WFS Financial Announces Completion of Successful Rights Offering Transaction

    IRVINE, Calif.--March 12, 2002--WFS Financial Inc today announced the successful completion of its previously announced rights offering.
    WFS Financial raised a total of $110 million in gross proceeds through the issuance of 6.1 million additional common shares at a price of $18.00 per share. All unexercised rights expired on March 4, 2002. With the completion of this offering, WFS Financial's total number of common shares issued and outstanding increased 18% to 41.1 million shares.
    "This transaction was well received and significantly oversubscribed reflecting shareholder confidence in the company," said Tom Wolfe, 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 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.