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Previous: REVENGE MARINE INC, 10-12G, 1998-10-28 |
Next: MITCHELL HUTCHINS INSTITUTIONAL SERIES, 497, 1998-10-28 |
<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): October 20, 1998
WFS FINANCIAL 1998-B OWNER TRUST
--------------------------------------------------
(Exact name of registrant as specified in charter)
CALIFORNIA 333-51113 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 June 18, 1998 the Commission declared effective a Registration Statement on
Form S-1 (File No. 333-51113) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1998-B Owner Trust (the "Trust") of the following
securities:
$125,000,000 of 5.658% Auto Receivable Backed Notes, Class A-1,
$160,000,000 of 5.777% Auto Receivable Backed Notes, Class A-2,
$200,000,000 of 5.950% Auto Receivable Backed Notes, Class A-3,
$102,400,000 of 6.050% Auto Receivable Backed Notes, Class A-4,
$72,600,000 of 6.100% 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 June 25, 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 October 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
$100,131,818.28 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
$100,131.818.28 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-B OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: October 28, 1998 By: /S/ LEE A. WHATCOTT*
-------------------------------------------
Lee A. Whatcott, Chief Financial Officer
* This is a conformed signature of the original signature.
Page 4
<PAGE> 5
INDEX TO EXHIBITS
-----------------
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE
- ----------- ----------- ----
<S> <C> <C>
21.1 Statement to Securityholders as to the ---
October 20, 1998 Distribution Date
21.2 Distribution Date Statement dated as of ---
September 30, 1998 for the October 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-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
Class A-1
<TABLE>
<S> <C> <C> <C>
======================================================================================================================
Original Principal Balance 125,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 125,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 50,152,386.90 401.219095
Pool Factor 0.401219
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 74,847,613.10 598.780905
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 74,847,613.10 598.780905
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 2,770,062.50 22.160500
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 2,770,062.50 22.160500
</TABLE>
<TABLE>
<S> <C> <C> <C>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 585,152,386.90 935.183437
Servicing Fee 2,625,304.00 2.047015
Spread Account 26,758,457.21 37.909259
Net Change in Spread Account 6,958,457.21 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
======================================================================================================================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1998-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
Class A-2
<TABLE>
<S> <C> <C> <C>
======================================================================================================================
Original Principal Balance 160,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 160,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 160,000,000.00 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 3,620,253.33 22.626583
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 3,620,253.33 22.626583
</TABLE>
<TABLE>
<S> <C> <C> <C>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 585,152,386.90 935.183437
Servicing Fee 2,625,304.00 2.047015
Spread Account 26,758,457.21 37.909259
Net Change in Spread Account 6,958,457.21 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
======================================================================================================================
</TABLE>
<PAGE> 3
WFS FINANCIAL 1998-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
Class A-3
<TABLE>
<S> <C> <C> <C>
======================================================================================================================
Original Principal Balance 200,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 200,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 200,000,000.00 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 4,594,722.22 22.973611
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 4,594,722.22 22.973611
</TABLE>
<TABLE>
<S> <C> <C> <C>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 585,152,386.90 935.183437
Servicing Fee 2,625,304.00 2.047015
Spread Account 26,758,457.21 37.909259
Net Change in Spread Account 6,958,457.21 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
======================================================================================================================
</TABLE>
<PAGE> 4
WFS FINANCIAL 1998-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
Class A-4
<TABLE>
<S> <C> <C> <C>
======================================================================================================================
Original Principal Balance 102,400,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 102,400,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 102,400,000.00 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 2,392,035.56 23.359722
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 2,392,035.56 23.359722
</TABLE>
<TABLE>
<S> <C> <C> <C>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 585,152,386.90 935.183437
Servicing Fee 2,625,304.00 2.047015
Spread Account 26,758,457.21 37.909259
Net Change in Spread Account 6,958,457.21 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
======================================================================================================================
</TABLE>
<PAGE> 5
WFS FINANCIAL 1998-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
Certificate
<TABLE>
<S> <C> <C> <C>
======================================================================================================================
Original Principal Balance 72,600,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of prior Distribution Date 72,600,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 72,600,000.00 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 1,709,931.67 23.552778
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 1,709,931.67 23.552778
</TABLE>
<TABLE>
<S> <C> <C> <C>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 585,152,386.90 935.183437
Servicing Fee 2,625,304.00 2.047015
Spread Account 26,758,457.21 37.909259
Net Change in Spread Account 6,958,457.21 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
======================================================================================================================
</TABLE>
<PAGE> 6
WFS FINANCIAL 1998-B OWNER TRUST
Officer's Certificate
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
================================================================================
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all
computations presented reflect accurate information as of
September 30, 1998 and were performed in conformity with the
Sale and Servicing Agreement dated June 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 1998-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COLLECTIONS
DOLLARS
Payments received 99,900,565.77
Plus:
Servicer Advances 1,633,673.05
Reimbursement of holds 721,284.30
-----------------------
2,354,957.35
Less:
Reimbursement Advances
Funds deposited in Holds Account (611,568.95)
(1,512,135.89)
-----------------------
(2,123,704.84)
---------------------
Total Funds Available for Distribution 100,131,818.28
=====================
DISTRIBUTIONS
Servicing Fee 2,625,304.00
Trustee and Other Fees 338,126.29
Other Miscellaneous Payments 275,312.40
-----------------------
3,238,742.69
Note Interest Distributable Amount - Class A-1 2,770,062.50
Note Interest Distributable Amount - Class A-2 3,620,253.33
Note Interest Distributable Amount - Class A-3 4,594,722.22
Note Interest Distributable Amount - Class A-4 2,392,035.56
-------------------
Total Note Interest Distributable Amount 13,377,073.61
Certificate Interest Distributable Amount 1,709,931.67
-------------------
Total Interest Distribution 15,087,005.28
Note Principal Distributable Amount - Class A-1 74,847,613.10
Note Principal Distributable Amount - Class A-2 thru A-4 0.00
Certificate Principal Distributable Amount 0.00
-------------------
Total Principal Distribution 74,847,613.10
-----------------------
Total Principal and Interest Distribution 89,934,618.38
Spread Account Deposit 6,958,457.21
Total Distributions 100,131,818.28
=====================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1998-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
PORTFOLIO DATA:
# of loans
Beginning Security Balance 55,694 660,000,000.00
LessScheduled Principal Balance 0 (34,787,071.39)
Full Prepayments (3,548) (36,349,211.78)
Partial Prepayments 0 0.00
Liquidations (360) (3,711,329.93)
-----------------------
(74,847,613.10)
---------------------
Ending Security Balance 51,786 585,152,386.90
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 19,800,000.00
Deposits 6,958,457.21
Reductions 0.00
-----------------------
Ending Balance 26,758,457.21
Beginning Initial Deposit Repayment 19,800,000.00
Repayments 0.00
-----------------------
Ending Initial Deposit Repayment 19,800,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 0.00
New Advances 1,633,673.05
Advances Reimbursed (611,568.95)
-----------------------
Ending Unreimbursed Advances: 1,022,104.10
Holding Account:
Beginning Balance 0.00
Funds Deposited 1,512,135.89
Withdrawal to Collection Account (721,284.30)
-----------------------
Ending Balance 790,851.59
Net Charge-Off Data: # of loans
Charge-Offs 328 1,382,525.50
Recoveries (104) (174,195.75)
-----------------------
Net Charge-Offs 224 1,208,329.75
Delinquencies ( P&I): # of loans
30-59 Days 10,169,847.02 958
60-89 Days 2,877,762.70 280
90-119 Days 1,219,138.82 115
120-149 Days 36,339.75 2
150 days and over 0.00 0
Repossessions 44 303,948.91
Contracts Repurchased (pursuant to Sect. 3.02,
4.07, or 9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 1.61%
Delinquency Percentage 0.47%
WAC 14.7684%
WAM 54.362
</TABLE>
<PAGE> 3
WFS FINANCIAL 1998-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of September 30, 1998
for Distribution Date of October 20, 1998
<TABLE>
<CAPTION>
====================================================================================================================================
ORIGINAL BEGINNING PRIOR CURRENT REMAINING TOTAL
PRINCIPAL OUTSTANDING PRINCIPAL PRINCIPAL OUTSTANDING PRINCIPAL
BALANCE PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER PRINCIPAL PRINCIPAL AND INTEREST
CLASSES BALANCE DISTRIBUTABLE SHORTFALL SHORTFALL DISTRIBUTION BALANCE DISTRIBUTION
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 125,000,000.00 125,000,000.00 74,847,613.10 0.00 0.00 74,847,613.10 50,152,386.90 77,617,675.60
A-2 160,000,000.00 160,000,000.00 0.00 0.00 0.00 0.00 160,000,000.00 3,620,253.33
A-3 200,000,000.00 200,000,000.00 0.00 0.00 0.00 0.00 200,000,000.00 4,594,722.22
A-4 102,400,000.00 102,400,000.00 0.00 0.00 0.00 0.00 102,400,000.00 2,392,035.56
Certificate 72,600,000.00 72,600,000.00 0.00 0.00 0.00 0.00 72,600,000.00 1,709,931.67
====================================================================================================================================
TOTAL 660,000,000.00 660,000,000.00 74,847,613.10 0.00 0.00 74,847,613.10 585,152,386.90 89,934,618.38
====================================================================================================================================
</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 5.658% 2,770,062.50 0.00 0.00 2,770,062.50 0.00 0.00
A-2 5.777% 3,620,253.33 0.00 0.00 3,620,253.33 0.00 0.00
A-3 5.950% 4,594,722.22 0.00 0.00 4,594,722.22 0.00 0.00
A-4 6.050% 2,392,035.56 0.00 0.00 2,392,035.56 0.00 0.00
Certificate 6.100% 1,709,931.67 0.00 0.00 1,709,931.67 0.00 0.00
===========================================
0.00 0.00
===========================================
===========================================
Note Percentage 100.000000%
=====================================================================================
TOTAL 15,087,005.28 0.00 0.00 15,087,005.28 Certificate Percentage 0.000000%
===================================================================================== ============================================
</TABLE>
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