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Previous: WASLIC CO II, 13F-HR/A, 1999-06-03 |
Next: BAD TOYS INC, 10QSB, 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 1999-A Owner Trust
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
California 333-64065 33-0149603
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
</TABLE>
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 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
$117,375,715.04 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
$117,375,715.04 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: 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 1999-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 190,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance
as of Prior Distribution Date 190,000,000.00 1000.000000
Aggregate Unpaid Principal Balance
as of Current Distribution Date 98,862,582.45 520.329381
Pool Factor 0.520329
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 91,137,417.55 479.670619
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
--------------
Total Principal Distributable Amount 91,137,417.55 479.670619
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 2,854,560.00 15.024000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 2,854,560.00 15.024000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 908,862,582.45 1298.375118
Servicing Fee 3,030,573.00 4.329390
Spread Account 45,608,732.43 65.155332
Net Change in Spread Account 5,608,732.43 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 April 30, 1999
for Distribution Date of May 20, 1999
Class A-2
<TABLE>
<S> <C> <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 3,554,100.00 16.155000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 3,554,100.00 16.155000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 908,862,582.45 1298.375118
Servicing Fee 3,030,573.00 4.329390
Spread Account 45,608,732.43 65.155332
Net Change in Spread Account 5,608,732.43 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 April 30, 1999
for Distribution Date of May 20, 1999
Class A-3
<TABLE>
<S> <C> <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 5,903,812.50 17.112500
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 5,903,812.50 17.112500
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 908,862,582.45 1298.375118
Servicing Fee 3,030,573.00 4.329390
Spread Account 45,608,732.43 65.155332
Net Change in Spread Account 5,608,732.43 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 April 30, 1999
for Distribution Date of May 20, 1999
Class A-4
<TABLE>
<S> <C> <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 2,372,625.00 17.575000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 2,372,625.00 17.575000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 908,862,582.45 1298.375118
Servicing Fee 3,030,573.00 4.329390
Spread Account 45,608,732.43 65.155332
Net Change in Spread Account 5,608,732.43 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 April 30, 1999
for Distribution Date of May 20, 1999
Certificate
<TABLE>
<S> <C> <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 2,018,041.67 18.345833
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 2,018,041.67 18.345833
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 908,862,582.45 1298.375118
Servicing Fee 3,030,573.00 4.329390
Spread Account 45,608,732.43 65.155332
Net Change in Spread Account 5,608,732.43 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 6
WFS FINANCIAL 1999-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
February 1, 1999.
/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 1999-A 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 117,214,618.73
Plus:
Servicer Advances 1,630,405.71
Reimbursement of holds 558,973.36
--------------
2,189,379.07
Less:
Reimbursement Advances
Funds deposited in Holds Account (611,132.19)
(1,417,150.57)
--------------
(2,028,282.76)
--------------
Total Funds Available for Distribution 117,375,715.04
==============
DISTRIBUTIONS
Servicing Fee 3,030,573.00
Trustee and Other Fees 403,999.56
Other Miscellaneous Payments 491,853.33
--------------
3,926,425.89
Note Interest Distributable Amount - Class A-1 2,854,560.00
Note Interest Distributable Amount - Class A-2 3,554,100.00
Note Interest Distributable Amount - Class A-3 5,903,812.50
Note Interest Distributable Amount - Class A-4 2,372,625.00
--------------
Total Note Interest Distributable Amount 14,685,097.50
Certificate Interest Distributable Amount 2,018,041.67
--------------
Total Interest Distribution 16,703,139.17
Note Principal Distributable Amount - Class A-1 91,137,417.55
Note Principal Distributable Amount - Class A-2 thru A-5 0.00
Certificate Principal Distributable Amount 0.00
--------------
Total Principal Distribution 91,137,417.55
--------------
Total Principal and Interest Distribution 107,840,556.72
Spread Account Deposit 5,808,732.43
Total Distributions 117,375,715.04
==============
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-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 79,082 1,000,000,000.00
Less Scheduled Principal Balance 0 (41,766,936.94)
Full Prepayments (4,223) (45,146,613.39)
Partial Prepayments 0 0.00
Liquidations (348) (4,221,867.22)
--------------
(91,137,417.55)
---------------
Ending Security Balance 74,511 908,862,582.45
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 40,000,000.00
Deposits 5,608,732.43
Reductions 0.00
--------------
Ending Balance 45,608,732.43
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: 0.00
New Advances 1,630,405.71
Advances Reimbursed (611,132.19)
--------------
Ending Unreimbursed Advances: 1,019,273.52
Holding Account:
Beginning Balance 0.00
Funds Deposited 1,417,150.57
Withdrawal to Collection Account (558,973.36)
--------------
Ending Balance 858,177.21
Net Charge-Off Data: # of loans
Charge-Offs 228 1,353,544.20
Recoveries (108) (274,337.50)
--------------
Net Charge-Offs 120 1,079,206.70
Delinquencies (P&I): # of loans
30-59 Days 844 9,118,741.57
60-89 Days 209 2,367,208.63
90-119 Days 76 733,886.51
120-149 Days 0 0.00
150 days and over 0 0.00
Repossessions 44 330,043.22
Contracts Repurchased (pursuant to Sect. 3.02, 4.07,
or 9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 1.18%
Delinquency Percentage 0.21%
WAC 14.4581%
WAM 55.922
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of April 30, 1999
for Distribution Date of May 20, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING PRIOR CURRENT
FINANCIAL OUTSTANDING PRINCIPAL PRINCIPAL
BALANCE PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER
CLASSES BALANCE DISTRIBUTABLE SHORTFALL SHORTFALL
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 190,000,000.00 190,000,000.00 91,137,417.55 0.00 0.00
A-2 220,000,000.00 220,000,000.00 0.00 0.00 0.00
S-3 345,000,000.00 345,000,000.00 0.00 0.00 0.00
A-4 135,000,000.00 135,000,000.00 0.00 0.00 0.00
Certificate 110,000,000.00 110,000,000.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------
TOTAL 1,000,000,000.00 1,000,000,00.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
REMAINING TOTAL
OUTSTANDING PRINCIPAL
PRINCIPAL PRINCIPAL AND INTEREST
CLASSES BALANCE DISTRIBUTION DISTRIBUTION
- -----------------------------------------------------------------------------------
<C> <C> <C>
A-1 91,137,417.55 98,862,582.45 93,991,977.55
A-2 0.00 220,000,000.00 3,554,100.00
A-3 0.00 345,000,000.00 5,903,812.50
A-4 0.00 135,000,000.00 2,372,825.00
Certificate 0.00 110,000,000.00 2,018,041.67
- ----------------------------------------------------------------------------------
TOTAL 91,137,417.55 107,840,556.72
- ----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
PRIOR CURRENT
MARKET INTEREST
NOTE INTEREST CALCULATED CARRYOVER CARRYOVER INTEREST
CLASSES RATE INTEREST SHORTFALL SHORTFALL DISTRIBUTION
- -------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
A-1 5.008% 2,554,560.00 0.00 0.00 2,554,560.00
A-2 5.385% 3,554,100.00 0.00 0.00 3,554,100.00
S-3 5.550% 5,903,812.50 0.00 0.00 5,903,812.50
A-4 5.700% 2,372,825.00 0.00 0.00 2,372,825.00
Certificate 5.950% 2,018,041.67 0.00 0.00 2,018,041.67
- -------------------------------------------------------------------------------------------------------
TOTAL 16,703,139.17 0.00 0.00 16,703,139.17
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------
DEFICIENCY POLICY
NOTE CLAIM CLAIM
CLASSES AMOUNT AMOUNT
- -----------------------------------------------------
<S> <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
- -----------------------------------------------------
- -----------------------------------------------------
Note Percentage 100.00000000%
Certificate Percentage 0.00000000%
- -----------------------------------------------------
</TABLE>
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