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<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-C Owner Trust
--------------------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
California 333-80423 33-0149603
- ---------------------------- ------------ -------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
</TABLE>
<TABLE>
<S> <C> <C>
WFS Financial Auto Loans, Inc. (as Originator)
23 Pasteur
Irvine, California 92618
- ---------------------------------------------- ----------
(Address of principal executive offices) (Zip code)
</TABLE>
Registrant's telephone number, including area code: (949) 727-1000
<PAGE> 2
Item 5. Other Events
On October 26, 1999 the Commission declared effective a Registration Statement
on Form S-3 (File No. 333-80423) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1999-C Owner Trust (the "Trust") of the following
securities:
$224,100,000 of 6.411% Auto Receivable Backed Notes, Class A-1
$149,425,000 of 6.92% Auto Receivable Backed Notes, Class A-2
$73,975,000 of 7.07% Auto Receivable Backed Notes, Class A-3, and
$52,500,000 of 7.34% Auto Receivable Backed Certificates.
The Class A-1 Notes, Class A-2 Notes and Class A-3 Notes (the "Notes" and
together with the Certificates, the "Securities") and the Certificates were
issued by the Trust on November 3, 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
$54,661,063.78 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 $54,661,063.78 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 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-C 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
<TABLE>
<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C> <C>
21.1 Statement to Securityholders as to the -----
January 20, 2000 Distribution Date
21.1 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)
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 21.1
WFS FINANCIAL 1999-C 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 224,100,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 224,100,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 186,391,938.42 831.735557
Pool Factor 0.831736
PRINCIPAL DISTRIBUTABLE AMOUNT:
Principal Distributable Amount 37,708,061.58 168.264443
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-----------------
Total Principal Distributable Amount 37,708,061.58 168.264443
INTEREST DISTRIBUTABLE AMOUNT:
Interest Distributable Amount 4,429,840.73 19.767250
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-----------------
Total Interest Distributable Amount 4,429,840.73 19.767250
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 462,291,938.42 924.583877
Servicing Fee 1,521,093.00 3.042186
Spread Account 24,714,013.93 49.428028
Net Change in Spread Account 4,714,013.93 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
===================================================================================================================================
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-C 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 149,425,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 149,425,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 149,425,000.00 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 3,188,231.42 21.336667
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-----------------
Total Interest Distributable Amount 3,188,231.42 21.336667
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 462,291,938.42 924.583877
Servicing Fee 1,521,093.00 3.042186
Spread Account 24,714,013.93 49.428028
Net Change in Spread Account 4,714,013.93 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
===================================================================================================================================
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-C 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 73,975,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of Prior Distribution Date 73,975,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 73,975,000.00 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 1,583,537.62 21.406389
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-----------------
Total Interest Distributable Amount 1,583,537.62 21.406389
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 462,291,938.42 924.583877
Servicing Fee 1,521,093.00 3.042186
Spread Account 24,714,013.93 49.428028
Net Change in Spread Account 4,714,013.93 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
===================================================================================================================================
</TABLE>
<PAGE> 4
WFS FINANCIAL 1999-C 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 52,500,000.00
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
Aggregate Unpaid Principal Balance as of prior Distribution Date 52,500,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 52,500,000.00 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 1,166,754.17 22.223889
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-----------------
Total Interest Distributable Amount 1,166,754.17 22.223889
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
Aggregate Scheduled Balance 462,291,938.42 924.583877
Servicing Fee 1,521,093.00 3.042186
Spread Account 24,714,013.93 49.428028
Net Change in Spread Account 4,714,013.93 n/a
Note Percentage 100.000000% n/a
Certificate Percentage 0.000000% n/a
===================================================================================================================================
</TABLE>
<PAGE> 1
EXHIBIT 21.2
WFS FINANCIAL 1999-C 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 54,521,726.66
Plus:
Servicer Advances 608,129.20
Reimbursement of holds 161,084.13
----------------
769,213.33
Less:
Reimbursement Advances
Funds deposited in Holds Account (183,672.96)
(446,203.25)
----------------
(629,876.21)
---------------
Total Funds Available for Distribution 54,661,063.78
===============
DISTRIBUTIONS
Servicing Fee 1,521,093.00
Trustee and Other Fees 173,151.33
Other Miscellaneous Payments 176,380.00
----------------
1,870,624.33
Note Interest Distributable Amount - Class A-1 4,429,840.73
Note Interest Distributable Amount - Class A-2 3,188,231.42
Note Interest Distributable Amount - Class A-3 1,583,537.62
Note Interest Distributable Amount - Class A-4 0.00
--------------
Total Note Interest Distributable Amount 9,201,609.77
Certificate Interest Distributable Amount 1,166,754.17
--------------
Total Interest Distribution 10,368,363.94
Note Principal Distributable Amount - Class A-1 37,708,061.58
Note Principal Distributable Amount - Class A-2 thru A-4 0.00
Certificate Principal Distributable Amount 0.00
--------------
Total Principal Distribution 37,708,061.58
----------------
Total Principal and Interest Distribution 48,076,425.52
Spread Account Deposit 4,714,013.93
Total Distributions 54,661,063.78
===============
</TABLE>
<PAGE> 2
WFS FINANCIAL 1999-C 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 36,096 500,000,000.00
Less: Scheduled Principal Balance 0 (18,669,617.41)
Full Prepayments (1,444) (17,014,433.21)
Partial Prepayments 0 0.00
Liquidations (151) (2,024,010.96)
----------------
(37,708,061.58)
---------------
Ending Security Balance 34,501 462,291,938.42
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 20,000,000.00
Deposits 4,714,013.93
Reductions 0.00
----------------
Ending Balance 24,714,013.93
Beginning Initial Deposit Repayment 20,000,000.00
Repayments 0.00
----------------
Ending Initial Deposit Repayment 20,000,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 0.00
New Advances 608,129.20
Advances Reimbursed (183,672.96)
----------------
Ending Unreimbursed Advances: 424,456.24
Holding Account:
Beginning Balance 0.00
Funds Deposited 446,203.25
Withdrawal to Collection Account (161,084.13)
----------------
Ending Balance 285,119.12
Net Charge-Off Data: # of loans
Charge-Offs 83 623,295.43
Recoveries (36) (100,611.96)
----------------
Net Charge-Offs 47 522,683.47
Delinquencies (P&I): # of loans
30-59 Days 561 6,840,112.50
60-89 Days 144 1,756,950.72
90-119 Days 40 508,249.25
120 days and over 0 0.00
Repossessions 30 238,084.05
Contracts Repurchased (pursuant to Sect. 3.02, 4.07,
or 9.01 of the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 1.31%
Delinquency Percentage 0.28%
WAC 14.7979%
WAM 58.892
</TABLE>
<PAGE> 3
WFS FINANCIAL 1999-C 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 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-1 224,100,000.00 224,100,000.00 37,708,061.58 0.00 0.00 37,708,061.58 186,391,938.42 42,137,902.31
A-2 149,425,000.00 149,425,000.00 0.00 0.00 0.00 0.00 149,425,000.00 3,188,231.42
A-3 73,975,000.00 73,975,000.00 0.00 0.00 0.00 0.00 73,975,000.00 1,583,537.62
Certificate 52,500,000.00 52,500,000.00 0.00 0.00 0.00 0.00 52,500,000.00 1,166,754.17
===================================================================================================================================
TOTAL 500,000,000.00 500,000,000.00 37,708,061.58 0.00 0.00 37,708,061.58 462,291,938.42 48,076,425.52
===================================================================================================================================
===================================================================================================================================
Prior Current
Interest Interest Deficiency Policy
Note Interest Calculated Carryover Carryover Interest Claim Claim
Classes Rate Interest Shortfall Shortfall Distribution Amount Amount
===================================================================================================================================
A-1 6.411% 4,429,840.73 0.00 0.00 4,429,840.73 0.00 0.00
A-2 6.920% 3,188,231.42 0.00 0.00 3,188,231.42 0.00 0.00
A-3 7.070% 1,583,537.62 0.00 0.00 1,583,537.62 0.00 0.00
Certificate 7.340% 1,166,754.17 0.00 0.00 1,166,754.17 0.00 0.00
0.00 0.00
=========================================
0.00 0.00
=========================================
=========================================
Note Percentage 100.000000%
============================================================================== Certificate Percentage 0.000000%
TOTAL 10,368,363.94 0.00 0.00 10,368,363.94
===================================================================================================================================
</TABLE>
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