Westcorp Announces Completion of a $1.7 Billion Automobile Asset-Backed Securitization Transaction

IRVINE, Calif.--Aug. 2, 20038, 2003--Westcorp announced today the completion of a $1.7 billion automobile receivable asset-backed securities offering.

The offering was lead managed by Credit Suisse First Boston and co-managed by Banc of America Securities LLC, Barclays Capital, Citigroup, and Deutsche Bank Securities.

The securities were issued in five classes of Notes:

Security       Amount       Average     Price    Interest
                           Life (yrs)              Rate

A-1 Notes    $275,000,000     0.42    100.00000   1.12875%

A-2 Notes    $370,000,000     1.00     99.99920   1.58%

A-3A Notes   $203,000,000     2.00     99.98183   2.29%

A-3B Notes   $367,000,000     2.00    100.00000   3 mo. LIBOR + 0.13%

A-4 Notes    $435,000,000     3.36     99.98519   3.25%

Total      $1,650,000,000

The Class A-1, A-2, A-3A and A-4 Notes are priced on a fixed rate basis while the Class A-3B Notes are priced on a variable rate basis in order for the Company to take full advantage of the current interest rate environment, as well as to expand its current base of investors.

The Class A-1 Notes will be rated A-1+ by Standard & Poor's and Prime-1 by Moody's Investor Service. The Class A-2, A-3A, A-3B, and A-4 Notes will be rated AAA by Standard & Poor's and Aaa by Moody's. Timely principal and interest payments on the Notes are guaranteed by an insurance policy provided by Financial Security Assurance Inc. The rating by Standard & Poor's of the Class A-1 Notes will be issued without regard to the benefit afforded by the Note Policy. The ratings by Standard & Poor's of the Class A-2, A-3A, A-3B, and A-4 Notes, as well as the ratings by Moody's of all of the Notes will be based on the issuance of the Note Policy by FSA.

WFS Receivables Corporation 2 ("WFSRC2"), a subsidiary of Westcorp, purchased contracts from WFS Financial on a whole loan basis at a price of 103% as part of this transaction. As a result, WFS Financial recorded a cash gain on sale, net of costs, of $18.8 million. This purchase transaction will eliminate on consolidation of WFS Financial with Westcorp.

"This sale is designed to most efficiently utilize the additional capital raised at Westcorp through its follow-on offering completed last quarter," said Tom Wolfe, President of Westcorp.

WFSRC2 transferred its security interest in the contracts to the WFS Financial 2003-3 Owner Trust, which in turn issued $1.7 billion in automobile receivable asset-backed securities. The transaction will be accounted for as a secured financing at Westcorp.

Westcorp and its affiliates is the largest non-captive issuer of automobile asset-backed securities in the United States having issued over $33 billion of such securities in 60 transactions to date. Westcorp is a financial services holding company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank. Westcorp is a publicly owned company whose common stock is traded on the New York Stock Exchange under the symbol WES.

Westcorp, through its subsidiary, WFS Financial, is one of the nation's largest independent automobile finance companies. WFS Financial 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 Financial can be found at its Web site at http://www.wfsfinancial.com.

Westcorp, through its subsidiary, Western Financial Bank, operates 18 retail bank branches and provides commercial banking services in Southern California. Information on the products and services offered by the Bank can be found at its Web site at http://www.wfb.com.