|
|
|
|
|
|
|
|
|
|
Previous: PATAPSCO VALLEY BANCSHARES INC, S-8, 1999-12-03 |
Next: CYBERNET INTERNET SERVICES INTERNATIONAL INC, DEL AM, 1999-12-03 |
<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): November 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 November 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
$107,725,427.81 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 $107,725,427.81 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: November 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 ___
November 20, 1999 Distribution Date
21.2 Distribution Date Statement dated as of ___
October 31, 1999 for the November 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)
21.6 Condensed consolidated financial statements of
Financial Security Assurance Inc. for the nine month
period ended September 30, 1999 (Incorporated by
reference from the Quarterly Report on Form 10-Q of
Financial Security Assurance Holdings Inc. for the
quarter ended September 30, 1999 (file #1-12644) as
filed on or about November 15, 1999)
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 21.1
WFS FINANCIAL 1999-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of October 31, 1999
for Distribution Date of November 20, 1999
Class A-1
Original Principal Balance 190,000,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance
as of Prior Distribution Date 12,139,896.63 63.894193
Aggregate Unpaid Principal Balance
as of Current Distribution Date 0.00 0.000000
Pool Factor 0.000000
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 12,139,896.63 63.894193
Plus: Prior Principal
Carryover Shortfall 0.00 0.000000
Less: Current Principal
Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 12,139,896.63 63.894193
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 158,746.68 0.835509
Plus: Prior Interest
Carryover Shortfall 0.00 0.000000
Less: Current Interest
Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 158,746.6 0.835509
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 737,588,315.07 1053.697593
Servicing Fee 2,480,450.00 3.543500
Spread Account 51,631,182.05 73.758832
Net Change in Spread Account (5,373,266.97) 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 October 31, 1999
for Distribution Date of November 20, 1999
Class A-2
Original Principal Balance 220,000,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance
as of Prior Distribution Date 220,000,000.00 1000.000000
Aggregate Unpaid Principal Balance
as of Current Distribution Date 147,588,315.07 670.855978
Pool Factor 0.670856
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 72,411,684.93 329.144022
Plus: Prior Principal
Carryover Shortfall 0.00 0.000000
Less: Current Principal
Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 72,411,684.93 329.144022
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 3,093,383.33 14.060833
Plus: Prior Interest
Carryover Shortfall 0.00 0.000000
Less: Current Interest
Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 3,093,383.33 14.060833
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 737,588,315.07 1053.697593
Servicing Fee 2,480,450.00 3.543500
Spread Account 51,631,182.05 73.758832
Net Change in Spread Account (5,373,266.97) 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 October 31, 1999
for Distribution Date of November 20, 1999
Class A-3
Original Principal Balance 345,000,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 737,588,315.07 1053.697593
Servicing Fee 2,480,450.00 3.543500
Spread Account 51,631,182.05 73.758832
Net Change in Spread Account (5,373,266.97) 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 October 31, 1999
for Distribution Date of November 20, 1999
Class A-4
Original Principal Balance 135,000,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 737,588,315.07 1053.697593
Servicing Fee 2,480,450.00 3.543500
Spread Account 51,631,182.05 73.758832
Net Change in Spread Account (5,373,266.97) 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 October 31, 1999
for Distribution Date of November 20, 1999
Certificate
Original Principal Balance 110,000,000.00
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Aggregate Scheduled Balance 737,588,315.07 1053.697593
Servicing Fee 2,480,450.00 3.543500
Spread Account 51,631,182.05 73.758832
Net Change in Spread Account (5,373,266.97) n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 1
EXHIBIT 21.2
[WFS LETTERHEAD]
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1999
for Distribution Date of November 20, 1999
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 107,490,434.48
Plus:
Servicer Advances 1,166,737.37
Reimbursement of holds 830,335.09
------------
1,997,072.46
Less:
Reimbursement Advances (900,080.77)
Funds deposited in Holds Account (861,998.36)
------------
(1,762,079.13)
--------------
Total Funds Available for Distribution 107,725,427.81
==============
DISTRIBUTIONS
Servicing Fee 2,480,450.00
Trustee and Other Fees 328,811.96
Other Miscellaneous Payments 421,526.85
------------
3,230,788.81
Note Interest Distributable Amount - Class A-1 158,746.68
Note Interest Distributable Amount - Class A-2 3,093,383.33
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 9,962,755.01
Certificate Interest Distributable Amount 1,636,250.00
------------
Total Interest Distribution 11,599,005.01
Note Principal Distributable Amount - Class A-1 12,139,896.63
Note Principal Distributable Amount - Class A-2 thru A-4 72,411,684.93
Certificate Principal Distributable Amount 0.00
-------------
Total Principal Distribution 84,551,581.56
-------------
Total Principal and Interest Distribution 96,150,586.57
Spread Account Deposit 8,344,052.43
Total Distributions 107,725,427.81
--------------
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1999
for Distribution Date of November 20, 1999
<TABLE>
<CAPTION>
PORTFOLIO DATA:
# of loans
<S> <C> <C> <C>
Beginning Security Balance 69,012 822,139,896.63
Less: Scheduled Principal Balance 0 (40,496,957.65)
Full Prepayments (4,692) (32,224,460.79)
Partial Prepayments 0 0.00
Liquidations (1,025) (11,830,163.12)
---------------
(84,551,581.56)
---------------
Ending Security Balance 63,295 737,588,315.07
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 57,004,449.02
Deposits 8,344,052.43
Reductions (13,717,319.40)
---------------
Ending Balance 51,631,182.05
Beginning Initial Deposit Repayment 40,000,000.00
Repayments (13,717,319.40)
---------------
Ending Initial Deposit Repayment 26,282,680.60
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 1,155,987.30
New Advances 1,166,737.37
Advances Reimbursed (900,080.77)
---------------
Ending Unreimbursed Advances: 1,422,643.90
Holding Account:
Beginning Balance 878,958.81
Funds Deposited 861,998.36
Withdrawal to Collection Account (830,335.09)
---------------
Ending Balance 910,622.08
Net Charge-Off Data: # of loans
Charge-Offs 1801 11,636,181.39
Recoveries (952) (2,401,543.29)
---------------
Net Charge-Offs 849 9,234,638.10
Delinquencies (P&I): # of loans
30-59 Days 1,678 17,389,365.17
60-89 Days 416 4,367,028.38
90-119 Days 197 2,026,189.69
120 days and over 16 174,297.12
Repossessions 62 435,806.94
Contracts Repurchased (pursuant to Sect. 3.02, 4.07,
or 9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 3.49%
Delinquency Percentage 0.86%
WAC 14.3817%
WAM 50.770
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of October 31, 1999
for Distribution Date of November 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 DISTRIBUTABLE SHORTFALL SHORTFALL DISTRIBUTION BALANCE DISTRIBUTION
------- ---------------- -------------- ------------- --------- --------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 190,000,000.00 12,139,896.63 12,139,896.63 0.00 0.00 12,139,896.63 0.00 12,298,643.31
A-2 220,000,000.00 220,000,000.00 72,411,684.93 0.00 0.00 72,411,684.93 147,588,315.07 75,505,068.26
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 1,000,000,000.00 822,139,896.63 84,551,581.56 0.00 0.00 84,551,581.56 737,588,315.07 96,150,586.57
====================================================================================================================================
</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% 158,746.68 0.00 0.00 158,746.68 0.00 0.00
A-2 5.385% 3,093,383.33 0.00 0.00 3,093,383.33 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 11,599,005.01 0.00 0.00 11,599,005.01
============================================================================
</TABLE>
|
|