination, plus 0.25percent book. The course B records are supported by initial CE of 10.00percent made up of 9.75percent subordination, plus 0.25per cent book. The course C records have actually 6.00percent CE (5.75percent subordination plus 0.25per cent book), the course D records have actually 2.75percent initial CE (2.5percent subordination plus 0.25per cent book) and course E notes have actually 0.25per cent initial CE (0.25percent book). CE is anticipated to develop to 15.00percent for Class the; 11.25percent for course B, 7.25 for course C and 4.00per cent for course D and 1.5per cent for course age via accumulation associated with the cash book account to 0.50percent regarding the initial pool stability while the development of OC to 1.00percent for the outstanding balance that is pool. Money book flooring is defined to 0.50percent for the initial pool stability even though the flooring for OC equals to 0.50percent.

The receivables had a weighted average APR of 12.42% as of the statistical cutoff date. The weighted average initial maturity associated with the pool ended up being 67.0 months together with weighted normal remaining term ended up being 63.5 months leading to more or less 3.5 months of collateral seasoning. The pool possesses concentration that is large of started in Ca (34.02percent). Another four biggest state levels are Arizona (5.88percent), Washington (5.75percent), Texas (4.01percent) and Nevada (3.14per cent). The publicity in California may matter the pool to prospective local financial downturns; but the portion that is remaining of pool is well diversified.

Interest and principal are payable month-to-month, starting Dec. 20, 2006. Extra structural security is supplied to senior noteholders via a moving repayment concern device. A test will be performed to calculate note collateralization amounts in each distribution period. If records are undercollateralized, repayments of great interest to classes that are subordinate be suspended making available as major to raised ranked classes.

In relation to a report on WFS’s retail car loan portfolio performance, prior WFS securitizations, plus the structure of this assets within the securitized pool, Fitch expects Wachovia car loan holder Trust 2006-1 to do in line with present securitizations. Through June 30, 2006, WFS’s handled retail profile of around $13.9 billion had total delinquencies of 1.87per cent, and web chargeoffs of 1.28per cent (annualized). Both data had been determined as a portion for the level of agreements outstanding.

Fitch’s score definitions additionally the terms of good use of such reviews can be found regarding the agency’s general public website, www. Posted reviews, requirements and methodologies can be obtained with this website, all of the time. Fitch’s rule of conduct, privacy, disputes of great interest, affiliate firewall, conformity as well as other appropriate policies and procedures can also be found from ‘Code of Conduct’ part of this web site.


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