Westcorp Announces Pricing of Senior/Subordinated Securitization Transaction

IRVINE, Calif.--Jan. 1, 20058, 2005--Westcorp announced today the pricing of a $1.6 billion offering of automobile receivable asset-backed securities. The offering was joint managed by Credit Suisse First Boston and Deutsche Bank Securities. The offering was co-managed by Banc of America Securities LLC, Barclays Capital and Citigroup.

The weighted average cost of funds is estimated to be 3.66% or approximately 10 basis points over the swap curve. The initial credit enhancement in the transaction will be 3.5%, consisting of 0.5% cash and 3.0% over-collateralization. The target over-collateralization enhancement level is 6.50%, which the company expects should take about 6 months to satisfy.

The securities were issued via an owner trust, WFS Financial 2005-1, in seven classes of Notes:

Security       Amount     Average Life    Coupon      Price     Annual
                             (yrs)                               Yield

A-1 Notes   $267,000,000      0.29        2.750%   100.00000    2.750%

A-2 Notes   $375,000,000      0.90         3.19%    99.99201    3.220%

A-3 Notes   $510,000,000      2.09         3.59%    99.99155    3.621%

A-4 Notes   $224,000,000      3.35         3.87%    99.97889    3.908%

B Notes      $60,000,000      1.94         3.74%    99.99815    3.770%

C Notes      $64,000,000      1.93         3.82%    99.98590    3.858%

D Notes      $52,000,000      1.88         4.09%    99.99061    4.130%

Total     $1,552,000,000      1.66        3.631%                3.663%

The ratings were 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 $42.0 billion of such securities in 66 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 20 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.