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Previous: MUNICIPAL MORTGAGE & EQUITY LLC, 10-K, 1997-03-25 |
Next: CHOICECARE CORP OH, 8-A12G, 1997-03-25 |
<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): March 20, 1997
WFS Financial 1996-C Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
California 33-99424 33-0149603
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
</TABLE>
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 September 20, 1996 the Commission declared effective a Registration Statement
on Form S-1 (File No. 33-99424) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1996-C Owner Trust (the "Trust") of the following
securities:
$91,500,000 of 5.63% Money Market Auto Receivable Backed Notes, Class A-1,
$160,000,000 of 6.20% Auto Receivable Backed Notes, Class A-2,
$165,000,000 of 6.55% Auto Receivable Backed Notes, Class A-3,
$75,700,000 of 6.80% Auto Receivable Backed Notes, Class A-4,
$42,800,000 of 6.90% 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 September 26, 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 WFS 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 December 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
$59,721,209.43 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
$59,721,209.43 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-C OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: March 20, 19976 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 March 20, 1997 ____
Distribution Date
21.2 Distribution Date Statement dated as of February 28, 1997 ____
for the March 20, 1997 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-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
Class A-1
================================================================================
<TABLE>
<S> <C>
Original Principal Balance 91,500,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 40,808,872.58 445.998607
Aggregate Unpaid Principal Balance as of Current Distribution Date 0.00 0.000000
Pool Factor 0.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 40,808,872.58 445.998607
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 40,808,872.58 445.998607
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 574,384.88 6.277430
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 574,384.88 6.277430
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 435,740,968.36 814.469100
Servicing Fee 937,876.00 1.753039
Spread Account 21,530,078.51 40.243137
Net Change in Spread Account 2,023,683.82 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
Class A-2
================================================================================
<TABLE>
<S> <C>
Original Principal Balance 160,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 160,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 152,240,968.36 951.506052
Pool Factor 0.951506
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 5,402,131.17 33.763320
Accelerated Principal Portion 2,356,900.47 14.730628
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
--------------
Total Principal Distributable Amount 7,759,031.64 48.493948
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 2,480,000.00 15.500000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 2,480,000.00 15.500000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 435,740,968.36 814.469100
Servicing Fee 937,876.00 1.753039
Spread Account 21,530,078.51 40.243137
Net Change in Spread Account 2,023,683.82 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
Class A-3
================================================================================
<TABLE>
<S> <C>
Original Principal Balance 165,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 165,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 165,000,000.00 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 2,701,875.00 16.375000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 2,701,875.00 16.375000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 435,740,968.36 814.469100
Servicing Fee 937,876.00 1.753039
Spread Account 21,530,078.51 40.243137
Net Change in Spread Account 2,023,683.82 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
Class A-4
================================================================================
<TABLE>
<S> <C>
Original Principal Balance 75,700,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 75,700,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 75,700,000.00 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 1,286,900.00 17.000000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,286,900.00 17.000000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 435,740,968.36 814.469100
Servicing Fee 937,876.00 1.753039
Spread Account 21,530,078.51 40.243137
Net Change in Spread Account 2,023,683.82 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1996-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
Certificate
================================================================================
<TABLE>
<S> <C>
Original Principal Balance 42,800,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of prior Distribution Date 42,800,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 42,800,000.00 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 738,300.00 17.250000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 738,300.00 17.250000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 435,740,968.36 814.469100
Servicing Fee 937,876.00 1.753039
Spread Account 21,530,078.51 40.243137
Net Change in Spread Account 2,023,683.82 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 1
EXHIBIT 21.2
WFS FINANCIAL 1996-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
<TABLE>
<CAPTION>
================================================================================================================================
ORIGINAL BEGINNING PRIOR CURRENT
PRINCIPAL OUTSTANDING ACCELERATED PRINCIPAL PRINCIPAL
BALANCE PRINCIPAL PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER PRINCIPAL
CLASSES BALANCE DISTRIBUTABLE PORTION SHORTFALL SHORTFALL DISTRIBUTION
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 91,500,000.00 40,808,872.58 40,808,872.58 0.00 0.00 0.00 40,808,872.58
A-2 160,000,000.00 160,000,000.00 5,402,131.17 2,356,900.47 0.00 0.00 7,759,031.64
A-3 165,000,000.00 165,000,000.00 0.00 0.00 0.00 0.00 0.00
A-4 75,700,000.00 75,700,000.00 0.00 0.00 0.00 0.00 0.00
Certificate 42,800,000.00 42,800,000.00 0.00 0.00 0.00 0.00 0.00
TOTAL 535,000,000.00 484,308,872.58 46,211,003.75 2,356,900.47 0.00 0.00 48,567,904.22
</TABLE>
<TABLE>
<CAPTION>
- --------------------------============================
REMAINING TOTAL
OUTSTANDING PRINCIPAL
PRINCIPAL AND INTEREST
CLASSES BALANCE DISTRIBUTION
- ---------------------------===========================
<S> <C> <C>
A-1 0.00 41,383,257.46
A-2 152,240,968.36 10,239,031.64
A-3 165,000,000.00 2,701,875.00
A-4 75,700,000.00 1,286,900.00
Certificate 42,800,000.00 738,300.00
TOTAL 435,740,968.36 56,349,364.10
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
PRIOR CURRENT
INTEREST INTEREST DEFICIENCY POLICY
NOTE INTEREST CALCULATED CARRYOVER CARRYOVER INTEREST CLAIM CLAIM
CLASSES RATE INTEREST SHORTFAL SHORTFALL DISTRIBUTION AMOUNT AMOUNT
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 5.63% 574,384.88 0.00 0.00 574,384.88 0.00 0.00
A-2 6.20% 2,480,000.00 0.00 0.00 2,480,000.00 0.00 0.00
A-3 6.55% 2,701,875.00 0.00 0.00 2,701,875.00 0.00 0.00
A-4 6.80% 1,286,900.00 0.00 0.00 1,286,900.00 0.00 0.00
Certificate 6.90% 738,300.00 0.00 0.00 738,300.00 0.00 0.00
0.00 0.00
Note Percentage 100.00%
Certificate Percentage 0.00%
TOTAL 7,781,459.88 0.00 0.00 7,781,459.88
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
================================================================================
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 59,069,567.50
Plus:
Servicer Advances 2,578,907.83
Reimbursement of holds 809,075.14
-------------
3,387,982.97
Less:
Reimbursement Advances
Funds deposited in Holds Account (1,790,676.97)
(945,664.07)
-------------
(2,736,341.04)
-============
Total Funds Available for Distribution 59,721,209.43
-============
DISTRIBUTIONS
Servicing Fee 937,876.00
Trustee and Other Fees 198,052.35
Other Miscellaneous Payments 212,233.16
-------------
1,348,161.51
Note Interest Distributable Amount - Class A-1 574,384.88
Note Interest Distributable Amount - Class A-2 2,480,000.00
Note Interest Distributable Amount - Class A-3 2,701,875.00
Note Interest Distributable Amount - Class A-4 1,286,900.00
-------------
Total Note Interest Distributable Amount 7,043,159.88
Certificate Interest Distributable Amount 738,300.00
-------------
Total Interest Distribution 7,781,459.88
Note Principal Distributable Amount - Class A-1 thru A-3 48,567,904.22
Note Principal Distributable Amount - Class A-4 0.00
Certificate Principal Distributable Amount 0.00
-------------
Total Principal Distribution 48,567,904.22
-------------
Total Principal and Interest Distribution 56,349,364.10
Spread Account Deposit 2,023,683.82
Total Distributions 59,721,209.43
-============
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
================================================================================
<TABLE>
<CAPTION>
PORTFOLIO DATA:
# of loans
<S> <C> <C> <C>
Beginning Security Balance 46,201 484,308,872.58
Less Scheduled Principal Balance 0 20,623,970.95
Accelerated Principal Portion 0 2,356,900.47
Full Prepayments 1,976 16,952,730.65
Partial Prepayments 0 0.00
Liquidations 894 8,634,302.15
-------------
48,567,904.22
--------------
Ending Security Balance 43,331 435,740,968.36
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 19,506,394.69
Deposits 2,023,683.82
Reductions 0.00
-------------
Ending Balance 21,530,078.51
Beginning Initial Deposit Repayment 16,050,000.00
Repayments 0.00
-------------
Ending Initial Deposit Repayment 16,050,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 2,042,229.81
New Advances 2,578,907.83
Advances Reimbursed (1,790,676.97)
-------------
Ending Unreimbursed Advances: 2,830,460.67
Holding Account:
Beginning Balance 767,318.96
Funds Deposited 945,664.07
Withdrawal to Collection Account (809,075.14)
-------------
Ending Balance 903,907.89
Net Charge-Off Data: # of loans
Charge-Offs 1129 6,215,743.17
Recoveries 516 951,448.44
------------
Net Charge-Offs 613 5,264,294.73
Delinquencies ( P&I): # of loans
30-59 Days 479 4,543,401.85
60-89 Days 192 1,841,667.36
90-119 Days 103 987,497.48
120-149 Days 0 0.00
150 days and over 0 0.00
Repossessions 175 1,017,851.86
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or 9.01
of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 4.23%
Delinquency Percentage 0.79%
WAC 15.7687%
WAM 51.040
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-C OWNER TRUST
Officer's Certificate
for Master Service Report Date of February 28, 1997
for Distribution Date of March 20, 1997
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations presented
reflect accurate information as of February 28, 1997 and were performed in
conformity with the Sale and Servicing Agreement dated June 1, 1996.
---------------------------------------
Lee A. Whatcott
Executive Vice President
Chief Financial Officer
---------------------------------------
Mark Olson
Vice President
Controller
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