|
|
|
|
|
|
|
|
|
|
Previous: NUVEEN TAX FREE TRUST SERIES 892, S-6EL24, 1996-08-27 |
Next: GS MORTGAGE SECURITIES CORP II, 8-K, 1996-08-27 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date earliest event reported): August 20, 1996
WFS Financial 1996-B Owner Trust
(Exact name of registrant as specified in charter)
California 33-99422 33-0149603
- ---------------------------- -------------- ------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
WFS Financial Auto Loans, Inc. (as Originator)
23 Pasteur Road
Irvine, California 92618
- ---------------------------------------------- -----------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (714) 753-3000
Exhibit Index is on Page 5.
<PAGE> 2
ITEM 5. OTHER EVENTS
On June 14, 1996 the Commission declared effective a Registration Statement on
Form S-1 (File No. 33-99422) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1996-B Owner Trust (the "Trust") of the following
securities:
$81,500,000 of 5.52% Money Market Auto Receivable Backed Notes, Class A-1,
$170,000,000 of 6.20% Auto Receivable Backed Notes, Class A-2,
$155,000,000 of 6.65% Auto Receivable Backed Notes, Class A-3,
$76,500,000 of 6.95% Auto Receivable Backed Notes, Class A-4,
$42,000,000 of 7.05% Auto Receivable Backed Certificates.
The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes (the
"Notes" and together with the Certificates, the "Securities") and the
Certificates were issued by the Trust on June 20, 1996. The Notes are secured
by the assets of the Trust, while the Certificates evidence undivided
fractional interests in the assets of the Trust. The Notes and the
Certificates were issued in fully-registered form in denominations of $1,000
and integral multiples thereof. As more fully described in the Registration
Statement, the assets of the Trust will include (i) a pool of retail
installment contracts secured by liens on new and used automobiles and light
trucks ("Contracts"), (ii) a financial guaranty insurance policy issued by
Financial Security Assurance Inc. (the "Insurer"), and (iii) certain accounts
maintained by the Trustee on behalf of the Trust, including all investments
held thereby and all income from the investment of funds therein and all
proceeds therefrom.
Pursuant to the Sale and Servicing Agreement ("Agreement") entered into by and
among the Trust, WFS Financial Inc (the "Master Servicer") and Western
Financial Auto Loans, Inc. (the originator of the Trust), the Indenture Trustee
will deliver to each Noteholder and the Owner Trustee will deliver to each
Certificateholder with respect to each quarterly distribution to holders of the
Securities a statement (the "Statement to Securityholders") setting forth
certain current information required by the Agreement. In addition, and also
as required by the Agrement, the Master Servicer is required to provide to both
the Indenture Trustee and the Owner Trustee a report regarding the assets of
the Trust and the proceeds received by it therefrom as to the quarterly
reporting period preceding each Distribution Date (the "Distribution Date
Statement"). Copies of the Statement to Securityholders and the Distribution
Date Statement with respect to the August 20, 1996 Distribution Date is filed
herewith as Exhibits 21.1 and 21.2, respectively, and are incorporated herein
by this reference. Pursuant to the Agreement, proceeds of the Contracts in the
amount of $45,439,602.41 was invested by the Indenture Trustee during the Due
Period with respect to the current Distribution Date in the Reinvestment
Contract entered into between Western Financial Savings Bank, F.S.B. and the
Indenture Trustee, and $45,439,602.41 was distributed from the RIC to the
Indenture Trustee for distribution to the holders of the Securities on the
current Distribution Date.
Page 2
<PAGE> 3
No matters occurred within the period as to which this Current Report on Form
8-K relates that would be reportable under Items 1 through 5 of Part II of Form
10-Q.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
The exhibits listed on the Exhibit Index on page 5 of this Form 8-K are filed
herewith.
Page 3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
WFS FINANCIAL 1996-B OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: August 27, 1996 By: /s/ LEE A. WHATCOTT
------------------------------
Lee A. Whatcott,
Chief Financial Officer
Page 4
<PAGE> 5
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C> <C>
21.1 Statement to Securityholders as to the ___
August 20, 1996 Distribution Date
21.2 Distribution Date Statement dated as of ___
July 31, 1996 for the August 20, 1996 Distribution Date
21.3 Condensed consolidated financial statements of ___
FinancialSecurity Assurance Inc. for the six month
period ended June 30, 1996 (Incorporate by reference
from theQuarterly Report on Form 10-Q of Financial
SecurityAssurance Holdings Inc. for the quarter ended
June 30, 1996 (file # 1-12644) as filed on or about
August 9, 1996)
</TABLE>
Page 5
<PAGE> 1
WFS FINANCIAL 1996-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
Class A-1
<TABLE>
<S> <C>
Original Principal Balance 81,500,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 81,500,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 46,607,597.12 571.872357
Pool Factor 0.571872
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 33,171,035.41 407.006569
Accelerated Principal Portion 1,721,367.47 21.121073
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 34,892,402.88 428.127643
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 987,236.67 12.113333
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 987,236.67 12.113333
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 875,000.00 1.666667
Spread Account Deposit 2,084,425.50 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
Class A-2
<TABLE>
<S> <C>
Original Principal Balance 170,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 170,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 170,000,000.00 1000.000000
Pool Factor 1.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 0.00 0.000000
Accelerated Principal Portion 0.00 0.000000
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
------------
Total Principal Distributable Amount 0.00 0.000000
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 2,312,944.44 13.605556
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 2,312,944.44 13.605556
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 875,000.00 1.666667
Spread Account Deposit 2,084,425.50 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
Class A-3
<TABLE>
<S> <C>
Original Principal Balance 155,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 155,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 155,000,000.00 1000.000000
Pool Factor 1.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 0.00 0.000000
Accelerated Principal Portion 0.00 0.000000
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
------------
Total Principal Distributable Amount 0.00 0.000000
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 2,261,923.61 14.593056
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 2,261,923.61 14.593056
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 875,000.00 1.666667
Spread Account Deposit 2,084,425.50 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
Class A-4
<TABLE>
<S> <C>
Original Principal Balance 76,500,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 76,500,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 76,500,000.00 1000.000000
Pool Factor 1.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 0.00 0.000000
Accelerated Principal Portion 0.00 0.000000
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
------------
Total Principal Distributable Amount 0.00 0.000000
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 1,166,731.25 15.251389
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 1,166,731.25 15.251389
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 875,000.00 1.666667
Spread Account Deposit 2,084,425.50 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1996-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
Certificate
<TABLE>
<S> <C>
Original Principal Balance 42,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C>
Aggregate Unpaid Principal Balance as of prior Distribution Date 42,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 42,000,000.00 1000.000000
Pool Factor 1.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 0.00 0.000000
Accelerated Principal Portion 0.00 0.000000
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
----------
Total Principal Distributable Amount 0.00 0.000000
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 649,775.00 15.470833
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
----------
Total Interest Distributable Amount 649,775.00 15.470833
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 875,000.00 1.666667
Spread Account Deposit 2,084,425.50 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 6
WFS FINANCIAL 1996-B OWNER TRUST
Officer's Certificate
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations
presented reflect accurate information as of July 31, 1996 and were performed
in conformity with the Sale and Servicing Agreement dated June 1, 1996.
/s/ LEE A. WHATCOTT
-----------------------------
Lee A. Whatcott
Sr. Vice President
Chief Financial Officer
/s/ MARK OLSON
-----------------------------
Mark Olson
Vice President
Controller
<PAGE> 1
WFS FINANCIAL 1996-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 44,764,804.52
Plus:
Servicer Advances 1,908,433.42
Reimbursement of holds 233,212.21
-----------------
2,141,645.63
Less:
Reimbursement Advances
Funds deposited in Holds Account 466,668.91
1,000,178.83
-----------------
1,466,847.74
-----------------
Total Funds Available for Distribution 45,439,602.41
=================
DISTRIBUTIONS
Servicing Fee 875,000.00
Trustee and Other Fees 139,888.00
Other Miscellaneous Payments 69,275.06
-----------------
1,084,163.06
Note Interest Distributable Amount - Class A-1 987,236.67
Note Interest Distributable Amount - Class A-2 2,312,944.44
Note Interest Distributable Amount - Class A-3 2,261,923.61
Note Interest Distributable Amount - Class A-4 1,166,731.25
------------------
Total Note Interest Distributable Amount 6,728,835.96
Certificate Interest Distributable Amount 649,775.00
------------------
Total Interest Distribution 7,378,610.97
Note Principal Distributable Amount - Class A-1 thru A-3 34,892,402.88
Note Principal Distributable Amount - Class A-4 0.00
Certificate Principal Distributable Amount 0.00
------------------
Total Principal Distribution 34,892,402.88
-----------------
Spread Account Deposit 2,084,425.50
Total Distributions 45,439,602.41
=================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
<TABLE>
<CAPTION>
PORTFOLIO DATA:
# of loans
<S> <C> <C> <C>
Beginning Security Balance 48,469 525,000,000.00
Less Scheduled Principal Balance 0 14,198,927.68
Accelerated Principal Portion 0 1,721,367.47
Full Prepayments 1,832 17,631,398.81
Partial Prepayments 0 0.00
Liquidations 132 1,340,708.92
-----------------
34,892,402.88
-----------------
Ending Security Balance 46,505 490,107,597.12
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 15,750,000.00
Deposits 2,084,425.50
Reductions 0.00
-----------------
Ending Balance 17,834,425.50
Beginning Initial Deposit Repayment 15,750,000.00
Repayments 0.00
-----------------
Ending Initial Deposit Repayment 15,750,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 0.00
New Advances 1,908,433.42
Advances Reimbursed 466,668.91
-----------------
Ending Unreimbursed Advances: 1,441,764.51
Holding Account:
Beginning Balance 0.00
Funds Deposited 1,000,178.83
Withdrawal to Collection Account 233,212.21
-----------------
Ending Balance 766,966.62
Net Charge-Off Data: # of loans
Charge-Offs 121 551,976.04
Recoveries 44 97,437.88
-----------------
Net Charge-Offs 77 454,538.16
Delinquencies (P&I): # of loans
30-59 Days 273 2,842,708.04
60-89 Days 52 608,083.00
90-119 Days 3 25,557.20
120-149 Days 0 0.00
150 days and over 0 0.00
Repossessions 58 328,060.71
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or 9.01
of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 0.12%
Delinquency Percentage 0.07%
WAC 15.5485%
WAM 54.587
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1996
for Distribution Date of August 20, 1996
<TABLE>
<CAPTION>
Original Beginning
Principal Outstanding Accelerated
Balance Principal Principal Principal
Classes Balance Distributable Portion
<S> <C> <C> <C> <C>
A-1 81,500,000.00 81,500,000.00 33,171,035.41 1,721,367.47
A-2 170,000,000.00 170,000,000.00 0.00 0.00
A-3 155,000,000.00 155,000,000.00 0.00 0.00
A-4 76,500,000.00 76,500,000.00 0.00 0.00
Certificate 42,000,000.00 42,000,000.00 0.00 0.00
TOTAL 525,000,000.00 525,000,000.00 33,171,035.41 1,721,367.47
<CAPTION>
Prior Current Remaining TOTAL
Principal Principal Outstanding PRINCIPAL
Carryover Carryover Principal Principal AND INTEREST
Classes Shortfall Shortfall Distribution Balance DISTRIBUTION
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 34,892,402.88 46,607,597.12 35,879,639.55
A-2 0.00 0.00 0.00 170,000,000.00 2,312,944.44
A-3 0.00 0.00 0.00 155,000,000.00 2,261,923.61
A-4 0.00 0.00 0.00 76,500,000.00 1,166,731.25
Certificate 0.00 0.00 0.00 42,000,000.00 649,775.00
TOTAL 0.00 0.00 34,892,402.88 490,107,597.12 42,271,013.85
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Interest Interest
Note Interest Calculated Carryover Carryover Interest
Classes Rate Interest Shortfall Shortfall Distribution
<S> <C> <C> <C> <C> <C>
A-1 5.52% 987,236.67 0.00 0.00 987,236.67
A-2 6.20% 2,312,944.44 0.00 0.00 2,312,944.44
A-3 6.65% 2,261,923.61 0.00 0.00 2,261,923.61
A-4 6.95% 1,166,731.25 0.00 0.00 1,166,731.25
Certificate 7.05% 649,775.00 0.00 0.00 649,775.00
TOTAL 7,378,610.97 0.00 0.00 7,378,610.97
<CAPTION>
Deficiency Policy
Note Claim Claim
Classes Amount Amount
<S> <C> <C>
A-1 0.00 0.00
A-2 0.00 0.00
A-3 0.00 0.00
A-4 0.00 0.00
Certificate 0.00 0.00
0.00 0.00
Note Percentage 100.00%
Certificate Percentage 0.00%
TOTAL
</TABLE>
|
|