<PAGE>   1

                                                                   EXHIBIT 20.5

                           [WFS FINANCIAL LETTERHEAD]





                               OWNER TRUST 1996-C

                   ANNUAL STATEMENT TO SECURITY HOLDERS 5.07
                            FOR SERVICE PERIOD 1996



<TABLE>
<CAPTION>
                                                                                Disbursement Date
                                                   --------------------------------------------------------------------------
                                                   March 20    June 20    September 20        December 20            Total
                                                   --------    -------    ------------     ---------------    ---------------
PART I.    DISTRIBUTIONS

<S>                                                  <C>        <C>         <C>             <C>               <C>
            Interest Paid - Class A1                  0.00       0.00        0.00            1,559,744.58      1,559,744.58
            Interest Paid - Class A2                  0.00       0.00        0.00            3,003,555.56      3,003,555.56
            Interest Paid - Class A3                  0.00       0.00        0.00            3,272,270.83      3,272,270.83
            Interest Paid - Class A4                  0.00       0.00        0.00            1,558,578.89      1,558,578.89
            Interest Paid - Certificate               0.00       0.00        0.00              894,163.33        894,163.33
                                                      ----       ----        ----           -------------     -------------
                 Total Interest Paid                  0.00       0.00        0.00           10,288,313.19     10,288,313.19
                                                      ----       ----        ----           -------------     -------------

            Principal Paid - Class A1                 0.00       0.00        0.00           50,691,127.42     50,691,127.42
            Principal Paid - Class A2                 0.00       0.00        0.00                    0.00              0.00
            Principal Paid - Class A3                 0.00       0.00        0.00                    0.00              0.00
            Principal Paid - Class A4                 0.00       0.00        0.00                    0.00              0.00
            Principal Paid - Certificate              0.00       0.00        0.00                    0.00              0.00
                                                      ----       ----        ----           -------------     -------------
                 Total Principal Paid                 0.00       0.00        0.00           50,691,127.42     50,691,127.42
                                                      ----       ----        ----           -------------     -------------

PART II.    SERVICING FEES

                 Total Servicing Fees Paid            0.00       0.00        0.00            1,337,499.00      1,337,499.00
                                                      ----       ----        ----           -------------     -------------

PART III.    SHORTFALLS

            Class A1 Interest Shortfall               0.00       0.00        0.00                    0.00              0.00
            Class A2 Interest Shortfall               0.00       0.00        0.00                    0.00              0.00
            Class A3 Interest Shortfall               0.00       0.00        0.00                    0.00              0.00
            Class A4 Interest Shortfall               0.00       0.00        0.00                    0.00              0.00
            Certificate Class Interest Shortfall      0.00       0.00        0.00                    0.00              0.00
                                                      ----       ----        ----           -------------     -------------
                 Total Interest Shortfall             0.00       0.00        0.00                    0.00              0.00
                                                      ----       ----        ----           -------------     -------------
            Class A1 Principal Shortfall              0.00       0.00        0.00                    0.00              0.00
            Class A2 Principal Shortfall              0.00       0.00        0.00                    0.00              0.00
            Class A3 Principal Shortfall              0.00       0.00        0.00                    0.00              0.00
            Class A4 Principal Shortfall              0.00       0.00        0.00                    0.00              0.00
            Certificate Class Principal Shortfall     0.00       0.00        0.00                    0.00              0.00
                                                      ----       ----        ----           -------------     -------------
                 Total  Principal Shortfall           0.00       0.00        0.00                    0.00              0.00
                                                      ----       ----        ----           -------------     -------------
</TABLE>


PART IV.   OFFICER'S CERTIFICATE


All computations presented reflect accurate information for the calendar period
ended 1996 and were performed in conformity with the Sale and Servicing
Agreement dated September 1, 1996.

                                                   /s/  JIM DOWLAN
                                                   ---------------------------
                                                        Jim Dowlan
                                                        Senior Vice President


                                                   /s/  MARK OLSON
                                                   ---------------------------
                                                        Mark Olson
                                                        Vice President
                                                        Controller