Document:

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                                                                   EXHIBIT 10.41

                       WESTCORP EXECUTIVE DEFERRAL PLAN V

                             PARTICIPATION AGREEMENT

      THIS AGREEMENT, among Westcorp, a California corporation, (hereinafter
referred to as the "the Plan Sponsor"), and the following subsidiaries: Western
Financial Associate Solutions, a California corporation, Western Financial Bank,
a federally chartered savings bank, WFS Financial Inc., a California
corporation, WestFin Insurance Agency, Inc., a California corporation, WFS
Receivables Corporation, a Nevada corporation, and Westran Services corporation,
a California corporation (each individually referred to as "Subsidiary" and
collectively referred to as "Subsidiaries"), and the Administrative committee,
on behalf of the Westcorp Executive Deferral Plan V (the "Plan"), is effective
as of January 1, 2004.

      WHEREAS, the Plan Sponsor originally adopted the Plan effective September
1, 2000, and its sponsorship of the Plan remains in effect;

      WHEREAS, each Subsidiary, in accordance with Article 2.1 of the Plan, has
been approved by the Administrative Committee as an entity eligible to sponsor
the Plan; and

      WHEREAS, each Subsidiary, pursuant to resolutions adopted by its Board of
Directors, has accepted it designation as an entity eligible to sponsor the
Plan, and has specifically indicated its desire to adopt the Plan and be bound
by its terms.

      NOW, THEREFORE, it is mutually agreed as follows:

      1.    Each Subsidiary hereby adopts the Plan and accepts co-sponsorship of
            the Plan with the Plan Sponsor, effective as of the date specified
            above, and specifically

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            agrees to be bound by the terms of the Plan effective September 1,
            2000 and as subsequently amended April 1, 2002.

      2.    Each Subsidiary hereby agrees that the Plan Sponsor and/or the
            Administrative Committee can amend the Plan and Trust documents as
            provided in the documents, to be bound by any such amendments
            entered into by the Plan Sponsor and/or the Administrative Committee
            in accordance with Article 12.1 of the Plan, and that it shall be
            deemed to have approved such amendments.

      3.    Each Subsidiary hereby agrees that the Plan shall be administered by
            the Administrative Committee as provided in Article 12 of the Plan.

      4.    To the extent not specified by the terms of the Plan, each
            Subsidiary agrees that the Plan Sponsor shall have the sole
            authority and discretion to determine the amounts of employer
            contributions that the Subsidiary shall make to the Plan.

      5.    The Plan Sponsor accepts the adoption and co-sponsorship of the Plan
            by the Subsidiary, effective as of the date specified above.

      6.    The Administrative Committee agrees to the adoption and
            co-sponsorship of the Plan by the Subsidiary, effective as of the
            date specified above.

                                        2
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      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed this _____________ day of _______________, 2004.

                                     WESTCORP

                                     By:____________________________________

                                     WESTERN FINANCIAL ASSOCIATE SOLUTIONS

                                     By:____________________________________

                                     WESTERN FINANCIAL BANK

                                     By:____________________________________

                                     WFS FINANCIAL INC

                                     By:____________________________________

                                     WESTFIN INSURANCE AGENCY, INC.

                                     By:____________________________________

                                     WFS RECEIVABLES CORPORATION

                                     By:____________________________________

                                        3
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                                     WESTRAN SERVICES CORPORATION

                                     By:_________________________________

                                     WESTCORP EXECUTIVE DEFERRAL PLAN V

                                     By:_________________________________
                                        Shaunna Monticelli on behalf of the
                                        Administrative Committee for the Plan

                                        4<PAGE>

                                                                EXHIBIT 10.41.01

            FIRST AMENDMENT TO THE WESTCORP EXECUTIVE DEFERRAL PLAN V
                             PARTICIPATION AGREEMENT

      THIS FIRST AMENDMENT TO THE WESTCORP EXECUTIVE DEFERRAL PLAN V
PARTICIPATOIN AGREEMENT, among Westcorp, a California corporation, (hereinafter
referred to as the "the Plan Sponsor"), and the following subsidiaries: Western
Financial Associate Solutions, a California corporation, Western Financial Bank,
a federally chartered savings bank, WFS Financial Inc., a California
corporation, WestFin Insurance Agency, Inc., a California corporation, WFS
Receivables Corporation, a Nevada corporation, and Westran Services corporation,
a California corporation (each individually referred to as "Subsidiary" and
collectively referred to as "Subsidiaries"), and the Administrative committee,
on behalf of the Westcorp Executive Deferral Plan V (the "Plan"), is effective
as of December 1, 2004.

                                    RECITALS

      WHEREAS, the parties have entered into a Westcorp Executive Deferral Plan
V Participation Agreement, effective as January 1, 2004. ("Agreement").

      WHEREAS, the parties desire to amend the Agreement to include WFS
Receivables Corporation 3, a California corporation, as a "Subsidiary" to the
Agreement;

      WHEREAS, WFS Receivables Corporation 3, and has been appoved as such by
the Administrative Committee pursuant to Article 2.1 of the Plan as an entity
eligible to sponsor the Plan; and

      WHEREAS, WFS Receivables Corporation 3, pursuant to resolutions adopted by
its Board of Directors, has accepted its designation as an entity eligible to
sponson the Plan, and has specifically indicated its desire to adopt the Plan
and be bound by its terms.

      NOW, THEREFORE, in consideration of the mutual covenants and promises
contained in the Agreement and in this Addendum and for other good and
sufficient consideration, the Agreement is amended as follows:

                                    AGREEMENT

      WFS Receivables Corporation 3 is included as a Subsidiary to the Agreement
effective as of December 1, 2004.

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

      All capitalized terms not herein defined shall have the same meaning as
set forth in the Agreement.

      This Amendment may be executed in any number of counterparts and by
separate parties hereto on separate counterparts, each of which when executed
shall be deemed an original, but all such counterparts taken together shall
constitute one and the same instrument.

                                        1
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      IN WITNESS WHEREOF, the undersigned have executed this Amendment on the
date set forth below.

WESTCORP

By:______________________________________    Date: ___________, 2004
   Thomas A. Wolfe, President

WESTERN FINANCIAL ASSOCIATE SOLUTIONS

By:______________________________________    Date: ___________, 2004
   Karen Marchak, President

WESTERN FINANCIAL BANK

By:______________________________________    Date: ___________, 2004
   Thomas A. Wolfe, President

WESTFIN INSURANCE AGENCY, INC.

By:______________________________________    Date: ___________, 2004
   Thomas A. Wolfe, President

WFS RECEIVABLES CORPORATION

By:______________________________________    Date: ___________, 2004
   John Coluccio, President

WESTRAN SERVICES CORPORATION

By:______________________________________    Date: ___________, 2004
   Shelley M. Chase, President

WESTCORP EXECUTIVE DEFERRAL PLAN V

By:______________________________________    Date: ___________, 2004
   Shaunna Monticelli on behalf of the
   Administrative Committee for the Plan

WFS RECEIVABLES CORPORATION 3

By:______________________________________    Date: ___________, 2004
   Keith Ford, Assistant Vice President<PAGE>

                                                                   EXHIBIT 10.42

                             WESTCORP CAFETERIA PLAN

                                      WITH

                          FLEXIBLE SPENDING ARRANGEMENT

                             PARTICIPATION AGREEMENT

      THIS AGREEMENT, among Westcorp, a California corporation, (hereinafter
referred to as the "the Plan Sponsor"), and the following subsidiaries: Western
Financial Associate Solutions, a California corporation, Western Financial Bank,
a federally chartered savings bank, WFS Financial Inc., a California
corporation, WestFin Insurance Agency, Inc., a California corporation, WFS
Receivables Corporation, a Nevada corporation, and Westran Services corporation,
a California corporation (each individually referred to as "Subsidiary" and
collectively referred to as "Subsidiaries"), and the BENEFIT PLAN COMMITTEE, on
behalf of the Westcorp Cafeteria Plan with Flexible Spending Arrangements (the
"Plan"), is effective as of January 1, 2004.

      WHEREAS, the Plan Sponsor originally adopted the Plan effective January 1,
2004, and its sponsorship of the Plan remains in effect;

      WHEREAS, each Subsidiary, in accordance with Article 10.2 of the Plan, has
been approved by the BENEFIT PLAN COMMITTEE as an entity eligible to sponsor the
Plan; and

      WHEREAS, each Subsidiary, pursuant to resolutions adopted by its Board of
Directors, has accepted it designation as an entity eligible to sponsor the
Plan, and has specifically indicated its desire to adopt the Plan and be bound
by its terms.

      NOW, THEREFORE, it is mutually agreed as follows:

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      1.    Each Subsidiary hereby adopts the Plan and accepts co-sponsorship of
            the Plan with the Plan Sponsor, effective as of the date specified
            above, and specifically agrees to be bound by the terms of the Plan.

      2.    Each Subsidiary hereby agrees that the Plan Sponsor and/or the
            Benefit Plan Committee can amend the Plan and Trust documents as
            provided in the documents, to be bound by any such amendments
            entered into by the Plan Sponsor and/or the Benefit Plan Committee
            in accordance with Article 11.1 of the Plan, and that it shall be
            deemed to have approved such amendments.

      3.    Each Subsidiary hereby agrees that the Plan shall be administered by
            the Benefit Plan Committee as provided in Article 10 of the Plan.

      4.    To the extent not specified by the terms of the Plan, each
            Subsidiary agrees that the Plan Sponsor shall have the sole
            authority and discretion to determine the amounts of employer
            contributions that the Subsidiary shall make to the Plan.

      5.    The Plan Sponsor accepts the adoption and co-sponsorship of the Plan
            by the Subsidiary, effective as of the date specified above.

      6.    The Benefit Plan Committee agrees to the adoption and co-sponsorship
            of the Plan by the Subsidiary, effective as of the date specified
            above.

                                        2
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      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed this ___________ day of _______________, 2004.

                                       WESTCORP

                                       By:__________________________________

                                       WESTERN FINANCIAL ASSOCIATE SOLUTIONS

                                       By:__________________________________

                                       WESTERN FINANCIAL BANK

                                       By:__________________________________

                                       WFS FINANCIAL INC

                                       By:__________________________________

                                       WESTFIN INSURANCE AGENCY, INC.

                                       By:__________________________________

                                       WFS RECEIVABLES CORPORATION

                                       By:__________________________________

                                        3
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                                       WESTRAN SERVICES CORPORATION

                                       By:__________________________________

                                       WESTCORP ESOP AND SALARY SAVINGS PLAN

                                       By:__________________________________

                                          Shaunna Monticelli on behalf of the
                                          Benefit Plan Committee for the Plan

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