Document:

<PAGE>   1
                                                                  EXHIBIT 10.5.2

                            INDEMNIFICATION AGREEMENT

                             dated as of ___________

                                  by and among

                        FINANCIAL SECURITY ASSURANCE INC.

                         WFS FINANCIAL AUTO LOANS, INC.

                           WFS RECEIVABLES CORPORATION

                                WFS FINANCIAL INC

                                       and

                         -------------------------------

<PAGE>   2
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          Page
<S>                                                                                       <C>
1.      Definitions.........................................................................1

2.      Representations and Warranties of the Insurer.......................................3

3.      Agreements, Representations and Warranties of the Underwriters......................4

4.      Representation and Warranty of WFAL, WFSRC..........................................4

5.      Indemnifications....................................................................5

6.      Insurer Undertaking.................................................................5

7.      Notice To Be Given Insurer..........................................................5

8.      Notice To Be Given Underwriters.....................................................6

9.      Contribution........................................................................7

10.     Notices.............................................................................8

11.     Governing Law, Etc..................................................................8

12.     Insurance Agreement; Underwriter Agreement..........................................8
</TABLE>

<PAGE>   3
                            INDEMNIFICATION AGREEMENT

               This Agreement, effective as of ______________, by and among
FINANCIAL SECURITY ASSURANCE INC. (the "Insurer"), as the Insurer under the
Financial Guaranty Insurance Policy issued in connection with the Notes (as
hereinafter defined), WFS FINANCIAL AUTO LOANS, INC. ("WFAL"), WFS RECEIVABLES
CORPORATION ("WFSRC"), WFS FINANCIAL INC ("WFS") and _______________________, as
representative (the "Representative") of the several Underwriters named in the
Underwriting Agreement referred to below.

               1. Definitions. As used in this Agreement, the following terms
shall have the respective meanings stated below:

                      "Agreement" means this Indemnification Agreement by and
               among the Insurer, WFAL, WFSRC, WFS and the Representative.

                      "Certificates" means the trust certificates evidencing the
               undivided beneficial ownership interests in the Trust.

                      "Federal Securities Laws" means the Securities Act of 1933
               (the "1933 Act"), the Securities Exchange Act of 1934, the Trust
               Indenture Act of 1939, the Investment Company Act of 1940, the
               Investment Advisers Act of 1940 and the Public Utility Holding
               Company Act of 1935, all as amended from time to time, and any
               rule or regulation in effect from time to time under any such
               act.

                      "Indemnified Party" means any party entitled to any
               indemnification pursuant to Section 5 below, as the context
               requires.

                      "Indemnifying Party" means any party required to provide
               indemnification pursuant to Section 5 below, as the context
               requires.

                      "Indenture" means the Indenture, dated as of the date
               hereof, by and between the Trust and Bankers Trust Company, as
               Indenture Trustee.

                      "Insurance Agreement" means the Insurance, Indemnity and
               Pledge Agreement, dated as of the date hereof, by and among the
               Trust, WFAL, WFSRC, WFS, the Insurer and Bankers Trust Company,
               as Collateral Agent, Proceeds Agent and Indenture Trustee.

                      "Insurance Laws" means any state, local or foreign
               statute, and any rule or regulation thereunder, regulating (i)
               transactions and dealings in insurance or (ii) any Person or
               entity engaging in the business of issuing, selling or otherwise
               providing insurance.

                      "Insurer Party" means any of the Insurer and/or its
               parent, subsidiaries and affiliates, and any shareholder,
               director, officer, employee, agent or "controlling person" (as
               such term is defined under any Federal Securities Law) of any of
               the foregoing.

<PAGE>   4
                      "Losses" means (i) any actual out-of-pocket loss paid by
               the party entitled to indemnification or contribution, (ii) any
               actual out-of-pocket costs or expenses paid by such party,
               including reasonable fees and expenses of its counsel, to the
               extent not paid, satisfied or reimbursed from funds provided by
               any other Person (provided that the foregoing shall not create or
               imply any obligation to pursue recourse against any such other
               Person), plus (iii) interest on the amount paid by the party
               entitled to indemnification or contribution from the date of such
               payment to the date of payment by the party who is obligated to
               indemnify or contribute hereunder at the statutory rate
               applicable to judgments for breach of contract.

                      "Notes" means $________ ____% Auto Receivable Backed
               Notes, Class A-1, $________ ____% Auto Receivable Backed Notes,
               Class A-2, and $________ ____% Auto Receivable Backed Notes,
               Class A-3 and $ % Auto Receivable Backed Notes, Class A-4.

                      "Offering Documents" means the Prospectus and any
               materials or documents delivered by an Underwriter or any
               Underwriter Party to any Person in connection with the offer or
               sale of the Notes.

                      "Person" means any individual, partnership, joint venture,
               limited liability company, corporation, trust or unincorporated
               organization or any government or agency or political subdivision
               thereof.

                      "Policy" means the financial guaranty insurance policy
               (including the endorsement thereto) (Policy No. ________) issued
               by the Insurer in support of the Notes.

                      "Prospectus" means the Prospectus dated _____________
               relating to the Notes, as supplemented by the Prospectus
               Supplement dated ____________ as filed with the Securities and
               Exchange Commission pursuant to Rule 424(b) under the Securities
               Act of 1933, as amended.

                      "Seller Party" means WFAL, WFSRC and WFS and any director,
               officer, employee, agent or "controlling person" (as such term is
               defined under any Federal Securities Law) of either WFAL, WFSRC
               or WFS.

                      "Trust" means WFS Financial ______ Owner Trust.

                      "Trust Agreement" means the Trust Agreement dated as of
               ___________, by and among the WFAL, WFSRC, the Insurer and Chase
               Manhattan Bank Delaware, as Owner Trustee.

                      "Underwriter Party" means any of the Underwriters, their
               parents, subsidiaries and affiliates and any shareholder,
               director, officer, employee, agent or "controlling person" (as
               such term is defined under any Federal Securities Law) of any of
               the foregoing.

                      "Underwriters" means _____________________________.

                      "Underwriting Agreement" means the Underwriting Agreement
               dated ______________, among WFAL, WFSRC, WFS and the
               Representative.

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<PAGE>   5
               2. Representations and Warranties of the Insurer. The Insurer
represents and warrants as follows:

                      (a) Organization and Licensing. The Insurer is a duly
               incorporated and existing New York financial guaranty insurance
               company licensed to do business in the State of New York.

                      (b) Corporate Power. The Insurer has the corporate power
               and authority to issue the Policy and execute and deliver this
               Agreement, the Trust Agreement and the Insurance Agreement and to
               perform all of its obligations hereunder and thereunder.

                      (c) Authorization; Approvals. The issuance of the Policy
               and the execution, delivery and performance of this Agreement,
               the Trust Agreement and the Insurance Agreement have been duly
               authorized by all necessary corporate proceedings. No further
               approvals or filings of any kind, including, without limitation,
               any further approvals of or further filing with any governmental
               agency or other governmental authority, or any approval of the
               Insurer's board of directors or stockholders, are necessary for
               the Policy, this Agreement, the Trust Agreement and the Insurance
               Agreement to constitute the legal, valid and binding obligations
               of the Insurer.

                      (d) Enforceability. The Policy, when issued, this
               Agreement, the Trust Agreement and the Insurance Agreement will
               each constitute a legal, valid and binding obligation of the
               Insurer, enforceable in accordance with its terms subject, as to
               the enforcement of remedies, to bankruptcy, insolvency,
               reorganization, moratorium and other similar laws affecting the
               enforceability of creditors' rights generally applicable in the
               event of the bankruptcy, insolvency or reorganization of the
               Insurer and to general principles of equity.

                      (e) Financial Information. The consolidated balance sheet
               of the Insurer as of December 31, ____ and as of December 31,
               ____, and the related consolidated statements of income, changes
               in shareholder's equity, and cash flows for the three fiscal
               years then ended, and the accompanying footnotes, together with
               the report thereon of Coopers & Lybrand LLP, independent
               auditors, and the unaudited interim consolidated balance sheet of
               the Insurer as of June 30, ____ and the related consolidated
               statements of income, changes in shareholder's equity and
               cashflows for the three-month periods ended June 30, ____ and
               June 30, ____, copies of which are included in the Prospectus
               (collectively, the "Insurer Financial Statements"), fairly
               present in all material respects the financial condition of the
               Insurer as of such dates and for the periods covered by such
               statements in accordance with generally accepted accounting
               principles consistently applied and, since June 30, ____, there
               has been no material change in the financial condition of the
               Insurer that would materially and adversely affect its ability to
               perform its obligations under the Policy.

                      (f) Insurer. The information in the Prospectus as of the
               date hereof under the caption "Financial Security Assurance Inc."
               that describes the Insurer and certain aspects of the principal
               business in which the Insurer is engaged (collectively, the
               "Insurer Information"), is true and correct in all material
               respects

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<PAGE>   6
               and does not contain any untrue statement of a fact that is
               material to the Insurer's ability to perform its obligations
               under the Policy or omit to state a fact (i) required to be
               stated therein that is material to the Insurer's ability to
               perform its obligations under the Policy or (ii) necessary in
               order to make statements therein that are material to the
               Insurer's ability to perform its obligations under the Policy, in
               light of the circumstances under which such statements are being
               made, not materially misleading.

                      (g) No Litigation. There are no actions, suits,
               proceedings or investigations pending, or to the best of the
               Insurer's knowledge, threatened against it at law or in equity or
               before or by any court, governmental agency, board or commission
               or any arbitrator that, if decided adversely, would materially
               and adversely affect its condition (financial or otherwise) or
               operations or would materially and adversely affect its ability
               to perform its obligations under this Agreement, the Trust
               Agreement, the Indenture or the Policy.

               Nothing in this Agreement shall be construed as a representation
or undertaking by the Insurer concerning the rating currently assigned to its
claims-paying ability by Moody's Investors Service, Inc. ("Moody's") and/or
Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") or any
other rating agency (collectively, the "Rating Agencies"). The Rating Agencies,
in assigning such rating, may take into account facts and assumptions not
described in the Prospectus and the facts and assumptions that are considered by
the Rating Agencies are subject to change over time. The Insurer has not
attempted to disclose all facts and assumptions that the Rating Agencies deem
relevant in assigning a rating within a particular rating category to the
Insurer's claims-paying ability. Notwithstanding the foregoing, the Insurer is
not aware of any facts that, if disclosed to Moody's or S&P, would be reasonably
expected to result in a downgrade of the rating of the claims-paying ability of
the Insurer by either of such Rating Agencies.

               3. Agreements, Representations and Warranties of the
Underwriters. The Underwriters, severally and not jointly, represent, warrant
and agree with the Insurer as follows:

                      (a) Each of the Underwriters agrees not to use any
               information relating to the Insurer (other than the information
               contained in the Prospectus) unless such information has been
               approved by the Insurer in writing, such approval not to be
               unreasonably withheld.

                      (b) Each of the Underwriters represents and warrants that
               all material provided by the Underwriter for inclusion in the
               Prospectus (being the information set forth in the second, third
               and sixth paragraphs under "Underwriting" in the Prospectus,
               including any information in any amendment or supplement to the
               Prospectus furnished that amends or supplements such
               information), insofar as such information relates to the
               Underwriter (all such information being collectively referred to
               herein as the "Underwriter Information"), is true and correct in
               all material respects.

               4. Representation and Warranty of WFAL, WFSRC. WFAL, WFSRC and
WFS jointly and severally represent and warrant to the Insurer and the
Underwriters that the Prospectus does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made therein, in the light of the circumstances under which

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<PAGE>   7
they were made, not misleading (except that no representation or warranty is
made with respect to the Insurer Information, the Insurer Financial Statements
or the Underwriter Information).

               5. Indemnifications.

                      (a) The Insurer hereby agrees, upon the terms and subject
               to the conditions of this Agreement, to indemnify, defend and
               hold harmless each Seller Party and each Underwriter Party
               against any and all Losses incurred by them with respect to the
               offer and sale of the Notes and resulting from the Insurer's
               breach of any of its representations and warranties set forth in
               Section 2 of this Agreement.

                      (b) Each of the Underwriters hereby agrees, severally and
               not jointly, upon the terms and subject to the conditions of this
               Agreement, to indemnify, defend and hold harmless each Insurer
               Party and each Seller Party against any and all Losses incurred
               by them with respect to the offer and sale of the Notes and
               resulting from such Underwriter's breach of any of its
               representations and warranties set forth in Section 3 of this
               Agreement.

                      (c) Upon the incurrence of any Losses for which a party is
               entitled to indemnification hereunder, the Indemnifying Party
               shall reimburse the Indemnified Party promptly upon establishment
               by the Indemnified Party to the Indemnifying Party of the Losses
               incurred.

               6. Insurer Undertaking. The Insurer hereby agrees that, for a
period of seven years hereafter, the Insurer will furnish to the Underwriters,
WFAL or WFSRC, upon request and at the expense of the Underwriters, WFAL or
WFSRC, as the case may be, copies of the Insurer's most recent financial
statements (annual or interim, as the case may be) prepared in accordance with
generally accepted accounting principles (subject, as to interim statements, to
normal year-end adjustments) within a reasonable time after they are available.
In addition, until the ninety-first (91st) day following the date of the
Prospectus, the Insurer will promptly provide the Underwriters, WFAL and WFSRC
with any revisions to the Insurer Information that are in the judgment of the
Insurer necessary to prepare an amended Prospectus or a supplement to the
Prospectus or to be incorporated by reference into the Prospectus (as may then
be amended or supplemented) as described in the Prospectus under "Incorporation
of Certain Documents by Reference".

               7. Notice To Be Given Insurer. Except as provided in Section 9,
the indemnification provided herein by the Insurer shall be the exclusive remedy
of any Underwriter Party or Seller Party for the Insurer's breach of a
representation or warranty hereunder; provided, however, that any Underwriter
Party or Seller Party shall be entitled to pursue any other remedy at law or in
equity for any such breach so long as the damages sought to be recovered shall
not exceed the Losses incurred thereby resulting from such breach. In the event
that any action or regulatory proceeding shall be commenced or claim asserted
that may entitle an Underwriter Party or Seller Party to be indemnified under
this Agreement, such party shall give the Insurer written or telegraphic notice
of such action or claim reasonably promptly after receipt of written notice
thereof. The Insurer shall be entitled to participate in the defense of any such
action or claim in reasonable cooperation with, and with the reasonable
cooperation of, the Seller Party or Underwriter Party, as the case may be. The
Indemnified Party will have the right to employ its own counsel in any such
action in addition to the counsel of the Insurer, but the fees and

                                       5
<PAGE>   8
expenses of such counsel will be at the expense of such Indemnified Party,
unless (1) the employment of counsel by the Indemnified Party at its expense has
been authorized in writing by the Insurer, (2) the Insurer has not in fact
employed counsel to assume the defense of such action within a reasonable time
after receiving notice of the commencement of the action or (3) the named
parties to any such action or proceeding (including any impleaded parties)
include both the Insurer and the Indemnified Party, and the Indemnified Party
shall have been advised by counsel that there may be one or more legal defenses
available to it that are different from or additional to those available to the
Insurer (it being understood, however, that the Insurer shall not, in connection
with any one such action or proceeding or separate but substantially similar or
related actions or proceedings in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the reasonable fees and
expenses of more than one separate firm of attorneys at any time for the
Indemnified Party, which firm shall be designated in writing by the Indemnified
Party), in each of which cases the fees and expenses of counsel will be at the
expense of the Insurer and all such fees and expenses will be reimbursed
promptly as they are incurred. No settlement of any such claim or action shall
be entered into without the consent of the Seller Party or Underwriter Party, as
the case may be, on the one hand and each Insurer Party who is subject to such
claim or action on the other hand. Any failure by a Seller Party or Underwriter
Party, as the case may be, to comply with the provisions of this Section shall
relieve the Insurer of liability only if such failure is substantially
prejudicial to the Insurer's position and then only to the extent of such
prejudice.

               8. Notice To Be Given Underwriters. Except as provided in Section
9, the indemnification provided herein by the Underwriters shall be the
exclusive remedy of any Insurer Party for any Underwriter's breach of a
representation, warranty or agreement hereunder; provided, however, that each
Insurer Party shall be entitled to pursue any other remedy at law or in equity
for any such breach so long as the damages sought to be recovered shall not
exceed the Losses incurred thereby resulting from such breach. In the event that
any action or regulatory proceeding shall be commenced or claim asserted that
may entitle an Insurer Party to be indemnified under this Agreement, such party
shall give the Underwriters written or telegraphic notice of such action or
claim reasonably promptly after receipt of written notice thereof. The
Underwriters shall be entitled to participate in the defense of any such action
or claim in reasonable cooperation with, and with the reasonable cooperation of,
the Insurer Party. The Indemnified Party will have the right to employ its own
counsel in any such action in addition to the counsel of the Underwriters, but
the fees and expenses of such counsel will be at the expense of such Indemnified
Party, unless (1) the employment of counsel by the Indemnified Party at its
expense has been authorized in writing by the Underwriters; (2) the Underwriters
have not in fact employed counsel to assume the defense of such action within a
reasonable time after receiving notice of the commencement of the action; or (3)
the named parties to any such action or proceeding (including any impleaded
parties) include both the Insurer and the Indemnified Party, and the Insurer
shall have been advised by counsel that there may be one or more legal defenses
available to it that are different from or additional to those available to the
Indemnified Party (it being understood, however, that the Indemnified Party
shall not, in connection with any one such action or proceeding or separate but
substantially similar or related actions or proceedings in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys at any
time for the Insurer, which firm shall be designated in writing by the Insurer),
in each of which cases the fees and expenses of counsel will be at the expense
of the Underwriters and all such fees and expenses will be reimbursed promptly
as they are incurred. No settlement of any such claim or

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<PAGE>   9
action shall be entered into without the consent of the Insurer and each
Underwriter Party. Any failure by an Insurer Party to comply with the provisions
of this Section shall relieve the Underwriters of liability only if such failure
is substantially prejudicial to the Underwriters' position and then only to the
extent of such prejudice.

               9. Contribution. To provide for just and equitable contribution
if the indemnification provided for pursuant to this Agreement is determined to
be unavailable for any Underwriter Party, Insurer Party or Seller Party (other
than due to application of this Section), the Insurer, WFAL, WFSRC, WFS and the
Underwriters, as the case may be, shall contribute to the aggregate costs of
liabilities arising from any breach of a representation or warranty set forth in
this Agreement (i) in such proportion as is appropriate to reflect the relative
benefits received by the Insurer, WFAL, WFSRC and WFS pursuant to the
Underwriting Agreement and the Underwriters from the offering of the Notes or
(ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of
the Insurer, WFAL, WFSRC, WFS and the Underwriters in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The
relative benefits received by WFAL, WFSRC and WFS, the Insurer and the
Underwriters shall be deemed to be, respectively, in the same proportions as the
total proceeds from the offering (net of underwriting discounts and commissions
but before deducting expenses) received by WFAL or WFSRC, the premiums on the
Policy to be paid to the Insurer and the underwriting discounts and commissions
received by the Underwriters. The relative fault of each Indemnifying Party, on
the one hand, and of each Indemnified Party, on the other, shall be determined
by reference to, among other things, whether the breach of, or alleged breach
of, any of its representations and warranties set forth in Section 2, 3 or 4 of
this Agreement relates to information supplied by, or an action within the
control of, the indemnifying party or the indemnified party and the parties'
relative intent, knowledge, access to information and the opportunity to correct
or prevent such breach. The parties agree that the Insurer shall be solely
responsible for the Insurer Information, the Underwriters shall be solely
responsible for the Underwriter Information and WFAL, WFSRC and WFS shall be
jointly and severally responsible for all other information in the Prospectus.

               Notwithstanding anything in this Section 9 to the contrary, with
respect to contribution between any Seller Party and any Underwriter Party, the
Underwriter Parties shall not be required to contribute an amount in excess of
the amount by which the total price of the sum of the Notes sold by such
Underwriter Parties exceeds the amount of any damages that such Underwriter
Parties have otherwise been required to pay in respect of such untrue or alleged
untrue statement or omission or alleged omission; provided, however, that the
terms of the contribution between any Seller Party and any Underwriter Party
contained in the Underwriting Agreement shall control to the extent they are
inconsistent with or in addition to the terms of this Section 9. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

               The indemnity and contribution agreements contained in this
Agreement shall remain operative and in full force and effect, regardless of (a)
any investigation made by or on behalf of any Underwriter Party or any Insurer
Party (b) the issuance of the Notes or the Policy

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<PAGE>   10
or (c) any termination of this Agreement. The indemnification provided in this
Agreement will be in addition to any liability that the parties may otherwise
have.

               Upon the incurrence of any Losses entitled to contribution
hereunder, the contributor shall reimburse the party entitled to contribution
promptly upon establishment by the party entitled to contribution of the Losses
incurred.

               10. Notices. All notices and other communications provided for
under this Agreement shall be addressed to the address set forth below as to
each party or at such other address as shall be designated by a party in a
written notice to the other party.

If to the Insurer:                  Financial Security Assurance Inc.
                                    350 Park Avenue
                                    New York, New York  10022
                                    Attention:  Senior Vice President -
                                                   Surveillance

If to WFAL:                         WFS Financial Auto Loans, Inc.
                                    23 Pasteur
                                    Irvine, California 92618
                                    Attention:  Thomas A. Wolfe

If to WFSRC:                        WFS Receivables Corporation
                                    6655 West Sahara Avenue
                                    Las Vegas, Nevada 89102
                                    Attention: David A. Gray

If to WFS:                          WFS Financial Inc
                                    23 Pasteur
                                    Irvine, California  92618
                                    Attention:  Guy DuBose, Esq.

If to the Underwriters:

               11. Governing Law, Etc. This Agreement shall be deemed to be a
contract under the laws of the State of New York and shall be governed by and
construed in accordance with the laws of the State of New York. This Agreement
may not be assigned by any party without the express written consent of each
other party. Any assignment made in violation of this Agreement shall be null
and void. Amendments of this Agreement shall be in writing signed by each party.
This Agreement shall not be effective until executed by each of the Insurer,
WFAL, WFSRC, WFS and the Representative.

               12. Insurance Agreement; Underwriter Agreement. This Agreement in
no way limits or otherwise affects the indemnification and contribution
obligations of WFAL, WFSRC, and WFS under the Insurance Agreement.

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<PAGE>   11
               IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be duly executed and delivered by their respective officers thereunto duly
authorized, all as of the date first above written.

                                       FINANCIAL SECURITY ASSURANCE INC.

                                       By:
                                          --------------------------------------
                                                     Authorized Officer

                                       WFS FINANCIAL AUTO LOANS, INC.

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------

                                       WFS RECEIVABLES CORPORATION

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------

                                       WFS FINANCIAL INC

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------

                                               as Representative of the several
                                               Underwriters

                                       By:
                                          --------------------------------------
                                       Title:
                                             -----------------------------------

                                       9<PAGE>   1
                                                                  EXHIBIT 10.6.1
================================================================================

                            ADMINISTRATION AGREEMENT

                                      among

                        WFS FINANCIAL 20__-_ OWNER TRUST,
                                   as Issuer,

                               WFS FINANCIAL INC,
                                as Administrator,

                             WFS INVESTMENTS, INC.,

                         WFS FINANCIAL AUTO LOANS, INC.,
                                   as Seller,

                                       and

                             BANKERS TRUST COMPANY,
                              as Indenture Trustee

                         Dated as of __________ __, 20__

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                            Page
<S>         <C>                                                                            <C>
Section 1.    Duties of the Administrator.................................................   2

Section 2.   Records......................................................................   8

Section 3.    Compensation................................................................   8

Section 4.    Additional Information to be Furnished to the Issuer........................   8

Section 5.   Independence of the Administrator............................................   8

Section 6.    No Joint Venture............................................................   8

Section 7.    Other Activities of Administrator...........................................   8

Section 8.    Term of Agreement; Resignation and Removal of Administrator.................   8

Section 9.   Action upon Termination, Resignation or Removal..............................   9

Section 10.  Notices......................................................................  10

Section 11.  Amendments...................................................................  10

Section 12.  Successors and Assigns.......................................................  11

Section 13.  Governing Law................................................................  11

Section 14.  Headings.....................................................................  11

Section 15. Counterparts..................................................................  11

Section 16.  Severability.................................................................  11

Section 17.  Not Applicable to WFS in Other Capacities....................................  12

Section 18.  Limitation of Liability of Owner Trustee and Indenture Trustee...............  12

Section 19.  Third-Party Beneficiary......................................................  12

Section 20. Capitalized Terms.............................................................  12

Exhibit A     [FORM OF POWER OF ATTORNEY]................................................. A-1
</TABLE>

                                      -i-

<PAGE>   3

        This ADMINISTRATION AGREEMENT, dated as of __________ __, 20__, is among
WFS FINANCIAL 20__-_ OWNER TRUST (the "Issuer"), WFS FINANCIAL INC ("WFS" or in
its capacity as administrator, the "Administrator"), WFS INVESTMENTS, INC. (the
"Company"), WFS FINANCIAL AUTO LOANS, INC. (the "Seller") and BANKERS TRUST
COMPANY, not in its individual capacity but solely as Indenture Trustee (the
"Indenture Trustee").

                              W I T N E S S E T H :

        WHEREAS, the Issuer is issuing ______% Auto Receivable Backed Notes,
Class A-1, ______% Auto Receivable Backed Notes, Class A-2 and ______% Auto
Receivable Backed Notes, Class A-3 (collectively, the "Notes"), pursuant to the
Indenture, dated as of the date hereof (the "Indenture"), between the Issuer and
the Indenture Trustee (capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Indenture);

        WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Notes and of certain beneficial ownership interests of
the Issuer, including (i) the Indenture, (ii) a Sale and Servicing Agreement,
dated as of the date hereof (the "Sale and Servicing Agreement"), among the
Issuer, the Seller and WFS, as servicer (in such capacity, the "Master
Servicer"), and (iii) a Letter of Representations, dated __________, 2000 (the
"Depository Agreement" and, together with the Indenture and the Sale and
Servicing Agreement, the "Related Agreements), among the Issuer, the Indenture
Trustee and The Depository Trust Company ("DTC") relating to the Notes;

        WHEREAS, pursuant to the Related Agreements, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (i) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (ii) the beneficial ownership interests in the Issuer (the registered
holders of such interests being referred to herein as the "Owners");

        WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee
referred to in the preceding clause and to provide such additional services
consistent with the terms of this Agreement and the Related Agreements as the
Issuer and the Owner Trustee may from time to time request; and

        WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

        NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

        Section 1. Duties of the Administrator.

        (a) Duties with Respect to the Depository Agreement and the Indenture.

               (i) The Administrator agrees to perform all its duties as
        Administrator and the duties of the Issuer and the Owner Trustee under
        the Depository Agreement. In addition,

<PAGE>   4

        the Administrator shall consult with the Owner Trustee regarding the
        duties of the Issuer or the Owner Trustee under the Indenture and the
        Depository Agreement. The Administrator shall monitor the performance of
        the Issuer and shall advise the Owner Trustee when action is necessary
        to comply with the respective duties of the Issuer and the Owner Trustee
        under the Indenture and the Depository Agreement. The Administrator
        shall prepare for execution by the Issuer, or shall cause the
        preparation by other appropriate persons of, all such documents,
        reports, filings, instruments, certificates and opinions that it shall
        be the duty of the Issuer or the Owner Trustee to prepare, file or
        deliver pursuant to the Indenture and the Depository Agreement. In
        furtherance of the foregoing, the Administrator shall take (or, in the
        case of the immediately preceding sentence, cause to be taken) all
        appropriate action that the Issuer or the Owner Trustee is required to
        take pursuant to the Indenture including, without limitation, such of
        the foregoing as are required with respect to the following matters
        under the Indenture (references are to Sections of the Indenture):

                      (A) the duty to cause the Note Register to be kept and to
               give the Indenture Trustee notice of any appointment of a new
               Note Registrar and the location, or change in location, of the
               Note Register (Section 2.04);

                      (B) the notification of Noteholders and the Rating
               Agencies of the final principal payment on the Notes (Section
               2.07(b));

                      (C) the fixing or causing to be fixed of any special
               record date and the notification of the Indenture Trustee and
               Noteholders with respect to special payment dates, if any
               (Section 2.07(c));

                      (D) the preparation of or obtaining of the documents and
               instruments required for execution and authentication of the
               Notes and delivery of the same to the Indenture Trustee (Section
               2.02);

                      (E) the preparation, obtaining or filing of the
               instruments, opinions and certificates and other documents
               required for the release of Collateral (Section 2.12);

                      (F) the maintenance of an office in the Borough of
               Manhattan, The City of New York, for registration of transfer or
               exchange of Notes (Section 3.02);

                      (G) the duty to cause newly appointed Paying Agents, if
               any, to deliver to the Indenture Trustee the instrument specified
               in the Indenture regarding funds held in trust (Section 3.03);

                      (H) the direction to the Indenture Trustee to deposit
               monies with Paying Agents, if any, other than the Indenture
               Trustee (Section 3.03);

                      (I) the obtaining and preservation of the Issuer's
               qualification to do business in each jurisdiction in which such
               qualification is or shall be necessary to protect the validity
               and enforceability of the Indenture, the Notes, the Collateral

                                      -2-
<PAGE>   5

               and each other instrument and agreement included in the Trust
               Estate (Section 3.04);

                      (J) the preparation of all supplements and amendments to
               the Indenture and all financing statements, continuation
               statements, instruments of further assurance and other
               instruments and the taking of such other action as is necessary
               or advisable to protect the Trust Estate (Section 3.05);

                      (K) the delivery of the Opinion of Counsel on the Closing
               Date and the annual delivery of Opinions of Counsel as to the
               Trust Estate, and the annual delivery of the Officer's
               Certificate and certain other statements as to compliance with
               the Indenture (Sections 3.06 and 3.09);

                      (L) the identification to the Indenture Trustee and
               Financial Security Assurance Inc. (the "Insurer") in an Officer's
               Certificate of a Person with whom the Issuer has contracted to
               perform its duties under the Indenture (Section 3.07(b));

                      (M) the notification of the Indenture Trustee, the Insurer
               and each Rating Agency of a Servicer Default under the Sale and
               Servicing Agreement and, if such Servicer Default arises from the
               failure of the Master Servicer to perform any of its duties or
               obligations under the Sale and Servicing Agreement with respect
               to the Contracts, the taking of all reasonable steps available to
               remedy such failure (Section 3.07(d));

                      (N) the duty to cause the Master Servicer to comply with
               Sections 4.09, 4.10, 4.11 and 5.07 and Article Nine of the Sale
               and Servicing Agreement (Section 3.14);

                      (O) the preparation and obtaining of documents and
               instruments required for the release of the Issuer from its
               obligations under the Indenture (Section 3.10(b));

                      (P) the delivery of written notice to the Indenture
               Trustee, the Insurer and each Rating Agency of each Event of
               Default under the Indenture and each default by the Master
               Servicer or the Seller under the Sale and Servicing Agreement
               (Section 3.18);

                      (Q) the monitoring of the Issuer's obligations as to the
               satisfaction and discharge of the Indenture and the preparation
               of an Officer's Certificate and the obtaining of the Opinion of
               Counsel and the Independent Certificate relating thereto (Section
               4.01);

                      (R) the compliance with any written directive of the
               Controlling Party with respect to the sale of the Trust Estate in
               a commercially reasonable manner if an Event of Default shall
               have occurred and be continuing (Section 5.04);

                                      -3-
<PAGE>   6

                      (S) the preparation and delivery of notice to Noteholders
               of the removal of the Indenture Trustee and the appointment of a
               successor Indenture Trustee (Section 6.08);

                      (T) the preparation of any written instruments required to
               confirm more fully the authority of any co-trustee or separate
               trustee and any written instruments necessary in connection with
               the resignation or removal of the Indenture Trustee or any
               co-trustee or separate trustee (Sections 6.08 and 6.10);

                      (U) the furnishing of the Indenture Trustee with the names
               and addresses of Noteholders during any period when the Indenture
               Trustee is not the Note Registrar (Section 7.01);

                      (V) the preparation and, after execution by the Issuer,
               the filing with the Commission, any applicable state agencies and
               the Indenture Trustee of documents required to be filed on a
               periodic basis with, and summaries thereof as may be required by
               rules and regulations prescribed by, the Commission and any
               applicable state agencies and the transmission of such summaries,
               as necessary, to the Noteholders (Section 7.03);

                      (W) the opening of one or more accounts in the Issuer's
               name, the preparation and delivery of Issuer Orders, Officer's
               Certificates and Opinions of Counsel and all other actions
               necessary with respect to investment and reinvestment of funds in
               the Trust Accounts (Sections 8.02 and 8.03);

                      (X) the preparation of an Issuer Request and Officer's
               Certificate and the obtaining of an Opinion of Counsel and
               Independent Certificates, if necessary, for the release of the
               Trust Estate (Sections 8.04 and 8.05);

                      (Y) the preparation of Issuer Orders and the obtaining of
               Opinions of Counsel with respect to the execution of supplemental
               indentures and the mailing to the Noteholders of notices with
               respect to such supplemental indentures (Sections 9.01, 9.02 and
               9.03);

                      (Z) the execution, authentication and delivery of new
               Notes conforming to any supplemental indenture (Section 9.06);

                      (AA) the duty to notify Noteholders and the Rating
               Agencies of redemption of the Notes or to cause the Indenture
               Trustee to provide such notification (Section 10.02);

                      (BB) the preparation and delivery of all Officer's
               Certificates, Opinions of Counsel and Independent Certificates
               with respect to any requests by the Issuer to the Indenture
               Trustee to take any action under the Indenture (Section
               11.01(a));

                      (CC) the preparation and delivery of Officer's
               Certificates and the obtaining of Independent Certificates, if
               necessary, for the release of property from the lien of the
               Indenture (Section 11.01(b));

                                      -4-
<PAGE>   7

                      (DD) the notification of the Rating Agencies, upon the
               failure of the Issuer, the Owner Trustee or the Indenture Trustee
               to give such notification, of the information required pursuant
               to Section 11.04 of the Indenture (Section 11.04);

                      (EE) the preparation and delivery to Noteholders and the
               Indenture Trustee of any agreements with respect to alternate
               payment and notice provisions (Section 11.06);

                      (FF) the recording of the Indenture, if applicable
               (Section 11.15);

                      (GG) the preparation of Definitive Notes in accordance
               with the instructions of the Clearing Agency (Section 2.11); and

                      (HH) maintaining the effectiveness of the licenses
               required under the Pennsylvania Motor Vehicle Sales Finance Act
               (Section 6.14).

               (ii) The Administrator will:

                      (A) pay the Indenture Trustee from time to time reasonable
               compensation for all services rendered by the Indenture Trustee
               under the Indenture (which compensation shall not be limited by
               any provision of law in regard to the compensation of a trustee
               of an express trust);

                      (B) except as otherwise expressly provided in the
               Indenture, reimburse the Indenture Trustee upon its request for
               all reasonable expenses, disbursements and advances incurred or
               made by the Indenture Trustee in accordance with any provision of
               the Indenture (including the reasonable compensation, expenses
               and disbursements of its agents and counsel), except any such
               expense, disbursement or advance as may be attributable to its
               negligence or bad faith;

                      (C) indemnify the Indenture Trustee and its agents for,
               and hold them harmless against, any loss, liability or expense
               incurred without negligence or bad faith on their part, arising
               out of or in connection with the acceptance or administration of
               the transactions contemplated by the Indenture, including the
               reasonable costs and expenses of defending themselves against any
               claim or liability in connection with the exercise or performance
               of any of their powers or duties under the Indenture; and

                      (D) indemnify the Owner Trustee and its agents for, and
               hold them harmless against, any loss, liability or expense
               incurred without negligence or bad faith on their part, arising
               out of or in connection with the acceptance or administration of
               the transactions contemplated by the Trust Agreement, including
               the reasonable costs and expenses of defending themselves against
               any claim or liability in connection with the exercise or
               performance of any of their powers or duties under the Trust
               Agreement.

                                      -5-
<PAGE>   8

        (b) Additional Duties.

               (i) In addition to the duties set forth in Section 1(a)(i), the
        Administrator shall perform such calculations and shall prepare or shall
        cause the preparation by other appropriate persons of, and shall execute
        on behalf of the Issuer or the Owner Trustee, all such documents,
        reports, filings, instruments, certificates and opinions that the Issuer
        or the Owner Trustee are required to prepare, file or deliver pursuant
        to the Related Agreements or Section 5.05 of the Trust Agreement, and at
        the request of the Owner Trustee shall take all appropriate action that
        the Issuer or the Owner Trustee are required to take pursuant to the
        Related Agreements. In furtherance thereof, the Owner Trustee shall, on
        behalf of itself and of the Issuer, execute and deliver to the
        Administrator and to each successor Administrator appointed pursuant to
        the terms hereof, one or more powers of attorney substantially in the
        form of Exhibit A hereto, appointing the Administrator the
        attorney-in-fact of the Owner Trustee and the Issuer for the purpose of
        executing on behalf of the Owner Trustee and the Issuer all such
        documents, reports, filings, instruments, certificates and opinions.
        Subject to Section 5, and in accordance with the directions of the Owner
        Trustee, the Administrator shall administer, perform or supervise the
        performance of such other activities in connection with the Collateral
        (including the Related Agreements) as are not covered by any of the
        foregoing provisions and as are expressly requested by the Owner Trustee
        and are reasonably within the capability of the Administrator.

               (ii) Notwithstanding anything in this Agreement or the Related
        Agreements to the contrary, the Administrator shall be responsible for
        promptly notifying the Owner Trustee in the event that any withholding
        tax is imposed on the Trust's payments (or allocations of income) to an
        Owner as contemplated in Section 5.02(c) of the Trust Agreement. Any
        such notice shall specify the amount of any withholding tax required to
        be withheld by the Owner Trustee pursuant to such provision.

               (iii) Notwithstanding anything in this Agreement or the Related
        Agreements to the contrary, the Administrator shall be responsible for
        performance of the duties of the Owner Trustee set forth in Section
        5.05(a), (b), (c) and (d), the penultimate sentence of Section 5.05 and
        Section 5.06(a) of the Trust Agreement with respect to, among other
        things, accounting and reports to Owners; provided, however, that the
        Owner Trustee shall retain responsibility for the distribution of the
        Schedule K-1s necessary to enable each Owner to prepare its federal and
        state income tax returns.

               (iv) The Administrator shall satisfy its obligations with respect
        to clauses (ii) and (iii) above by retaining, at the expense of the
        Trust payable by the Administrator, a firm of independent public
        accountants (the "Accountants") acceptable to the Owner Trustee, which
        shall perform the obligations of the Administrator thereunder. In
        connection with paragraph (ii) above, the Accountants will provide prior
        to December 31, 20__, a letter in form and substance satisfactory to the
        Owner Trustee as to whether any tax withholding is then required and, if
        required, the procedures to be followed with respect thereto to comply
        with the requirements of the Code. The Accountants shall be required to
        update the letter in each instance that any additional tax withholding
        is subsequently required or any previously required tax withholding
        shall no longer be required.

                                      -6-
<PAGE>   9

               (v) The Administrator shall perform the duties of the
        Administrator specified in Section 10.02 of the Trust Agreement required
        to be performed in connection with the resignation or removal of the
        Owner Trustee, and any other duties expressly required to be performed
        by the Administrator under the Trust Agreement.

               (vi) In carrying out the foregoing duties or any of its other
        obligations under this Agreement, the Administrator may enter into
        transactions or otherwise deal with any of its Affiliates; provided,
        however, that the terms of any such transactions or dealings shall be in
        accordance with any directions received from the Issuer and shall be, in
        the Administrator's opinion, no less favorable to the Issuer than would
        be available from unaffiliated parties.

        (c) Non-Ministerial Matters.

               (i) With respect to matters that in the reasonable judgment of
        the Administrator are non-ministerial, the Administrator shall not take
        any action unless within a reasonable time before the taking of such
        action, the Administrator shall have notified the Owner Trustee of the
        proposed action and the Owner Trustee shall not have withheld consent or
        provided an alternative direction. For the purpose of the preceding
        sentence, "non-ministerial matters" shall include, without limitation:

                      (A) the amendment of or any supplement to the Indenture;

                      (B) the initiation of any claim or lawsuit by the Issuer
               and the compromise of any action, claim or lawsuit brought by or
               against the Issuer (other than in connection with the collection
               of the Contracts);

                      (C) the amendment, change or modification of the Related
               Agreements;

                      (D) the appointment of successor Note Registrars,
               successor Paying Agents and successor Indenture Trustees pursuant
               to the Indenture or the appointment of successor Administrators
               or a successor Master Servicer, or the consent to the assignment
               by the Note Registrar, Paying Agent or Indenture Trustee of its
               obligations under the Indenture; and

                      (E) the removal of the Indenture Trustee.

               (ii) Notwithstanding anything to the contrary in this Agreement,
        the Administrator shall not be obligated to, and shall not, (A) make any
        payments to the Noteholders under the Related Agreements, (B) sell the
        Trust Estate pursuant to clause (iv) of Section 5.04 of the Indenture,
        (C) take any other action that the Issuer directs the Administrator not
        to take on its behalf or (D) take any other action which may be
        construed as having the effect of varying the investment of the Holders.

        Section 2. Records. The Administrator shall maintain appropriate books
of account and records relating to services performed hereunder, which books of
account and records shall be

                                      -7-
<PAGE>   10

accessible for inspection by the Issuer and the Company at any time during
normal business hours.

        Section 3. Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to an annual
payment of compensation which shall be solely an obligation of the Company.

        Section 4. Additional Information to be Furnished to the Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

        Section 5. Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Owner Trustee with respect to
the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in any
way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

        Section 6. No Joint Venture. Nothing contained in this Agreement (i)
shall constitute the Administrator and either of the Issuer or the Owner Trustee
as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

        Section 7. Other Activities of Administrator. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its sole discretion, from acting in a similar capacity as an
administrator for any other Person or entity even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

        Section 8. Term of Agreement; Resignation and Removal of Administrator.
This Agreement shall continue in force until the dissolution of the Issuer, upon
which event this Agreement shall automatically terminate.

        (a) Subject to Section 8(e), the Administrator may resign its duties
hereunder by providing the Issuer with at least 60 days' prior written notice.

        (b) Subject to Section 8(e), the Issuer may remove the Administrator
without cause by providing the Administrator with at least 60 days' prior
written notice.

        (c) Subject to Section 8(e), at the sole option of the Issuer, the
Administrator may be removed immediately upon written notice of termination from
the Issuer to the Administrator if any of the following events shall occur:

               (i) the Administrator shall default in the performance of any of
        its duties under this Agreement and, after notice of such default, shall
        not cure such default within

                                      -8-
<PAGE>   11

        ten days (or, if such default cannot be cured in such time, shall not
        give within ten days such assurance of cure as shall be reasonably
        satisfactory to the Issuer);

               (ii) a court having jurisdiction in the premises shall enter a
        decree or order for relief, and such decree or order shall not have been
        vacated within 60 days, in respect of the Administrator in any
        involuntary case under any applicable bankruptcy, insolvency or other
        similar law now or hereafter in effect or appoint a receiver,
        liquidator, assignee, custodian, trustee, sequestrator or similar
        official for the Administrator or any substantial part of its property
        or order the winding-up or liquidation of its affairs; or

               (iii) the Administrator shall commence a voluntary case under any
        applicable bankruptcy, insolvency or other similar law now or hereafter
        in effect, shall consent to the entry of an order for relief in an
        involuntary case under any such law, or shall consent to the appointment
        of a receiver, liquidator, assignee, trustee, custodian, sequestrator or
        similar official for the Administrator or any substantial part of its
        property, shall consent to the taking of possession by any such official
        of any substantial part of its property, shall make any general
        assignment for the benefit of creditors or shall fail generally to pay
        its debts as they become due.

        The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) above shall occur, it shall give written notice thereof to the
Issuer and the Indenture Trustee within seven days after the occurrence of such
event.

        (d) No resignation or removal of the Administrator pursuant to this
Section shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer and (ii) such successor Administrator shall have agreed
in writing to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder.

        (e) The appointment of any successor Administrator shall be effective
only after satisfaction of the Rating Agency Condition with respect to the
proposed appointment.

        (f) Subject to Section 8(d) and 8(e), the Administrator acknowledges
that upon the appointment of a Successor Master Servicer pursuant to the Sale
and Servicing Agreement, the Administrator shall immediately resign and such
Successor Master Servicer shall automatically become the Administrator under
this Agreement; provided, however, that this subsection (f) shall not apply at
such times as the Indenture Trustee shall be the Successor Master Servicer.

        Section 9. Action upon Termination, Resignation or Removal. Promptly
upon the effective date of termination of this Agreement pursuant to the first
sentence of Section 8 or the resignation or removal of the Administrator
pursuant to Section 8(a), (b) or (c), respectively, the Administrator shall be
entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall
forthwith upon such termination pursuant to the first sentence of Section 8
deliver to the Issuer all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 8(a), (b) or
(c), respectively, the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

                                      -9-
<PAGE>   12

        Section 10. Notices. Any notice, report or other communication given
hereunder shall be in writing and addressed as follows:

        (a)    if to the Issuer or the Owner Trustee, to:

               WFS Financial 20__-_ Owner Trust
               Chase Manhattan Bank Delaware
               1201 Market Street
               Wilmington, Delaware  19801
               Attention:  Corporate Trust - Administration Department

        (b)    if to the Administrator, to:

               WFS Financial Inc
               23 Pasteur Road
               Irvine, California  92618
               Attention:  Guy Du Bose, Esq.

        (c)    if to the Indenture Trustee, to:

               Bankers Trust Company
               Four Albany Street - 10th Floor
               New York, New York  10006
               Attention:  Corporate Trust Department - Asset Backed Group

        (d)    if to the Insurer, to:

               Financial Security Assurance Inc.
               350 Park Avenue
               New York, New York  10022
               Attention:  Surveillance Department

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

        Section 11. Amendments. This Agreement may be amended from time to time
by a written amendment duly executed and delivered by the parties hereto, with
the written consent of the Insurer and the Owner Trustee but without the consent
of the Noteholders and the Certificateholders, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or
Certificateholders; provided that such amendment will not, in the Opinion of
Counsel satisfactory to the Indenture Trustee, materially and adversely affect
the interest of any Noteholder or Certificateholder. This Agreement may also be
amended by the parties hereto with the written consent of the Owner Trustee and
the holders of Notes evidencing at least a majority of the Outstanding Amount of
the Notes and the holders of Certificates evidencing at least a majority of the
Certificate Balance for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of
modifying

                                      -10-
<PAGE>   13

in any manner the rights of Noteholders or the Certificateholders; provided,
however, that no such amendment may (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on the
Contracts or distributions that are required to be made for the benefit of the
Noteholders or Certificateholders or (ii) reduce the aforesaid percentage of the
holders of Notes and Certificates which are required to consent to any such
amendment, without the consent of the Insurer and the holders of all outstanding
Notes and Certificates. Notwithstanding the foregoing, the Administrator may not
amend this Agreement without the permission of the Seller, which permission
shall not be unreasonably withheld.

        Section 12. Successors and Assigns. This Agreement may not be assigned
by the Administrator unless such assignment is previously consented to in
writing by the Issuer and the Owner Trustee and subject to the satisfaction of
the Rating Agency Condition in respect thereof. An assignment with such consent
and satisfaction, if accepted by the assignee, shall bind the assignee hereunder
in the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer, the Insurer or the Owner Trustee to a corporation or
other organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided that such successor organization executes
and delivers to the Issuer, the Insurer, the Owner Trustee and the Indenture
Trustee an agreement, in form and substance reasonably satisfactory to the Owner
Trustee, the Indenture Trustee and the Insurer, in which such corporation or
other organization agrees to be bound hereunder by the terms of said assignment
in the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.

        Section 13. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, EXCEPT THAT
THE DUTIES OF THE INDENTURE TRUSTEE SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK.

        Section 14. Headings. The section and subsection headings hereof have
been inserted for convenience of reference only and shall not be construed to
affect the meaning, construction or effect of this Agreement.

        Section 15. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same agreement.

        Section 16. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

        Section 17. Not Applicable to WFS in Other Capacities. Nothing in this
Agreement shall affect any obligation WFS may have in any other capacity.

                                      -11-
<PAGE>   14

        Section 18. Limitation of Liability of Owner Trustee and Indenture
Trustee.

        (a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by Chase Manhattan Bank Delaware not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall Chase Manhattan Bank Delaware in its individual capacity
or any beneficial owner of the Issuer have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Eight of the Trust Agreement.

        (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Bankers Trust Company not in its individual
capacity but solely as Indenture Trustee and in no event shall Bankers Trust
Company have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

        Section 19. Third-Party Beneficiary. The Owner Trustee is a third-party
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto.

        Section 20. Capitalized Terms. Except as otherwise specified herein or
as the context may otherwise require, capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Indenture or
the Sale and Servicing Agreement, as the case may be.

                                      -12-
<PAGE>   15

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the day and year first above written.

                                            WFS FINANCIAL 20__-_ OWNER TRUST

                                            By:  CHASE MANHATTAN BANK DELAWARE,
                                                 not in its individual capacity
                                                 but solely as Owner Trustee

                                            By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                            WFS INVESTMENTS, INC.

                                            By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                            WFS FINANCIAL AUTO LOANS, INC.,
                                              as Seller

                                            By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                            BANKERS TRUST COMPANY, not in its
                                            individual capacity but solely as
                                            Indenture Trustee

                                            By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                      -13-
<PAGE>   16

                                            WFS FINANCIAL INC,
                                             as Administrator

                                            By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                      -14-
<PAGE>   17

                                                                       EXHIBIT A

                           [FORM OF POWER OF ATTORNEY]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00002-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00002-of-00352.parquet"}]]