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Previous: RECKSON SERVICES INDUSTRIES INC, 8-K, 1998-12-01 |
Next: ONYX ACCEPTANCE GRANTOR TRUST 1998-1, 8-K, 1998-12-01 |
<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): November 20, 1998
WFS Financial 1998-A Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
California 333-45229 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: (949) 727-1000
<PAGE> 2
ITEM 5. OTHER EVENTS
On March 20, 1998 the Commission declared effective a Registration Statement on
Form S-1 (File No. 333-45229) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1998-A Owner Trust (the "Trust") of the following
securities:
$100,000,000 of 5.618% Auto Receivable Backed Notes, Class A-1,
$120,000,000 of 5.783% Auto Receivable Backed Notes, Class A-2,
$180,000,000 of 5.900% Auto Receivable Backed Notes, Class A-3,
$67,250,000 of 5.950% Auto Receivable Backed Notes, Class A-4,
$57,750,000 of 6.050% 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 March 26, 1998. 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 November 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
$58,333,205.84 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
$58,333,205.84 was distributed from the RIC to the Indenture Trustee for
distribution to the holders of the Securities and as otherwise required by the
Indenture and Sale and Servicing Agreement applicable to the Trust 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 1998-A OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: November 30, 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 ___
November 20, 1998 Distribution Date
21.2 Distribution Date Statement dated as of ___
October 31, 1998 for the November 20, 1998 Distribution Date
21.3 Consolidated financial statements of Financial ___
Security Assurance Inc. and Subsidiaries as of December 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 As-
surance Holdings Inc. for the year ended December 31, 1997
(file # 1-12644) as filed on or about March 24, 1998)
21.4 Condensed consolidated financial statements of ___
Financial Security Assurance Inc. for the six month period
ended June 30, 1998 (Incorporated by reference from the
Quarterly Report on Form 10-Q of Financial Security Assur-
ance Holdings Inc. for the quarter ended June 30, 1998 (file
# 1-12644) as filed on or about August 13, 1998)
21.5 Condensed consolidated financial statements of ___
Financial Security Assurance Inc. for the six month period
ended September 30, 1998 (Incorporated by reference from
the Quarterly Report on Form 10-Q of Financial Security
Assurance Holdings Inc. for the quarter ended September 30,
1998 (file # 1-12644) as filed on or about November 10,
1998)
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 21.1
WFS FINANCIAL 1998-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
Class A-1
===============================================================================
Original Principal Balance 100,000,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 22,088,252.74 220.882527
Aggregate Unpaid Principal Balance as of Current Distribution Date 0.00 0.000000
Pool Factor 0.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 22,088,252.74 220.882527
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 22,088,252.74 220.882527
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 317,123.50 3.171235
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 317,123.50 3.171235
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 398,361,404.70 935.183437
Servicing Fee 1,349,492.00 2.047015
Spread Account 27,061,297.87 37.909259
Net Change in Spread Account 1,207,107.88 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
=================================================================================================================================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1998-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
Class A-2
===============================================================================
Original Principal Balance 120,000,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 120,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 93,361,404.70 778.011706
Pool Factor 0.778012
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 26,638,595.30 221.988294
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 26,638,595.30 221.988294
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 1,773,453.33 14.778778
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 1,773,453.33 14.778778
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 398,361,404.70 935.183437
Servicing Fee 1,349,492.00 2.047015
Spread Account 27,061,297.87 37.909259
Net Change in Spread Account 1,207,107.88 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
=================================================================================================================================
</TABLE>
<PAGE> 3
WFS FINANCIAL 1998-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
Class A-3
===============================================================================
Original Principal Balance 180,000,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 180,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 180,000,000.00 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 2,655,000.00 14.750000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 2,655,000.00 14.750000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 398,361,404.70 935.183437
Servicing Fee 1,349,492.00 2.047015
Spread Account 27,061,297.87 37.909259
Net Change in Spread Account 1,207,107.88 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
=================================================================================================================================
</TABLE>
<PAGE> 4
WFS FINANCIAL 1998-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
Class A-4
===============================================================================
Original Principal Balance 67,250,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 67,250,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 67,250,000.00 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 1,000,343.75 14.875000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 1,000,343.75 14.875000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 398,361,404.70 935.183437
Servicing Fee 1,349,492.00 2.047015
Spread Account 27,061,297.87 37.909259
Net Change in Spread Account 1,207,107.88 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
=================================================================================================================================
</TABLE>
<PAGE> 5
WFS FINANCIAL 1998-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
Certificate
===============================================================================
Original Principal Balance 57,750,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of prior Distribution Date 57,750,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 57,750,000.00 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 873,468.75 15.125000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
----------
Total Interest Distributable Amount 873,468.75 15.125000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 398,361,404.70 935.183437
Servicing Fee 1,349,492.00 2.047015
Spread Account 27,061,297.87 37.909259
Net Change in Spread Account 1,207,107.88 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
=================================================================================================================================
</TABLE>
<PAGE> 6
WFS FINANCIAL 1998-A OWNER TRUST
Officer's Certificate
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations presented
reflect accurate information as of October 31, 1998 and were performed in
conformity with the Sale and Servicing Agreement dated March 1, 1998.
/s/ LEE A. WHATCOTT
-----------------------------------------
Lee A. Whatcott
Executive Vice President
Chief Financial Officer
/s/ MARK OLSON
-----------------------------------------
Mark Olson
Senior Vice President
Controller
<PAGE> 1
EXHIBIT 21.2
[WFS FINANCIAL LETTERHEAD]
[LOGO]
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
<TABLE>
<CAPTION>
================================================================================================================
<S> <C> <C> <C>
COLLECTIONS
DOLLARS
Payments received 58,094,938.94
Plus:
Servicer Advances 959,291.26
Reimbursement of holds 614,321.19
------------
1,573,612.45
Less:
Reimbursement Advances
Funds deposited in Holds Account (773,733.56)
(561,611.99)
------------
(1,335,345.55)
--------------
Total Funds Available for Distribution 58,333,205.84
==============
DISTRIBUTIONS
Servicing Fee 1,349,492.00
Trustee and Other Fees 178,604.10
Other Miscellaneous Payments 251,764.49
------------
1,779,860.59
Note Interest Distributable Amount - Class A-1 317,123.50
Note Interest Distributable Amount - Class A-2 1,773,453.33
Note Interest Distributable Amount - Class A-3 2,655,000.00
Note Interest Distributable Amount - Class A-4 1,000,343.75
-------------
Total Note Interest Distributable Amount 5,745,920.58
Certificate Interest Distributable Amount 873,468.75
-------------
Total Interest Distribution 6,619,389.33
Note Principal Distributable Amount - Class A-1 22,088,252.74
Note Principal Distributable Amount - Class A-2 thru A-4 26,638,595.30
Certificate Principal Distributable Amount 0.00
-------------
Total Principal Distribution 48,726,848.04
-------------
Total Principal and Interest Distribution 55,346,237.37
Spread Account Deposit 1,207,107.88
Total Distributions 58,333,205.84
=============
================================================================================================================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
<TABLE>
<CAPTION>
=========================================================================================================================
<S> <C> <C> <C>
PORTFOLIO DATA:
# of loans
Beginning Security Balance 41,710 447,088,252.74
Less: Scheduled Principal Balance 0 (19,681,772.26)
Full Prepayments (2,015) (18,299,613.12)
Partial Prepayments 0 0.00
Liquidations (1,060) (10,745,462.66)
--------------
(48,726,848.04)
--------------
Ending Security Balance 38,635 398,361,404.70
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 25,854,189.99
Deposits 1,207,107.88
Reductions 0.00
--------------
Ending Balance 27,061,297.87
Beginning Initial Deposit Repayment 18,375,000.00
Repayments 0.00
--------------
Ending Initial Deposit Repayment 18,375,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 883,001.72
New Advances 959,291.26
Advances Reimbursed (773,733.56)
--------------
Ending Unreimbursed Advances: 1,068,559.42
Holding Account:
Beginning Balance 853,938.68
Funds Deposited 561,611.99
Withdrawal to Collection Account (614,321.19)
--------------
Ending Balance 801,229.48
Net Charge-Off Data: # of loans
Charge-Offs 1,357 7,332,491.60
Recoveries (489) (899,466.20)
--------------
Net Charge-Offs 868 6,433,025.40
Delinquencies (P&I): # of loans
30-59 Days 953 9,039,447.12
60-89 Days 355 3,515,052.08
90-119 Days 160 1,651,836.39
120-149 Days 2 33,667.44
150 days and over 0 0.00
Repossessions 103 724,623.65
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or 9.01 of the
Sale and Servicing Agreement) 204 1,965,377.55
Charge-Off Percentage 4.95%
Delinquency Percentage 1.38%
WAC 15.2238%
WAM 49.833
=========================================================================================================================
</TABLE>
<PAGE> 3
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1998
for Distribution Date of November 20, 1998
<TABLE>
<CAPTION>
======================================================================================================================
BEGINNING PRIOR CURRENT
ORIGINAL OUTSTANDING PRINCIPAL PRINCIPAL
PRINCIPAL PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER PRINCIPAL
CLASSES BALANCE BALANCE DISTRIBUTABLE SHORTFALL SHORTFALL DISTRIBUTION
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 100,000,000.00 22,088,252.74 22,088,252.74 0.00 0.00 22,088,252.74
A-2 120,000,000.00 120,000,000.00 26,638,595.30 0.00 0.00 26,638,595.30
A-3 180,000,000.00 180,000,000.00 0.00 0.00 0.00 0.00
A-4 67,250,000.00 67,250,000.00 0.00 0.00 0.00 0.00
Certificate 57,750,000.00 57,750,000.00 0.00 0.00 0.00 0.00
======================================================================================================================
TOTAL 525,000,000.00 447,088,252.74 48,726,848.04 0.00 0.00 48,726,848.04
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================
REMAINING TOTAL
OUTSTANDING PRINCIPAL
PRINCIPAL AND INTEREST
CLASSES BALANCE DISTRIBUTION
======================================================
<S> <C> <C>
A-1 0.00 22,405,376.24
A-2 93,361,404.70 28,412,048.63
A-3 180,000,000.00 2,655,000.00
A-4 67,250,000.00 1,000,343.75
Certificate 57,750,000.00 873,468.75
======================================================
TOTAL 398,361,404.70 55,346,237.37
======================================================
</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> <C>
A-1 5.618% 317,123.50 0.00 0.00 317,123.50 0.00 0.00
A-2 5.783% 1,773,453.33 0.00 0.00 1,773,453.33 0.00 0.00
A-3 5.900% 2,655,000.00 0.00 0.00 2,655,000.00 0.00 0.00
A-4 5.950% 1,000,343.75 0.00 0.00 1,000,343.75 0.00 0.00
Certificate 6.050% 873,468.75 0.00 0.00 873,468.75 0.00 0.00
=====================================
0.00 0.00
=====================================
Note Percentage 100.000000%
Certificate Percentage 0.000000%
TOTAL 6,619,389.33 0.00 0.00 6,619,389.33
===================================================================================== =====================================
</TABLE>
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