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                                                                     EXHIBIT 4.3

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                         NOTE GUARANTY INSURANCE POLICY

OBLIGATIONS: $850,000,000                                   POLICY NUMBER: 35824
             Capital One Auto Finance Trust 2001-A
             Automobile Receivable-Backed Notes, Series 2001-A
             Class A-l Notes, Class A-2 Notes, Class A-3 Notes and Class A-4
             Notes

         MBIA Insurance Corporation (the "Note Insurer"), in consideration of
the payment of the premium and subject to the terms of this Note Guaranty
Insurance Policy (this "Policy"), hereby unconditionally and irrevocably
guarantees to any Class A Noteholder that an amount equal to each full and
complete Insured Payment will be received from the Note Insurer by Wells Fargo
Bank Minnesota, National Association, or its successors, as Indenture Trustee
for the Class A Noteholders (the "Indenture Trustee"), on behalf of the Class A
Noteholders, for distribution by the Indenture Trustee to each Class A
Noteholder of each Class A Noteholder's proportionate share of the Insured
Payment. The Note Insurer's obligations hereunder with respect to a particular
Insured Payment shall be discharged to the extent funds equal to the applicable
Insured Payment are received by the Indenture Trustee, whether or not such funds
are properly applied by the Indenture Trustee. Insured Payments shall be made
only at the time set forth in this Policy, and no accelerated Insured Payments
shall be made regardless of any acceleration of the Obligations, unless such
acceleration is at the sole option of the Note Insurer.

         Notwithstanding the foregoing paragraph, this Policy does not cover
shortfalls, if any, attributable to the liability of any person for withholding
taxes, if any (including interest and penalties in respect of any such
liability).

         The Note Insurer will pay any Insured Payment that is a Preference
Amount on the Business Day following receipt on a Business Day by the Fiscal
Agent (as described below) of (i) a certified copy of the order requiring the
return of a preference payment, (ii) an opinion of counsel satisfactory to the
Note Insurer that such order is final and not subject to appeal, (iii) an
assignment in such form as is reasonably required by the Note Insurer,
irrevocably assigning to the Note Insurer all rights and claims of the Class A
Noteholder relating to or arising under the Obligations against the debtor which
made such preference payment or otherwise with respect to such preference
payment and (iv) appropriate instruments to effect the appointment of the Note
Insurer as agent for such Class A Noteholder in any legal proceeding related to
such preference payment, such instruments being in a form satisfactory to the
Note Insurer, provided that if such documents are received after 12:00 noon, New
York City time, on such Business Day, they will be deemed to be received on the
following Business Day Such payments shall be disbursed to the receiver or
trustee in bankruptcy named in the final order of the court exercising
jurisdiction on behalf of the Class A Noteholder and not to any Class A
Noteholder directly unless such Class A Noteholder has returned principal or
interest paid on the Obligations to such receiver or trustee in bankruptcy, in
which case such payment shall be disbursed to such Class A Noteholder.

         The Note Insurer will pay any Deficiency Amount payable hereunder no
later than 12:00 noon, New York City time, on the later of the Payment Date on
which the related Deficiency Amount is due or the second Business Day following
receipt in New York, New York on a

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Business Day by State Street Bank and Trust Company, N.A., as Fiscal Agent for
the Note Insurer or any successor fiscal agent appointed by the Note Insurer
(the "Fiscal Agent") of a Notice (as described below); provided that if such
Notice is received after 12:00 noon, New York City time, on such Business Day,
it will be deemed to be received on the following Business Day. If any such
Notice received by the Fiscal Agent is not in proper form or is otherwise
insufficient for the purpose of making claim hereunder, it shall be deemed not
to have been received by the Fiscal Agent for purposes of this paragraph, and
the Note Insurer or the Fiscal Agent, as the case may be, shall promptly so
advise the Indenture Trustee and the Indenture Trustee may submit an amended
Notice.

         Insured Payments due hereunder, unless otherwise stated herein, will be
disbursed by the Fiscal Agent to the Indenture Trustee on behalf of the Class A
Noteholders by wire transfer of immediately available funds in the amount of the
Insured Payment less, in respect of Insured Payments related to Preference
Amounts, any amount held by the Indenture Trustee for the payment of such
Insured Payment and legally available therefor.

         The Fiscal Agent is the agent of the Note Insurer only, and the Fiscal
Agent shall in no event be liable to Class A Noteholders for any acts of the
Fiscal Agent or any failure of the Note Insurer to deposit, or cause to be
deposited, sufficient funds to make payments due under this Policy.

         Subject to the terms of the Indenture (as described below), the Note
Insurer shall be subrogated to the rights of each Class A Noteholder to receive
payments under the Class A Notes to the extent of any payment by the Note
Insurer under the Policy.

         As used herein, the following terms shall have the following meanings:

         "Business Day" means any day other than (a) a Saturday or a Sunday, or
(b) a day on which commercial banking or federal institutions in New York, New
York, Charlotte, North Carolina, Falls Church, Virginia, Plano, Texas or in the
city in which the principal trust office of the Indenture Trustee or the
principal office of the Note Insurer, is located are authorized or obligated by
law or executive order to close.

         "Class A Noteholder" means each Holder of a Class A Note (as defined in
the Indenture) who, on the applicable Payment Date, is entitled under the terms
of the applicable Class A Notes to payment thereunder.

         "Deficiency Amount" means, with respect to any Payment Date, the sum
of (i) the excess, if any, of (a) the Class A Note Interest over (b) the sum of
amounts available for payment from the Revenue Fund and all amounts then on
deposit in the Reserve Fund as of such Payment Date (after giving effect to all
payments pursuant to clauses First and Second of Section 5.05(c)(ii) of the
Indenture), (ii) the excess, if any, of the Principal Deficit (as defined below)
over the sum of amounts available for payment from the Revenue Fund and all
amounts then on deposit in the Reserve Fund as of such Payment Date (after
giving effect to all payments pursuant to clauses First through Sixth of Section
5.05(c)(ii) of the Indenture) and (iii) the Aggregate Outstanding Principal
Balance of each Class of Class A Notes on its respective Final Scheduled Payment
Date


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to the extent unpaid pursuant to clause (ii) above and after giving effect to
all payments pursuant to clauses First through Seventh of Section 5.05(c)(ii) of
the Indenture.

         "Indenture" means the Indenture dated as of July 26, 2001 between
Wilmington Trust Company, as Owner Trustee and the Indenture Trustee, without
regard to any amendment or supplement thereto unless such amendment or
supplement has been approved in writing by the Note Insurer.

         "Insured Payment" means the sum of (i) as of any Payment Date, any
Deficiency Amount and (ii) any Preference Amount.

         "Notice" means the telephonic or telegraphic notice, promptly confirmed
in writing by facsimile substantially in the form of Exhibit A attached to this
Policy, the original of which is subsequently delivered by registered or
certified mail, from the Indenture Trustee specifying the Insured Payment which
shall be due and owing on the applicable Payment Date.

         "Preference Amount" means any amount previously paid to Class A
Noteholders on the Class A Notes that is recoverable and sought to be recovered
as a voidable preference by a trustee in bankruptcy pursuant to the United
States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance
with a final nonappealable order of a court having competent jurisdiction.

         "Principal Deficit" means, with respect to any Payment Date, the
excess, if any, of (i) the Aggregate Outstanding Principal Balance of the Class
A Notes as of the prior Payment Date (after application of all payments on such
date) over (ii) the sum of the amount of the Aggregate Receivable Balance (as of
the end of the related Collection Period), the amount on deposit in the
Pre-Funding Account (as of the end of the related Collection Period) and the
amount on deposit in the Reserve Fund (after giving effect to all payments as
such Payment Date pursuant to clause First through Sixth of Section 5.05(c)(ii)
of the Indenture).

         Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Indenture as of the date of
execution of this Policy, without giving effect to any subsequent amendment to
or modification of the Indenture unless such amendment or modification has been
approved in writing by the Note Insurer.

         Any notice hereunder or service of process on the Fiscal Agent may be
made at the address listed below for the Fiscal Agent or such other address as
the Note Insurer shall specify in writing to the Indenture Trustee.

         The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Indenture Trustee in
writing.

         This Policy is being issued under and pursuant to, and shall be
construed under, the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.

         The insurance provided by this Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.


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         This Policy is not cancelable for any reason. The premium on this
Policy is not refundable for any reason including payment, or provision being
made for payment, prior to maturity of the Obligations.

         IN WITNESS WHEREOF, the Note Insurer has caused this Policy to be
executed and attested this 26th day of July, 2001.

                                         MBIA INSURANCE CORPORATION

                                         By /s/ GARY C. DUNTON
                                           -------------------------

                              Attest:    By /s/ LISA A. WALL
                                           -------------------------
                                              Assistant Secretary


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                                  [MBIA LOGO]

                                    EXHIBIT A

                       TO NOTE GUARANTY INSURANCE POLICY
                                  NUMBER: 35824

                           NOTICE UNDER NOTE GUARANTY
                         INSURANCE POLICY NUMBER: 35824

State Street Bank and Trust Company, N.A., as Fiscal Agent
 for MBIA Insurance Corporation
61 Broadway, 15th Floor
New York, NY 10006
Attention: Municipal Registrar and
                Paying Agency

MBIA Insurance Corporation
113 King street
Armonk,  NY 10504

         The undersigned, a duly authorized officer of                 , as
indenture trustee (the "Indenture Trustee"), hereby certifies to State Street
Bank and Trust Company, N.A. (the "Fiscal Agent") and MBIA Insurance Corporation
(the "Note Insurer"), with reference to Note Guaranty Insurance Policy Number
35824 (the "Policy") issued by the Note Insurer in respect of the Capital One
Auto Finance Trust 2001-A Automobile Receivable-Backed Notes, Series 2001-A
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes (the
"Obligations"), that:

                  (i) the Indenture Trustee is the indenture trustee under the
         Indenture dated as of July 26, 2001 between Wilmington Trust Company,
         as Owner Trustee and Wells Fargo Bank Minnesota, National Association,
         as Indenture Trustee, as Indenture Trustee for the Class A Noteholders;

                  (ii) the Deficiency Amount for the Payment Date occurring on
         (the "Applicable Payment Date") is $       (the "Deficiency Amount");

                  (iii) the amount of previously distributed payments on the
         Obligations that is recoverable and sought to be recovered as a
         voidable preference by a trustee in bankruptcy pursuant to the
         Bankruptcy Code in accordance with a final nonappealable order of a
         court having competent jurisdiction is $     (the "Preference Amount");

                  (iv) the total Insured Payment due is $     , which amount
         equals the sum of the Deficiency Amount and the Preference Amount;


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                  (v) the Indenture Trustee is making a claim under and pursuant
         to the terms of the Policy for the dollar amount of the Insured Payment
         s&t forth in (ii) above to be applied to the payment of the Deficiency
         Amount on the Obligations for the Applicable Payment Date in accordance
         with the Indenture and for the dollar amount of the Insured Payment set
         forth in (iii) above to be applied to the payment of any Preference
         Amount; and

                  (vi) the Indenture Trustee directs that payment of the Insured
         Payment be made to the following account by bank wire transfer of
         federal or other immediately available funds in accordance with the
         terms of the Policy: [INDENTURE TRUSTEE'S ACCOUNT].

         Any capitalized term used above in this Notice and not otherwise
defined herein shall have the meaning assigned thereto in the Policy.

         Any Person Who Knowingly And With Intent To Defraud Any Insurance
Company Or Other Person Files An Application For Insurance Or Statement Of Claim
Containing Any Materially False Information, Or Conceals For The Purpose of
Misleading, Information Concerning Any Fact Material Thereto, Commits A
Fraudulent Insurance Act, Which Is A Crime, And Shall Also Be Subject To A Civil
Penalty Not To Exceed Five Thousand Dollars And The Stated Value Of The Claim
For Each Such Violation.

         IN WITNESS WHEREOF, the Indenture Trustee has executed and delivered
this Notice under the Policy as of the      day of     ,       .


                                                , as Indenture Trustee


                                         By
                                           --------------------------------


                                         Title
                                              -----------------------------


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