WFS Financial Announces Terms of Rights Offering

    IRVINE, Calif.--April 25, 2001--WFS Financial Inc today announced that the Board of Directors has approved the price for the previously announced rights offering of $18.25 per share.
    Holders of record of common stock as of the close of business on April 30, 2001 will receive one basic subscription right, at no cost to those holders, for each share of common stock held by them. Holders will be entitled to purchase one share of WFS Financial stock for each 4.5 rights that they hold. These rights are transferable and will be traded on the Nasdaq National Market under the symbol "WFSIR."
    The rights will expire on May 25, 2001 at 5 p.m., Eastern Daylight Time, unless the company decides, in its sole discretion, to extend the expiration date. If all of the shares offered are purchased, the total number of outstanding shares of common stock will be increased by 22%. The company also announced that the Securities and Exchange Commission has today declared effective the registration statement relating to this rights offering.
    As soon as practicable after the record date, the company expects to mail to its stockholders of record a final prospectus for this rights offering accompanied by a subscription warrant and related instructions for exercising or selling their rights. The prospectus will contain a description of the rights offering and other relevant information.
    If the final prospectus and other subscription materials do not arrive within a reasonable time after the record date, stockholders should notify their broker or they may contact the information agent, Mellon Investor Services LLC, at 44 Wall Street, 7th Floor, New York, NY 10005 or telephone 866/825-8874.

    This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.

    WFS is one of the nation's largest independent automobile finance companies. WFS specializes in originating, securitizing, and servicing new and used prime and non-prime credit quality automobile contracts through its nationwide relationships with automobile dealers. Information about WFS can be found at its Web site at http://www.wfsfinancial.com.