WFS Financial Inc: -0- *T -- Third quarter net income increased 66%
to $63 million -- Earnings per share increased 66% to $1.54 per
share -- Contract originations grew 15% to $2.1 billion *T WFS
Financial Inc (Nasdaq:WFSI) reported that net income increased 66%
to $63.4 million for the three months ended September 30, 2005
compared with $38.1 million for the same period a year ago.
Earnings per diluted share increased 66% to $1.54 for the three
months ended September 30, 2005 compared with $0.93 per diluted
share for the same period a year earlier. For the nine months ended
September 30, 2005, net income increased 26% to $174 million
compared with $139 million for the same period a year earlier.
Earnings per diluted share rose 26% to $4.25 for the nine months
ended September 30, 2005 compared with $3.37 for the same period a
year ago. "Our third quarter performance reflects our sustained
growth in auto originations and the strength of our business
model," said Tom Wolfe, President of Westcorp. "We continue to
experience double digit origination growth across the country.
Additionally, our superior credit performance is the result of our
ongoing commitment to credit quality and operational excellence."
Annualized credit loss experience improved 70 basis points to 1.25%
of average managed automobile contracts for the third quarter
compared with 1.95% for the same period a year earlier. For the
nine months ended September 30, 2005, credit loss experience
improved 63 basis points to 1.35% compared with 1.98% for the same
period a year earlier. The improvement in credit loss experience
reflects a 15% decrease in the annualized default rate for the
quarter to 3.9% compared with 4.6% a year ago. In addition, the
total recovery rate improved 20% to 74% for the quarter compared to
62% a year ago. This rate includes both the average realization on
the collateral sold of 53%, up from 49% a year ago, and the
deficiency balance recoveries of 21%, up from 13% a year ago. The
increase in the deficiency balance recoveries was due primarily to
the recognition of $7.3 million in sales tax refunds on charged off
accounts due to a favorable tax authority ruling. Of the $7.3
million, $6.4 million relates to prior quarters. The amount that
relates to prior quarters reduced the credit loss experience for
the quarter by 20 basis points. The percentage of outstanding
automobile contracts 30 days or more delinquent improved 9 basis
points to 2.15% at September 30, 2005 compared with 2.24% a year
ago. The provision for credit losses decreased to $42.5 million for
the three months ended September 30, 2005, compared with $60.0
million for the same period a year earlier due to lower chargeoff
experience, including the effect of sales tax refunds recognized
during the quarter. For the nine months ended September 30, 2005,
the provision for credit losses decreased to $132 million compared
with $133 million for the same period a year ago. At September 30,
2005, the allowance for credit losses totaled $282 million or 2.4%
of owned automobile contracts compared with $252 million or 2.6% at
December 31, 2004. Automobile contract purchases totaled $2.1
billion for the third quarter of 2005, a 15% increase from the same
period a year earlier. For the nine months ended September 30,
2005, automobile contract purchases totaled $5.9 billion, a 16%
increase compared with $5.1 billion a year ago. As a result of
higher contract originations, the Company's portfolio of managed
automobile contracts grew 11% to $12.7 billion at September 30,
2005, up from $11.4 billion a year earlier. Total average interest
earning assets increased $2.6 billion to $12.2 billion for the
third quarter, up from $9.6 billion for the same period a year ago.
As a result, net interest income grew 29% to $192 million for the
third quarter compared with $149 million for the same period a year
earlier. Net interest margin was 5.82% for the third quarter
compared with 5.83% for the same period a year ago. For the nine
months ended September 30, 2005, net interest income grew 26% to
$538 million compared with $425 million for the same period a year
earlier. Net interest margin was 5.94% for the nine months ended
September 30, 2005 compared with 5.84% for the same period a year
ago. Noninterest income decreased $15.6 million to $20.9 million
for the three months ended September 30, 2005 compared with $36.5
million for the same period a year earlier. For the nine months
ended September 30, 2005, noninterest income decreased $55.6
million to $64.5 million compared with $120 million for the same
period a year ago. Noninterest income was reduced by $18.1 million
and $49.3 million of loan origination fees that were deferred
during the three and nine months ended September 30, 2005,
respectively. Noninterest expense increased to $64.7 million or
2.06% of average managed contracts for the third quarter compared
with $62.2 million or 2.21% of average managed contracts for the
same period a year earlier. For the nine months ended September 30,
2005, noninterest expense decreased to $182 million or 2.00% of
average managed contracts compared with $183 million or 2.22% of
average managed contracts a year ago. Included in noninterest
expense is $3.3 million of transaction expenses related to the
previously proposed merger of the Company into Western Financial
Bank as part of the acquisition of the Company's minority interest
and the recently announced merger agreement entered into among
Wachovia, Westcorp, Western Financial Bank and the Company.
Noninterest expense was reduced by $7.3 million and $20.7 million
of direct origination costs that were deferred during the three and
nine months ended September 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 to interest income prospectively beginning in the
first quarter of this year. The Company issued $2.7 billion of
automobile receivable asset-backed securities during the quarter in
its largest transaction to date. 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 $46 billion of such securities in 68 transactions to date.
The Company expects to recognize additional transaction related
expenses associated with the proposed merger with Wachovia through
the consummation of the transaction. Due to the pending merger with
Wachovia, there will be no scheduled investor conference call to
discuss the third quarter results. 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. In addition, forward-looking statements include
statements regarding the proposed merger with Wachovia. 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. In addition, the Company can provide no
assurances that the merger with Wachovia will close when expected,
if at all. The merger of Westcorp and Wachovia is subject to the
requisite approval of Westcorp's shareholders, and the merger of
the Company and Wachovia is subject to the requisite approval of
the Company's shareholders (including the approval of a majority of
shares of the Company's common stock represented and voting at the
Company's meeting, excluding shares of the Company's common stock
held by Westcorp and its affiliates). Additionally, each of the
mergers are subject to receipt of requisite regulatory approvals,
including the approval of applicable federal and state banking
regulators, receipt of tax opinions and other closing conditions. 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 October 25, 2005. The Company assumes no
obligation to update any forward-looking statements to reflect
future events or circumstances. -0- *T WFS FINANCIAL INC AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the
Three Months For the Nine Months Ended September 30, Ended
September 30, ----------------------- ----------------------- 2005
2004 2005 2004 ----------- ----------- ----------- -----------
(Dollars in thousands, except per share amounts) Interest income:
Loans, including fees $ 288,040 $ 223,494 $799,201 $ 653,105 Other
8,330 3,555 18,823 8,219 ----------- ----------- -----------
----------- TOTAL INTEREST INCOME 296,370 227,049 818,024 661,324
Interest expense: Notes payable on automobile secured financing
92,037 68,586 246,862 203,755 Other 12,107 9,688 33,461 32,352
----------- ----------- ----------- ----------- TOTAL INTEREST
EXPENSE 104,144 78,274 280,323 236,107 ----------- -----------
----------- ----------- NET INTEREST INCOME 192,226 148,775 537,701
425,217 Provision for credit losses 42,529 59,957 132,015 133,354
----------- ----------- ----------- ----------- NET INTEREST INCOME
AFTER PROVISION FOR CREDIT LOSSES 149,697 88,818 405,686 291,863
Noninterest income: Automobile servicing 19,347 35,205 60,049
104,468 Gain on sale of contracts 13,792 Other 1,564 1,312 4,408
2,134 ----------- ----------- ----------- ----------- TOTAL
NONINTEREST INCOME 20,911 36,517 64,457 120,394 Noninterest
expense: Salaries and associate benefits 38,937 39,171 113,165
118,919 Credit and collections 8,675 7,989 25,035 24,054 Data
processing 4,898 3,739 13,803 11,455 Occupancy 3,012 2,851 8,799
8,479 Other 9,201 8,424 20,983 19,813 -----------
----------------------- ----------- TOTAL NONINTEREST EXPENSE
64,723 62,174 181,785 182,720 ----------- ----------- -----------
----------- INCOME BEFORE INCOME TAX 105,885 63,161 288,358 229,537
Income tax 42,471 25,057 113,881 90,979 ----------- -----------
----------- ----------- NET INCOME $ 63,414 $ 38,104 $ 174,477 $
138,558 =========== =========== =========== =========== Earnings
per common share: Basic $ 1.54 $ 0.93 $ 4.25 $ 3.38 ===========
=========== =========== =========== Diluted $ 1.54 $ 0.93 $ 4.25 $
3.37 =========== =========== =========== =========== Weighted
average number of common shares outstanding: Basic 41,087,701
41,037,813 41,067,542 41,035,873 =========== ===========
=========== =========== Diluted 41,087,701 41,080,978 41,067,542
41,078,722 =========== =========== =========== =========== WFS
FINANCIAL INC AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION (Unaudited) September December 30, 2005 31, 2004
------------ ----------- (Dollars in thousands) ASSETS Cash $
70,641 $ 87,963 Restricted cash 511,881 363,783 Contracts
receivable 11,539,443 9,563,057 Allowance for credit losses
(281,562) (252,465) ------------ ----------- Contracts receivable,
net 11,257,881 9,310,592 Accrued interest receivable 64,498 55,126
Premises and equipment, net 29,664 30,820 Other 128,743 100,934
------------ ----------- TOTAL ASSETS $12,063,308 $9,949,218
============ =========== LIABILITIES Lines of credit -- parent $
265,067 $ 213,741 Notes payable on automobile secured financing
10,022,631 8,105,275 Notes payable -- parent 300,000 300,000
Amounts held on behalf of trustee 124,897 194,913 Other 132,888
104,812 ------------ ----------- TOTAL LIABILITIES 10,845,483
8,918,741 SHAREHOLDERS' EQUITY Common stock (no par value;
authorized 50,000,000 shares; issued and outstanding 41,088,380
shares at September 30, 2005 and 41,038,003 shares at December 31,
2004) 338,678 338,328 Paid-in capital 6,324 6,324 Retained earnings
863,906 689,429 Accumulated other comprehensive income (loss), net
of tax 8,917 (3,604) ------------ ----------- TOTAL SHAREHOLDERS'
EQUITY 1,217,825 1,030,477 ------------ ----------- TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $12,063,308 $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
September 30, 2005 ------------------------------ Average Interest
Yield/ Balance Rate ------------- --------- ------ (Dollars in
thousands) Interest earning assets: Contracts receivable (1)
$11,250,886 $288,040 10.16% Investment securities 945,315 8,330
3.50 ------------- --------- ------ Total interest earning assets $
12,196,201 296,370 9.64 ============= Interest bearing liabilities:
Lines of credit -- parent $350,774 3,898 4.41 Notes payable --
parent 300,000 7,688 10.25 Notes payable on automobile secured
financing 10,091,332 92,037 3.65 Other 148,143 521 1.40
------------- --------- ------ Total interest bearing liabilities $
10,890,249 104,144 3.82% ============= --------- ------ Net
interest income and interest rate spread $192,226 5.82% =========
====== Net yield on average interest earning assets 6.23% ======
For the Three Months Ended September 30, 2004
------------------------------ Average Interest Yield/ Balance Rate
------------- --------- ------ (Dollars in thousands) Interest
earning assets: Contracts receivable (1) $ 8,605,463 $223,494
10.33% Investment securities 955,623 3,555 1.48 -------------
--------- ------ Total interest earning assets $ 9,561,086 227,049
9.45 ============= Interest bearing liabilities: Lines of credit --
parent $ 43,008 463 4.28 Notes payable -- parent 327,121 8,290
10.14 Notes payable on automobile secured financing 7,970,739
68,586 3.44 Other 300,948 935 1.24 ------------- --------- ------
Total interest bearing liabilities $ 8,641,816 78,274 3.62%
============= --------- ------ Net interest income and interest
rate spread $148,775 5.83% ========= ====== Net yield on average
interest earning assets 6.17% ====== (1) For the purpose of these
computations, nonaccruing contracts are included in the average
amounts outstanding. For the Nine Months Ended September 30, 2005
------------------------------ Average Interest Yield/ Balance Rate
------------ ---------- ------ (Dollars in thousands) Interest
earning assets: Contracts receivable (1) $10,519,970 $ 799,201
10.16% Investment securities 834,669 18,823 3.02 ------------
---------- ------ Total interest earning assets $11,354,639 818,024
9.63 ============ Interest bearing liabilities: Lines of credit --
parent $ 254,585 8,143 4.28 Notes payable -- parent 300,000 23,063
10.25 Notes payable on automobile secured financing 9,382,948
246,862 3.51 Other 179,482 2,255 1.68 ------------ ----------
------ Total interest bearing liabilities $10,117,015 280,323 3.69%
============ ---------- ------ Net interest income and interest
rate spread $ 537,701 5.94% ========== ====== Net yield on average
interest earning assets 6.34% ====== For the Nine Months Ended
September 30, 2004 ------------------------------ Average Interest
Yield/ Balance Rate ------------ ---------- ------ (Dollars in
thousands) Interest earning assets: Contracts receivable (1) $
8,259,679 $ 653,105 10.56% Investment securities 906,891 8,219 1.21
------------ ---------- ------ Total interest earning assets $
9,166,570 661,324 9.64 ============ Interest bearing liabilities:
Lines of credit -- parent $ 43,434 956 2.94 Notes payable -- parent
374,950 28,052 9.98 Notes payable on automobile secured financing
7,560,837 203,755 3.59 Other 314,450 3,344 1.42 ------------
---------- ------ Total interest bearing liabilities $ 8,293,671
236,107 3.80% ============ ---------- ------ Net interest income
and interest rate spread $ 425,217 5.84% ========== ====== Net
yield on average interest earning assets 6.20% ====== (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 Q3 2005 Q2 2005 Q1
2005 (Dollars in thousands, except per share amounts)
----------------------------------------------------------------------
Earnings: Net interest income $ 192,226 $ 176,142 $ 169,333
Provision for credit losses 42,529 40,224 49,262 Noninterest income
20,911 20,624 22,923 Noninterest expense 64,723 58,697 58,365
------------ ------------ ------------ Income before taxes 105,885
97,845 84,629 Income taxes 42,471 38,528 32,883 ------------
------------ ------------ Net income $ 63,414 $ 59,317 $ 51,746
============ ============ ============
----------------------------------------------------------------------
Equity: Earning per share - basic $ 1.54 $ 1.44 $ 1.26 Earning per
share - diluted $ 1.54 $ 1.44 $ 1.26 Book value per share (period
end) (1) $ 29.42 $ 27.88 $ 26.45 Stock price per share (period end)
$ 67.19 $ 50.71 $ 43.15 Total equity to assets (1) 10.02% 10.10%
9.33% Return on average equity (1) 21.57% 21.29% 19.56% Average
shares outstanding - diluted 41,087,701 41,066,461 41,075,579
----------------------------------------------------------------------
Loan Portfolio: Automobile contracts purchased $ 2,070,694 $
2,013,622 $ 1,782,414 Automobile contracts managed (period end)
$12,718,750 $12,307,454 $11,852,222 Number of accounts managed
(period end) 941,616 919,722 895,377 Average automobile contracts
managed $12,550,228 $12,019,325 $11,702,544
----------------------------------------------------------------------
Credit Quality: Delinquency rate (30+ days) 2.15% 1.80% 1.53%
Repossessions to total contracts 0.05% 0.05% 0.05% Net chargeoffs
(annualized) 1.25% 1.15% 1.66% Allowance to automobile contracts
2.44% 2.51% 2.58%
----------------------------------------------------------------------
Operations: Total assets $12,063,308 $11,342,318 $11,637,467
Noninterest expense to average contracts managed 2.06% 1.95% 1.99%
Q4 2004 Q3 2004 (Dollars in thousands, except per share amounts)
----------------------------------------------------------------------
Earnings: Net interest income $ 158,594 $ 148,775 Provision for
credit losses 58,961 59,957 Noninterest income 34,386 36,517
Noninterest expense 62,663 62,174 ----------- ----------- Income
before taxes 71,356 63,161 Income taxes 27,673 25,057 -----------
----------- Net income $ 43,683 $ 38,104 =========== ===========
----------------------------------------------------------------------
Equity: Earning per share - basic $ 1.06 $ 0.93 Earning per share -
diluted $ 1.06 $ 0.93 Book value per share (period end) (1) $ 25.20
$ 24.13 Stock price per share (period end) $ 50.56 $ 46.55 Total
equity to assets (1) 10.39% 10.28% Return on average equity (1)
17.27% 15.69% Average shares outstanding - diluted 41,081,156
41,080,978
----------------------------------------------------------------------
Loan Portfolio: Automobile contracts purchased $ 1,583,748 $
1,799,106 Automobile contracts managed (period end) $ 11,560,890 $
11,440,353 Number of accounts managed (period end) 876,695 869,038
Average automobile contracts managed $ 11,512,626 $ 11,268,695
----------------------------------------------------------------------
Credit Quality: Delinquency rate (30+ days) 2.24% 2.24%
Repossessions to total contracts 0.07% 0.06% Net chargeoffs
(annualized) 2.01% 1.95% Allowance to automobile contracts 2.64%
2.64%
----------------------------------------------------------------------
Operations: Total assets $ 9,949,218 $ 9,631,069 Noninterest
expense to average contracts managed 2.18% 2.21% (1) Excludes other
comprehensive income. WFS FINANCIAL INC AND SUBSIDIARIES CUMULATIVE
STATIC POOL LOSS CURVES (UNAUDITED) At September 30, 2005 The
following table sets forth the cumulative static pool losses by
month for all outstanding public securitized pools: Period (1)
2002-1 2002-2 2002-3 2002-4 2003-1 2003-2 2003-3(3) 2003-4
--------------------------------------------------------------
------- 1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2 0.01%
0.00% 0.02% 0.02% 0.01% 0.00% 0.00% 0.01% 3 0.06% 0.03% 0.06% 0.07%
0.04% 0.02% 0.02% 0.03% 4 0.15% 0.10% 0.14% 0.16% 0.11% 0.06% 0.06%
0.08% 5 0.29% 0.18% 0.27% 0.26% 0.18% 0.14% 0.13% 0.14% 6 0.43%
0.32% 0.44% 0.38% 0.29% 0.25% 0.23% 0.21% 7 0.60% 0.49% 0.57% 0.50%
0.41% 0.36% 0.32% 0.28% 8 0.84% 0.66% 0.70% 0.61% 0.53% 0.48% 0.40%
0.35% 9 1.06% 0.82% 0.82% 0.78% 0.66% 0.59% 0.47% 0.44% 10 1.28%
0.96% 0.96% 0.94% 0.80% 0.70% 0.55% 0.54% 11 1.48% 1.10% 1.10%
1.08% 0.93% 0.80% 0.62% 0.61% 12 1.67% 1.26% 1.24% 1.28% 1.06%
0.89% 0.71% 0.73% 13 1.82% 1.39% 1.38% 1.43% 1.21% 0.98% 0.80%
0.83% 14 1.99% 1.51% 1.53% 1.59% 1.31% 1.08% 0.88% 0.93% 15 2.14%
1.68% 1.70% 1.77% 1.40% 1.20% 0.97% 1.03% 16 2.27% 1.83% 1.88%
1.92% 1.50% 1.31% 1.07% 1.09% 17 2.45% 1.99% 2.03% 2.05% 1.60%
1.41% 1.16% 1.19% 18 2.62% 2.16% 2.15% 2.16% 1.70% 1.53% 1.25%
1.24% 19 2.80% 2.31% 2.28% 2.25% 1.85% 1.66% 1.33% 1.30% 20 2.99%
2.46% 2.41% 2.37% 1.99% 1.76% 1.40% 1.36% 21 3.15% 2.60% 2.52%
2.49% 2.14% 1.87% 1.45% 1.42% 22 3.31% 2.72% 2.62% 2.62% 2.27%
1.95% 1.50% 1.47% 23 3.45% 2.86% 2.74% 2.73% 2.37% 2.02% 1.57%
1.54% 24 3.58% 2.95% 2.83% 2.84% 2.47% 2.09% 1.62% 25 3.69% 3.03%
2.96% 2.95% 2.57% 2.16% 1.69% 26 3.80% 3.13% 3.08% 3.06% 2.63%
2.21% 1.74% 27 3.92% 3.22% 3.21% 3.17% 2.68% 2.27% 28 4.02% 3.33%
3.31% 3.25% 2.73% 2.34% 29 4.12% 3.41% 3.41% 3.32% 2.78% 2.40% 30
4.22% 3.50% 3.48% 3.38% 2.85% 31 4.30% 3.58% 3.56% 3.43% 2.91% 32
4.39% 3.66% 3.62% 3.48% 2.93% 33 4.49% 3.73% 3.67% 3.55% 34 4.56%
3.78% 3.71% 3.61% 35 4.63% 3.84% 3.74% 3.63% 36 4.69% 3.86% 3.80%
37 4.74% 3.90% 3.84% 38 4.77% 3.93% 3.86% 39 4.80% 3.97% 40 4.84%
4.01% 41 4.87% 4.02% 42 4.91% 43 4.90% Prime Mix (2) 70% 87% 85%
80% 80% 82% 84% 82% Period (1) 2004-1(3) 2004-2 2004-3 2004-4
2005-1 2005-2 2005-3
----------------------------------------------------------------------
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2 0.00% 0.00% 0.02%
0.00% 0.00% 0.00% 0.01% 3 0.02% 0.03% 0.06% 0.04% 0.02% 0.02% 0.03%
4 0.06% 0.07% 0.13% 0.09% 0.06% 0.07% 5 0.11% 0.15% 0.21% 0.15%
0.13% 0.13% 6 0.19% 0.24% 0.30% 0.23% 0.20% 0.22% 7 0.27% 0.33%
0.40% 0.30% 0.28% 0.30% 8 0.34% 0.41% 0.50% 0.37% 0.38% 9 0.42%
0.51% 0.56% 0.45% 0.48% 10 0.52% 0.59% 0.64% 0.54% 11 0.59% 0.65%
0.69% 0.65% 12 0.67% 0.70% 0.77% 0.75% 13 0.75% 0.76% 0.87% 14
0.81% 0.83% 0.94% 15 0.88% 0.91% 16 0.93% 0.98% 17 1.00% 1.03% 18
1.06% 19 1.12% 20 1.18% 21 22 23 24 25 26 27 28 29 30 31 32 33 34
35 36 37 38 39 40 41 42 43 Prime Mix (2) 82% 82% 81% 78% 78% 77%
76% (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. *T
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