UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 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) November 7, 1994
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST AND NAVISTAR FINANCIAL 1994-B OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-4146-1 51-0337491
(Commission File Number) (I.R.S. 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 708-734-4275
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On December 7, 1994, Registrant made available the Monthly Servicer
Certificates for the Period of November 1994 for the specified Owner
Trusts, 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 RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST AND NAVISTAR FINANCIAL 1994-B OWNER TRUST
(Registrant)
Date December 7, 1994 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated November 8, 1994
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated November 7, 1994
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated November 8, 1994
<PAGE>
Exhibit 20.1
Navistar Financial 1993-A Owner Trust
Page 1 of 3
For the Month of October 1994
Distribution Date of November 15, 1994
Servicer Certificate Dated November 8, 1994
<TABLE>
<S> <C> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $186,893,080.22
Beginning Pool Factor 0.5578855
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,079,253.87
Interest Collected $1,552,048.95
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $187,118.83
Total Additional Deposits $187,118.83
Repos/Chargeoffs $281,356.45
Aggregate Number of Notes Charged Off 24
Total Available Funds $11,665,352.43
Ending Pool Balance $176,685,539.12
Ending Pool Factor 0.5274155
Servicing Fee $155,744.23
Repayment of Servicer Advances $153,069.22
Reserve Account:
Beginning Balance $14,069,503.50
Target Percentage 7.50%
Target Balance $13,251,415.43
Minimum Balance $6,700,050.96
(Release)/Deposit $(818,088.06)
Ending Balance $13,251,415.43
Delinquencies: Dollars Notes
Installments:
1-30 days 1,112,773.37 880
31-60 days 68,818.95 80
60+ days 6,694.65 6
Total 1,188,286.97 881
Balances:
60+ days 78,327.77 6
Memo Item - Reserve Account
Prior Month $14,016,981.02
Invest. Income 52,522.48
Beginning Balance $14,069,503.50<PAGE>
Exhibit 20.1
Navistar Financial 1993-A Owner Trust
Page 2 of 3
For the Month of October 1994
</TABLE>
<TABLE>
<CAPTION>
[-----------------------NOTES----------------------]
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $335,002,547.77$127,300,000.00$195,976,000.00$11,726,547.77
Distribution Percentages 100.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 3.475% 4.475% 4.800%
Beginning Pool Balance $186,893,080.22
Ending Pool Balance $176,685,539.12
Collected Principal $10,113,303.48
Collected Interest $1,552,048.95
Charge-Offs $281,356.45
Servicing $155,744.23
Total Collections Available
for Debt Service $11,509,608.20
Beginning Balance $176,497,241.39 $0.00$166,174,932.41$10,322,308.98
Interest Due $660,983.26 $0.00 $619,694.02 $41,289.24
Interest Paid $660,983.26 $0.00 $619,694.02 $41,289.24
Principal Due $10,394,659.93 $0.00 $9,926,900.23 $467,759.70
Principal Paid $10,394,659.93 $0.00 $9,926,900.23 $467,759.70
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $166,102,581.46 $0.00$156,248,032.17$9,854,549.29
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.7972814639 0.8403623538
Total Distributions $11,055,643.19 $0.00$10,546,594.25 $509,048.94
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve)$0.00 $0.00 $0.00 $0.00
Excess Servicing $453,965.01
Beginning Reserve Account Balance$14,069,503.50
(Release)/Draw $(818,088.06)
Ending Reserve Account Balance$13,251,415.43
Memo Item - Advances:
Servicer Advances - Current Month$(153,069.22)
Total Outstanding Servicer Advances$2,634,918.70
</TABLE>
<PAGE>
Exhibit 20.1
Navistar Financial 1993-A Owner Trust
Page 3 of 3
For the Month of October 1994
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
June 1994 July 1994 August 1994September 1994 October 1994
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance$229,060,297.28$217,858,900.82$208,241,677.74$196,498,247.26$186,893,080.22
A)Loss Trigger:
Principal of Contracts
Charged off $410,903.84 $231,352.45 $116,266.98 $132,078.67 $281,356.45
Recoveries $510,568.46 $511,662.50 $440,288.11 $204,705.17 $187,118.83
Total Charge off
(Months 5,4,3) $758,523.27
Total Recoveries
(Months 3,2,1) 832,112.11
Net Loss/(Recoveries)
for 3 Mos. $(73,588.84)(a)
Total Balance
(Months 5,4,3)$655,160,875.84(b)
Loss Ratio [(a/b)(12)](0.1348)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $368,635.66 $272,345.53 $78,327.77
As % of Beginning
Pool Balance 0.17702% 0.13860% 0.04191%
Three Month Average 0.34306% 0.25047% 0.11918%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by:/s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Navistar Financial 1994-A Owner Trust
Page 1 of 3
For the Month of October 1994
Distribution Date of November 15, 1994
Servicer Certificate Dated November 7, 1994
<TABLE>
<S> <C> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $230,731,855.08
Beginning Pool Factor 0.8239792
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,540,880.99
Interest Collected $1,802,089.37
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $140,673.85
Total Additional Deposits $140,673.85
Repos/Chargeoffs $210,760.46
Aggregate Number of Notes Charged Off 17
Total Available Funds $9,292,719.94
Ending Pool Balance $223,171,137.90
Ending Pool Factor 0.7969787
Servicing Fee $192,276.55
Repayment of Servicer Advances $190,924.27
Reserve Account:
Beginning Balance (see Memo Item) $15,053,769.19
Target Percentage 6.50%
Target Balance $14,506,123.96
Minimum Balance $5,600,429.43
(Release)/Deposit $(547,645.23)
Ending Balance $14,506,123.96
Delinquencies: Dollars Notes
Installments:
1-30 days 858,524.37 768
31-60 days 59,347.63 63
60+ days 4,559.21 6
Total 922,431.21 768
Balances:
60+ days 161,834.38 6
Memo Item - Reserve Account
Prior Month $14,997,570.58
Invest. Income 56,198.61
Beginning Balance $15,053,769.19
</TABLE>
<PAGE>
Exhibit 20.2
Navistar Financial 1994-A Owner Trust
Page 2 of 3
For the Month of October 1994
<TABLE>
<CAPTION>
[-----------------------NOTES----------------------]
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Dist.:$280,021,471.35$89,606,000.00$180,614,000.00$9,801,471.35
Distribution Percentages 100.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $230,731,855.08
Ending Pool Balance $223,171,137.90
Collected Principal $7,490,630.57
Collected Interest $1,802,089.37
Charge-Offs $210,760.46
Servicing $192,276.55
Total Collections Available
for Debt Service $9,100,443.39
Beginning Balance $227,144,417.79$36,728,946.44$180,614,000.00$9,801,471.35
Interest Due $1,082,347.57 $138,682.38 $892,534.18 $51,131.01
Interest Paid $1,082,347.57 $138,682.38 $892,534.18 $51,131.01
Principal Due $7,701,391.03$7,701,391.03 $0.00 $0.00
Principal Paid $7,701,391.03$7,701,391.03 $0.00 $0.00
Turbo Principal $316,704.79 $316,704.79 $0.00 $0.00
Ending Balance $219,126,321.96$28,710,850.61$180,614,000.00$9,801,471.35
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3204121444 1.000000000 1.000000000
Total Distributions $9,100,443.39$8,156,778.20 $892,534.18 $51,131.01
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve)$0.00 $0.00 $0.00 $0.00
Excess Servicing $0.00
Beginning Reserve Account Balance$15,053,769.19
(Release)/Draw $(547,645.23)
Ending Reserve Account Balance$14,506,123.96
Memo Item - Advances:
Servicer Advances - Current Month$(190,924.27)
Total Outstanding Servicer Advances$1,454,116.93
</TABLE>
<PAGE>
Exhibit 20.2
Navistar Financial 1994-A Owner Trust
Page 3 of 3
For the Month of October 1994
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-94 Jul-94 Aug-94 Sep-94 Oct-94
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance$263,124,897.50$253,585,250.08$245,818,476.45$238,454,550.53$230,731,855.08
A)Loss Trigger:
Principal of Contracts
Charged off $50,065.52 $89,965.32 $241,522.18 $252,895.29 $210,760.46
Recoveries $61,091.00 $18,910.43 $40,465.78 $265,226.99 $140,673.85
Total Charge off
(Months 5,4,3) $381,553.02
Total Recoveries
(Months 3,2,1) 446,366.62
Net Loss/(Recoveries)
for 3 Mos. $(64,813.60)(a)
Total Balance
(Months 5,4,3)$762,528,624.03(b)
Loss Ratio [(a/b)(12)](0.1020)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $262,843.43 $897,805.89 $161,834.38
As % of Beginning
Pool Balance 0.10693% 0.37651% 0.07014%
Three Month Average 0.12031% 0.22080% 0.18453%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by:/s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Navistar Financial 1994-B Owner Trust
Page 1 of 3
For the Month of October 1994
Distribution Date of November 15, 1994
Servicer Certificate Dated November 8, 1994
<TABLE>
<S> <C> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $198,075,623.63
Beginning Pool Factor 0.9211544
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,324,073.63
Interest Collected $1,554,574.24
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $29,623.23
Total Additional Deposits $29,623.23
Repos/Chargeoffs $71,359.78
Aggregate Number of Notes Charged Off 10
Total Available Funds $6,803,123.20
Ending Pool Balance $192,785,338.12
Ending Pool Factor 0.8965518
Servicing Fee $165,063.02
Repayment of Servicer Advances $105,147.90
Reserve Account:
Beginning Balance (see Memo Item) $12,923,158.58
Target Percentage 6.50%
Target Balance $12,531,046.98
Minimum Balance $4,300,595.47
(Release)/Deposit $(392,111.60)
Ending Balance $12,531,046.98
Delinquencies: Dollars Notes
Installments:
1-30 days 660,639.05 552
31-60 days 23,317.09 27
60+ days 2,148.97 3
Total 686,105.11 552
Balances:
60+ days 39,472.33 3
Memo Item - Reserve Account
Prior Month $12,874,915.54
Invest. Income 48,243.04
Beginning Balance $12,923,158.58
<PAGE>
Exhibit 20.3
Navistar Financial 1994-B Owner Trust
Page 2 of 3
For the Month of October 1994
</TABLE>
<TABLE>
<CAPTION>
TOTAL NOTES CERTIFICATES
<S> <C> <C> <C>
Original Pool Amount Dist.:$215,029,773.64$207,503,000.00$7,526,773.64
Distribution Percentages 96.50% 3.50%
Coupon 6.400% 6.625%
Beginning Pool Balance $198,075,623.63
Ending Pool Balance $192,785,338.12
Collected Principal $5,248,548.96
Collected Interest $1,554,574.24
Charge-Offs $71,359.78
Servicing $165,063.02
Total Collections Available
for Debt Service $6,638,060.18
Beginning Balance $198,050,446.65$191,117,949.46$6,932,497.19
Interest Due $1,057,568.89$1,019,295.73 $38,273.16
Interest Paid $1,057,568.89$1,019,295.73 $38,273.16
Principal Due $5,319,908.74$5,133,711.93 $186,196.81
Principal Paid $5,319,908.74$5,133,711.93 $186,196.81
Ending Balance $192,730,537.92$185,984,237.53$6,746,300.39
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.8962966200 0.8963070645
Total Distributions $6,377,477.63$6,153,007.66 $224,469.97
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall (required from Reserve)$0.00 $0.00 $0.00
Excess Servicing $260,582.55
Beginning Reserve Account Balance$12,923,158.58
(Release)/Draw $(392,111.60)
Ending Reserve Account Balance$12,531,046.98
Memo Item - Advances:
Servicer Advances - Current Month$(105,147.90)
Total Outstanding Servicer Advances$850,194.93
</TABLE>
<PAGE>
Exhibit 20.3
Navistar Financial 1994-B Owner Trust
Page 3 of 3
For the Month of October 1994
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-94 Aug-94 Sep-94 Oct-94 Nov-94
<S> <C> <C> <C> <C>
Beg. Pool Balance$215,029,773.64$208,966,470.50$203,361,626.24$198,075,623.63
A)Loss Trigger:
Principal of Contracts
Charged off $29,668.94 $30,458.71 $102,483.43 $71,359.78
Recoveries $0.00 $9,735.95 $15,441.03 $29,623.23
Total Charge off
(Months 5,4,3) $162,611.08
Total Recoveries
(Months 3,2,1) 45,064.26
Net Loss/(Recoveries)
for 3 Mos. $117,546.82(a)
Total Balance
(Months 5,4,3)$627,357,870.38(b)
Loss Ratio [(a/b)(12)]0.2248%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $35,365.73 $582,599.69 $39,472.33
As % of Beginning
Pool Balance 0.01692% 0.28648% 0.01993%
Three Month Average 0.01681% 0.11231% 0.10778%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by:/s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer<PAGE>
