Correction: Fitch Expects to Rate Capital One Prime Auto Receivables Trust 2004-1 'AAA'.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 22, 2004

(This is an amended version of a press release issued yesterday, containing revised information on Capital One Financial Corp.'s Rating Outlook in the last paragraph.)

Fitch Ratings expects to rate Capital One Prime Auto Receivables Trust (COPAR) 2004-1 as follows:

-- $198,000,000 1.10% Class A-1 Asset-Backed Notes 'F1+';

-- $175,000,000 1.47% Class A-2 Asset-Backed Notes 'AAA';

-- $248,000,000 2.02 Class A-3 Asset-Backed Notes 'AAA';

-- $209,875,000 Floating-Rate Class A-4 Asset-Backed Notes 'AAA';

-- $ 19,125,000 3.11% Class B Asset-Backed Notes 'A'.

The ratings are based upon the available credit enhancement, terms of the interest rate swap, financial strength of the swap counterparty (to be determined) the transaction's sound legal structure, and the high quality of the retail auto receivables originated and serviced by Capital One Auto Finance, Inc. (COAF) and PeopleFirst LLC (indirect wholly owned subsidiary of COAF).

Initial credit enhancement for the Class A notes is 2.75% and consists of 2.25% subordination from the Class B notes and the 0.50% initial deposit to the reserve account. Class B notes have 0.50% enhancement provided by the reserve account. Enhancement is expected to grow through the application of available excess spread to fund reserve account to its target level of 2.00% of the outstanding collateral balance.

As of the statistical cutoff date, the receivables had a weighted average APR of 5.03%. The weighted average original maturity of the pool was 56.07 months and the weighted average remaining term was 54.86 months resulting in approximately 1.21 months of seasoning. Approximately 72% of the pool consists of loans secured by used vehicles. Loans are prime quality resulting in a weighted average FICO score well over 700. Fitch expects strong performance from the 2004-1 transaction as evidenced by Capital One's prime retail portfolio's historical performance.

Interest and principal are expected to be distributed on the fifteenth of each month beginning March 15, 2004. The classes are paid principal sequentially beginning with the Class A-1 notes.

Capital One Financial Corp. (rated 'BBB', Rating Outlook Negative by Fitch Ratings as of January 21, 2004) is a non-bank financial services holding company whose principal subsidiaries are Capital One Bank and Capital One Bank FSB. Capital One Financial Corp. (COF) is the sixth largest credit card issuer in the United States. Through an acquisition of Summit Acceptance Corp. in 1998 and PeopleFirst.com in 2001 COF provides auto loans to a broad spectrum of borrowers. The company currently services approximately $3.8 billion in prime quality auto loans as of September 30, 2003.