WFS Financial Announces Subordinated Capital Debentures Offering

    IRVINE, Calif.--April 16, 2002--WFS Financial Inc today announced that its parent company, Western Financial Bank is offering $200 million of subordinated capital debentures. The proceeds from the debentures will be used to fund the growth in automobile contracts at WFS.
    The offering is being made pursuant to a registration statement filed with the Office of Thrift Supervision. This news release is not an offer to sell or a solicitation of an offer to buy the debentures referred to above, and they will not be sold in any state or jurisdiction in which an offer, solicitation or sale would be unlawful under the securities laws of that state or jurisdiction.
    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.