UPDATE 1-Soccer-Athletic dumped out of King's Cup by Rayo

* Athletic lose 4-2 on aggregate to second-division Rayo

* Last season's finalists held to home draw in second leg

* Getafe eliminate Espanyol to advance to last 16

(updates with Athletic elimination, adds byline)

By Iain Rogers

MADRID, Nov 11 (Reuters) - Athletic Bilbao were dumped out of the King's Cup by second division Rayo Vallecano on Wednesday, last season's beaten finalists managing only a 2-2 home draw in the second leg to lose 4-2 on aggregate.

Spain striker Fernando Llorente gave the Basque club hope with a goal in the 42nd minute of the last-32 clash at the San Mames.

But a superb volley from Juan Jose Collantes in the 72nd minute and a freekick from Edu Albacar six minutes later put the tie well beyond their reach.

Getafe, losing finalists in 2007 and 2008, advanced to the last 16 with a 3-1 aggregate win over La Liga rivals Espanyol.