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WFS Financial Announces Record $1.0 Billion Asset-Backed Securitization

12 February 1999

WFS Financial Announces Record $1.0 Billion Asset-Backed Securitization

    IRVINE, Calif.--Feb. 11, 1999--WFS Financial Inc (Nasdaq:WFSI; www.wfsfinancial.com) announced today the pricing of $1.0 billion of automobile receivable asset-backed securities. The offering is the largest securitization issued to date by WFS. Since 1985, WFS has securitized over $13 billion of automobile asset-backed securities in 44 transactions, making it the fourth largest issuer in the U.S.
    "The pricing of this deal reflects confidence bond investors have in WFS' performance as an issuer as well as improved conditions in the market. We are pleased with the successful execution by our investment bankers," said Lee A. Whatcott, Chief Financial Officer of WFS.
    The securities are issued via an owner trust, WFS Financial 1999-A, in five classes:

Security        Amount    Average Life   Coupon      Price      Annual 
                              (yrs)                              Yield
A-1          $190,000,000      0.41       5.008%   100.000000   5.008%

A-2          $220,000,000      1.00       5.385%   100.000000   5.495%

A-3          $345,000,000      1.98       5.550%    99.920088   5.630%

A-4          $135,000,000      3.02       5.700%    99.894397   5.778%

Certificates $110,000,000      3.68       5.950%    99.960749   6.005%

    The Class A-1 Notes will be rated A-1+ by Standard & Poor's and P-1 by Moody's Investor Services, Inc. The Class A-2, A-3, A-4 Notes and the Certificates will each be rated AAA by Standard & Poor's and Aaa by Moody's. Timely principal and interest payments on the Notes are guaranteed by an insurance policy provided by Financial Security Assurance Inc. The ratings by Standard & Poor's of the Notes will be issued without regard to the benefit afforded by the insurance policy. The rating by Moody's of the Class A-1 Notes will be substantially based upon the issuance of the insurance policy, with the rating by Moody's of the Class A-2, A-3, A-4 Notes to be based on the issuance of the insurance policy. The ratings by each Rating Agency of the Certificates will be based on the issuance of the insurance policy by FSA.
    The offering was led by Donaldson Lufkin & Jenrette and co-managed by Bear, Stearns & Co. Inc., Credit Suisse First Boston and NationsBanc Montgomery Securities LLC, and is expected to close on February 18, 1999.
    WFS is a nationwide automobile finance company specializing in the purchase, securitization and service of prime and non-prime credit quality automobile contracts. WFS currently services over $4.5 billion of automobile contracts.