WFS Financial Announces its Third Senior/Subordinated Securitization Transaction

    IRVINE, Calif.--May 15, 2003--WFS Financial Inc today announced the pricing of a $1.5 billion offering of automobile receivable asset-backed securities.
    The offering was lead managed by Banc of America Securities LLC and co-managed by Citigroup, Credit Suisse First Boston, Deutsche Bank Securities and Merrill Lynch & Co. This offering is expected to close on May 29, 2003.
    The securities will be issued via an owner trust, WFS Financial 2003-2, in seven classes of Notes:

Security            Amount   Average Life   Coupon   Price    Annual
                                (yrs)                          Yield
                                   
A-1 Notes        $335,000,000    0.36       1.26%  100.00000   1.260%
A-2 Notes        $291,000,000    1.00       1.32%   99.99463   1.329%
A-3 Notes        $395,000,000    2.00       1.76%   99.99688   1.768%
A-4 Notes        $299,000,000    3.28       2.41%   99.97573   2.430%
B Notes           $63,750,000    2.09       2.48%   99.99343   2.496%
C Notes           $67,500,000    2.08       3.05%   99.99458   3.072%
D Notes           $41,250,000    2.00       3.80%   99.98477   3.838%
Total          $1,492,500,000    1.70       2.11%              2.127%

    The ratings will be provided by Standard & Poor's Rating Services, Moody's Investor Service Inc. and Fitch Ratings. This transaction will employ a combination of subordinated notes and spread accounts to support the ratings.

                      Rating

Security     Standard &     Moody's      Fitch
                Poor's

A-1 Notes        A-1+        Prime-1       F1+
A-2 Notes         AAA          Aaa         AAA
A-3 Notes         AAA          Aaa         AAA
A-4 Notes         AAA          Aaa         AAA
B Notes            AA          Aa2          AA
C Notes             A           A2           A
D Notes           BBB         Baa2         BBB

    WFS and its affiliates are the largest non-captive issuer of automobile asset-backed securities in the United States having issued a total of $31.6 billion of such securities in 59 transactions to date.
    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.