<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): September 1, 1996
WFS Financial 1996-A Owner Trust
(Exact name of registrant as specified in charter)
California 33-97884 33-0149603
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
Western 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: (714) 753-3000
Exhibit Index is on Page 5.
<PAGE> 2
ITEM 5. OTHER EVENTS
On March 22, 1996 the Commission declared effective a Registration Statement on
Form S-1 (File No. 33-97884) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1996-A Owner Trust (the "Trust") of the following
securities:
$72,500,000 of 5.35% Money Market Auto Receivable Backed Notes, Class A-1,
$145,000,000 of 5.70% Auto Receivable Backed Notes, Class A-2,
$115,000,000 of 6.05% Auto Receivable Backed Notes, Class A-3,
$90,000,000 of 6.15% Auto Receivable Backed Notes, Class A-4,
$28,550,000 of 6.375% Auto Receivable Backed Notes, Class A-5 and
$33,950,000 of 6.20% Auto Receivable Backed Certificates.
The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and
Class A-5 Notes (the "Notes" and together with the Certificates, the
"Securities") and the Certificates were issued by the Trust on March 28, 1996.
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 Western
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 Agrement, 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 September 1, 1996 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 $59,158,628.80 was invested by the Indenture Trustee during the Due
Period with respect to the current Distribution Date in the Reinvestment
Contract entered into between Western Financial Savings Bank, F.S.B. and the
Page 2
<PAGE> 3
Indenture Trustee, and $59,158,628.80 was distributed from the RIC to the
Indenture Trustee for distribution to the holders of the Securities 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.
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 1996-A OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: September 1, 1996 By: /s/ LEE A. WHATCOTT
--------------------------------
Lee A. Whatcott, Chief Financial
Officer
Page 4
<PAGE> 5
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
21.1 Statement to Securityholders as to the
September 1, 1996 Distribution Date
21.2 Distribution Date Statement dated as of
July 31, 1996 for the September 1, 1996 Distribution Date
21.3 Condensed consolidated financial statements of
Financial Security Assurance Inc. for the six month
period ended June 30, 1996 (Incorporate by reference
from the Quarterly Report on Form 10-Q of Financial
Security Assurance Holdings Inc. for the quarter ended
June 30, 1996 (file #1-12644) as filed on or about
August 9, 1996)
</TABLE>
Page 5
<PAGE> 1
Exhibit 21.1
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
Class A-2
<TABLE>
<S> <C>
Original Principal Balance 145,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 145,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 135,135,515.28 931.969071
Pool Factor 0.931969
Principal Distributable Amount:
Principal Distributable Amount 9,864,484.72 68.030929
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
------------
Total Principal Distributable Amount 9,864,484.72 68.030929
Interest Distributable Amount:
Interest Distributable Amount 2,066,250.00 14.250000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 2,066,250.00 14.250000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 1,958,157.00 4.037437
Spread Account Deposit 4,550,625.35 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
Class A-3
<TABLE>
<S> <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 1,739,375.00 15.125000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 1,739,375.00 15.125000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 1,958,157.00 4.037437
Spread Account Deposit 4,550,625.35 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 3
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
Class A-4
<TABLE>
<S> <C>
Original Principal Balance 90,000,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 90,000,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 90,000,000.00 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 1,383,750.00 15.375000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 1,383,750.00 15.375000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 1,958,157.00 4.037437
Spread Account Deposit 4,550,625.35 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
Class A-5
<TABLE>
<S> <C>
Original Principal Balance 28,550,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of Prior Distribution Date 28,550,000.00 1000.000000
Aggregate Unpaid Principal Balance as of Current Distribution Date 28,550,000.00 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 455,015.63 15.937500
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
------------
Total Interest Distributable Amount 455,015.63 15.937500
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 1,958,157.00 4.037437
Spread Account Deposit 4,550,625.35 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 5
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
Certificate
<TABLE>
<S> <C>
Original Principal Balance 33,950,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance as of prior Distribution Date 33,950,000.00 1000.000000
Aggregate Unpaid Principal Balance as of current Distribution Date 33,065,310.38 973.941396
Pool Factor 0.973941
Principal Distributable Amount:
Principal Distributable Amount 884,689.62 26.058604
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
----------
Total Principal Distributable Amount 884,689.62 26.058604
Interest Distributable Amount:
Interest Distributable Amount 526,225.00 15.500000
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
----------
Total Interest Distributable Amount 526,225.00 15.500000
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 1,958,157.00 4.037437
Spread Account Deposit 4,550,625.35 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>
<PAGE> 6
WFS FINANCIAL 1996-A OWNER TRUST
Delinquent Contracts Two or More P&I Payments
at End of Collateral Period
Under Section 4.09 (b) (v) of Service Agreement
for Master Service Report Date of July 31, 1996
<TABLE>
<CAPTION>
ACCOUNT MONTHLY SCHEDULED MATURITY
NUMBERS P&I BALANCE DATE
<S> <C> <C> <C>
400432328 214.90 8,683.73 10/07/00
400452987 358.69 18,308.62 11/12/01
400458794 250.00 9,604.58 12/13/00
400466391 270.98 10,015.55 01/23/01
400471292 337.78 13,873.84 01/20/01
410253476 260.81 10,334.18 08/28/00
410292334 363.40 14,072.48 02/02/01
420247189 175.89 3,320.86 05/17/98
420256685 518.80 21,901.60 12/16/00
420258459 296.00 11,893.98 12/21/00
420258673 328.65 7,582.83 12/13/98
420262485 266.97 6,364.78 01/18/99
420263129 279.13 12,099.55 01/21/01
420263855 445.30 19,810.08 01/05/01
430219725 429.19 18,071.66 01/14/01
440212746 354.91 17,136.16 03/03/01
460153460 259.61 9,338.47 02/29/00
460212365 185.91 6,987.58 11/27/00
460215848 253.43 10,255.65 12/17/00
460216630 263.29 5,953.21 12/27/98
460219675 192.89 4,570.48 12/23/98
460220202 366.99 15,459.57 01/04/01
460228833 472.73 21,934.97 02/24/01
470203224 526.63 21,488.65 12/10/00
470206201 444.01 15,837.92 12/09/00
470208819 446.18 18,465.48 12/16/00
470209221 170.11 7,219.30 01/03/01
470209981 215.93 9,087.48 12/28/00
470212936 438.00 17,674.69 01/20/01
470214791 261.88 9,862.73 01/11/01
470215368 362.40 14,684.65 01/27/01
470215780 244.07 6,139.88 01/19/99
470217745 288.52 12,293.70 01/22/01
690018796 298.91 12,488.85 09/10/00
1120042408 416.77 16,485.77 11/14/00
1120044115 147.59 3,887.28 01/18/99
1160028944 274.28 76.72 01/27/02
1220020081 487.77 16,168.61 02/17/01
1220037598 443.17 13,823.66 07/20/99
1220048694 201.76 9,305.10 04/04/01
1220048736 399.97 16,167.59 10/28/00
1220057687 270.20 9,851.01 11/12/00
1220060814 226.31 10,008.53 12/02/00
1220061242 315.47 13,731.67 11/06/00
1220064477 377.80 16,473.69 12/15/00
1220065342 301.58 14,093.01 07/29/01
1220069021 426.35 14,899.58 01/11/00
1220069674 356.73 9,187.46 01/24/99
1220072553 304.81 6,587.04 08/05/98
1220073882 332.31 10,447.59 02/18/00
1250050021 402.32 15,850.98 01/26/01
1430000849 295.60 10,063.07 06/04/00
1430000882 401.53 13,752.40 06/24/00
1440000282 331.23 9,610.30 09/17/99
1470003905 401.32 11,345.21 06/13/99
1470004071 403.77 13,433.27 12/28/99
1470004079 289.81 10,381.59 01/01/01
1470004133 340.05 14,088.55 07/06/01
</TABLE>
<PAGE> 7
WFS FINANCIAL 1996-A OWNER TRUST
Delinquent Contracts Two or More P&I Payments
at End of Collateral Period
Under Section 4.09 (b) (v) of Service Agreement
for Master Service Report Date of July 31, 1996
<TABLE>
<CAPTION>
ACCOUNT MONTHLY SCHEDULED MATURITY
NUMBERS P&I BALANCE DATE
<S> <C> <C> <C>
1470004163 397.35 13,972.13 01/22/01
1470004227 229.66 7,056.56 01/02/00
1470004238 421.30 14,390.66 07/23/00
1470004435 325.56 8,814.88 07/27/99
1480001520 260.24 7,743.54 07/03/99
1480002985 510.65 18,852.34 11/18/00
1480003129 204.65 4,976.11 04/13/99
1480003174 309.66 7,278.04 12/14/98
1480003304 60.22 1,146.98 01/06/98
1480003489 254.71 4,373.65 01/19/98
1480003632 178.12 3,383.16 02/15/98
1490000234 297.97 712.43 04/20/98
1490001606 374.42 12,739.37 09/28/00
1490001702 208.61 5,487.98 11/11/98
1500005383 352.33 12,943.03 12/08/00
1500005515 189.56 5,541.21 12/31/99
1520004458 146.93 3,404.40 01/20/99
1530004567 216.26 6,687.09 12/08/99
1530004619 373.76 13,704.67 02/04/01
1540005281 128.07 1,915.88 01/16/98
1550004418 246.06 7,267.24 07/19/99
1550005157 340.99 12,744.71 01/18/01
1550005328 225.34 9,324.60 02/21/01
1560005153 241.64 3,500.50 11/24/97
1560005451 171.28 4,108.91 11/30/98
1560005538 174.87 5,227.87 01/18/00
1560005693 202.82 9,433.43 02/25/01
1560005801 173.35 2,830.36 02/11/98
1570005554 184.90 4,475.14 01/26/99
1570005563 176.77 2,895.93 01/16/98
1590005615 179.06 2,532.66 12/28/97
1590005874 146.33 2,338.73 01/26/98
1590006000 220.87 8,404.43 12/28/00
1590006010 361.78 8,571.59 01/13/99
1610003782 292.61 11,414.86 01/30/01
1620002799 334.60 5,112.15 01/23/98
1650007049 164.36 2,026.44 09/23/97
1650007460 224.01 8,152.34 12/12/00
1650007541 213.33 7,826.28 12/15/00
1660005822 259.16 7,748.10 12/13/99
1660005823 396.59 14,922.63 01/13/01
1660005874 205.63 6,358.95 12/15/99
1660005974 382.04 11,666.34 12/23/99
1660005992 317.76 8,297.37 06/16/99
1660006073 240.89 6,397.06 08/10/99
1670003820 191.25 6,884.51 12/25/00
1670003933 197.47 6,979.17 02/01/00
1680003904 275.60 7,615.13 08/24/99
1680003937 223.46 8,117.16 02/22/01
1710003177 288.48 5,400.61 06/17/98
1720001088 471.70 9,625.45 09/14/98
1740002722 227.06 4,049.64 03/28/98
1740003111 275.67 10,557.79 01/09/01
1740003273 326.69 11,865.04 02/05/01
1750002576 97.52 1,530.54 09/13/97
1750004381 291.70 10,839.70 12/15/00
</TABLE>
<PAGE> 8
WFS FINANCIAL 1996-A OWNER TRUST
Delinquent Contracts Two or More P&I Payments
at End of Collateral Period
Under Section 4.09 (b) (v) of Service Agreement
for Master Service Report Date of July 31, 1996
<TABLE>
<CAPTION>
ACCOUNT MONTHLY SCHEDULED MATURITY
NUMBERS P&I BALANCE DATE
<S> <C> <C> <C>
1750004529 274.45 9,893.35 12/28/00
1750004607 267.30 9,394.84 07/15/00
1750004611 270.47 7,472.55 08/06/99
1750004735 209.66 6,450.72 02/15/00
1760004224 393.28 15,442.78 12/20/00
1760004530 251.31 8,530.50 02/18/00
1770002768 220.64 3,602.50 02/10/98
1780003437 196.75 4,365.72 01/29/99
1780003438 101.96 2,717.82 02/01/99
1790004423 182.08 2,437.02 11/04/97
1790004497 199.19 3,956.49 06/13/98
1790004576 166.97 5,520.07 11/24/99
1790004671 312.32 11,244.53 01/11/01
1790004826 246.99 8,970.41 02/15/01
1800004885 209.06 391.50 02/11/01
1800004984 221.18 5,564.26 02/04/99
1800004998 276.03 10,870.20 02/11/01
1800005070 381.98 11,600.62 03/15/00
1820003026 200.38 4,899.45 01/05/99
1850002063 250.30 3,988.29 12/04/97
1850002177 268.48 9,851.78 01/04/01
1870002707 228.36 8,108.89 02/10/01
1890001555 389.13 9,420.62 12/15/98
1890001572 191.68 3,179.94 12/29/97
1900001832 303.29 11,387.24 12/26/00
1900001948 354.09 9,184.05 08/07/99
1900001992 300.23 10,766.40 02/20/01
1910001484 369.73 13,885.56 12/02/00
1910001741 265.51 8,078.70 02/08/00
1950002152 238.62 3,796.09 01/30/98
1960001333 299.70 7,081.31 02/21/99
3010001363 330.81 7,477.38 02/22/99
3030001040 196.94 3,685.95 07/18/98
3030001114 320.10 10,666.44 02/08/00
3040001015 147.88 3,444.33 02/10/99
3050000708 450.04 16,288.60 12/14/00
3050000777 305.42 7,431.74 02/18/99
3070000690 229.17 6,738.13 01/25/00
3090000577 282.18 10,371.94 10/18/00
3090000899 341.58 11,916.10 08/22/00
3120000315 183.76 2,114.23 08/14/97
3120000385 250.47 2,939.28 08/20/97
3160000175 203.23 4,321.89 08/10/98
3180000276 170.62 1,278.24 12/28/96
3220000001 440.60 6,462.71 09/14/97
3270000264 122.60 2,122.27 01/24/98
3290000012 350.60 13,467.92 10/15/00
3330000254 256.28 8,708.61 12/09/00
3330000392 392.98 13,544.58 01/24/01
3330000416 250.87 7,518.75 02/17/00
3370000015 352.61 12,287.21 01/25/01
3370000068 240.74 7,003.35 02/18/00
47,235.66 1,506,548.74
</TABLE>
<PAGE> 9
WFS FINANCIAL 1996-A OWNER TRUST
Officer's Certificate
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
Detailed Reporting
See Schedule F
WFS Financial Inc, as Master Servicer, certifies that all computations
presented reflect accurate information as of July 31, 1996 and were
performed in conformity with the Sale and Servicing Agreement dated
June 1, 1996.
----------------------------------
Lee A. Whatcott
Sr. Vice President
Chief Financial Officer
----------------------------------
Jim Dowlan
Senior Executive Vice President
<PAGE> 1
Exhibit 21.2
WFS FINANCIAL 1996-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
<TABLE>
<CAPTION>
COLLECTIONS
DOLLARS
<S> <C> <C> <C>
Payments received 58,719,995.09
Plus:
Servicer Advances 1,914,406.69
Reimbursement of holds 882,615.30
-------------
2,797,021.99
Less:
Reimbursement Advances
Funds deposited in Holds Account 1,357,952.48
1,000,435.80
-------------
2,358,388.28
--------------
Total Funds Available for Distribution 59,158,628.80
==============
DISTRIBUTIONS
Servicing Fee 1,958,157.00
Trustee and Other Fees 178,821.42
Other Miscellaneous Payments 191,481.64
-------------
2,328,460.06
Note Interest Distributable Amount - Class A-1 466,694.66
Note Interest Distributable Amount - Class A-2 2,066,250.00
Note Interest Distributable Amount - Class A-3 1,739,375.00
Note Interest Distributable Amount - Class A-4 1,383,750.00
Note Interest Distributable Amount - Class A-5 455,015.63
-------------
Total Note Interest Distributable Amount 6,111,085.29
Certificate Interest Distributable Amount 526,225.00
-------------
Total Interest Distribution 6,637,310.29
Note Principal Distributable Amount - Class A-1 34,893,058.76
Note Principal Distributable Amount - Class A-2 thru A-5 9,864,484.72
Certificate Principal Distributable Amount 884,689.62
-------------
Total Principal Distribution 45,642,233.10
-------------
Total Principal and Interest Distribution 52,279,543.39
Spread Account Deposit 4,550,625.35
Total Distributions 59,158,628.80
==============
</TABLE>
<PAGE> 2
WFS FINANCIAL 1996-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
<TABLE>
<CAPTION>
PORTFOLIO DATA:
<S> <C> <C> <C>
# of loans
Beginning Security Balance 42,535 447,393,058.76
Less-Scheduled Principal Balance 0 19,900,952.27
Full Prepayments 2,624 20,244,214.04
Partial Prepayments 0 0.00
Liquidations 585 5,497,066.79
-------------
45,642,233.10
--------------
Ending Security Balance 39,326 401,750,825.66
OTHER RELATED INFORMATION:
Spread Account:
Beginning Balance 17,063,996.12
Deposits 4,550,625.35
Reductions 0.00
-------------
Ending Balance 21,614,621.47
Beginning Initial Deposit Repayment 14,550,000.00
Repayments 0.00
-------------
Ending Initial Deposit Repayment 14,550,000.00
Modified Accounts:
Principal Balance 0.00% 0.00
Scheduled Balance 0.00% 0.00
Servicer Advances
Beginning Unreimbursed Advances: 1,318,670.65
New Advances 1,914,406.69
Advances Reimbursed 1,357,952.48
-------------
Ending Unreimbursed Advances: 1,875,124.86
Holding Account:
Beginning Balance 798,686.80
Funds Deposited 1,000,435.80
Withdrawal to Collection Account 882,615.30
-------------
Ending Balance 916,507.30
Net Charge-Off Data: # of loans
Charge-Offs 600 2,880,375.66
Recoveries 274 556,169.05
-------------
Net Charge-Offs 326 2,324,206.61
Delinquencies ( P&I): # of loans
30-59 Days 365 3,538,511.78
60-89 Days 119 1,128,611.25
90-119 Days 55 516,486.00
120-149 Days 0 0.00
150 days and over 0 0.00
Repossessions 123 654,950.45
Contracts Repurchased (pursuant to Sect. 3.02, 4.07, or 9.01 of
the Sale and Servicing Agreement) 0 0.00
Charge-Off Percentage 2.14%
Delinquency Percentage 0.48%
WAC 15.3956%
WAM 51.408
</TABLE>
<PAGE> 3
WFS Financial Inc. as Master Servicer, certifies that all computations
presented reflect accurate information as of and were performed
in conformity with the Sale and Servicing Agreement dated June 1, 1996
WFS FINANCIAL 1996-A OWNER TRUST
Distribution Date Statement
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
<TABLE>
<CAPTION>
Original Beginning Prior Current Remaining TOTAL
Principal Outstanding Principal Principal Outstanding PRINCIPAL
Balance Principal Principal Carryover Carryover Principal Principal AND INTEREST
Classes Balance Distributable Shortfall Shortfall Distribution Balance DISTRIBUTION
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 72,500,000.00 34,893,058.76 34,893,058.76 0.00 0.00 34,893,058.76 0.00 35,359,753.42
A-2 145,000,000.00 145,000,000.00 9,864,484.72 0.00 0.00 9,864,484.72 135,135,515.28 11,930,734.72
A-3 115,000,000.00 115,000,000.00 0.00 0.00 0.00 0.00 115,000,000.00 1,739,375.00
A-4 90,000,000.00 90,000,000.00 0.00 0.00 0.00 0.00 90,000,000.00 1,383,750.00
A-5 28,550,000.00 28,550,000.00 0.00 0.00 0.00 0.00 28,550,000.00 455,015.63
Certificate 33,950,000.00 33,950,000.00 884,689.62 0.00 0.00 884,689.62 33,065,310.38 1,410,914.62
TOTAL 485,000,000.00 447,393,058.76 45,642,233.10 0.00 0.00 45,642,233.10 401,750,825.66 52,279,543.39
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Interest Interest Deficiency Policy
Note Interest Calculated Carryover Carryover Interest Claim Claim
Classes Rate Interest Shortfall Shortfall Distribution Amount Amount
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 5.35% 466,694.66 0.00 0.00 466,694.66 0.00 0.00
A-2 5.70% 2,066,250.00 0.00 0.00 2,066,250.00 0.00 0.00
A-3 6.05% 1,739,375.00 0.00 0.00 1,739,375.00 0.00 0.00
A-4 6.15% 1,383,750.00 0.00 0.00 1,383,750.00 0.00 0.00
A-5 6.38% 455,015.63 0.00 0.00 455,015.63 0.00 0.00
Certificate 6.20% 526,225.00 0.00 0.00 526,225.00 0.00 0.00
0.00 0.00
Note Percentage 91.769697%
Certificate Percentage 8.230303%
TOTAL 6,637,310.29 0.00 0.00 6,637,310.29
</TABLE>
<PAGE> 4
WFS FINANCIAL 1996-A OWNER TRUST
Statement to Securityholders
for Master Service Report Date of July 31, 1996
for Distribution Date of September 1, 1996
Class A-1
<TABLE>
<S> <C>
Original Principal Balance 72,500,000.00
</TABLE>
<TABLE>
<CAPTION>
PER $1000
ORIG PRIN
AGGREGATE BALANCES: TOTALS BALANCE
<S> <C> <C> <C>
Aggregate Unpaid Principal Balance
as of Prior Distribution Date 34,893,058.76 481.283569
Aggregate Unpaid Principal Balance
as of Current Distribution Date 0.00 0.000000
Pool Factor 0.000000
Principal Distributable Amount:
Principal Distributable Amount 34,893,058.76 481.283569
Plus: Prior Principal Carryover Shortfall 0.00 0.000000
Less: Current Principal Carryover Shortfall 0.00 0.000000
-------------
Total Principal Distributable Amount 34,893,058.76 481.283569
Interest Distributable Amount:
Interest Distributable Amount 466,694.66 6.437168
Plus: Prior Interest Carryover Shortfall 0.00 0.000000
Less: Current Interest Carryover Shortfall 0.00 0.000000
-------------
Total Interest Distributable Amount 466,694.66 6.437168
</TABLE>
<TABLE>
<CAPTION>
PER $1000
AGGREGATE
AGGREGATE SECURITY RELATED INFORMATION: ORIG PRIN BAL
<S> <C> <C>
Servicing Fee 1,958,157.00 4.037437
Spread Account Deposit 4,550,625.35 n/a
Note Percentage 91.769697% n/a
Certificate Percentage 8.230303% n/a
</TABLE>