<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): February 20, 2000
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
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 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
$98,332,927.83 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 $98,332,927.83 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 1999-A OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: February 29, 2000 /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 ___
February 20, 2000 Distribution Date
21.2 Distribution Date Statement dated as of ___
January 31, 2000 for the February 20, 2000
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 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 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 Assurance 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 12, 1999.
</TABLE>
Page 5
<PAGE> 1
WFS FINANCIAL 1999-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of January 31, 2000
for Distribution Date of February 20, 2000
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 0.00 0.000000
Aggregate Unpaid Principal Balance
as of Current Distribution Date 0.00 0.000000
Pool Factor 0.000000
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 0.00 0.000000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount - 0.00 0.000000
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 658,184,065.48 940.262951
Servicing Fee 2,220,275.00 3.171821
Spread Account 57,390,683.11 81.986690
Net Change in Spread Account 5,759,501.06 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 January 31, 2000
for Distribution Date of February 20, 2000
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 147,588,315.07 670.855978
Aggregate Unpaid Principal Balance
as of Current Distribution Date 68,184,065.48 309.927570
Pool Factor 0.309928
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 79,404,249.59 360.928407
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
---------------
Total Principal Distributable Amount 79,404,249.59 360.928407
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 2,031,061.20 9.232096
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 2,031,061.20 9.232096
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 658,184,065.48 940.262951
Servicing Fee 2,220,275.00 3.171821
Spread Account 7,390,683.11 81.986690
Net Change in Spread Account 5,759,501.06 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 January 31, 2000
for Distribution Date of February 20, 2000
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 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 658,184,065.48 940.262951
Servicing Fee 2,220,275.00 3.171821
Spread Account 57,390,683.11 81.986690
Net Change in Spread Account 5,759,501.06 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 January 31, 2000
for Distribution Date of February 20, 2000
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 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 658,184,065.48 940.262951
Servicing Fee 2,220,275.00 3.171821
Spread Account 57,390,683.11 81.986690
Net Change in Spread Account 5,759,501.06 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 January 31, 2000
for Distribution Date of February 20, 2000
Certificate
<TABLE>
========================================================================================================
<S> <C> <C> <C>
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 658,184,065.48 940.262951
Servicing Fee 2,220,275.00 3.171821
Spread Account 57,390,683.11 81.986690
Net Change in Spread Account 5,759,501.06 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
========================================================================================================
</TABLE>
<PAGE> 1
[WFS FINANCIAL LOGO]
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of January 31, 2000
for Distribution Date of February 20, 2000
<TABLE>
==============================================================================================================================
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received $98,318,752.93
Servicer Advances 988,558.66
Reimbursement of holds 755,898.05
----------
1,744,456.71
Less:
Reimbursement Advances (998,470.08)
Funds deposited in Holds Account (731,811.73)
----------
Total (1,730,281.81)
-------------
Total Funds Available for Distribution 98,332,927.83
=============
DISTRIBUTIONS
Servicing Fee 2,220,275.00
Trustee and Other Fees 294,991.33
Other Miscellaneous Payments 275,974.65
----------
2,791,240.98
Note Interest Distributable Amount - Class A-1 0.00
Note Interest Distributable Amount - Class A-2 2,031,061.20
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 8,741,686.20
Certificate Interest Distributable Amount 1,636,250.00
- ------------
Total Interest Distribution 10,377,936.20
Note Principal Distributable Amount - Class A-1 0.00
Note Principal Distributable Amount - Class A-2 thru A-4 79,404,249.59
Certificate Principal Distributable Amount 0.00
- ------------
Total Principal Distribution 79,404,249.59
-------------
Total Principal and Interest Distribution 89,782,185.79
Spread Account Deposit 5,759,501.06
Total Distributions 98,332,927.83
=============
==============================================================================================================================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of January 31, 2000
for Distribution Date of February 20, 2000
<TABLE>
==============================================================================================================================
<S> <C> <C> <C> <C>
PORTFOLIO DATA: # of loans
Beginning Security Balance 63,295 737,588,315.07
Less: Scheduled Principal Balance 0 (36,228,791.61)
Full Prepayments (3,269) (30,211,979.50)
Partial Prepayments 0 0.00
Liquidations (1,174) (12,963,478.48)
--------------
(79,404,249.59)
--------------
Ending Security Balance 58,852 658,184,065.48
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 51,631,182.05
Deposits 5,759,501.06
Reductions 0.00
--------------
Ending Balance 57,390,683.11
Beginning Initial Deposit Repayment 26,282,680.60
Repayments 0.00
--------------
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: 1,422,643.90
New Advances 988,558.66
Advances Reimbursed (998,470.08)
--------------
Ending Unreimbursed Advances: 1,412,732.48
Holding Account:
Beginning Balance 910,622.08
Funds Deposited 731,811.73
Withdrawal to Collection Account (755,898.05)
--------------
Ending Balance 886,535.76
Net Charge-Off Data: # of loans
Charge-Offs 3,291 18,447,906.89
Recoveries (1,826) (3,734,682.21)
--------------
Net Charge-Offs 1,465 14,713,224.68
Delinquencies (P&I): # of loans
30-59 Days 1,260 13,216,101.42
60-89 Days 329 3,546,291.15
90-119 Days 188 1,968,985.94
120 days and over 9 83,394.25
Repossessions 76 515,814.90
Contracts Repurchased (pursuant to Sect. 3.02, 4.07,
or 9.01 of the Sale and Servicing Agreement) 161 1,888,169.40
Charge-Off Percentage 4.47%
Delinquency Percentage 0.99%
WAC 14.3204%
WAM 48.110
==============================================================================================================================
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of January 31, 2000
for Distribution Date of February 20, 2000
<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 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 220,000,000.00 147,588,315.07 79,404,249.59 0.00 0.00 79,404,249.59 68,184,065.48 81,435,310.79
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 1,000,000,000.00 737,588,315.07 79,404,249.59 0.00 0.00 79,404,249.59 658,184,065.48 89,782,185.79
====================================================================================================================================
<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% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 5.385% 2,031,061.20 0.00 0.00 2,031,061.20 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%
================================================================================
TOTAL 10,377,936.20 0.00 0.00 10,377,936.20 Certificate Percentage 0.000000%
====================================================================================================================================
</TABLE>
