<PAGE>   1
                                                                    EXHIBIT 10.2


                                                                  EXECUTION COPY

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                             CONTRIBUTION AGREEMENT



                                 by and between



                        CAPITAL ONE AUTO RECEIVABLES, LLC
                                     Seller



                                       and



                            WILMINGTON TRUST COMPANY,
         not in its individual capacity but solely as Owner Trustee for
                      Capital One Auto Finance Trust 2001-A



                            Dated as of July 26, 2001

                        --------------------------------


                                  $910,382,514



                        CAPITAL AUTO FINANCE TRUST 2001-A
                AUTOMOBILE RECEIVABLE-BACKED NOTES, SERIES 2001-A
                         CLASS A NOTES AND CLASS B NOTES



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<PAGE>   2
                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
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<S>                                                                                                            <C>
ARTICLE I             CERTAIN DEFINITIONS........................................................................1

ARTICLE II            CONTRIBUTION AND ACQUISITION OF RECEIVABLES................................................2

         Section 2.01          Contribution and Acquisition of Receivables.......................................2

         Section 2.02          The Closing.......................................................................3

         Section 2.03          Funding Dates.....................................................................4

ARTICLE III           REPRESENTATIONS AND WARRANTIES.............................................................4

         Section 3.01          Representations and Warranties of the Owner Trustee...............................4

         Section 3.02          Representations and Warranties of the Seller......................................5

ARTICLE IV            CONDITIONS.................................................................................8

         Section 4.01          Conditions to Obligation of the Owner Trustee.....................................8

         Section 4.02          Conditions to Obligation of the Seller...........................................10

ARTICLE V             COVENANTS OF THE SELLER...................................................................10

         Section 5.01          Protection of Right, Title and Interest..........................................10

         Section 5.02          Other Liens or Interests.........................................................10

         Section 5.03          Principal Executive Office.......................................................11

         Section 5.04          Full Force and Effect............................................................11

         Section 5.05          Costs and Expenses...............................................................11

         Section 5.06          No Waiver........................................................................11

         Section 5.07          Location of Servicer Files.......................................................11

         Section 5.08          [Reserved].......................................................................11

         Section 5.09          Transfer of Receivables..........................................................11

         Section 5.10          Seller's Records.................................................................11

         Section 5.11          [Reserved].......................................................................11

         Section 5.12          Cooperation by Seller............................................................11

         Section 5.13          Transfer of Additional Receivables...............................................12

         Section 5.14          Notice of Breach.................................................................12

         Section 5.15          No Violation.....................................................................12

ARTICLE VI            [RESERVED]................................................................................12

ARTICLE VII           MISCELLANEOUS PROVISIONS..................................................................12

         Section 7.01          Obligations of Seller............................................................12
</TABLE>



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                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                                                               Page
<S>                                                                                                            <C>
         Section 7.02          Repurchase Events................................................................12

         Section 7.03          Owner Trustee's Assignment of Repurchased Receivables............................14

         Section 7.04          Subsequent Pledge................................................................14

         Section 7.05          Amendment........................................................................14

         Section 7.06          Waivers..........................................................................14

         Section 7.07          Notices..........................................................................14

         Section 7.08          [Reserved].......................................................................15

         Section 7.09          Representations..................................................................15

         Section 7.10          Confidential Information.........................................................15

         Section 7.11          Headings and Cross-References....................................................15

         Section 7.12          Governing Law....................................................................15

         Section 7.13          Counterparts.....................................................................15

         Section 7.14          No Bankruptcy Petition Against the Trust.........................................15

         Section 7.15          Third Party Beneficiaries........................................................16

         Section 7.16          Limitation on Liability..........................................................16

         Section 7.17          Limitations of Liability.........................................................16

SCHEDULE I                PERFECTION REPRESENTATIONS
</TABLE>



                                      -ii-
<PAGE>   4

                             CONTRIBUTION AGREEMENT


         This CONTRIBUTION AGREEMENT is made as of this July 26, 2001, by and
between CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability company
(the "Seller") and WILMINGTON TRUST COMPANY, a Delaware banking corporation not
in its individual capacity but solely as Owner Trustee for Capital One Auto
Finance Trust 2001-A (the "Owner Trustee"), a Delaware common law trust (the
"Trust").

         WHEREAS, the Seller has acquired and will acquire in the ordinary
course of business, certain Receivables (as defined in the Indenture described
below), each secured by a security interest granted by the related Obligors (as
defined in the Indenture) in the Financed Vehicles (as defined in the Indenture)
financed thereby from Capital One Auto Finance, Inc., a Texas corporation (the
"Transferor"), pursuant to the terms of that certain Transfer and Assignment
Agreement dated of even date herewith (the "Transfer and Assignment Agreement")
by and between the Transferor and the Seller; and

         WHEREAS, the Seller and the Owner Trustee wish to set forth the terms
and provisions pursuant to which the Receivables are to be transferred by the
Seller to the Owner Trustee on the Closing Date and on each Funding Date (both
as defined in the Indenture), which Receivables will then be Granted (as defined
in the Indenture) by the Owner Trustee to the Indenture Trustee for the benefit
of the Noteholders and the Note Insurer (both as defined in the Indenture), as
their interests appear, pursuant to the terms of that certain Indenture dated of
even date herewith (the "Indenture") by and between the Owner Trustee and Wells
Fargo Bank Minnesota, National Association, as indenture trustee (the "Indenture
Trustee").

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

                                   ARTICLE I
                               CERTAIN DEFINITIONS

         Capitalized terms used but not defined in this Agreement shall have the
meanings set forth in the Indenture. As used in this Agreement, the following
terms shall, unless the context otherwise requires, have the following meanings
(such meanings to be equally applicable to the singular and plural forms of such
terms and to the masculine, feminine and neuter genders of such terms):

         "Agreement" or "Contribution Agreement" means this Contribution
Agreement and all amendments and restatements hereof and supplements hereto.

         "Assignment" means the document of assignment substantially in the form
attached to this Agreement as Exhibit A.

         "Perfection Representations" means the representations, warranties and
covenants set forth in Schedule 1 attached hereto.





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<PAGE>   5

                                   ARTICLE II
                   CONTRIBUTION AND ACQUISITION OF RECEIVABLES

     Section 2.01 CONTRIBUTION AND ACQUISITION OF RECEIVABLES. On the Closing
Date and on each Funding Date, subject to the terms and conditions of this
Agreement, the Seller agrees to contribute and assign to the Owner Trustee, and
the Owner Trustee agrees to acquire from the Seller, the Receivables and the
other Trust Property relating thereto.

          (a) Initial Contribution of Receivables and Trust Property. On the
     Closing Date and simultaneously with the transactions pursuant to the
     Transfer and Assignment Agreement and the Indenture, the Seller shall
     contribute and assign to the Owner Trustee, without recourse except as set
     forth herein, a 100% interest in (i) all right, title and interest of the
     Seller in and to the Initial Receivables identified on a Schedule of
     Receivables delivered on the Closing Date, and all moneys received thereon
     (including amounts received on any Extended Service Agreements relating
     thereto), after the related Cutoff Date (except for interest accrued as of
     the related Cutoff Date and actually received subsequent to such Cutoff
     Date which shall be withdrawn from the Revenue Fund, to the extent
     contained therein, and paid to the Seller); (ii) the security interest of
     the Seller in the Financed Vehicles granted by the Obligors pursuant to the
     Initial Receivables and the certificates of title to such Financed
     Vehicles; (iii) the interest of the Seller in any proceeds from claims on
     any physical damage, credit life, risk default, disability or other
     insurance policies covering the Financed Vehicles or the Obligors or
     refunds in connection with Extended Service Agreements relating to
     Defaulted Receivables from such Cutoff Date; (iv) any property (including
     the right to receive future Liquidation Proceeds) that shall secure an
     Initial Receivable; (v) all right, title and interest of the Seller in and
     to any recourse against the Transferor or any Dealer pursuant to the
     Transfer and Assignment Agreement or the applicable Dealer Agreement,
     respectively; (vi) the original retail installment contracts and security
     agreements evidencing the Initial Receivables; and (vii) the proceeds of
     any and all of the foregoing. (All of the property identified in this
     subsection (a) and the following subsection (c) shall constitute "Trust
     Property".)

          (b) Consideration for Initial Receivables. In consideration of the
     Receivables and the Trust Property described in Section 2.01(a), the Seller
     shall, on the Closing Date, receive an amount equal to 98% of the
     Receivables Purchase Price in the form of cash by federal wire transfer
     funds and the Seller shall make a capital contribution to the Trust on the
     Closing Date of Initial Receivables in an amount equal to 2% of the
     Receivables Purchase Price.

          (c) Contribution of Subsequent Receivables and Trust Property. On each
     Funding Date, the Seller shall contribute and assign to the Owner Trustee,
     without recourse except as set forth herein, a 100% interest in (i) all
     right, title and interest of the Seller in and to the Subsequent
     Receivables identified on a Schedule of Receivables delivered on such
     Funding Date, and all moneys received thereon (including amounts received
     on any Extended Service Agreements relating thereto), after the respective
     Cutoff Date (except for interest accrued as of the related Cutoff Date and
     actually received subsequent to the related Cutoff Date which shall be
     withdrawn from the




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<PAGE>   6

     Revenue Fund, to the extent contained therein, and paid to the Transferor);
     (ii) the security interest of the Seller in the Financed Vehicles granted
     by the Obligors pursuant to such Subsequent Receivables and the
     certificates of title to such Financed Vehicles; (iii) the interest of the
     Seller in any proceeds from claims on any physical damage, credit life,
     risk default, disability or other insurance policies covering the Financed
     Vehicles or the Obligors or refunds in connection with Extended Service
     Agreements relating to Defaulted Receivables from the related Cutoff Date;
     (iv) any property (including the right to receive future Liquidation
     Proceeds) that shall secure a Subsequent Receivable, (v) all right, title
     and interest of the Seller in and to any recourse against the Transferor or
     any Dealer pursuant to the Transfer and Assignment Agreement or the
     applicable Dealer Agreement, respectively; (vi) the original retail
     installment contracts and security agreements evidencing the Subsequent
     Receivables; and (vii) the proceeds of any and all of the foregoing;
     provided, however, that Subsequent Receivables may not be acquired by the
     Seller from the Transferor, contributed and assigned by the Seller to the
     Owner Trustee and Granted by the Owner Trustee to the Indenture Trustee
     unless the addition of such Subsequent Receivables to the Receivables Pool
     meets the requirements set forth in Section 2.16 of the Indenture.

          (d) Consideration for Subsequent Receivables. Upon two (2) Business
     Days' prior written notice given by the Owner Trustee to the Indenture
     Trustee, the Owner Trustee shall cause the Indenture Trustee, on the
     applicable Funding Date, to pay to the Seller an amount equal to 98% of the
     Receivables Purchase Price with respect to the Subsequent Receivables
     acquired from the Seller on such date in cash by federal wire transfer
     funds and the Seller shall make a capital contribution to the Trust on such
     Funding Date of Subsequent Receivables in an amount equal to 2% of the
     Receivables Purchase Price for such Subsequent Receivables. The Seller
     acknowledges that funds to transfer the Subsequent Receivables and the
     other Trust Property relating thereto on each Funding Date shall be
     disbursed by the Indenture Trustee solely from the Issuance Fund pursuant
     to Section 5.06 of the Indenture.

          (e) Absolute Assignment. It is the intention of the Seller and the
     Owner Trustee that each contribution, assignment and conveyance hereunder
     constitute an absolute assignment of the Trust Property from the Seller to
     the Owner Trustee. If, notwithstanding the express intention of the
     parties, this Agreement is deemed not to constitute an absolute assignment
     of the Trust Property from the Seller to the Owner Trustee, this Agreement
     shall be deemed to be a security agreement within the meaning of Article 8
     and Article 9 of the Uniform Commercial Code as in effect in the
     Commonwealth of Virginia and the State of Delaware and the conveyance
     provided for in this Section 2.01 shall be deemed to be a grant by the
     Seller to the Owner Trustee of a valid first priority perfected security
     interest in all of the Seller's right, title and interest in and to the
     Trust Property.

     Section 2.02 THE CLOSING. The transfer of the Initial Receivables shall
take place at a closing (the "Closing") at the offices of Mayer, Brown & Platt,
Chicago, Illinois on the Closing Date, simultaneously with the closings under
the Transfer and Assignment Agreement and the Indenture pursuant to which (a)
the Transferor will absolutely assign all of its right, title and interest in
and to the Initial Receivables and other Trust Property to the Seller, (b) the
Seller will



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absolutely assign all of its right, title and interest in and to the Initial
Receivables and other Trust Property to the Owner Trustee, (c) the Owner Trustee
will Grant all of its right, title and interest in and to the Initial
Receivables and other Trust Property to the Indenture Trustee for the benefit of
the Noteholders and the Note Insurer, and (d) the Class A Notes and the Class B
Notes will be issued.

     Section 2.03 FUNDING DATES. The transfer of the Subsequent Receivables on a
Funding Date shall take place at the offices of the Indenture Trustee or such
other location as the Seller and the Owner Trustee may reasonably agree. The
transfer of the Subsequent Receivables shall be made in accordance with Section
2.16 of the Indenture pursuant to which (a) the Transferor will absolutely
assign all of its right, title and interest in and to the Subsequent Receivables
and other Trust Property to the Seller, (b) the Seller will transfer all of its
right, title and interest in and to the Subsequent Receivables and other Trust
Property to the Owner Trustee, and (c) the Owner Trustee will Grant all of its
right, title and interest in and to the Subsequent Receivables and other Trust
Property to the Indenture Trustee for the benefit of the Noteholders and the
Note Trust.

                                  ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

     Section 3.01 REPRESENTATIONS AND WARRANTIES OF THE OWNER TRUSTEE. The Owner
Trustee hereby represents and warrants to the Seller as of the date hereof and
as of the Closing Date and each Funding Date:

          (a) Organization, Etc. The Owner Trustee is a banking corporation in
     good standing under the laws of the State of Delaware with full power and
     authority to execute and deliver this Agreement and to perform the terms
     and provisions hereof. The Owner Trustee is duly qualified to do business
     as a foreign business entity in good standing and has obtained all required
     licenses and approvals, if any, in all jurisdictions in which the ownership
     or lease of property or the conduit of its business requires such
     qualification except those jurisdictions in which failure to be so
     qualified would not have a material adverse effect on the business or
     operations of the Owner Trustee.

          (b) Due Authorization. The execution, delivery and performance by the
     Owner Trustee of this Agreement have been duly authorized by all necessary
     action do not require any approval or consent of any Person, do not and
     will not conflict with any material provision of the Certificate of
     Incorporation or By-laws of the Owner Trustee, and do not and will not
     conflict with or result in a breach which would constitute a material
     default under any agreement for borrowed money binding upon or applicable
     to it or such of its property which is material to it, or any law or
     governmental regulation or court decree applicable to it or such material
     property, and this Agreement is the legal, valid and binding obligation of
     the Owner Trustee enforceable in accordance with its terms except as the
     same may be limited by insolvency, bankruptcy, reorganization or other laws
     relating to or affecting the enforcement of creditors' rights or by general
     equity principles.


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<PAGE>   8

          (c) No Litigation. No litigation or administrative proceeding of or
     before any court, tribunal or governmental body is presently pending, or to
     the knowledge of the Owner Trustee, threatened, against the Owner Trustee
     or its properties or with respect to this Agreement, which, if adversely
     determined would, in the opinion of the Owner Trustee, have a material
     adverse effect on the transactions contemplated by this Agreement.

          (d) Business Purpose. The Owner Trustee will acquire the Receivables
     for a bona fide business purpose and has undertaken the transactions
     contemplated herein as principal rather than as agent for the Seller or any
     other person.

     Section 3.02 REPRESENTATIONS AND WARRANTIES OF THE SELLER.

          (a) The Seller hereby represents and warrants to the Owner Trustee as
     of the Closing Date and each Funding Date:

              (i) Organization, Etc. The Seller is a limited liability company
          duly organized under the laws of the State of Delaware pursuant to a
          Certificate of Formation and is validly existing as a limited
          liability company and is in good standing under the laws of the State
          of Delaware. The Seller has full power and authority to own its
          properties and to conduct its business as such properties are
          currently owned and such business is presently conducted and had at
          all relevant times, and has the power, authority and legal right to
          acquire and transfer the Receivables acquired and transferred by the
          Seller.

              (ii) Due Qualification. The Seller is duly qualified to do
          business as a foreign limited liability company, in good standing, and
          has obtained all necessary licenses and approvals, in all
          jurisdictions in which the ownership or lease of property or the
          conduct of its business shall require such qualifications.

              (iii) Power and Authority. The Seller has the power and authority
          to execute and deliver this Agreement and to carry out its terms; the
          Seller has full power and authority to transfer the property
          transferred to the Owner Trustee and such transfer does not and will
          not conflict with or result in a breach which would constitute a
          material default under any agreement for borrowed money binding upon
          or applicable to it or such of its property which is material to it,
          or any law or governmental regulation or court decree applicable to it
          or such material property, and this Agreement is the legal, valid and
          binding obligation of the Seller enforceable in accordance with its
          terms except as the same may be limited by insolvency, bankruptcy,
          reorganization or other laws relating to or affecting the enforcement
          of creditors' rights or by general equity principles.

              (iv) No Violation. The consummation of the transactions
          contemplated by this Agreement and the fulfillment of the terms do not
          conflict with, result in any breach of any of the terms and provisions
          of, nor constitute (with or without notice or lapse of time) a default
          under, the Certificate of Formation and the Limited Liability Company
          Agreement of the Seller or any indenture, agreement



                                       5
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          or other instrument to which the Seller is a party or by which it is
          bound; nor result in the creation or imposition of any lien upon any
          of its properties pursuant to the terms of any such indenture,
          agreement or other instrument (other than this Agreement); nor violate
          any law or, to the best of the Seller's knowledge, any order, rule or
          regulation applicable to the Seller of any court or of any federal or
          state regulatory body, administrative agency, or other governmental
          instrumentality having jurisdiction over the Seller or its properties.

              (v) No Proceedings. There are no proceedings or investigations
          pending, or, to the Seller's best knowledge, threatened, before any
          court, regulatory body, administrative agency or other governmental
          instrumentality having jurisdiction over the Seller or its properties:
          (A) asserting the invalidity of this Agreement; (B) seeking to prevent
          the consummation of any of the transactions contemplated by this
          Agreement; or (C) seeking any determination or ruling that might
          materially and adversely affect the performance by the Seller of its
          obligations under, or the validity or enforceability of, this
          Agreement.

              (vi) No Consents, Approvals. Neither the execution nor the
          delivery by the Seller of this Agreement, or the performance of the
          Seller's obligations hereunder, require the consent or approval of,
          the giving of notice to, the registration with, or the taking of any
          other action with respect to, any governmental authority or agency
          under any existing federal or state law governing the Seller, except
          such as have been previously obtained, made or taken.

              (vii) Adequate Provisions for Taxes. The provisions for taxes on
          the Seller's books are in accordance with generally accepted
          accounting principles.

              (viii) Trade Name. "Capital One Auto Receivables, LLC" is the only
          trade name under which the Seller is currently operating its business.
          For the six (6) years (or such shorter period of time during which the
          Seller was in existence) preceding the date hereof, the Seller
          operated its business under the trade name "Capital One Auto
          Receivables, LLC."

              (ix) Ability to Perform. There has been no material impairment in
          the ability of the Seller to perform its obligations under this
          Agreement.

              (x) Valid Business Reasons; No Fraudulent Transfers. The Seller
          has valid business reasons for contributing the Receivables rather
          than obtaining a secured loan with the Receivables as collateral. At
          the time of the transfer: (A) the Seller contributed the Receivables
          to the Owner Trustee without any intent to hinder, delay, or defraud
          any current or future creditor of the Seller; (B) the Seller was not
          insolvent or did not become insolvent as a result of the transfer; (C)
          the Seller was not engaged and was not about to engage in any business
          or transaction for which any property remaining with the Seller was an
          unreasonably small capital or for which the remaining assets of the
          Seller were unreasonably small in relation to the business of the
          Seller or the transaction;



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<PAGE>   10

          (D) the Seller did not intend to incur, and did not believe or
          reasonably should not have believed that it would incur, debts beyond
          its ability to pay as they become due; and (E) the consideration paid
          by the Owner Trustee to the Seller for the Receivables transferred by
          the Seller hereunder was equivalent to a fair market value of such
          Receivables under the circumstances of the transaction, including but
          not limited to, timing of such transfer.

              (xi) Principal Executive Office. Since its inception, the Seller
          has maintained, and from the date of this Agreement shall maintain,
          its principal executive office in the Commonwealth of Virginia, and
          there has been no other jurisdiction in which the Seller's principal
          executive office was located during the four (4) months preceding the
          Closing Date.

              (xii) No Omission or Misstatement. Neither this Agreement nor any
          statement, report or other document furnished or to be furnished
          pursuant to this Agreement by the Seller, or in connection with the
          transactions contemplated hereby, contains any untrue statement of
          fact or omits to state a fact necessary to make the statements
          contained herein or therein not misleading in so far as the same
          relates to the Seller. The Seller has good and marketable title to,
          and is the owner of, each Receivable transferred by the Seller
          hereunder and the indebtedness evidenced by each such Receivable is
          subject to no lien, charge, security interest or encumbrance of any
          kind or nature and the Seller has the unqualified right to transfer
          its ownership interest in each such Receivable and the indebtedness
          evidenced thereby; the Seller has not made any prior transfer of any
          Receivable or its rights thereto or thereunder.

              (xiii) Perfection Representations. The Perfection Representations
          shall be a part of this Agreement for all purposes.

              (xiv) 1940 Act. The Seller is not an "investment company" as such
          term is defined in the 1940 Act.

          (b) The Seller hereby affirms that each of the representations and
     warranties of the Transferor set forth in the Transfer and Assignment
     Agreement is true and correct as of the Closing Date or Funding Date, as
     the case may be, and each such representation and warranty is hereby
     incorporated in this Contribution Agreement as if set forth herein in full;
     provided, however, that in incorporating such representations and
     warranties (a) each reference in such representations and warranties to the
     Transferor shall be deemed to be a reference to the Seller and each
     reference to the Seller shall be deemed to be a reference to the Owner
     Trustee, (b) each reference in such representations and warranties to an
     assignment of the Receivable from the Transferor to the Seller pursuant to
     the Transfer and Assignment Agreement shall be deemed to be a reference to
     the transfer of the Receivable from the Seller to the Owner Trustee
     pursuant to this Contribution Agreement and (c) each reference in such
     representations and warranties to the Transferor having good and marketable
     title to the Receivable free and clear of Liens prior to the assignment
     from the Transferor to the Seller shall be deemed to be a reference




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     to the Seller having good and marketable title to the Receivable free and
     clear of Liens prior to the transfer from the Seller to the Owner Trustee.

                                   ARTICLE IV
                                   CONDITIONS

     Section 4.01 CONDITIONS TO OBLIGATION OF THE OWNER TRUSTEE. The obligation
of the Owner Trustee to accept the transfer of the Receivables is subject to the
satisfaction of the following conditions:

          (a) Representations and Warranties True. The representations and
     warranties of the Seller hereunder shall be true and correct on the Closing
     Date or Funding Date, as the case may be, with the same effect as if then
     made, and the Seller shall have performed all obligations to be performed
     by it hereunder on or prior to the Closing Date or Funding Date, as the
     case may be.

          (b) Files Marked; Files and Records. The Seller shall, at its own
     expense, on or prior to the Closing Date or Funding Date, as the case may
     be, indicate in its files that the Receivables have been contributed to the
     owner Trustee pursuant to this Agreement deliver to the Owner Trustee a
     Schedule of Receivables certified by the Chairman, the President, a Vice
     President or the Treasurer of the Seller to be true, correct and complete.
     Further, the Seller hereby agrees that the computer files and other
     physical records of the Receivables maintained by the Seller will bear an
     indication reflecting that the Receivables were transferred to the Owner
     Trustee.

          (c) Documents to be Delivered by the Seller on or in connection with
     the Closing Date or Funding Date.

              (i) The Assignment. As of the Closing Date and each Funding Date,
          the Seller shall execute an Assignment substantially in the form of
          Exhibit A hereto of the Receivables, the security interests in the
          related Financed Vehicles and the other Trust Property being
          transferred by the Seller on such date (as identified on the Schedule
          of Receivables attached to such Assignment).

              (ii) Evidence of UCC Filings. On or prior to the Closing Date or
          Funding Date, as the case may be, the Seller shall provide the Owner
          Trustee evidence that the Seller has recorded and filed, at the
          expense of the Transferor, (A) Termination Statements in each
          jurisdiction in which required by applicable law, if any, to release
          any prior security interests in the Receivables granted by the Seller
          and (B) UCC financing statements in each jurisdiction in which
          required by applicable law, executed by the Seller, as seller or
          debtor, and naming the Owner Trustee, as purchaser or secured party,
          identifying the Receivables and the other Trust Property as
          collateral, meeting the requirements of the laws of each such
          jurisdiction and in such manner as is necessary to perfect the
          transfer of such Receivables to the Owner Trustee. The Seller shall
          deliver the Perfection UCC's, or other evidence satisfactory to the
          Owner Trustee of such filing, to the Indenture Trustee within thirty
          (30) days following the Closing Date or Funding Date, as the




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          case may be, or promptly following such later date as such
          file-stamped copies, or other evidence is received by or on behalf of
          the Owner Trustee.

              (iii) Other Documents. Such other documents as the Owner Trustee
          may reasonably request.

          (d) Documents to be Delivered by the Seller In Connection with the
     Closing Date or Funding Date. Within two (2) Business Days preceding the
     Closing Date or Funding Date, as the case may be, the Seller shall cause
     the Transferor to deliver to the Custodian the following documents (with
     respect to each Receivable, a "Custodian File"):

              (i) the sole original counterpart of the retail installment
          contract and security agreement evidencing each such Receivable and
          any and all amendments thereto; and

              (ii) (A) the original Certificate of Title or copies of
          correspondence to the appropriate State title registration agency, and
          all enclosures thereto, for issuance of the original Certificate of
          Title for the related Financed Vehicles or (B) if the appropriate
          State title registration agency issues a letter or other form of
          evidence of lien in lieu of a Certificate of Title, the original lien
          entry letter or form or copies of correspondence to such State title
          registration agency, and all enclosures thereto, for issuance of the
          original lien entry letter or form for the related Financed Vehicles.

          Such delivery of Custodian Files shall be accompanied by a Certificate
     of Delivery substantially in the form of Exhibit D to the Transfer and
     Assignment Agreement; provided, however, that, with respect to the
     Custodian Files delivered pursuant to this subsection (d) of this Section
     4.01, any original Certificate of Title or other evidence of the lien of
     the Transferor (or, in the case of a Referral Receivable, the applicable
     Referral Originator) not so delivered to the Custodian due to the fact that
     such title or other evidence of lien has not yet been issued by a State
     title registration agency and delivered to or on behalf of the Transferor
     shall be delivered by the Transferor to the Custodian promptly following
     receipt thereof by the Transferor but in no event later than 120 days
     following the Closing Date or Funding Date, as the case may be; further
     provided, however, that for any original Certificate of Title or other
     evidence of lien of the Transferor (or, in the case of a Referral
     Receivable, the applicable Referral Originator) not so delivered to the
     Custodian, the Seller shall be deemed to be in breach of its
     representations and warranties contained in Section 3.02(b) hereof, and
     such occurrence shall constitute a Repurchase Event pursuant to Section
     7.02 hereof.

          (e) Other Transactions. The transactions contemplated by the
     Indenture, the Transfer and Assignment Agreement and the Servicing
     Agreement shall be consummated on the Closing Date.



                                       9
<PAGE>   13

     Section 4.02 CONDITIONS TO OBLIGATION OF THE SELLER. The obligation of the
Seller to transfer the Receivables to the Owner Trustee on the Closing Date or
Funding Date, as the case may be, is subject to the satisfaction of the
following conditions:

          (a) Representations and Warranties True. The representations and
     warranties of the Owner Trustee hereunder shall be true and correct on the
     Closing Date or Funding Date, as the case may be, with the same effect as
     if then made, and the Owner Trustee shall have performed or cause to be
     performed all obligations to be performed by it hereunder on or prior to
     the Closing Date or Funding Date, as the case may be.

          (b) Proceedings. All corporate and legal proceedings and all
     instruments in connection with the transactions contemplated by this
     Contribution Agreement shall be satisfactory in form and substance to the
     Seller, and the Seller shall have received from the Trust or the Owner
     Trustee copies of all documents (including, without limitation, records of
     Seller proceedings) relevant to the transactions herein contemplated as the
     Seller may reasonably have requested.

                                   ARTICLE V
                             COVENANTS OF THE SELLER

         The Seller agrees with the Owner Trustee and the Note Insurer as
follows:

     Section 5.01 PROTECTION OF RIGHT, TITLE AND INTEREST.

          (a) Filings. The Seller shall cause all financing statements and
     continuation statements and any other necessary documents covering the
     right, title and interest of the Owner Trustee in and to the Receivables
     and the other Trust Property to be promptly filed, and at all times to be
     kept recorded, registered and filed, all in such manner and in such places
     as may be required by law fully to preserve and protect the right, title
     and interest of the Owner Trustee or the Indenture Trustee hereunder to the
     Receivables and the other Trust Property. The Seller shall deliver or cause
     to be delivered to or at the direction of the Owner Trustee, file-stamped
     copies of, or filing receipts for, any document recorded, registered or
     filed as provided above, as soon as available following such recordation,
     registration or filing. The Owner Trustee shall cooperate fully with the
     Seller in connection with the obligations set forth above and will execute
     any and all documents reasonably required to fulfill the intent of this
     Section 5.01(a).

          (b) Name Change. Within fifteen (15) days after the Seller makes any
     change in its name, identity or structure which would make any financing
     statement or continuation statement filed in accordance with paragraph (a)
     above seriously misleading within the applicable provisions of the UCC or
     any title statute, the Seller shall give the Owner Trustee, the Note
     Insurer, the Transferor and the Indenture Trustee notice of any such change
     and no later than five (5) days after the effective date thereof the Seller
     shall file such financing statements or amendments as may be necessary to
     continue the perfection of the Owner Trustee's security interest in the
     Trust Property.

     Section 5.02 OTHER LIENS OR INTERESTS. Except for the transfers hereunder,
the Seller will not sell, pledge, assign or transfer to any other person, or
grant, create, incur, assume or




                                       10
<PAGE>   14

suffer to exist any Lien on, any interest therein, and the Seller shall defend
the right, title, and interest of the Owner Trustee in, to and under such
Receivables against all claims of third parties claiming through or under the
Seller; provided, however, that the Seller's obligations under this Section 5.02
shall terminate upon the termination of the Indenture.

     Section 5.03 PRINCIPAL EXECUTIVE OFFICE. Since its inception, the Seller
has maintained and, from the date of this Agreement, shall maintain its
principal executive office in the Commonwealth of Virginia.

     Section 5.04 FULL FORCE AND EFFECT. The Seller shall keep in full force and
effect its existence, rights and franchises as a limited liability company under
the laws of the State of Delaware.

     Section 5.05 COSTS AND EXPENSES. The Seller agrees to pay all reasonable
costs and disbursements in connection with the perfection, as against all third
parties, of the transfer to the Owner Trustee of the Seller's right, title and
interest in and to the Receivables.

     Section 5.06 NO WAIVER. The Seller shall not waive any default, breach,
violation or event permitting acceleration under the terms of any Receivable.

     Section 5.07 LOCATION OF SERVICER FILES. The Servicer Files, exclusive of
the Custodian Files, are to be kept at the Servicer's principal executive
office. The Custodian Files are to be kept at the principal executive office of
the Custodian or such other office of the Custodian as specified in the
Indenture.

     Section 5.08 [RESERVED].

     Section 5.09 TRANSFER OF RECEIVABLES. The Seller will take no action
inconsistent with the transfer of the Receivables to the Owner Trustee for
financial accounting purposes.

     Section 5.10 SELLER'S RECORDS. The financial statements of the Seller will
disclose that, under generally accepted accounting principles, the Seller
transferred the Receivables to the Owner Trustee. The Seller will file all tax
returns and reports in a manner consistent with the transfer to the Seller of
the Receivables for federal income tax purposes.

     Section 5.11 [RESERVED].

     Section 5.12 COOPERATION BY SELLER.

          (a) The Seller will cooperate fully and in a timely manner with the
     Owner Trustee, the Trust, the Servicer or the Indenture Trustee in
     connection with (i) the filing of any claims with an insurer or any agent
     of any insurer under any insurance policy affecting an Obligor or any of
     the Financed Vehicles; (ii) supplying any additional information as may be
     requested by the Owner Trustee, the Trust, the Servicer, the Indenture
     Trustee or any such agent or insurer in connection with the processing of
     any such claim; and (iii) the execution or endorsement of any check or
     draft made payable to the Seller representing proceeds from any such claim.
     The Seller shall take all such actions as may be requested by the Owner
     Trustee, the Trust, the Servicer or the



                                       11
<PAGE>   15

     Indenture Trustee to protect the rights of the Owner Trustee or the
     Indenture Trustee on behalf of the Noteholders and the Note Insurer in and
     to any proceeds under any and all of the foregoing insurance policies. The
     Seller shall not take or cause to be taken any action which would impair
     the rights of the Owner Trustee or the Indenture Trustee on behalf of the
     Noteholders and the Note Insurer in and to any proceeds under any of the
     foregoing insurance policies.

          (b) The Seller shall, within two (2) Business Days of receipt thereof,
     endorse any check or draft payable to the Seller representing insurance
     proceeds and (i) in the event there are no other payees on such check or
     draft, forward, via hand delivery, such endorsed check or draft to the
     Servicer for deposit into the Collection Account and (ii) in the event such
     check or draft is also payable to the Indenture Trustee on behalf of the
     Noteholders and the Note Insurer, forward, via overnight courier, to the
     Indenture Trustee with a copy of such endorsed check or draft to the
     Servicer. The Seller will hold in trust and remit to the Indenture Trustee,
     within two (2) Business Days of receipt thereof, any funds received with
     respect to the Receivables after the Cutoff Date.

     Section 5.13 TRANSFER OF ADDITIONAL RECEIVABLES. The Seller shall use its
best efforts in good faith to make available for transfer to the Owner Trustee
on each Funding Date during the Funding Period, all Receivables acquired by the
Seller which meet the eligibility criteria set forth herein as of such date.
This covenant and agreement shall be for the benefit of the Owner Trustee, the
Note Insurer and the Indenture Trustee or, if a Note Insurer Default has
occurred and is continuing, the Holders of the Notes and any such Person may
enforce its legal or equitable rights, remedies or claims hereunder.

     Section 5.14 NOTICE OF BREACH. The Owner Trustee and the Seller shall
notify the Indenture Trustee, the Note Insurer, the Owner Trustee and the Trust
promptly, in writing, of any breach of the representations and warranties or
covenants of the Seller or the Owner Trustee contained herein.

     Section 5.15 NO VIOLATION. The Seller will not take any action which would
result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under, the Limited Liability
Company Agreement of the Seller or with Section 3.10(b)(x) of the Indenture.

                                   ARTICLE VI
                                   [RESERVED]

                                  ARTICLE VII
                            MISCELLANEOUS PROVISIONS

     Section 7.01 OBLIGATIONS OF SELLER. The obligations of the Seller under
this Agreement shall not be affected by reason of any invalidity, illegality or
irregularity of any Receivable.

     Section 7.02 REPURCHASE EVENTS. The Seller hereby covenants and agrees to
deliver to the Owner Trustee and the Trust and the Note Insurer prompt written
notice of the occurrence of a breach of any of the representations and
warranties of the Seller contained or deemed to be contained in Section 3.02(b)
hereof with respect to a Receivable transferred hereunder.



                                       12
<PAGE>   16

          (a) Upon discovery by any of the Transferor, the Seller, the Owner
     Trustee, the Trust, the Indenture Trustee, the Note Insurer or the Servicer
     of (i) a Nonconforming Receivable or (ii) failure to deliver to the
     Custodian either (A) any document required to be included in the Custodian
     File or (B) failure to deliver to the Indenture Trustee the Perfection
     UCCs, pursuant to Section 7.18 of the Indenture the party discovering such
     breach or failure to deliver shall give prompt written notice to each of
     the other foregoing parties. Except as specifically provided in the
     Servicing Agreement or Indenture, the Indenture Trustee has no obligation
     to review or monitor the Trust Property for compliance with representations
     and warranties, delivery requirements or payments. If (i) the breach of
     representations or warranties causing such Receivable to be a Nonconforming
     Receivable shall not have been (A) cured within thirty (30) days following
     notice thereof or (B) waived by the Note Insurer following notice thereof
     or (ii) the failure to deliver to the Custodian the Custodian File
     documents or to the Indenture Trustee the Perfection UCCs shall not have
     been cured within seven (7) calendar days following notice thereof (the
     occurrence of any of the foregoing constitutes a "Repurchase Event"), the
     Owner Trustee shall transfer to the Seller and the Seller shall assign to
     the Transferor the Receivable and the other related items of the Trust
     Property affected by such breach or failure to deliver and the Seller
     hereby agrees to accept such transfer from the Owner Trustee and to deposit
     or cause to be deposited the Repurchase Price with respect to such
     Receivable in the Collection Account within five (5) Business Days
     following the applicable cure period or two (2) Business Days following
     receipt by the Seller of notice from the Note Insurer that the Note Insurer
     will not waive the breach of representations or warranties causing such
     Receivable to be a Nonconforming Receivable; provided, that such transfer
     and assignment shall only be made upon receipt by the Owner Trustee of
     notice from the Servicer (pursuant to the terms of the Servicing Agreement)
     that the Repurchase Price has been remitted to the Servicer and deposited
     into the Collection Account. In consideration of the removal of such
     Receivable and the other related items of the Trust Property, the Owner
     Trustee shall cause the Seller and the Seller shall cause the Transferor,
     no later than the fifth Business Day following such cure period, if any, to
     pay the Repurchase Price to the Servicer for deposit into the Collection
     Account. The Owner Trustee shall be entitled to enforce the obligations of
     the Seller, the Transferor and the applicable Dealer under this
     Contribution Agreement, the Transfer and Assignment Agreement and the
     applicable Dealer Agreement, respectively, to remit the Repurchase Price to
     the Servicer for deposit into the Collection Account. The Indenture Trustee
     and the Note Insurer are authorized to take action on behalf of the Trust
     to enforce the obligations of the Seller and the Transferor to repurchase
     such Receivable under this Contribution Agreement or the Transfer and
     Assignment Agreement, respectively, and to enforce the obligation of a
     Dealer to repurchase such Receivable under the applicable Dealer Agreement.

          (b) The obligations of the Transferor, the Seller and the Owner
     Trustee to remove any Receivable and the other related items of the Trust
     Property and to remit the Repurchase Price with respect to a Nonconforming
     Receivable or as to which a failure to deliver has occurred and is
     continuing shall constitute the sole remedy, except for the indemnification
     provisions expressly set forth in the Indenture, the Servicing Agreement,
     this Contribution Agreement, the Transfer and Assignment Agreement and the
     Insurance




                                       13
<PAGE>   17

     Agreement, against the Transferor, the Seller and the Owner Trustee for
     such breach or failure to deliver available to the Indenture Trustee or the
     Noteholders.

     Section 7.03 OWNER TRUSTEE'S ASSIGNMENT OF REPURCHASED RECEIVABLES. With
respect to any Receivable reacquired by the Seller pursuant to this Agreement,
the Owner Trustee shall assign, without recourse, representation or warranty, to
the Seller all the Owner Trustee's right, title and interest in and to such
Receivable, and all security and documents relating thereto.

     Section 7.04 SUBSEQUENT PLEDGE. The Seller acknowledges that (i) the Owner
Trustee will Grant the Receivables and the other Trust Property along with the
Owner Trustee's rights and benefits under this Contribution Agreement and under
the Transfer and Assignment Agreement to the Indenture Trustee pursuant to the
terms of the Indenture and (ii) the terms and provisions hereof are intended to
benefit the Noteholders and the Note Insurer. The Seller hereby consents to such
Grant.

     Section 7.05 AMENDMENT. This Agreement may be amended, restated or
supplemented from time to time by a written agreement duly executed and
delivered by the Seller and the Owner Trustee, but only with (a) fifteen (15)
days prior written notice to the Rating Agencies and (b) the prior written
consent of the Class B Noteholder and the Note Insurer. The Seller shall deliver
to the Persons identified on a list provided to the Seller by the Indenture
Trustee, as such list may be amended from time to time, a copy of any amendment
to this Agreement.

     Section 7.06 WAIVERS. No failure or delay on the part of the Owner Trustee
or Note Insurer in exercising any power, right or remedy under this Agreement or
an Assignment shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude any other or further
exercise thereof or the exercise of any other power, right or remedy. Any waiver
of the terms and provisions hereof must be in writing and must be consented to
in writing by the Indenture Trustee and the Note Insurer.

     Section 7.07 NOTICES. All notices, requests, consents and other
communications hereunder shall be in writing and shall be delivered personally
or mailed by first-class registered or certified mail, postage prepaid, or by
telephonic facsimile transmission and overnight delivery service, postage
prepaid, to any party at the address set forth below or at such other address as
may be designated by it by notice to the other party and shall be deemed given
when so delivered, or if mailed. Any notice to the Note Insurer shall be given
in accordance with the terms of the Insurance Agreement.

         If to the Seller:

         Capital One Auto Receivables, LLC
         8000 Jones Branch Drive
         McLean, Virginia 22042
         Attention:  Director of Securitization - Copy to:  Legal Department



                                       14
<PAGE>   18

         If to the Owner Trustee:

         Wilmington Trust Company as owner trustee of
           Capital One Auto Finance Trust 2001-A
         Rodney Square North
         1100 North Market Street
         Wilmington, Delaware 19890
         Attention:  Jeanne Oller

         With Copies to:

         Capital One Auto Finance, Inc.
         8000 Jones Branch Drive
         McLean, Virginia 22042
         Attention:  Director of Securitization - Copy to:  Legal Department

         Mayer, Brown & Platt
         190 South LaSalle
         Chicago, Illinois  60603
         Attention:  Stuart M. Litwin

     Section 7.08 [RESERVED].

     Section 7.09 REPRESENTATIONS. The respective agreements, representations,
warranties and other statements by the Seller and the Owner Trustee set forth in
or made pursuant to this Agreement shall remain in full force and effect and
will survive the Closing Date under Section 2.02 hereof and each Funding Date.

     Section 7.10 CONFIDENTIAL INFORMATION. The Owner Trustee agrees that it
will neither use nor disclose to any person other than the Note Insurer, the
Indenture Trustee, the Owner Trustee and the Holders of the Notes the names and
addresses of the Obligors, except in connection with the enforcement of the
Owner Trustee's rights hereunder, under the Receivables, or any agreement
relating to the Receivables or as required by law.

     Section 7.11 HEADINGS AND CROSS-REFERENCES. The various headings in this
Agreement are included for convenience only and shall not affect the meaning or
interpretation of any provision of this Agreement. References in this Agreement
to Section names or numbers are to such Sections of this Agreement.

     Section 7.12 GOVERNING LAW. This Agreement and the Assignment shall be
governed by and construed in accordance with the internal laws of the State of
Texas.

     Section 7.13 COUNTERPARTS. This Agreement may be executed in two or more
counterparts and by different parties on separate counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

     Section 7.14 NO BANKRUPTCY PETITION AGAINST THE TRUST. The Seller agrees
that, prior to the date that is one year and one day after the payment in full
of all amounts payable with respect to the Class A Notes and the Class B Notes,
it will not institute against the Owner Trustee or the Seller, or join any other
Person in instituting against the Owner Trustee, any




                                       15
<PAGE>   19

bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other proceedings under the laws of the United States or any state of the
United States. This Section 7.14 shall survive the termination of the Indenture.

     Section 7.15 THIRD PARTY BENEFICIARIES. This Agreement shall inure to the
benefit of the Note Insurer, the Indenture Trustee and their respective
successors and assigns and if a Note Insurer Default has occurred and is
continuing or if the Aggregate Outstanding Principal Balance of the Class A
Notes (and all interest accrued thereon) has been reduced to zero and all
Reimbursement Obligations due to the Note Insurer shall have been paid in full,
the Class B Noteholders. Without limiting the generality of the foregoing, all
representations, covenants and agreements in this Agreement which expressly
confer rights upon the Owner Trustee, the Note Insurer or the Indenture Trustee
shall be for the benefit of and run directly to the Owner Trustee, the Indenture
Trustee and the Note Insurer or, if a Note Insurer Default has occurred and is
continuing, the Aggregate Outstanding Principal Balance of the Class A Notes
(and all interest accrued thereon) has been reduced to zero and all
Reimbursement Obligations due to the Note Insurer shall have been paid in full,
the Class B Noteholders. The Indenture Trustee and the Note Insurer or, if a
Note Insurer Default has occurred and is continuing, the Aggregate Outstanding
Principal Balance of the Class A Notes (and all interest accrued thereon) has
been reduced to zero and all Reimbursement Obligations due to the Note Insurer
shall have been paid in full, the Class B Noteholders, shall be entitled to rely
on and enforce such representations, covenants and agreements to the same extent
as if it were a party hereto.

     Section 7.16 LIMITATION ON LIABILITY. Notwithstanding anything to the
contrary contained in this Agreement, the obligations of the Seller under this
Agreement are solely the obligations of the Seller and shall be payable by the
Seller solely to the extent that it receives additional funds designated for
such purposes or to the extent that it has additional funds available that would
be in excess of amounts that would be necessary to pay the debt and other
obligations of such entity incurred in accordance with its Limited Liability
Company Agreement and all financing documents to which it is a party as they
come due. In addition, no amount owing by the Seller hereunder in excess of the
liabilities that it is required to pay in accordance with the preceding sentence
shall constitute a "claim" (as defined in Section 101(5) of the Bankruptcy Code)
against it. No recourse shall be had for the payment of any amount owing
hereunder or any other obligation of, or claim against, the Seller arising out
of or based upon this Agreement against any member, employee, officer, agent,
director or authorized person of the Seller; provided, however, that the
foregoing shall not relieve any such person or entity of any liability they
might otherwise have as a result of fraudulent actions or omissions taken by
them nor shall the foregoing relieve any person of any liability expressly
undertaken by such person under the Transaction Documents.

     Section 7.17 LIMITATIONS OF LIABILITY. It is expressly understood and
agreed by and between the parties hereto (i) that this Agreement is executed and
delivered by Wilmington Trust Company, not in its individual capacity but solely
as Owner Trustee under the Trust Agreement dated as of July 26, 2001 with
Capital One Auto Receivables, LLC (the "Trust Agreement") in the exercise of the
power and authority conferred and vested in it as such Owner Trustee, (ii) each
of the representations, undertakings and agreements made herein by the Owner
Trustee are not personal representations, undertakings and agreements of
Wilmington Trust company, but are binding only on the trust estate created
pursuant to the Trust Agreement, (iii) nothing




                                       16
<PAGE>   20

contained herein shall be construed as creating any liability on Wilmington
Trust Company, individually or personally, to perform any covenant of the Owner
Trustee either expressed or implied contained herein, all such liability, if
any, being expressly waived by the parties hereto and by any person claiming by,
through or under any such party, and (iv) under no circumstances shall
Wilmington Trust Company be personally liable for the payment of any
indebtedness or expense of the Owner Trustee or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or
undertaken by the Owner Trustee under this Agreement.




                                       17
<PAGE>   21
         IN WITNESS WHEREOF, the parties hereby have caused this Agreement to be
executed by their respective officers thereunto duly authorized as of the date
and year first above written.

                                            CAPITAL ONE AUTO RECEIVABLES, LLC,
                                            as Seller



                                            By: /s/ JEFFERY ELSWICK
                                               ---------------------------------




                                      S-1
<PAGE>   22
                                            WILMINGTON TRUST COMPANY, not in its
                                            individual capacity but solely as
                                            Owner Trustee for Capital One Auto
                                            Finance Trust 2001-A

                                            By: /s/ DONALD G. MACKELCAN
                                                --------------------------------
                                                Authorized Officer




                                      S-2
<PAGE>   23

                                   SCHEDULE I

              PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

         In addition to the representations, warranties and covenants contained
in the Contribution Agreement, the Seller hereby represents, warrants, and
covenants to the Owner Trustee as to itself as follows on the Closing Date and
on each Payment Date thereafter:

         1. The Contribution Agreement creates a valid and continuing
security interest (as defined in UCC Section 9-102) in the Receivables in favor
of the Owner Trustee, which security interest is prior to all other Liens, and
is enforceable as such as against creditors of and purchasers from the Seller.

         2. The Receivables constitute "tangible chattel paper" within the
meaning of UCC Section 9-102.

         3. COAF has taken all steps necessary to perfect its security
interest against the Obligor in the property securing the Receivables that
constitute chattel paper.

         4. The Seller owns and has good and marketable title to the
Receivables free and clear of any Lien, claim or encumbrance of any Person,
excepting only liens for taxes, assessments or similar governmental charges or
levies incurred in the ordinary course of business that are not yet due and
payable or as to which any applicable grace period shall not have expired, or
that are being contested in good faith by proper proceedings and for which
adequate reserves have been established, but only so long as foreclosure with
respect to such a lien is not imminent and the use and value of the property to
which the Lien attaches is not impaired during the pendency of such proceeding.

         5. The Seller has caused or will have caused, within ten days
after the effective date of the Contribution Agreement, the filing of all
appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the contribution and sale
of the Receivables from COAF to the Seller, the transfer and sale of the
Receivables from the Seller to the Owner Trustee, and the security interest in
the Receivables granted to the Indenture Trustee hereunder.

         6. With respect to Receivables that constitute tangible chattel
paper, such tangible chattel paper is in the possession of the Custodian and the
Indenture Trustee has received a written acknowledgment from the Custodian that
the Custodian is holding such tangible chattel paper solely on behalf and for
the benefit of the Indenture Trustee.

         7. Neither the Seller nor the Servicer has authorized the filing
of, or is aware of any financing statements against either the Seller or the
Servicer that include a description of collateral covering the Receivables, the
Trust Property and proceeds related thereto other than any financing statement
(i) relating to the sale of Receivables by the Transferor to the Seller under
the Transfer and Assignment Agreement, (ii) relating to the contribution of
Receivables by the Seller to the Owner Trustee under the Contribution Agreement,
(iii) relating to the security interest granted to the Indenture Trustee
hereunder, or (iv) that has been terminated.


                                      I-1



<PAGE>   24

         8. Neither the Seller nor the Servicer is aware of any judgment,
ERISA or tax lien filings against either the Seller or the Transferor.

         9. None of the tangible chattel paper that constitute or evidence
the Receivables has any marks or notations indicating that they have been
pledged, assigned or otherwise conveyed to any Person other than the Indenture
Trustee.

         10. Survival of Perfection Representations. Notwithstanding any
other provision of the Transfer and Assignment Agreement, the Contribution
Agreement, the Indenture or any other Transaction Document, the Perfection
Representations contained in this Schedule shall be continuing, and remain in
full force and effect (notwithstanding any replacement of the Servicer or
termination of Servicer's rights to act as such) until such time as all
obligations under the Transfer and Assignment Agreement, Contribution Agreement
and the Indenture have been finally and fully paid and performed.

         11. No Waiver. The parties hereto: (i) shall not, without
obtaining a confirmation of the then-current rating of the Class A Notes, waive
any of the Perfection Representations; (ii) shall provide the Ratings Agencies
with prompt written notice of any breach of the Perfection Representations, and
shall not, without obtaining a confirmation of the then-current rating of the
Class A Notes (as determined after any adjustment or withdrawal of the ratings
following notice of such breach) waive a breach of any of the Perfection
Representations.



                                      I-2
<PAGE>   25

                                    EXHIBIT A

                                   ASSIGNMENT


         For value received this day of ________, 2001 in accordance with terms
of the Contribution Agreement dated as of July 26, 2001 (the "Contribution
Agreement") by and between Capital One Auto Finance Trust 2001-A, as Seller (the
"Seller"), and Wilmington Trust Company not in its individual capacity but
solely as Owner Trustee to Capital One Auto Finance Trust 2001-A, (the "Owner
Trustee"), the undersigned does hereby transfer unto the Trust, without
recourse, a 100% interest in and to (i) the [SUBSEQUENT] Receivables identified
on the Schedule of Receivables attached hereto and all moneys received thereon
(including amounts received on any Extended Service Agreements relating
thereto), on and after the respective Cutoff Date (except for interest accrued
as of the Cutoff Date and actually received subsequent to the Cutoff Date which
will be withdrawn from the Revenue Fund, to the extent contained therein, and
paid to the Transferor), (ii) a security interest in the Financed Vehicle
granted by the Obligors pursuant to such [SUBSEQUENT] Receivables and the
certificates of title to such Financed Vehicles; (iii) the interest of the
Seller in any proceeds from claims on any physical damage, credit life, risk
default or other insurance policies covering the Financed Vehicles or the
Obligors or refunds in connection with Extended Service Agreements relating to
Defaulted Receivables from the applicable Cutoff Date; (iv) any property
(including the right to receive future Liquidation Proceeds) that shall secure a
[SUBSEQUENT] Receivable, (v) all right, title and interest of the Seller in and
to any recourse against the Transferor or any Dealer pursuant to the Transfer
and Assignment Agreement or the applicable Dealer Agreement, respectively; (vi)
the original retail installment contracts and security agreements evidencing the
[SUBSEQUENT] Receivables; and (vii) the proceeds of any and all of the
foregoing. The foregoing transfer does not constitute and is not intended to
result in any assumption by the Owner Trustee of any obligation of the
undersigned to the Obligors, insurers or any other person in connection with the
Receivables, Servicer Files (as defined in the Servicing Agreement), any
insurance policies or any agreement or instrument relating to any of them.

         This Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the
Contribution Agreement and is to be governed by the Contribution Agreement.

         Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Contribution Agreement.




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<PAGE>   26


         IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed as of the date first written above.

                                              CAPITAL ONE AUTO RECEIVABLES, LLC,
                                              as Seller



                                              By:
                                                 -------------------------------
                                                 Name:
                                                 Title:


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