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<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): November 20, 1996
WFS Financial 1996-B Owner Trust
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
California 33-99422 33-0149603
- --------------------------------- -------------- --------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
</TABLE>
<TABLE>
<S> <C>
WFS Financial Auto Loans, Inc. (as Originator)
23 Pasteur Road
Irvine, California 92618
- ------------------------------------------------------------ -----------
(Address of principal executive offices) (Zip code)
</TABLE>
Registrant's telephone number, including area code: (714) 753-3000
<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 Agreement, 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 November 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 $62,428,613.16 were 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 Bank, F.S.B. and the Indenture
Trustee, and $62,428,613.16 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 4 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: November 25, 1996 By: /s/ LEE A. WHATCOTT
-----------------------------------------
Lee A. Whatcott, Chief Financial Officer
Page 4
<PAGE> 5
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
21.1 Statement to Securityholders as to the
November 20, 1996 Distribution Date
21.2 Distribution Date Statement dated as of
October 31, 1996 for the November 20, 1996 Distribution Date
21.3 Condensed consolidated financial statements of
Financial Security Assurance Inc. for the nine month
period ended September 30, 1996 (Incorporated by reference
from the Quarterly Report on Form 10-Q of Financial
Security Assurance Holdings Inc. for the quarter ended
September 30, 1996 (file # 1-12644) as filed on or about
November 12, 1996)
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 21.1
WFS FINANCIAL 1996-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1996
for Distribution Date of November 20, 1996
Class A-1
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 81,500,000.00
Per $1000
Orig Prin
Aggregate Balances: Totals Balance
Aggregate Unpaid Principal Balance as of Prior Distribution Date 46,607,597.12 571.872357
Aggregate Unpaid Principal Balance as of Current Distribution Date 0.00 0.000000
Pool Factor 0.000000
Principal Distributable Amount:
Principal Distributable Amount 46,607,597.12 571.872357
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 46,607,597.12 571.872357
Interest Distributable Amount:
Interest Distributable Amount 643,184.84 7.891839
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 643,184.84 7.891839
Per $1000
Aggregate
Aggregate Security Related Information: Orig Prin Bal
Aggregate Scheduled Balance 439,557,558.62 837.252493
Servicing Fee 1,239,707.00 2.361347
Spread Account 20,139,847.47 38.361614
Net Change in Spread Account 2,305,421.97 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 October 31, 1996
for Distribution Date of November 20, 1996
Class A-2
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 170,000,000.00
Per $1000
Orig prin
Aggregate Balances: Totals Balance
Aggregate Unpaid Principal Balance as of Prior Distribution Date 170,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 166,057,558.62 976.809168
Pool Factor 0.976809
Principal Distributable Amount:
Principal Distributable Amount 1,561,965.94 9.188035
Accelerated Principal Portion 2,380,475.44 14.002797
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
--------------
Total Principal Distributable Amount 3,942,441.38 23.190832
Interest Distributable Amount:
Interest Distributable Amount 2,635,000.00 15.500000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 2,635,000.00 15.500000
Per $1000
Aggregate
Aggregate Security Related Information: Orig Prin Bal
Aggregate Scheduled Balance 439,557,558.62 837.252493
Servicing Fee 1,239,707.00 2.361347
Spread Account 20,139,847.47 38.361614
Net Change in Spread Account 2,305,421.97 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 October 31, 1996
for Distribution Date of November 20, 1996
Class A-3
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 155,000,000.00
Per $1000
Orig prin
Aggregate Balances: Totals Balance
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 2,576,875.00 16.625000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 2,576,875.00 16.625000
Per $1000
Aggregate
Aggregate Security Related Information: Orig Prin Bal
Aggregate Scheduled Balance 439,557,558.62 837.252493
Servicing Fee 1,239,707.00 2.361347
Spread Account 20,139,847.47 38.361614
Net Change in Spread Account 2,305,421.97 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 October 31, 1996
for Distribution Date of November 20, 1996
Class A-4
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 76,500,000.00
Per $1000
Orig prin
Aggregate Balances: Totals Balance
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 1,329,187.50 17.375000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,329,187.50 17.375000
Per $1000
Aggregate
Aggregate Security Related Information: Orig Prin Bal
Aggregate Scheduled Balance 439,557,558.62 837.252493
Servicing Fee 1,239,707.00 2.361347
Spread Account 20,139,847.47 38.361614
Net Change in Spread Account 2,305,421.97 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 October 31, 1996
for Distribution Date of November 20, 1996
Certificate
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 42,000,000.00
Per $1000
Orig prin
Aggregate Balances: Totals Balance
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 740,250.00 17.625000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 740,250.00 17.625000
Per $1000
Aggregate
Aggregate Security Related Information: Orig Prin Bal
Aggregate Scheduled Balance 439,557,558.62 837.252493
Servicing Fee 1,239,707.00 2.361347
Spread Account 20,139,847.47 38.361614
Net Change in Spread Account 2,305,421.97 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 1
EXHIBIT 21.2
WFS FINANCIAL 1996-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1996
for Distribution Date of November 20, 1996
<TABLE>
<CAPTION>
Original Beginning Prior
Principal Outstanding Accelerated Principal
Balance Principal Principal Principal Carryover
Classes Balance Distributable Portion Shortfall
<S> <C> <C> <C> <C> <C>
A-1 81,500,000.00 46,607,597.12 46,607,597.12 0.00 0.00
A-2 170,000,000.00 170,000,000.00 1,561,965.94 2,380,475.44 0.00
A-3 155,000,000.00 155,000,000.00 0.00 0.00 0.00
A-4 76,500,000.00 76,500,000.00 0.00 0.00 0.00
Certificate 42,000,000.00 42,000,000.00 0.00 0.00 0.00
TOTAL 525,000,000.00 490,107,597.12 48,169,563.06 2,380,475.44 0.00
</TABLE>
<TABLE>
<CAPTION>
Current Remaining TOTAL
Principal Outstanding PRINCIPAL
Carryover Principal Principal AND INTEREST
Classes Shortfall Distribution Balance DISTRIBUTION
<S> <C> <C> <C> <C>
A-1 0.00 46,607,597.12 0.00 47,250,781.96
A-2 0.00 3,942,441.38 166,057,558.62 6,577,441.38
A-3 0.00 0.00 155,000,000.00 2,576,875.00
A-4 0.00 0.00 76,500,000.00 1,329,187.50
Certificate 0.00 0.00 42,000,000.00 740,250.00
TOTAL 0.00 50,550,038.50 439,557,558.62 58,474,535.84
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
Prior Current
Interest Interest Deficiency Policy
Note Interest Calculated Carryover Carryover Interest Claim Claim
Classes Rate Interest Shortfall Shortfall Distribution Amount Amount
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 5.52% 643,184.84 0.00 0.00 643,184.84 0.00 0.00
A-2 6.20% 2,635,000.00 0.00 0.00 2,635,000.00 0.00 0.00
A-3 6.65% 2,576,875.00 0.00 0.00 2,576,875.00 0.00 0.00
A-4 6.95% 1,329,187.50 0.00 0.00 1,329,187.50 0.00 0.00
Certificate 7.05% 740,250.00 0.00 0.00 740,250.00 0.00 0.00
0.00 0.00
Note Percentage 100.00%
Certificate Percentage 0.00%
TOTAL 7,924,497.34 0.00 0.00 7,924,497.34
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1996
for Distribution Date of November 20, 1996
<TABLE>
<CAPTION>
COLLECTIONS
<S> <C> <C> <C>
DOLLARS
Payments received 61,587,405.07
Plus:
Servicer Advances 2,376,806.71
Reimbursement of holds 816,868.21
------------ 3,193,674.92
Less:
Reimbursement Advances
Funds deposited in Holds Account 1,453,436.57
899,030.26
------------
2,352,466.83
-------------
Total Funds Available for Distribution 62,428,613.16
=============
DISTRIBUTIONS
Servicing Fee 1,239,707.00
Trustee and Other Fees 200,375.04
Other Miscellaneous Payments 208,573.31
------------
1,648,655.35
Note Interest Distributable Amount - Class A-1 643,184.84
Note Interest Distributable Amount - Class A-2 2,635,000.00
Note Interest Distributable Amount - Class A-3 2,576,875.00
Note Interest Distributable Amount - Class A-4 1,329,187.50
------------
Total Note Interest Distributable Amount 7,184,247.34
Certificate Interest Distributable Amount 740,250.00
------------
Total Interest Distribution 7,924,497.34
Note Principal Distributable Amount - Class A-1 thru A-3 50,550,038.50
Note Principal Distributable Amount - Class A-4 0.00
Certificate Principal Distributable Amount 0.00
------------
Total Principal Distribution 50,550,038.50
-------------
Total Principal and Interest Distribution 58,474,535.84
Spread Account Deposit 2,305,421.97
Total Distributions 62,428,613.16
=============
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1996
for Distribution Date of November 20, 1996
<TABLE>
<S> <C> <C>
PORTFOLIO DATA:
# of loans
Beginning Security Balance 46,505 490,107,597.12
Scheduled Principal Balance 0 21,659,402.22
Accelerated Principal Portion 0 2,380,475.44
Full Prepayments 2,563 19,733,136.07
Partial Prepayments 0 0.00
Liquidations 675 6,777,024.77
-------------
50,550,038.50
--------------
Ending Security Balance 43,267 439,557,558.62
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 17,834,425.50
Deposits 2,305,421.97
Reductions 0.00
-------------
Ending Balance 20,139,847.47
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: 1,441,764.51
New Advances 2,376,806.71
Advances Reimbursed (1,453,436.57)
-------------
Ending Unreimbursed Advances: 2,365,134.65
Holding Account:
Beginning Balance 766,966.62
Funds Deposited 899,030.26
Withdrawal to Collection Account (816,868.21)
-------------
Ending Balance 849,128.67
Net Charge-Off Data: # of loans
Charge-Offs 743 3,885,442.21
Recoveries 341 698,433.10
Net Charge-Offs 402 -------------
3,187,009.11
Delinquencies ( P&I): # of loans
30-59 Days 427 4,140,040.94
60-89 Days 158 1,616,947.38
90-119 Days 55 554,159.07
120-149 Days 0 0.00
150 days and over 0 0.00
Repossessions 199 1,104,974.25
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or 9.01
of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 3.48%
Delinquency Percentage 0.59%
WAC 15.5127%
WAM 52.087
</TABLE>
<PAGE> 5
WFS FINANCIAL 1996-B OWNER TRUST
Officer's Certificate
for Master Service Report Date of October 31, 1996
for Distribution Date of November 20, 1996
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations
presented reflect accurate information as of October 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
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