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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549



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FORM 10-K

(Mark One)



|[x] | ANNUAL REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|--- | ------------------------------------------------------------------------------------

For the fiscal year ended
December 31, 2005

OR



|[  ] | TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|---- | ----------------------------------------------------------------------------------------

For the transition period from _________________to _________________

Commission file number: 333-122876-01

WFS Financial 2005-2 Owner Trust

(Exact name of registrant as specified in its charter)


|                                                                                                |  |                                     
|----------------------------------------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                                                        |  | 94-3401639                          
|                                                                                                |  |                                     
|(State or other
jurisdiction ofincorporation or organization)                                   |  | (I.R.S. employer
identification no.)
|                                                                                               
|WFS
Receivables Corporation 3 (as Originator)
444 East Warm Springs Road #116
Las Vegas, Nevada |  | 89119                               
|                                                                                                |  |                                     
|(Address of principal executive offices)                                                        |  | (Zip Code)                          

Registrants telephone number,
including area code (702) 407-4317

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities
Act.    Yes [   ]  No [X]

Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the
Act.    Yes [   ]  No [X]

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes [X]  No [   ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrants knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [X]

Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated
filer, or a non-accelerated filer. See definition of
accelerated filer and large accelerated filer in
Rule 12b-2 of the Exchange Act. (Check one):



Indicate by check mark whether the registrant is a shell company
(as defined in
Rule 12b-2 of the
Exchange
Act).    Yes [   ]    No [X]

DOCUMENTS INCORPORATED BY REFERENCE:  See
Index to Exhibits and Exhibit 20.1.



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TABLE OF CONTENTS



|                  |                                                                                               |  |  |  |  |  |  | 
|----------------- | --------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I           
|                  | Item 1. Business                                                                             
|                  | Item 1A. Risk Factors                                                                        
|                  | Item 1B. Unresolved Staff Comments                                                           
|                  | Item 2. Properties                                                                           
|                  | Item 3. Legal Proceedings                                                                    
|                  | Item 4. Submission of Matters to a Vote of Security Holders                                  
|PART II          
|                  | Item 5. Market for Registrants Common Equity and Related Stockholder Matters                
|                  | Item 6. Selected Financial Data                                                              
|                  | Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
|                  | Item 7A. Quantitative and Qualitative Disclosure About Market Risk                           
|                  | Item 8. Financial Statements and Supplementary Data                                          
|                  | Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 
|                  | Item 9A. Controls and Procedures                                                             
|                  | Item 9B. Other Information                                                                   
|PART III         
|                  | Item 10. Directors and Officers of the Registrant                                            
|                  | Item 11. Executive Compensation                                                              
|                  | Item 12. Security Ownership of Certain Beneficial Owners and Management                      
|                  | Item 13. Certain Relationships and Related Transactions                                      
|                  | Item 14. Principal Accountant Fees and Services.                                             
|PART IV          
|                  | Item 15. Exhibits and Financial Statement Schedules                                          
|SIGNATURES       
|INDEX TO EXHIBITS
|Exhibit 20.2     
|Exhibit 20.3     
|Exhibit 31.1     



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##### Table of Contents






PART I




Item 1. Business

Not applicable.




Item 1A. Risk Factors







Item 1B. Unresolved Staff Comments







Item 2. Properties

On March 10, 2005, the Commission declared effective a registration statement
on Form S-3 as amended by Amendment No. 1 to Form S-3 (File No. 333-122876) (the Registration Statement) under the
Securities Act of 1933, as amended (the Securities Act), providing for the
issuance by the Originator of
several series of asset-backed securities through a series of trusts to be
originated by the Originator. The WFS Financial 2005-2 Owner Trust
(the Trust) is one of the trusts to be so originated and the Trust issued the
following securities, consisting of Auto Receivable Backed Notes in
seven classes, pursuant to a prospectus dated as of March 21,
2005 consisting of a prospectus supplement and base prospectus (the Prospectus):



| | $265,000,000 3.13625
Class A-1 NOTES,
$435,000,000 3.77% Class A-2 NOTES,
$400,000,000 4.17% Class A-3 NOTES,
$193,750,000 4.39% Class A-4 NOTES,
$56,250,000 4.57% Class B NOTES,
$60,000,000 4.62% Class C NOTES, AND
$48,750,000 4.84% Class D NOTES
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes (the
Notes) were issued by the Trust on March 31, 2005. The Notes are secured
by the assets of the Trust. The Notes were issued in fully-registered form in
denominations of $1,000 and integral multiples thereof. As more fully
described
in the Prospectus, the assets of the Trust include (i) a pool of retail
installment contracts secured by liens on new and pre-owned automobiles and
light trucks (Contracts), and (ii) certain accounts maintained by the
trustee on behalf of the Trust, including all investments held thereby and all
income from the investment of funds therein and all proceeds therefrom. The
Trust did not issue any certificates representing ownership interests in the
assets of the Trust pursuant to the Registration Statement, but did issue
certificates (Certificates and together with the Notes, the Securities) to
the Originator. The Certificates issued to the Originator are not registered
pursuant to the Registration Statement, as amended.

Information as to the number of Contracts remaining in the Trust, the aggregate
unpaid principal balance thereof, the decrease therein, delinquencies on the
Contracts, collections of principal and interest made, and fees paid to the
Servicer are set forth in the exhibits attached
hereto or incorporated herein in response to Item 16, below.




Item 3. Legal Proceedings

The Registrant knows of no material pending legal proceedings with respect to
the Trust involving the Trust, the trustee, the seller or the servicer.




Item 4. Submission of Matters to a Vote of Security Holders

No matter was submitted to a vote of the holders of the Securities during the
fiscal year covered by this Report.




PART II




Item 5. Market for Registrants Common Equity and Related Stockholder Matters

As of
March 27,
2006, there were only two holders of record of the Securities.
See also Item 12. Security Ownership of Certain Beneficial Owners and
Management. There was no principal market in which the Securities traded.



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Item 6. Selected Financial Data

Omitted.




Item 7. Managements Discussion and Analysis of Financial Condition and Results
of Operations

Omitted.




Item 7A. Quantitative and Qualitative Disclosure About Market Risk

Omitted.




Item 8. Financial Statements and Supplementary Data

Omitted.




Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.




Item 9A. Controls and Procedures

Omitted.




Item 9B. Other Information

None.




PART III




Item 10. Directors and Officers of the Registrant

Omitted.




Item 11. Executive Compensation

Omitted.




Item 12. Security Ownership of Certain Beneficial Owners and Management

As of
March 27,
2006, WFS Receivables Corporation 3 was the only holder of record
which beneficially owns more than 5% of the Certificates. The dollar and
percentage amounts reflected in the table below are based upon the face amount
of the Certificates as of the Closing Date, and do not reflect amortization, if
any, since that date.

|                                                                                  |  |                                 |  |                         |     |  
|--------------------------------------------------------------------------------- |  | ------------------------------- |  | ----------------------- | --- | -
|                                                                                  |  | Amount of Certificates          |  | Percent of Certificates
|Name and Address of Participant                                                   |  | Beneficially Owned              |  | Beneficially Owned     
|                                                                                  |  |                                 |  |                        
|WFS Receivables Corporation 3
444 East Warm Springs Road #116
Las Vegas, NV 89119 |  | no face amount
(residual value) |  |                         | 100 | %




Item 13. Certain Relationships and Related Transactions

There have not been any transactions or series of transactions since the start
of the Trusts last fiscal year between the Trust and any Certificateholder
which is identified as the beneficial owner of more than 5% of the Certificates
in Item 12, above.




Item 14. Principal Accountant Fees and Services.

Omitted.



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PART IV




Item 15. Exhibits and Financial Statement Schedules



|(a) | The following documents are filed as part of this Report:
|--- | ---------------------------------------------------------

|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|20.1           |  | Current Reports on Form 8-K filed during the period covered by this report for (i) the May 17, 2005
Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust Form
8-K filed on May 25, 2005, file number 333-122876-01) and the WFS Financial 2005-2 Owner Trust Form
8-K/A filed on June 29, 2005, (ii) the June 17, 2005 Distribution Date (incorporated herein by
reference to the WFS Financial 2005-2 Owner Trust Form 8-K filed on June 29, 2005, file number
333-122876-01), (iii) the July 18, 2005 Distribution Date (incorporated herein by reference to the
WFS Financial 2005-2 Owner Trust Form 8-K filed on July 29, 2005, file number 333-122876-01), (iv)
the August 17, 2005 Distribution Date (incorporated herein by reference to the WFS Financial 2005-2
Owner Trust Form 8-K filed on August 19, 2005, file number 333-122876-01), (v) the September 19,
2005 Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust
Form 8-K filed on September 26, 2005, file number 333-122876-01), (vi) the October 17, 2005
Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust Form
8-K filed on October 21, 2005, file number 333-333-122876-01), (vii) the November 17, 2005
Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust Form
8-K filed on December 2, 2005, file number 333-333-122876-01) and (viii) the December 19, 2005
Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust Form
8-K filed on December 23, 2005, file number 333-122876-01)
|              
|20.2           |  | Report of
Independent Registered Public Accounting Firm dated
February 24,
2006 regarding Report on Managements Assertion on Compliance with the Specified Minimum Servicing
Standards Set Forth in the Uniform Single Attestation Program                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|              
|20.3           |  | Annual Statement of Compliance by Master Servicer dated
March 2,
2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|              
|31.1           |  | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               



|(b) | Reports on Form 8-K: All
reports filed on Form 8-K required to be disclosed are
identified above in response to Item 15(a).
|--- | ---------------------------------------------------------------------------------------------------------------------------



|(c) | Omitted.
|--- | --------



|(d) | Omitted.
|--- | --------



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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

| |                                           | 
| | ----------------------------------------- | 
| | WFS FINANCIAL 2005-2 OWNER TRUST         
|
| | BY: WFS FINANCIAL INC, as Master Servicer

|                     |     |                                                                                                           
|-------------------- | --- | ----------------------------------------------------------------------------------------------------------
|Date:
March 27, 2006 | By: | /s/ Robert J. Costantino                                                                                  
|                     |     | Robert J. Costantino, Senior Executive Vice President, Chief
Financial Officer
and Chief Operating Officer



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INDEX TO EXHIBITS

|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|20.1           |  | Current Reports on Form 8-K filed during the period covered by this report for (i) the May 17, 2005
Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust Form
8-K filed on May 25, 2005, file number 333-122876-01) and the WFS Financial 2005-2 Owner Trust Form
8-K/A filed on June 29, 2005, (ii) the June 17, 2005 Distribution Date (incorporated herein by
reference to the WFS Financial 2005-2 Owner Trust Form 8-K filed on June 29, 2005, file number
333-122876-01), (iii) the July 18, 2005 Distribution Date (incorporated herein by reference to the
WFS Financial 2005-2 Owner Trust Form 8-K filed on July 29, 2005, file number 333-122876-01), (iv)
the August 17, 2005 Distribution Date (incorporated herein by reference to the WFS Financial 2005-2
Owner Trust Form 8-K filed on August 19, 2005, file number 333-122876-01), (v) the September 19,
2005 Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust
Form 8-K filed on September 26, 2005, file number 333-122876-01), (vi) the October 17, 2005
Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust Form
8-K filed on October 21, 2005, file number 333-333-122876-01), (vii) the November 17, 2005
Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust Form
8-K filed on December 2, 2005, file number 333-333-122876-01) and (viii) the December 19, 2005
Distribution Date (incorporated herein by reference to the WFS Financial 2005-2 Owner Trust Form
8-K filed on December 23, 2005, file number 333-122876-01)
|              
|20.2           |  | Report of
Independent Registered Public Accounting Firm dated February 24,
2006 regarding Report on Managements Assertion on Compliance with the Specified Minimum Servicing
Standards Set Forth in the Uniform Single Attestation Program                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|              
|20.3           |  | Annual Statement of Compliance by Master Servicer dated
March 2,
2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|              
|31.1           |  | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002