Westcorp Announces its Fourth Senior/Subordinated Securitization Transaction

IRVINE, Calif.--Nov. 5, 2003--Westcorp announced today the pricing of a $1.4 billion offering of automobile receivable asset-backed securities. The offering was lead managed by Deutsche Bank Securities and co-managed by Banc of America Securities LLC, Citigroup, Credit Suisse First Boston, and Merrill Lynch & Co. This offering is expected to close on Nov. 2, 20035, 2003.

The weighted average cost of funds is estimated to be 2.7% or approximately 33 basis points over the swap curve. The initial credit enhancement in the transaction will be 2.5%, consisting of 1% cash and 1.5% over-collateralization. The target over-collateralization enhancement level is 6.5%, which the company expects should take about 8 months to satisfy.

"This transaction employs a combination of subordinated notes and a spread account to support the ratings," said Lee Whatcott, Chief Financial Officer of Westcorp. "We have now used a senior-subordinated structure in four of our past six securitization transactions. The market continues to receive these transactions favorably, providing us another financing alternative beyond our surety-wrapped securitization transactions."

The securities will be issued via an owner trust, WFS Financial 2003-4, in seven classes of Notes:

Security                  Amount      Average Coupon   Price    Annual
                                      Life                      Yield
                                      (yrs)

A-1 Notes              $211,000,000    0.27   1.14% 100.00000  1.140%
A-2 Notes              $491,000,000    1.00   1.67%  99.99377  1.682%
A-3 Notes              $168,000,000    2.00   2.39%  99.99570  2.404%
A-4 Notes              $373,300,000    3.09   3.15%  99.98715  3.175%
B Notes                 $53,430,000    1.92   2.73%  99.98963  2.751%
C Notes                 $60,560,000    1.92   3.02%  99.99598  3.041%
D Notes                 $46,335,000    1.87   3.87%  99.99453  3.904%
Total                $1,403,625,000    1.67   2.68%            2.704%

The ratings will be provided by Standard & Poor's Rating Services, Moody's Investor Service Inc. and Fitch Ratings.

                                          Rating
     Security     Standard & Poors        Moody's           Fitch

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 Financial and its affiliates are the largest non-captive issuer of automobile asset-backed securities in the United States having issued a total of $33.2 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.