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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): May 20, 1999
WFS Financial 1998-A Owner Trust
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(Exact name of registrant as specified in charter)
California 333-45229 33-0149603
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
WFS 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: (949) 727-1000
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ITEM 5. OTHER EVENTS
On March 20, 1998 the Commission declared effective a Registration Statement on
Form S-1 (File No. 333-45229) (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), providing for the
issuance by the WFS Financial 1998-A Owner Trust (the "Trust") of the following
securities:
$100,000,000 of 5.618% Auto Receivable Backed Notes, Class A-1,
$120,000,000 of 5.783% Auto Receivable Backed Notes, Class A-2,
$180,000,000 of 5.900% Auto Receivable Backed Notes, Class A-3,
$67,250,000 of 5.950% Auto Receivable Backed Notes, Class A-4,
$57,750,000 of 6.050% Auto Receivable Backed Certificates.
The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes (the
"Notes" and together with the Certificates, the "Securities") and the
Certificates were issued by the Trust on March 26, 1998. 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 WFS 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 Agreement, 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 May 20, 1999 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
$55,231,972.58 were 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 and the Indenture Trustee, and
$55,231,972.58 was distributed from the RIC to the Indenture Trustee for
distribution to the holders of the Securities and as otherwise required by the
Indenture and Sale and Servicing Agreement applicable to the Trust 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.
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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 1998-A OWNER TRUST
By: WFS Financial Inc
as Master Servicer
Date: June 3, 1999 /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 ___
May 20, 1999 Distribution Date
21.2 Distribution Date Statement dated as of ___
April 30, 1999 for the May 20, 1999 Distribution Date
21.3 Consolidated financial statements of Financial ___
Security Assurance Inc. and Subsidiaries as of December 31,
1998 and 1997, and for each of the three years in the period
ended December 31, 1998 (Incorporated by reference from the Annual
Report on Form 10-K of Financial Security Assurance Holdings Inc.
for the year ended December 31, 1998 (file # 1-12644) as filed on
or about March 23, 1999)
21.4 Condensed consolidated financial statements of ___
Financial Security Assurance Inc. for the three month period
ended March 31, 1999 (Incorporated by reference from the
Quarterly Report on Form 10-Q of Financial Security Assurance
Holdings Inc. for the quarter ended March 31, 1999
(file # 1-12644) as filed on or about May 13, 1999)
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