WFS Financial Announces Completion of Successful Rights Offering

    IRVINE, Calif.--May 30, 2001--WFS Financial Inc today announced the successful completion of its previously announced rights offering.
    WFS Financial raised a total of $116 million through the issuance of 6.4 million additional common shares at a price of $18.25 per share. All unexercised rights expired on May 25, 2001. With the completion of this offering, WFS Financial's total number of common shares issued and outstanding increased 22% to 35.0 million shares.
    "This transaction was well received by our shareholders and was significantly oversubscribed, reflecting our shareholders' confidence in our company," said Joy Schaefer, chief executive officer of WFS Financial. "The additional capital is designed to enhance shareholder value by supporting the significant growth we continue to experience in our nationwide automobile finance business."
    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.