Westcorp Reports Record First Quarter Net Income.IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif. -- Westcorp (NYSE NYSE See: New York Stock Exchange :WES WES World Education Services WES Waterways Experiment Station WES Washington Elementary School (Visalia, California) WES Women's Engineering Society (UK) WES West Elementary School ) reported that net income increased 40% to a record $60.7 million for the three months ended March 31, 2005, compared with $43.4 million for the same period a year ago. Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share increased 39% to $1.15 for the three months ended March 31, 2005, compared with $0.83 per diluted share for the same period a year earlier. "Our record first quarter performance reflects both strong, broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased growth in auto originations nationwide as well as outstanding credit performance," said Tom Wolfe, president of Westcorp. "The consistent growth in our earnings and auto originations is the result of our commitment to our dealer base and our ability to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. risk-adjusted returns Risk-Adjusted Return A measure of how much risk a fund or portfolio takes on to earn its returns, usually expressed as a number or a rating. Notes: This is often represented by the Sharpe Ratio. The more return per unit of risk, the better. across all our auto credit programs." Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. credit loss experience improved 61 basis points to 1.66% of average managed automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of contracts for the first quarter compared with 2.27% for the same period a year earlier. The percentage of outstanding automobile contracts 30 days or more delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. improved 38 basis points to 1.53% at March 31, 2005, compared with 1.91% a year ago. Provision for credit losses declined to $49.0 million for the three months ended March 31, 2005, compared with $62.3 million for the same period a year earlier due to lower chargeoff experience. At March 31, 2005, the allowance for credit losses totaled $316 million or 2.6% of loans receivable compared with $303 million or 2.7% at March 31, 2004. Automobile contract purchases totaled $1.8 billion for the first quarter of 2005, a 12% increase from the same period a year earlier, resulting in a 9% increase in the company's portfolio of managed automobile contracts to $11.9 billion at March 31, 2005. Total average interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin increased $1.1 billion to $15.7 billion for the first quarter, up from $14.6 billion for the same period a year ago. As a result, net interest income grew 12% to $217 million for the first quarter compared with $194 million for the same period a year earlier. Net interest margin was 5.28% for the first quarter compared with 5.03% for the same period a year ago. Noninterest income decreased to $19.3 million for the three months ended March 31, 2005, compared with $28.7 million for the same period a year earlier as $14.5 million of loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. fees were deferred during the quarter. Noninterest expense was affected by $6.4 million in direct origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real costs that were deferred in the quarter as well. Historically, the company performed analysis on the fees and direct costs related to its origination of automobile loans and elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. not to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. and amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. such amounts as the net effect was not material to its financial statements in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. 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 grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. increased. While the net effect remains immaterial Not essential or necessary; not important or pertinent; not decisive; of no substantial consequence; without weight; of no material significance. immaterial adj. , the company has decided to defer and amortize these amounts prospectively beginning this quarter. The company continued to maintain a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. 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 $368 million, or 34%, to $1.5 billion at March 31, 2005, compared with $1.1 billion a year ago and represented 65% of total deposits. The weighted average interest cost of deposits (excluding the effects of hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. ) increased to 1.86% for the first quarter compared with 1.19% for the same period a year earlier. The company issued $3.0 billion of automobile receivable asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. during the quarter with a weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. of 3.9%, which resulted in a weighted average gross spread of 7.72%. The company continues to be the largest non-captive issuer of automobile asset-backed securities in the U.S., having issued a total of $43 billion of such securities in 67 transactions to date. As previously announced, the company is in the process of converting Western Financial Bank to a California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). state commercial bank and merging WFS WFS Wegfahrsperre (German: drive away blocking system) WFS Web Feature Service WFS World Future Society WFS World Food Summit WFS Wave Front Sensor WFS Wolfram Syndrome WFS Wire Feed Speed (welding) Financial into Western Financial Bank as part of the acquisition of the minority interest in WFS Financial. The conversion is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent approval by the Board of Governors of the Federal Reserve of the company's application to become a bank holding company. The merger is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the conversion to a commercial bank and remains subject to approval by the majority of WFS Financial's minority shareholders. The approval process for the conversion is taking longer than originally expected, and the company is currently exploring other alternatives in the event that the proposed conversion and related merger cannot go forward as planned. Earnings Conference Call Westcorp, along with its subsidiary, WFS Financial, will host a conference call for analysts and investors at 8 a.m. (PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ) on Tuesday Tuesday: see week. , April 26, 2005. As part of this conference call, the company's management will discuss earnings results for the quarter. For a live Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the broadcast of this conference call, please go to the company's Web site at http://www.westcorpinc.com to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank. Westcorp is a publicly owned Publicly owned can refer to:
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. 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 Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , 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 Liable to come to an end upon the happening of a certain contingency. Susceptible of being determined, found out, definitely decided upon, or settled. determinable adj. . 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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 Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ; competition; the effect, interpretation, or application of new or existing laws, regulations, court decisions and significant litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; the exercise of discretionary authority by regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. ; 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. 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 ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or if underlying assumptions prove incorrect Incorrect means to not be correct and may also refer to:
2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
For the Three Months Ended
March 31,
2005 2004
(Dollars in thousands,
except share and per
share amounts)
Interest income:
Loans, including fees $301,615 $286,300
Mortgage-backed securities 27,136 24,688
Investment securities 1,138 1,058
Other 4,148 1,613
TOTAL INTEREST INCOME 334,037 313,659
Interest expense:
Deposits 16,510 13,307
Notes payable on automobile secured
financing 87,484 94,218
Other 13,116 11,711
TOTAL INTEREST EXPENSE 117,110 119,236
NET INTEREST INCOME 216,927 194,423
Provision for credit losses 48,978 62,294
NET INTEREST INCOME AFTER PROVISION FOR
CREDIT LOSSES 167,949 132,129
Noninterest income:
Automobile lending 15,331 25,748
Insurance income 2,045 1,824
Mortgage banking 117 235
Other 1,800 883
TOTAL NONINTEREST INCOME 19,293 28,690
Noninterest expense:
Salaries and associate benefits 43,786 42,084
Credit and collections 8,567 8,592
Data processing 4,622 4,179
Occupancy 3,935 3,877
Other 11,680 12,668
TOTAL NONINTEREST EXPENSE 72,590 71,400
INCOME BEFORE INCOME TAX 114,652 89,419
Income tax 45,639 35,313
INCOME BEFORE MINORITY INTEREST 69,013 54,106
Minority interest in earnings of
subsidiaries 8,331 10,741
NET INCOME $60,682 $43,365
Net income per common share:
Basic $1.17 $0.84
Diluted $1.15 $0.83
Weighted average number of common shares
outstanding:
Basic 51,957,883 51,737,663
Diluted 52,597,731 52,493,432
Dividends declared $0.15 $0.14
WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
March 31, Dec. 31,
2005 2004
(Dollars in thousands)
ASSETS
Cash $87,481 $89,333
Interest bearing deposits with other
financial institutions 12,443 4,177
Other short-term investments 195,000 125,000
Cash and due from banks 294,924 218,510
Restricted cash 742,652 417,833
Investment securities available for sale 134,955 119,811
Mortgage-backed securities available for sale 2,663,878 2,649,758
Loans receivable 12,360,961 12,135,748
Allowance for credit losses (315,882) (315,402)
Loans receivable, net 12,045,079 11,820,346
Interest receivable 79,664 79,825
Premises and equipment, net 75,782 76,526
Other assets 119,354 162,731
TOTAL ASSETS $16,156,288 $15,545,340
LIABILITIES
Deposits $2,248,702 $2,183,499
Notes payable on automobile secured financing 11,657,786 10,242,900
Federal Home Loan Bank advances 152,492 1,139,521
Subordinated debentures 295,588 295,321
Other liabilities 226,867 178,939
TOTAL LIABILITIES 14,581,435 14,040,180
Minority interest 175,197 165,484
SHAREHOLDERS' EQUITY
Common stock (par value $1.00 per share;
authorized 65,000,000 shares; issued and
outstanding 52,047,110 shares at March 31,
2005 and 51,895,258 shares at Dec. 31, 2004) 52,047 51,895
Paid-in capital 720,005 717,098
Retained earnings 660,400 606,987
Accumulated other comprehensive loss, net of
tax (32,796) (36,304)
TOTAL SHAREHOLDERS' EQUITY 1,399,656 1,339,676
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $16,156,288 $15,545,340
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
March 31,
2005
Average Interest Yield/
Balance Rate
(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities $2,596,484 $27,136 4.18%
Other short-term investments 650,308 4,120 2.57
Investment securities 131,915 1,138 3.45
Interest earning deposits with
others 36,141 28 0.30
Total investments 3,414,848 32,422 3.80
Total loans: (1)
Consumer loans 11,898,032 296,490 10.11
Mortgage loans 173,315 2,269 5.24
Commercial loans 169,318 2,528 5.97
Construction loans 21,474 328 6.11
Total loans 12,262,139 301,615 9.97
Total interest earning assets $15,676,987 334,037 8.63
Interest bearing liabilities:
Deposits $2,132,054 16,510 3.14
Securities sold under agreements to
repurchase
FHLB advances and other borrowings 877,315 5,629 2.57
Notes payable on automobile secured
financing 10,692,932 87,484 3.27
Subordinated debentures 295,413 7,487 10.14
Total interest bearing liabilities $13,997,714 117,110 3.35%
Net interest income and interest rate
spread $216,927 5.28%
Net yield on average interest earning
assets 5.64%
For the Three Months Ended
March 31,
2004
Average Interest Yield/
Balance Rate
(Dollars in thousands)
Interest earning assets:
Total investments:
Mortgage-backed securities $2,595,115 $24,688 3.81%
Other short-term investments 590,409 1,604 1.09
Investment securities 125,177 1,058 3.38
Interest earning deposits with
others 6,020 9 0.62
Total investments 3,316,721 27,359 3.30
Total loans: (1)
Consumer loans 10,908,723 282,041 10.40
Mortgage loans 229,379 2,904 5.06
Commercial loans 99,288 1,303 5.19
Construction loans 4,239 52 4.85
Total loans 11,241,629 286,300 10.24
Total interest earning assets $14,558,350 313,659 8.66
Interest bearing liabilities:
Deposits $1,906,775 13,307 2.81
Securities sold under agreements to
repurchase 33,400 94 1.11
FHLB advances and other borrowings 658,775 1,831 1.10
Notes payable on automobile secured
financing 10,170,858 94,218 3.71
Subordinated debentures 393,670 9,786 9.94
Total interest bearing liabilities $13,163,478 119,236 3.63%
Net interest income and interest rate
spread $194,423 5.03%
Net yield on average interest earning
assets 5.34%
(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
Q1 2005 Q4 2004 Q3 2004
(Dollars in thousands, except per share
amounts)
Earnings:
Net interest income $216,927 $209,949 $206,238
Provision for credit losses 48,978 61,078 60,337
Noninterest income 19,293 29,851 30,027
Noninterest expense 72,590 75,626 74,946
Income before taxes 114,652 103,096 100,982
Income taxes 45,639 40,571 40,188
Net income $60,682 $55,510 $54,672
Equity:
Earning per share - basic $1.17 $1.07 $1.05
Earning per share - diluted $1.15 $1.06 $1.04
Dividends per share $0.15 $0.14 $0.14
Book value per share (period
end) (1) $27.52 $26.51 $25.55
Stock price per share
(period end) $42.25 $45.93 $42.52
Total equity to assets (2) 9.95% 9.92% 9.66%
Return on average equity (1) 17.31% 16.45% 16.82%
Average shares outstanding -
diluted 52,597,731 52,573,953 52,510,834
Loan Portfolio:
Automobile contracts
purchased $1,782,414 $1,583,748 $1,799,106
Automobile contracts managed
(period end) $11,852,222 $11,560,890 $11,440,353
Number of accounts managed
(period end) 895,377 876,695 869,038
Average automobile contracts
managed $11,702,544 $11,512,626 $11,268,695
Credit Quality:
Delinquency rate (30+ days) 1.53% 2.24% 2.24%
Repossessions to total
contracts 0.05% 0.07% 0.06%
Net chargeoffs (annualized) 1.66% 2.01% 1.95%
Allowance to loans
receivable 2.56% 2.60% 2.62%
Operations:
Total assets $16,156,288 $15,545,340 $15,351,999
Noninterest expense to total
revenues 30.73% 31.54% 31.72%
Q2 2004 Q1 2004
(Dollars in thousands,
except per share
amounts)
Earnings:
Net interest income $197,148 $194,423
Provision for credit losses 51,539 62,294
Noninterest income 27,554 28,690
Noninterest expense 73,635 71,400
Income before taxes 99,528 89,419
Income taxes 39,725 35,313
Net income $54,415 $43,365
Equity:
Earning per share - basic $1.05 $0.84
Earning per share - diluted $1.04 $0.83
Dividends per share $0.14 $0.14
Book value per share (period end) (1) $24.63 $23.71
Stock price per share (period end) $45.45 $44.07
Total equity to assets (2) 9.52% 9.30%
Return on average equity (1) 17.36% 14.37%
Average shares outstanding - diluted 52,483,220 52,493,432
Loan Portfolio:
Automobile contracts purchased $1,666,842 $1,585,173
Automobile contracts managed (period end) $11,113,148 $10,850,314
Number of accounts managed (period end) 853,193 840,566
Average automobile contracts managed $10,946,273 $10,726,048
Credit Quality:
Delinquency rate (30+ days) 2.21% 1.91%
Repossessions to total contracts 0.06% 0.06%
Net chargeoffs (annualized) 1.73% 2.27%
Allowance to loans receivable 2.66% 2.67%
Operations:
Total assets $14,999,112 $14,745,384
Noninterest expense to total revenues 32.77% 32.00%
(1) Excludes other comprehensive income
(2) Excludes other comprehensive income and includes minority interest
WESTCORP AND SUBSIDIARIES
CUMULATIVE STATIC POOL LOSS CURVES (UNAUDITED)
At March 31, 2005
The following table sets forth the cumulative static pool losses by
month for all outstanding public securitized pools:
Period (1) 2001-C 2002-1 2002-2 2002-3 2002-4 2003-1 2003-2 2003-3
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.04% 0.01% 0.00% 0.02% 0.02% 0.01% 0.00% 0.00%
3 0.09% 0.06% 0.03% 0.06% 0.07% 0.04% 0.02% 0.02%
4 0.20% 0.15% 0.10% 0.14% 0.16% 0.11% 0.06% 0.06%
5 0.35% 0.29% 0.18% 0.27% 0.26% 0.18% 0.14% 0.13%
6 0.49% 0.43% 0.32% 0.44% 0.38% 0.29% 0.25% 0.23%
7 0.65% 0.60% 0.49% 0.57% 0.50% 0.41% 0.36% 0.32%
8 0.81% 0.84% 0.66% 0.70% 0.61% 0.53% 0.48% 0.40%
9 0.95% 1.06% 0.82% 0.82% 0.78% 0.66% 0.59% 0.47%
10 1.07% 1.28% 0.96% 0.96% 0.94% 0.80% 0.70% 0.55%
11 1.20% 1.48% 1.10% 1.10% 1.08% 0.93% 0.80% 0.62%
12 1.37% 1.67% 1.26% 1.24% 1.28% 1.06% 0.89% 0.71%
13 1.55% 1.82% 1.39% 1.38% 1.43% 1.21% 0.98% 0.80%
14 1.74% 1.99% 1.51% 1.53% 1.59% 1.31% 1.08% 0.88%
15 1.97% 2.14% 1.68% 1.70% 1.77% 1.40% 1.20% 0.97%
16 2.16% 2.27% 1.83% 1.88% 1.92% 1.50% 1.31% 1.07%
17 2.36% 2.45% 1.99% 2.03% 2.05% 1.60% 1.41% 1.16%
18 2.59% 2.62% 2.16% 2.15% 2.16% 1.70% 1.53% 1.25%
19 2.78% 2.80% 2.31% 2.28% 2.25% 1.85% 1.66% 1.33%
20 2.95% 2.99% 2.46% 2.41% 2.37% 1.99% 1.76% 1.40%
21 3.14% 3.15% 2.60% 2.52% 2.49% 2.14% 1.87%
22 3.29% 3.31% 2.72% 2.62% 2.62% 2.27% 1.95%
23 3.41% 3.45% 2.86% 2.74% 2.73% 2.37% 2.02%
24 3.57% 3.58% 2.95% 2.83% 2.84% 2.47%
25 3.73% 3.69% 3.03% 2.96% 2.95% 2.57%
26 3.88% 3.80% 3.13% 3.08% 3.06% 2.63%
27 4.04% 3.92% 3.22% 3.21% 3.17%
28 4.20% 4.02% 3.33% 3.31% 3.25%
29 4.35% 4.12% 3.41% 3.41% 3.32%
30 4.46% 4.22% 3.50% 3.42%
31 4.57% 4.30% 3.58% 3.56%
32 4.69% 4.39% 3.66% 3.62%
33 4.77% 4.49% 3.73%
34 4.85% 4.56% 3.78%
35 4.92% 4.63% 3.84%
36 5.01% 4.69%
37 5.09% 4.74%
38 5.16%
39 5.22%
40 5.27%
41 5.32%
42 5.38%
43 5.42%
44 5.46%
Prime Mix (2) 76% 70% 87% 85% 80% 80% 82% 84%
Period (1) 2003-4 2004-1 2004-2 2004-3 2004-4 2005-1 2005-2
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.01% 0.00% 0.00% 0.02% 0.00% 0.00%
3 0.03% 0.02% 0.03% 0.06% 0.04% 0.02%
4 0.08% 0.06% 0.07% 0.13% 0.09%
5 0.14% 0.11% 0.15% 0.21% 0.15%
6 0.21% 0.19% 0.24% 0.30% 0.23%
7 0.28% 0.27% 0.33% 0.40%
8 0.35% 0.34% 0.41% 0.50%
9 0.44% 0.42% 0.51%
10 0.54% 0.52% 0.59%
11 0.61% 0.59% 0.65%
12 0.73% 0.67%
13 0.83% 0.75%
14 0.93% 0.81%
15 1.03%
16 1.09%
17 1.19%
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
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44
Prime Mix (2) 82% 82% 82% 81% 78% 78% 77%
(1) Represents the number of months since inception of the
securitization.
(2) Represents the original percentage of prime automobile contracts
securitized within each pool.
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