Westcorp Reports Third Quarter Net Income
IRVINE, Calif.--Oct. 21, 2003--| -- Net income rose 35% to $29.3 million for the quarter |
-- Automobile delinquencies declined 73 basis points to 2.70% at end of the quarter
-- Automobile credit losses improved 15 basis points to 2.58% for the third quarter
Westcorp today reported that net income increased 35% to $29.3 million for the third quarter of 2003 compared with $21.7 million for the same period a year ago. Earnings per diluted share increased 16% to $0.64 for the third quarter of 2003 compared with $0.55 for the same period a year earlier. For the nine months ended Sept. 30, 2003, net income increased 40% to $84.5 million or $2.03 per diluted share compared with $60.2 million or $1.55 per diluted share for the same period a year earlier.
"Improved asset quality trends and higher automobile origination growth were key drivers to our third quarter performance," said Tom Wolfe, President of Westcorp. "Originations from our national dealer relationships and newer geographic markets contributed to this growth. Overall used car sales improved this quarter, which also contributed to our growth. Our improved credit loss experience this quarter reflects our continued shift towards a higher concentration of prime credit quality origination and some stabilization of the used car market. As a result, we still expect to achieve our expected 2003 earnings per share of $2.75."
Automobile contract purchases totaled $1.7 billion for the third quarter of 2003, a 17% increase from the same period a year earlier. For the nine months ended Sept. 30, 2003, automobile contract purchases totaled $4.6 billion compared with $4.2 billion a year ago. As a result of higher contract originations, the company's portfolio of managed automobile contracts reached $10.5 billion at Sept. 30, 2003, up from $9.3 billion a year ago.
Annualized credit loss experience for the third quarter improved 15 basis points to 2.58% of average managed automobile contracts compared with 2.73% for the same period a year ago. For the nine months ended Sept. 30, 2003, annualized credit loss experience was 2.59% compared with 2.56% for the same period a year earlier. The percentage of outstanding automobile contracts 30 days or more delinquent improved 73 basis points to 2.70% at Sept. 30, 2003 compared with 3.43% for the same period a year ago.
During the quarter, the company successfully completed the sale of 5.3 million additional shares of Westcorp common stock, including the underwriters' overallotment. The offering was upsized 20% from its original size of 4.4 million shares due to strong investor demand. The sale was completed at a price of $28.00 per share. Simultaneously with this public offering, Westcorp sold 700,000 shares of its common stock to affiliates of Ernest Rady, Chairman of the Board and CEO and 130,000 shares of its common stock to its employee stock ownership plan through a private placement at the same price as the public offering. As a result of these transactions, the company issued a total of 6.1 million additional shares of common stock raising a total of $163 million.
"The significant increase in capital brings our total equity to assets ratio to 7.5% at the end of the quarter compared with 6.6% a year ago, which provides us a strong capital base to continue to profitably grow our business," said Lee Whatcott, CFO of Westcorp. "Standard & Poor's Rating Services recently revised their outlook on our company from stable to positive due in part to our improving capital levels and profitability."
Net interest income increased 14% to $181 million for the three months ended Sept. 30, 2003 compared with $159 million for the same period a year ago. For the nine months ended Sept. 30, 2003, net interest income grew 16% to $521 million compared with $448 million for the same period a year earlier. Net interest margin for the three months ended Sept. 30, 2003 was 4.86% compared with 4.93% for the same period a year earlier. For the nine months ended Sept. 30, 2003, net interest margin was 4.94% compared with 5.12% for the same period a year ago. Net interest income increased as more automobile contracts were held on the balance sheet offset by narrower net interest margins as the company continues to shift its portfolio to a higher percentage of prime credit quality automobile contracts. Higher prepayments in its mortgage-backed securities portfolio also contributed to narrower net interest margins.
The company continued to shift its overall deposit mix from certificates of deposit to lower cost demand deposit and money market accounts. Total demand deposit and money market accounts increased $251 million or 36% to $955 million at Sept. 30, 2003 compared with the same period a year ago. Total cost of deposits declined to 3.16% for the three months ended Sept. 30, 2003 compared with 3.74% for the same period a year ago. For the nine months ended Sept. 30, 2003, total cost of deposits declined to 3.39% compared with 3.72% for the same period a year earlier.
Provision for credit losses totaled $73.2 million for the three months ended Sept. 30, 2003 compared with $81.0 million for the same period a year ago. For the nine months ended Sept. 30, 2003, provision for credit losses totaled $221 million compared with $209 million for the same period a year earlier. The allowance for credit losses as a percentage of owned automobile contracts outstanding was 2.7% at Sept. 30, 2003 compared with 2.6% for the same period a year earlier.
Total noninterest income, which includes primarily automobile servicing related fee income, increased 5% to $27.8 million for the three months ended Sept. 30, 2003 compared with $26.4 million for the same period a year earlier. For the nine months ended, Sept. 30, 2003, noninterest income increased 30% to $83.3 million compared with $64.3 million the same period a year ago. This increase was primarily the result of the elimination of amortization on the company's retained interest in securitized assets in 2002.
Noninterest expense of $66.7 million improved to 32% of total revenues for the third quarter of 2003 compared with $62.2 million or 34% for the same period a year ago. For the nine months ended Sept. 30, 2003, noninterest expense of $208 million improved to 34% of total revenues compared with $188 million or 37% of total revenues for the same period a year earlier.
Minority interest in subsidiaries increased $8.4 million for the three months ended Sept. 30, 2003 compared with the same period a year earlier as a result of WFS Financial, an 84% owned subsidiary of Westcorp, selling $1.7 billion of automobile contracts to an 100% owned subsidiary of Westcorp.
Earnings Conference Call
Westcorp, along with its subsidiary WFS Financial, will host a conference call for analysts and investors at 9 a.m. (PDT) on Wednesday, Oct. 22, 2003. As part of this conference call, the company's management will discuss earnings results for the quarter. For a live Internet broadcast of this conference call, please go to the company's Web site at http://www.westcorpinc.com to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
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, 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.
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.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended. Forward-looking statements are identified by the use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," and similar terms and phrases, including references to assumptions. Forward-looking statements in this press release relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable. In addition, these statements relate to the company's future prospects, developments and business strategies and include information regarding the company's improved asset quality trends and higher automobile origination growth, the shift towards a higher concentration of prime credit quality originations and automobile contracts and the company's shift of its overall deposit mix. Forward-looking statements also include statements regarding the company's ability to profitably grow its business, the company's improving capital levels and profitability and its expectation to achieve specified earnings per share for 2003.
These statements are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond its control, that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements. In particular, there can be no assurances that improved asset quality trends, automobile origination growth, improved credit loss experience or other operational improvements identified in this press release will continue in future periods.
The following factors are among those that may cause actual results to differ materially from the forward-looking statements: changes in general economic and business conditions; interest rate fluctuations, including hedging activities; the company's financial condition and liquidity, as well as future cash flow and earnings and the level of operating expenses; competition; the effect, interpretation, or application of new or existing laws, regulations, court decisions and significant litigation; and the level of chargeoffs on the automobile contracts that the company originates.
A further list of these risks, uncertainties and other matters can be found in the company's filings with the Securities and Exchange Commission. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the company's actual results may vary materially from those expected, estimated or projected. The information contained in this press release is as of Oct. 2, 20031, 2003. The company assumes no obligation to update any forward-looking statements to reflect future events or circumstances.
WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
For the Three Months For the Nine Months
Ended Ended
September 30, September 30,
2003 2002 2003 2002
(Dollars in thousands, except share and per
share amounts)
Interest income:
Loans, including
fees $293,019 $265,814 $861,169 $748,589
Mortgage-backed
securities 15,936 30,778 61,950 86,440
Investment
securities 232 108 412 341
Other 1,724 2,306 4,805 5,840
TOTAL INTEREST
INCOME 310,911 299,006 928,336 841,210
Interest expense:
Deposits 15,695 20,447 50,269 61,642
Notes payable on
automobile
secured financing 101,803 105,911 319,136 301,083
Other 12,550 13,618 37,852 30,431
TOTAL INTEREST
EXPENSE 130,048 139,976 407,257 393,156
NET INTEREST INCOME 180,863 159,030 521,079 448,054
Provision for credit
losses 73,150 80,996 221,071 209,043
NET INTEREST INCOME
AFTER PROVISION FOR
CREDIT LOSSES 107,713 78,034 300,008 239,011
Noninterest income:
Automobile lending 23,471 16,775 67,764 45,190
Other 4,362 9,635 15,552 19,111
TOTAL NONINTEREST
INCOME 27,833 26,410 83,316 64,301
Noninterest expense:
Salaries and
associate
benefits 40,016 34,684 120,950 105,738
Credit and
collections 8,655 8,442 27,004 26,695
Data processing 4,258 4,485 13,690 13,625
Occupancy 4,041 3,729 11,784 11,158
Other 9,775 10,867 34,412 30,625
TOTAL NONINTEREST
EXPENSE 66,745 62,207 207,840 187,841
INCOME BEFORE INCOME TAX 68,801 42,237 175,484 115,471
Income tax 27,343 16,824 69,544 44,974
INCOME BEFORE MINORITY
INTEREST 41,458 25,413 105,940 70,497
Minority interest in
earnings of subsidiaries 12,123 3,740 21,453 10,263
NET INCOME $29,335 $21,673 $84,487 $60,234
Net income per common share:
Basic $0.65 $0.55 $2.05 $1.57
Diluted $0.64 $0.55 $2.03 $1.55
Weighted average number
of common shares
outstanding:
Basic 45,033,836 39,189,744 41,154,810 38,382,794
Diluted 45,786,913 39,506,307 41,680,576 38,751,631
Dividends declared $0.13 $0.12 $0.39 $0.36
WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
September 30, December 31,
2003 2002
(Dollars in thousands)
ASSETS
Cash and due from banks $182,963 $84,215
Restricted cash 186,319 71,763
Investment securities available for sale 57,634 10,425
Mortgage-backed securities available for
sale 2,664,156 2,649,657
Loans receivable 11,010,857 9,443,901
Allowance for credit losses (298,278) (269,352)
Loans receivable, net 10,712,579 9,174,549
Amounts due from trusts 101,473
Premises and equipment, net 81,427 78,664
Other 353,510 311,893
TOTAL ASSETS $14,238,588 $12,482,639
LIABILITIES
Deposits $1,969,134 $1,974,984
Notes payable on automobile secured
financing 10,108,203 8,494,678
Securities sold under agreements to
repurchase 245,844 276,600
Federal Home Loan Bank advances 383,676 336,275
Amounts held on behalf of trustee 177,642
Subordinated debentures 394,494 400,561
Other 153,359 107,036
TOTAL LIABILITIES 13,254,710 11,767,776
Minority interest 124,525 101,666
SHAREHOLDERS' EQUITY
Common stock (par value $1.00 per share;
authorized 65,000,000
shares; issued and outstanding
45,402,592 shares at
Sept. 30, 2003 and 39,200,474
shares at Dec. 31, 2002) 45,403 39,200
Paid-in capital 508,775 350,018
Retained earnings 394,315 325,529
Accumulated other comprehensive loss, net
of tax (89,140) (101,550)
TOTAL SHAREHOLDERS' EQUITY 859,353 613,197
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $14,238,588 $12,482,639
The following table presents information relative to the average
balances and interest rates on an owned basis for the periods
indicated:
For the Three Months Ended
September 30,
2003
Average Yield/
Balance Interest Rate
(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities $2,516,193 $15,936 2.53%
Other short-term investments 473,758 1,713 1.43
Investment securities 33,208 231 2.79
Interest earning deposits
with others 6,803 12 0.70
Total investments 3,029,962 17,892 2.36
Total loans:(a)
Consumer loans 10,463,303 288,138 10.93
Mortgage loans 239,544 3,204 5.35
Commercial loans 131,575 1,677 4.99
Total loans 10,834,422 293,019 10.73
Total interest
earning assets $13,864,384 310,911 8.90%
Interest bearing liabilities:
Deposits $1,968,859 15,695 3.16%
Securities sold
under agreements
to repurchase 203,641 1,032 1.98
FHLB advances and
other borrowings 515,980 1,689 1.29
Notes payable on
automobile secured
financing 9,763,149 101,803 4.17
Subordinated debentures 394,804 9,829 9.96
Total interest
bearing liabilities $12,846,433 130,048 4.04%
Net interest income
and interest rate spread $ 180,863 4.86%
Net yield on average
interest earning assets 5.22%
For the Three Months Ended
September 30,
2002
Average Yield/
Balance Interest Rate
(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities $2,272,590 $30,778 5.42%
Other short-term investments 444,900 2,279 2.03
Investment securities 8,137 108 5.33
Interest earning deposits
with others 8,016 27 1.37
Total investments 2,733,643 33,192 4.86
Total loans:(a)
Consumer loans 8,543,283 259,706 12.06
Mortgage loans 311,449 4,844 6.22
Commercial loans 86,792 1,264 5.70
Total loans 8,941,524 265,814 11.80
Total interest earning assets $11,675,167 299,006 10.17%
Interest bearing liabilities:
Deposits $2,166,683 20,447 3.74%
Securities sold
under agreements
to repurchase 142,443 1,752 2.40
FHLB advances and
other borrowings 105,233 672 2.52
Notes payable on
automobile secured financing 7,827,404 105,911 5.41
Subordinated debentures 433,026 11,194 10.34
Total interest
bearing liabilities $10,674,789 139,976 5.24%
Net interest income
and interest rate spread $ 159,030 4.93%
Net yield on average
interest earning assets 5.45%
For the Nine Months Ended
September 30,
2003
Average Yield/
Balance Interest Rate
(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities $2,514,424 $61,950 3.29%
Other short-term investments 374,964 4,750 1.69
Investment securities 15,581 412 3.53
Interest earning deposits with
others 8,383 55 0.87
Total investments 2,913,352 67,167 3.07
Total loans:(a)
Consumer loans 10,056,540 846,270 11.25
Mortgage loans 255,896 10,543 5.49
Commercial loans 120,639 4,356 4.76
Total loans 10,433,075 861,169 11.03
Total interest earning assets $13,346,427 928,336 9.30%
Interest bearing liabilities:
Deposits $1,981,146 50,269 3.39%
Securities sold under agreements
to repurchase 218,569 3,433 2.07
FHLB advances and other
borrowings 444,529 4,775 1.45
Notes payable on automobile
secured financing 9,426,038 319,136 4.51
Subordinated debentures 396,742 29,644 9.96
Total interest bearing liabilities $12,467,024 407,257 4.36%
Net interest income and interest
rate spread $ 521,079 4.94%
Net yield on average interest
earning assets 5.21%
For the Nine Months Ended
September 30,
2002
Average Yield/
Balance Interest Rate
(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities $2,140,819 $86,440 5.38%
Other short-term investments 356,517 5,770 2.16
Investment securities 6,908 341 6.58
Interest earning deposits with
others 6,245 70 1.50
Total investments 2,510,489 92,621 4.92
Total loans:(a)
Consumer loans 7,921,167 728,566 12.30
Mortgage loans 333,479 15,844 6.33
Commercial loans 93,124 4,179 5.92
Total loans 8,347,770 748,589 11.99
Total interest earning assets $10,858,259 841,210 10.35%
Interest bearing liabilities:
Deposits $2,216,250 61,642 3.72%
Securities sold under agreements
to repurchase 191,654 3,849 2.65
FHLB advances and other
borrowings 206,733 3,566 2.32
Notes payable on automobile
secured financing 7,112,337 301,083 5.64
Subordinated debentures 305,939 23,016 10.03
Total interest bearing liabilities $10,032,913 393,156 5.23%
Net interest income and interest
rate spread $ 448,054 5.12%
Net yield on average interest
earning assets 5.50%
(a) For the purpose of these computations, nonaccruing contracts
are included in the average amounts outstanding.
WESTCORP AND SUBSIDIARIES
OTHER FINANCIAL DATA AND STATISTICAL SUMMARY
Q3 2003 Q2 2003 Q1 2003
(Dollars in thousands, except per share amounts
and number of accounts)
Earnings:
Net interest income $180,863 $173,925 $166,290
Provision for credit losses 73,150 68,036 79,884
Noninterest income 27,833 27,731 27,753
Noninterest expense 66,745 72,657 68,439
Income before taxes 68,801 60,963 45,720
Income taxes 27,343 23,975 18,226
Net income 29,335 31,603 23,549
Equity:
Earning per share -- basic $0.65 $0.81 $0.60
Earning per share -- diluted 0.64 0.80 0.60
Dividend per share -- diluted 0.13 0.13 0.13
Book value per share (period
end)(a) 20.89 19.39 18.71
Stock price per share
(period end) 34.95 28.00 18.57
Total equity to assets(b) 7.54% 6.38% 6.30%
Return on average equity(a) 12.92 16.96 13.05
Average shares outstanding --
diluted 45,786,913 39,676,670 39,452,915
Loan Portfolio:
Automobile contracts purchased $1,683,402 $1,586,616 $1,353,053
Automobile contracts managed
(period end) 10,475,948 10,049,966 9,650,229
Number of accounts managed
(period end) 818,125 796,688 775,090
Average automobile contracts
managed $10,284,067 $9,839,661 $9,533,314
Return on average automobile
contracts(c) 1.14% 1.28% 0.99%
Credit Quality:
Delinquency rate (30+ days) 2.70% 2.75% 2.41%
Reposessions to total contracts 0.11 0.09 0.11
Net chargeoffs (annualized) 2.58 2.33 2.86
Allowance to automobile contracts 2.71 2.75 2.76
Operations:
Total assets $14,238,588 $13,665,109 $13,314,876
Noninterest expense to total
revenues 31.98% 36.03% 35.27%
WESTCORP AND SUBSIDIARIES
OTHER FINANCIAL DATA AND STATISTICAL SUMMARY
Q4 2002 Q3 2002
(Dollars in thousands, except per share amounts
and number of accounts)
Earnings:
Net interest income $163,971 $159,030
Provision for credit losses 97,189 80,996
Noninterest income 26,352 26,410
Noninterest expense 63,466 62,207
Income before taxes 29,668 42,237
Income taxes 7,294 16,824
Net income 19,484 21,673
Equity:
Earning per share -- basic $0.50 $0.55
Earning per share -- diluted 0.49 0.55
Dividend per share -- diluted 0.12 0.12
Book value per share (period end)(a) 18.23 17.84
Stock price per share (period end) 21.00 20.00
Total equity to assets(b) 6.54% 6.55%
Return on average equity(a) 11.10 12.56
Average shares outstanding --
diluted 39,442,393 39,506,307
Loan Portfolio:
Automobile contracts purchased $1,211,016 $1,444,185
Automobile contracts managed (period end) 9,389,974 9,269,265
Number of accounts managed (period end) 757,269 751,654
Average automobile contracts managed $9,366,392 $9,102,663
Return on average automobile contracts(c) 0.83% 0.96%
Credit Quality:
Delinquency rate (30+ days) 3.50% 3.43%
Reposessions to total contracts 0.18 0.11
Net chargeoffs (annualized) 3.34 2.73
Allowance to automobile contracts 2.85 2.66
Operations:
Total assets $12,482,639 $12,180,714
Noninterest expense to total revenues 33.35% 33.55%
(a) Excludes other comprehensive income
(b) Excludes other comprehensive income and includes minority interest
(c) Net income (annualized) divided by average automobile contracts
managed
WESTCORP AND SUBSIDIARIES
CUMULATIVE STATIC POOL LOSS CURVES (UNAUDITED)
At Sept. 30, 2003
The following table sets forth the cumulative static pool losses
by month for all outstanding public securitized pools:
Period(a) 1999-B 1999-C 2000-A 2000-B 2000-C 2000-D 2001-A 2001-B
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.04% 0.02% 0.03% 0.02% 0.04% 0.04% 0.03% 0.03%
3 0.11% 0.10% 0.10% 0.09% 0.13% 0.11% 0.09% 0.10%
4 0.26% 0.25% 0.20% 0.24% 0.27% 0.24% 0.20% 0.21%
5 0.47% 0.40% 0.36% 0.39% 0.46% 0.39% 0.33% 0.33%
6 0.66% 0.56% 0.55% 0.59% 0.65% 0.54% 0.50% 0.50%
7 0.87% 0.71% 0.71% 0.78% 0.81% 0.74% 0.70% 0.69%
8 1.00% 0.86% 0.91% 0.99% 0.93% 0.93% 0.84% 0.87%
9 1.13% 1.01% 1.10% 1.17% 1.07% 1.13% 1.04% 1.05%
10 1.24% 1.14% 1.27% 1.33% 1.24% 1.34% 1.24% 1.22%
11 1.35% 1.34% 1.45% 1.44% 1.41% 1.50% 1.45% 1.36%
12 1.44% 1.52% 1.58% 1.57% 1.62% 1.74% 1.67% 1.53%
13 1.58% 1.74% 1.73% 1.72% 1.86% 1.95% 1.90% 1.67%
14 1.74% 1.94% 1.85% 1.86% 2.04% 2.21% 2.09% 1.81%
15 1.85% 2.09% 2.00% 2.04% 2.25% 2.48% 2.25% 2.00%
16 2.03% 2.27% 2.15% 2.24% 2.45% 2.71% 2.41% 2.19%
17 2.16% 2.39% 2.37% 2.39% 2.68% 2.89% 2.54% 2.37%
18 2.30% 2.53% 2.52% 2.55% 2.88% 3.08% 2.73% 2.60%
19 2.42% 2.67% 2.67% 2.73% 3.08% 3.22% 2.93% 2.80%
20 2.50% 2.81% 2.83% 2.93% 3.23% 3.40% 3.11% 3.01%
21 2.58% 2.92% 2.99% 3.12% 3.38% 3.59% 3.34% 3.19%
22 2.67% 3.10% 3.16% 3.27% 3.54% 3.78% 3.54% 3.34%
23 2.77% 3.28% 3.34% 3.38% 3.67% 3.96% 3.72% 3.49%
24 2.87% 3.38% 3.49% 3.52% 3.83% 4.18% 3.92% 3.62%
25 3.01% 3.55% 3.63% 3.63% 4.00% 4.41% 4.10% 3.75%
26 3.14% 3.68% 3.75% 3.73% 4.16% 4.58% 4.23% 3.87%
27 3.16% 3.84% 3.86% 3.84% 4.35% 4.79% 4.36% 4.00%
28 3.29% 3.98% 3.97% 3.97% 4.50% 4.96% 4.47% 4.15%
29 3.40% 4.14% 4.09% 4.11% 4.64% 5.08% 4.56% 4.28%
30 3.50% 4.19% 4.21% 4.26% 4.79% 5.22% 4.67%
31 3.61% 4.30% 4.33% 4.40% 4.92% 5.34% 4.81%
32 3.68% 4.38% 4.47% 4.50% 5.02% 5.44% 4.92%
33 3.74% 4.46% 4.59% 4.61% 5.12% 5.54%
34 3.81% 4.57% 4.68% 4.70% 5.22% 5.66%
35 3.87% 4.66% 4.79% 4.78% 5.29% 5.76%
36 3.91% 4.76% 4.86% 4.85% 5.38%
37 3.97% 4.84% 4.93% 4.94% 5.47%
38 4.03% 4.96% 5.01% 4.99% 5.53%
39 4.09% 5.03% 5.08% 5.05%
40 4.13% 5.13% 5.13% 5.12%
41 4.18% 5.20% 5.18% 5.18%
42 4.23% 5.24% 5.24%
43 4.28% 5.28% 5.29%
44 4.33% 5.34%
45 4.35% 5.38%
46 4.38% 5.42%
47 4.39% 5.44%
48 4.41% 5.46%
49 4.43%
50 4.44%
51 4.46%
52
53
Prime Mix(b) 70% 67% 68% 69% 68% 68% 71% 71%
Period (a) 2001-C 2002-1 2002-2 2002-3 2002-4 2003-1 2003-2 2003-3
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.04% 0.01% 0.00% 0.02% 0.02% 0.01% 0.00%
3 0.09% 0.06% 0.03% 0.06% 0.07% 0.04% 0.02%
4 0.20% 0.15% 0.10% 0.14% 0.16% 0.11% 0.06%
5 0.35% 0.29% 0.18% 0.27% 0.26% 0.18% 0.14%
6 0.49% 0.43% 0.32% 0.44% 0.38% 0.29%
7 0.65% 0.60% 0.49% 0.57% 0.50% 0.41%
8 0.81% 0.84% 0.66% 0.70% 0.61% 0.53%
9 0.95% 1.06% 0.82% 0.82% 0.78%
10 1.07% 1.28% 0.96% 0.96% 0.94%
11 1.20% 1.48% 1.10% 1.10% 1.08%
12 1.37% 1.67% 1.26% 1.24%
13 1.55% 1.82% 1.39% 1.38%
14 1.74% 1.99% 1.51% 1.53%
15 1.97% 2.14% 1.68%
16 2.16% 2.27% 1.83%
17 2.36% 2.45% 1.99%
18 2.59% 2.62%
19 2.78% 2.80%
20 2.95%
21 3.14%
22 3.29%
23 3.41%
24 3.57%
25 3.73%
26 3.88%
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
Prime Mix(b) 76% 70% 87% 85% 80% 80% 82% 84%
(a) Represents the number of months since the inception of the
securitization.
(b) Represents the original percentage of prime automobile contracts
securitized within each pool.