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Westar Financial Completes Fourth Securitization

12 November 1998

Westar Financial Completes Fourth Securitization; Sees First Operating Profit This Quarter

    OLYMPIA, Wash., Nov. 11 -- Westar Financial Services
Incorporated (OTC: WEST), a prime-credit auto lessor, today announced it has
sold $14.4 million of automobile lease receivable certificates in its second
securitization within the past three months.
    "With $42 million of sales within three months, we're beginning to pick up
the pace a bit," said R.W. Christensen Jr., Chairman and Chief Executive
Officer.  "We're proving Westar's systems, its competitiveness, and its
ability to achieve our targeted market share."
    BANK ONE, NA -- a subsidiary of BancOne Corp. -- purchased the
securitization.  As in previous transactions, the certificates represent auto
contracts from the prime-credit sector of the consumer auto market.  In
August, BANK ONE purchased a $27.5 million securitization package from Westar.
Both these securitizations were accomplished without third party credit
enhancement.
    "Westar began producing profitable volume levels as early as May and is
now beginning to recognize the related earnings from its securitizations,"
noted Warren Kornfeld, Senior Vice President-Finance.  "This quarter, we
expect to report Westar's first net earnings since our market expansion began
in 1996.
    "Reflecting the firm's excellent credit experience, Westar's reported gain
on sale is nearly all cash," Kornfeld added.  "Westar may well be unique in
its industry in its ability to simultaneously produce high growth and prime
credits as well as positive earnings and operating cash flow."
    "Our focus on prime consumer credits is really beginning to reward the
discipline Westar has brought to the process," said Robert E. Kanatzar, Senior
Vice President-Risk Management.  "It is particularly gratifying that our
recent securitizations have been so well received in an unsettled capital
market.
    "As volumes have grown, we've begun to take advantage of our operating
leverage and the substantial efficiencies offered by our proprietary
securitization structure, the Carlson Trust," he added.
    Westar Financial Services Incorporated is a fast-growing, innovative,
Washington-based automobile finance company.  WEST is the only publicly-traded
automobile lease finance company focused solely on the prime-credit segment of
the $110-billion auto-lease finance market.  Westar's shares are traded
over-the-counter by Hoefer & Arnett, San Francisco; Hill Thompson, Jersey
City; and Monroe Securities, Rochester, NY.
    Forward Looking Statements:  Statements concerning future performance,
developments or events, including potential profitability, growth, cash flow,
or any other guidance on future periods, constitute forward-looking statements
that are subject to a number of risks and uncertainties which might cause
actual results to differ from expectations.