Document:

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                                                                    EXHIBIT 10.4
                                                                  EXECUTION COPY

________________________________________________________________________________

                            ADMINISTRATION AGREEMENT

                                  by and among

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

                                    as Issuer

                         CAPITAL ONE AUTO FINANCE, INC.

                                as Administrator

                                       and

                              JP MORGAN CHASE BANK

                              as Indenture Trustee

                          Dated as of December 20, 2001

________________________________________________________________________________

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                                TABLE OF CONTENTS
<TABLE>
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                                                                                                Page
                                                                                                ----
<S>                                                                                             <C>
Section 1.        Definitions and Usage .....................................................    1

Section 2.        Duties of the Administrator ...............................................    2

Section 3.        Records ...................................................................    9

Section 4.        Compensation ..............................................................    9

Section 5.        Additional Information To Be Furnished to the Owner Trustee ...............   10

Section 6.        Independence of the Administrator .........................................   10

Section 7.        No Joint Venture ..........................................................   10

Section 8.        Other Activities of Administrator .........................................   10

Section 9.        Term of Agreement; Resignation and Removal of Administrator ...............   10

Section 10.       Action upon Termination, Resignation or Removal ...........................   11

Section 11.       Notices ...................................................................   12

Section 12.       Amendments ................................................................   13

Section 13.       Successors and Assigns ....................................................   13

Section 14.       Governing Law .............................................................   13

Section 15.       Headings ..................................................................   14

Section 16.       Counterparts ..............................................................   14

Section 17.       Severability ..............................................................   14

Section 18.       Not Applicable to Capital One Auto Finance, Inc. in Other Capacities ......   14

Section 19.       Limitation of Liability of Owner Trustee and Indenture Trustee ............   14

Section 20.       Third-Party Beneficiary ...................................................   14

Section 21.       Nonpetition Covenants .....................................................   15
</TABLE>

                                                 2001-B Administration Agreement

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                            ADMINISTRATION AGREEMENT

         This ADMINISTRATION AGREEMENT, dated as of December 20, 2001 (as from
time to time amended, supplemented or otherwise modified and in effect, this
"Agreement"), is by and among WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee for Capital One Auto Finance Trust 2001-B,
a Delaware common law trust (the "Owner Trustee"), CAPITAL ONE AUTO FINANCE,
INC., a Texas corporation, as administrator (the "Administrator"), and JP MORGAN
CHASE BANK, a national banking association, not in its individual capacity but
solely as Indenture Trustee (the "Indenture Trustee").

         WHEREAS, the Owner Trustee is issuing the Notes pursuant to the
Indenture and the Certificates pursuant to the Trust Agreement and has entered
into certain agreements in connection therewith, including (i) the Contribution
Agreement, (ii) the Note Depository Agreement, (iii) the Indenture, (iv) the
Servicing Agreement, (v) the Insurance Agreement and (vi) the Interest Rate Swap
Agreement (the Contribution Agreement, the Note Depository Agreement, the
Indenture, the Servicing Agreement, the Insurance Agreement, the Administration
Agreement and the Interest Rate Swap Agreement being referred to hereinafter
collectively as the "Related Agreements");

         WHEREAS, the Owner Trustee desires to have the Administrator perform
certain duties of the Owner Trustee and the Owner Trustee under the Related
Agreements and to provide such additional services consistent with the terms of
this Agreement and the Related Agreements as the Owner Trustee and the Owner
Trustee may from time to time request; and

         WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Owner Trustee
and the Owner Trustee on the terms set forth herein;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

         Section 1. Definitions and Usage.

         (a) Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used but not otherwise defined herein are
defined in the Indenture.

         (b) All terms defined in this Agreement shall have the defined
meanings when used in any certificate or other document delivered pursuant
hereto unless otherwise defined therein. For purposes of this Agreement and all
such certificates and other documents, unless the context otherwise requires:
(i) accounting terms not otherwise defined in this Agreement, and accounting
terms partly defined in this Agreement to the extent not defined, shall have the
respective

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meanings given to them under generally accepted accounting principles; (ii)
terms defined in Article 9 of the UCC as in effect in the State of Delaware and
not otherwise defined in this Agreement are used as defined in that Article;
(iii) the words "hereof," "herein" and "hereunder" and words of similar import
refer to this Agreement as a whole and not to any particular provision of this
Agreement; (iv) references to any Article, Section, Schedule or Exhibit are
references to Articles, Sections, Schedules and Exhibits in or to this
Agreement, and references to any paragraph, subsection, clause or other
subdivision within any Section or definition refer to such paragraph,
subsection, clause or other subdivision of such Section or definition; (v) the
term "including" means "including without limitation"; (vi) references to any
law or regulation refer to that law or regulation as amended from time to time
and include any successor law or regulation; (vii) references to any Person
include that Person's successors and assigns; and (viii) headings are for
purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof.

     Section 2. Duties of the Administrator.

     (a) Duties with Respect to the Indenture and the Note Depository Agreement.

         (i)    The Administrator agrees to perform all of its duties as
Administrator and the duties of the Owner Trustee under the Note Depository
Agreement. In addition, the Administrator shall consult with the Owner Trustee
regarding the duties of the Owner Trustee under the Indenture and the Note
Depository Agreement.

         (ii)   The Administrator shall monitor the performance of the Owner
Trustee and shall advise the Owner Trustee when action is necessary to comply
with the Owner Trustee's duties under the Indenture and the Note Depository
Agreement.

         (iii)  The Administrator shall prepare for execution by the Owner
Trustee, or shall cause the preparation by appropriate persons of, all such
documents, reports, filings, instruments, certificates and opinions that shall
be the duty of the Owner Trustee to prepare, file or deliver pursuant to the
Indenture and the Note Depository Agreement.

         (iv)   In furtherance of the foregoing, the Administrator shall take
all appropriate action that is the duty of the Owner Trustee to take pursuant to
the Indenture including, without limitation, such of the foregoing as are
required with respect to the following matters under the Indenture (references
are to sections of the Indenture):

                (A) the duty to cause the Note Register to be kept and to give
     the Indenture Trustee notice of any appointment of a new Note Registrar and
     the location, or change in location, of the Note Register (Section 2.07);

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                  (B) the preparation of or obtaining of the documents and
         instruments required for authentication of the Notes and delivery of
         the same to the Indenture Trustee (Section 2.05);

                  (C) the preparation, obtaining or filing of the instruments,
         opinions and certificates and other documents required for the release
         of property from the lien of the Indenture (Section 2.18);

                  (D) the preparation of Definitive Notes in accordance with the
         instructions of the Clearing Agency (Section 2.13);

                  (E) the duty to cause newly appointed Note Paying Agents, if
         any, to deliver to the Indenture Trustee the instrument specified in
         the Indenture regarding funds held in trust (Section 3.03);

                  (F) the direction to the Indenture Trustee to deposit monies
         with Note Paying Agents, if any, other than the Indenture Trustee
         (Section 3.03);

                  (G) the obtaining and preservation of the Owner Trustee's
         qualification to do business in each jurisdiction in which such
         qualification is or shall be necessary to protect the validity and
         enforceability of the Indenture, the Notes, the Trust Property and each
         other instrument or agreement included in the Trust Estate (Section
         3.12(a));

                  (H) the preparation of all supplements and amendments to the
         Indenture and all financing statements, continuation statements,
         instruments of further assurance and other instruments and the taking
         of such other action as is necessary or advisable to protect the Trust
         Estate (Section 3.05);

                  (I) the delivery of the Opinion of Counsel on the Closing Date
         and the annual delivery of Opinions of Counsel as to the Trust Estate,
         and the annual delivery of the Officer's Certificate and certain other
         statements as to compliance with the Indenture (Sections 3.06 and
         3.07);

                  (J) the identification to the Indenture Trustee in an
         Officer's Certificate of any Person with whom the Owner Trustee has
         contracted to perform its duties under the Indenture (Section 3.01(b));

                  (K) the notification of the Indenture Trustee and the Rating
         Agencies of an Event of Servicing Default under the Servicing Agreement
         and, if such Event of Servicing Termination arises from the failure of
         the Servicer to perform any of its duties under the Servicing Agreement
         with respect to the Receivables, the taking of all reasonable steps
         available to remedy such failure (Section 4.01(c));

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                  (L) the preparation and obtaining of documents and instruments
         required for the transfer by the Owner Trustee of its properties or
         assets (Section 3.10(b)(ii));

                  (M) the duty to cause the Servicer to comply with Sections
         2.09, 2.10, 2.11, 2.21 and 3.02 of the Servicing Agreement (Section
         3.01(g));

                  (N) the delivery of written notice to the Indenture Trustee
         and the Rating Agencies of each Event of Default under the Indenture
         and each Event of Servicing Default by the Servicer or the Seller under
         the Servicing Agreement (Section 7.02);

                  (O) the monitoring of the Owner Trustee's obligations as to
         the satisfaction and discharge of the Indenture and the preparation of
         an Officer's Certificate and the obtaining of the Opinions of Counsel
         and the Independent Certificate relating thereto (Section 3.01);

                  (P) the monitoring of the Owner Trustee's obligations as to
         the satisfaction, discharge and defeasance of the Notes and the
         preparation of an Officer's Certificate and the obtaining of an opinion
         of a nationally recognized firm of independent certified public
         accountants, a written confirmation thereof and the Opinions of Counsel
         relating thereto (Section 3.01);

                  (Q) the preparation and delivery of an Officer's Certificate
         to the Indenture Trustee after the occurrence of any event which with
         the giving of notice and the lapse of time would become an Event of
         Default under Section 5.1(c) of the Indenture, its status and what
         action the Owner Trustee is taking or proposes to take with respect
         thereto (Section 9.01);

                  (R) the compliance with any written directive of the Indenture
         Trustee with respect to the sale of the Trust Estate at one or more
         public or private sales called and conducted in any manner permitted by
         law if an Event of Default shall have occurred and be continuing
         (Section 9.04);

                  (S) the preparation and delivery of notice to Noteholders of
         the removal of the Indenture Trustee and the appointment of a successor
         Indenture Trustee (Section 7.10);

                  (T) the preparation of any written instruments required to
         confirm more fully the authority of any co-trustee or separate trustee
         and any written instruments necessary in connection with the
         resignation or removal of any co-trustee or separate trustee (Sections
         7.10 and 7.13);

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                  (U)  the furnishing of the Indenture Trustee with the names
         and addresses of Noteholders during any period when the Indenture
         Trustee is not the Note Registrar (Section 12.01);

                  (V)  the preparation and, after execution by the Owner
         Trustee, the filing with the Commission, any applicable state agencies
         and the Indenture Trustee of documents required to be filed on a
         periodic basis with, and summaries thereof as may be required by rules
         and regulations prescribed by, the Commission and any applicable state
         agencies and the transmission of such summaries, as necessary, to the
         Noteholders (Section 12.03);

                  (W)  the preparation and delivery of Owner Trustee Orders,
         Officer's Certificates and Opinions of Counsel and all other actions
         necessary with respect to investment and reinvestment, to the extent
         permitted, of funds in such accounts (Sections 5.01, 5.04, 5.05, 5.06,
         5.08 and 5.10);

                  (X)  the preparation of an Owner Trustee Request and Officer's
         Certificate and the obtaining of an Opinion of Counsel and Independent
         Certificates, if necessary, for the release of the Trust Estate
         (Section 5.14);

                  (Y)  the preparation of Owner Trustee Orders and the obtaining
         of Opinions of Counsel with respect to the execution of supplemental
         indentures and the mailing to the Noteholders of notices with respect
         to such supplemental indentures (Sections 10.01, 10.02, 10.03 and
         10.04);

                  (Z)  the execution and delivery of new Notes conforming to any
         supplemental indenture (Section 10.06);

                  (AA) directing the Owner Trustee to redeem the Notes (Section
         6.02);

                  (BB) the notification of Noteholders of redemption of the
         Notes or duty to cause the Indenture Trustee to provide such
         notification (Section 6.03);

                  (CC) the preparation and delivery of all Officer's
         Certificates and the obtaining of Opinions of Counsel and Independent
         Certificates with respect to any requests by the Owner Trustee to the
         Indenture Trustee to take any action under the Indenture (Section
         13.01(a));

                  (DD) the preparation and delivery of Officer's Certificates
         and the obtaining of Independent Certificates, if necessary, for the
         release of property from the lien of the Indenture (Section 13.01(b));

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                  (EE) the notification of the Rating Agencies, upon the failure
         of the Indenture Trustee to give such notification, of the information
         required pursuant to Section 13.04 of the Indenture (Section 13.04);

                  (FF) the recording of the Indenture, if applicable (Section
         13.16); and

                  (GG) all other duties of the Owner Trustee under the
         Indenture.

              (v) With respect to the payment of Fees and Indemnification by the
Administrator, the Administrator will:

                  (A)  pay the Indenture Trustee from time to time reasonable
         compensation for all services rendered by the Indenture Trustee under
         the Indenture (which compensation shall not be limited by any provision
         of law in regard to the compensation of a trustee of an express trust)
         pursuant to the terms of the Indenture Trustee Fee Letter dated
         December 20, 2001;

                  (B)  pay to each agent of the Indenture Trustee from time to
         time reasonable compensation for its services as agreed upon between
         such agent and the Administrator;

                  (C)  except as otherwise expressly provided in the Indenture,
         reimburse the Indenture Trustee upon its request for all reasonable
         expenses, disbursements and advances incurred or made by the Indenture
         Trustee in accordance with any provision of the Indenture (including
         the reasonable compensation, expenses and disbursements of such agents
         and counsel as the Indenture Trustee may employee in connection with
         the exercise and performance of its rights and its duties under the
         Indenture), except any such expense, disbursement or advance as may be
         attributable to its gross negligence;

                  (D)  indemnify the Indenture Trustee (individually and in its
         capacity as such) and its successors, assigns, directors, officers,
         employees and agents against any and all loss, liability or expense
         (including attorneys' fees and expenses) incurred by it in connection
         with the acceptance or the administration of the trust created under
         the Indenture and the performance of its duties thereunder; provided,
         however, that the Administrator shall not be liable for or required to
         indemnify the Indenture Trustee from and against any of the foregoing
         expenses arising or resulting from the Indenture Trustee's own gross
         negligence or to the extent arising from the breach by the Indenture
         Trustee of any of its representations and warranties and covenants set
         forth in the Indenture;

                  (E)  pay to the Owner Trustee from time to time reasonable
         compensation for all services rendered by the Owner Trustee under the
         Trust Agreement (which compensation shall not be limited by any
         provision of law in regard to the

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     compensation of a trustee of an express trust) pursuant to the terms of the
     Owner Trustee Fee Letter dated December 20, 2001;

          (F) except as otherwise expressly provided for in the Trust Agreement,
     reimburse the Owner Trustee upon its request for all reasonable expenses,
     disbursements and advances incurred or made by the Owner Trustee in
     accordance with any provision of the Trust Agreement (including the
     reasonable compensation, expenses and disbursements of such agents and
     counsel as the Owner Trustee may employee in connection with the exercise
     and performance of its rights and its duties under the Trust Agreement),
     except any such expense may be attributable to its willful misconduct,
     negligence or bad faith; and

          (G) indemnify the Owner Trustee (individually and in its capacity as
     such) and its successors, assigns, directors, officers, employees and
     agents from and against, any and all loss, liability, expense, tax, penalty
     or claim (including reasonable legal fees and expenses) of any kind and
     nature whatsoever which may at any time be imposed on, incurred by, or
     asserted against the Owner Trustee or any Indemnified Party in any way
     relating to or arising out of the Trust Agreement, the Transaction
     Documents, the Owner Trust Estate, the administration of the Owner Trust
     Estate or the action or inaction of the Owner Trustee under the Trust
     Agreement, provided, however, that the Administrator shall not be liable
     for or required to indemnify the Owner Trustee from and against any of the
     foregoing expenses arising or resulting from any of the matters described
     in the third sentence of Section 7.1 of the Trust Agreement.

     Indemnification under this subsection shall survive the resignation or
     removal of the Owner Trustee or the Indenture Trustee and the termination
     of this Agreement or any other Transaction Document. If any suit, action,
     proceeding (including any governmental or regulatory investigation), claim
     or demand shall be brought or asserted against any Person in respect of
     which indemnity may be sought pursuant to this Section, such Person (the
     "Indemnified Person") shall promptly notify the Administrator in writing,
     and the Administrator, upon request of the Indemnified Person, shall retain
     counsel reasonably satisfactory to the Indemnified Person to represent the
     Indemnified Person and any others the Administrator designates in such
     proceeding and shall pay the reasonable fees and expenses of such counsel
     related to such proceeding. The Administrator shall not be liable for any
     settlement of any claim or proceeding effected without its written consent,
     but if settled with such consent or if there be a final judgment for the
     plaintiff, the Administrator agrees to indemnify any Indemnified Person
     from and against any loss or liability by reason of such settlement or
     judgment. The Administrator shall not, without the prior written consent of
     the Indemnified Person, effect any settlement of any pending or threatened
     proceeding in respect of which any Indemnified Person is or could have been
     a party and indemnity could have been sought hereunder by such Indemnified
     Person, unless such settlement includes an unconditional release of such
     Indemnified Person from all liability on claims that are the subject matter
     of such proceeding. If the

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     Administrator shall have made any indemnity payments pursuant to this
     subsection and the Person to or on behalf of whom such payments are made
     thereafter shall collect any of such amounts from others, such Person shall
     promptly repay such amounts to the Administrator, without interest.

     (b) Parties with respect to the Interest Rate Swap Agreement. The
Administrator agrees, as long as the Class A-3 Notes are Outstanding, to cause
the Trust to maintain in effect an interest rate swap agreement with respect to
the Class A-3 Notes.

     (c) Additional Duties. (i) In addition to the duties of the Administrator
set forth above, the Administrator shall perform such calculations and shall
prepare or shall cause the preparation by other appropriate persons of, and
shall execute on behalf of the Owner Trustee or the Owner Trustee, all such
documents, reports, filings, instruments, certificates and opinions that it
shall be the duty of the Owner Trustee or the Owner Trustee to prepare, file or
deliver pursuant to the Related Agreements, and at the request of the Owner
Trustee shall take all appropriate action that it is the duty of the Owner
Trustee or the Owner Trustee to take pursuant to the Related Agreements and
shall monitor the performance of the Owner Trustee and shall advise the Owner
Trustee when action is necessary to comply with the Owner Trustee duties under
the Related Agreements. Subject to Section 5 of this Agreement, and in
accordance with the directions of the Owner Trustee, the Administrator shall
administer, perform or supervise the performance of such other activities in
connection with the Collateral as are not covered by any of the foregoing
provisions and as are expressly requested by the Owner Trustee and are
reasonably within the capability of the Administrator:

         (i)   Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for promptly
notifying the Owner Trustee in the event that any withholding tax is imposed on
the Owner Trustee's payments (or allocations of income) to a Certificateholder
as contemplated in Section 5.2(c) of the Trust Agreement. Any such notice shall
specify the amount of any withholding tax required to be withheld by the Owner
Trustee pursuant to such provision.

         (ii)  Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for
performance of the duties of the Trust or the Owner Trustee set forth in
Sections 5.5(a), (b), (c), (d) and (e), 5.6(a) and 9.1 of the Trust Agreement
and Sections 2.04(b), 2.07, 3.01(c) and 5.04 of the Servicing Agreement, with
respect to, among other things, accounting and reports to Certificateholders.

         (iii) The Administrator will provide prior to April 15, 2002, a
certificate of an Authorized Officer in form and substance satisfactory to the
Owner Trustee as to whether any tax withholding is then required and, if
required, the procedures to be followed with respect thereto to comply with the
requirements of the Code. The Administrator shall be required to update the
letter in each instance that any additional tax withholding is subsequently
required or any previously required tax withholding shall no longer be required.

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         (iv) The Administrator shall perform the duties of the Administrator
specified in Section 10.2 of the Trust Agreement required to be performed in
connection with the resignation or removal of the Owner Trustee, and any other
duties expressly required to be performed by the Administrator pursuant to the
Trust Agreement.

         (v)  In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Administrator may enter into transactions
or otherwise deal with any of its Affiliates; provided, however, that the terms
of any such transactions or dealings shall be in accordance with any directions
received from the Owner Trustee and shall be, in the Administrator's opinion, no
less favorable to the Owner Trustee than would be available from unaffiliated
parties.

    (d)  Non-Ministerial Matters. With respect to matters that in the reasonable
judgment of the Administrator are non-ministerial, the Administrator shall not
take any action unless within a reasonable time before the taking of such
action, the Administrator shall have notified the Owner Trustee of the proposed
action and the Owner Trustee shall not have withheld consent or provided an
alternative direction. For the purpose of the preceding sentence,
"non-ministerial matters" shall include, without limitation:

              (A) the amendment of or any supplement to the Indenture;

              (B) the initiation of any claim or lawsuit by the Owner Trustee
     and the compromise of any action, claim or lawsuit brought by or against
     the Owner Trustee (other than in connection with the collection of the
     Receivables or Permitted Investments);

              (C) the amendment, change or modification of the Related
     Agreements;

              (D) the appointment of successor Note Registrars, successor Paying
     Agents and successor Indenture Trustees pursuant to the Indenture or the
     appointment of successor Administrators or Successor Servicers, or the
     consent to the assignment by the Note Registrar, the Paying Agent or the
     Indenture Trustee of its obligations under the Indenture; and

              (E) the removal of the Indenture Trustee.

         (i)  Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (x) make any payments to
the Noteholders under the Related Agreements, (y) sell the Trust Estate pursuant
to Section 9.04 of the Indenture or (z) take any other action that the Owner
Trustee directs the Administrator not to take on its behalf.

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<PAGE>

         Section 3. Records. The Administrator shall maintain appropriate books
of account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Owner Trustee and
the Seller at any time during normal business hours.

         Section 4. Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and, as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $2,500 annually
which shall be solely an obligation of the Servicer.

         Section 5. Additional Information To Be Furnished to the Owner Trustee.
The Administrator shall furnish to the Owner Trustee from time to time such
additional information regarding the Collateral as the Owner Trustee shall
reasonably request.

         Section 6. Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Owner Trustee, the Owner Trustee or the
Indenture Trustee with respect to the manner in which it accomplishes the
performance of its obligations hereunder. Unless expressly authorized by the
Owner Trustee, the Administrator shall have no authority to act for or represent
the Owner Trustee or the Owner Trustee (and, regardless of whether authorized by
the Owner Trustee, the Administrator shall have no such authority at all with
respect to the Indenture Trustee) in any way and shall not otherwise be deemed
an agent of the Owner Trustee, the Owner Trustee or the Indenture Trustee.

         Section 7. No Joint Venture. Nothing contained in this Agreement shall
constitute the Administrator and either of the Owner Trustee or the Owner
Trustee as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, shall be construed to impose
any liability as such on any of them or shall be deemed to confer on any of them
any express, implied or apparent authority to incur any obligation or liability
on behalf of the others.

         Section 8. Other Activities of Administrator. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its sole discretion, from acting in a similar capacity as an
administrator for any other person or entity even though such person or entity
may engage in business activities similar to those of the Owner Trustee, the
Owner Trustee or the Indenture Trustee.

         Section 9. Term of Agreement; Resignation and Removal of Administrator.

         (a) This Agreement shall continue in force until the dissolution of the
Owner Trustee, upon which event this Agreement shall automatically terminate.

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         (b) Subject to Sections 9(e) and 9(f), the Administrator may resign its
duties hereunder by providing the Owner Trustee with at least sixty (60)
days' prior written notice.

         (c) Subject to Sections 9(e) and 9(f), the Owner Trustee may remove the
Administrator without cause by providing the Administrator with at least sixty
(60) days' prior written notice.

         (d) Subject to Sections 9(e) and 9(f), at the sole option of the Owner
Trustee, the Administrator may be removed immediately upon written notice of
termination from the Owner Trustee to the Administrator if any of the following
events shall occur:

             (i)   the Administrator shall default in the performance of any of
its duties under this Agreement and, after notice of such default, shall not
cure such default within ten (10) days (or, if such default cannot be cured in
such time, shall not give within ten (10) days such assurance of cure as shall
be reasonably satisfactory to the Owner Trustee);

             (ii)  a court having jurisdiction in the premises shall enter a
decree or order for relief, and such decree or order shall not have been vacated
within sixty (60) days, in respect of the Administrator in any involuntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect or appoint a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for the Administrator or any
substantial part of its property or order the winding-up or liquidation of its
affairs; or

             (iii) the Administrator shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, shall consent to the entry of an order for relief in an involuntary case
under any such law, shall consent to the appointment of a receiver, liquidator,
assignee, trustee, custodian, sequestrator or similar official for the
Administrator or any substantial part of its property, shall consent to the
taking of possession by any such official of any substantial part of its
property, shall make any general assignment for the benefit of creditors or
shall fail generally to pay its debts as they become due.

         The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) of this Section 9(d) shall occur, it shall give written notice
thereof to the Owner Trustee and the Owner Trustee within seven (7) days after
the happening of such event.

         (e) No resignation or removal of the Administrator pursuant to this
Section 9 shall be effective until (1) a successor Administrator shall have been
appointed by the Owner Trustee and (2) such successor Administrator shall have
agreed in writing to be bound by the terms of this Agreement in the same manner
as the Administrator is bound hereunder.

         (f) The appointment of any successor Administrator shall be effective
only after approval by the Rating Agencies with respect to the proposed
appointment.

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     (g) Subject to Sections 9(e) and 9(f), the Administrator acknowledges that
upon the appointment of a successor Servicer pursuant to the Servicing
Agreement, the Administrator shall immediately resign and such successor
Servicer shall automatically become the Administrator under this Agreement.

     Section 10. Action upon Termination, Resignation or Removal. Promptly upon
the effective date of termination of this Agreement pursuant to Section 9(a) or
the resignation or removal of the Administrator pursuant to Section 9(b) or (c),
respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 9(a) deliver to the Owner Trustee all property and documents
of or relating to the Collateral then in the custody of the Administrator. In
the event of the resignation or removal of the Administrator pursuant to Section
9(b) or (c), respectively, the Administrator shall cooperate with the Owner
Trustee and the Indenture Trustee and take all reasonable steps requested to
assist the Owner Trustee in making an orderly transfer of the duties of the
Administrator.

     Section 11. Notices. Any notice, report or other communication given
hereunder shall be in writing and addressed as follows:

     (a)  if to the Owner Trustee or the Owner Trustee, to:

                  Wilmington Trust Company
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, Delaware 19890-0001
                  Attention: Don MacKelcan
                  Telephone: (302) 651-1119
                  Facsimile: (302) 651-1576

                  With a copy to:

                  Mayer, Brown & Platt
                  190 S. LaSalle Street
                  Chicago, Illinois  60603
                  Attention: Stuart M. Litwin
                  Telephone: (312) 782-0600
                  Facsimile: (312) 701-7711

                                       12

<PAGE>

     (b)  if to the Administrator, to:

                   Capital One Auto Finance, Inc.
                   8000 Jones Branch Drive
                   McLean, Virginia 22102
                   Attention: Director of Securitization
                   Telephone: (703) 875-1305
                   Facsimile: (703) 875-1389

     (c)  If to the Indenture Trustee, to:

                   JP Morgan Chase Bank
                   450 West 33/rd/ Street, 14/th/ Floor
                   New York, New York 10001
                   Attention: Institutional Trust Services - Capital Auto
                              Finance 2001-B
                   Telephone: (212) 946-3200
                   Facsimile: (212) 945-8552

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

     Section 12. Amendments. This Agreement may be amended from time to time by
a written amendment duly executed and delivered by the Owner Trustee, the
Administrator and the Indenture Trustee, with the written consent of the Owner
Trustee, without the consent of the Noteholders and the Certificateholders, for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights
of the Noteholders or Certificateholders; provided that, unless the Rating
Agency Condition shall have been satisfied, such amendment will not, materially
and adversely affect the interest of any Noteholder or Certificateholder. This
Agreement may also be amended by the Owner Trustee, the Administrator and the
Indenture Trustee for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Noteholders or the Certificateholders; provided,
however, that no such amendment may increase or reduce in any manner the amount
of, or accelerate or delay the timing of, collections of payments on Receivables
or distributions that are required to be made for the benefit of the Noteholders
or the Certificateholders without the consent of the Noteholders of all the
Notes Outstanding and the Certificateholders of Certificates evidencing all the
Certificate Balance. Notwithstanding the foregoing, the Administrator may not
amend this Agreement without the consent of the Seller, which permission shall
not be unreasonably withheld.

     Section 13. Successors and Assigns. This Agreement may not be assigned by
the Administrator unless such assignment is previously consented to in writing
by the Owner

                                       13

<PAGE>

Trustee, the Owner Trustee and the Indenture Trustee and subject to the
satisfaction of the Rating Agency Condition in respect thereof. An assignment
with such consent and satisfaction, if accepted by the assignee, shall bind the
assignee hereunder in the same manner as the Administrator is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the
Administrator without the consent of the Owner Trustee, the Owner Trustee or the
Indenture Trustee to a corporation or other organization that is a successor (by
merger, consolidation or purchase of assets) to the Administrator; provided that
such successor organization executes and delivers to the Owner Trustee, the
Owner Trustee and the Indenture Trustee an agreement in which such corporation
or other organization agrees to be bound hereunder by the terms of said
assignment in the same manner as the Administrator is bound hereunder. Subject
to the foregoing, this Agreement shall bind any successors or assigns of the
parties hereto.

     Section 14.  Governing Law. This agreement shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder shall be determined in accordance with such laws.

     Section 15.  Headings. The Section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

     Section 16.  Counterparts. This Agreement may be executed in counterparts,
each of which when so executed shall be an original, but all of which together
shall constitute but one and the same agreement.

     Section 17.  Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     Section 18.  Not Applicable to Capital One Auto Finance, Inc. in Other
Capacities. Nothing in this Agreement shall affect any right or obligation
Capital One Auto Finance, Inc. may have in any other capacity.

     Section 19.  Limitation of Liability of Owner Trustee and Indenture
Trustee. (a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by Wilmington Trust Company not in its
individual capacity but solely in the capacity as Owner Trustee of the Trust and
in no event shall Wilmington Trust Company in its individual capacity or any
beneficial owner of the Owner Trustee have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Owner Trustee hereunder, as to all of which recourse shall be had solely to the
assets of the Owner Trustee. For all purposes of this Agreement, in the
performance of any duties or obligations of the Owner

                                       14

<PAGE>

Trustee hereunder, the Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.

     (b)  Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by JP Morgan Chase Bank not in its individual
capacity but solely as Indenture Trustee and in no event shall the Indenture
Trustee have any liability for the representations, warranties, covenants,
agreements or other obligations of the Owner Trustee hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Owner Trustee. For all
purposes of this Agreement, in the performance of any duties or obligations of
the Owner Trustee hereunder, the Indenture Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Article VI of the
Indenture.

     Section 20.  Third-Party Beneficiary. The Owner Trustee and the Indenture
Trustee are third-party beneficiaries to this Agreement and are entitled to the
rights and benefits hereunder and may enforce the provisions hereof as if they
were parties hereto.

     Section 21.  Nonpetition Covenants. (a) Notwithstanding any prior
termination of this Agreement, the Seller, the Administrator, the Owner Trustee
and the Indenture Trustee shall not, prior to the date which is one year and one
day after the termination of this Agreement with respect to the Owner Trustee,
acquiesce, petition join in, encourage or otherwise invoke or cause the Owner
Trustee to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Owner Trustee under any
federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Owner Trustee or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Owner Trustee.

     (b)  Notwithstanding any prior termination of this Agreement, the Owner
Trustee, the Administrator, the Owner Trustee and the Indenture Trustee shall
not, prior to the date which is one year and one day after the termination of
this Agreement with respect to the Seller, acquiesce, petition join in,
encourage or otherwise invoke or cause the Seller to invoke the process of any
court or government authority for the purpose of commencing or sustaining a case
against the Seller under any federal or state bankruptcy, insolvency or similar
law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Seller or any substantial part of
their respective property, or ordering the winding up or liquidation of the
affairs of the Seller.

     Section 22.  Limitation 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 Amended and Restated Trust Agreement dated as of
December 20, 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

                                       15

<PAGE>

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 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.

                                       16

<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

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

                             By: /s/ Patricia A. Evans
                               -------------------------------------------------
                                     Name:  Patricia A. Evans
                                     Title:  Senior Finacial Services Officer

                                       S-1

<PAGE>

                                     JP MORGAN CHASE BANK, not in its individual
                                     capacity but solely as Indenture Trustee

                                     By: /s/ Kevin Crombie
                                        ----------------------------------------
                                          Name: Kevin Crombie
                                          Title:  Assistant Vice President

                                       S-2

<PAGE>

                                  CAPITAL ONE AUTO FINANCE, INC., as
                                  Administrator

                                  By: /s/ Jeffery Elswick
                                    ---------------------------------------
                                      Name:  Jeffery Elswick
                                      Title:  Manager of Securitization

                                       S-3<PAGE>

                                                                    Exhibit 10.5

================================================================================

                           MBIA INSURANCE CORPORATION,
                                   as Insurer,

                         CAPITAL ONE AUTO FINANCE, INC.
                                       and

                        CAPITAL ONE AUTO RECEIVABLES, LLC
                                as Issuer Parties

                                       and

                     CREDIT SUISSE FIRST BOSTON CORPORATION,
                      as Representative of the Underwriters

                            INDEMNIFICATION AGREEMENT

                                 $1,200,000,000
                      Capital One Auto Finance Trust 2001-B
                Automobile Receivable-Backed Notes, Series 2001-B
                Class A-1 Notes, Class A-2 Notes, Class A-3 Notes
                               and Class A-4 Notes

                          Dated as of December 13, 2001

================================================================================

<PAGE>

                            INDEMNIFICATION AGREEMENT

     This AGREEMENT, dated as of December 13, 2001 is between MBIA INSURANCE
CORPORATION (the "Insurer"), as the Insurer under the Note Guaranty Insurance
Policy (the "Policy") issued in connection with the Offered Notes described
below, CAPITAL ONE AUTO FINANCE, INC. ("COAF"), CAPITAL ONE AUTO RECEIVABLES,
LLC ("COAR," and together with COAF, the "Issuer Parties") and CREDIT SUISSE
FIRST BOSTON CORPORATION ("CSFB"), as Representative of the Underwriters (the
"Representative") on behalf of the Underwriters (as defined below).

     Section 1. Definitions. As used in this Agreement, the following terms
shall have the respective meanings stated herein, unless the context clearly
requires otherwise, in both singular and plural form, as appropriate.
Capitalized terms used in this Agreement but not otherwise defined herein will
have the meanings ascribed to such terms in the Indenture (as described below).

     "Act" means the Securities Act of 1933, as amended, together with all
related rules and regulations.

     "Agreement" means this Indemnification Agreement by and between the Insurer
and the Representative of the Underwriters.

     "Indemnified Party" means any party entitled to any indemnification
pursuant to Section 5 below, as the context requires.

     "Indemnifying Party" means any party required to provide indemnification
pursuant to Section 5 below, as the context requires.

     "Indenture" means the Indenture dated as of December 20, 2001 by and
between the Wilmington Trust Company, as Owner Trustee, and JP Morgan Chase
Bank, as Indenture Trustee.

     "Insurance Agreement" means the Insurance Agreement, dated as of December
20, 2001 by and among the Insurer, the Owner Trustee, the Seller, the
Transferor, the Servicer, the Indenture Trustee and Owner Trustee.

     "Insurer Party" means the Insurer and its respective parents, subsidiaries
and affiliates and any shar'eholder, director, officer, employee, agent or any
"controlling person" (as such term is used in the Act) of any of the foregoing.

<PAGE>

     "Issuer Party" means each of COAF and COAR and its parent, subsidiaries,
and affiliates and any member, shareholder, director, officer, employee, agent
or any "controlling person" (as such term is used in the Act) of any of the
following.

     "Losses" means (i) any actual out-of-pocket loss paid by the party entitled
to indemnification or contribution hereunder and (ii) any actual out-of-pocket
costs and expenses paid by such party, including reasonable fees and expenses of
its counsel, to the extent not paid, satisfied or reimbursed from funds provided
by any other Person (provided that the foregoing shall not create or imply any
obligation to pursue recourse against any such other Person).

     "Offered Notes" means the Capital One Auto Finance Trust 2001-B Automobile
Receivable-Backed Notes, Series 2001-B, Class A-1, Class-A-2, Class-A-3 and
Class-A-4, issued in accordance with the provisions of the Indenture.

     "Person" means any individual, partnership, joint venture, corporation,
trust or unincorporated organization or any government or agency or political
subdivision thereof.

     "Prospectus Supplement" means the Preliminary Prospectus Supplement dated
December 11, 2001 and the Prospectus Supplement dated December 13, 2001 with
respect to the Offered Notes.

     "Servicer" means Capital One Auto Finance, Inc. as the Servicer of the
Receivables or any other Eligible Servicer acting as servicer pursuant to the
Servicing Agreement. Unless the context otherwise requires "Servicer" also
refers to any successor Servicer appointed under the Indenture or pursuant to
the Servicing Agreement.

     "Servicing Agreement" means the Servicing Agreement dated as of December
20, 2001 by and among the Owner Trustee, the Indenture Trustee and the Servicer.

     "Underwriter Party" means, with respect to the Underwriters, each such
Underwriter and its parent, subsidiaries and affiliates and any shareholder,
director, officer, employee, agent or "controlling person" (as such term is used
in the Act) of any of the foregoing.

     "Underwriting Agreement" means the Underwriting Agreement by and among
COAF, Capital One Auto Receivables, LLC and CSFB, as representative for the
Underwriters dated as of December 13, 2001.

     "Underwriters" and "Underwriter" means, in plural form, CSFB, Banc of
America Securities LLC, Deutsche Banc Alex. Brown and First Union Securities,
Inc. and in singular form, each of CSFB, Banc of America Securities LLC,
Deutsche Banc Alex. Brown and First Union Securities, Inc.

                                       2

<PAGE>

     Section 2. Representations and Warranties of the Insurer. The Insurer
represents and warrants to each Underwriter and the each Issuer Party as
follows:

          (a) Organization and Licensing. The Insurer is a duly incorporated and
existing New York stock insurance company licensed to do business in the State
of New York and is in good standing under the laws of such state.

          (b) Corporate Power. The Insurer has the corporate power and authority
to issue the Policy and execute and deliver this Agreement and to perform all of
its obligations hereunder and thereunder.

          (c) Authorization; Approvals. The issuance of the Policy and the
execution, delivery and performance of this Agreement have been duly authorized
by all necessary corporate proceedings. No further approvals or filings of any
kind, including, without limitation, any further approvals of or further filings
with any governmental agency or other governmental authority, or any approval of
the Insurer's board of directors or stockholders, are necessary for the Policy
and this Agreement to constitute the legal, valid and binding obligations of the
Insurer.

          (d) Enforceability. The Policy, when issued, and this Agreement will
each constitute a legal, valid and binding obligation of the Insurer,
enforceable in accordance with its terms, subject to applicable laws affecting
the enforceability of creditors' rights generally.

          (e) Financial Information. The consolidated financial statements of
the Insurer and its subsidiaries as of December 31, 2000 and December 31, 1999
and for each of the three years in the period ended December 31, 2000
incorporated by reference in the Prospectus Supplement (the "Insurer Audited
Financial Statements"), fairly present in all material respects the financial
condition of the Insurer as of such date and for the period covered by such
statements in accordance with generally accepted accounting principles
consistently applied. The consolidated financial statements of the Insurer and
its subsidiaries as of September 30, 2001 and for the nine month periods ended
September 30, 2001 and September 30, 2000 incorporated by reference in the
Prospectus Supplement (the "Insurer Unaudited Financial Statements"; the Insurer
Audited Financial Statements and the Insurer Unaudited Financial Statements are
referred to herein as the "Insurer Financial Statements") present fairly in all
material respects the financial condition of the Insurer as of such date and for
the period covered by such statements in accordance with generally accepted
accounting principles applied in a manner consistent with the accounting
principles used in preparing the Insurer Audited Financial Statements, and since
September 30, 2001, there has been no material change in such financial
condition of the Insurer which would materially and adversely affect its ability
to perform its obligations under the Policy.

          (f) Insurer Information. The information in the Prospectus Supplement
of the date hereof under the caption "THE Note Guaranty Insurance Policy AND THE
NOTE INSURER" (the "Insurer Information") is limited and does not purport to
provide the

                                       3

<PAGE>

scope of disclosure required to be included in a prospectus for a registrant
under the Securities Act of 1933, in connection with the public offer and sale
of securities of such registrant. Within such limited scope of disclosure, the
Insurer Information does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading.

          (g) No Litigation. There are no actions, suits, proceedings or
investigations pending or, to the best of the Insurer's knowledge, threatened
against it at law or in equity or before or by any court, governmental agency,
board or commission or any arbitrator which, if decided adversely, would
materially and adversely affect its condition (financial or otherwise) or
operations of it or would materially and adversely affect its ability to perform
its obligations under this Agreement or the Policy.

     Section 3. Representations and Warranties of the Underwriters. Each
Underwriter severally represents and warrants (only with respect to itself) to
the Insurer as follows:

          (a) Prospectus Supplement. It represents and warrants to and agrees
with the Insurer that the statements in the Prospectus Supplement made in
reliance upon and in conformity with written information relating to such
Underwriter furnished to Capital One Auto Finance, Inc. specifically for use in
the preparation of the Prospectus Supplement, and acknowledged in writing set
forth in the second paragraph (regarding concessions and discounts) and the
first sentence of the eighth paragraph (regarding marketmaking) under the
caption "Underwriting" in the Prospectus Supplement (referred to herein as the
"Underwriter Information"), are true and correct in all material respects.

          (b) Corporate Power. It has the corporate power and authority to
execute and deliver this Agreement and the Underwriting Agreement and to perform
all of its obligations hereunder and thereunder in all material respects.

          (c) Authorization; Approvals. The execution, delivery and performance
of this Agreement and the Underwriting Agreement by such Underwriter have been
duly authorized by all necessary corporate proceedings. No further approvals or
filings of any kind, including, without limitation, any further approvals of or
further filing with any governmental agency or other governmental authority, or
any approval of such Underwriter's board of directors or stockholders, are
necessary for this Agreement and the Underwriting Agreement to constitute the
legal, valid and binding obligation of such Underwriter.

          (d) Enforceability. This Agreement and the Underwriting Agreement will
each constitute a legal, valid and binding obligation of such Underwriter, each
enforceable in accordance with its terms, subject, as to the enforcement of
remedies, to bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting the enforceability of creditors' rights generally
applicable in the event of the bankruptcy, insolvency or reorganization of such
Underwriter and to general principles of equity.

                                       4

<PAGE>

          (e) No Litigation. There are no actions, suits, proceedings or
investigations pending or, to the best of such Underwriter's knowledge,
threatened against it at law or in equity or before any court, governmental
agency, board or commission or any arbitrator which, if decided adversely, would
materially and adversely affect its condition (financial or otherwise) or its
operations or would materially and adversely affect its ability to perform its
obligations under this Agreement and the Underwriting Agreement.

     Section 4. [Reserved.

     Section 5. Indemnification.

          (a) The Insurer hereby agrees, upon the terms and subject to the
conditions of this Agreement, to indemnify, defend and hold harmless each Issuer
Party and each Underwriter Party against (i) any and all Losses incurred by them
with respect to the offer and sale of any of the Offered Notes and resulting
from the Insurer's breach of any of its representations and warranties set forth
in Section 2 of this Agreement, and (ii) any and all Losses to which any Issuer
Party or any Underwriter Party may become subject, under the Act or otherwise,
subject to the limited scope of the Insurer Information described below insofar
as such Losses arise out of or result from an untrue statement of a material
fact contained in the Prospectus Supplement or the omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that
such untrue statement or omission was made in the Insurer Information included
therein; and provided further, that it is understood that the Insurer
Information is limited and does not purport to provide the scope of disclosure
required to be included in a prospectus for a registrant under the Securities
Act of 1933, in connection with the public offer and sale of securities of such
registrant.

          (b) Each Underwriter hereby agrees, severally and not jointly, upon
the terms and subject to the conditions of this Agreement, to indemnify, defend
and hold harmless each Insurer Party against (i) any and all Losses incurred by
it with respect to the offer and sale of any of the Offered Notes and resulting
from such Underwriter's breach of any of its agreements, representations and
warranties set forth in Section 3 of this Agreement and (ii) any and all Losses
to which any Insurer Party may become subject, under the Act or otherwise,
insofar as such Losses arise out of or result from an untrue statement of a
material fact contained in the Prospectus Supplement or the omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading in each case to the extent, but only to the
extent, that such untrue statement or omission was made in the Underwriter
Information (as defined above) included therein.

          (c) Upon the incurrence of any Losses entitled to indemnification
hereunder, the Indemnifying Party shall reimburse the Indemnified Party promptly
upon establishment by the Indemnified Party to the Indemnifying Party of the
Losses incurred.

                                       5

<PAGE>

     Section 6. Notice To Be Given.

          (a) Except as provided in Section 7 below with respect to
contribution, the indemnification provided herein by the Indemnifying Party
shall be the exclusive remedy of each Indemnified Party for the Losses resulting
from the Indemnifying Party's breach of a representation, warranty or agreement
hereunder; provided, however, that each Indemnified Party shall be entitled to
pursue any other remedy at law or in equity for any such breach so long as the
damages sought to be recovered shall not exceed the Losses incurred thereby
resulting from such breach.

          (b) In the event that any action or regulatory proceeding shall be
commenced or claim asserted which may entitle an Indemnified Party to be
indemnified under this Agreement, such party shall give the Indemnifying Party
written or facsimile notice of such action or claim reasonably promptly after
receipt of written notice thereof.

          (c) Upon request of the Indemnified Party, the Indemnifying Party
shall retain counsel reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party and any others the Indemnifying Party may
designate in such proceeding and shall pay the fees and disbursements of such
counsel related to such proceeding. The Indemnifying Party may, at its option,
at any time upon written notice to the Indemnified Party, assume the defense of
any proceeding and may designate counsel reasonably satisfactory to the
Indemnified Party in connection therewith, provided that the counsel so
designated would have no actual or potential conflict of interest in connection
with such representation. Unless it shall assume the defense of any proceeding,
the Indemnifying Party shall not be liable for any settlement of any proceeding,
effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the Indemnifying Party agrees to
indemnify the Indemnified Party from and against any loss or liability by reason
of such settlement or judgment. The Indemnifying Party shall be entitled to
participate in the defense of any such action or claim in reasonable cooperation
with, and with the reasonable cooperation of, each Indemnified Party.

          (d) The Indemnified Party will have the right to employ its own
counsel in any such action, but the fees and expenses of such counsel will be at
the expense of such Indemnified Party unless (i) the employment of counsel by
the Indemnified Party at the Indemnifying Party's expense has been authorized in
writing by the Indemnifying Party, (ii) the Indemnifying Party has not in fact
employed counsel to assume the defense of such action within a reasonable time
after receiving notice of the commencement of the action or (iii) the named
parties to any such action include the Indemnifying Party on the one hand and,
on the other hand, the Indemnified Party, and representation of both parties by
the same counsel would be inappropriate due to actual or potential differing
interests between them (in which case if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense of such action or proceeding on such Indemnified
Party's behalf), in each of which cases the reasonable

                                       6

<PAGE>

fees and expenses of counsel (including local counsel) will be at the expense of
the Indemnifying Party, and all such fees and expenses will be reimbursed
promptly as they are incurred. In the event that any expenses so paid by the
Indemnifying Party are subsequently determined not to be required to be borne by
the Indemnifying Party hereunder, the party which received such payment shall
promptly refund to the Indemnifying Party the amount so paid by such
Indemnifying Party. Notwithstanding the foregoing, in connection with any one
action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, the
Indemnifying Party shall not be liable for the fees and expenses of more than
one counsel for the Issuer Parties, more than one counsel for all Underwriter
Parties and more than one counsel for all Insurer Parties, as applicable.

          (e) The Indemnified Parties shall cooperate with the Indemnifying
Parties in resolving any event, which would give rise to an indemnity obligation
pursuant to Section 5 hereof in the most efficient manner.

          (f) No settlement of any such claim or action shall be entered into
without the consent of each Indemnified Party who is subject to such claim or
action, on the one hand, and each Indemnifying Party who is subject to such
claim or action, on the other hand; provided, however, that the consent of such
Indemnified Party shall not be required if such settlement fully discharges,
with prejudice against the plaintiff, the claim or action against such
Indemnified Party.

          (g) Any failure by an Indemnified Party to comply with the provisions
of this Section shall relieve the Indemnifying Party of liability only if such
failure is materially prejudicial to any legal pleadings, grounds, defenses or
remedies in respect thereof or the Indemnifying Party's financial liability
hereunder, and then only to the extent of such prejudice.

     Section 7. Contribution.

          (a) To provide for just and equitable contribution if the
indemnification provided by the Insurer is determined to be unavailable for any
Underwriter Party (other than pursuant to Section 4 or 5 of this Agreement), or
if the indemnification provided by the Underwriters is determined to be
unavailable for any Insurer Party (other than pursuant to Section 4 or 6 of this
Agreement), the Insurer and the relevant Underwriter shall contribute to the
aggregate costs of liabilities arising from any breach of their respective
representations and warranties set forth in this Agreement on the basis of the
relative fault of all Insurer Parties and all relevant Underwriter Parties.

          (b) To provide for just and equitable contribution if the
indemnification provided by the Insurer is determined to be unavailable for the
Issuer Parties (other than pursuant to Section 5 or 6 of this Agreement), the
Insurer shall contribute to the aggregate cost of liabilities arising from any
breach of their respective representations and warranties set forth in this
Agreement on the basis of the relative fault of all Insurer Parties and the
Issuer Parties.

                                       7

<PAGE>

          (c) Notwithstanding anything in this Section 7 to the contrary, (i)
the Insurer shall not be required to contribute an amount in excess of the
amount by which the total of the insurance premiums that have been received by
the Insurer under the Insurance Agreement exceeds the amount of any damages that
the Insurer has otherwise been required to pay in respect of any breach by the
Insurer of the representations and warranties contained in Section 2 hereof, and
(ii) no Underwriter shall be required to contribute an amount in excess of the
amount by which the total underwriting fees, discounts and commissions received
by such Underwriter exceeds the amount of any damages that such Underwriter has
otherwise been required to pay in respect of any breach by such Underwriter of
its representations and warranties contained in Section 3 hereof.

          (d) The relative fault of each Indemnifying Party, on the one hand,
and of each Indemnified Party, on the other hand, shall be determined by
reference to, among other things, whether the breach of, or alleged breach of,
any of its representations and warranties set forth in Section 2 or 3 of this
Agreement relates to information supplied by, or action within the control of,
the Insurer Party or the relevant Underwriter Party and the Parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such breach.

          (e) The Parties agree that the Insurer shall be solely responsible for
the Insurer Information and for the Insurer Financial Statements, that each
Underwriter shall be responsible for the Underwriter Information provided by
such Underwriter in writing for use in the Prospectus Supplement.

          (f) No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation.

          (g) The indemnity agreements contained in this Agreement shall remain
operative and in full force and effect, regardless of (i) any investigation made
by or on behalf of any Underwriter Party, any Insurer Party or any Issuer Party,
(ii) the issuance of any Offered Notes or the Policy or (iii) any termination of
this Agreement.

          (h) Upon the incurrence of any Losses entitled to contribution
hereunder, the contributor shall reimburse the party entitled to contribution
promptly upon establishment by the party entitled to contribution to the
contributor of the Losses incurred.

          (i) The Underwriters shall be severally and not jointly liable for any
contribution required by this Section 7.

     Section 8. Notices. All notices and other communications provided for under
this Agreement shall be addressed to the address set forth below as to each
party or at such other address as shall be designated by a party in a written
notice to the other party.

                                       8

<PAGE>

     If to the Insurer:      MBIA Insurance Corporation
                             113 King Street
                             Armonk, NY 10504
                             Attention: Insured Portfolio Management--Structured
                                        Finance (IPM-SF)

     If to the Issuer Parties:

                             Capital One Auto Finance, Inc.
                             8000 Jones Branch Drive
                             McLean, Virginia 22202
                             Facsimile: (703) 875-1389
                             Confirmation: (703) 875-1305

                             With a copy to Legal Department
                             Facsimile: (703) 875-1589
                             Confirmation: (703) 875-1000

                             Capital One Auto Receivables, LLC
                             8000 Jones Branch Drive
                             McLean, Virginia 22202
                             Facsimile: (703) 875-1389
                             Confirmation: (703) 875-1305

                             With a copy to Legal Department
                             Facsimile: (703) 875-1589
                             Confirmation: (703) 875-1000

     If to the Representative:

                             Credit Suisse First Boston Corporation
                             Eleven Madison Avenue
                             5/th/ Floor
                             New York, NY 10010-3629
                             Attention: General Counsel

     Section 9. Governing Law, Etc. This Agreement shall be deemed to be a
contract under the laws of the State of New York and shall be governed by and
construed in accordance with the laws of the State of New York without regard to
its conflicts of laws provisions. This Agreement may not be assigned by any
party without the express written consent of each other party. Amendments of
this Agreement shall be in writing signed by each party. This Agreement shall
not be effective until executed by each of the Insurer, each Issuer Party and
the Underwriters.

                                       9

<PAGE>

          Section 10. Other Obligations Not Effected. This Agreement in no way
limits or otherwise affects the indemnification obligations of the Underwriters
and COAF under the Underwriting Agreement.

          Section 11. Limitations. Nothing in this Agreement shall be construed
as a representation or undertaking by the Insurer concerning maintenance of the
rating currently assigned to its claims-paying ability by Moody's Investors
Service, Inc. ("Moody's") and/or Standard & Poor's, a division of The
McGraw-Hill Companies, Inc. ("S&P") or any other rating agency (collectively,
the "Rating Agencies").

          Section 12. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall together
constitute but one and the same instrument.

          Section 13. Non-petition. So long as the Insurance Agreement is in
effect, and for one year following its termination, each of the parties hereto
agree that it (with respect to itself) file any involuntary petition or
otherwise institute any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other proceeding under any federal or state bankruptcy
or similar law against the Issuer Parties or the Seller.

                                       10

<PAGE>

         IN WITNESS WHEREOF, the Parties hereto have caused this Indemnification
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized, all as of the date first above written.

                                   MBIA INSURANCE CORPORATION

                                   By   /s/ Amy R. Gonch
                                       -----------------------------------------
                                            Amy R. Gonch
                                   Title  Assistant Secretary
                                          --------------------------------------

                                   CREDIT SUISSE FIRST BOSTON
                                   CORPORATION, for itself and as Representative
                                   of the Underwriters

                                   By /s/ John L. McWilliams, IV
                                     -------------------------------------------
                                   Title  Director
                                         ---------------------------------------

                                   CAPITAL ONE AUTO FINANCE, INC., as Issuer
                                   Party

                                   By /s/ Jeffery Elswick
                                     -------------------------------------------
                                   Title  Manager of Securitization
                                         ---------------------------------------

                                   CAPITAL ONE AUTO RECEIVABLES, LLC, as Issuer
                                   Party

                                   By  /s/ Jeffery Elswick
                                     -------------------------------------------
                                   Title  President
                                         ---------------------------------------

<PAGE>

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S>                                                                             <C>
Section 1.    Definitions .....................................................  1
Section 2.    Representations and Warranties of the Insurer ...................  3
Section 3.    Representations and Warranties of the Underwriters...............  4
Section 4.    Reserved ........................................................  5
Section 5.    Indemnification .................................................  5
Section 6.    Notice To Be Given ..............................................  6
Section 7.    Contribution ....................................................  7
Section 8.    Notices .........................................................  8
Section 9.    Governing Law, Etc ..............................................  9
Section 10.   Other Obligations Not Effected .................................. 10
Section 11.   Limitations ..................................................... 10
Section 12.   Counterparts .................................................... 10
Section 13.   Non-petition .................................................... 10

TESTIMONIUM ....................................................... SIGNATURE PAGE

SIGNATURES ........................................................ SIGNATURE PAGE
</TABLE>

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