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Westar Places $28.8 Million of A+ Bonds

20 August 1999

Westar Places $28.8 Million of A+ Bonds

          Auto Lease Backed Securities Earn Investment Grade Ratings

    OLYMPIA, Wash., Aug. 19 -- Westar Financial Services
Incorporated (OTC Bulletin Board: WEST), a prime-credit auto lessor, today
announced it has directly placed $28.8 million of automobile lease receivable
certificates with a group of insurance companies. The bonds, graded by Duff &
Phelps, earned an A+ rating for the largest tranche of $27.8 million and BBB
for the smaller tranche of $1 million. The securitization is immediately cash
positive to Westar by approximately 1% of the cost of the contracts. At their
request, Westar also granted the institutional investor group rights of first
refusal for $100 million in auto lease securities over the next two years.
    "We continue building our network of financial partners and have now
developed ongoing relationships with some of the largest and most respected
institutions in the industry, including Bank One and First Union," said
R.W. Christensen, Jr., Westar's Chairman and Chief Executive Officer. "We
expect to add others over the course of this year, particularly as we prepare
to ramp up loan and lease originations through our e-finance alliance with
DriveOff.com," he added. DriveOff.com, Inc. is a subsidiary of Navidec, Inc.
    The securitization certificates were issued with a five and one-half year
term and are backed by auto contracts from the prime-credit sector of the
consumer auto market. The transaction includes a six-month funding period,
which allows Westar to originate new leases over the next six months at the
same cost. The securitization is a fixed rate instrument, was created using
Westar's uniquely re-usable Carlson Trust, and does not carry any third party
credit enhancements. "The achievement of a cash-positive, investment-grade
securitization is unusual. The transaction is a tribute to both our
structuring expertise and the senior-subordinated enhancement and reflects the
comfort that investors have in our business. By locking in rates in
April, when this transaction was finalized, we benefited from the rising
interest rate environment. In addition, as the transaction includes a
six month funding period, we expect these fixed rate notes will contribute to
strong margins for the duration of this economic cycle," noted Christensen.
    Westar Financial Services Incorporated is an innovative, fast-growing,
Washington-based automobile financing company. It has focused solely on the
prime-credit segment of the $110 billion auto-lease finance market and has
completed thirteen securitizations of auto lease receivable certificates for
the prime credit market. WEST is the only publicly-traded automobile lease
finance company focused solely on this huge market.
    Statement regarding "Forward Looking Statements":  Statements concerning
future performance, developments or events, including the ability to penetrate
new markets and capture market share, gain product acceptance, achieve
technological success, maintain access to the capital markets, operate under
fluctuating interest rates or any other guidance on future periods, constitute
forward-looking statements which are subject to a number of risks and
uncertainties which might cause actual cause results to differ from stated
expectations.