WFS Financial Posts 66% 3Q Increase in Net Income

IRVINE, Calif. -- WFS Financial attributed its 66-percent increase in third-quarter net income to sustained growth in auto originations and the strength of its business model, reported AutoRemarketing.com.

Auto contract purchases reached $2.1 billion in the third quarter, which is a 15-percent increase from a year ago. Net income for the quarter was $63.4 million, compared to $38.1 million in the same quarter of 2004.

Transaction-related expenses are expected as WFS Financial prepares for the proposed merger with Wachovia.