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Previous: AMSCAN HOLDINGS INC, DEF 14A, 1997-04-25 |
Next: FIRST AVIATION SERVICES INC, S-8, 1997-04-25 |
<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): April 20, 1997
WFS Financial 1996-D Owner Trust
------------------------------------------------------------------
(Exact name of registrant as specified in charter)
California 33-99418 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
<PAGE> 2
ITEM 5. OTHER EVENTS
On December 13, 1996 the Commission declared effective a Registration Statement
on Form S-1 (File No. 33-99418) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1996-D Owner Trust (the "Trust") of the following
securities:
$115,000,000 of 5.50% Money Market Auto Receivable Backed Notes, Class A-1,
$110,000,000 of 5.80% Auto Receivable Backed Notes, Class A-2,
$220,000,000 of 6.05% Auto Receivable Backed Notes, Class A-3,
$50,950,000 of 6.30% Auto Receivable Backed Notes, Class A-4,
$49,050,000 of 6.40% 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 December 19, 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 April 20, 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 $88,123,762.24 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 $88,123,762.24 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-D OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: April 22, 1997 By: /s/ LEE A. WHATCOTT
------------------------------
Lee A. Whatcott, Chief Financial
Officer
Page 4
<PAGE> 1
WFS FINANCIAL 1996-D OWNER TRUST
Statement to Securityholders
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
Class A-1
<TABLE>
<S> <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 46,950,559.07 408.265731
Pool Factor 0.408266
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 64,578,570.66 561.552788
Accelerated Principal Portion 3,470,870.27 30.181481
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
---------------
Total Principal Distributable Amount 68,049,440.93 591.734269
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 2,459,722.22 21.388889
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 2,459,722.22 21.388889
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 476,950,559.07 875.138640
Servicing Fee 1,735,435.00 3.184284
Spread Account 21,667,650.62 39.757157
Net Change in Spread Account 5,317,650.62 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-D OWNER TRUST
Statement to Securityholders
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
Class A-2
<TABLE>
<S> <C> <C>
Original Principal Balance 110,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 110,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 110,000,000.00 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 2,463,388.89 22.394444
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 2,463,388.89 22.394444
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 476,950,559.07 875.138640
Servicing Fee 1,735,435.00 3.184284
Spread Account 21,667,650.62 39.757157
Net Change in Spread Account 5,317,650.62 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-D OWNER TRUST
Statement to Securityholders
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
Class A-3
<TABLE>
<S> <C> <C>
Original Principal Balance 220,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 220,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 220,000,000.00 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 5,139,138.89 23.359722
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 5,139,138.89 23.359722
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 476,950,559.07 875.138640
Servicing Fee 1,735,435.00 3.184284
Spread Account 21,667,650.62 39.757157
Net Change in Spread Account 5,317,650.62 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-D OWNER TRUST
Statement to Securityholders
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
Class A-4
<TABLE>
<S> <C> <C>
Original Principal Balance 50,950,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 50,950,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 50,950,000.00 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 1,239,358.75 24.325000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 1,239,358.75 24.325000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 476,950,559.07 875.138640
Servicing Fee 1,735,435.00 3.184284
Spread Account 21,667,650.62 39.757157
Net Change in Spread Account 5,317,650.62 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1996-D OWNER TRUST
Statement to Securityholders
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
Certificate
<TABLE>
<S> <C> <C>
Original Principal Balance 49,050,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of prior Distribution Date 49,050,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 49,050,000.00 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 1,212,080.00 24.711111
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 1,212,080.00 24.711111
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 476,950,559.07 875.138640
Servicing Fee 1,735,435.00 3.184284
Spread Account 21,667,650.62 39.757157
Net Change in Spread Account 5,317,650.62 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 1
WFS FINANCIAL 1996-D OWNER TRUST
Distribution Date Statement
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
<TABLE>
<CAPTION>
Original Beginning Prior Current
Principal Outstanding Accelerated Principal Principal
Balance Principal Principal Principal Carryover Carryover
Classes Balance Distributable Portion Shortfall Shortfall
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 115,000,000.00 115,000,000.00 64,578,570.66 3,470,870.27 0.00 0.00
A-2 110,000,000.00 110,000,000.00 0.00 0.00 0.00 0.00
A-3 220,000,000.00 220,000,000.00 0.00 0.00 0.00 0.00
A-4 50,950,000.00 50,950,000.00 0.00 0.00 0.00 0.00
Certificate 49,050,000.00 49,050,000.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------
TOTAL 545,000,000.00 545,000,000.00 64,578,570.66 3,470,870.27 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
Remaining TOTAL
Outstanding PRINCIPAL
Principal Principal AND INTEREST
Classes Distribution Balance DISTRIBUTION
<S> <C> <C> <C>
A-1 68,049,440.93 46,950,559.07 70,509,163.15
A-2 0.00 110,000,000.00 2,463,388.89
A-3 0.00 220,000,000.00 5,139,138.89
A-4 0.00 50,950,000.00 1,239,358.75
Certificate 0.00 49,050,000.00 1,212,080.00
- -------------------------------------------------------------------------------
TOTAL 68,049,440.93 476,950,559.07 80,563,129.68
- -------------------------------------------------------------------------------
</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> <C>
A-1 5.50% 2,459,722.22 0.00 0.00 2,459,722.22 0.00 0.00
A-2 5.80% 2,463,388.89 0.00 0.00 2,463,388.89 0.00 0.00
A-3 6.05% 5,139,138.89 0.00 0.00 5,139,138.89 0.00 0.00
A-4 6.30% 1,239,358.75 0.00 0.00 1,239,358.75 0.00 0.00
Certificate 6.40% 1,212,080.00 0.00 0.00 1,212,080.00 0.00 0.00
--------------------
0.00 0.00
--------------------
Note Percentage 100.00%
Certificate Percentage 0.00%
- ---------------------------------------------------------------------------------------- -----------------------------
TOTAL 12,513,688.75 0.00 0.00 12,513,688.75
- ----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-D OWNER TRUST
Distribution Date Statement
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
<TABLE>
<S> <C> <C> <C>
COLLECTIONS
DOLLARS
Payments received 87,278,582.05
Plus:
Servicer Advances 3,220,886.99
Reimbursement of holds 933,055.43
-------------
4,153,942.42
Less:
Reimbursement Advances
Funds deposited in Holds Account (1,400,324.32)
(1,908,437.91)
-------------
(3,308,762.23)
-------------
Total Funds Available for Distribution 88,123,762.24
=============
DISTRIBUTIONS
Servicing Fee 1,735,435.00
Trustee and Other Fees 292,825.11
Other Miscellaneous Payments 214,721.83
-------------
2,242,981.94
Note Interest Distributable Amount - Class A-1 2,459,722.22
Note Interest Distributable Amount - Class A-2 2,463,388.89
Note Interest Distributable Amount - Class A-3 5,139,138.89
Note Interest Distributable Amount - Class A-4 1,239,358.75
-------------
Total Note Interest Distributable Amount 11,301,608.75
Certificate Interest Distributable Amount 1,212,080.00
-------------
Total Interest Distribution 12,513,688.75
Note Principal Distributable Amount - Class A-1 thru A-3 68,049,440.93
Note Principal Distributable Amount - Class A-4 0.00
Certificate Principal Distributable Amount 0.00
-------------
Total Principal Distribution 68,049,440.93
-------------
Total Principal and Interest Distribution 80,563,129.68
Spread Account Deposit 5,317,650.62
Total Distributions 88,123,762.24
=============
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-D OWNER TRUST
Distribution Date Statement
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
<TABLE>
<S> <C> <C> <C>
PORTFOLIO DATA:
# of loans
Beginning Security Balance 49,698 545,000,000.00
Less Scheduled Principal Balance 0 28,621,815.49
Accelerated Principal Portion 0 3,470,870.27
Full Prepayments 3,126 29,648,198.52
Partial Prepayments 0 0.00
Liquidations 651 6,308,556.65
-------------
68,049,440.93
--------------
Ending Security Balance 45,921 476,950,559.07
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 16,350,000.00
Deposits 5,317,650.62
Reductions 0.00
Ending Balance 21,667,650.62
-------------
Beginning Initial Deposit Repayment 16,350,000.00
Repayments 0.00
-------------
Ending Initial Deposit Repayment 16,350,000.00
Modified Accounts:
Principal 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 0.00
New Advances 3,220,886.99
Advances Reimbursed (1,400,324.32)
-------------
Ending Unreimbursed Advances: 1,820,562.67
Holding Account:
Beginning Balance 0.00
Funds Deposited 1,908,437.91
Withdrawal to Collection Account (933,055.43)
-------------
Ending Balance 975,382.48
Net Charge-Off Data: # of loans
Charge-Offs 588 2,871,445.57
Recoveries 247 482,730.90
-------------
Net Charge-Offs 341 2,388,714.67
Delinquencies (P&I): # of loans
30-59 Days 422 4,302,955.43
60-89 Days 131 1,418,642.77
90-119 Days 80 834,983.40
120-149 Days 4 28,222.72
150 days and over 0 0.00
Repossessions 168 970,508.94
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or 9.01
of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 3.16%
Delinquency Percentage 0.53%
WAC 15.9042%
WAM 52.398
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-D OWNER TRUST
Officer's Certificate
for Master Service Report Date of March 31, 1997
for Distribution Date of April 20, 1997
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations
presented reflect accurate information as of March 31, 1997 and were
performed in conformity with the Sale and Servicing Agreement dated
December 1, 1996.
/s/ Lee A. Whatcott
-------------------------------
Lee A. Whatcott
Executive Vice President
Chief Financial Officer
/s/ Mark Olson
--------------------------------
Mark Olson
Vice President
Controller
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