UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended October 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
----------
Commission File Number 33-36767
----------
NAVISTAR FINANCIAL SECURITIES CORPORATION on behalf of
NAVISTAR FINANCIAL DEALER NOTE TRUST 1990 AND
NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
(Exact name of Registrant as specified in its charter)
Delaware 36-3731520
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
2850 West Golf Road
Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 847-734-4275
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
<PAGE>
PART I
Item 1. Business
The Navistar Financial Dealer Note Trust 1990 (the "1990 Trust") was
formed pursuant to a Pooling and Servicing Agreement dated as of December 1,
1990 among Navistar Financial Securities Corporation, as seller (the
"Seller"), Navistar Financial Corporation, as servicer (the "Servicer"), and
Chemical Bank (Successor to Manufacturers Hanover Trust Company), as 1990
Trust Trustee. Wholesale dealer notes (the "Dealer Notes") and security
interests in the vehicles financed thereby were transferred to the 1990 Trust
in exchange for three classes of floating rate pass-through certificates (the
"Investor Certificates") which were remarketed to the public. The Seller's
undivided fractional interest in the 1990 Trust (the "Seller Interest") is
evidenced by a Seller Certificate.
Additional Dealer Notes are sold on a daily basis by the Seller to the
1990 Trust to replace those Dealer Notes which have been liquidated or charged
off as uncollectible. Accordingly, the aggregate amount of Dealer Notes in
the 1990 Trust will fluctuate from day to day as new Dealer Notes are
generated and as existing Dealer Notes are removed.
Under the terms of the Pooling and Servicing Agreement, the Seller is
required to maintain a minimum investment in the 1990 Trust (the "Minimum
Seller Interest"), a portion of which is subordinated to the Investor
Certificates. If the amount of Dealer Notes in the 1990 Trust is less than
the combined ownership interest evidenced by the Investor Certificates and
Minimum Seller Interest, the Seller must transfer additional funds (the
"Investment Securities") to the 1990 Trust to maintain the Seller Interest at
an amount not less than the Minimum Seller Interest.
On June 8, 1995, the Navistar Financial Dealer Note Master Trust (the
"Master Trust") was formed pursuant to a Pooling and Servicing Agreement among
Navistar Financial Securities Corporation, as seller, Navistar Financial
Corporation, as servicer, Chemical Bank (Successor to Manufacturers Hanover
Trust Company), as 1990 Trust Trustee and The Bank of New York, as Master
Trust Trustee. On June 8, 1995, the 1990 Trust issued Class A-4 Certificates
in the amount of $207.9 million to the Master Trust which, in turn, issued
Series 1995-1 Certificates in the amount of $200.0 million to the public.
The 1990 Trust is the active trust and will hold the Dealer Notes and
certain related assets until the termination of the 1990 Trust. The
termination of the 1990 Trust will occur upon the repayment of the three
classes of Investor Certificates issued in 1990 (Class A-1, Class A-2 and
Class A-3) at which time the Master Trust will become the active trust.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving
either the Dealer Notes or the trustees, or the Seller or Servicer in respect
of the trusts.
<PAGE>
PART I
Item 4. Submission of Matters to a Vote of Security Holders
During October 1994, holders of the Class A-1, Class A-2 and Class A-3
Certificates were solicited to amend the 1990 Pooling and Servicing Agreement
for the following matters:
1. Allow Navistar Financial Securities Corporation to sell to the
1990 Trust Dealer Notes originated by Navistar Financial
Corporation that finance new vehicles manufactured by an entity
other than Navistar International Transportation Corp.
2. Modify the limit for Investor Certificateholders' exposure to
individual dealers by allowing an individual dealer's Dealer Note
principal balance to reach the greater of up to 2.0% of the
aggregate principal balance of Dealer Notes and Investment
Securities in the 1990 Trust or the present $4.0 million.
3. Allow the proceeds from the issuance of a new class of
certificates to be invested in Investment Securities rather than
Dealer Notes until such time as additional Dealer Notes become
available.
Navistar Financial Securities Corporation received consent on each of the
above matters from 67.7% of the Certificateholders resulting in an amendment
of the 1990 Pooling and Servicing Agreement effective March 23, 1995.
PART II
Item 5. Market for the Registrant's Common Equity and
Related Stockholder Matters
Not applicable.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
As of October 31, 1995, the combined aggregate principal balance of Dealer
Notes and Investment Securities was $847.1 million. Reference is made to
Exhibit 13 for additional information regarding principal and interest
payments in respect of the Investor Certificates and information regarding
servicing compensation and other fees paid by the trusts during the fiscal
year.
As of October 31, 1995, the combined aggregate principal balance of
Dealer Notes and Investment Securities allocated by the 1990 Trust to Investor
Certificates and the Seller Certificate were $507.9 million and $339.2
million, respectively.
<PAGE>
PART II
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Exhibits
3 Articles of Incorporation and By-Laws
10 Material Contracts
An Annual Summary of the Certificateholders' Statement, the
Servicer Certificate and the Servicer and Settlement Certificate
listed below is an annualized version of the monthly Servicer
Certificates prepared by the Servicer.
13 - Report of Independent Certified Public Accountants
13 - Annual Summary of Servicer and Settlement Certificates
13 - Annual Summary of Servicer Certificates
13 - Annual Summary of Certificateholders' Statements
27 - Financial Data Schedule
<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K during the three
months ended October 31, 1995:
(i) Form 8-K dated September 25, 1995
(ii) Form 8-K dated October 25, 1995
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
NAVISTAR FINANCIAL SECURITIES CORPORATION on behalf
of NAVISTAR FINANCIAL DEALER NOTE TRUST 1990
and NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/PHYLLIS E. COCHRAN January 29, 1996
Phyllis E. Cochran
Vice President and Controller
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequential
Exhibit No. Exhibit Page No.
<S><C> <C> <C>
3 Articles of Incorporation and By-Laws 6
10 Material Contracts 7
13 Report of Independent Certified Public
- Accountants 8
13 Annual Summary
- Servicer and Settlement Certificates 9
13 Annual Summary
- Servicer Certificates 11
13 Annual Summary
- Certificateholders' Statements 15
27 Financial Data Schedule 21
</TABLE>
<PAGE>
Exhibit 3
NAVISTAR FINANCIAL SECURITIES CORPORATION
ARTICLES OF INCORPORATION AND BY-LAWS
The following documents of Navistar Financial Securities Corporation are
incorporated herein by reference:
3.1 Certificate of Incorporation of Navistar Financial Securities
Corporation (as in effect on September 13, 1990). Filed on
Registration No. 33-36767.
3.2 The By-Laws of Navistar Financial Securities Corporation. Filed on
Registration No. 33-36767.
<PAGE>
Exhibit 10
NAVISTAR FINANCIAL SECURITIES CORPORATION
MATERIAL CONTRACTS
The following material contracts of Navistar Financial Securities
Corporation are incorporated herein by reference:
10.1 Pooling and Servicing Agreement dated as of December 1, 1990 among
Navistar Financial Corporation, as Servicer, Navistar Financial
Securities Corporation, as Seller, and Manufacturers Hanover Trust
Company, as Trustee. Filed on Registration No. 33-36767.
10.2 Purchase Agreement dated as of December 1, 1990 between Navistar
Financial Corporation and Navistar Financial Securities Corporation,
as Purchaser, with respect to the Dealer Note Trust 1990. Filed on
Registration No. 33-36767.
10.3 Pooling and Servicing Agreement dated as of June 8, 1995, among
Navistar Financial Corporation, as Servicer, Navistar Financial
Securities Corporation, as Seller, Chemical Bank (Successor to
Manufacturers Hanover Trust Company), as 1990 Trust Trustee, and The
Bank of New York, as Master Trust Trustee. Filed on Registration No.
33-87374.
10.4 Series 1995-1 Supplement to the Pooling and Servicing Agreement dated
as of June 8, 1995, among Navistar Financial Corporation, as
Servicer, Navistar Financial Securities Corporation, as Seller, and
The Bank of New York, as Master Trust Trustee on behalf of the Series
1995-1 Certificateholders. Filed on Registration No. 33-87374.
10.5 Class A-4 Supplement to the 1990 Pooling and Servicing Agreement
dated June 8, 1995, among Navistar Financial Corporation, as
Servicer, Navistar Financial Securities Corporation, as Seller, and
Chemical Bank (Successor to Manufacturers Hanover Trust Company), as
Trustee. Filed on Registration No. 33-87374.
10.6 Purchase Agreement dated as of June 8, 1995, between Navistar
Financial Corporation and Navistar Financial Securities Corporation,
as Purchaser, with respect to the Dealer Note Master Trust. Filed on
Registration No. 33-87374.
<PAGE>
Exhibit 13
INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES
To the Board of Directors
Navistar Financial Corporation
We have performed the procedures enumerated below, which were agreed to by
the management of Navistar Financial Corporation ("NFC"), solely to assist you
in evaluating whether the monthly trust statements were prepared by NFC in
accordance with the Pooling and Servicing Agreements dated December 1, 1990,
and June 8, 1995 (collectively known as the "Agreements") for the Dealer Note
Trust 1990 and the Dealer Note Master Trust Series 1995-1 (collectively known
as the "Trusts"), respectively. This agreed-upon procedures engagement was
performed in accordance with standards established by the American Institute
of Certified Public Accountants. The sufficiency of these procedures is
solely the responsibility of the specified users of the report. Consequently,
we make no representation regarding the sufficiency of the procedures
described below either for the purpose for which this report has been
requested or for any other purpose. The procedures we performed are as
follows:
1. We read the requirements of section 3.04(b) of the Agreements of the
Trusts relating to monthly certificates.
2. In accordance with section 3.06(b) of the Agreements of the Trusts, we
have proved the mathematical accuracy of the monthly certificates
issued during the fiscal year ended October 31, 1995.
3. In accordance with section 3.06(b) of the Agreements of the Trusts, we
compared the amounts contained in the monthly certificates to the
computer reports of NFC and found them to be in agreement.
We were not engaged to, and did not, perform an examination, the objective
of which would be the expression of an opinion on the accompanying Annual
Summary of Certificateholders' Statements Distribution and Performance Annual
Aggregate Report for the Navistar Financial Dealer Note Trust 1990 and Annual
Summary of Servicer and Settlement Certificates Distribution and Performance
Annual Aggregate Report for the Navistar Financial Dealer Note Master Trust
Series 1995-1. Accordingly, we do not express such an opinion. Had we
performed additional procedures, other matters might have come to our
attention that would have been reported to you.
This report is intended solely for the use of the Board of Directors and
management of NFC, and should not be used by those who have not agreed to the
procedures and taken responsibility for the sufficiency of the procedures for
their purposes.
/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 18, 1995
<PAGE>
NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
DEALER NOTE ASSET BACKED CERTIFICATES, SERIES 1995-1
_______________________________________________________________
ANNUAL SUMMARY OF SERVICER AND SETTLEMENT CERTIFICATES
DISTRIBUTION AND PERFORMANCE ANNUAL AGGREGATE REPORT
For the period June 8, 1995 through October 31, 1995
Under the Series 1995-1 Supplement dated as of June 8, 1995 (the
"Supplement") by and among Navistar Financial Corporation, ("NFC"), Navistar
Financial Securities Corporation ("NFSC") and The Bank of New York, as trustee
(the "Master Trust Trustee") to the Pooling and Servicing Agreement dated as of
June 8, 1995 (the "Agreement") by and among NFC, NFSC, the Master Trust Trustee
and Chemical Bank, as 1990 Trust Trustee, the Master Trust Trustee is required
to prepare certain information each month regarding current distributions to
certain accounts and payment to Series 1995-1 Certificateholders as well as the
performance of the Master Trust during the previous month. An annual aggregation
of such monthly reports for the period June 8, 1995 through October 31, 1995
with respect to distributions and performance of the Trust is set forth below.
Certain of the information is presented on the basis of an original principal
amount of $1,000 per Investor Certificate. Certain other information is
presented based on the aggregate amounts for the Master Trust as a whole.
Capitalized terms used but not otherwise defined herein shall have the meanings
assigned to such terms in the Agreement and the Supplement.
1. NFC is Servicer under the Agreement.
2. All Certificates filed during the period have been signed by a Servicing
Officer.
3. Eligible Investments in the Excess Funding Account:
a. The aggregate amount of funds invested in Eligible
Investments $0.00
b. Description of each Eligible Investment: N/A
c. The rate of interest applicable to each such Eligible
Investment N/A
d. The rating of each such Eligible Investment N/A
4. The total amount to be distributed on the Series 1995-1 Certificate on
the Distribution Dates:
a. The total aggregate amount $5,963,186.61
b. Stated on the basis of $1,000 original principal
amount $29.81593
5. The total amount, if any, to be distributed on the Series 1995-1
Certificates on the Distribution Dates allocable to the Invested Amount.
$0.00
6. The total amount, if any, to be distributed on the Series 1995-1
Certificates on the Distribution Dates allocable to interest on the
Series 1995-1 Certificates. $5,963,186.61
7. The Invested Amount as of the Distribution Date. $200,000,000.00
(after giving effect to all distributions that will occur on the Distribution
Date)
<PAGE>
8. Eligible Investments in the Series Principal Account:
a. The aggregate amount of funds invested in Eligible
Investments $0.00
b. Description of each Eligible Investment: N/A
c. The rate of interest applicable to each such Eligible
Investment N/A
d. The rating of each such Eligible Investment N/A
9. Eligible Investments in the Negative Carry Reserve Fund:
a. The aggregate amount of funds invested in Eligible
Investments $0.00
b. Description of each Eligible Investment: N/A
c. The rate of interest applicable to each such Eligible
Investment N/A
d. The rating of each such Eligible Investment N/A
10. Eligible Investments in the Liquidity Reserve Account:
a. The aggregate amount of funds invested in Eligible
Investments $0.00
b. Description of each Eligible Investment: N/A
c. The rate of interest applicable to each such Eligible
Investment N/A
d. The rating of each such Eligible Investment N/A
11. The aggregate amount of Dealer Notes issued to finance OEM Vehicles, as
of the end of the period. $71,276,727.73
12. The Dealers with the five largest aggregate outstanding principal
amounts of Dealer Notes in the 1990 Trust at the end of the period:
i) Nalley Motor Trucks
ii) Rocky Mountain Int'l Trks
iii) Longhorn Int'l Eq. Inc
iv) Lake City International
v) Southland Int'l Trucks
<PAGE>
NAVISTAR FINANCIAL DEALER NOTE TRUST 1990
FLOATING RATE DEALER NOTE PASS-THROUGH CERTIFICATES
______________________________________________________________________________
ANNUAL SUMMARY OF SERVICER CERTIFICATES
DISTRIBUTION AND PERFORMANCE ANNUAL AGGREGATE REPORT
For the period November 1, 1994 through October 31, 1995
Navistar Financial Corporation ("NFC"), as Servicer pursuant to the Pooling &
Servicing Agreement dated as of December 1, 1990 ( the "Agreement" ) by and
among NFC, Navistar Financial Securities Corporation ("NFSC") and Chemical Bank
(survivor in the merger between Chemical Bank and Manufacturers Hanover Trust
Company), as Trustee, is required to prepare certain information each month
regarding current distributions to Investor Accounts and payments to Investor
Certificateholders as well as the performance of the Trust. An annual
aggregation of such monthly reports for the period November 1, 1994 through
October 31, 1995 with respect to the performance of the Trust during the period
ended on October 31, 1995 is set forth below. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned to them in the
Agreement.
1. NFC is Servicer under the Agreement.
2. All Certificates filed during the period have been signed by a Servicing
Officer.
3. The amount of the Advance, if any, for
the prior period is equal to . . . . . . . . . . . . . .$71,449.71
4. The amount of Dealer Finance Charge Collections for
the prior period was equal to . . . . . . . . . . . . . . .$16,282,336.30
5. The amount of NITC Finance Charges for the
prior period was equal to . . . . . . . . . . . . . . . . .$19,391,163.05
6. The aggregate amount of all payments made pursuant
to Section 4.03 for the prior period was equal to . . . . .$35,715,656.84
7. The Deficiency Amount during the period
was equal to . .. . . . . . . . . . . . $0.00
8. The Available Subordinated Amount as of the
beginning of the period was equal to . .. . . . . . . . . .$46,500.000.00
9. The Maximum Subordinated Amount as of the
beginning of the period was equal to . . . . . . . . . . .$46,500,000.00
10. The Projected Spread for the current Distribution Period is
equal to. . . . . . . . . . . .. .. . . . . . . . . . . . .$6,348,250.13
11. The amount on deposit in the Spread Account as of the Spread Account
Funding Date was equal to. . . . . . . . . . . . .$6,348,250.13
<PAGE>
12. The principal amount of Dealer Notes outstanding
as of the end of the period is equal to . . . . . . . . .$847,085,563.29
13. The average daily balance of Dealer Notes
outstanding during the period is equal to . . . . . . . .$631,918,807.43
14. The amount of the Monthly Servicing Fee during the
period is equal to . . . . . . . . . . . . . . . . . . . ..$6,319,188.10
15. The amount of the Investor Monthly Servicing Fee during
the period is equal to . . . . . . . . . . . . . . . . . ..$3,754,237.37
16. The amount of Dealer Finance Charges during
period is equal to . . . . . . . . . . . . . . . . . . . .$32,163,823.56
17. The amount of NITC Finance Charges during
period is equal to . . . . . . . . . . . . . . . . . . . .$33,596,681.29
18. The amount of Interest Income during the period is
equal to . . . . . . . . . . . . . . . . . . . . . . . . .$65,860,450.19
19. The amount of Investor Interest Income during the
period is equal to . . . . . . . . . . . . . . . . . . .$25,683,026.86
20. The amount of the Seller Interest Income during the
period is equal to . . . . . . . . . . . . . . . . . . . .$17,872,324.16
21. The average daily Seller Interest during the
period is equal to . . . . . . . . . . . . . . . . . . ..$249,544,123.06
22. The Total Investor Percentage as of the
end of the period is equal to . . . . . . . . . . . . . . . . .63.78373%
23. The Excess Servicing during the period is equal to . . . .$16,005,911.07
24. The Deficiency Amount as of the end of the period
(after giving effect to the payments made pursuant to Section 4.03 of
the Agreement) is equal to . . . . . . . . . . . . . . . . . . . .$0.00
25. The amount of the Deficiency Amount specified
in 24 above allocable to each Class:
Class A1 . . . . . . . . . . . . . $ N/A
Class A2 . . . . . . . . . . . . .$ N/A
Class A3 . . . . . . . . . . . . . .$ N/A
Class A4 . . . . . . . . . . . . . .$ N/A
26. The total amount of Advance Reimbursements during
the period is equal to . . . . . . . . . . . . . . . . . . . . . .$0.00
<PAGE>
27. The aggregate amount deposited in the Distribution
Account on the Transfer Dates that was distributed on
the Distribution Dates to the Investor Certificate-
holders during the period was equal to . . . . . . . . . .$26,309,234.38
28. The amount paid out to the Holders of each Class
during the period in respect of Investor
Certificate Interest:
Class A1 . . . . . . . . . . . . . .$6,613,546.66
Class A2 . . . . . . . . . . . . . . $6,813,546.68
Class A3 . . . . . . . . . . . . . .$6,863,546.66
Class A4 . . . . . . . . . . . . . .$6,018,594.38
29. The aggregate principal amount of Dealer Notes
repaid during the period is equal to . . . . . . .. . .$2,564,464,818.36
30. The aggregate principal amount of Dealer Notes
purchased by the Trust during the period is
equal to . . .. . . . . . . . . . . . . . . . . . . . .$2,961,312,856.93
31. The aggregate principal amount of Investment Secur-
ities as of the end of the period is equal to . . . . .. . . . . .$0.00
32. The amount of Principal Losses during the
period is equal to . . . . . . . . . . . . . . . . . . . . . . . .$0.00
33. The amount of the Investor Loss Amount
during the period is equal to . . . . . . . . . . . . . . . . . ..$0.00
34. The Maximum Subordinated Amount as of the
end of the period (after giving effect to
the transactions set forth in Section 4.03
of the Agreement) is equal to . . . . . . . . . . . . . .$78,718,300.00
35. The Available Subordinated Amount at the
end of the period (after giving effect to
the transactions set forth in Section 4.03 is equal to . $78,718,300.00
36. The Seller Interest as of the end of
the period is equal to . . . . . . . . . . . . . .$339,225,563.29
37. The Minimum Seller Interest at the end of the period
(after giving effect to the transactions set forth in
Section 4.03 of the Agreement) is equal to . . . .$93,954,100.00
38. The amount on deposit in the Spread Account at the end
of the period (after giving effect to the transactions
set forth inSection 4.03 of the Agreement) is equal to. $6,348,250.13
<PAGE>
AMORTIZATION TERM
39. The Class Loss Amount during the period for each Class:
Class A1 . . . . . . . . . . . . . .$ N/A
Class A2 . . . . . . . . . . . . . .$ N/A
Class A3 . . . . . . . . . . . . . .$ N/A
Class A4 . . . . . . . . . . . . . .$ N/A
40. The Class Charged-Off Amounts during the period for each Class:
Class A1 . . . . . . . . . . . . . .$ N/A
Class A2 . . . . . . . . . . . . . .$ N/A
Class A3 . . . . . . . . . . . . . .$ N/A
Class A4 . . . . . . . . . . . . . .$ N/A
41. The amount of Principal Collections on deposit in the
Certificate Principal Account at the end of the period . . . . .
N/A
42. The amount of such Principal Collections allocable
to each Amortizing Class:
Class A1 . . . . . . . . . . . . . .$ N/A
Class A2 . . . . . . . . . . . . . .$ N/A
Class A3 . . . . . . . . . . . . . .$ N/A
Class A4 . . . . . . . . . . . . . .$ N/A
43. The amount on deposit in the Liquidity Reserve Account
at the end of the period (after giving effect to the
transactions made pursuant to Section 4.03 of the
Agreement) is equal to . . . . . . . . . . . . . N/A
<PAGE>
NAVISTAR FINANCIAL DEALER NOTE TRUST 1990
FLOATING RATE DEALER NOTE PASS-THROUGH CERTIFICATES
ANNUAL SUMMARY OF CERTIFICATEHOLDERS' STATEMENTS
DISTRIBUTION AND PERFORMANCE ANNUAL AGGREGATE REPORT
For the period November 1, 1994 through October 31, 1995
Under the Pooling and Servicing Agreement dated as of December 1, 1990, 1990 by
and among Navistar Financial Corporation ("NFC"), Navistar Financial
Securities Corporation and Chemical Bank (survivor in the merger between
Chemical Bank and Manufacturers Hanover Trust Company), as Trustee, the Trustee
is required to prepare certain information each month regarding current
distributions to Investor Accounts and payments to Investor Certificateholders
as well as the performance of the Trust during the previous month. An annual
aggregation of such monthly reports for the period November 1, 1994 through
October 31, 1995 with respect to the performance of the Trust during the Due
Period ended on October 31, 1995 is set forth below. Certain of the information
is presented on the basis of an original principal amount of $1,000 per
Investor Certificate. Certain other information is presented based on the
aggregate amounts for the Trust as a whole. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned to them in the
Agreement.
A. Information Regarding Current Payments
(Stated on the Basis of $1,000 Original Principal Amount).
1. The total amount of the payments to each Class of Investor
Certificateholders, per $1,000 interest:
Class A1 . . . . . . . . . . . . . .$66.1354666
Class A2 . . . . . . . . . . . . . .$68.1354668
Class A3 . . . . . . . . . . . . . .$68.6354666
Class A4 . . . . . . . . . . . . . .$28.9550388
2. The amount of the payment set forth in paragraph 1 above in respect of
interest on each Class of Investor Certificates, per $1,000 interest:
Class A1 . . . . . . . . . . . . . .$66.1354666
Class A2 . . . . . . . . . . . . . .$68.1354668
Class A3 . . . . . . . . . . . . . .$68.6354666
Class A4 . . . . . . . . . . . . . .$28.9550388
<PAGE>
3. The amount of the payment set forth in paragraph 1 above in respect of
principal on each Class of Investor Certificates, per $1,000 interest:
Class A1 . . . . . . . . . . . . . . 0
Class A2 . . . . . . . . . . . . . . 0
Class A3 . . . . . . . . . . . . . . 0
Class A4 . . . . . . . . . . . . . . 0
B. Information Regarding the Performance of the Trust.
1. Collections, Uses.
(a) The aggregate amount of Dealer Finance Charges
for the period . . . . . . . . . . . . . $32,163,823.56
(b) The aggregate amount of NITC Finance Charges
for the period . . . . . . . . . . . . . . . . . . . . . $33,596,681.29
(c) The aggregate amount of Principal Collections
received during the period . . . . . . . . . . . . . $2,564,464,818.36
(d) The aggregate amount of Principal Collections
allocable to the Amortizing Classes . . . . . . . . . . . . .0
(e) The aggregate amount of Principal Collections processed
during the period which were deposited in the Spread Account .. . . . . . . .
$2,461,956.87
(f) The aggregate amount of Principal Collections
processed during the period which were deposited in the Liquidity Reserve
Account. . . . . . . . . 0
(g) The aggregate amount of Principal Collections processed
during the period which were used to purchase new Dealer Notes .
. . .$2,451,653,009.03
(h) The aggregate amount of Principal Collections
processed during the period which were
used to purchase Investment Securities . . . . . . . . . . .$0.00
(i) The aggregate amount of Principal Collections processed
during the period which were paid to the Seller . . .
. . . . . . . $110,349,852.46
<PAGE>
2. Dealer Notes and Investment Securities in the Trust;
Certificate Principal Account.
(a) The aggregate amount of Dealer Notes and
Investment Securities in the Trust as of October 31, 1995 Dealer Notes and
Investment Securities represented by both the Seller Certificates
and Investor Certificates) . . . . . . . . . . . . . ..$847,085,563.29
(b) The amount of Dealer Notes and Investment Securities
in the Trust represented by the Investor
Certificates (the "Total Investor Interest") as October 31, 1995
$507,860,000.00
(c) The Total Investor Interest set forth in
paragraph 2(b) above as a percentage of the
aggregate amount of Dealer Notes and Investment
Securities set forth in paragraph 2(a). . . . . . . . . . . . .59.9538%
(d) The Total Invested Amount after giving effect
to the payments made on the Distribution Dates . . . . .$507,860,000.00
(e) The total amount withdrawn from the Certificate
Principal Account and deposited in the Distribution
Account for the benefit of each Amortizing Class in respect
of Principal Collections on the related Transfer Date:
Class A1 . . . . . . . . . . . . . . . . .0
Class A2 . . . . . . . . . . . . . . . . .0
Class A3 . . . . . . . . . . . . . . . . .0
Class A4 . . . . . . . . . . . . . . . . .0
3. Investor Certificate Interest
(a) The total amount withdrawn from the Collections
Account and deposited in the Distribution Account on the
related Transfer Date in respect of Investor Certificate
Interest and any previously existing Deficiency Amount . $26,309,234.38
(b) The amount of the payment to each Class in
respect of Class Certificate Interest and any
previously existing Deficiency Amount during
the period:
Class A1 . . . . . . . . . . . .$6,613,546.66
Class A2 . . . . . . . . . . . .$6,813,546.68
Class A3 . . . . . . . . . . . .$6,863,546.66
Class A4 . . . . . . . . . . . .$6,018,594.38
<PAGE>
(c) The Deficiency Amount (if any) as of
October 31, 1995 . . . . . . . . . . . . . . . . . . . . . . .0
(d) The amount of such Deficiency Amount allocable
to each Class:
Class A1 . . . . . . . . . . . . . . . . .0
Class A2 . . . . . . . . . . . . . . . . .0
Class A3 . . . . . . . . . . . . . . . . .0
Class A4 . . . . . . . . . . . . . . . . .0
(e) The amount (if any) of the Deficiency Amount
from the preceding Distribution Date being
reimbursed on the Distribution Date . . . . . . . . . . . . 0
4. Losses.
(a) The aggregate amount of Dealer Notes charged-
off as uncollectible during the period ended October 31, 1995
allocable to the Investor
Certificates (the "Investor Loss Amount"). . . . . . . . . .0
(b) The Class Loss Amount for each Class (if any):
Class A1 . . . . . . . . . . . . . . . . .0
Class A2 . . . . . . . . . . . . . . . . .0
Class A3 . . . . . . . . . . . . . . . . .0
Class A4 . . . . . . . . . . . . . . . . .0
5. Reimbursement of Losses; Charges-Off Amounts.
(a) The amount of Investor Loss Amount reimbursed
or allocated to the Seller on the related
Transfer Dates . . . . . . . . . . . . . . . . . . . . . . .0
(b) The aggregate amount of Class Loss Amounts
(if any) reimbursed or allocated to the
Seller on the Distribution Dates . . . . . . . . . . . . . .0
(c) The Class Charged-Off Amount for each Class
for the period ended October 31, 1995:
Class A1 . . . . . . . . . . . . . . . . .0
Class A2 . . . . . . . . . . . . . . . . .0
Class A3 . . . . . . . . . . . . . . . . .0
Class A4 . . . . . . . . . . . . . . . . .0
<PAGE>
(d) The Class Charged-Off Amount for each Class
for the period:
Class A1 . . . . . . . . . . . . . . . . .0
Class A2 . . . . . . . . . . . . . . . . .0
Class A3 . . . . . . . . . . . . . . . . .0
Class A4 . . . . . . . . . . . . . . . . .0
(e) For each Amortizing Class, the positive (negative) difference between
the amount set forth in paragraphs 5(c) and 5(d) above,
per $1,000
(which will have the effect of increasing (reducing), the
related
Class Invested Amount and the related Class Investor
Interest):
Class A1 . . . . . . . . . . . . . .$ N/A
Class A2 . . . . . . . . . . . . . .$ N/A
Class A3 . . . . . . . . . . . . . .$ N/A
Class A4 . . . . . . . . . . . . . .$ N/A
6. Class Invested Amounts; Class Investor Interests.
(a) Each Class Invested Amount after giving effect to the payments made
on the Distribution Dates:
Class A1 . . . . . . . . . . . . . .$ 100,000,000.00
Class A2 . . . . . . . . . . . . . .$ 100,000,000.00
Class A3 . . . . . . . . . . . . . .$ 100,000,000.00
Class A4 . . . . . . . . . . . . . .$ 207,860,000.00
(b) Each Class Investor Interest after giving effect to the payments
made on the Distribution Dates:
Class A1 . . . . . . . . . . . . . .$ 100,000,000.00
Class A2 . . . . . . . . . . . . . .$ 100,000,000.00
Class A3 . . . . . . . . . . . . . .$ 100,000,000.00
Class A4 . . . . . . . . . . . . . .$ 207,860,000.00
<PAGE>
7. Servicing Fee.
(a) The aggregate amount of the Monthly Servicing
Fee payable by the Trust to the Servicer for
October 31, 1995 6319188.10
(b) The aggregate amount of the Monthly Servicing
Fee set forth in paragraph 7(a) above alloc-
able to the Investor Certificateholders . . . . . . . .3754237.37
8. Available Subordinated Amount; Minimum Seller Interest.
(a) The Available Subordinated Amount as of
October 31, 1995 78718300.00
(b) The minimum seller interest as of October 31, 1995 93954100.00
9. Class Amortization Percentages.
The Class Amortization Percentage for each Amortizing Class:
Class A1 . . . . . . . . . . . . . .$ N/A
Class A2 . . . . . . . . . . . . . .$ N/A
Class A3 . . . . . . . . . . . . . .$ N/A
Class A4 . . . . . . . . . . . . . .$ N/A
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE IS NOT APPLICABLE AS THE ANNUAL SUMMARIES ATTACHED AS
EXHIBIT 13 ARE ANNUALIZED VERSIONS OF THE MONTHLY SERVICER CERTIFICATES
PREPARED BY THE SERVICER AND ARE NOT FINANCIAL STATEMENTS OF THE TRUSTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
