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Previous: PEOPLES BANKCORP INC, SC 13G/A, 2000-02-15 |
Next: ADVANCED SYSTEMS INTERNATIONAL INC, SC 13G, 2000-02-15 |
<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): January 20, 2000
WFS Financial 1999-B Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
California 333-64063 33-0149603
- ---------------------------- ------------ ---------------
(State or other jurisdiction (Commission (IRS employer
of incorporation file number) identification)
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 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 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 January 20, 2000 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 $109,373,414.19 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 (the "RIC"), 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
Page 2
<PAGE> 3
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: January 31, 2000 /s/ J. KEITH PALMER,
---------------------------------------
J. Keith Palmer, Senior Vice President
Page 4
<PAGE> 5
INDEX TO EXHIBITS
Exhibit No. Description Page
- ----------- ----------- ----
21.1 Statement to Securityholders as to the ____
January 20, 2000 Distribution Date
21.2 Distribution Date Statement dated as of ____
December 31, 1999 for the January 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 (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 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)
Page 5
<PAGE> 1
EXHIBIT 21.1
WFS FINANCIAL 1999-B OWNER TRUST
Statement to Securityholders
for Master Service Report Date of December 31, 1999
for Distribution Date of January 20, 2000
Class A-1
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 190,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior
Distribution Date 110,674,966.38 582.499823
Aggregate Unpaid Principal Balance as of Current
Distribution Date 27,294,383.42 143.654650
Pool Factor 0.143655
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 83,380,582.96 438.845173
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 83,380,582.96 438.845173
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 1,527,031.70 8.037009
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 1,527,031.70 8.037009
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C> <C>
Aggregate Scheduled Balance 837,294,383.42 837.294383
Servicing Fee 2,789,338.00 2.789338
Spread Account 52,838,742.37 52.838742
Net Change in Spread Account 8,098,898.43 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 December 31, 1999
for Distribution Date of January 20, 2000
Class A-2
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 242,000,000.00
</TABLE>
<TABLE>
<CAPTION>
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 3,607,386.44 14.906556
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 3,607,386.44 14.906556
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C> <C>
Aggregate Scheduled Balance 837,294,383.42 837.294383
Servicing Fee 2,789,338.00 2.789338
Spread Account 52,838,742.37 52.838742
Net Change in Spread Account 8,098,898.43 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 December 31, 1999
for Distribution Date of January 20, 2000
Class A-3
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 348,000,000.00
</TABLE>
<TABLE>
<CAPTION>
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 5,498,400.00 15.800000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 5,498,400.00 15.800000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C> <C>
Aggregate Scheduled Balance 837,294,383.42 837.294383
Servicing Fee 2,789,338.00 2.789338
Spread Account 52,838,742.37 52.838742
Net Change in Spread Account 8,098,898.43 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 December 31, 1999
for Distribution Date of January 20, 2000
Class A-4
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 115,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<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 1,845,750.00 16.050000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 1,845,750.00 16.050000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C> <C>
Aggregate Scheduled Balance 837,294,383.42 837.294383
Servicing Fee 2,789,338.00 2.789338
Spread Account 52,838,742.37 52.838742
Net Change in Spread Account 8,098,898.43 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 December 31, 1999
for Distribution Date of January 20, 2000
Certificate
<TABLE>
<S> <C> <C> <C>
Original Principal Balance 105,000,000.00
</TABLE>
<TABLE>
<CAPTION>
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 1,732,500.00 16.500000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
---------------
Total Interest Distributable Amount 1,732,500.00 16.500000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C> <C>
Aggregate Scheduled Balance 837,294,383.42 837.294383
Servicing Fee 2,789,338.00 2.789338
Spread Account 52,838,742.37 52.838742
Net Change in Spread Account 8,098,898.43 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
</TABLE>
<PAGE> 1
EXHIBIT 21.2
WFS FINANCIAL 1999-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of December 31, 1999
for Distribution Date of January 20, 2000
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 109,100,135.56
Plus:
Servicer Advances 1,314,934.70
Reimbursement of holds 976,505.20
-------------
2,291,439.90
Less:
Reimbursement Advances
Funds deposited in Holds Account (1,101,003.51)
(917,157.76)
-------------
(2,018,161.27)
--------------
Total Funds Available for Distribution 109,373,414.19
==============
DISTRIBUTIONS
Servicing Fee 2,789,338.00
Trustee and Other Fees 367,849.99
Other Miscellaneous Payments 525,676.67
-------------
3,682,864.66
Note Interest Distributable Amount - Class A-1 1,527,031.70
Note Interest Distributable Amount - Class A-2 3,607,386.44
Note Interest Distributable Amount - Class A-3 5,498,400.00
Note Interest Distributable Amount - Class A-4 1,845,750.00
-------------
Total Note Interest Distributable Amount 12,478,568.14
Certificate Interest Distributable Amount 1,732,500.00
-------------
Total Interest Distribution 14,211,068.14
Note Principal Distributable Amount - Class A-1 83,380,582.96
Note Principal Distributable Amount - Class A-2 thru A-4 0.00
Certificate Principal Distributable Amount 0.00
-------------
Total Principal Distribution 83,380,582.96
-------------
Total Principal and Interest Distribution 97,591,651.10
Spread Account Deposit 8,098,898.43
Total Distributions 109,373,414.19
==============
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of December 31, 1999
for Distribution Date of January 20, 2000
<TABLE>
<CAPTION>
PORTFOLIO DATA:
# of loans
<S> <C> <C> <C>
Beginning Security Balance 74,857 920,674,966.38
Less: Scheduled Principal Balance 0 (41,058,610.81)
Full Prepayments (4,869) (29,654,795.47)
Partial Prepayments 0 0.00
Liquidations (1,026) (12,667,176.68)
--------------
(83,380,582.96)
--------------
Ending Security Balance 68,962 837,294,383.42
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 44,739,843.94
Deposits 8,098,898.43
Reductions 0.00
-------------
Ending Balance 52,838,742.37
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: 1,054,631.45
New Advances 1,314,934.70
Advances Reimbursed (1,101,003.51)
-------------
Ending Unreimbursed Advances: 1,268,562.64
Holding Account:
Beginning Balance 853,689.37
Funds Deposited 917,157.76
Withdrawal to Collection Account (976,505.20)
-------------
Ending Balance 794,341.93
Net Charge-Off Data: # of loans
Charge-Offs 1,091 7,951,634.70
Recoveries (543) (1,338,276.89)
-------------
Net Charge-Offs 548 6,613,357.81
Delinquencies (P&I): # of loans
30-59 Days 1,491 15,490,293.23
60-89 Days 400 4,274,335.36
90-119 Days 201 2,204,786.62
120 days and over 14 173,759.34
Repossessions 75 523,089.10
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 0.82%
WAC 14.5985%
WAM 53.831
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-B OWNER TRUST
Distribution Date Statement
for Master Service Report Date of December 31, 1999
for Distribution Date of January 20, 2000
<TABLE>
<CAPTION>
==================================================================================
BEGINNING PRIOR
ORIGINAL OUTSTANDING PRINCIPAL
PRINCIPAL PRINCIPAL PRINCIPAL CARRYOVER
CLASSES BALANCE BALANCE DISTRIBUTABLE SHORTFALL
==================================================================================
<S> <C> <C> <C> <C>
A-1 190,000,000.00 110,674,966.38 83,380,582.96 0.00
A-2 242,000,000.00 242,000,000.00 0.00 0.00
A-3 348,000,000.00 348,000,000.00 0.00 0.00
A-4 115,000,000.00 115,000,000.00 0.00 0.00
Certificate 105,000,000.00 105,000,000.00 0.00 0.00
==================================================================================
TOTAL 1,000,000,000.00 920,674,966.38 83,380,582.96 0.00
==================================================================================
</TABLE>
<TABLE>
<CAPTION>
=========================================================================
CURRENT REMAINING TOTAL
PRINCIPAL OUTSTANDING PRINCIPAL
CARRYOVER PRINCIPAL PRINCIPAL AND INTEREST
CLASSES SHORTFALL DISTRIBUTION BALANCE DISTRIBUTION
=========================================================================
<S> <C> <C> <C> <C>
A-1 0.00 83,380,582.96 27,294,383.42 84,907,614.66
A-2 0.00 0.00 242,000,000.00 3,607,386.44
A-3 0.00 0.00 348,000,000.00 5,498,400.00
A-4 0.00 0.00 115,000,000.00 1,845,750.00
Certificate 0.00 0.00 105,000,000.00 1,732,500.00
=========================================================================
TOTAL 0.00 83,380,582.96 837,294,383.42 97,591,651.10
=========================================================================
</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% 1,527,031.70 0.00 0.00 1,527,031.70
A-2 5.833% 3,607,386.44 0.00 0.00 3,607,386.44
A-3 6.320% 5,498,400.00 0.00 0.00 5,498,400.00
A-4 6.420% 1,845,750.00 0.00 0.00 1,845,750.00
Certificate 6.600% 1,732,500.00 0.00 0.00 1,732,500.00
===================================================================================================
TOTAL 14,211,068.14 0.00 0.00 14,211,068.14
===================================================================================================
</TABLE>
<TABLE>
<CAPTION>
==============================
DEFICIENCY POLICY
CLAIM CLAIM
AMOUNT AMOUNT
==============================
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
==============================
0.00 0.00
==============================
</TABLE>
<TABLE>
<S> <C>
Note Percentage 100.000000%
Certificate Percentage 0.000000%
</TABLE>
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