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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): March 1, 1997
WFS Financial 1996-A Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
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)
</TABLE>
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 March 1, 1997 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 $51,296,989.84 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
Page 2
<PAGE> 3
Trustee, and $51,296,989.84 was distributed from the RIC to the 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: March 12, 1997 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 1, 1997 Distribution Date
21.2 Distribution Date Statement dated as of ___
January 31, 1997 for the March 1, 1997 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 January 31, 1997
for Distribution Date of March 1, 1997
Class A-1
<TABLE>
<S> <C>
Original Principal Balance 72,500,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 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
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 316,095,706.58 651.743725
Servicing Fee 902,938.00 1.861728
Spread Account 28,711,552.34 59.199077
Net Change in Spread Account 3,363,176.82 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 January 31, 1997
for Distribution Date of March 1, 1997
Class A-2
<TABLE>
<S> <C>
Original Principal Balance 145,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 94,536,140.05 651.973380
Aggregate Unpaid Principal Balance as of Current Distribution Date 56,530,072.05 389.862566
Pool Factor 0.389863
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 38,006,068.00 262.110814
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 38,006,068.00 262.110814
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 1,347,140.00 9.290621
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 1,347,140.00 9.290621
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 316,095,706.58 651.743725
Servicing Fee 902,938.00 1.861728
Spread Account 28,711,552.34 59.199077
Net Change in Spread Account 3,363,176.82 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 January 31, 1997
for Distribution Date of March 1, 1997
Class A-3
<TABLE>
<S> <C>
Original Principal Balance 115,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 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 316,095,706.58 651.743725
Servicing Fee 902,938.00 1.861728
Spread Account 28,711,552.34 59.199077
Net Change in Spread Account 3,363,176.82 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 January 31, 1997
for Distribution Date of March 1, 1997
Class A-4
<TABLE>
<S> <C>
Original Principal Balance 90,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 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 316,095,706.58 651.743725
Servicing Fee 902,938.00 1.861728
Spread Account 28,711,552.34 59.199077
Net Change in Spread Account 3,363,176.82 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 January 31, 1997
for Distribution Date of March 1, 1997
Class A-5
<TABLE>
<S> <C>
Original Principal Balance 28,550,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 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 316,095,706.58 651.743725
Servicing Fee 902,938.00 1.861728
Spread Account 28,711,552.34 59.199077
Net Change in Spread Account 3,363,176.82 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 6
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of January 31, 1997
for Distribution Date of March 1, 1997
Certificate
<TABLE>
<S> <C>
Original Principal Balance 33,950,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of prior Distribution Date 29,424,182.95 866.691692
Aggregate Unpaid Principal Balance as of current Distribution Date 26,015,634.53 766.292622
Pool Factor 0.766293
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 3,408,548.42 100.399070
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
--------------
Total Principal Distributable Amount 3,408,548.42 100.399070
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 456,074.84 13.433721
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 456,074.84 13.433721
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 316,095,706.58 651.743725
Servicing Fee 902,938.00 1.861728
Spread Account 28,711,552.34 59.199077
Net Change in Spread Account 3,363,176.82 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 January 31, 1997
for Distribution Date of March 1, 1997
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C>
Payments received 50,842,488.92
Plus:
Servicer Advances 2,050,390.80
Reimbursement of holds 660,552.86
-------------
2,710,943.66
Less:
Reimbursement Advances
Funds deposited in Holds Account 1,662,275.42
594,167.32
-------------
2,256,442.74
------------
Total Funds Available for Distribution 51,296,989.84
=============
DISTRIBUTIONS
Servicing Fee 902,938.00
Trustee and Other Fees 142,886.43
Other Miscellaneous Payments 92,016.70
-------------
1,137,841.13
Note Interest Distributable Amount - Class A-1 0.00
Note Interest Distributable Amount - Class A-2 1,347,140.00
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 4,925,280.63
Certificate Interest Distributable Amount 456,074.84
-------------
Total Interest Distribution 5,381,355.47
Note Principal Distributable Amount - Class A-1 0.00
Note Principal Distributable Amount - Class A-2 thru A-5 38,006,068.00
Certificate Principal Distributable Amount 3,408,548.42
-------------
Total Principal Distribution 41,414,616.42
-------------
Total Principal and Interest Distribution 46,795,971.89
Spread Account Deposit 3,363,176.82
Total Distributions 51,296,989.84
=============
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of January 31, 1997
for Distribution Date of March 1, 1997
<TABLE>
<CAPTION>
PORTFOLIO DATA:
# of loans
<S> <C> <C> <C>
Beginning Security Balance 36,124 357,510,323.00
Less Scheduled Principal Balance 0 17,777,406.44
Full Prepayments 2,181 16,589,384.57
Partial Prepayments 0 0.00
Liquidations 760 7,047,825.41
-------------
41,414,616.42
--------------
Ending Security Balance 33,183 316,095,706.58
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 25,348,375.52
Deposits 3,363,176.82
Reductions 0.00
-------------
Ending Balance 28,711,552.34
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: 2,425,033.57
New Advances 2,050,390.80
Advances Reimbursed 1,662,275.42
-------------
Ending Unreimbursed Advances: 2,813,148.95
Holding Account:
Beginning Balance 934,561.99
Funds Deposited 594,167.32
Withdrawal to Collection Account 660,552.86
-------------
Ending Balance 868,176.45
Net Charge-Off Data: # of loans
Charge-Offs 2003 11,393,404.93
Recoveries 1060 2,346,912.14
-------------
Net Charge-Offs 943 9,046,492.79
Delinquencies (P&I): # of loans
30-59 Days 412 3,592,397.39
60-89 Days 193 1,762,790.83
90-119 Days 75 698,835.11
120-149 Days 0 0.00
150 days and over 0 0.00
Repossessions 139 688,816.58
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or
9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 3.70%
Delinquency Percentage 0.96%
WAC 15.2022%
WAM 46.336
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-A OWNER TRUST
Officer's Certificate
for Master Service Report Date of January 31, 1997
for Distribution Date of March 1, 1997
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations presented
reflect accurate information as of January 31, 1997 and were performed in
conformity with the Sale and Servicing Agreement dated March 1, 1996.
/s/ LEE A. WHATCOTT
------------------------------------
Lee A. Whatcott
Executive Vice President
Chief Financial Officer
/s/ JIM DOWLAN
------------------------------------
Jim Dowlan
Senior Executive Vice President
<PAGE> 4
WFS FINANCIAL 1996-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of January 31, 1997
for Distribution Date of March 1, 1997
<TABLE>
<CAPTION>
======================================================================================================
ORIGINAL BEGINNING PRIOR CURRENT
PRINCIPAL OUTSTANDING PRINCIPAL PRINCIPAL
BALANCE PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER
CLASSES BALANCE DISTRIBUTABLE SHORTFALL SHORTFALL
======================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 72,500,000.00 0.00 0.00 0.00 0.00
A-2 145,000,000.00 94,536,140.05 38,006,068.00 0.00 0.00
A-3 115,000,000.00 115,000,000.00 0.00 0.00 0.00
A-4 90,000,000.00 90,000,000.00 0.00 0.00 0.00
A-5 28,550,000.00 28,550,000.00 0.00 0.00 0.00
Certificate 33,950,000.00 29,424,182.95 3,408,548.42 0.00 0.00
TOTAL 485,000,000.00 357,510,323.00 41,414,616.42 0.00 0.00
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================================
REMAINING TOTAL
OUTSTANDING PRINCIPAL
PRINCIPAL PRINCIPAL AND INTEREST
CLASSES DISTRIBUTION BALANCE DISTRIBUTION
============================================================================
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 38,006,068.00 56,530,072.05 39,353,208.00
A-3 0.00 115,000,000.00 1,739,375.00
A-4 0.00 90,000,000.00 1,383,750.00
A-5 0.00 28,550,000.00 455,015.63
Certificate 3,408,548.42 26,015,634.53 3,864,623.26
TOTAL 41,414,616.42 316,095,706.58 46,795,971.89
=============================================================================
</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% 1,347,140.00 0.00 0.00 1,347,140.00 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% 456,074.84 0.00 0.00 456,074.84 0.00 0.00
========================
0.00 0.00
========================
========================
Note Percentage 91.769697%
Certificate Percentage 8.230303%
TOTAL 5,381,355.47 0.00 0.00 5,381,355.47
=======================================================================================================================
</TABLE>
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