##### Table of Contents



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, 2003

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: 333-101842-02

WFS Financial 2003-1 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 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]

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 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 8. Financial Statements and Supplementary Data                                          
|                  | Item 9. Disagreements on Accounting and Financial Disclosure                                 
|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.                                             
|                  | Item 15. Controls and Procedures.                                                            
|PART IV          
|                  | Item 16. Exhibits, Financial Statement Schedules, and Reports on Form 8-K                    
|SIGNATURES       
|INDEX TO EXHIBITS
|EXHIBIT 20.2     
|EXHIBIT 20.3     



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PART I




Item 1. Business

Not applicable.




Item 2. Properties

On January 17, 2003, the Commission declared effective a registration statement
on Form S-3 (File No. 333-101842) (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 2003-1 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 February 24, 2003
consisting of a prospectus supplement and base prospectus (the Prospectus):



|$267,000,000 1.31% Class A-1 Notes,
$313,000,000 1.50% Class A-2 Notes,
$326,000,000 2.03% Class A-3 Notes,
$282,000,000 2.74% Class A-4 Notes,
$ 57,375,000 2.94% Class B Notes,
$ 60,750,000 3.56% Class C Notes, and
$ 37,125,000 3.99% 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 February 27, 2003. 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 30, 2004, 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 8. Financial Statements and Supplementary Data

Omitted.




Item 9. Disagreements on Accounting and Financial Disclosure

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 30, 2004, 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.




Item 15. Controls and Procedures.

Omitted pursuant to Rule 307(c) of Regulation S-K.




PART IV




Item 16. Exhibits, Financial Statement Schedules, and Reports on Form 8-K



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



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|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|20.1           |  | Current Reports on Form 8-K filed during the period covered by this report for (i) the
 April 21, 2003 Distribution Date (incorporated herein by reference to the WFS Financial
 2003-1 Owner Trust Form 8-K filed on April 28, 2003, file number 333-101842-02), (ii) the
 May 20, 2003 Distribution Date (incorporated herein by reference to the WFS Financial 2003-1
 Owner Trust Form 8-K filed on May 27, 2003, file number
333-101842-02), (iii) the June 20, 2003
 Distribution Date (incorporated herein by reference to the WFS Financial 2003-1 Owner Trust
 Form 8-K filed on June 24, 2003, file number 333-101842-02), (iv) the July 21, 2003 Distribution
 Date (incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed
 on July 29, 2003, file number 333-101842-02), (v) the August 20, 2003 Distribution Date
 (incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
 August 21, 2003, file number 333-101842-02), (vi) the September 22, 2003 Distribution Date
(incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
September 23, 2003, file number 333-101842-02), (vii) the October 20, 2003 Distribution Date
(incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
October 23, 2003, file number 333-101842-02), (viii) the November 20, 2003 Distribution Date
(incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
November 20, 2003, file number 333-101842-02) and (ix) the December 22, 2003 Distribution Date
(incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
December 31, 2003, file number 333-101842-02)
|              
|20.2           |  | Report of Independent Accountants dated March 29, 2004 regarding Report on Managements Assertion on Compliance with Specified Minimum Servicing Standards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|              
|20.3           |  | Annual Statement of Compliance by Master Servicer dated March 31, 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



|(b) | Reports on Form 8-K: All
reports filed on Form 8-K required to be disclosed are
identified above in response to Item 16(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 2003-1 OWNER TRUST         
|
| | BY: WFS FINANCIAL INC, as Master Servicer

|                     |     |                                                 
|-------------------- | --- | ------------------------------------------------
|Date:
March 30, 2004 | By: | /s/ MARK OLSON                                  
|                     |     | Mark Olson, Controller and Senior Vice President

Certification

I, Mark Olson, certify that:



| | 1. |  | I have reviewed this annual report on Form 10-K, and all
reports on Form 8-K containing distribution or servicing reports
filed in respect of periods included in the year covered by this
annual report, of WFS Financial 2003-1 Owner Trust;                                                                                                                                                                                      
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | 2. |  | Based on my knowledge, the information in these reports,
taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such
statements were made, not misleading as of the last day of the
period covered by this annual report;                                                                     
|
| | 3. |  | Based on my knowledge, the distribution or servicing
information required to be provided to the trustee by the servicer
under the pooling and servicing, or similar, agreement, for
inclusion in these reports is included in these reports;                                                                                                                                                                                        
|
| | 4. |  | I am responsible for reviewing the activities performed by
the servicer under the pooling and servicing, or similar, agreement
and based upon my knowledge and the annual compliance review
required under that agreement, and except as disclosed in the
reports, the servicer has fulfilled its obligations under that
agreement; and                                                                                             
|
| | 5. |  | The reports disclose all significant deficiencies relating to
the servicers compliance with the minimum servicing standards based
upon the report provided by an independent public accountant, after
conducting a review in compliance with the Uniform Single
Attestation Program for Mortgage Bankers or similar procedure, as
set forth in the pooling and servicing, or similar, agreement, that
is included in these reports.

In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated party: Deutsche Bank Trust
Company Americas.



|Date: March 30, 2004 | /S/ MARK OLSON
Mark Olson
Controller and Senior Vice President
WFS Financial Inc, Master Servicer
|-------------------- | -------------------------------------------------------------------------------------------------



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INDEX TO EXHIBITS

|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  | 
|----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|Exhibit No. |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  | 
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  | 
|20.1        |  | Current Reports on Form 8-K filed during the period covered by this report for (i) the
April 21, 2003 Distribution Date (incorporated herein by reference to the WFS Financial
2003-1 Owner Trust Form 8-K filed on April 28, 2003, file number 333-101842-02), (ii) the
May 20, 2003 Distribution Date (incorporated herein by reference to the WFS Financial 2003-1
Owner Trust Form 8-K filed on May 27, 2003, file number
333-101842-02), (iii) the June 20, 2003
Distribution Date (incorporated herein by reference to the WFS Financial 2003-1 Owner Trust
Form 8-K filed on June 24, 2003, file number 333-101842-02), (iv) the July 21, 2003
Distribution Date (incorporated herein by reference to the WFS Financial 2003-1 Owner Trust
Form 8-K filed on July 29, 2003, file number 333-101842-02), (v) the August 20, 2003 Distribution
Date (incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
August 21, 2003, file number 333-101842-02), (vi) the September 22, 2003 Distribution Date
(incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
September 23, 2003, file number 333-101842-02), (vii) the October 20, 2003 Distribution Date
(incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
October 23, 2003, file number 333-101842-02), (viii) the November 20, 2003 Distribution Date
(incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed on
November 20, 2003, file number 333-101842-02) and (ix) the December 22, 2003 Distribution
Date (incorporated herein by reference to the WFS Financial 2003-1 Owner Trust Form 8-K filed
on December 31, 2003, file number 333-101842-02) |  | 
|           
|20.2        |  | Report of Independent Accountants dated March 29, 2004 regarding Report on Managements Assertion on Compliance with Specified Minimum Servicing Standards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  | 
|           
|20.3        |  | Annual Statement of Compliance by Master
Servicer dated March 31, 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |