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Previous: FOSTER VINCENT D, 4, 1999-08-26 |
Next: FT 318, 487, 1999-08-26 |
<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, 1999
WFS Financial 1999-A Owner Trust
(Exact name of registrant as specified in charter)
California 333-64065 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 February 11, 1999 the Commission declared effective a Registration Statement
on Form S-3 (File No. 333-64065) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1999-A Owner Trust (the "Trust") of the following
securities:
$190,000,000 of 5.008% Auto Receivable Backed Notes, Class A-1,
$220,000,000 of 5.385% Auto Receivable Backed Notes, Class A-2,
$345,000,000 of 5.550% Auto Receivable Backed Notes, Class A-3,
$135,000,000 of 5.700% Auto Receivable Backed Notes, Class A-4,
$110,000,000 of 5.950% 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 February 18, 1999. The Notes are
secured by the assets of the Trust, while the Certificates evi dence 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 "In surer"), 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 de liver to each
Certificateholder with respect to each quarterly distribution to holders of the
Securi ties a statement (the "Statement to Securityholders") setting forth
certain current information re quired 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, 1999 Distribu tion 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
$114,344,965.40 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 $114,344,965.40 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 1999-A OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: August 20, 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 ___
August 20, 1999 Distribution Date
21.2 Distribution Date Statement dated as of ___
July 31, 1999 for the August 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 (Incorporate by reference from
the Annual Report on Form 10-K of Financial Security As
surance 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 Assur
ance Holdings Inc. for the quarter ended March 31, 1999
(file # 1-12644) as filed on or about May 13, 1999 and as
amended on Form 10Q/A filed on or about August 5, 1999)
21.5 Condensed consolidated financial statements of ___
Financial Security Assurance Inc. for the six month period
ended June 30, 1999 (Incorporated by reference from the
Quarterly Report on Form 10-Q of Financial Security Assur
ance Holdings Inc. for the quarter ended June 30, 1999 (file
# 1-12644) as filed on or about August 11,1999)
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 21.1
WFS FINANCIAL 1999-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1999
for Distribution Date of August 20, 1999
Class A-1
<TABLE>
<CAPTION>
===================================================================================================================================
<S> <C> <C>
Original Principal Balance 190,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 98,862,582.45 520.329381
Aggregate Unpaid Principal Balance as of Current Distribution Date 12,139,896.63 63.894193
Pool Factor 0.063894
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 86,722,685.82 456.435189
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
--------------
Total Principal Distributable Amount 86,722,685.82 456.435189
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 1,265,265.30 6.659291
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 1,265,265.30 6.659291
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: IG PRIN BAL
Aggregate Scheduled Balance 822,139,896.63 1174.485567
Servicing Fee 2,750,645.00 3.929493
Spread Account 57,004,449.02 81.434927
Net Change in Spread Account 11,395,716.59 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1999
for Distribution Date of August 20, 1999
Class A-2
<TABLE>
<CAPTION>
====================================================================================================================================
<S> <C> <C>
Original Principal Balance 220,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 220,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 220,000,000.00 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 3,027,566.67 13.761667
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 3,027,566.67 13.761667
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 822,139,896.63 1174.485567
Servicing Fee 2,750,645.00 3.929493
Spread Account 57,004,449.02 81.434927
Net Change in Spread Account 11,395,716.59 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1999
for Distribution Date of August 20, 1999
Class A-3
<TABLE>
<CAPTION>
====================================================================================================================================
<S> <C> <C>
Original Principal Balance 345,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 345,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 345,000,000.00 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 4,786,875.00 13.875000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 4,786,875.00 13.875000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 822,139,896.63 1174.485567
Servicing Fee 2,750,645.00 3.929493
Spread Account 57,004,449.02 81.434927
Net Change in Spread Account 11,395,716.59 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1999-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1999
for Distribution Date of August 20, 1999
Class A-4
<TABLE>
<CAPTION>
===================================================================================================================================
<S> <C> <C>
Original Principal Balance 135,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 135,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 135,000,000.00 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 1,923,750.00 14.250000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-----------------
Total Interest Distributable Amount 1,923,750.00 14.250000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 822,139,896.63 1174.485567
Servicing Fee 2,750,645.00 3.929493
Spread Account 57,004,449.02 81.434927
Net Change in Spread Account 11,395,716.59 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1999-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1999
for Distribution Date of August 20, 1999
Certificate
<TABLE>
<CAPTION>
====================================================================================================================================
<S> <C> <C>
Original Principal Balance 110,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of prior Distribution Date 110,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 110,000,000.00 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 1,636,250.00 14.875000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-----------------
Total Interest Distributable Amount 1,636,250.00 14.875000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 822,139,896.63 1174.485567
Servicing Fee 2,750,645.00 3.929493
Spread Account 57,004,449.02 81.434927
Net Change in Spread Account 11,395,716.59 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 1
EXHIBIT 21.2
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1999
for Distribution Date of August 20, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COLLECTIONS
DOLLARS
Payments received 114,229,033.22
Plus:
Servicer Advances 1,138,067.04
Reimbursement of holds 839,675.57
---------------
1,977,742.61
Less:
Reimbursement Advances (1,001,353.26)
Funds deposited in Holds Account (860,457.17)
---------------
(1,861,810.43)
---------------
Total Funds Available for Distribution 114,344,965.40
===============
DISTRIBUTIONS
Servicing Fee 2,750,645.00
Trustee and Other Fees 363,501.03
Other Miscellaneous Payments 472,709.99
---------------
3,586,856.02
Note Interest Distributable Amount - Class A-1 1,265,265.30
Note Interest Distributable Amount - Class A-2 3,027,566.67
Note Interest Distributable Amount - Class A-3 4,786,875.00
Note Interest Distributable Amount - Class A-4 1,923,750.00
---------------
Total Note Interest Distributable Amount 11,003,456.97
Certificate Interest Distributable Amount 1,636,250.00
---------------
Total Interest Distribution 12,639,706.97
Note Principal Distributable Amount - Class A-1 86,722,685.82
Note Principal Distributable Amount - Class A-2 thru A-5 0.00
Certificate Principal Distributable Amount 0.00
---------------
Total Principal Distribution 86,722,685.82
---------------
Total Principal and Interest Distribution 99,362,392.79
Spread Account Deposit 11,395,716.59
Total Distributions 114,344,965.40
==============
</TABLE>
<PAGE> 2
\
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1999
for Distribution Date of August 20, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C>
PORTFOLIO DATA:
# of loans
Beginning Security Balance 74,511 908,862,582.45
Less: Scheduled Principal Balance 0 (40,669,651.44)
Full Prepayments (4,676) (36,378,709.31)
Partial Prepayments 0 0.00
Liquidations (823) (9,674,325.07)
----------------
(86,722,685.82)
----------------
Ending Security Balance 69,012 822,139,896.63
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 45,608,732.43
Deposits 11,395,716.59
Reductions 0.00
---------------
Ending Balance 57,004,449.02
Beginning Initial Deposit Repayment 40,000,000.00
Repayments 0.00
---------------
Ending Initial Deposit Repayment 40,000,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 1,019,273.52
New Advances 1,138,067.04
Advances Reimbursed (1,001,353.26)
---------------
Ending Unreimbursed Advances: 1,155,987.30
Holding Account:
Beginning Balance 858,177.21
Funds Deposited 860,457.17
Withdrawal to Collection Account (839,675.57)
----------------
Ending Balance 878,958.81
Net Charge-Off Data: # of loans
Charge-Offs 914 5,805,384.37
Recoveries (476) (1,201,655.01)
---------------
Net Charge-Offs 438 4,603,729.36
Delinquencies (P&I): # of loans
30-59 Days 1,070 11,279,044.42
60-89 Days 320 3,333,651.31
90-119 Days 125 1,376,021.74
120 days and over 5 61,155.61
Repossessions 60 442,793.52
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or 9.01
of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 2.57%
Delinquency Percentage 0.56%
WAC 14.4293%
WAM 53.343
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1999
for Distribution Date of August 20, 1999
<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-1 190,000,000.00 98,862,582.45 86,722,685.82 0.00 0.00 86,722,685.82 12,139,896.63 87,987,951.12
A-2 220,000,000.00 220,000,000.00 0.00 0.00 0.00 0.00 220,000,000.00 3,027,566.67
A-3 345,000,000.00 345,000,000.00 0.00 0.00 0.00 0.00 345,000,000.00 4,786,875.00
A-4 135,000,000.00 135,000,000.00 0.00 0.00 0.00 0.00 135,000,000.00 1,923,750.00
Certificate 110,000,000.00 110,000,000.00 0.00 0.00 0.00 0.00 110,000,000.00 1,636,250.00
===================================================================================================================================
TOTAL 1,000,000,000.00 908,862,582.45 86,722,685.82 0.00 0.00 86,722,685.82 822,139,896.63 99,362,392.79
===================================================================================================================================
</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 5.008% 1,265,265.30 0.00 0.00 1,265,265.30 0.00 0.00
A-2 5.385% 3,027,566.67 0.00 0.00 3,027,566.67 0.00 0.00
A-3 5.550% 4,786,875.00 0.00 0.00 4,786,875.00 0.00 0.00
A-4 5.700% 1,923,750.00 0.00 0.00 1,923,750.00 0.00 0.00
Certificate 5.950% 1,636,250.00 0.00 0.00 1,636,250.00
==========================================
0.00 0.00
==========================================
Note Percentage 100.000000%
Certificate Percentage 0.000000%
======================================================================================
TOTAL 12,639,706.97 0.00 0.00 12,639,706.97
====================================================================================== ==========================================
</TABLE>
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