WFS Financial Reports Second Quarter Results
IRVINE, Calif.--July 26, 2005--
-- Second quarter net income increased 77% to $59 million
-- Earnings per share increased 76% to $1.44 per share
-- Contract originations grew 21% to $2.0 billion
-- Second quarter annualized credit losses on contracts improved
58 basis points to 1.15%
-- Delinquencies improved 41 basis points year over year to 1.80%
WFS Financial Inc reported that net income increased 77% to $59.3 million for the three months ended June 30, 2005 compared with $33.5 million for the same period a year ago. Earnings per diluted share increased 76% to $1.44 for the three months ended June 30, 2005 compared with $0.82 per diluted share for the same period a year earlier. For the six months ended June 30, 2005, net income increased 11% to $111 million compared with $100 million for the same period a year earlier. Earnings per diluted share rose 10% to $2.70 for the six months ended June 30, 2005 compared with $2.45 for the same period a year ago.
"Our second quarter performance reflects our superior growth in auto originations as well as our continued commitment to quality credit," said Tom Wolfe, CEO of WFS Financial. "Our double digit origination growth in our established western markets complemented by over 20% growth in our newer markets in the east demonstrates the portability of our business model across the country. In addition, our record credit performance is the result of our dramatic decrease in default rates and our increase in recovery rates, resulting in our credit losses being the lowest in 10 years."
Annualized credit loss experience improved 58 basis points to 1.15% of average managed automobile contracts for the second quarter compared with 1.73% for the same period a year earlier. For the six months ended June 30, 2005, credit loss experience improved 59 basis points to 1.40% compared with 1.99% for the same period a year ago. The decrease in credit loss experience was a result of the annualized default rate decreasing to 3.4% for the quarter compared to 4.3% a year ago, a 20% decrease. In addition, the total recovery rate improved 12% to 70.8% for the quarter compared to 63.2% a year ago. The percentage of outstanding automobile contracts 30 days or more delinquent improved 41 basis points to 1.80% at June 30, 2005 compared with 2.21% a year ago.
The provision for credit losses decreased to $40.2 million for the three months ended June 30, 2005, compared with $53.4 million for the same period a year earlier due to lower chargeoff experience. For the six months ended June 30, 2005, the provision for credit losses increased to $89.5 million compared with $73.4 million for the same period a year ago due primarily to the whole loan sale of automobile contracts in the first quarter of 2004. At June 30, 2005, the allowance for credit losses totaled $273 million or 2.5% of owned automobile contracts compared with $252 million or 2.6% at December 31, 2004.
Automobile contract purchases totaled $2.0 billion for the second quarter of 2005, a 21% increase from the same period a year earlier. For the six months ended June 30, 2005, automobile contract purchases totaled $3.8 billion, a 17% increase compared with $3.3 billion a year ago. As a result of higher contract originations, the Company's portfolio of managed automobile contracts grew 11% to $12.3 billion at June 30, 2005, up from $11.1 billion a year earlier. Total average interest earning assets increased $2.5 billion to $11.3 billion for the second quarter, up from $8.8 billion for the same period a year ago. As a result, net interest income grew 30% to $176 million for the second quarter compared with $136 million for the same period a year earlier. Net interest margin was 5.85% for the second quarter compared with 5.88% for the same period a year ago. For the six months ended June 30, 2005, net interest income grew 25% to $345 million compared with $276 million for the same period a year earlier. Net interest margin was 6.00% for the six months ended June 30, 2005 compared with 5.85% for the same period a year ago.
Noninterest income decreased to $20.6 million for the three months ended June 30, 2005 compared with $34.7 million for the same period a year earlier. For the six months ended June 30, 2005, noninterest income decreased to $43.5 compared with $83.9 million for the same period a year ago. Noninterest income was reduced by $16.5 million and $31.2 million of loan origination fees that were deferred during the three and six months ended June 30, 2005, respectively. Noninterest expense decreased to $58.7 million or 1.95% of average managed contracts for the second quarter compared with $61.6 million or 2.25% of average managed contracts for the same period a year earlier. For the six months ended June 30, 2005, noninterest expense decreased to $117 million or 1.97% of average managed contracts compared with $121 million or 2.22% of average managed contracts a year ago. Noninterest expense was reduced by $7.0 million and $13.4 million of direct origination costs that were deferred during the three and six months ended June 30, 2005, respectively. Historically, the Company performed analysis on the fees and direct costs related to its origination of automobile loans and elected not to defer and amortize such amounts as the net effect was not material to its financial statements in accordance with Statement of Financial Accounting Standard No. 91 and SEC Staff Accounting Bulletin No. 99. Due to continuing improvements in operating efficiencies and the higher amount of documentation fees earned, the difference between the amount of fees received and the direct costs incurred has gradually increased. The Company decided to defer and amortize these amounts prospectively beginning last quarter. These deferred amounts are being amortized to interest income using the interest method.
The Company did not issue automobile receivable asset-backed securities during the quarter in an effort to improve the pricing and lower the costs of these transactions. The Company and its ultimate parent, Westcorp, continue to be the largest non-captive issuer of automobile asset-backed securities in the U.S. having issued a total of $43 billion of such securities in 67 transactions to date.
As previously announced, Westcorp is continuing the process of pursuing the conversion of Western Financial Bank, WFS Financial's parent, to a California state commercial bank and merging WFS Financial into Western Financial Bank as part of the acquisition of the minority interest in WFS Financial. The conversion is contingent upon approval by the Board of Governors of the Federal Reserve of Westcorp's application to become a bank holding company. The merger is contingent on the conversion to a commercial bank and remains subject to approval by the majority of WFS Financial's minority shareholders. The approval process for the conversion is taking longer than originally expected, and the Company is currently exploring other alternatives in the event that the proposed conversion and related merger cannot go forward as planned.
Earnings Conference Call
WFS Financial, along with its parent, Westcorp, will host a conference call for analysts and investors at 8:00 a.m. (PDT) on Wednesday, July 27, 2005. 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.wfsfinancial.com to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available at the Company's web site.
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. Information about Westcorp can be found at its web site at http://www.westcorpinc.com
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. WFS Financial is a publicly owned Company whose common stock is traded on the Nasdaq under the symbol WFSI. Information about WFS Financial can be found at its web site at http://www.wfsfinancial.com.
Westcorp, through its subsidiary, Western Financial Bank, operates 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 credit quality trends and higher automobile origination growth.
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 credit quality trends or origination growth 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 the effect of 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; the exercise of discretionary authority by regulatory agencies; a decision to change the Company's corporate structure; the availability of sources of funding; 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 July 26, 2005. The Company assumes no obligation to update any forward-looking statements to reflect future events or circumstances.
WFS FINANCIAL INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
(Dollars in thousands, except per share amounts)
Interest income:
Loans, including fees $262,866 $208,034 $511,162 $429,611
Other 6,180 2,232 10,492 4,664
----------- ----------- ----------- -----------
TOTAL INTEREST
INCOME 269,046 210,266 521,654 434,275
Interest expense:
Notes payable on
automobile secured
financing 82,017 62,966 154,825 135,169
Other 10,887 11,300 21,354 22,664
----------- ----------- ----------- -----------
TOTAL INTEREST
EXPENSE 92,904 74,266 176,179 157,833
----------- ----------- ----------- -----------
NET INTEREST INCOME 176,142 136,000 345,475 276,442
Provision for credit
losses 40,224 53,421 89,486 73,397
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR
CREDIT LOSSES 135,918 82,579 255,989 203,045
Noninterest income:
Automobile servicing 19,419 34,927 40,702 69,263
Gain on sale of
contracts 13,792
Other 1,205 (195) 2,844 822
----------- ----------- ----------- -----------
TOTAL NONINTEREST
INCOME 20,624 34,732 43,546 83,877
Noninterest expense:
Salaries and associate
benefits 36,596 41,458 74,228 79,749
Credit and collections 7,881 7,659 16,360 16,064
Data processing 4,558 3,826 8,906 7,716
Occupancy 2,902 2,776 5,787 5,628
Other 6,760 5,911 11,780 11,390
----------- ----------------------- -----------
TOTAL NONINTEREST
EXPENSE 58,697 61,630 117,061 120,547
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAX 97,845 55,681 182,474 166,375
Income tax 38,528 22,135 71,411 65,921
----------- ----------- ----------- -----------
NET INCOME $59,317 $33,546 $111,063 $100,454
=========== =========== =========== ===========
Earnings per common
share:
Basic $1.44 $0.82 $2.71 $2.45
=========== =========== =========== ===========
Diluted $1.44 $0.82 $2.70 $2.45
=========== =========== =========== ===========
Weighted average number
of common shares
outstanding:
Basic 41,065,211 41,035,719 41,057,296 41,034,892
=========== =========== =========== ===========
Diluted 41,066,461 41,079,727 41,058,551 41,078,625
=========== =========== =========== ===========
WFS FINANCIAL INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
June 30, 2005 December 31, 2004
---------------- ------------------
(Dollars in thousands)
ASSETS
Cash $73,198 $87,963
Restricted cash 448,504 363,783
Contracts receivable 10,883,522 9,563,057
Allowance for credit losses (273,172) (252,465)
---------------- ------------------
Contracts receivable, net 10,610,350 9,310,592
Accrued interest receivable 60,936 55,126
Premises and equipment, net 30,079 30,820
Other 119,251 100,934
---------------- ------------------
TOTAL ASSETS $11,342,318 $9,949,218
================ ==================
LIABILITIES
Lines of credit -- parent $916,890 $213,741
Notes payable on automobile
secured financing 8,698,221 8,105,275
Notes payable -- parent 300,000 300,000
Amounts held on behalf of trustee 139,745 194,913
Other 141,364 104,812
---------------- ------------------
TOTAL LIABILITIES 10,196,220 8,918,741
SHAREHOLDERS' EQUITY
Common stock (no par value;
authorized 50,000,000 shares;
issued and outstanding
41,086,912 shares at June 30,
2005 and 41,038,003 shares at
December 31, 2004) 338,668 338,328
Paid-in capital 6,324 6,324
Retained earnings 800,492 689,429
Accumulated other comprehensive
income (loss), net of tax 614 (3,604)
---------------- ------------------
TOTAL SHAREHOLDERS' EQUITY 1,146,098 1,030,477
---------------- ------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $11,342,318 $9,949,218
================ ==================
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
June 30,
---------------------------------
2005
---------------------------------
Average Interest Yield/
Balance Rate
------------ --------- ----------
(Dollars in thousands)
Interest earning assets:
Contracts receivable (1) $10,457,457 $262,866 10.08%
Investment securities 849,421 6,180 2.92
------------ --------- ----------
Total interest earning assets $11,306,878 269,046 9.54
============
Interest bearing liabilities:
Lines of credit -- parent $225,570 2,380 4.23
Notes payable -- parent 300,000 7,688 10.25
Notes payable on automobile
secured financing 9,379,502 82,017 3.50
Other 162,811 819 2.02
------------ --------- ----------
Total interest bearing liabilities $10,067,883 92,904 3.69%
============ --------- ----------
Net interest income and interest
rate spread $176,142 5.85%
========= ==========
Net yield on average interest
earning assets 6.26%
==========
For the Three Months Ended
June 30,
---------------------------------
2004
---------------------------------
Average Interest Yield/
Balance Rate
------------ --------- ----------
(Dollars in thousands)
Interest earning assets:
Contracts receivable (1) $7,908,976 $208,034 10.58%
Investment securities 843,620 2,232 1.06
------------ --------- ----------
Total interest earning assets $8,752,596 210,266 9.66
============
Interest bearing liabilities:
Lines of credit -- parent $44,291 270 2.45
Notes payable -- parent 396,909 9,838 9.91
Notes payable on automobile
secured financing 7,085,768 62,966 3.55
Other 336,749 1,192 1.42
------------ --------- ----------
Total interest bearing liabilities $7,863,717 74,266 3.78%
============ --------- ----------
Net interest income and interest
rate spread $136,000 5.88%
========= ==========
Net yield on average interest
earning assets 6.27%
==========
(1) For the purpose of these computations, nonaccruing contracts
are included in the average amounts outstanding.
For the Six Months Ended
June 30,
-----------------------------------
2005
-----------------------------------
Average Interest Yield/
Balance Rate
-----------------------------------
(Dollars in thousands)
Interest earning assets:
Contracts receivable (1) $10,154,512 $511,162 10.15%
Investment securities 779,346 10,492 2.72
-----------------------------------
Total interest earning assets $10,933,858 521,654 9.62
=============
Interest bearing liabilities:
Lines of credit -- parent $206,491 4,245 4.15
Notes payable -- parent 300,000 15,375 10.25
Notes payable on automobile
secured financing 9,028,757 154,825 3.43
Other 195,152 1,734 1.79
-----------------------------------
Total interest bearing liabilities $9,730,400 176,179 3.62%
=============----------------------
Net interest income and interest
rate spread $345,475 6.00%
======================
Net yield on average interest
earning assets 6.40%
===========
For the Six Months Ended
June 30,
-----------------------------------
2004
-----------------------------------
Average Interest Yield/
Balance Rate
-----------------------------------
(Dollars in thousands)
Interest earning assets:
Contracts receivable (1) $8,086,787 $429,611 10.68%
Investment securities 882,415 4,664 1.06
-----------------------------------
Total interest earning assets $8,969,202 434,275 9.74
=============
Interest bearing liabilities:
Lines of credit -- parent $43,353 493 2.29
Notes payable -- parent 398,864 19,762 9.91
Notes payable on automobile
secured financing 7,355,887 135,169 3.68
Other 320,743 2,409 1.51
-----------------------------------
Total interest bearing liabilities $8,118,847 157,833 3.89%
=============----------------------
Net interest income and interest
rate spread $276,442 5.85%
======================
Net yield on average interest
earning assets 6.22%
===========
(1) For the purpose of these computations, nonaccruing contracts
are included in the average amounts outstanding.
WFS FINANCIAL AND SUBSIDIARIES
OTHER FINANCIAL DATA AND STATISTICAL SUMMARY
Q2 2005 Q1 2005 Q4 2004
(Dollars in thousands,
except per share amounts)
----------------------------------------------------------------------
Earnings:
Net interest income $176,142 $169,333 $158,594
Provision for credit losses 40,224 49,262 58,961
Noninterest income 20,624 22,923 34,386
Noninterest expense 58,697 58,365 62,663
------------------------------------
Income before taxes 97,845 84,629 71,356
Income taxes 38,528 32,883 27,673
------------------------------------
Net income $59,317 $51,746 $43,683
====================================
----------------------------------------------------------------------
Equity:
Earning per share - basic $1.44 $1.26 $1.06
Earning per share - diluted $1.44 $1.26 $1.06
Book value per share (period
end) (1) $27.88 $26.45 $25.20
Stock price per share (period
end) $50.71 $43.15 $50.56
Total equity to assets (1) 10.10% 9.33% 10.39%
Return on average equity (1) 21.29% 19.56% 17.27%
Average shares outstanding -
diluted 41,066,461 41,075,579 41,081,156
----------------------------------------------------------------------
Loan Portfolio:
Automobile contracts purchased $2,013,622 $1,782,414 $1,583,748
Automobile contracts managed
(period end) $12,307,454 $11,852,222 $11,560,890
Number of accounts managed
(period end) 919,722 895,377 876,695
Average automobile contracts
managed $12,019,325 $11,702,544 $11,512,626
----------------------------------------------------------------------
Credit Quality:
Delinquency rate (30+ days) 1.80% 1.53% 2.24%
Repossessions to total contracts 0.05% 0.05% 0.07%
Net chargeoffs (annualized) 1.15% 1.66% 2.01%
Allowance to automobile
contracts 2.51% 2.58% 2.64%
----------------------------------------------------------------------
Operations:
Total assets $11,342,318 $11,637,467 $9,949,218
Noninterest expense to average
contracts managed 1.95% 1.99% 2.18%
WFS FINANCIAL AND SUBSIDIARIES
OTHER FINANCIAL DATA AND STATISTICAL SUMMARY
Q3 2004 Q2 2004
(Dollars in thousands,
except per share amounts)
----------------------------------------------------------------------
Earnings:
Net interest income $148,775 $136,000
Provision for credit losses 59,957 53,421
Noninterest income 36,517 34,732
Noninterest expense 62,174 61,630
-------------------------------
Income before taxes 63,161 55,681
Income taxes 25,057 22,135
-------------------------------
Net income $38,104 $33,546
===============================
----------------------------------------------------------------------
Equity:
Earning per share - basic $0.93 $0.82
Earning per share - diluted $0.93 $0.82
Book value per share (period end) (1) $24.13 $23.20
Stock price per share (period end) $46.55 $49.51
Total equity to assets (1) 10.28% 10.30%
Return on average equity (1) 15.69% 14.33%
Average shares outstanding - diluted 41,080,978 41,079,727
----------------------------------------------------------------------
Loan Portfolio:
Automobile contracts purchased $1,799,106 $1,666,842
Automobile contracts managed (period
end) $11,440,353 $11,113,148
Number of accounts managed (period
end) 869,038 853,193
Average automobile contracts managed $11,268,695 $10,946,273
----------------------------------------------------------------------
Credit Quality:
Delinquency rate (30+ days) 2.24% 2.21%
Repossessions to total contracts 0.06% 0.06%
Net chargeoffs (annualized) 1.95% 1.73%
Allowance to automobile contracts 2.64% 2.67%
----------------------------------------------------------------------
Operations:
Total assets $9,631,069 $9,245,683
Noninterest expense to average
contracts managed 2.21% 2.25%
(1) Excludes other comprehensive income.
WFS FINANCIAL INC AND SUBSIDIARIES
CUMULATIVE STATIC POOL LOSS CURVES (UNAUDITED)
At June 30, 2005
The following table sets forth the cumulative static pool losses
by month for all outstanding public securitized pools:
Period(1) 2001-C 2002-1 2002-2 2002-3 2002-4 2003-1 2003-2 2003-3(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% 0.00%
3 0.09% 0.06% 0.03% 0.06% 0.07% 0.04% 0.02% 0.02%
4 0.20% 0.15% 0.10% 0.14% 0.16% 0.11% 0.06% 0.06%
5 0.35% 0.29% 0.18% 0.27% 0.26% 0.18% 0.14% 0.13%
6 0.49% 0.43% 0.32% 0.44% 0.38% 0.29% 0.25% 0.23%
7 0.65% 0.60% 0.49% 0.57% 0.50% 0.41% 0.36% 0.32%
8 0.81% 0.84% 0.66% 0.70% 0.61% 0.53% 0.48% 0.40%
9 0.95% 1.06% 0.82% 0.82% 0.78% 0.66% 0.59% 0.47%
10 1.07% 1.28% 0.96% 0.96% 0.94% 0.80% 0.70% 0.55%
11 1.20% 1.48% 1.10% 1.10% 1.08% 0.93% 0.80% 0.62%
12 1.37% 1.67% 1.26% 1.24% 1.28% 1.06% 0.89% 0.71%
13 1.55% 1.82% 1.39% 1.38% 1.43% 1.21% 0.98% 0.80%
14 1.74% 1.99% 1.51% 1.53% 1.59% 1.31% 1.08% 0.88%
15 1.97% 2.14% 1.68% 1.70% 1.77% 1.40% 1.20% 0.97%
16 2.16% 2.27% 1.83% 1.88% 1.92% 1.50% 1.31% 1.07%
17 2.36% 2.45% 1.99% 2.03% 2.05% 1.60% 1.41% 1.16%
18 2.59% 2.62% 2.16% 2.15% 2.16% 1.70% 1.53% 1.25%
19 2.78% 2.80% 2.31% 2.28% 2.25% 1.85% 1.66% 1.33%
20 2.95% 2.99% 2.46% 2.41% 2.37% 1.99% 1.76% 1.40%
21 3.14% 3.15% 2.60% 2.52% 2.49% 2.14% 1.87% 1.45%
22 3.29% 3.31% 2.72% 2.62% 2.62% 2.27% 1.95% 1.50%
23 3.41% 3.45% 2.86% 2.74% 2.73% 2.37% 2.02% 1.57%
24 3.57% 3.58% 2.95% 2.83% 2.84% 2.47% 2.09%
25 3.73% 3.69% 3.03% 2.96% 2.95% 2.57% 2.16%
26 3.88% 3.80% 3.13% 3.08% 3.06% 2.63% 2.21%
27 4.04% 3.92% 3.22% 3.21% 3.17% 2.68%
28 4.20% 4.02% 3.33% 3.31% 3.25% 2.73%
29 4.35% 4.12% 3.41% 3.41% 3.32% 2.78%
30 4.46% 4.22% 3.50% 3.48% 3.38%
31 4.57% 4.30% 3.58% 3.56% 3.43%
32 4.69% 4.39% 3.66% 3.62% 3.48%
33 4.77% 4.49% 3.73% 3.67%
34 4.85% 4.56% 3.78% 3.71%
35 4.92% 4.63% 3.84% 3.74%
36 5.01% 4.69% 3.86%
37 5.09% 4.74% 3.90%
38 5.16% 4.77% 3.93%
39 5.22% 4.80%
40 5.27% 4.84%
41 5.32%
42 5.38%
43 5.42%
44 5.46%
45 5.48%
46 5.49%
47 5.51%
Prime Mix(2) 76% 70% 87% 85% 80% 80% 82% 84%
Period(1) 2003-4 2004-1(3) 2004-2 2004-3 2004-4 2005-1 2005-2
----------------------------------------------------------------------
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.01% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00%
3 0.03% 0.02% 0.03% 0.06% 0.04% 0.02% 0.02%
4 0.08% 0.06% 0.07% 0.13% 0.09% 0.06% 0.07%
5 0.14% 0.11% 0.15% 0.21% 0.15% 0.13%
6 0.21% 0.19% 0.24% 0.30% 0.23% 0.20%
7 0.28% 0.27% 0.33% 0.40% 0.30%
8 0.35% 0.34% 0.41% 0.50% 0.37%
9 0.44% 0.42% 0.51% 0.56% 0.45%
10 0.54% 0.52% 0.59% 0.64%
11 0.61% 0.59% 0.65% 0.69%
12 0.73% 0.67% 0.70%
13 0.83% 0.75% 0.76%
14 0.93% 0.81% 0.83%
15 1.03% 0.88%
16 1.09% 0.93%
17 1.19% 1.00%
18 1.24%
19 1.30%
20 1.36%
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Prime Mix(2) 82% 82% 82% 81% 78% 78% 77%
(1) Represents the number of months since inception of the
securitization.
(2) Represents the original percentage of prime automobile
contracts securitized within each pool.
(3) Represents loans sold to Westcorp in whole loan sales and
subsequently securitized by Westcorp. WFS manages these
contracts pursuant to an agreement with Westcorp and the
securitization trust.