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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): January 20, 1998
WFS Financial 1997-B Owner Trust
(Exact name of registrant as specified in charter)
California 333-25843 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 June 20, 1997 the Commission declared effective a Registration Statement on
Form S-1 (File No. 333-25843) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1997-B Owner Trust (the "Trust") of the following
securities:
$73,000,000 of 5.73% Auto Receivable Backed Notes, Class A-1,
$245,000,000 of 6.05% Auto Receivable Backed Notes, Class A-2,
$100,000,000 of 6.30% Auto Receivable Backed Notes, Class A-3,
$113,000,000 of 6.40% Auto Receivable Backed Notes, Class A-4,
$59,000,000 of 6.55% 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 26, 1997. 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 January 20, 1998 Distribution Date are 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
$62,726,165.10 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 and the Indenture Trustee, and
$62,726,165.10 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 1997-B OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: January 22, 1998 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 January 20, 1998 __
Distribution Date
21.2 Distribution Date Statement dated as of December 31, 1997 __
for the January 20, 1998 Distribution Date
21.3 Consolidated financial statements of Financial Security __
Assurance Inc. and Subsidiaries as of December 31, 1996
and 1995, and for each of the three years in the period
ended December 31, 1996 (Incorporate by reference from
the Annual Report on Form 10-K of Financial Security
Assurance Holdings Inc. for the year ended December 31,
1996 (file # 1-12644) as filed on or about March 24, 1997)
21.4 Condensed consolidated financial statements of Financial __
Security Assurance Inc. for the nine month period ended
September 30, 1997 (Incorporated by reference from the
Quarterly Report on Form 10-Q of Financial Security
Assurance Holdings Inc. for the quarter ended
September 30, 1997 (file # 1-12644) as filed on or about
November 14, 1997)
</TABLE>
Page 5
<PAGE> 1
WFS FINANCIAL 1997-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
Class A-1
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 73,000,000.00
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
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 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 471,425,535.38 799.026331
Servicing Fee 1,259,657.00 2.135012
Spread Account 28,593,278.61 48.463184
Net Change in Spread Account 3,875,116.41 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1997-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
Class A-2
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 245,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 244,882,780.42 999.521553
Aggregate Unpaid Principal Balance as of Current Distribution Date 193,151,651.40 788.374087
Pool Factor 0.788374
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 49,211,814.56 200.864549
Accelerated Principal Portion 2,519,314.46 10.282916
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
--------------
Total Principal Distributable Amount 51,731,129.02 211.147465
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 3,703,852.05 15.117763
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 3,703,852.05 15.117763
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 471,425,535.38 799.026331
Servicing Fee 1,259,657.00 2.135012
Spread Account 28,593,278.61 48.463184
Net Change in Spread Account 3,875,116.41 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1997-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
Class A-3
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 100,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 100,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 100,000,000.00 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 1,575,000.00 15.750000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,575,000.00 15.750000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 471,425,535.38 799.026331
Servicing Fee 1,259,657.00 2.135012
Spread Account 28,593,278.61 48.463184
Net Change in Spread Account 3,875,116.41 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1997-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
Class A-4
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 113,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 113,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 113,000,000.00 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 1,808,000.00 16.000000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,808,000.00 16.000000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 471,425,535.38 799.026331
Servicing Fee 1,259,657.00 2.135012
Spread Account 28,593,278.61 48.463184
Net Change in Spread Account 3,875,116.41 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1997-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
Certificate
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 59,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of prior Distribution Date 59,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 59,000,000.00 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 966,125.00 16.375000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 966,125.00 16.375000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 471,425,535.38 799.026331
Servicing Fee 1,259,657.00 2.135012
Spread Account 28,593,278.61 48.463184
Net Change in Spread Account 3,875,116.41 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 6
WFS FINANCIAL 1997-B OWNER TRUST
Officer's Certificate
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations presented
reflect accurate information as of December 31, 1997 and were performed in
conformity with the Sale and Servicing Agreement dated June 1, 1997.
/s/ LEE A. WHATCOTT
-----------------------------------
Lee A. Whatcott
Executive Vice President
Chief Financial Officer
/s/ MARK OLSON
-----------------------------------
Mark Olson
Senior Vice President
Controller
<PAGE> 1
WFS FINANCIAL 1997-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 62,160,351.96
Plus:
Servicer Advances 2,153,158.55
Reimbursement of holds 665,663.27
------------------
2,818,821.82
Less:
Reimbursement Advances
Funds deposited in Holds Account (1,461,326.10)
(791,682.58)
------------------
(2,253,008.68)
-----------------
Total Funds Available for Distribution 62,726,165.10
=================
DISTRIBUTIONS
Servicing Fee 1,259,657.00
Trustee and Other Fees 206,517.11
Other Miscellaneous Payments 246,102.28
------------------
1,712,276.39
Note Interest Distributable Amount - Class A-1 0.00
Note Interest Distributable Amount - Class A-2 3,703,852.05
Note Interest Distributable Amount - Class A-3 1,575,000.00
Note Interest Distributable Amount - Class A-4 1,808,000.00
---------------
Total Note Interest Distributable Amount 7,086,852.05
Certificate Interest Distributable Amount 966,125.00
---------------
Total Interest Distribution 8,052,977.05
Note Principal Distributable Amount - Class A-1 thru A-3 51,731,129.02
Note Principal Distributable Amount - Class A-4 0.00
Certificate Principal Distributable Amount 0.00
---------------
Total Principal Distribution 51,731,129.02
------------------
Total Principal and Interest Distribution 59,784,106.07
Spread Account Deposit 1,229,782.64
Total Distributions 62,726,165.10
=================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1997-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
<TABLE>
<CAPTION>
PORTFOLIO DATA:
# of loans
<S> <C> <C> <C>
Beginning Security Balance 48,375 516,882,780.42
Less: Scheduled Principal Balance 0 22,393,785.80
Accelerated Principal Portion 0 2,519,314.46
Full Prepayments 2,014 17,830,881.32
Partial Prepayments 0 0.00
Liquidations 867 8,987,147.44
------------------
51,731,129.02
-----------------
Ending Security Balance 45,494 465,151,651.40
OTHER RELATED INFORMATION:
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 1,770,575.98
New Advances 2,153,158.55
Advances Reimbursed (1,461,326.10)
------------------
Ending Unreimbursed Advances: 2,462,408.43
Holding Account:
Beginning Balance 820,099.39
Funds Deposited 791,682.58
Withdrawal to Collection Account (665,663.27)
------------------
Ending Balance 946,118.70
Net Charge-Off Data: # of loans
Charge-Offs 1296 7,512,504.49
Recoveries 491 998,163.89
------------------
Net Charge-Offs 805 6,514,340.60
Delinquencies ( P&I): # of loans
30-59 Days 716 7,225,738.01
60-89 Days 237 2,360,514.03
90-119 Days 100 919,693.40
120-149 Days 5 50,720.92
150 days and over 0 0.00
Repossessions 211 1,404,092.28
Contracts Repurchased (pursuant to Sect. 3.02, 4.07,
or 9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 4.47%
Delinquency Percentage 0.91%
WAC 15.3669%
WAM 50.680
</TABLE>
<PAGE> 3
WFS FINANCIAL 1997-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
SPREAD ACCOUNT
<TABLE>
<S> <C> <C>
Funded Amount:
Beginning Balance 20,143,493.29
Deposits 1,229,782.64
Reductions 0.00
---------------
Ending Balance 21,373,275.93
Overcollateralization Amount:
Beginning Balance 3,754,569.52
Additions 2,519,314.46
---------------
Ending Balance 6,273,883.98
Current Holding Account Balance 946,118.70
Total Overcollateralization Amount 7,220,002.68
Total Spread Account 28,593,278.61
Spread Account Initial Deposit:
Beginning Balance 17,700,000.00
Repayments 0.00
---------------
Ending Balance 17,700,000.00
</TABLE>
<PAGE> 4
WFS FINANCIAL 1997-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of December 31, 1997
for Distribution Date of January 20, 1998
<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 73,000,000.00 0.00 0.00 0.00 0.00
A-2 245,000,000.00 244,882,780.42 49,211,814.56 2,519,314.46 0.00
A-3 100,000,000.00 100,000,000.00 0.00 0.00 0.00
A-4 113,000,000.00 113,000,000.00 0.00 0.00 0.00
Certificate 59,000,000.00 59,000,000.00 0.00 0.00 0.00
TOTAL 590,000,000.00 516,882,780.42 49,211,814.56 2,519,314.46 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 0.00 0.00 0.00
A-2 0.00 51,731,129.02 193,151,651.40 55,434,981.07
A-3 0.00 0.00 100,000,000.00 1,575,000.00
A-4 0.00 0.00 113,000,000.00 1,808,000.00
Certificate 0.00 0.00 59,000,000.00 966,125.00
TOTAL 0.00 51,731,129.02 465,151,651.40 59,784,106.07
</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>
A-1 5.73% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6.05% 3,703,852.05 0.00 0.00 3,703,852.05 0.00 0.00
A-3 6.30% 1,575,000.00 0.00 0.00 1,575,000.00 0.00 0.00
A-4 6.40% 1,808,000.00 0.00 0.00 1,808,000.00 0.00 0.00
Certificate 6.55% 966,125.00 0.00 0.00 966,125.00 0.00 0.00
=================================
0.00 0.00
=================================
Note Percentage 100.00%
=========================================================================================
TOTAL 8,052,977.05 0.00 0.00 8,052,977.05 Certificate Percentage 0.00%
========================================================================================= =================================
</TABLE>
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