Westcorp 425 Business combination disclosure

Exhibit 99.1

Date:	October 25, 2005
Contacts:	Robert J. Costantino
	Executive Vice President
	Chief Financial Officer
	Investor Relations
	Phone: (949) 727-1002
	Caren Roberson
	Director Marketing Communications
	Media Relations
	Phone: (949) 753-3711
Email:	Investor_Relations@WestcorpInc.com

Westcorp Reports Record Third Quarter Net Income

• Third quarter net income increased 22% to a record $67 million

• Earnings per share increased 21% to a record $1.26 per share

• Contract originations grew 15% to $2.1 billion

Irvine, CA: Westcorp (NYSE:WES) reported that net income increased 22% to a record $66.5 million for the three months ended September 30, 2005 compared with $54.7 million for the same period a year ago. Earnings per diluted share increased 21% to a record $1.26 for the three months ended September 30, 2005 compared with $1.04 per diluted share for the same period a year earlier. For the nine months ended September 30, 2005, net income increased 26% to a record $193 million compared with $152 million for the same period a year earlier. Earnings per diluted share rose 26% to a record $3.65 for the nine months ended September 30, 2005 compared with $2.90 for the same period a year ago.

“Our record 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 $40.2 million for the three months ended September 30, 2005, compared with $60.3 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 $127 million compared with $174 million for the same period a year ago. At September 30, 2005, the allowance for credit losses totaled $320 million or 2.4% of loans receivable compared with $315 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 $1.7 billion to $16.9 billion for the third quarter, up from $15.2 billion for the same period a year ago. As a result, net interest income grew 10% to $226 million for the third quarter compared with $206 million for the same period a year earlier. Net interest margin was 4.91% for the third quarter compared with 5.02% for the same period a year ago. For the nine months ended September 30, 2005, net interest income grew 10% to $657 million compared with $598 million for the same period a year earlier. Net interest margin was 5.05% for the nine months ended September 30, 2005 compared with 5.02% for the same period a year ago.

Noninterest income decreased $10.2 million to $19.8 million for the three months ended September 30, 2005 compared with $30.0 million for the same period a year earlier. For the nine months ended September 30, 2005, noninterest income decreased $27.6 million to $58.7 million compared with $86.3 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 $78.0 million or 32% of total revenues for the third quarter compared with $74.9 million or 32% of total revenues for the same

period a year earlier. For the nine months ended September 30, 2005, noninterest expense increased to $225 million or 31% of total revenues compared with $220 million or 32% of total revenues a year ago. Included in noninterest expense is $6.6 million of transaction expenses related to the previously proposed merger of WFS Financial into Western Financial Bank as part of the acquisition of the minority interest in WFS Financial and the recently announced merger agreement entered into among Wachovia, Western Financial Bank, WFS Financial 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 continued to maintain a favorable deposit mix in 2005, consistent with its shift from certificates of deposit to lower cost demand deposit and money market accounts. Total demand deposit and money market accounts increased $150 million, or 11%, to $1.51 billion at September 30, 2005 compared with $1.36 billion a year ago and represented 65% of total deposits. The weighted average interest cost of deposits (excluding the effects of hedging) increased to 2.49% for the third quarter compared with 1.44% for the same period a year earlier.

The Company issued $2.7 billion of automobile receivable asset-backed securities during the quarter in its largest transaction to date. The Company continues 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.

As provided in the merger agreement entered into among Wachovia, Westcorp, Western Financial Bank and WFS Financial Inc as of September 12, 2005, the Company is permitted to continue to pay regular quarterly dividends prior to completion of the Westcorp merger, so long as such dividends are at a rate that is no greater than the rate paid by it during the second quarter of 2005. The declaration of any future dividends will be made by the Board of Directors in its discretion, and will be coordinated with Wachovia in an effort to ensure that Westcorp shareholders will not receive two dividends, or fail

to receive one dividend (to the extent that a dividend is declared), for any quarter with respect to shares of Westcorp common stock and any shares of Wachovia common stock that Westcorp shareholders will receive in connection with the merger.

The Company reaffirms its previous earnings guidance of around $250 million to $255 million, or roughly $4.75 to $4.85 per share for the year ended December 31, 2005. 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, and the future payment of dividends.

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 the Company and Wachovia is subject to the requisite approval of the Company’s shareholders, and the merger of WFS Financial and Wachovia is subject to the requisite approval of WFS Financial’s shareholders (including the approval of a majority of shares of WFS Financial common stock represented and voting at the WFS shareholder meeting, excluding shares of WFS Financial common stock held by the Company 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. The Company can also provide no assurances that any future dividends will be declared by the Company’s board of directors.

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.

WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2005		2004		2005		2004
	(Dollars in thousands, except per share amounts)
Interest income:
Loans, including fees	$	327,638	$	291,796	$	937,182	$	863,989
Mortgage-backed securities		27,368		25,828		82,020		72,666
Investment securities		1,798		1,173		4,146		3,354
Other		8,418		2,441		18,628		5,871
TOTAL INTEREST INCOME		365,222		321,238		1,041,976		945,880
Interest expense:
Deposits		21,110		15,101		59,099		42,291
Notes payable on automobile secured financing		101,587		89,869		282,114		272,678
Other		16,262		10,030		43,323		33,102
TOTAL INTEREST EXPENSE		138,959		115,000		384,536		348,071
NET INTEREST INCOME		226,263		206,238		657,440		597,809
Provision for credit losses		40,188		60,337		126,865		174,171
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		186,075		145,901		530,575		423,638
Noninterest income:
Automobile lending		15,498		26,830		45,538		77,646
Insurance income		3,020		2,264		7,215		5,778
Mortgage banking		82		64		259		548
Other		1,246		869		5,701		2,300
TOTAL NONINTEREST INCOME		19,846		30,027		58,713		86,272
Noninterest expenses:
Salaries and associate benefits		41,522		43,541		128,459		130,995
Credit and collections		8,773		8,056		25,361		24,359
Data processing		5,172		4,053		14,660		12,313
Occupancy		4,182		3,983		12,019		11,710
Other		18,361		15,313		44,193		40,604
TOTAL NONINTEREST EXPENSES		78,010		74,946		224,692		219,981
INCOME BEFORE INCOME TAX		127,911		100,982		364,596		289,929
Income tax		51,138		40,188		143,876		115,227
INCOME BEFORE MINORITY INTEREST		76,773		60,794		220,720		174,702
Minority interest in earnings of subsidiaries		10,252		6,122		28,199		22,251
NET INCOME	$	66,521	$	54,672	$	192,521	$	152,451
Earnings per common share:
Basic	$	1.27	$	1.05	$	3.70	$	2.94
Diluted	$	1.26	$	1.04	$	3.65	$	2.90
Weighted average number of common shares outstanding:
Basic		52,207,935		51,859,531		52,083,134		51,806,929
Diluted		52,886,618		52,510,834		52,746,532		52,528,983
Dividends declared	$	0.15	$	0.14	$	0.45	$	0.42

See accompanying notes to consolidated financial statements.

WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	(Unaudited)
	September 30, 2005			December 31, 2004
	(Dollars in thousands)
ASSETS
Cash	$	93,222		$	89,333
Interest bearing deposits with other financial institutions		32,158			4,177
Other short-term investments		285,000			125,000
Cash and due from banks		410,380			218,510
Restricted cash		550,183			417,833
Investment securities available for sale		164,984			119,811
Mortgage-backed securities available for sale		2,635,947			2,649,758
Loans receivable		13,222,321			12,135,748
Allowance for credit losses		(320,001	)		(315,402	)
Loans receivable, net		12,902,320			11,820,346
Interest receivable		85,436			79,825
Premises and equipment, net		73,391			76,526
Other assets		176,487			162,731
TOTAL ASSETS	$	16,999,128		$	15,545,340
LIABILITIES
Deposits	$	2,317,405		$	2,183,499
Notes payable on automobile secured financing		11,327,812			10,242,900
Federal Home Loan Bank advances		1,122,434			1,139,521
Subordinated debentures		296,074			295,321
Other liabilities		207,662			178,939
TOTAL LIABILITIES		15,271,387			14,040,180
Minority interest		196,824			165,484
SHAREHOLDERS’ EQUITY
Common stock (par value $1.00 per share; authorized 65,000,000 shares; issued and outstanding 52,251,061 shares at September 30, 2005 and 51,895,258 shares at December 31, 2004)		52,251			51,895
Paid-in capital		725,590			717,098
Retained earnings		776,602			606,987
Accumulated other comprehensive loss, net of tax		(23,526	)		(36,304	)
TOTAL SHAREHOLDERS’ EQUITY		1,530,917			1,339,676
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	16,999,128		$	15,545,340

See accompanying notes to consolidated financial statements.

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							2004
	Average				Yield/			Average				Yield/
	Balance		Interest		Rate			Balance		Interest		Rate
	(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities	$	2,596,121	$	27,368		4.22	%	$	2,610,918	$	25,828		3.96	%
Other short-term investments		934,014		8,378		3.56			660,922		2,427		1.46
Investment securities		192,156		1,798		3.74			115,445		1,173		4.07
Interest earning deposits with others		52,911		40		0.30			5,668		14		0.98
Total investments		3,775,202		37,584		3.98			3,392,953		29,442		3.47
Total loans: (1)
Consumer loans		12,748,833		322,144		10.02			11,461,360		287,806		9.99
Mortgage loans		151,574		2,186		5.77			174,927		2,181		4.99
Commercial loans		168,048		2,799		6.52			116,178		1,628		5.48
Construction loans		29,789		509		6.68			13,944		181		5.08
Total loans		13,098,244		327,638		9.92			11,766,409		291,796		9.87
Total interest earning assets	$	16,873,446		365,222		8.59		$	15,159,362		321,238		8.43
Interest bearing liabilities:
Deposits	$	2,255,371		21,110		3.71		$	2,083,963		15,101		2.88
FHLB advances and other borrowings		990,907		8,772		3.47			638,999		1,937		1.19
Notes payable on automobile secured financing		11,511,409		101,587		3.53			10,722,274		89,869		3.35
Subordinated debentures		295,897		7,490		10.12			321,990		8,093		10.05
Total interest bearing liabilities	$	15,053,584		138,959		3.68		$	13,767,226		115,000		3.41
Net interest income and interest rate spread			$	226,263		4.91	%			$	206,238		5.02	%
Net yield on average interest earning assets						5.31	%						5.41	%

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

	For the Nine Months Ended September 30,
	2005							2004
	Average				Yield/			Average				Yield/
	Balance		Interest		Rate			Balance		Interest		Rate
	(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities	$	2,594,732	$	82,020		4.21	%	$	2,593,595	$	72,666		3.74	%
Other short-term investments		794,687		18,500		3.11			638,409		5,840		1.22
Investment securities		151,902		4,146		3.64			123,329		3,354		3.63
Interest earning deposits with others		44,541		128		0.39			5,740		31		0.74
			��
Total investments		3,585,862		104,794		3.90			3,361,073		81,891		3.25
Total loans: (1)
Consumer loans		12,286,641		921,646		10.03			11,167,879		851,622		10.19
Mortgage loans		161,158		6,665		5.51			204,821		7,708		5.02
Commercial loans		159,785		7,610		6.28			106,169		4,371		5.41
Construction loans		25,592		1,261		6.49			7,817		288		4.83
Total loans		12,633,176		937,182		9.92			11,486,686		863,989		10.05
Total interest earning assets	$	16,219,038		1,041,976		8.59		$	14,847,759		945,880		8.51
Interest bearing liabilities:
Deposits	$	2,203,380		59,099		3.59		$	2,026,245		42,291		2.79
Securities sold under agreements to repurchase									10,894		94		1.13
FHLB advances and other borrowings		900,494		20,861		3.06			608,456		5,640		1.22
Notes payable on automobile secured financing		11,073,297		282,114		3.40			10,377,881		272,678		3.50
Subordinated debentures		295,663		22,462		10.13			365,619		27,368		9.98
Total interest bearing liabilities	$	14,472,834		384,536		3.54		$	13,389,095		348,071		3.49
Net interest income and interest rate spread			$	657,440		5.05	%			$	597,809		5.02	%
Net yield on average interest earning assets						5.43	%						5.39	%

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

WESTCORP AND SUBSIDIARIES
OTHER FINANCIAL DATA AND STATISTICAL SUMMARY

	Q3 2005			Q2 2005			Q1 2005			Q4 2004			Q3 2004
	(Dollars in thousands, except per share amounts)
Earnings:
Net interest income	$	226,263		$	214,250		$	216,927		$	209,949		$	206,238
Provision for credit losses		40,188			37,699			48,978			61,078			60,337
Noninterest income		19,846			19,575			19,293			29,851			30,027
Noninterest expense		78,010			74,093			72,590			75,626			74,946
Income before taxes		127,911			122,033			114,652			103,096			100,982
Income taxes		51,138			47,099			45,639			40,571			40,188
Net income		66,521			65,318			60,682			55,510			54,672
Equity:
Earning per share — basic	$	1.27		$	1.25		$	1.17		$	1.07		$	1.05
Earning per share — diluted	$	1.26		$	1.24		$	1.15		$	1.06		$	1.04
Dividends per share	$	0.15		$	0.15		$	0.15		$	0.14		$	0.14
Book value per share (period end) (1)	$	29.75		$	28.62		$	27.52		$	26.51		$	25.55
Stock price per share (period end)	$	58.90		$	52.42		$	42.25		$	45.93		$	42.52
Total equity to assets (2)		10.30	%		10.14	%		9.95	%		9.92	%		9.66	%
Return on average equity (1)		17.47	%		17.88	%		17.31	%		16.45	%		16.82	%
Average shares outstanding — diluted		52,886,618			52,680,870			52,597,731			52,573,953			52,510,834
Loan Portfolio:
Automobile contracts purchased	$	2,070,694		$	2,013,622		$	1,782,414		$	1,583,748		$	1,799,106
Automobile contracts managed (period end)	$	12,718,750		$	12,307,454		$	11,852,222		$	11,560,890		$	11,440,353
Number of accounts managed (period end)		941,616			919,722			895,377			876,695			869,038
Average automobile contracts managed	$	12,376,118		$	12,019,325		$	11,702,544		$	11,512,626		$	11,268,695
Credit Quality:
Delinquency rate (30+ days)		2.15	%		1.80	%		1.53	%		2.24	%		2.24	%
Repossessions to total contracts		0.05	%		0.05	%		0.05	%		0.07	%		0.06	%
Net chargeoffs (annualized)		1.25	%		1.15	%		1.66	%		2.01	%		1.95	%
Allowance to loans receivable		2.42	%		2.49	%		2.56	%		2.60	%		2.62	%
Operations:
Total assets	$	16,999,128		$	16,544,234		$	16,156,288		$	15,545,340		$	15,351,999
Noninterest expense to total revenues		31.70	%		31.69	%		30.73	%		31.54	%		31.72	%

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

WESTCORP 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			2003-4			2004-1			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	%		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	%		0.00	%		0.00	%		0.02	%		0.00	%		0.00	%		0.00	%		0.01	%
3		0.06	%		0.03	%		0.06	%		0.07	%		0.04	%		0.02	%		0.02	%		0.03	%		0.02	%		0.03	%		0.06	%		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	%		0.06	%		0.07	%		0.13	%		0.09	%		0.06	%		0.07	%
5		0.29	%		0.18	%		0.27	%		0.26	%		0.18	%		0.14	%		0.13	%		0.14	%		0.11	%		0.15	%		0.21	%		0.15	%		0.13	%		0.13	%
6		0.43	%		0.32	%		0.44	%		0.38	%		0.29	%		0.25	%		0.23	%		0.21	%		0.19	%		0.24	%		0.30	%		0.23	%		0.20	%		0.22	%
7		0.60	%		0.49	%		0.57	%		0.50	%		0.41	%		0.36	%		0.32	%		0.28	%		0.27	%		0.33	%		0.40	%		0.30	%		0.28	%		0.30	%
8		0.84	%		0.66	%		0.70	%		0.61	%		0.53	%		0.48	%		0.40	%		0.35	%		0.34	%		0.41	%		0.50	%		0.37	%		0.38	%
9		1.06	%		0.82	%		0.82	%		0.78	%		0.66	%		0.59	%		0.47	%		0.44	%		0.42	%		0.51	%		0.56	%		0.45	%		0.48	%
10		1.28	%		0.96	%		0.96	%		0.94	%		0.80	%		0.70	%		0.55	%		0.54	%		0.52	%		0.59	%		0.64	%		0.54	%
11		1.48	%		1.10	%		1.10	%		1.08	%		0.93	%		0.80	%		0.62	%		0.61	%		0.59	%		0.65	%		0.69	%		0.65	%
12		1.67	%		1.26	%		1.24	%		1.28	%		1.06	%		0.89	%		0.71	%		0.73	%		0.67	%		0.70	%		0.77	%		0.75	%
13		1.82	%		1.39	%		1.38	%		1.43	%		1.21	%		0.98	%		0.80	%		0.83	%		0.75	%		0.76	%		0.87	%
14		1.99	%		1.51	%		1.53	%		1.59	%		1.31	%		1.08	%		0.88	%		0.93	%		0.81	%		0.83	%		0.94	%
15		2.14	%		1.68	%		1.70	%		1.77	%		1.40	%		1.20	%		0.97	%		1.03	%		0.88	%		0.91	%
16		2.27	%		1.83	%		1.88	%		1.92	%		1.50	%		1.31	%		1.07	%		1.09	%		0.93	%		0.98	%
17		2.45	%		1.99	%		2.03	%		2.05	%		1.60	%		1.41	%		1.16	%		1.19	%		1.00	%		1.03	%
18		2.62	%		2.16	%		2.15	%		2.16	%		1.70	%		1.53	%		1.25	%		1.24	%		1.06	%
19		2.80	%		2.31	%		2.28	%		2.25	%		1.85	%		1.66	%		1.33	%		1.30	%		1.12	%
20		2.99	%		2.46	%		2.41	%		2.37	%		1.99	%		1.76	%		1.40	%		1.36	%		1.18	%
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	%		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.

# # #

Additional Information

The proposed merger of Westcorp with Wachovia will be submitted to Westcorp’s shareholders for their consideration and the proposed acquisition of WFS Financial by Wachovia, pursuant to the merger of WFS Financial with a new wholly owned subsidiary will be submitted to WFS Financial’s shareholders for their consideration. Wachovia has filed a registration statement, which includes a preliminary joint proxy statement-prospectus for each of Westcorp and WFS Financial, and each of Wachovia, Westcorp and WFS Financial may file other relevant documents concerning the proposed mergers with the SEC. The registration statement and preliminary joint proxy statement-prospectus are not yet final and will be further amended. Shareholders are urged to read the definitive joint proxy statement-prospectus when it is available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because those documents will contain important information about Wachovia, Westcorp, WFS Financial, the proposed mergers and transactions contemplated thereby and related matters. You can obtain a free copy of the definitive joint proxy statement-prospectus once it is available, as well as other filings containing information about Wachovia, Westcorp and WFS Financial, at the SEC’s website (http://www.sec.gov). You will also be able to obtain these documents, free of charge, at Wachovia’s website (http://www.wachovia.com) under the tab “Inside Wachovia — Investor Relations” and then under the heading “Financial Reports — SEC Filings”. Copies of the definitive joint proxy statement-prospectus once it is available, and SEC filings that are incorporated by reference therein, can also be obtained, free of charge, by directing a request to Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, NC 28288-0206, (704)-374-6782; or to Westcorp or WFS Financial, Attn: Investor Relations, 23 Pasteur, Irvine, CA 92618, (949)-727-1002.

Wachovia, Westcorp and WFS Financial and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Westcorp and/or WFS Financial in connection with the proposed mergers. Information about the directors and executive officers of Wachovia is set forth in the proxy statement for Wachovia’s 2005 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 14, 2005. Information about the directors and executive officers of Westcorp is set forth in the proxy statement for Westcorp’s 2005 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 28, 2005, and information about the directors and executive officers of WFS Financial is set forth in the proxy statement for WFS Financial’s 2005 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 28, 2005. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the definitive joint proxy statement-prospectus once it is available, regarding the proposed mergers. You may obtain free copies of these documents as described in the preceding paragraph.