As of March 1, 2006, WFS Financial, Inc. was acquired by Wachovia Corp. WFS Financial, Inc. operates as an automobile finance company in the United States. It engages in the purchase, securitization, and servicing of new and preowned fixed-rate consumer automobile contracts through its nationwide relationships with automobile dealers. The company purchases contracts from automobile dealers on a nonrecourse basis and originates loans directly with consumers. WFS Financial’s contract services include collecting and processing payments, responding to borrower inquiries, maintaining security interest in the vehicle, maintaining physical damage insurance coverage. WFS Financial, Inc. formerly operated as a subsidiary of Western Financial Bank. The company is based in Irvine, California.