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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date earliest event reported): December 1, 1996
WFS Financial 1996-A Owner Trust
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(Exact name of registrant as specified in charter)
California 33-97884 33-0149603
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
Western Financial Auto Loans, Inc. (as Originator)
23 Pasteur Road
Irvine, California 92618
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (714) 753-3000
Exhibit Index is on Page 5.
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ITEM 5. OTHER EVENTS
On March 22, 1996 the Commission declared effective a Registration Statement on
Form S-1 (File No. 33-97884) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1996-A Owner Trust (the "Trust") of the following
securities:
$72,500,000 of 5.35% Money Market Auto Receivable Backed Notes, Class A-1,
$145,000,000 of 5.70% Auto Receivable Backed Notes, Class A-2,
$115,000,000 of 6.05% Auto Receivable Backed Notes, Class A-3,
$90,000,000 of 6.15% Auto Receivable Backed Notes, Class A-4,
$28,550,000 of 6.375% Auto Receivable Backed Notes, Class A-5 and
$33,950,000 of 6.20% Auto Receivable Backed Certificates.
The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and
Class A-5 Notes (the "Notes" and together with the Certificates, the
"Securities") and the Certificates were issued by the Trust on March 28, 1996.
The Notes are secured by the assets of the Trust, while the Certificates
evidence undivided fractional interests in the assets of the Trust. The Notes
and the Certificates were issued in fully-registered form in denominations of
$1,000 and integral multiples thereof. As more fully described in the
Registration Statement, the assets of the Trust will include (i) a pool of
retail installment contracts secured by liens on new and used automobiles and
light trucks ("Contracts"), (ii) a financial guaranty insurance policy issued
by Financial Security Assurance Inc. (the "Insurer"), and (iii) certain
accounts maintained by the Trustee on behalf of the Trust, including all
investments held thereby and all income from the investment of funds therein
and all proceeds therefrom.
Pursuant to the Sale and Servicing Agreement ("Agreement") entered into by and
among the Trust, WFS Financial Inc (the "Master Servicer") and Western
Financial Auto Loans, Inc. (the originator of the Trust), the Indenture Trustee
will deliver to each Noteholder and the Owner Trustee will deliver to each
Certificateholder with respect to each quarterly distribution to holders of the
Securities a statement (the "Statement to Securityholders") setting forth
certain current information required by the Agreement. In addition, and also
as required by the Agrement, the Master Servicer is required to provide to both
the Indenture Trustee and the Owner Trustee a report regarding the assets of
the Trust and the proceeds received by it therefrom as to the quarterly
reporting period preceding each Distribution Date (the "Distribution Date
Statement"). Copies of the Statement to Securityholders and the Distribution
Date Statement with respect to the December 1, 1996 Distribution Date is filed
herewith as Exhibits 21.1 and 21.2, respectively, and are incorporated herein
by this reference. Pursuant to the Agreement, proceeds of the Contracts in the
amount of $55,353,609.15 was invested by the Indenture Trustee during the Due
Period with respect to the current Distribution Date in the Reinvestment
Contract entered into between Western Financial Bank, F.S.B. and the Indenture
Trustee, and $55,353,609.15 was distributed from the RIC to the
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Indenture Trustee for distribution to the holders of the Securities on the
current Distribution Date.
No matters occurred within the period as to which this Current Report on Form
8-K relates that would be reportable under Items 1 through 5 of Part II of Form
10-Q.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
The exhibits listed on the Exhibit Index on page 5 of this Form 8-K are filed
herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
WFS FINANCIAL 1996-A OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: December 5, 1996 By: /s/ LEE A. WHATCOTT
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Lee A. Whatcott,
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit No. Description Page
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21.1 Statement to Securityholders as to the ___
December 1, 1996 Distribution Date
21.2 Distribution Date Statement dated as of ___
October 31, 1996 for the December 1, 1996 Distribution Date
21.3 Condensed consolidated financial statements of ___
Financial Security Assurance Inc. for the nine month
period ended September 30, 1996 (Incorporate by reference
from the Quarterly Report on Form 10-Q of Financial
Security Assurance Holdings Inc. for the quarter ended
September 30, 1996 (file # 1-12644) as filed on or about
November 12, 1996)
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