|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: HARTFORD SERIES FUND INC, NSAR-A, 1998-08-25 |
Next: CHEVY CHASE AUTO RECEIVABLES TRUST 1997-4, 8-K, 1998-08-25 |
<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): August 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: (714) 753-3000
<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,
$57,7500,000 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 August 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
$59,027,411.03 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
$59,027,411.03 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: August 24, 1998 By: /S/ LEE A. WHATCOTT
----------------------------------------
Lee A. Whatcott, Chief Financial Officer
Page 4
<PAGE> 5
<TABLE>
<CAPTION>
INDEX TO EXHIBITS
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C> <C>
21.1 Statement to Securityholders as to the ___
August 20, 1998 Distribution Date
21.2 Distribution Date Statement dated as of ___
July 31, 1998 for the August 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
Assurance 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
Assurance Holdings Inc. for the quarter ended June 30, 1998
(file # 1-12644) as filed on or about August 13, 1998)
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 21.1
WFS FINANCIAL 1998-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1998
for Distribution Date of August 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>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 65,971,304.67 659.713047
Aggregate Unpaid Principal Balance as of Current Distribution Date 22,088,252.74 220.882527
Pool Factor 0.220883
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 43,883,051.93 438.830519
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 43,883,051.93 438.830519
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 947,157.35 9.471574
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 947,157.35 9.471574
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 447,088,252.74 935.183437
Servicing Fee 1,489,571.00 2.047015
Spread Account 25,854,189.99 37.909259
Net Change in Spread Account 5,951,828.70 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 July 31, 1998
for Distribution Date of August 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>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 120,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 120,000,000.00 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 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 447,088,252.74 935.183437
Servicing Fee 1,489,571.00 2.047015
Spread Account 25,854,189.99 37.909259
Net Change in Spread Account 5,951,828.70 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 July 31, 1998
for Distribution Date of August 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>
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 447,088,252.74 935.183437
Servicing Fee 1,489,571.00 2.047015
Spread Account 25,854,189.99 37.909259
Net Change in Spread Account 5,951,828.70 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 July 31, 1998
for Distribution Date of August 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>
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 447,088,252.74 935.183437
Servicing Fee 1,489,571.00 2.047015
Spread Account 25,854,189.99 37.909259
Net Change in Spread Account 5,951,828.70 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 July 31, 1998
for Distribution Date of August 20, 1998
Certificate
================================================================================
Original Principal Balance 57,750,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <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 447,088,252.74 935.183437
Servicing Fee 1,489,571.00 2.047015
Spread Account 25,854,189.99 37.909259
Net Change in Spread Account 5,951,828.70 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
================================================================================
<PAGE> 1
Exhibit 21.2
[WFS FINANCIAL LETTERHEAD]
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Data Statement
for Master Service Report Date of July 31, 1998
for Distribution Date of August 20, 1998
<TABLE>
<S> <C> <C> <C>
COLLECTIONS DOLLARS
Payments received 58,898,993.72
Plus:
Servicer Advances 808,574.68
Reimbursement of holds 744,793.50
-----------
1,553,368.15
Less:
Reimbursement Advances (606,327.02)
Funds deposited in Holds Account (818,623.85)
------------
(1,424,950.87)
-------------
Total Funds Available for Distribution 59,027,411.03
=============
DISTRIBUTIONS
Servicing Fee 1,489,571.00
Trustee and Other Fees 199,157.32
Other Miscellaneous Payments 254,378.90
-------------
1,943,107.22
Note Interest Distributable Amount - Class A-1 947,157.35
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 6,375,954.43
Certificate Interest Distributable Amount 873,468.75
--------------
Total Interest Distribution 7,249,423.18
Note Principal Distributable Amount - Class A-1 43,883,051.93
Note Principal Distributable Amount - Class A-2 thru A-4 0.00
Certificate Principal Distributable Amount 0.00
--------------
Total Principal Distribution 43,883,051.93
--------------
Total Principal and Interest Distribution 51,132,475.11
Spread Account Deposit 5,951,828.70
Total Distributions 59,027,411.03
=============
</TABLE>
<PAGE> 2
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1998
for Distribution Date of August 20, 1998
================================================================================
<TABLE>
<CAPTION>
PORTFOLIO DATA:
# of loans
<S> <C> <C> <C>
Beginning Security Balance 44,157 490,971,304.67
Less: Scheduled Principal Balance 0 (20,505,201.88)
Full Prepayments (1,950) (18,433,434.85)
Partial Prepayments 0 0.00
Liquidations (497) (4,944,415.20)
--------------
(43,883,051.93)
--------------
Ending Security Balance 41,710 447,088,252.74
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 19,902,361.29
Deposits 5,951,828.70
Reductions 0.00
--------------
Ending Balance 25,854,189.99
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: 680,754.06
New Advances 808,574.68
Advances Reimbursed (606,327.02)
--------------
Ending Unreimbursed Advances: 883,001.72
Holding Account:
Beginning Balance 780,108.33
Funds Deposited 818,623.85
Withdrawal to Collection Account (744,793.50)
--------------
Ending Balance 853,938.68
Net Charge-Off Data: # of loans
Charge-Offs 518 2,625,282.64
Recoveries (190) (295,562.54)
--------------
Net Charge-Offs 328 2,329,720.10
Delinquencies ( P&I): # of loans
30-59 Days 8,864,300.26 899
60-89 Days 2,664,307.36 258
90-119 Days 982,970.85 98
120-149 Days 1,700.18 1
150 days and over 0.00 0
Repossessions 77 503,932.63
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or
9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 2.49%
Delinquency Percentage 0.72%
WAC 15.2705%
WAM 52.486
</TABLE>
================================================================================
<PAGE> 3
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1998
for Distribution Date of August 20, 1998
<TABLE>
<CAPTION>
=================================================================================================================
ORIGINAL BEGINNING PRIOR CURRENT
PRINCIPAL OUTSTANDING PRINCIPAL PRINCIPAL
BALANCE PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER PRINCIPAL
CLASSES BALANCE DISTRIBUTABLE SHORTFALL SHORTFALL DISTRIBUTION
=================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 100,000,000.00 65,971,304.67 43,883,051.93 0.00 0.00 43,883,051.93
A-2 120,000,000.00 120,000,000.00 0.00 0.00 0.00 0.00
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 525,000,000.00 490,971,304.67 43,883,051.93 0.00 0.00 43,883,051.93
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================
REMAINING TOTAL
OUTSTANDING PRINCIPAL
PRINCIPAL AND INTEREST
CLASSES BALANCE DISTRIBUTION
=======================================================
<S> <C> <C>
A-1 22,088,252.74 44,830,209.28
A-2 120,000,000.00 1,773,453.33
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 447,088,252.74 51,132,475.11
========================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================
PRIOR CURRENT
INTEREST INTEREST
NOTE INTEREST CALCULATED CARRYOVER CARRYOVER INTEREST
CLASSES RATE INTEREST SHORTFALL SHORTFALL DISTRIBUTION
=======================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 5.618% 947,157.35 0.00 0.00 947,157.35
A-2 5.783% 1,773,453.33 0.00 0.00 1,773,453.33
A-3 5.900% 2,655,000.00 0.00 0.00 2,655,000.00
A-4 5.950% 1,000,343.75 0.00 0.00 1,000,343.75
Certificate 6.050% 873,468.75 0.00 0.00 873,468.75
TOTAL 7,249,423.18 0.00 0.00 7,249,423.18
=======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============= ====================================
DEFICIENCY POLICY
NOTE CLAIM CLAIM
CLASSES AMOUNT AMOUNT
============= ====================================
<S> <C> <C>
A-1 0.00 0.00
A-2 0.00 0.00
A-3 0.00 0.00
A-4 0.00 0.00
Certificate 0.00 0.00
====================================
0.00 0.00
====================================
Note Percentage 100.000000%
Certificate Percentage 0.000000%
TOTAL
============= ====================================
</TABLE>
<PAGE> 4
WFS FINANCIAL 1998-A OWNER TRUST
Officer's Certificate
for Master Service Report Date of July 31, 1998
for Distribution Date of August 20, 1998
================================================================================
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations presented
reflect accurate information as of July 31, 1998 and were performed in
conformity with the Sale and Servicing Agreement dated March 1, 1998.
/s/ JAMES R. DOWLAN
------------------------------------
James R. Dowlan
Vice Chairman
Senior Executive Vice President
/s/ LEE A. WHATCOTT
------------------------------------
Lee A. Whatcott
Executive Vice President
Chief Financial Officer
================================================================================
WFS Financial Inc, as Master Servicer, certifies that all computations presented
reflect accurate information as of and were performed in conformity with the
Sale and Servicing Agreement dated March 1, 1998.
|
|