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                                                                   EXHIBIT 10.17

                     INTEREST RATE SWAP GUARANTEE AGREEMENT

This Interest Rate Swap Guarantee Agreement ("Agreement") is made as of this
10th day of May, 2001, by and between Western Financial Bank, a federal savings
and loan company, ("Bank" or "WFB"), Westcorp, a California corporation, and WFS
Receivables Corporation 2, a Nevada corporation ("WFSRC2") and is based upon the
following recitals.

                                    RECITALS

A.       Westcorp is the holding company of WFB, which in turn is the parent
         company of WFS Financial Inc ("WFS").

B.       Westcorp desires to reduce the level of risk assets maintained by the
         Bank for the determination of the Bank's regulatory capital requirement
         while concurrently avoiding the creation of additional amounts of
         retained interest in securitized assets ("RISA") on the consolidated
         financial statements of the Bank.

C.       WFSRC2 is a first tier subsidiary of Westcorp acting as the originator
         or co-originator of one or more asset securitization trusts and as a
         seller of WFS auto contracts to each of such trusts, this reduction of
         risk and avoidance of additional amounts of RISA on the consolidated
         financial statements of the Bank can be accomplished upon the
         non-recourse sale of WFS originated auto contracts on a whole loan
         servicing released basis to WFSRC2.

D.       Regulatory review and approval has been obtained to allow WFS to sell
         auto contracts to WFSRC2.

E.       The sale of automobile contracts by WFS to WFSRC2 is subject to
         obtaining a written fairness opinion from Houlihan Lokey Howard &
         Zukin, an unrelated third party qualified to render such opinions, to
         provide support for the conclusion that the terms of the sale of WFS
         auto contracts to WFSRC2 and the terms of any subsequent servicing by
         WFS of those contracts for the benefit of WFSRC2 or any securitization
         trust to which those auto contracts are subsequently transferred by
         WFSRC2 meet the standards imposed by Federal Reserve Act Section 23B
         and Office of Thrift Supervision Regulation Section 563.42.

F.       Westcorp desires to limit the amount of collateral required and
         prepayment risk related to the floating rate note classes A3 and A4
         issued by the WFS 2001-B Owner Trust,

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         which supported the most economic secured financing available to
         facilitate the aforementioned loan sale.

                                    AGREEMENT

In consideration of the mutual promises set forth herein, and in reliance upon
the recitals set forth above, the parties agree as follows:

1.       Further Assurances. The Companies agree that they will modify, amend,
         or restate any provision of this agreement as necessary in order to
         insure that this agreement complies with all applicable federal laws
         and OTS regulations with respect to transacting business between the
         parties.

2.       Cash Deposit. Westcorp shall deposit the sum of $3,000,000 into a
         non-interest bearing account at WFB to support the guarantee of the
         timely exchange of interest payments required pursuant to the
         Prepayment Differential Interest Rate Swap Agreement between the Bank
         and Citibank, N. A., dated as of May 9, 2001, and to reduce the
         collateral requirements that would have been required of WFSRC2 had
         this agreement not been made. Further, if Westcorp elects to place the
         cash deposit in an interest bearing account at the Bank, then Westcorp
         shall pay a fee of 0.125% per annum times the amount deposited in the
         interest bearing account. The cash shall be deposited no later than 24
         hours after the closing of the aforementioned loan sale.

3.       Term.

         3.1.     This Agreement shall commence as of the date stated above and
                  shall continue until terminated by the parties.

         3.2.     This Agreement may be terminated immediately for breach of any
                  covenant, obligation, or duty herein contained or for
                  violation of law, ordinance, statute, rule or regulation
                  (collectively referred to as "law") governing the conduct of
                  any party hereto.

         3.3.     Termination shall not effect the obligations of the Companies
                  with respect to any event occurring before termination. Each
                  Company shall be bound by and responsible for any transaction
                  or expense properly agreed to or incurred by the other Company
                  in connection with services performed hereunder but not
                  settled, paid or reimbursed prior to the date of any such
                  termination. Upon termination of this Agreement, the fee
                  referred to above will be prorated, but the due date thereof
                  shall not be changed.

4.       Representations and Warranties of Each Company. Each Company on its
         behalf alone represents and warrants to and for the benefit of the
         other Company as follows:

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         4.1.     Corporate Existence and Qualifications. Each Company is either
                  a corporation or association duly organized, validly existing
                  and in good standing under the laws of the United States or of
                  the State of California, as applicable, with full corporate
                  power to own its properties and to carry on its business as
                  now owned and operated by Company.

         4.2.     Licenses: Compliance with Laws. Each Company has all licenses,
                  franchises, permits and authorizations necessary ("Licenses"),
                  or is otherwise exempt from having to obtain such Licenses,
                  for the lawful conduct by the respective Company of its
                  business. Neither Company has violated, nor is in violation
                  of, any such licenses, franchises, permits or authorizations
                  or any applicable statues, laws, ordinances, rules or
                  regulations of any federal, state, or local governmental
                  bodies, agencies or subdivisions having, asserting or claiming
                  jurisdiction over it or over any part of its operations.

5.       Covenants Regarding Corporate Existence.

         5.1      Preservation of Corporate Existence and Qualifications. Each
                  Company shall keep in full effect its existence, rights and
                  franchises as a corporation or association under the laws of
                  the jurisdiction in which each is organized and will obtain
                  and preserve its qualifications to carry on business as a
                  foreign corporation in each jurisdiction in which such
                  qualification is or shall be necessary.

         5.2      Observation of Corporate Formalities. Each Company shall at
                  all times observe the applicable legal requirements for the
                  recognition of Company as a corporate entity separate and
                  apart from any other Company, including without limitation the
                  following:

                  (a)      Each Company shall maintain corporate records and
books of account separate from those of every other Company;

                  (b)      Each Company shall hold meetings of its Board of
Directors as appropriate to authorize its corporate actions;

                  (c)      Each Company shall hold meetings of its
shareholder(s) as appropriate and as required by applicable law in the
jurisdiction in which organized to authorize its corporate actions;

                  (d)      Each Company shall file all reports required by the
Secretary of State in any and all jurisdictions in which that Company is
licensed or qualified, including the annual statement by whatever name
denominated, in a timely manner; and

                  (e)      Each Company shall ensure that any applicable yearly
franchise taxes are paid in a timely manner so as to maintain its corporate
existence uninterrupted.

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         5.3      Advertising. Each Company will at all times hold itself out to
                  the public as an entity separate from every other Company and
                  its advertising and marketing shall reflect such separate
                  corporate existence.

         5.4      OTS Regulations. Each Company shall comply with all applicable
                  OTS regulations. If required by 12 C.F.R. Section 563.37(b),
                  any instrument evidencing borrowing by a Company shall
                  indicate that no other Company is responsible for any such
                  debt.

6.       Liability: Consultation with Counsel. With respect to the obligations
hereunder, no Company shall assume responsibility or liability with respect to
the business or affairs of any other Company except to the extent provided for
in this Agreement. Each benefiting Company under this Agreement ("Indemnitor")
shall indemnify, defend and hold harmless the performing Company against and in
respect of any and all claims, demands, losses, costs, expenses, obligations,
liabilities, damages, recoveries and deficiencies (collectively the "Claims"),
including without limitation interest penalties and attorney's fees, that such
performing Company shall incur or suffer, which arise, result from or relate to
(i) conduct by Indemnitor of its business and operations and (ii) breach by
Indemnitor of its obligations pursuant to this Agreement. Notwithstanding
anything contained herein to the contrary, Indemnitor's obligations pursuant to
this section shall not be applicable to Claims arising directly from the
performing Company's bad faith, gross negligence or willful misconduct. This
Agreement shall create no right, benefit or privilege in favor of any person not
a party hereto, and no person not a party hereto shall have any recourse against
the performing Company for any advice, service or facility provided or omitted
by performing Company pursuant to this Agreement. The performing Company may
consult with legal counsel (who may also be counsel to Indemnitor) concerning
any questions that may arise with respect to its duties and obligations
hereunder, and it shall be fully protected in respect of any action taken or
omitted by it hereunder in good faith reliance on any opinion of such counsel
with respect to any such duty or obligation.

7.       General.

         7.1      This Agreement may be modified, amended or superseded in whole
                  or in part, at any time, by a writing executed by the parties
                  hereto.

         7.2      The laws of California shall govern this Agreement, except to
                  the extent federal law or regulation supersedes any such laws.

         7.3      This Agreement may be executed in counterparts, all of which,
                  taken together shall constitute one agreement.

         7.4      No Company shall assign this Agreement without the prior
                  written consent of each of the other Companies, which consent
                  shall not unreasonably be withheld.

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Wherefore, the undersigned have executed this Agreement as of the date first set
forth above.

WESTERN FINANCIAL BANK

By:________________________________
Its:_______________________________

WFS RECEIVABLES CORPORATION 2

By:________________________________
Its:_______________________________

WESTCORP

By:________________________________
Its:_______________________________<PAGE>

                                                                 EXHIBIT 10.17.1

                             FIRST AMENDMENT TO THE
                     INTEREST RATE SWAP GUARANTEE AGREEMENT

         This First Amendment to the Interest Rate Swap Guarantee Agreement
("First Amendment") is made effective as of March 3, 2003, by and among
Westcorp, a California corporation, Western Financial Bank, a federally
chartered bank ("WFB"), and WFS Receivables Corporation 2, a Nevada corporation
("WFSRC2"), and hereby amends the Interest Rate Swap Guarantee Agreement
("Agreement") entered into by the parties on May 10, 2001 with reference to the
following:

                                    RECITALS

         WHEREAS, the parties have entered into the Agreement on May 10, 2001;
and

         WHEREAS, the parties desire to amend and restate section 2. Cash
Deposits of the Agreement in its entirety; and

         WHEREAS, the parties desire to include a Schedule A to the Agreement
listing the swap agreements;

         NOW, THEREFORE, in consideration of the mutual covenants and promises
set forth herein, and in reliance upon the recitals set forth above, the
Agreement is amended as follows:

                                    AGREEMENT

      1.    Section 2. Cash Deposit is hereby amended and restated in its
            entirety as follows:

            Cash Deposit. Westcorp shall deposit the sum of $3,000,000 into a
            non-interest bearing account at WFB to support the guarantee of the
            timely exchange of interest payments required pursuant to Interest
            Rate Swap Agreements as stated in Schedule A hereto and to reduce
            the collateral requirements that would have been required of WFSRC2
            had this agreement not been made. Further, if Westcorp elects to
            place the cash deposit in an interest bearing account at the Bank,
            then Westcorp shall pay a fee of 0.125% per annum times the amount
            deposited in the interest bearing account. The cash shall be
            deposited no later than 24 hours after the closing of the
            aforementioned loan sale.

      2.    Schedule A, attached hereto, is hereby incorporated and made part of
            the Agreement.

      3.    Except as specifically amended herein, all terms of the Agreement
            shall remain in full force and effect.

      4.    Capitalized terms not defined herein shall have the meanings set
            forth in the Agreement.

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         Wherefore, the undersigned have executed this First Amendment on the
date set forth below to be effective as of the date first set forth above.

WESTCORP

__________________________________

WESTERN FINANCIAL BANK

__________________________________

WFS RECEIVABLES CORPORATION 2, INC

__________________________________

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                                   SCHEDULE A

1.   Prepayment Differential Interest Rate Swap Agreements between Western
     Financial Bank and Citibank, N.A., dated as of May 9, 2001.

2.   Interest Rate Swap Agreements between Western Financial Bank and Merrill
     Lynch dated as of March 3, 2003.

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