Exhibit 99.1
July 22, 2003
Lisa Capps
Investor Relations
Westcorp
Phone: (949) 727-1002
Email: Investor_Relations@WestcorpInc.com
Westcorp Reports Record Second Quarter Net Income
| • | Net income rose 46% to a record $31.6 million for the quarter | |
| • | Earnings per share increased 45% to a record $0.80 for the quarter | |
| • | Total revenues grew 20% to $202 million for the quarter | |
| • | Delinquencies declined 8 basis points to 2.75% at end of the quarter | |
| • | Total managed automobile contracts reached $10.0 billion |
Irvine, CA: Westcorp (NYSE:WES) today reported that net income increased 46% to a record $31.6 million for the second quarter of 2003 compared with $21.7 million for the same period a year ago. Earnings per diluted share rose 45% to $0.80 for the second quarter of 2003 compared with $0.55 for the same period a year earlier. For the six months ended June 30, 2003, net income increased 43% to $55.2 million or $1.39 per diluted share compared with $38.6 million or $1.00 per diluted share for the same period a year earlier.
“Our second quarter record earnings were the result of our focus on asset quality and cultivating our most valuable dealer relationships,” said Tom Wolfe, President of Westcorp.
Automobile contract purchases totaled $1.6 billion for the second quarter of 2003, a 6% increase from the same period a year earlier. For the six months ended June 30, 2003, automobile contract purchases totaled $2.9 billion compared with $2.8 billion a year ago. As a result of higher contract originations, the Company’s portfolio of managed automobile contracts reached $10.0 billion at June 30, 2003, up from $8.9 billion a year earlier.
Total revenues grew 20% for the three months ended June 30, 2003 to $202 million compared with $168 million for the same period a year earlier. For the six months ended June 30, 2003, total revenues grew 21% to $396 million compared with $327 million for the same period a year ago.
Net interest income increased 18% to $174 million for the three months ended June 30, 2003 compared with $147 million for the same period a year ago. For the six months ended June 30, 2003, net interest income grew 18% to $340 million compared with $289 million for the same period a year earlier. Net interest margin for the three months ended June 30, 2003 was 5.00% compared with 5.16% for the same period a year earlier. For the six months ended June 30, 2003, net interest margin was 4.99% compared with 5.39% for the same period a year ago. Net interest income increased as more automobile contracts were held on the balance sheet offset by narrower net interest margins as the Company continues to shift its portfolio to a higher percentage of prime credit quality automobile contracts.
Total noninterest income, which includes primarily automobile servicing related fee income, increased 34% to $27.7 million for the three months ended June 30, 2003 compared with $20.7 million for the same period a year earlier. For the six months ended, June 30, 2003, noninterest income increased 46% to $55.5 million compared with $37.9 million the same period a year ago. This increase was primarily the result of the elimination of amortization on our retained interest in securitized assets in 2002.
Noninterest expense totaled $72.7 million or 36% of total revenues for the second quarter of 2003 compared with $64.8 million or 39% for the same period a year ago. For the six months ended June 30, 2003, noninterest expense totaled $141 million or 36% of total revenues compared with $126 million or 38% of total revenues for the same period a year earlier. The improvement in noninterest expense to total revenues is primarily the result of the company’s continued efforts to enhance its operating platform through its investment in new technology and improvement in its business practices.
Provision for credit losses totaled $68.0 million for the three months ended June 30, 2003 compared with $62.4 million for the same period a year ago. For the six months ended June 30, 2003, provision for credit losses totaled $148 million compared with $128 million for the same period a year earlier. The increase is primarily the result of higher credit loss experience and an increase in total managed automobile contracts. Annualized credit loss experience for the second quarter increased 14 basis points to 2.33% of average managed automobile contracts compared with 2.19% for the same period a year ago. For the six months ended June 30, 2003, annualized credit loss experience increased 12 basis points to 2.59% compared with 2.47% for the same period a year earlier.
The percentage of outstanding automobile contracts 30 days or more delinquent improved 8 basis points to 2.75% at June 30, 2003 compared with 2.83% for the same period a year ago. The allowance for credit losses as a percentage of owned loans outstanding was 2.8% at June 30, 2003 compared with 2.9% for the same period a year earlier.
“Our credit loss experience this quarter reflects continued general weakness in the economy and depressed wholesale used car prices,” said Mr. Wolfe. “However, our shift to a higher concentration of prime credit quality originations has reduced the negative impact of these economic trends.”
On July 8, 2003, Westcorp successfully completed the sale of 4.6 million additional shares of its common stock. The offering was increased from its original size of 3.8 million shares due to strong investor demand. The sale was completed at a price of $28.00 per share, less the underwriting discount. The underwriters also exercised their option to purchase an additional 674,000 shares. Concurrent with this public offering, Westcorp also sold 700,000 shares of its common stock to affiliates of Ernest Rady, Chairman of the Board of Directors and Chief Executive Officer of Westcorp and 130,000 shares of its common stock to its Employee Stock Ownership Plan at the same price of $28.00 per share.
As a result of these transactions, Westcorp raised additional capital of approximately $163 million and issued a total of 6.1 million additional shares of its common stock. Westcorp expects to use these proceeds to acquire automobile contracts from WFS Financial on a whole loan basis during the third quarter.
Earnings Conference Call
Westcorp, along with its subsidiary WFS Financial, will host a conference call for analysts and investors at 9:00 a.m. (PDT) on Wednesday, July 23, 2003. 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.westcorpinc.com to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
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, is one of the nation’s largest independent automobile finance companies. WFS 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 can be found at its Web site at http://www.wfsfinancial.com.
Westcorp, through its subsidiary, Western Financial Bank, operates 18 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 news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to the Company’s future prospects, developments and business strategies.
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.
These forward-looking statements are identified by 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.
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 hedging activities; | |
| • | The Company’s financial condition and liquidity, as well as future cash flow and earnings; | |
| • | Competition; | |
| • | The level of operating expenses; | |
| • | The effect, interpretation, or application of new or existing laws, regulations and court decisions; | |
| • | The availability of sources of funding; | |
| • | The level of chargeoffs on the automobile contracts that we originate; and | |
| • | Significant litigation. |
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 22, 2003. The Company assumes no obligation to update any forward-looking statements to reflect future events or circumstances.
WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||||||||
| (Dollars in thousands, except share and per share amounts) | ||||||||||||||||||||||
| Interest income: | ||||||||||||||||||||||
| Loans, including fees | $ | 286,862 | $ | 249,863 | $ | 568,150 | $ | 482,776 | ||||||||||||||
| Mortgage-backed securities | 21,241 | 27,680 | 46,015 | 55,662 | ||||||||||||||||||
| Investment securities | 87 | 115 | 180 | 233 | ||||||||||||||||||
| Other | 1,372 | 2,350 | 3,080 | 3,533 | ||||||||||||||||||
| TOTAL INTEREST INCOME | 309,562 | 280,008 | 617,425 | 542,204 | ||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||
| Deposits | 17,017 | 20,186 | 34,574 | 41,196 | ||||||||||||||||||
| Notes payable on automobile secured financing | 106,174 | 103,155 | 217,334 | 195,172 | ||||||||||||||||||
| Other | 12,446 | 9,770 | 25,301 | 16,812 | ||||||||||||||||||
| TOTAL INTEREST EXPENSE | 135,637 | 133,111 | 277,209 | 253,180 | ||||||||||||||||||
| NET INTEREST INCOME | 173,925 | 146,897 | 340,216 | 289,024 | ||||||||||||||||||
| Provision for credit losses | 68,036 | 62,350 | 147,921 | 128,048 | ||||||||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 105,889 | 84,547 | 192,295 | 160,976 | ||||||||||||||||||
| Noninterest income: | ||||||||||||||||||||||
| Automobile lending | 21,280 | 16,080 | 42,229 | 27,755 | ||||||||||||||||||
| Other | 6,451 | 4,652 | 13,254 | 10,137 | ||||||||||||||||||
| TOTAL NONINTEREST INCOME | 27,731 | 20,732 | 55,483 | 37,892 | ||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||
| Salaries and associate benefits | 41,479 | 36,184 | 80,934 | 71,055 | ||||||||||||||||||
| Credit and collections | 8,803 | 10,175 | 18,349 | 18,253 | ||||||||||||||||||
| Data processing | 4,864 | 4,560 | 9,432 | 9,139 | ||||||||||||||||||
| Occupancy | 3,903 | 3,669 | 7,743 | 7,430 | ||||||||||||||||||
| Other | 13,608 | 10,186 | 24,638 | 19,757 | ||||||||||||||||||
| TOTAL NONINTEREST EXPENSE | 72,657 | 64,774 | 141,096 | 125,634 | ||||||||||||||||||
| INCOME BEFORE INCOME TAX | 60,963 | 40,505 | 106,682 | 73,234 | ||||||||||||||||||
| Income tax | 23,975 | 15,185 | 42,200 | 28,149 | ||||||||||||||||||
| INCOME BEFORE MINORITY INTEREST | 36,988 | 25,320 | 64,482 | 45,085 | ||||||||||||||||||
| Minority interest in earnings of subsidiaries | 5,385 | 3,612 | 9,330 | 6,523 | ||||||||||||||||||
| NET INCOME | $ | 31,603 | $ | 21,708 | $ | 55,152 | $ | 38,562 | ||||||||||||||
| Net income per common share: | ||||||||||||||||||||||
| Basic | $ | 0.81 | $ | 0.55 | $ | 1.41 | $ | 1.02 | ||||||||||||||
| Diluted | $ | 0.80 | $ | 0.55 | $ | 1.39 | $ | 1.00 | ||||||||||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||||||||
| Basic | 39,212,193 | 39,140,543 | 39,207,548 | 37,972,632 | ||||||||||||||||||
| Diluted | 39,676,670 | 39,691,778 | 39,572,086 | 38,381,102 | ||||||||||||||||||
| Dividends declared | $ | 0.13 | $ | 0.12 | $ | 0.25 | $ | 0.24 | ||||||||||||||
WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
| June 30, 2003 | December 31, 2002 | |||||||||
| (Dollars in thousands) | ||||||||||
| ASSETS | ||||||||||
| Cash and due from banks | $ | 61,521 | $ | 84,215 | ||||||
| Restricted cash | 199,176 | 71,763 | ||||||||
| Investment securities available for sale | 6,576 | 10,425 | ||||||||
| Mortgage-backed securities available for sale | 2,707,249 | 2,649,657 | ||||||||
| Loans receivable | 10,583,482 | 9,443,901 | ||||||||
| Allowance for credit losses | (291,459 | ) | (269,352 | ) | ||||||
| Loans receivable, net | 10,292,023 | 9,174,549 | ||||||||
| Amounts due from trusts | 101,473 | |||||||||
| Premises and equipment, net | 78,173 | 78,664 | ||||||||
| Other | 320,391 | 311,893 | ||||||||
| TOTAL ASSETS | $ | 13,665,109 | $ | 12,482,639 | ||||||
| LIABILITIES | ||||||||||
| Deposits | $ | 2,033,262 | $ | 1,974,984 | ||||||
| Notes payable on automobile secured financing | 9,729,336 | 8,494,678 | ||||||||
| Securities sold under agreements to repurchase | 212,268 | 276,600 | ||||||||
| Federal Home Loan Bank advances | 416,709 | 336,275 | ||||||||
| Amounts held on behalf of trustee | 177,642 | |||||||||
| Subordinated debentures | 395,628 | 400,561 | ||||||||
| Other | 117,183 | 107,036 | ||||||||
| TOTAL LIABILITIES | 12,904,386 | 11,767,776 | ||||||||
| Minority interest | 111,079 | 101,666 | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||
| Common stock, (par value $1.00 per share; authorized 65,000,000 shares; issued and outstanding 39,240,116 shares at June 30, 2003 and 39,200,474 shares at December 31, 2002) | 39,240 | 39,200 | ||||||||
| Paid-in capital | 350,795 | 350,018 | ||||||||
| Retained earnings | 370,880 | 325,529 | ||||||||
| Accumulated other comprehensive loss, net of tax | (111,271 | ) | (101,550 | ) | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | 649,644 | 613,197 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 13,665,109 | $ | 12,482,639 | ||||||
WESTCORP AND SUBSIDIARIES
OTHER SELECTED FINANCIAL DATA
(UNAUDITED)
(Dollars in thousands)
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | ||||||||||||||
LOAN ORIGINATIONS | |||||||||||||||||
| Consumer (1) | $ | 1,588,803 | $ | 1,495,606 | $ | 2,942,731 | $ | 2,761,795 | |||||||||
| Real estate | 14,996 | 12,325 | 19,310 | 21,464 | |||||||||||||
| Commercial | 98,972 | 68,907 | 195,656 | 130,175 | |||||||||||||
| Total | $ | 1,702,771 | $ | 1,576,838 | $ | 3,157,697 | $ | 2,913,434 | |||||||||
NET INTEREST MARGIN | |||||||||||||||||
| Yield on interest-earning assets | 9.37 | % | 10.55 | % | 9.51 | % | 10.64 | % | |||||||||
| Cost of interest-bearing liabilities | 4.37 | 5.39 | 4.52 | 5.25 | |||||||||||||
| Interest margin | 5.00 | % | 5.16 | % | 4.99 | % | 5.39 | % | |||||||||
| June 30, 2003 | December 31, 2002 | |||||||||||||||||
| Amount | Percent | Amount | Percent | |||||||||||||||
MANAGED AUTOMOBILE DELINQUENCY AND REPOSSESSIONS | ||||||||||||||||||
| Contracts managed at end of period | $ | 10,049,965 | $ | 9,389,974 | ||||||||||||||
| Period of delinquency | ||||||||||||||||||
| 30-59 days | $ | 198,901 | 1.98 | % | $ | 238,204 | 2.54 | % | ||||||||||
| 60 days or more | 77,391 | 0.77 | 90,291 | 0.96 | ||||||||||||||
| Total contracts delinquent | $ | 276,292 | 2.75 | % | $ | 328,495 | 3.50 | % | ||||||||||
| Total repossessions | $ | 9,417 | 0.09 | % | $ | 16,433 | 0.18 | % | ||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||
MANAGED AUTOMOBILE CONTRACTS LOSS EXPERIENCE | ||||||||||||||||
| Contracts managed at end of period | $ | 10,049,965 | $ | 8,911,809 | $ | 10,049,965 | $ | 8,911,809 | ||||||||
| Average contracts managed during the period | $ | 9,839,661 | $ | 8,640,187 | $ | 9,686,488 | $ | 8,456,742 | ||||||||
| Gross chargeoffs | $ | 79,369 | $ | 68,508 | $ | 170,148 | $ | 148,300 | ||||||||
| Recoveries | 21,937 | 21,227 | 44,535 | 43,860 | ||||||||||||
| Net chargeoffs | $ | 57,432 | $ | 47,281 | $ | 125,613 | $ | 104,440 | ||||||||
| Net chargeoffs as a percentage of average managed contracts outstanding during period | 2.33 | % | 2.19 | % | 2.59 | % | 2.47 | % | ||||||||
| June 30, | December 31, | ||||||||
| 2003 | 2002 | ||||||||
MANAGED PORTFOLIO | |||||||||
| Consumer (1) | $ | 10,050,080 | $ | 9,390,114 | |||||
| Real estate | 208,017 | 242,200 | |||||||
| Commercial | 160,639 | 147,375 | |||||||
| Total | $ | 10,418,736 | $ | 9,779,689 | |||||
| (1) | Includes automobile contracts and other consumer loans. |
WESTCORP AND SUBSIDIARIES
CUMULATIVE STATIC POOL LOSS CURVES (UNAUDITED)
At June, 2003
The following table sets forth the cumulative static pool losses by month for all outstanding public securitized pools:
| Period (1) | 1999-A | 1999-B | 1999-C | 2000-A | 2000-B | 2000-C | 2000-D | 2001-A | 2001-B | 2001-C | 2002-1 | 2002-2 | 2002-3 | 2002-4 | 2003-1 | 2003-2 | ||||||||||||||||||||||||||||||||||||||||||||||||
1 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||||||||||
2 | 0.04 | % | 0.04 | % | 0.02 | % | 0.03 | % | 0.02 | % | 0.04 | % | 0.04 | % | 0.03 | % | 0.03 | % | 0.04 | % | 0.01 | % | 0.00 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | ||||||||||||||||||||||||||||||||
3 | 0.11 | % | 0.11 | % | 0.10 | % | 0.10 | % | 0.09 | % | 0.13 | % | 0.11 | % | 0.09 | % | 0.10 | % | 0.09 | % | 0.06 | % | 0.03 | % | 0.06 | % | 0.07 | % | 0.04 | % | ||||||||||||||||||||||||||||||||||
4 | 0.20 | % | 0.26 | % | 0.25 | % | 0.20 | % | 0.24 | % | 0.27 | % | 0.24 | % | 0.20 | % | 0.21 | % | 0.20 | % | 0.15 | % | 0.10 | % | 0.14 | % | 0.16 | % | 0.11 | % | ||||||||||||||||||||||||||||||||||
5 | 0.33 | % | 0.47 | % | 0.40 | % | 0.36 | % | 0.39 | % | 0.46 | % | 0.39 | % | 0.33 | % | 0.33 | % | 0.35 | % | 0.29 | % | 0.18 | % | 0.27 | % | 0.26 | % | 0.18 | % | ||||||||||||||||||||||||||||||||||
6 | 0.46 | % | 0.66 | % | 0.56 | % | 0.55 | % | 0.59 | % | 0.65 | % | 0.54 | % | 0.50 | % | 0.50 | % | 0.49 | % | 0.43 | % | 0.32 | % | 0.44 | % | 0.38 | % | ||||||||||||||||||||||||||||||||||||
7 | 0.62 | % | 0.87 | % | 0.71 | % | 0.71 | % | 0.78 | % | 0.81 | % | 0.74 | % | 0.70 | % | 0.69 | % | 0.65 | % | 0.60 | % | 0.49 | % | 0.57 | % | 0.50 | % | ||||||||||||||||||||||||||||||||||||
8 | 0.76 | % | 1.00 | % | 0.86 | % | 0.91 | % | 0.99 | % | 0.93 | % | 0.93 | % | 0.84 | % | 0.87 | % | 0.81 | % | 0.84 | % | 0.66 | % | 0.70 | % | 0.61 | % | ||||||||||||||||||||||||||||||||||||
9 | 0.92 | % | 1.13 | % | 1.01 | % | 1.10 | % | 1.17 | % | 1.07 | % | 1.13 | % | 1.04 | % | 1.05 | % | 0.95 | % | 1.06 | % | 0.82 | % | 0.82 | % | ||||||||||||||||||||||||||||||||||||||
10 | 1.11 | % | 1.24 | % | 1.14 | % | 1.27 | % | 1.33 | % | 1.24 | % | 1.34 | % | 1.24 | % | 1.22 | % | 1.07 | % | 1.28 | % | 0.96 | % | 0.96 | % | ||||||||||||||||||||||||||||||||||||||
11 | 1.30 | % | 1.35 | % | 1.34 | % | 1.45 | % | 1.44 | % | 1.41 | % | 1.50 | % | 1.45 | % | 1.36 | % | 1.20 | % | 1.48 | % | 1.10 | % | 1.10 | % | ||||||||||||||||||||||||||||||||||||||
12 | 1.47 | % | 1.44 | % | 1.52 | % | 1.58 | % | 1.57 | % | 1.62 | % | 1.74 | % | 1.67 | % | 1.53 | % | 1.37 | % | 1.67 | % | 1.26 | % | ||||||||||||||||||||||||||||||||||||||||
13 | 1.61 | % | 1.58 | % | 1.74 | % | 1.73 | % | 1.72 | % | 1.86 | % | 1.95 | % | 1.90 | % | 1.67 | % | 1.55 | % | 1.82 | % | 1.39 | % | ||||||||||||||||||||||||||||||||||||||||
14 | 1.73 | % | 1.74 | % | 1.94 | % | 1.85 | % | 1.86 | % | 2.04 | % | 2.21 | % | 2.09 | % | 1.81 | % | 1.74 | % | 1.99 | % | 1.51 | % | ||||||||||||||||||||||||||||||||||||||||
15 | 1.81 | % | 1.85 | % | 2.09 | % | 2.00 | % | 2.04 | % | 2.25 | % | 2.48 | % | 2.25 | % | 2.00 | % | 1.97 | % | 2.14 | % | ||||||||||||||||||||||||||||||||||||||||||
16 | 1.89 | % | 2.03 | % | 2.27 | % | 2.15 | % | 2.24 | % | 2.45 | % | 2.71 | % | 2.41 | % | 2.19 | % | 2.16 | % | 2.27 | % | ||||||||||||||||||||||||||||||||||||||||||
17 | 2.00 | % | 2.16 | % | 2.39 | % | 2.37 | % | 2.39 | % | 2.68 | % | 2.89 | % | 2.54 | % | 2.37 | % | 2.36 | % | ||||||||||||||||||||||||||||||||||||||||||||
18 | 2.10 | % | 2.30 | % | 2.53 | % | 2.52 | % | 2.55 | % | 2.88 | % | 3.08 | % | 2.73 | % | 2.60 | % | 2.59 | % | ||||||||||||||||||||||||||||||||||||||||||||
19 | 2.24 | % | 2.42 | % | 2.67 | % | 2.67 | % | 2.73 | % | 3.08 | % | 3.22 | % | 2.93 | % | 2.80 | % | 2.78 | % | ||||||||||||||||||||||||||||||||||||||||||||
20 | 2.35 | % | 2.50 | % | 2.81 | % | 2.83 | % | 2.93 | % | 3.23 | % | 3.40 | % | 3.11 | % | 3.01 | % | 2.95 | % | ||||||||||||||||||||||||||||||||||||||||||||
21 | 2.46 | % | 2.58 | % | 2.92 | % | 2.99 | % | 3.12 | % | 3.38 | % | 3.59 | % | 3.34 | % | 3.19 | % | 3.14 | % | ||||||||||||||||||||||||||||||||||||||||||||
22 | 2.55 | % | 2.67 | % | 3.10 | % | 3.16 | % | 3.27 | % | 3.54 | % | 3.78 | % | 3.54 | % | 3.34 | % | 3.29 | % | ||||||||||||||||||||||||||||||||||||||||||||
23 | 2.63 | % | 2.77 | % | 3.28 | % | 3.34 | % | 3.38 | % | 3.67 | % | 3.96 | % | 3.72 | % | 3.49 | % | 3.41 | % | ||||||||||||||||||||||||||||||||||||||||||||
24 | 2.71 | % | 2.87 | % | 3.38 | % | 3.49 | % | 3.52 | % | 3.83 | % | 4.18 | % | 3.92 | % | 3.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||
25 | 2.77 | % | 3.01 | % | 3.55 | % | 3.63 | % | 3.63 | % | 4.00 | % | 4.41 | % | 4.10 | % | 3.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||
26 | 2.82 | % | 3.14 | % | 3.68 | % | 3.75 | % | 3.73 | % | 4.16 | % | 4.58 | % | 4.23 | % | 3.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||
27 | 2.89 | % | 3.16 | % | 3.84 | % | 3.86 | % | 3.84 | % | 4.35 | % | 4.79 | % | 4.36 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
28 | 2.96 | % | 3.29 | % | 3.98 | % | 3.97 | % | 3.97 | % | 4.50 | % | 4.96 | % | 4.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
29 | 3.02 | % | 3.40 | % | 4.14 | % | 4.09 | % | 4.11 | % | 4.64 | % | 5.08 | % | 4.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
30 | 3.09 | % | 3.50 | % | 4.19 | % | 4.21 | % | 4.26 | % | 4.79 | % | 5.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
31 | 3.17 | % | 3.61 | % | 4.30 | % | 4.33 | % | 4.40 | % | 4.92 | % | 5.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
32 | 3.20 | % | 3.68 | % | 4.38 | % | 4.47 | % | 4.50 | % | 5.02 | % | 5.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
33 | 3.27 | % | 3.74 | % | 4.46 | % | 4.59 | % | 4.61 | % | 5.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
34 | 3.35 | % | 3.81 | % | 4.57 | % | 4.68 | % | 4.70 | % | 5.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
35 | 3.41 | % | 3.87 | % | 4.66 | % | 4.79 | % | 4.78 | % | 5.29 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
36 | 3.47 | % | 3.91 | % | 4.76 | % | 4.86 | % | 4.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
37 | 3.52 | % | 3.97 | % | 4.84 | % | 4.93 | % | 4.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
38 | 3.55 | % | 4.03 | % | 4.96 | % | 5.01 | % | 4.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
39 | 3.58 | % | 4.09 | % | 5.03 | % | 5.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
40 | 3.61 | % | 4.13 | % | 5.13 | % | 5.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
41 | 3.63 | % | 4.18 | % | 5.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
42 | 3.66 | % | 4.23 | % | 5.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
43 | 3.68 | % | 4.28 | % | 5.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
44 | 3.72 | % | 4.33 | % | 5.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
45 | 3.75 | % | 4.35 | % | 5.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
46 | 3.79 | % | 4.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
47 | 3.80 | % | 4.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
48 | 3.83 | % | 4.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
49 | 3.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50 | 3.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
51 | 3.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
52 | 3.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
53 | 3.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime Mix (2) | 70 | % | 70 | % | 67 | % | 68 | % | 69 | % | 68 | % | 68 | % | 71 | % | 71 | % | 76 | % | 70 | % | 87 | % | 85 | % | 80 | % | 80 | % | 82 | % | ||||||||||||||||||||||||||||||||
| (1) | Represents the number of months since the inception of the securitization. | |
| (2) | Represents the original percentage of prime automobile contracts securitized within each pool. |
