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Previous: CONTISECURITIES ASSET FUNDING CORP IMC HOME EQ LO TR 1996-01, 8-K, 1996-12-09 |
Next: WAYNE BANCORP INC /DE/, DEFS14A, 1996-12-09 |
<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): December 1, 1996
WFS Financial 1996-A Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
California 33-97884 33-0149603
- ----------------------------- -------------- -------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
Western 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 March 22, 1996 the Commission declared effective a Registration Statement on
Form S-1 (File No. 33-97884) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1996-A Owner Trust (the "Trust") of the following
securities:
$72,500,000 of 5.35% Money Market Auto Receivable Backed Notes, Class A-1,
$145,000,000 of 5.70% Auto Receivable Backed Notes, Class A-2,
$115,000,000 of 6.05% Auto Receivable Backed Notes, Class A-3,
$90,000,000 of 6.15% Auto Receivable Backed Notes, Class A-4,
$28,550,000 of 6.375% Auto Receivable Backed Notes, Class A-5 and
$33,950,000 of 6.20% Auto Receivable Backed Certificates.
The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and
Class A-5 Notes (the "Notes" and together with the Certificates, the
"Securities") and the Certificates were issued by the Trust on March 28, 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 December 1, 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 $55,353,609.15 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 Bank, F.S.B. and the Indenture
Trustee, and $55,353,609.15 was distributed from the RIC to the
Page 2
<PAGE> 3
Indenture Trustee for distribution to the holders of the Securities on the
current Distribution Date.
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-A OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: December 5, 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 ___
December 1, 1996 Distribution Date
21.2 Distribution Date Statement dated as of ___
October 31, 1996 for the December 1, 1996 Distribution Date
21.3 Condensed consolidated financial statements of ___
Financial Security Assurance Inc. for the nine month
period ended September 30, 1996 (Incorporate 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-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
Class A-2
<TABLE>
<S> <C> <C> <C> <C>
Original Principal Balance 145,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 135,135,515.28 931.969071
Aggregate Unpaid Principal Balance as of Current Distribution Date 94,536,140.05 651.973380
Pool Factor 0.651973
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 40,599,375.23 279.995691
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
------------------------------
Total Principal Distributable Amount 40,599,375.23 279.995691
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 1,925,681.09 13.280559
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------------------------
Total Interest Distributable Amount 1,925,681.09 13.280559
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 357,510,323.00 737.134687
Servicing Fee 1,042,412.00 2.149303
Spread Account 25,348,375.52 52.264692
Net Change in Spread Account 3,733,754.05 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
Class A-3
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 115,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 115,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 115,000,000.00 1000.000000
Pool Factor 1.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 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 1,739,375.00 15.125000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-----------------------------
Total Interest Distributable Amount 1,739,375.00 15.125000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 357,510,323.00 737.134687
Servicing Fee 1,042,412.00 2.149303
Spread Account 25,348,375.52 52.264692
Net Change in Spread Account 3,733,754.05 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
Class A-4
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 90,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 90,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 90,000,000.00 1000.000000
Pool Factor 1.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 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 1,383,750.00 15.375000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------------------------
Total Interest Distributable Amount 1,383,750.00 15.375000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 357,510,323.00 737.134687
Servicing Fee 1,042,412.00 2.149303
Spread Account 25,348,375.52 52.264692
Net Change in Spread Account 3,733,754.05 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
Class A-5
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 28,550,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 28,550,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 28,550,000.00 1000.000000
Pool Factor 1.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 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 455,015.63 15.937500
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------------------------
Total Interest Distributable Amount 455,015.63 15.937500
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 357,510,323.00 737.134687
Servicing Fee 1,042,412.00 2.149303
Spread Account 25,348,375.52 52.264692
Net Change in Spread Account 3,733,754.05 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
Certificate
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 33,950,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of prior Distribution Date 33,065,310.38 973.941396
Aggregate Unpaid Principal Balance as of current Distribution Date 29,424,182.95 866.691692
Pool Factor 0.866692
Principal Distributable Amount:
PRINCIPAL DISTRIBUTABLE AMOUNT 3,641,127.43 107.249703
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-----------------------------
Total Principal Distributable Amount 3,641,127.43 107.249703
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 512,512.31 15.096092
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-----------------------------
Total Interest Distributable Amount 512,512.31 15.096092
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 357,510,323.00 737.134687
Servicing Fee 1,042,412.00 2.149303
Spread Account 25,348,375.52 52.264692
Net Change in Spread Account 3,733,754.05 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 1
EXHIBIT 21.2
WFS FINANCIAL 1996-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 54,821,755.13
Plus:
Servicer Advances 2,039,506.71
Reimbursement of holds 764,545.16
---------------
2,804,051.87
Less:
Reimbursement Advances
Funds deposited in Holds Account 1,489,598.00
782,599.85
---------------
2,272,197.85
Total Funds Available for Distribution 55,353,609.15
================
DISTRIBUTIONS
Servicing Fee 1,042,412.00
Trustee and Other Fees 160,568.07
Other Miscellaneous Payments 160,038.34
---------------
1,363,018.41
Note Interest Distributable Amount - Class A-1 0.00
Note Interest Distributable Amount - Class A-2 1,925,681.09
Note Interest Distributable Amount - Class A-3 1,739,375.00
Note Interest Distributable Amount - Class A-4 1,383,750.00
Note Interest Distributable Amount - Class A-5 455,015.63
----------------
Total Note Interest Distributable Amount 5,503,821.72
Certificate Interest Distributable Amount 512,512.31
----------------
Total Interest Distribution 6,016,334.03
Note Principal Distributable Amount - Class A-1 0.00
Note Principal Distributable Amount - Class A-2 thru A-5 40,599,375.23
Certificate Principal Distributable Amount 3,641,127.43
----------------
Total Principal Distribution 44,240,502.66
---------------
Total Principal and Interest Distribution 50,256,836.69
Spread Account Deposit 3,733,754.05
Total Distributions 55,353,609.15
================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
<TABLE>
<CAPTION>
PORTFOLIO DATA:
<S> <C> <C> <C>
# of loans
Beginning Security Balance 39,326 401,750,825.66
Less Scheduled Principal Balance 0 18,710,209.88
Full Prepayments 2,441 18,516,150.80
Partial Prepayments 0 0.00
Liquidations 761 7,014,141.98
---------------
44,240,502.66
----------------
Ending Security Balance 36,124 357,510,323.00
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 21,614,621.47
Deposits 3,733,754.05
Reductions 0.00
---------------
Ending Balance 25,348,375.52
Beginning Initial Deposit Repayment 14,550,000.00
Repayments 0.00
---------------
Ending Initial Deposit Repayment 14,550,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 1,875,124.86
New Advances 2,039,506.71
Advances Reimbursed 1,489,598.00
---------------
Ending Unreimbursed Advances: 2,425,033.57
Holding Account:
Beginning Balance 916,507.30
Funds Deposited 782,599.85
Withdrawal to Collection Account 764,545.16
---------------
Ending Balance 934,561.99
Net Charge-Off Data: # of loans
Charge-Offs 1281 6,656,780.81
Recoveries 670 1,431,403.98
---------------
Net Charge-Offs 611 5,225,376.83
Delinquencies ( P&I): # of loans
30-59 Days 405 3,723,581.26
60-89 Days 166 1,487,796.62
90-119 Days 65 641,660.89
120-149 Days 0 0.00
150 days and over 0 0.00
Repossessions 148 787,411.91
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or 9.01 of the Sale
and Servicing Agreement) 0 0.00
Charge-Off Percentage 2.83%
Delinquency Percentage 0.82%
WAC 15.3138%
WAM 48.872
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-A OWNER TRUST
Officer's Certificate
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 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
March 1, 1996.
Lee A. Whatcott
Sr. Vice President
Chief Financial Officer
Mark Olson
Vice President
Controller
<PAGE> 4
WFS Financial Inc, as Master Servicer, certifies that all computations
presented reflect accurate information as of and were performed in conformity
with the Sale and Servicing Agreement dated June 1, 1996.
WFS FINANCIAL 1996-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
<TABLE>
<CAPTION>
==================================================================================================================================
ORIGINAL BEGINNING PRIOR CURRENT REMAINING TOTAL
PRINCIPAL OUTSTANDING PRINCIPAL PRINCIPAL OUTSTANDING PRINCIPAL
BALANCE PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER PRINCIPAL PRINCIPAL AND INTEREST
CLASSES BALANCE DISTRIBUTABLE SHORTFALL SHORTFALL DISTRIBUTION BALANCE DISTRIBUTION
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 72,500,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 145,000,000.00 135,135,515.28 40,599,375.23 0.00 0.00 40,599,375.23 94,536,140.05 42,525,056.32
A-3 115,000,000.00 115,000,000.00 0.00 0.00 0.00 0.00 115,000,000.00 1,739,375.00
A-4 90,000,000.00 90,000,000.00 0.00 0.00 0.00 0.00 90,000,000.00 1,383,750.00
A-5 28,550,000.00 28,550,000.00 0.00 0.00 0.00 0.00 28,550,000.00 455,015.63
Certificate 33,950,000.00 33,065,310.38 3,641,127.43 0.00 0.00 3,641,127.43 29,424,182.95 4,153,639.74
==================================================================================================================================
TOTAL 485,000,000.00 401,750,825.66 44,240,502.66 0.00 0.00 44,240,502.66 357,510,323.00 50,256,836.69
==================================================================================================================================
</TABLE>
<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>
A-1 5.35% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 5.70% 1,925,681.09 0.00 0.00 1,925,681.09 0.00 0.00
A-3 6.05% 1,739,375.00 0.00 0.00 1,739,375.00 0.00 0.00
A-4 6.15% 1,383,750.00 0.00 0.00 1,383,750.00 0.00 0.00
A-5 6.38% 455,015.63 0.00 0.00 455,015.63 0.00 0.00
Certificate 6.20% 512,512.31 0.00 0.00 512,512.31 0.00 0.00
=====================================
0.00 0.00
=====================================
=====================================
Note Percentage 91.769697%
=======================================================================================
Certificate Percentage 8.230303%
TOTAL 6,016,334.03 0.00 0.00 6,016,334.03
==================================================================================================================================
</TABLE>
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
Class A-1
<PAGE> 5
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1996
for Distribution Date of December 1, 1996
Class A-1
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 72,500,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 0.00 0.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 0.00 0.000000
Pool Factor 0.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 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 0.00 0.000000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 0.00 0.000000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 357,510,323.00 737.134687
Servicing Fee 1,042,412.00 2.149303
Spread Account 25,348,375.52 52.264692
Net Change in Spread Account 3,733,754.05 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
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