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Previous: FOREST GLADE INTERNATIONAL INC, NT 10-K, 1999-10-28 |
Next: STUDENT LOAN FUNDING LLC, 424B2, 1999-10-28 |
<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): October 20, 1999
WFS Financial 1999-B Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
California 333-64063 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 July 13, 1999 the Commission declared effective a Registration Statement on
Form S-3 (File No. 333-64063) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1999-B Owner Trust (the "Trust") of the following
securities:
$190,000,000 of 5.399% Auto Receivable Backed Notes, Class A-1,
$242,000,000 of 5.833% Auto Receivable Backed Notes, Class A-2,
$348,000,000 of 6.320% Auto Receivable Backed Notes, Class A-3,
$115,000,000 of 6.420% Auto Receivable Backed Notes, Class A-4,
$105,000,000 of 6.600% 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 July 20, 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 in stallment 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 October 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
$106,513,603.12 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 $106,513,603.12 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-B OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: October 28, 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 October 20, ___
1999 Distribution Date
21.2 Distribution Date Statement dated as of September 30, ___
1999 for the October 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-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1999
for Distribution Date of October 20, 1999
Class A-1
<TABLE>
<CAPTION>
Original Principal Balance 190,000,000.00
<S> <C> <C> <C>
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 110,674,966.38 582.499823
Pool Factor 0.582500
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 79,325,033.62 417.500177
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
--------------
Total Principal Distributable Amount 79,325,033.62 417.500177
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 3,162,914.17 16.646917
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 3,162,914.17 16.646917
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 920,674,966.38 920.674966
Servicing Fee 3,042,380.00 3.042380
Spread Account 44,739,843.94 44.739844
Net Change in Spread Account 4,739,843.94 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1999
for Distribution Date of October 20, 1999
Class A-2
<TABLE>
<CAPTION>
Original Principal Balance 242,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior
Distribution Date 242,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current
Distribution Date 242,000,000.00 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 4,352,390.17 17.985083
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
--------------
Total Interest Distributable Amount 4,352,390.17 17.985083
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 920,674,966.38 920.674966
Servicing Fee 3,042,380.00 3.042380
Spread Account 44,739,843.94 44.739844
Net Change in Spread Account 4,739,843.94 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1999
for Distribution Date of October 20, 1999
Class A-3
<TABLE>
<CAPTION>
Original Principal Balance 348,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior
Distribution Date 348,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current
Distribution Date 348,000,000.00 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 6,659,173.33 19.135556
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 6,659,173.33 19.135556
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 920,674,966.38 920.674966
Servicing Fee 3,042,380.00 3.042380
Spread Account 44,739,843.94 44.739844
Net Change in Spread Account 4,739,843.94 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1999-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1999
for Distribution Date of October 20, 1999
Class A-4
<TABLE>
<CAPTION>
Original Principal Balance 115,000,000.00
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior
Distribution Date 115,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current
Distribution Date 115,000,000.00 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 2,235,408.33 19.438333
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
----------------
Total Interest Distributable Amount 2,235,408.33 19.438333
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 920,674,966.38 920.674966
Servicing Fee 3,042,380.00 3.042380
Spread Account 44,739,843.94 44.739844
Net Change in Spread Account 4,739,843.94 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1999-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of September 30, 1999
for Distribution Date of October 20, 1999
Certificate
<TABLE>
<CAPTION>
Original Principal Balance 105,000,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of prior
Distribution Date 105,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current
Distribution Date 105,000,000.00 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 2,098,250.00 19.983333
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 2,098,250.00 19.983333
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 920,674,966.38 920.674966
Servicing Fee 3,042,380.00 3.042380
Spread Account 44,739,843.94 44.739844
Net Change in Spread Account 4,739,843.94 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-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of September 30, 1999
for Distribution Date of October 20, 1999
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 106,312,661.04
Plus:
Servicer Advances 1,540,727.27
Reimbursement of holds 651,981.86
--------------
2,192,709.13
Less:
Reimbursement Advances
Funds deposited in Holds Account (486,095.82)
(1,505,671.23)
---------------
(1,991,767.05)
--------------
Total Funds Available for Distribution 106,513,603.12
==============
DISTRIBUTIONS
Servicing Fee 3,042,380.00
Trustee and Other Fees 408,459.56
Other Miscellaneous Payments 489,750.00
------------
3,940,589.56
Note Interest Distributable Amount - Class A-1 3,162,914.17
Note Interest Distributable Amount - Class A-2 4,352,390.17
Note Interest Distributable Amount - Class A-3 6,659,173.33
Note Interest Distributable Amount - Class A-4 2,235,408.33
-------------
Total Note Interest Distributable Amount 16,409,886.00
Certificate Interest Distributable Amount 2,098,250.00
-------------
Total Interest Distribution 18,508,136.00
Note Principal Distributable Amount - Class A-1 79,325,033.62
Note Principal Distributable Amount - Class A-2 thru A-4 0.00
Certificate Principal Distributable Amount 0.00
--------------
Total Principal Distribution 79,325,033.62
-------------
Total Principal and Interest Distribution 97,833,169.62
Spread Account Deposit 4,739,843.94
Total Distributions 106,513,603.12
==============
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of September 30, 1999
for Distribution Date of October 20, 1999
<TABLE>
<CAPTION>
PORTFOLIO DATA:
<S> <C> <C> <C>
# of loans
Beginning Security Balance 78,598 1,000,000,000.00
Less: Scheduled Principal Balance 0 (43,918,614.44)
Full Prepayments (3,365) (30,734,951.74)
Partial Prepayments 0 0.00
Liquidations (376) (4,671,467.44)
--------------
(79,325,033.62)
---------------
Ending Security Balance 74,857 920,674,966.38
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 40,000,000.00
Deposits 4,739,843.94
Reductions 0.00
---------------
Ending Balance 44,739,843.94
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 1,540,727.27
Advances Reimbursed (486,095.82)
----------------
Ending Unreimbursed Advances: 1,054,631.45
Holding Account:
Beginning Balance 0.00
Funds Deposited 1,505,671.23
Withdrawal to Collection Account (651,981.86)
---------------
Ending Balance 853,689.37
Net Charge-Off Data: # of loans
Charge-Offs 231 1,434,499.47
Recoveries (104) (290,925.07)
----------------
Net Charge-Offs 127 1,143,574.40
Delinquencies (P&I): # of loans
30-59 Days 1,107 11,982,250.31
60-89 Days 327 3,596,317.65
90-119 Days 95 980,365.76
120 days and over 0 0.00
Repossessions 52 429,242.78
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or
9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 1.33%
Delinquency Percentage 0.29%
WAC 14.6324%
WAM 56.358
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of September 30, 1999
for Distribution Date of October 20, 1999
<TABLE>
<CAPTION>
BEGINNING PRIOR CURRENT REMAINING
ORIGINAL OUTSTANDING PRINCIPAL PRINCIPAL OUTSTANDING
PRINCIPAL PRINCIPAL PRINCIPAL CARRYOVER CARRYOVER PRINCIPAL PRINCIPAL
CLASSES BALANCE BALANCE DISTRIBUTABLE SHORTFALL SHORTFALL DISTRIBUTION BALANCE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 190,000,000.00 190,000,000.00 79,325,033.62 0.00 0.00 79,325,033.62 110,674,966.38
A-2 242,000,000.00 242,000,000.00 0.00 0.00 0.00 0.00 242,000,000.00
A-3 348,000,000.00 348,000,000.00 0.00 0.00 0.00 0.00 348,000,000.00
A-4 115,000,000.00 115,000,000.00 0.00 0.00 0.00 0.00 115,000,000.00
Certificate 105,000,000.00 105,000,000.00 0.00 0.00 0.00 0.00 105,000,000.00
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL 1,000,000,000.00 1,000,000,000.00 79,325,033.62 0.00 0.00 79,325,033.62 920,674,966.38
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
TOTAL
PRINCIPAL
AND INTEREST
CLASSES DISTRIBUTION
- -----------------------------------
<S> <C>
A-1 82,487,947.79
A-2 4,352,390.17
A-3 6,659,173.33
A-4 2,235,408.33
Certificate 2,098,250.00
- -------------------------------
TOTAL 97,833,169.62
===============================
</TABLE>
<TABLE>
<CAPTION>
PRIOR CURRENT
INTEREST INTEREST
NOTE INTEREST CALCULATED CARRYOVER CARRYOVER INTEREST
CLASSES RATE INTEREST SHORTFALL SHORTFALL DISTRIBUTION
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 5.399% 3,162,914.17 0.00 0.00 3,162,914.17
A-2 5.833% 4,352,390.17 0.00 0.00 4,352,390.17
A-3 6.320% 6,659,173.33 0.00 0.00 6,659,173.33
A-4 6.420% 2,235,408.33 0.00 0.00 2,235,408.33
Certificate 6.600% 2,098,250.00 0.00 0.00 2,098,250.00
- ------------------------------------------------------------------------------------------
TOTAL 18,508,136.00 0.00 0.00 18,508,136.00
==========================================================================================
</TABLE>
<TABLE>
<CAPTION>
DEFICIENCY POLICY
NOTE CLAIM CLAIM
CLASSES AMOUNT AMOUNT
- ----------------------------------------------
<S> <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
- ----------------------------------------------
TOTAL 0.00 0.00
==============================================
</TABLE>
<TABLE>
<S> <C>
Note Percentage 100.000000%
Certificate Percentage 0.000000%
</TABLE>
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