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Previous: CWMBS INC MORT PASS THRO CERT SER 1998-11, 8-K, 1999-06-03 |
Next: CONOCO INC /DE, 11-K, 1999-06-03 |
<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-C Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
California 333-59293 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 November 16, 1998 the Commission declared effective a Registration Statement
on Form S-3 (File No. 333-59293) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1998-C Owner Trust (the "Trust") of the following
securities:
$130,000,000 of 5.395% Auto Receivable Backed Notes, Class A-1,
$145,000,000 of 5.524% Auto Receivable Backed Notes, Class A-2,
$168,000,000 of 5.650% Auto Receivable Backed Notes, Class A-3,
$80,000,000 of 5.750% Auto Receivable Backed Notes, Class A-4,
$100,000,000 of 5.650% Auto Receivable Backed Notes, Class A-5,
$77,000,000 of 6.050% Auto Receivable Backed Certificates.
The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class
A-5 Notes (the "Notes" and together with the Certificates, the "Securities") and
the Certificates were issued by the Trust on November 24, 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
$80,952,771.65 were invested by the Indenture Trustee during the Due Period with
respect to the current Distribution Date in the Reinvestment Contract entered
into among Western Financial Bank, WFS Financial Auto Loans 2, Inc. and the
Indenture Trustee, and $80,952,771.65 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-C 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-C 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 130,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 76,385,227.39 587.578672
Aggregate Unpaid Principal Balance as of Current Distribution Date 14,701,537.58 113.088751
Pool Factor 0.113089
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 61,683,689.81 474.489922
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
--------------
Total Principal Distributable Amount 61,683,689.81 474.489922
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 995,904.23 7.660802
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 995,904.23 7.660802
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 584,701,537.58 835.287911
Servicing Fee 1,956,689.00 2.795270
Spread Account 33,851,278.56 48.358969
Net Change in Spread Account 7,762,479.60 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1998-C 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 145,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 145,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 145,000,000.00 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 1,935,701.67 13.349667
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,935,701.67 13.349667
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 584,701,537.58 835.287911
Servicing Fee 1,956,689.00 2.795270
Spread Account 33,851,278.56 48.358969
Net Change in Spread Account 7,762,479.60 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1998-C 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 168,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 168,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 168,000,000.00 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 2,373,000.00 14.125000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 2,373,000.00 14.125000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 584,701,537.58 835.287911
Servicing Fee 1,956,689.00 2.795270
Spread Account 33,851,278.56 48.358969
Net Change in Spread Account 7,762,479.60 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1998-C 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 80,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 80,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 80,000,000.00 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 1,150,000.00 14.375000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,150,000.00 14.375000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 584,701,537.58 835.287911
Servicing Fee 1,956,689.00 2.795270
Spread Account 33,851,278.56 48.358969
Net Change in Spread Account 7,762,479.60 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1998-C OWNER TRUST
Statement to Securityholders
for Master Service Report Date of April 30, 1999
for Distribution Date of May 20, 1999
Class A-5
<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 100,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 100,000,000.00 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 1,412,500.00 14.125000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,412,500.00 14.125000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 584,701,537.58 835.287911
Servicing Fee 1,956,689.00 2.795270
Spread Account 33,851,278.56 48.358969
Net Change in Spread Account 7,762,479.60 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 6
WFS FINANCIAL 1998-C 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 77,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of prior Distribution Date 77,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 77,000,000.00 770.000000
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 1,164,625.00 11.646250
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,164,625.00 11.646250
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 584,701,537.58 835.287911
Servicing Fee 1,956,689.00 2.795270
Spread Account 33,851,278.56 48.358969
Net Change in Spread Account 7,762,479.60 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 7
WFS FINANCIAL 1998-C 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 November 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-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of April 30, 1999
for Distribution Date of May 20, 1999
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 81,138,436.11
Plus:
Servicer Advances 1,295,799.99
Reimbursement of holds 721,864.80
-------------
2,017,664.79
Less:
Reimbursement Advances
Funds deposited in Holds Account (1,202,065.28)
(1,001,263.97)
-------------
(2,203,329.25)
-------------
Total Funds Available for Distribution 80,952,771.65
=============
DISTRIBUTIONS
Servicing Fee 1,956,689.00
Trustee and Other Fees 268,904.09
Other Miscellaneous Payments 249,278.25
-------------
2,474,871.34
Note Interest Distributable Amount - Class A-1 995,904.23
Note Interest Distributable Amount - Class A-2 1,935,701.67
Note Interest Distributable Amount - Class A-3 2,373,000.00
Note Interest Distributable Amount - Class A-4 1,150,000.00
Note Interest Distributable Amount - Class A-5 1,412,500.00
-------------
Total Note Interest Distributable Amount 7,867,105.90
Certificate Interest Distributable Amount 1,164,625.00
-------------
Total Interest Distribution 9,031,730.90
Note Principal Distributable Amount - Class A-1 61,683,689.81
Note Principal Distributable Amount - Class A-2 thru A-5 0.00
Certificate Principal Distributable Amount 0.00
-------------
Total Principal Distribution 61,683,689.81
-------------
Total Principal and Interest Distribution 70,715,420.71
Spread Account Deposit 7,762,479.60
Total Distributions 80,952,771.65
=============
</TABLE>
<PAGE> 2
WFS FINANCIAL 1998-C OWNER TRUST
Distribution Date Statement
for Master Service Report Date of April 30, 1999
for Distribution Date of May 20, 1999
<TABLE>
<CAPTION>
PORTFOLIO DATA:
<S> <C> <C> <C> <C>
# of loans
Beginning Security Balance 53,887 646,385,227.39
Less: Scheduled Principal Balance 0 (27,874,105.38)
Full Prepayments (2,539) (26,370,230.64)
Partial Prepayments 0 0.00
Liquidations (645) (7,439,353.79)
--------------
(61,683,689.81)
--------------
Ending Security Balance 50,703 584,701,537.58
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 26,088,798.96
Deposits 7,762,479.60
Reductions 0.00
--------------
Ending Balance 33,851,278.56
Beginning Initial Deposit Repayment 21,000,000.00
Repayments 0.00
--------------
Ending Initial Deposit Repayment 21,000,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 1,197,341.86
New Advances 1,295,799.99
Advances Reimbursed (1,202,065.28)
--------------
Ending Unreimbursed Advances: 1,291,076.57
Holding Account:
Beginning Balance 628,241.39
Funds Deposited 1,001,263.97
Withdrawal to Collection Account (721,864.80)
--------------
Ending Balance 907,640.56
Net Charge-Off Data: # of loans
Charge-Offs 710 4,348,696.95
Recoveries (332) (836,671.50)
--------------
Net Charge-Offs 378 3,512,025.45
Delinquencies ( P&I): # of loans
30-59 Days 659 7,378,300.52
60-89 Days 169 1,758,673.39
90-119 Days 82 889,968.03
120-149 Days 1 15,762.18
150 days and over 0 0.00
Repossessions 51 367,456.19
Contracts Repurchased (pursuant to
Sect. 3.02, 4.07, or 9.01 of the
Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 2.98%
Delinquency Percentage 0.55%
WAC 14.6471%
WAM 52.499
</TABLE>
<PAGE> 3
WFS FINANCIAL 1998-C 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-1 130,000,000.00 76,385,227.39 61,683,689.81 0.00 0.00 61,683,689.81 14,701,537.58 62,679,594.04
A-2 145,000,000.00 145,000,000.00 0.00 0.00 0.00 0.00 145,000,000.00 1,935,701.87
A-3 168,000,000.00 168,000,000.00 0.00 0.00 0.00 0.00 168,000,000.00 2,373,000.00
A-4 80,000,000.00 80,000,000.00 0.00 0.00 0.00 0.00 80,000,000.00 1,150,000.00
A-5 100,000,000.00 100,000,000.00 0.00 0.00 0.00 0.00 100,000,000.00 1,412,500.00
Certificate 77,000,000.00 77,000,000.00 0.00 0.00 0.00 0.00 77,000,000.00 1,164,625.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 700,000,000.00 646,385,227.39 61,683,689.81 0.00 0.00 61,683,689.81 584,701,537.58 70,715,420.71
====================================================================================================================================
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
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 5.385% 996,904.23 0.00 0.00 995,904.23 0.00 0.00
A-2 5.524% 1,935,701.67 0.00 0.00 1,935,701.67 0.00 0.00
A-3 5.650% 2,373,000.00 0.00 0.00 2,373,000.00 0.00 0.00
A-4 5.730% 1,150,000.00 0.00 0.00 1,150,000.00 0.00 0.00
A-5 5.850% 1,412,500.00 0.00 0.00 1,412,500.00 0.00 0.00
Certificate 8.050% 1,164,625.00 0.00 0.00 1,164,625.00
-------------------------------------
0.00 0.00
=====================================
Note Percentage 100.00000%
TOTAL 9,031,730.90 0.00 0.00 9,031,730.90 Certificate Percentage 0.00000%
====================================================================================================================================
</TABLE>
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