WFS Financial Inc announced Sept. 27 that it had received notice from

Westcorp that the proposal to acquire the outstanding 16 percent

minority interest of WFS has been withdrawn.

On July 17, 2002, Westcorp had announced a merger proposal,

authorized by a special committee of Westcorp's independent directors,

whereby the public holders of WFS common shares would receive .9204 of

Westcorp common share for each outstanding WFS common share.

In its notice, Westcorp indicated that it had withdrawn that

proposal and was terminating further discussions with the independent

director special committee of WFS because the two special committees

were unable to reach an agreement on a mutually acceptable exchange

ratio for the proposed transaction.

WFS is one of the nation's largest independent automobile finance

companies. WFS 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.

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