Westcorp Announces Pricing of Senior/Subordinated Securitization Transaction

IRVINE, Calif.--March 21, 2005--Westcorp announced today the pricing of a $1.5 billion offering of automobile receivable asset-backed securities. The offering was joint managed by Banc of America Securities LLC and Citigroup. The offering was co-managed by Credit Suisse First Boston, Deutsche Bank Securities, and Merrill Lynch and Co.

The weighted average cost of funds is estimated to be 4.27% or approximately 11 basis points over the swap curve. The initial credit enhancement in the transaction will be 3.25%, consisting of 0.5% cash and 2.75% over-collateralization. The target credit enhancement level is 5.75%, which the company expects should take about five months to satisfy.

The securities were issued via an owner trust, WFS Financial 2005-2, in seven classes of Notes:

 Security      Amount    Average Life  Coupon     Price   Annual Yield
                             (yrs)                              
A-1 Notes   $265,000,000      0.33    3.13625%   100.00000%   3.13625%
A-2 Notes   $435,000,000      1.05       3.77%    99.99121%     3.808%
A-3 Notes   $400,000,000      2.10       4.17%    99.99827%     4.207%
A-4 Notes   $193,750,000      3.05       4.39%    99.98079%     4.437%
B Notes      $56,250,000      3.53       4.57%    99.99531%     4.615%
C Notes      $60,000,000      3.55       4.62%    99.98876%     4.668%
D Notes      $48,750,000      3.55       4.84%    99.97080%     4.898%
Total     $1,458,750,000      1.75      4.228%                  4.269%

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

                              Rating
             -----------------------------------------
  Security    Standard &     Moody's        Fitch
                 Poors
------------------------------------------------------
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         Baa3           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 $43.5 billion of such securities in 67 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.