WFS Financial Announces its Fourth Senior/Subordinated Securitization Transaction

IRVINE, Calif.--Nov. 5, 2003--WFS Financial Inc 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 1.0% 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 WFS Financial. "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.

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.