NAVISTAR FINANCIAL SECURITIES CORP
8-K, 1996-03-01
ASSET-BACKED SECURITIES
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               SECURITIES AND EXCHANGE COMMISSION
                      Washington, DC 20549
                                
                                
                                
                            FORM 8-K
                                
                                
                                
                         CURRENT REPORT
               Pursuant to Section 13 or 15(d) of
               the Securities Exchange Act of 1934
                                
                                
                                
  Date of Report (Date of earliest event reported) February 26, 1996
                                
                                
                                
     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
         (State or other jurisdiction of incorporation)



             1-4146-1                        36-3731520
       (Commission File Number)     (IRS Employer Identification No.)





   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
<PAGE>

            INFORMATION TO BE INCLUDED IN THE REPORT


Item 5.   Other Events.


          On February 26, 1996, Registrant made available
          the Monthly Certificateholders' Statement, Monthly
          Servicer and Settlement Certificate and Monthly
          Servicer Certificate for the Due Period of January
          1996, which are attached as Exhibit 20 hereto.


Item 7.   Financial Statements and Exhibits.

          (c)  Exhibits:

               See attached Exhibit Index.


                           SIGNATURE


Pursuant to the requirements 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
                                        (Registrant)



Date  March 1, 1996        By: /s/ Phyllis E. Cochran
                                       Phyllis E. Cochran
                                       Vice President and Controller
<PAGE>
                                                         FORM 8-K


                          EXHIBIT INDEX


Exhibit
Number    Description


  20.1    Monthly Servicer Certificate, dated February 26, 1996


  20.2    Monthly Certificateholders' Statement, dated February 26, 1996


  20.3    Monthly Servicer and Settlement Certificate, dated February 26, 1996



<PAGE>

Exhibit 20.1
Page 1 of 4

M O N T H L Y   S E R V I C E R   C E R T I F I C A T E
D E A L E R   N O T E   T R U S T   1 9 9 0
 _______________________
F L O A T I N G   R A T E
P A S S  -  T H R O U G H   C E R T I F I C A T E S

The undersigned, a duly authorized representative of 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, does hereby certify, with respect
to the Due Period ending January 31, 1996 and the related Distribution
Period ending February 26, 1996 as follows :

1.  NFC is Servicer under the Agreement.

2.  The undersigned is a Servicing Officer.

3.  The amount of the Advance, if any, for the prior 
    Due Period is equal to . . . . . . . . . . . . . . . . . . $270,224.03 

4.  The amount of Dealer Finance Charge Collections 
    for the prior Due Period was equal to . . . . . . . . . .$5,159,997.49 

5.  The amount of NITC Finance Charges for the prior 
    Due Period was equal to . . . . . . . . . . . . . . . . .$2,888,477.55 

6.  The aggregate amount of all payments made pursuant 
    to Section 4.03 on the prior Distribution Date was
    equal to . . . . . . . . . . . . . . . . . . . . . . . . $8,059,358.25 

7.  The Deficiency Amount as of the immediately preceding 
    Distribution Date was equal to . . . . . . . . . . . . . . . . . $0.00

8.  The Available Subordinated Amount as of the 
    beginning of the Due Period was equal to . . . . . . . .$78,718,300.00

9.  The Maximum Subordinated Amount as of the 
    beginning of the Due Period was equal to . . . . . . . .$78,718,300.00 

10.  The Projected Spread for the 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>

Exhibit 20.1
Page 2 of 4

12.  The principal amount of Dealer Notes outstanding
     as of the end of the Due Period is equal to . . . . . $927,534,243.38

13.  The average daily balance of Dealer Notes outstanding 
     during the Due Period is equal to . . . . . . . . . . $909,809,902.75

14.  The amount of the Monthly Servicing Fee for 
     the Due Period is equal to . . . . . . . . . . . . . . . .$758,174.92 

15.  The amount of the Investor Monthly Servicing Fee 
     for the Due Period is equal to . . . . . . . . . . . . . .$423,216.65 

16.  The amount of Dealer Finance Charges for the Due
     Period is equal to . . . . . . . . . . . . . . . . . . .$4,697,638.89 

17.  The amount of NITC Finance Charges for the Due
     Period is equal to . . . . . . . . . . . . . . . . . . .$3,168,305.87 

18.  The amount of Interest Income for the Due Period is
     equal to . . . . . . . . . . . . . . . . . . . . . . . .$7,878,065.95 

19.  The amount of Investor Interest Income for the Due
     Period is equal to . . . . . . . . . . . . . . . . . . .$2,666,373.63 

20.  The amount of the Seller Interest Income for the Due 
     Period is equal to . . . . . . . . . . . . . . . . . . .$2,110,323.13 

21.  The average daily Seller Interest during the Due 
     Period is equal to . . . . . . . . . . . . . . . . . .$401,949,902.75

22.  The Total Investor Percentage for the Due Period is 
     equal to . . . . . . . . . . . . . . . . . . . . . . . . . .55.82045%

23.  The Excess Servicing for the Due Period is 
     equal to . . . . . . . . . . . . . . . . . . . . . . . .$2,316,419.13 

24.  The Deficiency Amount as of the current Distribution Date
     (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 for the
     Due Period is equal to. . . . . . . . . . . . . . . . . . . . . $0.00 

<PAGE>

Exhibit 20.1
Page 3 of 4

27.  The aggregate amount to be deposited in 
     the Distribution Account on the Transfer 
     Date for distribution on the Distribution 
     Date to the Investor Certificateholders 
     is equal to . . . . . . . . . . . . . . . . . . . . . . $2,609,413.03 

28.  The amount to be paid out to the Holders 
     of each Class on the Distribution Date in 
     respect of Investor Certificate Interest:

          Class A1 . . . . . . . . . . . . . $518,359.17 

          Class A2 . . . . . . . . . . . . . $535,025.83 

          Class A3 . . . . . . . . . . . . . $539,192.50 

          Class A4 . . . . . . . . . . . . $1,016,835.53 

29.  The aggregate principal amount of Dealer Notes
     repaid during the Due Period is equal to . . . . . . .$251,893,792.95 

30.  The aggregate principal amount of Dealer Notes
     purchased by the Trust during the Due Period is
     equal to . . . . . . . . . . . . . . . . . . . . . . .$249,910,844.83

31.  The aggregate principal amount of Investment
     Securities as of the end of the Due Period 
     is equal to . . . . . . . . . . . . . . . . . . . . . . . . . . $0.00 

32.  The amount of Principal Losses for the Due 
     Period is equal to . . . . . . . . . . . . . . . . . . . . . . .$0.00 

33.  The amount of the Investor Loss Amount is 
     equal to . . . . . . . . . . . . . . . . . . . . . . . . . . . .$0.00 

34.  The Maximum Subordinated Amount as of the 
     Distribution Date (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 as of the
     Distribution Date (after giving effect to 
     the transactions set forth in Section 4.03 
     of the Agreement) is equal to . . . . . . . . . . . . .$78,718,300.00 

36.  The Seller Interest as of the end of the Due
     Period is equal to . . . . . . . . . . . . . . . . . .$419,674,243.38

37.  The Minimum Seller Interest (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 
     (after giving effect to the transactions set 
     forth in Section 4.03 of the Agreement) 
     is equal to. . . . . . . . . . . . . . . . . . . . . . .$6,348,250.13 

<PAGE>

Exhibit 20.1
Page 4 of 4

AMORTIZATION TERM
39.  The Class Loss Amount for the Due 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 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 . . . . . . . . . . . . . . .  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 (after giving effect to the transactions
     made pursuant to Section 4.03 of the Agreement)
     is equal to . . . . . . . . . . . . . . . . . . . . . . . . . . .N/A

       IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this certificate this 9th day of February, 1996.

                         NAVISTAR FINANCIAL CORPORATION, 
                         as Servicer



                         By:/s/ R. W. Cain                
                                R. W. Cain
                         ITS:   Vice President and Treasurer



<PAGE>

Exhibit 20.2
Page 1 of 6

MONTHLY  CERTIFICATEHOLDERS' STATEMENT

NAVISTAR  FINANCIAL  DEALER  NOTE  TRUST  1990

FLOATING  RATE  DEALER  NOTE  PASS-THROUGH  CERTIFICATES


Under the Pooling and Servicing Agreement dated as of December 1,
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.   The
information which is require to be prepared with respect to the
distribution date of February 26, 1996 and with respect to the
performance of the Trust during the Due Period ended on January 31,
1996 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 payment to each Class of Investor 
    Certificateholders on February 26, 1996 per $1,000 interest:

          Class A1 . . . . . . . . . . . . . .$5.1835917 

          Class A2 . . . . . . . . . . . . . .$5.3502583 

          Class A3 . . . . . . . . . . . . . .$5.3919250 

          Class A4 . . . . . . . . . . . . . .$4.8919250 

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 . . . . . . . . . . . . . $5.1835917 

          Class A2 . . . . . . . . . . . . . $5.3502583 

          Class A3 . . . . . . . . . . . . . $5.3919250 

          Class A4 . . . . . . . . . . . . . $4.8919250 

<PAGE>

Exhibit 20.2
Page 2 of 6

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 . . . . . . . . . . . . . . . $0.00 

          Class A2 . . . . . . . . . . . . . . . $0.00 

          Class A3 . . . . . . . . . . . . . . . $0.00 

          Class A4 . . . . . . . . . . . . . . . $0.00 

B.  Information Regarding the Performance of the Trust.

1.  Collections, Uses.

(a)  The aggregate amount of Dealer Finance Charges
     for the Due Period . . . . . . . . . . . . . . . . . . $4,697,638.89 

(b)  The aggregate amount of NITC Finance Charges
     for the Due Period . . . . . . . . . . . . . . . . . . $3,168,305.87 

(c)  The aggregate amount of Principal Collections
     received during the Due Period . . . . . . . . . . . $251,893,792.95 

(d)  The aggregate amount of Principal Collections
     allocable to the Amortizing Classes  . . . . . . . . . . . . . $0.00 

(e)  The aggregate amount of Principal Collections
     processed during the Due Period which were 
     deposited in the Spread Account . . . . . . . . . . . . . . . .$0.00 

(f)  The aggregate amount of Principal Collections
     processed during the Due Period which were
     deposited in the Liquidity Reserve Account  . . . . . . . . . .$0.00 

(g)  The aggregate amount of Principal Collections
     processed during the Due Period which were
     used to purchase new Dealer Notes . . . . . . . . . .$249,910,844.83 

(h)  The aggregate amount of Principal Collections
     processed during the Due Period which were
     used to purchase Investment Securities  . . . . . . . . . . . .$0.00 

(i)  The aggregate amount of Principal Collections
     processed during the related Due Period which 
     were paid to the Seller . . . . . . . . . . . . . . . .$1,982,948.12 


<PAGE>

Exhibit 20.2
Page 3 of 6

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 the
     end of the Due Period ended on January 31, 1996
     (which reflects the Dealer Notes and Investment 
     Securities represented by both the Seller 
     Certificate and Investor Certificates) . . . . . . . $927,534,243.38 

(b)  The amount of Dealer Notes and Investment 
     Securities in the Trust represented by the 
     Investor Certificates (the "Total Investor 
     Interest") as of the Due Period ended on 
     January 31, 1996 . . . . . . . . . . . . . . . . . . $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). . . . . . . . . . . 54.7538%

(d)  The Total Invested Amount after giving effect
     to the payments made on the 
     Distribution Date . . . . . . . . . . . . . . . . . .$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 . . . . . . . . . . . . . . $0.00 

          Class A2 . . . . . . . . . . . . . . $0.00 

          Class A3 . . . . . . . . . . . . . . $0.00 

          Class A4 . . . . . . . . . . . . . . $0.00 

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 . . . . . . . . . . . . . . . . . . . $2,609,413.03 

(b)  The amount of the payment to each Class in
     respect of Class Certificate Interest and any
     previously existing Deficiency Amount on the
     Distribution Date:

          Class A1. . . . . . . . . . . . . $518,359.17 

          Class A2. . . . . . . . . . . . . $535,025.83 

          Class A3. . . . . . . . . . . . . $539,192.50 

          Class A4. . . . . . . . . . . . $1,016,835.53 

<PAGE>

Exhibit 20.2
Page 4 of 6

(c)  The Deficiency Amount (if any) for such 
     Distribution Date . . . . . . . . . . . . . . . . . . . . . . . $0.00 

(d) The amount of such Deficiency Amount allocable
     to each Class: 

          Class A1. . . . . . . . . . . . . . . . $0.00 

          Class A2. . . . . . . . . . . . . . . . $0.00 

          Class A3. . . . . . . . . . . . . . . . $0.00 

          Class A4. . . . . . . . . . . . . . . . $0.00 

(e)  The amount (if any) of the Deficiency Amount
     from the preceding Distribution Date being
     reimbursed on the Distribution Date . . . . . . . . . . . . . . $0.00 


4.  Losses.

(a)  The aggregate amount of Dealer Notes charged-
     off as uncollectible during the Due Period 
     ended on January 31, 1996 allocable to the Investor 
     Certificates (the "Investor Loss Amount") . . . . . . . . . . . $0.00 


(b)  The Class Loss Amount for each Class (if any):

          Class A1 . . . . . . . . . . . . . . . $0.00 

          Class A2 . . . . . . . . . . . . . . . $0.00 

          Class A3 . . . . . . . . . . . . . . . $0.00 

          Class A4 . . . . . . . . . . . . . . . $0.00 

5.  Reimbursement of Losses; Charges-Off Amounts.

(a)  The amount of Investor Loss Amount reimbursed
     or allocated to the Seller on the related
     Transfer Date. . . . . . . . . . . . . . . . . . . . . . . . . $0.00 

(b)  The aggregate amount of Class Loss Amounts 
     (if any) reimbursed or allocated to the
     Seller on the Distribution Date. . . . . . . . . . . . . . . . $0.00 

(c)  The Class Charged-Off Amount for each Class
     for the immediately preceding Due Period:

          Class A1 . . . . . . . . . . . . . . . $0.00 

          Class A2 . . . . . . . . . . . . . . . $0.00 

          Class A3 . . . . . . . . . . . . . . . $0.00 

          Class A4 . . . . . . . . . . . . . . . $0.00 

<PAGE>

Exhibit 20.2
Page 5 of 6

(d)  The Class Charged-Off Amount for each Class
     for the Due Period:

          Class A1 . . . . . . . . . . . . . . . $0.00 

          Class A2 . . . . . . . . . . . . . . . $0.00 

          Class A3 . . . . . . . . . . . . . . . $0.00 

          Class A4 . . . . . . . . . . . . . . . $0.00

(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 Date:

          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 Date:

          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>

Exhibit 20.2
Page 6 of 6

7.  Servicing Fee.

(a)  The aggregate amount of the Monthly Servicing
     Fee payable by the Trust to the Servicer for
     the month ended January 31, 1996 . . . . . . . . . . . . $758,174.92 


(b)  The aggregate amount of the Monthly Servicing
     Fee set forth in paragraph 7(a) above allocable 
     to the Investor Certificateholders . . . . . . . . . . . $423,216.65 

8.  Available Subordinated Amount; Minimum Seller Interest.

(a)  The Available Subordinated Amount as of the
     end of January 31, 1996 . . . . . . . . . . . . . . . $78,718,300.00 

(b)  The Minimum Seller Interest as of 
     January 31, 1996. . . . . . . . . . . . . . . . . . . $93,954,100.00 

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




                              C H E M I C A L    B A N K



                              BY: /s/ Chemical Bank      
                                      Chemical Bank               

                              


<PAGE>

Exhibit 20.3
Page 1 of 2

               MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #8          
                           DEALER NOTE MASTER TRUST         
                           ___________________   

                DEALER NOTE ASSET BACKED CERTIFICATES,      
                           SERIES 1995-1         


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 Serving 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 Certificate-
holders as well as the performance of the Master Trust during the previous
month.  The information which is required to be prepared with respect to the
Distribution Date of February 26, 1996, the Transfer Date of February 23,
1996 and with respect to the performance of the Master Trust during the
Due Period ended on January 31, 1996 and the Distribution Period ended
February 23, 1996 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.   The undersigned is 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:        Not Applicable

        c.   The rate of interest applicable to each such 
                Eligible Investment                          Not Applicable

        d.   The rating of each such Eligible Investment     Not Applicable

   4.   The total amount to be distributed on the Series 1995-1
        Certificate on the Distribution Date:    

        a.   The total aggregate amount                       $1,043,610.67 

        b.   Stated on the basis of $1,000 original principal 
                amount                                             $5.21805

   5.   The total amount, if any, to be distributed on the 
        Series 1995-1 Certificate on the Distribution Date 
        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 Date 
        allocable to interest on the Series 1995-1 
        Certificates.                                         $1,043,610.67 

   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>

Exhibit 20.3
Page 2 of 2

   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:        Not Applicable

        c.   The rate of interest applicable to each such 
                Eligible Investment                          Not Applicable

        d.   The rating of each such Eligible Investment     Not Applicable

   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:        Not Applicable

        c.   The rate of interest applicable to each such 
                Eligible Investment                          Not Applicable

        d.   The rating of each such Eligible Investment     Not Applicable

   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:        Not Applicable

        c.   The rate of interest applicable to each such 
                Eligible Investment                          Not Applicable

        d.   The rating of each such Eligible Investment     Not Applicable

   11.  The aggregate amount of Dealer Notes issued to 
        finance OEM Vehicles, as of the Due Period. (1)       $8,575,307.64 

   12.  The Dealers with the five largest aggregate outstanding principal 
        amounts of Dealer Notes in the 1990 Trust as of the end of the Due
        Period:

           i)   Freund Equip Inc
           ii)  Longhorn Int'l Eq. Inc
           iii) Nalley Motor Trucks
           iv)  Southland Int'l Trks
           v)   Carolina Int'l Trucks

                                      NAVISTAR FINANCIAL CORPORATION,  
                                      as Servicer           



                                      By:/s/ R. W. Cain                  
                                             R. W. Cain     
                                             Vice President and Treasurer


        (1) Navistar acquired an OEM manufacturer which generally contributed a
            significant portion of total OEM vehicles financed.  Per the basic
            documents, amounts relating to this OEM manufacturer will now be 
            consolidated and reported with the Navistar totals.



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