<PAGE> 1
WFS FINANCIAL 2000-D OWNER TRUST
WFS FINANCIAL INC
MASTER SERVICER
TERM SHEET DATED NOVEMBER 2, 2000
SUBJECT TO REVISION
THE PARTIES:
The Issuer................. WFS Financial 2000-D Owner Trust, or the trust
Seller..................... WFS Receivables Corporation, or WFSRC
Master Servicer............ WFS Financial Inc, or WFS
The Insurer................ Financial Security Assurance, Inc., or Financial
Security
Indenture Trustee.......... Bankers Trust Company
Owner Trustee.............. Chase Manhattan Bank USA, N.A.
IMPORTANT DATES:
Statistical Calculation
Date....................... September 30, 2000, the date used in preparing the
statistical information in this term sheet.
Cut-Off Date............... November 1, 2000
Closing Date............... Expected to be November 14, 2000
Distribution Dates......... Payments of interest and principal will be made on
the notes on each January 20, April 20, July 20 and
October 20, commencing in January 2001. If any of
those days is not a business day, payment will be
made on the next succeeding business day. Principal
will be paid in order to the earliest maturing
class until that class is paid in full. The initial
date upon which payments will be made will be
January 22, 2001
Final Scheduled
Distribution Dates...... If not paid earlier, the outstanding principal
balance of the Class A-1 Notes will be paid on
October 20, 2001, of the Class A-2 Notes will be
paid on October 20, 2003, of the Class A-3 Notes
will be paid on July 20, 2005, and of the Class A-4
Notes will be paid on July 20, 2008. If any of
those days is not a business day, payment will be
made on the next succeeding business day.
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<PAGE> 2
THE SECURITIES:
The Notes.................. The WFS Financial 2000-D Owner Trust Auto
Receivable Backed Notes will represent obligations
of the trust secured by the assets of the trust.
The notes will be issued in four classes and will
bear fixed interest at the rates and calculated in
the manner described below under the caption "The
Terms of the Notes".
The Certificates........... The trust will issue to the seller WFS Financial
2000-D Owner Trust Auto Receivable Backed
Certificates, which are not being offered by this
term sheet. All payments in respect of the
certificates will be subordinated to payments on
the notes.
The Terms of the Notes.....
<TABLE>
<CAPTION>
INTEREST
NOTE PRINCIPAL RATE PER FINAL SCHEDULED
CLASS AMOUNT ANNUM DISTRIBUTION DATE
----- ------------ -------- -----------------
<S> <C> <C> <C>
A-1 $174,000,000 % October 20, 2001
A-2 $236,000,000 % October 20, 2003
A-3 $340,000,000 % July 20, 2005
A-4 $250,000,000 % July 20, 2008
</TABLE>
It is a condition to the offering of the notes that
the Class A-1 Notes be rated P-1/A-1+ and that the
Class A-2, Class A-3 and Class A-4 Notes be rated
Aaa/AAA. These ratings are being applied for from
Moody's Investors Services, Inc. and Standard &
Poor's Rating Services, a division of The
McGraw-Hill Companies, Inc. Moody's and Standard &
Poor's are the rating agencies. However, a rating
agency in its discretion may lower or withdraw its
rating in the future.
Interest Calculation....... Interest on the Class A-1 Notes will accrue at the
interest rate applicable to that class from each
distribution date (or from the cut-off date with
respect to the first distribution date) to the day
preceding the next distribution date.
Interest on the Class A-1 Notes will be calculated
based upon the actual number of days elapsed and a
360-day year.
Interest on the Class A-2, Class A-3 and Class A-4
Notes will accrue at the interest rate applicable
to those classes from, and including, the 20th day
of the month of the prior distribution date (or
from the cut-off date with
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<PAGE> 3
respect to the first distribution date) to, but
excluding, the 20th day of the month of the current
distribution date.
Interest on the Class A-2, Class A-3 and Class A-4
Notes will be calculated on the basis of a 360-day
year consisting of twelve 30-day months.
Priority of Principal
Payments................ Principal of the notes will be paid on each
distribution date in the following order:
- to the Class A-1 Notes until the Class A-1 Notes
are paid in full;
- to the Class A-2 Notes until the Class A-2 Notes
are paid in full;
- to the Class A-3 Notes until the Class A-3 Notes
are paid in full; and
- to the Class A-4 Notes until the Class A-4 Notes
are paid in full.
THE TRUST PROPERTY:
General.................... The trust property will include:
- a pool of retail installment sales contracts and
a limited number of installment loans originated
by WFS, all of which are secured by new or used
automobiles or light duty trucks;
- the funds in the spread account; and
- an insurance policy written by Financial Security
guaranteeing to the indenture trustee all
payments of principal and interest to be made to
holders of the notes.
The Contracts.............. On or before the closing date, WFS will sell and
assign the contracts, each of which is an
installment sales contract or installment loan
secured by a financed vehicle which is a new or
used automobile or light duty truck, to WFSRC. On
the closing date, WFSRC will transfer and assign
the contracts to the trust. The trust will be
established by the transfer and assignment of
contracts by WFSRC to the trust on the closing
date.
- The trust receives the right to payments due
under the contracts on and after the cut-off date
of November 1, 2000.
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<PAGE> 4
- The contracts are secured by first liens on the
vehicles purchased under each contract.
- The contracts will have an expected weighted
average annual percentage rate of approximately
15.26% and an expected weighted average remaining
maturity of approximately 62.12 months.
- Approximately 5.76% of the aggregate principal
amount of the contracts will be Rule of 78's
contracts and approximately 94.21% will be simple
interest contracts.
The Spread Account......... The spread account is a segregated trust account in
the name of the indenture trustee that will afford
some limited protection against losses on the
contracts. The spread account will be part of the
trust. It will be created with an initial cash
deposit by WFSRC in the amount of $30,000,000. On
any distribution date, the funds that are available
from the spread account will be distributed to you
to cover any shortfalls in interest and principal
required to be paid on the notes. The funds in the
spread account will be supplemented on each
distribution date by any funds in the collection
account remaining after making all of the payments
necessary on that distribution date.
The funds in the spread account will be
supplemented until they are at least equal to 5.0%
or 9.0% of the sum of the remaining principal
balance of the simple interest contracts and the
present value of the remaining scheduled payments
of the monthly principal and interest due on the
Rule of 78's contracts. The rate to be applied will
depend upon loss and delinquency triggers.
If on the last day of any month or on any
distribution date the amount on deposit in the
spread account is greater than the amount required
to be in that account on that date, the excess cash
will be distributed in the following order:
- to Financial Security, to the extent of any
unreimbursed amounts due to it,
- to WFSRC until it has received an amount equal to
the spread account initial deposit, and then
- to WFSRC or any other holder of the certificates.
You will have no further rights to any excess cash
paid to any of these entities.
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The Note Policy............ On the closing date, Financial Security will issue
a financial guaranty insurance policy, known as the
note policy, for the indirect benefit of the
holders of the notes. Under the note policy,
Financial Security will unconditionally and
irrevocably guarantee to the indenture trustee the
payments of interest and principal due on the notes
during the term of the note policy.
If, based upon a report due to the indenture
trustee five days prior to a distribution date, it
appears that insufficient funds will be available
to pay to the holders of the notes on that
distribution date the full amount of the payment
which will then be due to them, that shortfall will
be paid first by drawing upon funds in the spread
account and then by a claim upon the note policy.
To the extent any claim is made upon the note
policy, it is anticipated that the amount of that
claim will be distributed on that distribution
date.
THE CONTRACTS POOL:
Each contract is a retail installment sales
contract secured by a financed vehicle originated
by a new or used car dealer located in California
or one of the other states listed in the table on
pages 11 and 12 or an installment loan secured by a
financed vehicle. Most of the contracts were
purchased by WFS from dealers; however, contracts
representing no more than 5.0% of the cut-off date
aggregate scheduled balance are installment loans
originated by WFS directly to consumers or by other
independent auto finance companies which loans were
then sold to WFS. Except as otherwise noted, all
references in this term sheet to contracts include
installment loans.
WFS will select the contracts from its portfolio of
fixed-interest rate contracts. The contracts
transferred to the trust were underwritten and
purchased or originated by WFS in the ordinary
course of its business operations. The information
concerning the contracts presented throughout this
term sheet is as of September 30, 2000. The
contracts which will be transferred to the trust at
the closing date will include contracts purchased
or originated through October 31, 2000, and will
have an aggregate outstanding principal balance of
not less than $1,000,000,000. While the
characteristics of the contracts actually
transferred to the trust at the closing date may
differ somewhat from the
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information disclosed in this table, we anticipate
that the variations will not be significant.
<TABLE>
<CAPTION>
CONTRACTS
IN THE TRUST
---------------
<S> <C>
Outstanding Principal Balance...... $800,000,000.00
Minimum......................... $ 496.09
Maximum......................... $ 64,551.77
Average......................... $ 14,133.53
Number of Contracts................ 56,603
Financed Vehicles
Percentage of New Vehicles...... 26.55%
Percentage of Used Vehicles..... 73.45%
Percentage of Automobiles....... 48.29%
Percentage of Light Duty
Trucks....................... 51.71%
Percentage of Rule of 78's
Contracts....................... 5.76%
Percentage of Simple Interest
Contracts....................... 94.21%
Annual Percentage Rate
Minimum......................... 5.9%
Maximum......................... 34%
Weighted Average................ 15.26%
Remaining Maturities
Minimum (Months)................ 3
Maximum (Months)................ 84
Weighted Average (Months)....... 62.12
Original Maturities
Minimum (Months)................ 12
Maximum (Months)................ 84
Weighted Average (Months)....... 63.59
Percent over 60 Months.......... 48.18%
</TABLE>
Each of the contracts is fully amortizing and
provides for level payments over its term, with the
portions of principal and interest of each such
level payment being determined on the basis of the
Rule of 78's or the simple interest method. The
amortization of the Rule of 78's contracts will
result in the outstanding principal balance on each
of those contracts being in excess of the scheduled
balance of that contract. For purposes of the
trust, all Rule of 78's contracts are amortized on
an actuarial basis to prevent shortfalls of
principal payments on the notes. As amortization on
an actuarial basis produces a faster amortization
than does application of the Rule of 78's, there
will not be a shortfall of principal in any event,
including as a result of prepayments or timely
payment to maturity of a Rule of 78's contract.
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<PAGE> 7
REPURCHASE OF CONTRACTS AND REDEMPTION OF SECURITIES:
Optional Repurchase of
Contracts by WFSRC...... WFSRC will have the option to repurchase all of the
contracts it has transferred to the trust on any
distribution date as of which the aggregate
principal balance of the simple interest contracts
plus the aggregate of the present value of the
remaining monthly principal and interest due on the
Rule of 78's contracts it has transferred to the
trust is equal to or less than $200,000,000. If
WFSRC exercises its option to repurchase the
contracts, WFSRC will pay the trust a price equal
to the unpaid principal amount of all classes of
notes outstanding plus the accrued interest on each
of those classes of notes, which sum is the base
price. WFSRC will also pay a repurchase premium in
an amount equal to a fraction of the base price
calculated in the manner shown in the following
table:
<TABLE>
<CAPTION>
IF THE BASE PRICE IS: THE REPURCHASE PREMIUM IS:
---------------------------- --------------------------------
<S> <C>
more than $150,000,000 2% of the Base Price
equal to or less than 1% of the Base Price
$150,000,000, but more than
$100,000,000
equal to or less than zero
$100,000,000
</TABLE>
Optional Purchase.......... At any distribution date at which the aggregate
principal balance of the simple interest contracts
plus the aggregate of the present value of the
remaining monthly principal and interest payments
due on the Rule of 78's contracts transferred to
the trust is equal to or less than $100,000,000,
WFSRC may purchase all of the contracts then
outstanding that it has transferred to the trust
without payment of a repurchase premium.
Prepayment and Redemption
following Optional
Repurchase or Optional
Purchase................ If WFSRC exercises its option to repurchase or
purchase the contracts,
- the amount received upon repurchase equal to the
unpaid principal amount of all classes of notes
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outstanding plus the accrued interest on each of
those classes of notes will be treated as
collections and distributed to the holders of the
notes in addition to the distributions to which
the holders would then otherwise be entitled to
receive,
- the amount received by the trust as the
repurchase premium will be distributed on the
related distribution date, pro rata, to the
holders of the notes following all other payments
made on the distribution date on which the
distribution occurs other than the amount paid
equal to the scheduled balances of the
repurchased contracts, and
- the repurchased contracts will be transferred
back to WFSRC on that distribution date and the
trust will be terminated.
Mandatory Redemption....... The notes may be accelerated if an event of default
has occurred and is continuing under the indenture.
If an insurer default has occurred and is
continuing and an event of default has occurred and
is continuing, the indenture trustee may be
permitted to accelerate the notes. If an event of
default has occurred and is continuing but no
insurer default has occurred and is continuing,
Financial Security will have the right, in addition
to its obligation to make scheduled payments on the
notes in accordance with the terms of the note
policy, but not the obligation, to elect to
accelerate the notes. If the notes are accelerated,
the master servicer or the indenture trustee will
sell or otherwise liquidate the property of the
trust and deliver the proceeds to the indenture
trustee for distribution in accordance with the
terms of the indenture.
TAX STATUS:
In the opinion of Mitchell, Silberberg & Knupp LLP,
special counsel for federal income and California
income tax purposes, as discussed in further detail
in the prospectus:
- the notes will be characterized as debt; and
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<PAGE> 9
- the trust will not be characterized as an
association or a publicly traded partnership
taxable as a corporation.
If you purchase a note, you agree to treat it as
debt for tax purposes.
ELIGIBILITY FOR PURCHASE BY
MONEY MARKET FUNDS:
The Class A-1 Notes will be structured to be
eligible securities for purchase by money market
funds under Rule 2a-7 under the Investment Company
Act of 1940, as amended. A money market fund should
consult its legal advisers regarding the
eligibility of the Class A-1 Notes under Rule 2a-7
and whether an investment in such notes satisfies
the fund's investment policies and objectives.
ERISA CONSIDERATIONS:
The notes are generally eligible for purchase by
employee benefit plans that are subject to the
Employee Retirement Income Security Act of 1974, as
amended, or Section 4975 of the Internal Revenue
Code of 1986, as amended. However, administrators
of employee benefit plans should review the matters
discussed under "ERISA Considerations" in the
prospectus and also should consult with their legal
advisors before purchasing notes.
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<PAGE> 10
DISTRIBUTION OF CONTRACTS BY APR
The following table provides information about the contracts relating to
their annual percentage rate. While the characteristics of the contracts
transferred to the trust at the closing date may differ somewhat from the
information disclosed in this table, we anticipate that the variations will not
be significant. The percentages may not add to 100.00% due to rounding.
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE AGGREGATE
NUMBER OF PRINCIPAL PRINCIPAL
CONTRACT APR CONTRACTS BALANCE BALANCE
------------ --------- --------------- -------------
<S> <C> <C> <C>
5.000% - 5.999%........................ 1 $ 12,991.77 0.00%
6.000% - 6.999%........................ 3 56,312.07 0.01
7.000% - 7.999%........................ 44 592,122.51 0.07
8.000% - 8.999%........................ 886 12,445,877.77 1.56
9.000% - 9.999%........................ 2,505 36,891,787.15 4.61
10.000% - 10.999%...................... 3,397 51,385,173.99 6.42
11.000% - 11.999%...................... 3,870 60,857,429.93 7.61
12.000% - 12.999%...................... 5,194 83,156,983.86 10.39
13.000% - 13.999%...................... 4,947 80,098,161.55 10.01
14.000% - 14.999%...................... 5,207 81,251,243.56 10.16
15.000% - 15.999%...................... 5,119 76,885,228.54 9.61
16.000% - 16.999%...................... 4,795 71,501,979.06 8.94
17.000% - 17.999%...................... 4,273 59,465,460.61 7.43
18.000% - 18.999%...................... 4,385 56,301,308.69 7.04
19.000% - 19.999%...................... 3,105 39,198,204.14 4.90
20.000% - 20.999%...................... 3,985 43,084,444.30 5.39
21.000% - 21.999%...................... 2,633 25,989,035.77 3.25
22.000% - 22.999%...................... 660 7,197,512.33 0.90
23.000% - 23.999%...................... 486 4,968,170.92 0.62
24.000% - 24.999%...................... 564 4,786,809.81 0.60
25.000% - 25.999%...................... 239 1,905,888.64 0.24
26.000% - 26.999%...................... 76 641,523.91 0.08
27.000% - 27.999%...................... 32 251,099.10 0.03
28.000% - 28.999%...................... 18 96,590.91 0.01
29.000% - 29.999%...................... 161 902,894.73 0.11
30.000% and higher..................... 18 75,764.38 0.01
--------- --------------- ------
Total:..................... 56,603 $800,000,000.00 100.00%
</TABLE>
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GEOGRAPHIC CONCENTRATION OF THE CONTRACTS
The following table provides information based upon the state in which the
new or used car dealer which originated a contract is located, or in the case of
an installment loan, the state in which the office of the lender which
originated the loan is located. While the characteristics of the contracts
transferred to the trust at the closing date may differ somewhat from the
information disclosed in this table, we anticipate that the variations will not
be significant. The percentages may not add to 100.00% due to rounding.
<TABLE>
<CAPTION>
AGGREGATE PERCENTAGE OF
NUMBER OF PRINCIPAL AGGREGATE PRINCIPAL
STATE CONTRACTS BALANCE BALANCES
----- --------- --------------- -------------------
<S> <C> <C> <C>
California........... 23,436 $307,533,840.28 38.44%
Arizona.............. 4,066 59,451,869.80 7.43
Florida.............. 2,242 37,502,798.73 4.69
Texas................ 2,356 32,438,521.65 4.05
Ohio................. 2,178 31,051,842.20 3.88
Washington........... 2,220 29,262,909.33 3.66
Oregon............... 2,234 27,694,727.17 3.46
Colorado............. 1,803 26,264,441.23 3.28
North Carolina....... 1,222 20,402,179.66 2.55
Nevada............... 1,415 19,349,082.01 2.42
Virginia............. 1,042 18,246,046.82 2.28
South Carolina....... 1,108 17,565,715.75 2.20
Georgia.............. 902 16,028,054.73 2.00
Illinois............. 892 13,770,883.89 1.72
Tennessee............ 767 13,118,714.89 1.64
Missouri............. 817 12,498,595.40 1.56
Michigan............. 706 10,502,689.63 1.31
Idaho................ 776 10,032,103.36 1.25
Alabama.............. 587 9,860,173.07 1.23
Utah................. 647 9,383,541.01 1.17
Kentucky............. 496 7,467,375.44 0.93
Pennsylvania......... 507 7,189,653.47 0.90
Wisconsin............ 493 7,112,858.56 0.89
Maryland............. 377 6,818,064.14 0.85
New Jersey........... 350 4,805,359.32 0.60
Delaware............. 301 4,793,573.56 0.60
Massachusetts........ 311 4,450,548.40 0.56
Indiana.............. 271 4,258,013.21 0.53
Minnesota............ 246 3,820,294.39 0.48
Kansas............... 232 3,807,521.27 0.48
Oklahoma............. 268 3,716,137.51 0.46
Mississippi.......... 205 3,465,263.46 0.43
West Virginia........ 209 3,427,144.11 0.43
</TABLE>
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<TABLE>
<CAPTION>
AGGREGATE PERCENTAGE OF
NUMBER OF PRINCIPAL AGGREGATE PRINCIPAL
STATE CONTRACTS BALANCE BALANCES
----- --------- --------------- -------------------
<S> <C> <C> <C>
Connecticut.......... 155 $ 2,297,670.89 0.29%
Iowa................. 136 2,179,854.95 0.27
New Mexico........... 165 1,689,649.76 0.21
New York............. 106 1,588,863.64 0.20
New Hampshire........ 110 1,534,527.19 0.19
Nebraska............. 89 1,269,121.48 0.16
Wyoming.............. 59 963,014.13 0.12
Maine................ 57 790,869.31 0.10
Rhode Island......... 38 555,105.24 0.07
Hawaii............... 6 40,785.96 0.01
------ --------------- ------
Total................ 56,603 $800,000,000.00 100.00%
====== =============== ======
</TABLE>
WEIGHTED AVERAGE LIVES OF THE NOTES
Prepayments on contracts can be measured relative to a payment standard or
model. The model used in this term sheet, the Absolute Prepayment Model, or ABS,
represents an assumed rate of prepayment each month relative to the original
number of contracts in a pool of contracts. ABS further assumes that all the
contracts in question are the same size and amortize at the same rate and that
each contract in each month of its life will either be paid as scheduled or be
paid in full. For example, in a pool of contracts originally containing 10,000
contracts, a 1% ABS rate means that 100 contracts prepay each month. ABS does
not purport to be an historical description of prepayment experience or a
prediction of the anticipated rate of prepayment of any pool of contracts,
including the contracts transferred to the trust.
As the rate of payment of principal of each class of notes will depend on
the rate of payment (including prepayments) of the principal balance of the
contracts, final payment of any class of notes could occur significantly earlier
than its final scheduled distribution date. Reinvestment risk associated with
early payment of the notes of any class will be borne exclusively by the holders
of those notes.
The table captioned "Percentage of Initial Note Balance at Various ABS
Percentages" is referred to as the ABS Table and has been prepared on the basis
of the characteristics of the contracts described under "The Contracts Pool",
but with an assumed aggregate principal of $1,000,000,000. The ABS Table assumes
that:
- the contracts prepay in full at the specified constant percentage of ABS
monthly, with no defaults, losses or repurchases,
- the monthly principal and interest payment on each contract is scheduled to be
made and is made on the last day of each month and each month has 30 days,
- payments are made on the notes on each distribution date (and each such date
is assumed to be the twentieth day of each applicable month),
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- WFSRC does not exercise its option to repurchase the contracts, and
- WFSRC exercises its optional purchase right on the earliest distribution date
on which that option may be exercised.
The ABS Table indicates the projected weighted average life of each class
of notes and sets forth the percentage of the initial principal amount of each
class of notes that is projected to be outstanding after each of the
distribution dates shown at various constant ABS percentages.
The ABS Table also assumes that the contracts have been aggregated into
hypothetical pools with all of the contracts within each such pool having the
following characteristics and that the level scheduled payment for each of the
pools, which is based on the Aggregate Scheduled Balance, annual percentage
rate, original term to maturity and remaining term to maturity as of the assumed
cut-off date, will be such that each pool will be fully amortized by the end of
its remaining term to maturity.
<TABLE>
<CAPTION>
REMAINING ORIGINAL
AGGREGATE TERM TERM
PRINCIPAL TO MATURITY TO MATURITY
SUBPOOLS BALANCE APR (IN MONTHS) (IN MONTHS)
-------- ----------------- ------ ----------- -----------
<S> <C> <C> <C> <C>
1...................... $ 6,744,935.46 17.945% 33 33
2...................... 19,683,347.00 17.368 46 46
3...................... 90,039,168.43 15.955 59 59
4...................... 17,753,444.86 14.928 65 65
5...................... 90,779,104.25 13.869 72 72
6...................... 20,481,387.68 17.945 32 33
7...................... 59,769,624.61 17.368 45 46
8...................... 273,409,156.35 15.955 58 59
9...................... 53,909,364.84 14.928 64 65
10....................... 275,656,014.37 13.869 71 72
11....................... 2,464,677.03 19.167 30 34
12....................... 7,259,015.91 18.075 44 48
13....................... 30,233,452.71 16.467 57 60
14....................... 5,671,783.68 15.513 63 66
15....................... 28,375,020.28 14.337 70 73
16....................... 7,949,778.10 16.332 26 61
17....................... 1,227,086.34 13.495 27 68
18....................... 8,593,638.10 13.145 33 75
-----------------
Total $1,000,000,000.00
=================
</TABLE>
The actual characteristics and performance of the contracts will differ
from the assumptions used in preparing the ABS Table. The assumptions used are
hypothetical and have been provided only to give a general sense of how the
principal cash flows might behave under varying prepayment scenarios. For
example, it is very unlikely that the contracts will prepay at a constant ABS
rate until maturity or that all of the contracts will prepay at the same ABS
rate. Moreover, the diverse terms of contracts
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<PAGE> 14
within each of the hypothetical pools could produce slower or faster principal
distributions than indicated in the ABS Table at the various constant
percentages of ABS specified, even if the original and remaining terms to
maturity of the contracts are as assumed. Any difference between those
assumptions and the actual characteristics and performance of the contracts, or
actual prepayment experience, will affect the percentages of initial amounts
outstanding over time and the weighted average lives of each class of notes.
PERCENTAGE OF INITIAL NOTE BALANCE AT VARIOUS ABS PERCENTAGES
<TABLE>
<CAPTION>
CLASS A-1 NOTES CLASS A-2 NOTES CLASS A-3 NOTES
------------------------- ------------------------- -------------------------
DISTRIBUTION DATE 0.0% 1.0% 1.8% 2.5% 0.0% 1.0% 1.8% 2.5% 0.0% 1.0% 1.8% 2.5%
----------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Closing Date................. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
1/20/01...................... 87 75 65 51 100 100 100 100 100 100 100 100
4/20/01...................... 66 38 15 0 100 100 100 92 100 100 100 100
7/20/01...................... 44 2 0 0 100 100 75 50 100 100 100 100
10/20/01..................... 22 0 0 0 100 75 40 10 100 100 100 100
1/20/02...................... 0 0 0 0 99 49 7 0 100 100 100 80
4/20/02...................... 0 0 0 0 81 24 0 0 100 100 83 55
7/20/02...................... 0 0 0 0 63 0 0 0 100 100 63 32
10/20/02..................... 0 0 0 0 44 0 0 0 100 83 44 10
1/20/03...................... 0 0 0 0 24 0 0 0 100 67 26 0
4/20/03...................... 0 0 0 0 4 0 0 0 100 51 9 0
7/20/03...................... 0 0 0 0 0 0 0 0 88 36 0 0
10/20/03..................... 0 0 0 0 0 0 0 0 74 22 0 0
1/20/04...................... 0 0 0 0 0 0 0 0 60 9 0 0
4/20/04...................... 0 0 0 0 0 0 0 0 45 0 0 0
7/20/04...................... 0 0 0 0 0 0 0 0 29 0 0 0
10/20/04..................... 0 0 0 0 0 0 0 0 14 0 0 0
1/20/05...................... 0 0 0 0 0 0 0 0 0 0 0 0
4/20/05...................... 0 0 0 0 0 0 0 0 0 0 0
7/20/05...................... 0 0 0 0 0 0 0 0 0 0 0 0
10/20/05..................... 0 0 0 0 0 0 0 0 0 0 0 0
1/20/06...................... 0 0 0 0 0 0 0 0 0 0 0 0
WEIGHTED AVERAGE LIFE
(YEARS)..................... 0.73 0.47 0.38 0.31 1.97 1.31. 0.99 0.81 3.46 2.60 2.00 1.62
<CAPTION>
CLASS A-4 NOTES
-------------------------
DISTRIBUTION DATE 0.0% 1.0% 1.8% 2.5%
----------------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Closing Date................. 100% 100% 100% 100%
1/20/01...................... 100 100 100 100
4/20/01...................... 100 100 100 100
7/20/01...................... 100 100 100 100
10/20/01..................... 100 100 100 100
1/20/02...................... 100 100 100 100
4/20/02...................... 100 100 100 100
7/20/02...................... 100 100 100 100
10/20/02..................... 100 100 100 100
1/20/03...................... 100 100 100 86
4/20/03...................... 100 100 100 62
7/20/03...................... 100 100 91 0
10/20/03..................... 100 100 72 0
1/20/04...................... 100 100 55 0
4/20/04...................... 100 94 40 0
7/20/04...................... 100 78 0 0
10/20/04..................... 100 63 0 0
1/20/05...................... 100 50 0 0
4/20/05...................... 80 0 0 0
7/20/05...................... 59 0 0 0
10/20/05..................... 40 0 0 0
1/20/06...................... 0 0 0 0
WEIGHTED AVERAGE LIFE
(YEARS)..................... 4.88 4.14 3.33 2.55
</TABLE>
The weighted average life of a note is determined for the above table by
(x) multiplying the amount of each principal payment on a note by the number of
periods (months) from the date of issuance of the note to the related
distribution date, (y) adding the results and (z) dividing the sum by the
original principal amount of the note. This calculation assumes that WFSRC does
not exercise its option to repurchase the contracts but that it will exercise
its optional purchase right.
This table has been prepared based on the assumptions described on Pages 12
and 13, including the assumptions regarding the characteristics and performance
of the contracts, which will differ from their actual characteristics and
performance, and should be read in conjunction with those assumptions.
14
<PAGE> 15
CONTRACT DELINQUENCY AND CONTRACT LOSS INFORMATION
The following tables set forth (i) the delinquency experience in regard to
contracts originated and serviced by WFS and its affiliates, including contracts
subsequently securitized, at December 31, 1995 through 1999 and at September 30,
2000 and (ii) the loss experience for such contracts originated and serviced by
WFS and its affiliates, including contracts subsequently securitized, for the
years ended December 31, 1995 through 1999 and for the nine month period ending
September 30, 2000. There is no assurance that the future delinquency and loss
experience of the contracts will be similar to that set forth below. WFS defines
delinquency as being past due based on the contractual due date of the
underlying contract. The dollar amounts shown in these tables are net of
interest not yet earned on Rule of 78's contracts. With respect to the Contract
Loss Experience table, it is the policy of WFS to charge-off all contracts when
they become 120 days delinquent, whether that contract is owned by WFS or
serviced by WFS for others. WFS believes that its charge-off policy is
consistent with that customarily used in the automobile finance industry.
CONTRACT DELINQUENCY EXPERIENCE
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
---------------------- ------------------------------------------------------------------------
2000 1999 1998 1997
---------------------- ---------------------- ---------------------- ----------------------
NUMBER NUMBER NUMBER NUMBER
OF OF OF OF
CONTRACTS AMOUNT CONTRACTS AMOUNT CONTRACTS AMOUNT CONTRACTS AMOUNT
--------- ---------- --------- ---------- --------- ---------- --------- ----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contracts serviced....... 597,906 $6,535,690 524,709 $5,354,385 464,257 $4,367,099 408,958 $3,680,817
======= ========== ======= ========== ======= ========== ======= ==========
Period of delinquency
31 - 59 days............ 12,265 $ 111,841 12,868 $ 107,416 13,885 $ 112,208 6,605 $ 54,450
60 - 89 days............ 3,414 31,239 3,511 29,738 3,966 32,100 2,161 18,652
90 days or more......... 1,536 13,651 1,711 14,872 1,768 14,441 918 7,762
------- ---------- ------- ---------- ------- ---------- ------- ----------
Total contracts and
amount
delinquent........ 17,215 $ 156,731 18,090 $ 152,026 19,619 $ 158,749 9,684 $ 80,864
======= ========== ======= ========== ======= ========== ======= ==========
Delinquencies as a
percentage of number and
amount of contracts
outstanding............. 2.88% 2.40% 3.45% 2.84% 4.23% 3.64% 2.37% 2.20%
======= ========== ======= ========== ======= ========== ======= ==========
<CAPTION>
DECEMBER 31,
-----------------------------------------------
1996 1995
---------------------- ----------------------
NUMBER NUMBER
OF OF
CONTRACTS AMOUNT CONTRACTS AMOUNT
--------- ---------- --------- ----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
Contracts serviced....... 341,486 $3,046,585 258,665 $2,209,594
======= ========== ======= ==========
Period of delinquency
31 - 59 days............ 4,511 $ 38,173 2,180 $ 18,557
60 - 89 days............ 1,305 11,470 690 6,143
90 days or more......... 567 5,144 308 2,701
------- ---------- ------- ----------
Total contracts and
amount
delinquent........ 6,383 $ 54,787 3,178 $ 27,401
======= ========== ======= ==========
Delinquencies as a
percentage of number and
amount of contracts
outstanding............. 1.87% 1.80% 1.23% 1.24%
======= ========== ======= ==========
</TABLE>
CONTRACT LOSS EXPERIENCE
<TABLE>
<CAPTION>
FOR THE
NINE MONTHS
ENDED FOR THE YEAR ENDED DECEMBER 31,
SEPTEMBER 30, --------------------------------------------------------------
2000 1999 1998 1997 1996 1995
------------- ---------- ---------- ---------- ---------- ----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
Contracts serviced
At end of period................................ $6,535,690 $5,354,385 $4,367,099 $3,680,817 $3,046,585 $2,209,594
========== ========== ========== ========== ========== ==========
Average during period........................... $5,869,816 $4,839,514 $4,006,185 $3,383,570 $2,627,622 $1,886,359
========== ========== ========== ========== ========== ==========
Gross charge offs of contracts during period.... $ 115,487 $ 150,518 $ 173,422 $ 136,773 $ 86,464 $ 48,999
Recoveries of contracts charged off in current
and prior periods............................. 37,881 47,581 36,230 34,634 25,946 18,715
---------- ---------- ---------- ---------- ---------- ----------
Net charge offs................................. $ 77,606 $ 102,937 $ 137,192 $ 102,139 $ 60,518 $ 30,284
========== ========== ========== ========== ========== ==========
Net charge offs as a percentage of contracts
outstanding during period (annualized)........ 1.76% 2.13% 3.42% 3.02% 2.30% 1.61%
</TABLE>
15
