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Previous: MEADOWCRAFT INC, 10-Q, 1998-01-05 |
Next: FLEMINGTON PHARMACEUTICAL CORP, NTN 10Q, 1998-01-05 |
<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 20, 1997
WFS Financial 1997-C Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
California 333-32935 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 September 18, 1997 the Commission declared effective a Registration Statement
on Form S-1 (File No. 333-32935) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1997-C Owner Trust (the "Trust") of the following
securities:
$126,000,000 of 5.71% Auto Receivable Backed Notes, Class A-1,
$130,000,000 of 5.95% Auto Receivable Backed Notes, Class A-2,
$220,000,000 of 6.10% Auto Receivable Backed Notes, Class A-3,
$64,000,000 of 6.15% Auto Receivable Backed Notes, Class A-4,
$60,000,000 of 6.30% 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 Sepetmber 24, 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 December 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
$64,329,746.36 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
$64,329,746.36 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.
Page 2
<PAGE> 3
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-C OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: December 29, 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 ___
December 20, 1997 Distribution Date
21.2 Distribution Date Statement dated as of ___
November 30, 1997 for the December 20, 1997 Distribution Date
21.3 Consolidated financial statements of Financial ___
Security Assurance Inc. and Subsidiaries as of Decem-
ber 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
EXHIBIT 21.1
WFS FINANCIAL 1997-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
Class A-1
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 126,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 126,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 75,220,999.52 596.992060
Pool Factor 0.596992
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 47,860,000.89 379.841277
Accelerated Principal Portion 2,918,999.59 23.166663
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 50,779,000.48 403.007940
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 2,238,320.00 17.764444
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 2,238,320.00 17.764444
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 549,220,999.52 915.368333
Servicing Fee 1,459,500.00 2.432500
Spread Account 21,984,567.78 36.640946
Net Change in Spread Account 3,984,567.78 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1997-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
Class A-2
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 130,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 130,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 130,000,000.00 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 2,384,958.33 18.345833
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 2,384,958.33 18.345833
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 549,220,999.52 915.368333
Servicing Fee 1,459,500.00 2.432500
Spread Account 21,984,567.78 36.640946
Net Change in Spread Account 3,984,567.78 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1997-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
Class A-3
<TABLE>
<S> <C> <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 4,137,833.33 18.808333
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 4,137,833.33 18.808333
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 549,220,999.52 915.368333
Servicing Fee 1,459,500.00 2.432500
Spread Account 21,984,567.78 36.640946
Net Change in Spread Account 3,984,567.78 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1997-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
Class A-4
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 64,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 64,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 64,000,000.00 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 1,213,600.00 18.962500
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 1,213,600.00 18.962500
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 549,220,999.52 915.368333
Servicing Fee 1,459,500.00 2.432500
Spread Account 21,984,567.78 36.640946
Net Change in Spread Account 3,984,567.78 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1997-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
Certificate
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 60,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of prior Distribution Date 60,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 60,000,000.00 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 1,165,500.00 19.425000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 1,165,500.00 19.425000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 549,220,999.52 915.368333
Servicing Fee 1,459,500.00 2.432500
Spread Account 21,984,567.78 36.640946
Net Change in Spread Account 3,984,567.78 n/a
Note Percentage 100.00% n/a
Certificate Percentage 0.00% n/a
</TABLE>
<PAGE> 1
EXHIBIT 21.2
WFS FINANCIAL 1997-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
<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-1 126,000,000.00 126,000,000.00 47,860,000.89 2,918,999.59 0.00
A-2 130,000,000.00 130,000,000.00 0.00 0.00 0.00
A-3 220,000,000.00 220,000,000.00 0.00 0.00 0.00
A-4 64,000,000.00 64,000,000.00 0.00 0.00 0.00
Certificate 60,000,000.00 60,000,000.00 0.00 0.00 0.00
TOTAL 600,000,000.00 600,000,000.00 47,860,000.89 2,918,999.59 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 50,779,000.48 75,220,999.52 53,017,320.48
A-2 0.00 0.00 130,000,000.00 2,384,958.33
A-3 0.00 0.00 220,000,000.00 4,137,833.33
A-4 0.00 0.00 64,000,000.00 1,213,600.00
Certificate 0.00 0.00 60,000,000.00 1,165,500.00
TOTAL 0.00 50,779,000.48 549,220,999.52 61,919,212.14
</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 5.71% 2,238,320.00 0.00 0.00 2,238,320.00 0.00 0.00
A-2 5.95% 2,384,958.33 0.00 0.00 2,384,958.33 0.00 0.00
A-3 6.10% 4,137,833.33 0.00 0.00 4,137,833.33 0.00 0.00
A-4 6.15% 1,213,600.00 0.00 0.00 1,213,600.00 0.00 0.00
Certificate 6.30% 1,165,500.00 0.00 0.00 1,165,500.00 0.00 0.00
0.00 0.00
Note Percentage 100.00%
Certificate Percentage 0.00%
TOTAL 11,140,211.66 0.00 0.00 11,140,211.66
</TABLE>
<PAGE> 2
WFS FINANCIAL 1997-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 62,016,074.92
Plus:
Servicer Advances 3,615,024.98
Reimbursement of holds 301,527.36
-------------
3,916,552.34
Less:
Reimbursement Advances
Funds deposited in Holds Account (752,784.07)
(850,096.83)
-------------
(1,602,880.90)
-------------
Total Funds Available for Distribution 64,329,746.36
=============
DISTRIBUTIONS
Servicing Fee 1,459,500.00
Trustee and Other Fees 267,096.00
Other Miscellaneous Payments 166,939.50
-------------
1,893,535.50
Note Interest Distributable Amount - Class A-1 2,238,320.00
Note Interest Distributable Amount - Class A-2 2,384,958.33
Note Interest Distributable Amount - Class A-3 4,137,833.33
Note Interest Distributable Amount - Class A-4 1,213,600.00
------------
Total Note Interest Distributable Amount 9,974,711.66
Certificate Interest Distributable Amount 1,165,500.00
------------
Total Interest Distribution 11,140,211.66
Note Principal Distributable Amount - Class A-1 thru A-3 50,779,000.48
Note Principal Distributable Amount - Class A-4 0.00
Certificate Principal Distributable Amount 0.00
------------
Total Principal Distribution 50,779,000.48
-------------
Total Principal and Interest Distribution 61,919,212.14
Spread Account Deposit 516,998.72
Total Distributions 64,329,746.36
=============
</TABLE>
<PAGE> 3
WFS FINANCIAL 1997-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
<TABLE>
<S> <C> <C> <C>
PORTFOLIO DATA:
# of loans
Beginning Security Balance 53,616 600,000,000.00
Less: Scheduled Principal Balance 0 21,721,190.33
Accelerated Principal Portion 0 2,918,999.59
Full Prepayments 2,367 23,914,868.20
Partial Prepayments 0 0.00
Liquidations 212 2,223,942.36
-------------
50,779,000.48
--------------
Ending Security Balance 51,037 549,220,999.52
OTHER RELATED INFORMATION:
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 0.00
New Advances 3,615,024.98
Advances Reimbursed (752,784.07)
-------------
Ending Unreimbursed Advances: 2,862,240.91
Holding Account:
Beginning Balance 0.00
Funds Deposited 850,096.83
Withdrawal to Collection Account (301,527.36)
-------------
Ending Balance 548,569.47
Net Charge-Off Data: # of loans
Charge-Offs 191 823,038.94
Recoveries 51 80,814.49
-------------
Net Charge-Offs 140 742,224.45
Delinquencies (P&I): # of loans
30-59 Days 425 4,187,144.47
60-89 Days 124 1,338,549.20
90-119 Days 26 303,858.32
120-149 Days 0 0.00
150 days and over 0 0.00
Repossessions 77 559,918.44
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or
9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 1.14%
Delinquency Percentage 0.19%
WAC 15.4533%
WAM 54.175
</TABLE>
<PAGE> 4
WFS FINANCIAL 1997-C OWNER TRUST
Officer's Certificate
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations presented
reflect accurate information as of November 30, 1997 and were performed in
conformity with the Sale and Servicing Agreement dated September 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> 5
WFS FINANCIAL 1997-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of November 30, 1997
for Distribution Date of December 20, 1997
<TABLE>
<S> <C> <C>
SPREAD ACCOUNT
Funded Amount:
Beginning Balance 18,000,000.00
Deposits 516,998.72
Reductions 0.00
-------------
Ending Balance 18,516,998.72
Overcollateralization Amount:
Beginning Balance 0.00
Additions 2,918,999.59
-------------
Ending Balance 2,918,999.59
Current Holding Account Balance 548,569.47
Total Overcollateralization Amount 3,467,569.06
Total Spread Account 21,984,567.78
Spread Account Initial Deposit:
Beginning Balance 18,000,000.00
Repayments 0.00
-------------
Ending Balance 18,000,000.00
</TABLE>
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