WFS Financial Announces the Appointment of a New President

    IRVINE, Calif.--Feb. 8, 2002--WFS Financial Inc announced today that Tom Wolfe, its president, will assume the added duties and titles of chief executive officer and president of Westcorp, the company's ultimate parent, effective immediately.
    Tom Wolfe has been with WFS Financial since April 1998 and has served as its president since March 1999. WFS Financial and Westcorp do not anticipate that there will be any significant changes in the current business activities or direction of the companies.
    Joy Schaefer, previous chief executive officer and president of Westcorp has resigned to pursue other interests. "Joy will certainly be missed as her accomplishments and commitment to our organization were instrumental in creating the financial and professional successes we are most proud of today," commented Ernest Rady, chairman of the board of WFS Financial and Westcorp.
    WFS is one of the nation's largest independent automobile finance companies. WFS specializes in originating, securitizing and servicing new and pre-owned 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.