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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): May 20, 1999
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 May 20, 1999 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
$55,231,972.58 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
$55,231,972.58 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.
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 1998-A OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: June 3, 1999 /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 ___
May 20, 1999 Distribution Date
21.2 Distribution Date Statement dated as of ___
April 30, 1999 for the May 20, 1999 Distribution Date
21.3 Consolidated financial statements of Financial ___
Security Assurance Inc. and Subsidiaries as of December 31,
1998 and 1997, and for each of the three years in the period
ended December 31, 1998 (Incorporated by reference from the Annual
Report on Form 10-K of Financial Security Assurance Holdings Inc.
for the year ended December 31, 1998 (file # 1-12644) as filed on
or about March 23, 1999)
21.4 Condensed consolidated financial statements of ___
Financial Security Assurance Inc. for the three month period
ended March 31, 1999 (Incorporated by reference from the
Quarterly Report on Form 10-Q of Financial Security Assurance
Holdings Inc. for the quarter ended March 31, 1999
(file # 1-12644) as filed on or about May 13, 1999)
</TABLE>
Page 5
<PAGE> 1
WFS FINANCIAL 1998-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of April 30, 1999
for Distribution Date of May 20, 1999
Class A-1
<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 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
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 307,563,830.85 935.183437
Servicing Fee 1,055,915.00 2.047015
Spread Account 21,529,468.16 37.909259
Net Change in Spread Account (7,586,900.53) 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 April 30, 1999
for Distribution Date of May 20, 1999
Class A-2
<TABLE>
<S> <C> <C> <C>
===================================================================================================================================
Original Principal Balance 120,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
------------- ----------
Aggregate Unpaid Principal Balance as of Prior Distribution Date 47,935,849.86 399.465416
Aggregate Unpaid Principal Balance as of Current Distribution Date 2,563,830.85 21.365257
Pool Factor 0.021365
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 45,372,019.01 378.100158
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
---------------
Total Principal Distributable Amount 45,372,019.01 378.100158
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 669,931.46 5.582762
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 669,931.46 5.582762
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
-------------
Aggregate Scheduled Balance 307,563,830.85 935.183437
Servicing Fee 1,055,915.00 2.047015
Spread Account 21,529,468.16 37.909259
Net Change in Spread Account (7,586,900.53) 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 April 30, 1999
for Distribution Date of May 20, 1999
Class A-3
<TABLE>
<S> <C> <C> <C>
====================================================================================================================================
Original Principal Balance 180,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
-------------- -----------
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
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
-------------
Aggregate Scheduled Balance 307,563,830.85 935.183437
Servicing Fee 1,055,915.00 2.047015
Spread Account 21,529,468.16 37.909259
Net Change in Spread Account (7,586,900.53) 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 April 30, 1999
for Distribution Date of May 20, 1999
Class A-4
<TABLE>
<S> <C> <C> <C>
====================================================================================================================================
Original Principal Balance 67,250,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
------------- -----------
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
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
-------------
Aggregate Scheduled Balance 307,563,830.85 935.183437
Servicing Fee 1,055,915.00 2.047015
Spread Account 21,529,468.16 37.909259
Net Change in Spread Account (7,586,900.53) 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 April 30, 1999
for Distribution Date of May 20, 1999
Certificate
<TABLE>
<S> <C> <C> <C>
====================================================================================================================================
Original Principal Balance 57,750,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
------------- -----------
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
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
-------------
Aggregate Scheduled Balance 307,563,830.85 935.183437
Servicing Fee 1,055,915.00 2.047015
Spread Account 21,529,468.16 37.909259
Net Change in Spread Account (7,586,900.53) 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 April 30, 1999
for Distribution Date of May 20, 1999
============================================================================
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations presented
reflect accurate information as of April 30, 1999 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
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of April 30, 1999
for Distribution Date of May 20, 1999
<TABLE>
<S> <C> <C> <C>
=============================================================================================================================
COLLECTIONS
DOLLARS
Payments received 55,319,136.44
Plus:
Servicer Advances 767,143.55
Reimbursement of holds 495,741.21
--------------
1,262,884.76
Less:
Reimbursement Advances
Funds deposited in Holds Account (848,426.69)
(501,621.93)
--------------
(1,350,048.62)
---------------
Total Funds Available for Distribution 55,231,972.58
===============
DISTRIBUTIONS
Servicing Fee 1,055,915.00
Trustee and Other Fees 144,118.14
Other Miscellaneous Payments 204,371.90
--------------
1,404,405.04
Note Interest Distributable Amount - Class A-1 0.00
Note Interest Distributable Amount - Class A-2 669,931.46
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 4,325,275.21
Certificate Interest Distributable Amount 873,468.75
--------------
Total Interest Distribution 5,198,743.96
Note Principal Distributable Amount - Class A-1 0.00
Note Principal Distributable Amount - Class A-2 thru A-4 45,372,019.01
Certificate Principal Distributable Amount 0.00
--------------
Total Principal Distribution 45,372,019.01
--------------
Total Principal and Interest Distribution 50,570,762.97
Spread Account Deposit 3,256,804.57
Total Distributions 55,231,972.58
===============
==============================================================================================================================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of April 30, 1999
for Distribution Date of May 20, 1999
<TABLE>
<S> <C> <C> <C>
=====================================================================================================================
PORTFOLIO DATA:
# of loans
Beginning Security Balance 35,635 352,935,849.86
Less: Scheduled Principal Balance 0 (18,720,909.41)
Full Prepayments (2,429) (19,872,473.96)
Partial Prepayments 0 0.00
Liquidations (718) (6,778,635.64)
------------------
(45,372,019.01)
-----------------
Ending Security Balance 32,488 307,563,830.85
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 29,116,368.69
Deposits 3,256,804.57
Reductions (10,843,705.10)
------------------
Ending Balance 21,529,468.16
Beginning Initial Deposit Repayment 18,375,000.00
Repayments (10,843,705.10)
------------------
Ending Initial Deposit Repayment 7,531,294.90
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 1,219,578.88
New Advances 767,143.55
Advances Reimbursed (848,426.69)
------------------
Ending Unreimbursed Advances: 1,138,295.72
Holding Account:
Beginning Balance 734,790.51
Funds Deposited 501,621.93
Withdrawal to Collection Account (495,741.21)
------------------
Ending Balance 740,671.23
Net Charge-Off Data: # of loans
Charge-Offs 2,890 15,853,468.31
Recoveries (1,345) (2,754,959.33)
------------------
Net Charge-Offs 1,545 13,098,508.98
Delinquencies (P&I): # of loans
30-59 Days 678 6,108,545.39
60-89 Days 206 1,895,554.82
90-119 Days 84 693,257.60
120-149 Days 4 43,999.59
150 days and over 0 0.00
Repossessions 52 296,697.15
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or
9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 3.90%
Delinquency Percentage 1.07%
WAC 15.0654%
WAM 44.572
=====================================================================================================================
</TABLE>
<PAGE> 3
WFS FINANCIAL 1998-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of April 30, 1999
for Distribution Date of May 20, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
BEGINNING PRIOR CURRENT REMAINING TOTAL
ORIGINAL OUTSTANDING PRINCIPAL PRINCIPAL OUTSTANDING PRINCIPAL
PRINCIPAL PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER PRINCIPAL PRINCIPAL AND INTEREST
CLASSES BALANCE BALANCE DISTRIBUTION SHORTFALL SHORTFALL DISTRIBUTION BALANCE DISTRIBUTION
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 100,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 120,000,000.00 47,535,849.01 45,372,019.86 0.00 0.00 45,372,019.01 2,583,830.85 46,041,950.47
A-3 180,000,000.00 180,000,000.00 0.00 0.00 0.00 0.00 180,000,000.00 2,655,000.00
A-4 67,250,000.00 67,250,000.00 0.00 0.00 0.00 0.00 87,250,000.00 1,000,343.75
Certificate 57,750,000.00 57,750,000.00 0.00 0.00 0.00 0.00 57,7500,000.00 873,468.75
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 525,000,000.00 352,935,849.88 45,372,019.01 0.00 0.00 45,372,019.01 307,563,830.85 50,570,762.97
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------- ---------------------------------
PRIOR CURRENT
INTEREST INTEREST DEFICIENCY POLICY
NOTE INTEREST CALCULATED CARRYOVER CARRYOVER INTEREST CLAIM CLAIM
CLASSES RATE INTEREST SHORTFALL SHARES DISTRIBUTION AMOUNT AMOUNTS
- --------------------------------------------------------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 5.818% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 5.783% 889,931.46 0.00 0.00 668,931.48 0.00 0.00
A-3 5.800% 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 1,000,341.75 0.00 0.00
Certificate 6.050% 873,468.75 0.00 0.00 873,458.75 0.00 0.00
---------------------------------
0.00 0.00
---------------------------------
---------------------------------
Note Percentage 100.000000%
Certificate Percentage 0,000000%
- ---------------------------------------------------------------------------------
TOTAL 5,198,743.96 0.00 0.00 5,196,743.96
- --------------------------------------------------------------------------------- ----------------------------------
</TABLE>
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