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                                                                EXHIBIT 10.12.1

                                 FIRST AMENDMENT
                       TO THE MASTER ALLOCATION AGREEMENT

This FIRST AMENDMENT ("Amendment") to the MASTER ALLOCATION AGREEMENT
("Agreement") is made effective as of December 1, 2004 by and among the parties
affected by the Amendment to the Agreement.

                                    RECITALS

      WHEREAS, Administrative Allocations have been recalculated for 2004 and
      the parties affected by the changes desire to have the Agreement amended
      to reflect those changes.

                                    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.    EXHIBIT A-1 shall be replaced in its entirety by Exhibit A-2, attached
         hereto.

   2.    Any reference to Exhibit A in the Agreement shall be replaced and
         referenced as Exhibit A-2 to the Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Amendment to be effective
as of the date first set forth above.

WESTCORP                                   WESTERN AUTO INVESTMENTS, INC.

By: ___________________________________    By: _________________________________
    Thomas A. Wolfe, President                 John Coluccio, President

WESTRAN SERVICES CORP.                     WESTERN FINANCIAL BANK

By: ___________________________________    By: _________________________________
    Shelley M. Chase, President                Thomas A. Wolfe, Vice Chairman &
                                               President

WFS FINANCIAL INC                          WFS INVESTEMENTS, INC.

By: ___________________________________    By: _________________________________
    Lee Whatcott, Senior Executive Vice        Thomas A. Wolfe, President
    President, Chief Financial Officer
    & Chief Operating Officer

WFS FINANCIAL AUTO LOANS 2, INC.           WFS FUNDING, INC.

By: ___________________________________    By: _________________________________
    John Coluccio, President                   Keith Ford, Assistant Vice
                                               President & Secretary
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WFS RECEIVABLES CORPORATION                  WFS RECEIVABLES CORPORATION 2

By: ___________________________________      By: _______________________________
    John Coluccio, President                     Keith Ford, Assistant Vice
                                                 President & Secretary

WFS RECEIVABLES CORPORATION 3                WFS RECEIVABLES CORPORATION 4

By: ___________________________________      By: _______________________________
    Keith Ford, Assistant Vice                   Keith Ford, Assistant Vice
    President & Secretary                        President & Secretary

THE HAMMOND COMPANY, THE MORTGAGE BANKERS    WESTFIN INSURANCE AGENCY, INC.

By: ___________________________________      By: _______________________________
    Thomas A. Wolfe, President & Chief           Nancy Harris, Vice President
    Executive Officer

WESTERN RECONVEYANCE COMPANY, INC.           WESTERN CONSUMER SERVICES, INC.

By: ___________________________________      By: _______________________________
    J. Keith Palmer, President, Chief            Mark Olson, Vice President &
    Executive Officer & Treasurer                Controller

WESTERN CONSUMER PRODUCTS                    WFS WEB INVESTMENTS

By: ___________________________________      By: _______________________________
    Mark Marty, President                        Thomas Wolfe, President

WESTERN FINANCIAL ASSOCIATE SOLUTIONS

By: ___________________________________
    Karen Marchak, President<PAGE>

                                                                  EXHIBIT 10.14

                    INTELLECTUAL PROPERTY LICENSING AGREEMENT

            This Intellectual Property Licensing Agreement ("Agreement"), which
amends and restates in its entirety the Logo License Agreement and incorporates
all previous amendments, is effective as of January 1, 2004 and is by and
between Western Financial Bank (the "Bank") and all of the following entities:

<TABLE>
<S>                                             <C>
Westcorp                                        WFS Funding, Inc.
WFS Financial Inc                               WFS Investments, Inc.
Western Consumer Products                       Westran Services Corporation
WFS Receivables Corporation                     WestFin Insurance Agency, Inc.
WFS Receivables Corporation 2                   Western Auto Investments, Inc.
WFS Receivables Corporation 3                   Western Consumer Services, Inc.
WFS Financial Auto Loans, Inc.                  Westhrift Life Insurance Company, Inc.
Western Financial Auto Loans 2, Inc.            Western Reconveyance Company Inc.
The Hammond Company, The Mortgage Bankers       WFS Web Investments, Inc.
WFS Receivables Corporation 4                   Western Financial Associate Solutions
</TABLE>

                   Individually referred to as the ("Entity")

            WHEREAS, the Bank is the owner of the certain intellectual property
tradenames, trademarks, logos, servicemarks, and the like (hereinafter called
the "Marks") and registrations as set forth in Exhibit A to this Agreement.

            WHEREAS, each Entity is desirous of using certain Marks in order to
promote brand name recognition and customer loyalty.

            NOW, THEREFORE, in consideration of the foregoing and of the mutual
promises hereinafter set forth, the parties agree as follows:

            1. Grant of License. The Bank grants to each Entity a nonexclusive,
nontransferable, royalty-free license to use the Marks in connection with each
Entity's marketing of its products including, but not limited to, the use of
Marks on letterhead, business cards, and other forms of advertising. Each Entity
accepts the license subject to the following terms and conditions.

            2. Ownership of Marks. Each Entity acknowledges the ownership of the
Marks as those belonging to the Bank and agrees that it will do nothing
inconsistent with such ownership and that all use of the Marks by the Entity
shall inure to the benefit of and be on behalf of the Bank. Each Entity agrees
that nothing in this Agreement shall give it any right, title or interest in the
Marks other than the right to use the Marks in accordance with this Agreement
and the Entity agrees that it will not attack the title of the Bank to the Marks
or attack the validity of this Agreement.

            3. Quality Standards; Form of Use. Each Entity agrees that the
nature and quality of all goods sold by it under the Marks shall be of a high
quality consistent with each Entity's current product line. The Entity agrees
that all related advertising, promotional and other uses of the Marks by it
including appropriate legends, and shall conform to any of the Bank guidelines.

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            4. Quality Maintenance. Each Entity agrees to cooperate with the
Bank in facilitating the Bank's verification of such nature and quality, to
permit reasonable inspection of its operation, and to supply the Bank with
specimens of all uses of the Marks upon request. Each Entity shall comply with
all applicable laws and regulations and obtain all appropriate government
approvals pertaining to the sale, distribution, export, import and advertising
of goods and services covered by this Agreement.

            5. Infringement Proceedings; No Warranty. Each Entity agrees to
notify the Bank of any unauthorized use of the Marks by others promptly as it
comes to its attention. The Bank shall have the sole right and discretion to
bring or not bring infringement or unfair competition proceedings involving the
Marks. The Bank makes no representations or warranties regarding the Marks, its
rights therein, or the validity thereof.

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

                  a.    Each Entity shall maintain corporate records and books
                        of account separate from those of the other Entity;

                  b.    Each Entity shall hold meetings of its Board of
                        Directors as appropriate to authorize its corporate
                        actions;

                  c.    Each Entity 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 Entity shall file all reports required by the
                        Secretary of State in any and all jurisdictions in which
                        Entity is licensed or qualified, including the annual
                        statement by whatever name denominated, in a timely
                        manner; and

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

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

            6.2 OTS Regulations. Each Entity shall comply with all applicable
OTS regulations.

            7. Liability; Consultation with Counsel. With respect to the
obligations hereunder, no Entity shall assume responsibility or liability with
respect to the business or affairs of the other Entity except to the extent
provided for in this Agreement. Each benefiting Entity under this Agreement
("Indemnitor") shall indemnify, defend and hold harmless the performing Entity
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 Entity shall incur or suffer,

<PAGE>

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 performing Entity'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 performing Entity for any advice, service or
facility provided or omitted by performing Entity pursuant to this Agreement.
Performing Entity 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.

            8. Term. This Agreement shall continue in force and effect without
terminations, subject to the Bank's right to revoke this license at any time and
for any reason without being liable for any costs associated with the
cancellation of the license.

            9. Effect of Termination. Within thirty (30) days of the termination
of this Agreement each Entity agrees to discontinue all use of the Marks and any
term confusingly similar thereto, and to delete the same from its corporate or
business name, to cooperate with the Bank or its appointed agent to apply to the
appropriate authorities to destroy all printed materials bearing any of the
Marks, and that all rights in the Marks and the goodwill connected therewith
shall remain the property of the Bank.

            10. Miscellaneous. It is agreed that this Agreement may be
interpreted according to the internal laws of the State of California, United
States of America excluding the body of law relating to the conflict of law.
Venue for all disputes arising out of or related to this Agreement shall be the
state and federal courts located in Orange County, California. This Agreement
constitutes the entire agreement of the parties with respect to the subject
matter hereof and may not be modified, nor any provision waived, except by a
writing signed by both parties. Any breach of the provisions of this Agreement
could cause the Bank irreparable damage, and in case of any breach the Bank
shall be entitled to obtain appropriate equitable relief. No Entity may assign,
transfer or sublicense this Agreement nor any of the rights granted hereunder,
except upon obtaining the Bank's prior written consent. Any such purported
assignment, transfer or sublicense without such consent is void and shall be of
no affect. This agreement may be executed in counterparts.

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

WESTERN FINANCIAL BANK                   WESTCORP

By:    ________________________________  By: ____________________________
       Marguerite Drew                       Thomas A. Wolfe
Title: Senior Vice President & Director  Title: President

Date:  ______________________            Date:  ______________________

<PAGE>

WFS FINANCIAL INC                        WESTERN CONSUMER PRODUCTS

By:    ________________________________  By:    ______________________________
       Lee A. Whatcott                          Mark Marty
Title: Senior Executive Vice President,  Title: President
       Chief Financial Officer &
       Chief Operating Officer           Date:  ______________________________

Date: ______________________

WFS RECEIVABLES CORPORATION              WFS RECEIVABLES CORPORATION 2

By:    ________________________________  By:    ______________________________
       Keith Ford                               John Coluccio
Title: Assistant Vice President &        Title: President
       Secretary
                                         Date:  ______________________________
Date: ______________________

WFS RECEIVABLES CORPORATION 3            WFS RECEIVABLES CORPORATION 4

By:    ________________________________  By:    ______________________________
       Keith Ford                               John Coluccio
Title: Assistant Vice President &        Title: President
       Secretary

Date:  ______________________            Date:  ______________________________

WFS FINANCIAL AUTO LOANS, INC            WFS FINANCIAL AUTO LOANS 2, INC.

By:    ________________________________  By:    ______________________________
       John Coluccio                            Keith Ford
Title: President                         Title: Assistant Vice President &
                                                Secretary
Date:  ______________________
                                         Date:  ______________________________

WFS INVESTMENTS, INC.                    WFS FUNDING, INC.

By:    ________________________________  By:    ______________________________
       J. Keith Palmer                          Keith Ford
Title: Vice President & Treasurer        Title: Assistant Vice President &
                                                Secretary

Date:  ______________________            Date:  ______________________________

<PAGE>

WESTFIN INSURANCE AGENCY, INC.           WESTERN AUTO INVESTMENTS, INC.

By:    ________________________________  By:    _______________________________
       Thomas A. Wolfe                          John Coluccio
Title: President                         Title: President

Date:  ________________________________  Date:  _______________________________

WESTERN CONSUMER SERVICES, INC.          WESTHRIFT LIFE INSURANCE COMPANY, INC.

By:    ________________________________  By:    _______________________________
       Shelley M. Chase                         Lee A. Whatcott
Title: Vice President                    Title: President, Chief Financial
                                                Officer & Chief Operating
                                                Officer

Date:  ________________________________  Date:  _______________________________

WESTERN RECONVEYANCE COMPANY, INC.       WESTRAN SERVICES CORPORATION

By:    ________________________________  By:    _______________________________
       Mark Olson                               Shelley M. Chase
Title: Vice President & Controller       Title: President

Date:  ________________________________  Date:  _______________________________

WFS WEB INVESTMENTS, INC.                THE HAMMOND COMPANY, THE MORTGAGE
                                         BANKERS, INC.

By:    ________________________________  By:    _______________________________
       Thomas A. Wolfe                          Lee A. Whatcott
Title: President                         Title: Chief Financial Officer

Date:  ________________________________  Date:  _______________________________

WESTERN FINANCIAL ASSOCIATE SOLUTIONS

By:    ________________________________
       Karen Marchak
Title: President
Date:  ________________________________

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                                   EXHIBIT A

                              [WESTERN FINANCIAL]

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