Bay View Completes Securitization of $180,950,000 of Automobile Receivables

Bay View Completes Securitization of $180,950,000 of Automobile Receivables 


SAN MATEO, Calif., Aug. 1  /PRNewswire-FirstCall/ -- Bay View Capital Corporation (NYSE:BVC) announced today that its indirect auto finance company, Bay View Acceptance Corporation ("BVAC"), closed a $180,950,000 automobile receivable asset-backed securities offering on July 28, 2005.  BVAC issued the securities through Bay View 2005-LJ-2 Owner Trust.

The issue used a senior-subordinate structure and was comprised of four classes of fixed rate notes, Class A (A-1 through A-4), Class B, Class C and Class D, which have final maturities ranging between July 2006 and February 2014.  The notes have been rated by Moody's and S&P as follows:

     Securities         Amount         Coupon                Rating
                                                      Moody's       S&P
  Class A-1 Notes    $23,800,000       3.664%         P-1           A-1+
  Class A-2 Notes    $63,600,000       4.20%          Aaa           AAA
  Class A-3 Notes    $48,500,000       4.41%          Aaa           AAA
  Class A-4 Notes    $25,550,000       4.55%          Aaa           AAA
  Class B Notes       $7,420,000       4.78%          Aa2           AA
  Class C Notes       $6,040,000       4.92%          A2            A
  Class D Notes       $6,040,000       5.27%          Baa2          BBB




The issue represents BVAC's first issuance of auto receivable asset-backed securities using a senior-subordinate structure.  BVAC's prior securitizations were supported by a financial guaranty policy.  In this transaction, credit support to all classes is provided by excess spread, a reserve account and subordination in the form of an unrated certificate.

Bay View Acceptance Corporation is a consumer finance company engaged in indirect purchases of retail automobile installment contracts originated by manufacturer-franchised and independent dealers in connection with the sale of new and used automobiles.  Bay View Capital Corporation is a financial services company headquartered in San Mateo, California and is listed on the NYSE: BVC.  For more information, visit http://www.bayviewcapital.com/. 

DATASOURCE: Bay View Capital Corporation



CONTACT:  John Okubo, [phone], for Bay View Capital Corporation



Web site:  http://www.bayviewcapital.com/ 

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