Westcorp 425 Business combination disclosure

Exhibit 99.1
January 25, 2005
 
 
 
Lisa Capps
Investor Relations
Westcorp
Phone: (949) 727-1002
Email: Investor_Relations@WestcorpInc.com

Westcorp Reports Record Year-end and Fourth Quarter Results

Irvine, CA: Westcorp (NYSE:WES) reported that net income for 2004 rose 68% to a record $208 million compared with $124 million last year. Earnings per share rose 39% to a record $3.96 for the twelve months ended December 31, 2004 compared with $2.85 for 2003. Fourth quarter net income increased 42% to a record $55.5 million for the three months ended December 31, 2004 compared with $39.1 million for the same period a year ago. Earnings per diluted share increased 33% to a record $1.06 for the three months ended December 31, 2004 compared with $0.80 per diluted share for the same period a year earlier.

“Our record net income was primarily the result of a significant improvement in credit performance,” said Tom Wolfe, President of Westcorp. “Our emphasis on risk-focused underwriting, our effective auto lending servicing platform and an improving economy all contributed to the improvement in our credit performance even as we achieved 11% year over year origination growth.”

Annualized credit loss experience improved 63 basis points to 2.01% of average managed automobile contracts for the fourth quarter compared with 2.64% for the same period a year earlier. For the twelve months ended December 31, 2004, credit loss experience improved 61 basis points to 1.99% compared with 2.60% last year. The percentage of outstanding automobile contracts 30 days or more delinquent improved 66 basis points to 2.24% at December 31, 2004 compared with 2.90% a year ago.

Provision for credit losses declined to $61.1 million for the three months ended December 31, 2004, compared with $72.9 million for the same period a year earlier as a result of lower chargeoff experience and stronger portfolio characteristics. For the twelve months ended December 31, 2004, the provision for credit losses declined to $235 million compared with $294 million last year. At December 31, 2004, the allowance for credit losses totaled $315 million or 2.6% of loans receivable compared with $302 million or 2.7% at December 31, 2003.

Automobile contract purchases totaled $1.6 billion for the fourth quarter of 2004, a 17% increase from the same period a year earlier. For the twelve months ended December 31, 2004, automobile contract purchases totaled $6.6 billion, an 11% increase over 2003. The Company’s portfolio of managed automobile contracts grew to $11.6 billion at December 31, 2004, up from $10.6 billion a year earlier.

Net interest income grew 9% to $210 million for the fourth quarter compared with $193 million for the same period a year earlier as total average interest earning assets increased $1.1 billion to $15.4 billion and net interest margin widened 7 basis points to 5.07% on the total portfolio for the fourth quarter compared with the same period a year ago. For the twelve months ended December 31, 2004, net interest income grew 13% to $808 million compared with $714 million for the same period a year earlier as total average interest earning assets increased $1.4 billion to $15.0 billion and net interest margin widened 10 basis points to 5.05% on the total portfolio for the year compared with the same period a year ago.

The Company continued to improve its overall deposit mix in 2004 from certificates of deposit to lower cost demand deposit and money market accounts. Total demand deposit and money market accounts increased $378 million or 36% to $1.4 billion at December 31, 2004 compared with a year ago and now represents 65% of total deposits. The weighted average interest cost of deposits (excluding the effects of hedging) increased to 1.59% for the fourth quarter compared with 1.35% for the same period a year earlier. For the year, the weighted average interest cost of deposits (excluding the effects of hedging) declined to 1.82% compared with 2.31% for the same period a year earlier.

The Company issued $1.4 billion of automobile receivable asset-backed securities during the quarter with a weighted average cost of funds of 3.1%. The Company continues to be the largest non-captive issuer of automobile asset-backed securities in the U.S. having issued a total of $41 billion of such securities in 65 transactions to date.

Noninterest income was $29.9 million for the three months ended December 31, 2004 compared with $26.8 million for the same period a year earlier. For the twelve months ended December 31, 2004, noninterest income was $116 million compared with $110 million for the same period a year ago.

Noninterest expense totaled $75.6 million or 32% of total revenues for the fourth quarter compared with $74.1 million or 34% of total revenues for the same period a year earlier. For the twelve months ended December 31, 2004, noninterest expense totaled $296 million or 32% of total revenues compared with $282 million or 34% of total revenues a year ago.

As previously announced, Westcorp is in the process of converting Western Financial Bank 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 also remains subject to approval by the majority of WFS Financial’s minority shareholders.

Earnings Conference Call
Westcorp, along with its subsidiary, WFS Financial, will host a conference call for analysts and investors at 7:30 a.m. (PST) on Wednesday, January 26, 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.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. 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 20 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; 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 January 25, 2005. 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 Twelve Months Ended
	December 31,				December 31,
	2004		2003		2004		2003
	(Dollars in thousands, except share and per share amounts)
Interest income:
Loans, including fees	$	294,946	$	292,599	$	1,158,935	$	1,153,768
Mortgage-backed securities		25,764		21,713		98,430		83,663
Investment securities		796		845		4,150		3,057
Other		3,499		1,525		9,370		4,529
TOTAL INTEREST INCOME		325,005		316,682		1,270,885		1,245,017
Interest expense:
Deposits		15,764		14,365		58,055		64,634
Notes payable on automobile secured financing		87,947		97,440		360,625		416,577
Other		11,345		12,192		44,447		49,531
TOTAL INTEREST EXPENSE		115,056		123,997		463,127		530,742
NET INTEREST INCOME		209,949		192,685		807,758		714,275
Provision for credit losses		61,078		72,936		235,248		294,006
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		148,871		119,749		572,510		420,269
Noninterest income:
Automobile lending		26,043		22,702		103,689		90,511
Other		3,808		4,138		12,433		19,646
TOTAL NONINTEREST INCOME		29,851		26,840		116,122		110,157
Noninterest expense:
Salaries and associate benefits		45,029		42,486		176,024		163,436
Credit and collections		8,886		8,973		33,245		35,977
Data processing		5,310		4,061		17,623		17,751
Occupancy		3,940		3,893		15,650		15,678
Other		12,461		14,716		53,065		49,640
TOTAL NONINTEREST EXPENSE		75,626		74,129		295,607		282,482
INCOME BEFORE INCOME TAX		103,096		72,460		393,025		247,944
Income tax		40,571		28,731		155,797		98,275
INCOME BEFORE MINORITY INTEREST		62,525		43,729		237,228		149,669
Minority interest in earnings of subsidiaries		7,015		4,611		29,266		26,064
NET INCOME	$	55,510	$	39,118	$	207,962	$	123,605
Net income per common share:
Basic	$	1.07	$	0.82	$	4.01	$	2.88
Diluted	$	1.06	$	0.80	$	3.96	$	2.85
Weighted average number of common shares outstanding:
Basic		51,884,439		47,948,778		51,826,412		42,867,262
Diluted		52,573,953		48,662,953		52,568,834		43,397,211
Dividends declared	$	0.14	$	0.13	$	0.56	$	0.52

WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	(Unaudited)
	December 31, 2004			December 31, 2003
	(Dollars in thousands)
ASSETS
Cash	$	89,418		$	50,073
Interest bearing deposits with other financial institutions		4,092			41,009
Other short-term investments		125,000			291,000
Cash and due from banks		218,510			382,082
Restricted cash		417,833			245,399
Investment securities available for sale		119,811			117,749
Mortgage-backed securities available for sale		2,649,758			2,701,797
Loans receivable		12,135,748			11,138,483
Allowance for credit losses		(315,402	)		(301,602	)
Loans receivable, net		11,820,346			10,836,881
Accrued interest receivable		79,825			80,957
Premises and equipment, net		76,526			81,814
Other		162,731			169,241
TOTAL ASSETS	$	15,545,340		$	14,615,920
LIABILITIES
Deposits	$	2,183,499		$	1,972,856
Notes payable on automobile secured financing		10,242,900			10,254,641
Securities sold under agreements to repurchase					222,489
Federal Home Loan Bank advances		1,139,521			328,644
Subordinated debentures		295,321			394,854
Other		178,939			188,517
TOTAL LIABILITIES		14,040,180			13,362,001
Minority interest		165,484			131,434
SHAREHOLDERS’ EQUITY
Common stock (par value $1.00 per share; authorized 65,000,000 shares; issued and outstanding 51,895,258 shares at December 31, 2004 and 51,698,398 shares at December 31, 2003)		51,895			51,698
Paid-in capital		717,098			710,001
Retained earnings		606,987			427,527
Accumulated other comprehensive loss, net of tax		(36,304	)		(66,741	)
TOTAL SHAREHOLDERS’ EQUITY		1,339,676			1,122,485
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	15,545,340		$	14,615,920

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
	December 31,
	2004							2003
	Average				Yield/			Average				Yield/
	Balance		Interest		Rate			Balance		Interest		Rate
	(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities	$	2,590,670	$	25,764		3.98	%	$	2,572,209	$	21,713		3.38	%
Other short-term investments		680,478		3,479		2.03			547,567		1,515		1.10
Investment securities		117,233		796		2.72			114,349		845		2.95
Interest earning deposits with others		5,328		20		1.40			6,328		10		0.65
Total investments		3,393,709		30,059		3.54			3,240,453		24,083		2.97
Total loans: (1)
Consumer loans		11,708,889		290,372		9.87			10,732,332		288,024		10.65
Mortgage loans		177,090		2,251		5.08			231,932		3,034		5.23
Commercial loans		121,480		2,091		6.73			108,052		1,389		5.03
Construction loans		16,148		232		5.63			11,923		152		4.98
Total loans		12,023,607		294,946		9.76			11,084,239		292,599		10.47
Total interest earning assets	$	15,417,316		325,005		8.39	%	$	14,324,692		316,682		8.78	%
Interest bearing liabilities:
Deposits (2)	$	2,132,280		15,764		2.94	%	$	1,985,347		14,365		2.87	%
Securities sold under agreements to repurchase									228,168		1,112		1.93
FHLB advances and other borrowings		725,970		3,859		2.08			426,805		1,264		1.16
Notes payable on automobile secured financing		10,682,165		87,947		3.29			10,086,393		97,440		3.86
Subordinated debentures		295,145		7,486		10.15			394,618		9,816		9.95
Total interest bearing liabilities	$	13,835,560		115,056		3.32	%	$	13,121,331		123,997		3.78	%
Net interest income and interest rate spread			$	209,949		5.07	%			$	192,685		5.00	%
Net yield on average interest earning assets						5.41	%						5.39	%

(1)	For the purpose of these computations, nonaccruing loans are included in the average amounts outstanding.
(2)	Includes the effects of hedging.

	For the Twelve Months Ended
	December 31,
	2004							2003
	Average				Yield/			Average				Yield/
	Balance		Interest		Rate			Balance		Interest		Rate
			(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities	$	2,592,864	$	98,430		3.80	%	$	2,528,870	$	83,663		3.31	%
Other short-term investments		648,926		9,319		1.44			377,762		4,464		1.18
Investment securities		121,805		4,150		3.41			80,626		3,057		3.79
Interest earning deposits with others		5,637		51		0.90			7,869		65		0.83
Total investments		3,369,232		111,950		3.32			2,995,127		91,249		3.05
Total loans: (1)
Consumer loans		11,303,131		1,141,994		10.10			10,225,488		1,134,294		11.09
Mortgage loans		197,888		9,959		5.03			249,905		13,577		5.43
Commercial loans		109,997		6,462		5.78			110,296		5,409		4.90
Construction loans		9,900		520		5.17			10,177		488		4.80
Total loans		11,620,916		1,158,935		9.97			10,595,866		1,153,768		10.89
Total interest earning assets	$	14,990,148		1,270,885		8.48	%	$	13,590,993		1,245,017		9.16	%
Interest bearing liabilities:
Deposits (2)	$	2,052,754		58,055		2.83	%	$	1,982,205		64,634		3.26	%
Securities sold under agreements to repurchase		8,170		94		1.13			220,989		4,544		2.06
FHLB advances and other            borrowings		635,337		9,499		1.47			430,372		5,527		1.26
Notes payable on automobile secured financing		10,453,952		360,625		3.45			9,592,483		416,577		4.34
Subordinated debentures		348,001		34,854		10.02			396,211		39,460		9.96
Total interest bearing liabilities	$	13,498,214		463,127		3.43	%	$	12,622,260		530,742		4.21	%
Net interest income and interest rate spread			$	807,758		5.05	%			$	714,275		4.95	%
Net yield on average interest earning assets						5.34	%						5.26	%

(1)	For the purpose of these computations, nonaccruing loans are included in the average amounts outstanding.
(2)	Includes the effects of hedging.

WESTCORP AND SUBSIDIARIES
OTHER FINANCIAL DATA AND STATISTICAL SUMMARY

	Q4 2004			Q3 2004			Q2 2004			Q1 2004			Q4 2003
	(Dollars in thousands, except per share amounts)
Earnings:
Net interest income	$	209,949		$	206,238		$	197,148		$	194,423		$	192,685
Provision for credit losses		61,078			60,337			51,539			62,294			72,936
Noninterest income		29,851			30,027			27,554			28,690			26,840
Noninterest expense		75,626			74,946			73,635			71,400			74,129
Income before taxes		103,096			100,982			99,528			89,419			72,460
Income taxes		40,571			40,188			39,725			35,313			28,731
Net income		55,510			54,672			54,415			43,365			39,118
Equity:
Earning per share — basic	$	1.07		$	1.05		$	1.05		$	0.84		$	0.82
Earning per share — diluted	$	1.06		$	1.04		$	1.04		$	0.83		$	0.80
Dividend per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.13
Book value per share (period end) (1)	$	26.51		$	25.55		$	24.63		$	23.71		$	23.00
Stock price per share (period end)	$	45.93		$	42.52		$	45.45		$	44.07		$	36.55
Total equity to assets (2)		9.92	%		9.66	%		9.52	%		9.30	%		9.04	%
Return on average equity (1)		16.45	%		16.82	%		17.36	%		14.37	%		14.77	%
Average shares outstanding — diluted		52,573,953			52,510,834			52,483,220			52,493,432			48,662,953
Loan Portfolio:
Automobile contracts purchased	$	1,583,787		$	1,799,106		$	1,666,842		$	1,585,173		$	1,356,505
Automobile contracts managed (period end)	$	11,560,890		$	11,440,353		$	11,113,148		$	10,850,314		$	10,596,665
Number of accounts managed (period end)		876,695			869,038			853,193			840,566			826,122
Average automobile contracts managed	$	11,512,626		$	11,268,695		$	10,946,273		$	10,726,048		$	10,549,972
Credit Quality:
Delinquency rate (30+ days)		2.24	%		2.24	%		2.21	%		1.91	%		2.90	%
Repossessions to total contracts		0.07	%		0.06	%		0.06	%		0.06	%		0.10	%
Net chargeoffs (annualized)		2.01	%		1.95	%		1.73	%		2.27	%		2.64	%
Allowance to loans receivable		2.60	%		2.62	%		2.66	%		2.67	%		2.71	%
Operations:
Total assets	$	15,545,340		$	15,351,999		$	14,999,112		$	14,745,384		$	14,615,920
Noninterest expense to total revenues		31.54	%		31.72	%		32.77	%		32.00	%		33.77	%

(1)	Excludes other comprehensive income
(2)	Excludes other comprehensive income and includes minority interest

WESTCORP AND SUBSIDIARIES
CUMULATIVE STATIC POOL LOSS CURVES (UNAUDITED)
At December 31, 2004

The following table sets forth the cumulative static pool losses by month for all outstanding public securitized pools:

Period (1)	2001-A		2001-B		2001-C		2002-1		2002-2		2002-3		2002-4		2003-1		2003-2		2003-3		2003-4		2004-1		2004-2		2004-3		2004-4
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	%
2	0.03	%	0.03	%	0.04	%	0.01	%	0.00	%	0.02	%	0.02	%	0.01	%	0.00	%	0.00	%	0.01	%	0.00	%	0.00	%	0.02	%	0.00	%
3	0.09	%	0.10	%	0.09	%	0.06	%	0.03	%	0.06	%	0.07	%	0.04	%	0.02	%	0.02	%	0.03	%	0.02	%	0.03	%	0.06	%	0.04	%
4	0.20	%	0.21	%	0.20	%	0.15	%	0.10	%	0.14	%	0.16	%	0.11	%	0.06	%	0.06	%	0.08	%	0.06	%	0.07	%	0.13	%
5	0.33	%	0.33	%	0.35	%	0.29	%	0.18	%	0.27	%	0.26	%	0.18	%	0.14	%	0.13	%	0.14	%	0.11	%	0.15	%	0.21	%
6	0.50	%	0.50	%	0.49	%	0.43	%	0.32	%	0.44	%	0.38	%	0.29	%	0.25	%	0.23	%	0.21	%	0.19	%	0.24	%
7	0.70	%	0.69	%	0.65	%	0.60	%	0.49	%	0.57	%	0.50	%	0.41	%	0.36	%	0.32	%	0.28	%	0.27	%	0.33	%
8	0.84	%	0.87	%	0.81	%	0.84	%	0.66	%	0.70	%	0.61	%	0.53	%	0.48	%	0.40	%	0.35	%	0.34	%	0.41	%
9	1.04	%	1.05	%	0.95	%	1.06	%	0.82	%	0.82	%	0.78	%	0.66	%	0.59	%	0.47	%	0.44	%	0.42	%
10	1.24	%	1.22	%	1.07	%	1.28	%	0.96	%	0.96	%	0.94	%	0.80	%	0.70	%	0.55	%	0.54	%	0.52	%
11	1.45	%	1.36	%	1.20	%	1.48	%	1.10	%	1.10	%	1.08	%	0.93	%	0.80	%	0.62	%	0.61	%	0.59	%
12	1.67	%	1.53	%	1.37	%	1.67	%	1.26	%	1.24	%	1.28	%	1.06	%	0.89	%	0.71	%	0.73	%
13	1.90	%	1.67	%	1.55	%	1.82	%	1.39	%	1.38	%	1.43	%	1.21	%	0.98	%	0.80	%	0.83	%
14	2.09	%	1.81	%	1.74	%	1.99	%	1.51	%	1.53	%	1.59	%	1.31	%	1.08	%	0.88	%	0.93	%
15	2.25	%	2.00	%	1.97	%	2.14	%	1.68	%	1.70	%	1.77	%	1.40	%	1.20	%	0.97	%
16	2.41	%	2.19	%	2.16	%	2.27	%	1.83	%	1.88	%	1.92	%	1.50	%	1.31	%	1.07	%
17	2.54	%	2.37	%	2.36	%	2.45	%	1.99	%	2.03	%	2.05	%	1.60	%	1.41	%	1.16	%
18	2.73	%	2.60	%	2.59	%	2.62	%	2.16	%	2.15	%	2.16	%	1.70	%	1.53	%
19	2.93	%	2.80	%	2.78	%	2.80	%	2.31	%	2.28	%	2.25	%	1.85	%	1.66	%
20	3.11	%	3.01	%	2.95	%	2.99	%	2.46	%	2.41	%	2.37	%	1.99	%	1.76	%
21	3.34	%	3.19	%	3.14	%	3.15	%	2.60	%	2.52	%	2.49	%	2.14	%
22	3.54	%	3.34	%	3.29	%	3.31	%	2.72	%	2.62	%	2.62	%	2.27	%
23	3.72	%	3.49	%	3.41	%	3.45	%	2.86	%	2.74	%	2.73	%	2.37	%
24	3.92	%	3.62	%	3.57	%	3.58	%	2.95	%	2.83	%	2.84	%
25	4.10	%	3.75	%	3.73	%	3.69	%	3.03	%	2.96	%	2.95	%
26	4.23	%	3.87	%	3.88	%	3.80	%	3.13	%	3.08	%	3.06	%
27	4.36	%	4.00	%	4.04	%	3.92	%	3.22	%	3.21	%
28	4.47	%	4.15	%	4.20	%	4.02	%	3.33	%	3.31	%
29	4.56	%	4.28	%	4.35	%	4.12	%	3.41	%	3.41	%
30	4.67	%	4.40	%	4.46	%	4.22	%	3.50	%
31	4.81	%	4.52	%	4.57	%	4.30	%	3.58	%
32	4.92	%	4.64	%	4.69	%	4.39	%	3.66	%
33	5.04	%	4.73	%	4.77	%	4.49	%
34	5.13	%	4.83	%	4.85	%	4.56	%
35	5.24	%	4.93	%	4.92	%
36	5.31	%	4.99	%	5.01	%
37	5.39	%	5.05	%	5.09	%
38	5.45	%	5.11	%	5.16	%
39	5.50	%	5.17	%	5.22	%
40	5.56	%	5.24	%	5.27	%
41	5.61	%	5.29	%	5.32	%
42	5.66	%	5.33	%
43	5.70	%	5.39	%
44	5.75	%	5.43	%
45	5.81	%
46	5.84	%
47	5.87	%
Prime Mix (2)	68	%	71	%	71	%	76	%	70	%	87	%	85	%	80	%	80	%	82	%	84	%	82	%	82	%	81	%	78	%

(1)	Represents the number of months since inception of the securitization.
(2)	Represents the original percentage of prime automobile contracts securitized within each pool.