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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 20, 1998
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
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (714) 753-3000
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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 March 20, 1998 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
$65,429,613.91 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
$65,429,613.91 was distributed from the RIC to the Indenture Trustee for
distribution to the holders of the Securities on the current Distribution Date.
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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.
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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: March 24, 1998 By: /s/ LEE A. WHATCOTT
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Lee A. Whatcott, Chief Financial Officer
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INDEX TO EXHIBITS
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<CAPTION>
Exhibit No. Description Page
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<S> <C> <C>
21.1 Statement to Securityholders as to the ___
March 20, 1998 Distribution Date
21.2 Distribution Date Statement dated as of ___
February 28, 1998 for the March 20, 1998 Distribution Date
21.3 Consolidated financial statements of Financial ___
Security Assurance Inc. and Subsidiaries as of Decem-
ber 31, 1997 and 1996, and for each of the three years
in the period ended December 31, 1997 (Incorporate
by reference from the Annual Report on Form 10-K of
Financial Security Assurance Holdings Inc. for the
year ended December 31, 1997 (file # 1-12644) as filed
on or about March 24, 1998)
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