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) January 9, 1995
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST, NAVISTAR FINANCIAL 1994-B OWNER TRUST
AND NAVISTAR FINANCIAL 1994-C 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>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On January 25, 1995, Registrant made available the Monthly Servicer
Certificates for the Period of December 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, NAVISTAR FINANCIAL 1994-B OWNER TRUST
AND NAVISTAR FINANCIAL 1994-C OWNER TRUST
(Registrant)
Date January 25, 1995 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated January 9, 1995
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated January 12, 1995
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated January 11, 1995
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated January 23, 1995
Exhibit 20.1
Navistar Financial 1993-A Owner Trust
Page 1 of 3
For the Month of December 1994
Distribution Date of January 17, 1995
Servicer Certificate Dated January 9, 1995
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $167,871,059.78
Beginning Pool Factor 0.5011038
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,812,986.78
Interest Collected $1,302,703.12
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $103,431.89
Total Additional Deposits $103,431.89
Repos/Chargeoffs $39,029.43
Aggregate Number of Notes Charged Off 0
Total Available Funds $10,204,959.28
Ending Pool Balance $159,033,206.08
Ending Pool Factor 0.4747224
Servicing Fee $139,892.55
Repayment of Servicer Advances $14,162.51
Reserve Account:
Beginning Balance $12,651,783.92
Target Percentage 7.50%
Target Balance $11,927,490.46
Minimum Balance $6,700,050.96
(Release)/Deposit $(724,293.47)
Ending Balance $11,927,490.46
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Delinquencies: Dollars Notes
Installments:
1-30 days 1,349,565.76 1,037
31-60 days 172,917.20 167
60+ days 28,217.54 24
Total 1,550,700.50 1,046
Balances:
60+ days 424,912.23 24
Memo Item - Reserve Account
Prior Month $12,590,329.48
Invest. Income 61,454.44
Beginning Balance $12,651,783.92
</TABLE>
<PAGE>
Exhibit 20.1
Navistar Financial 1993-A Owner Trust
Page 2 of 3
For the Month of December 1994
<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 $167,871,059.78
Ending Pool Balance $159,033,206.08
Collected Principal $8,902,256.16
Collected Interest $1,302,703.12
Charge-Offs $39,029.43
Servicing $139,892.55
Total Collections Available
for Debt Service $10,065,066.73
Beginning Balance $157,085,152.37 $0.00$147,636,387.39$9,448,764.98
Interest Due $588,355.75 $0.00 $550,560.69 $37,795.06
Interest Paid $588,355.75 $0.00 $550,560.69 $37,795.06
Principal Due $8,941,285.59 $0.00 $8,538,927.74 $402,357.85
Principal Paid $8,941,285.59 $0.00 $8,538,927.74 $402,357.85
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $148,143,866.78 $0.00$139,097,459.65$9,046,407.13
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.7097678270 0.7714467466
Total Distributions $9,529,641.34 $0.00 $9,089,488.43 $440,152.91
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 $535,425.39
Beginning Reserve Account Balance$12,651,783.92
(Release)/Draw $(724,293.47)
Ending Reserve Account Balance$11,927,490.46
</TABLE>
Memo Item - Advances:
Servicer Advances - Current Month$(14,162.51)
Total Outstanding Servicer Advances$3,065,363.43
<PAGE>
Exhibit 20.1
Navistar Financial 1993-A Owner Trust
Page 3 of 3
For the Month of December 1994
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug-94 Sep-94 Oct-94 Nov-94 Dec-94
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance$208,241,677.74$196,498,247.26$186,893,080.22$176,685,539.12$167,871,059.78
A)Loss Trigger:
Principal of Contracts
Charged off $116,266.98 $132,078.67 $281,356.45 $70,260.91 $39,029.43
Recoveries $440,288.11 $204,705.17 $187,118.83 $202,949.75 $103,431.89
Total Charge off
(Months 5,4,3) $529,702.10
Total Recoveries
(Months 3,2,1) 493,500.47
Net Loss/(Recoveries)
for 3 Mos. $36,201.63(a)
Total Balance
(Months 5,4,3)$591,633,005.22(b)
Loss Ratio [(a/b)(12)]0.0734%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $78,327.77 $194,896.28 $424,912.23
As % of Beginning
Pool Balance 0.04191% 0.11031% 0.25312%
Three Month Average 0.11918% 0.09694% 0.13511%
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 December 1994
Distribution Date of January 17, 1995
Servicer Certificate Dated January 12, 1995
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $216,695,290.23
Beginning Pool Factor 0.7738524
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,183,128.53
Interest Collected $1,595,441.13
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $188,694.22
Total Additional Deposits $188,694.22
Repos/Chargeoffs $132,632.92
Aggregate Number of Notes Charged Off 7
Total Available Funds $11,967,263.88
Ending Pool Balance $206,379,528.78
Ending Pool Factor 0.7370132
Servicing Fee $180,579.41
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $14,154,060.29
Target Percentage 6.50%
Target Balance $13,414,669.37
Minimum Balance $5,600,429.43
(Release)/Deposit $(739,390.92)
Ending Balance $13,414,669.37
</TABLE>
<TABLE>
<S> <C> <C>
Delinquencies: Dollars Notes
Installments:
1-30 days 1,202,104.66 1,094
31-60 days 125,400.58 127
60+ days 24,146.51 19
Total 1,351,651.75 1,097
Balances:
60+ days 566,740.87 19
Memo Item - Reserve Account
Prior Month $14,085,193.86
Invest. Income 68,866.43
Beginning Balance $14,154,060.29
</TABLE>
<PAGE>
Exhibit 20.2
Navistar Financial 1994-A Owner Trust
Page 2 of 3
For the Month of December 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 $216,695,290.23
Ending Pool Balance $206,379,528.78
Collected Principal $10,371,822.75
Collected Interest $1,595,441.13
Charge-Offs $132,632.92
Servicing $180,579.41
Total Collections Available
for Debt Service $11,786,684.47
Beginning Balance $212,042,263.84$21,626,792.49$180,614,000.00$9,801,471.35
Interest Due $1,025,324.35 $81,659.16 $892,534.18 $51,131.01
Interest Paid $1,025,324.35 $81,659.16 $892,534.18 $51,131.01
Principal Due $10,504,455.67$10,504,455.67 $0.00 $0.00
Principal Paid $10,504,455.67$10,504,455.67 $0.00 $0.00
Turbo Principal $256,904.45 $256,904.45 $0.00 $0.00
Ending Balance $201,280,903.72$10,865,432.37$180,614,000.00$9,801,471.35
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1212578663 1.000000000 1.000000000
Total Distributions $11,786,684.47$10,843,019.28 $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$14,154,060.29
(Release)/Draw $(739,390.92)
Ending Reserve Account Balance$13,414,669.37
Memo Item - Advances:
Servicer Advances - Current Month$438,395.10
Total Outstanding Servicer Advances$2,268,131.14
</TABLE>
<PAGE>
Exhibit 20.2
Navistar Financial 1994-A Owner Trust
Page 3 of 3
For the Month of December 1994
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug-94 Sep-94 Oct-94 Nov-94 Dec-94
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance$245,818,476.45$238,454,550.53$230,731,855.08$223,171,137.90$216,695,290.23
A)Loss Trigger:
Principal of Contracts
Charged off $241,522.18 $252,895.29 $210,760.46 $41,169.01 $132,632.92
Recoveries $40,465.78 $265,226.99 $140,673.85 $262,250.32 $188,694.22
Total Charge off
(Months 5,4,3)$ 705,177.93
Total Recoveries
(Months 3,2,1) 591,618.39
Net Loss/(Recoveries)
for 3 Mos. $113,559.54(a)
Total Balance
(Months 5,4,3)$715,004,882.06(b)
Loss Ratio [(a/b)(12)]0.1906%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $161,834.38 $353,667.13 $566,740.87
As % of Beginning
Pool Balance 0.07014% 0.15847% 0.26154%
Three Month Average 0.18453% 0.20171% 0.16338%
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 December 1994
Distribution Date of January 17, 1995
Servicer Certificate Dated January 11, 1995
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $188,248,178.91
Beginning Pool Factor 0.8754517
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,367,714.29
Interest Collected $1,451,299.84
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $115,127.07
Total Additional Deposits $115,127.07
Repos/Chargeoffs $32,460.45
Aggregate Number of Notes Charged Off 5
Total Available Funds $7,934,141.20
Ending Pool Balance $181,848,004.17
Ending Pool Factor 0.8456876
Servicing Fee $156,873.48
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $12,295,957.66
Target Percentage 6.50%
Target Balance $11,820,120.27
Minimum Balance $4,300,595.47
(Release)/Deposit $(475,837.39)
Ending Balance $11,820,120.27
</TABLE>
<TABLE>
<S> <C> <C>
Delinquencies: Dollars Notes
Installments:
1-30 days 862,651.52 753
31-60 days 95,640.30 96
60+ days 14,481.13 15
Total 972,772.95 755
Balances:
60+ days 445,902.07 15
Memo Item - Reserve Account
Prior Month $12,236,131.63
Invest. Income 59,826.03
Beginning Balance $12,295,957.66
</TABLE>
<PAGE>
Exhibit 20.3
Navistar Financial 1994-B Owner Trust
Page 2 of 3
For the Month of December 1994
<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 $188,248,178.91
Ending Pool Balance $181,848,004.17
Collected Principal $6,482,841.36
Collected Interest $1,451,299.84
Charge-Offs $32,460.45
Servicing $156,873.48
Total Collections Available
for Debt Service $7,777,267.72
Beginning Balance $188,159,369.72$181,573,060.22$6,586,309.50
Interest Due $1,004,751.57 $968,389.65 $36,361.92
Interest Paid $1,004,751.57 $968,389.65 $36,361.92
Principal Due $6,515,301.81$6,287,266.25 $228,035.56
Principal Paid $6,515,301.81$6,287,266.25 $228,035.56
Ending Balance $181,644,067.91$175,285,793.97$6,358,273.94
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.8447386012 0.8447542392
Total Distributions $7,520,053.38$7,255,655.90 $264,397.48
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 $257,214.33
Beginning Reserve Account Balance$12,295,957.66
(Release)/Draw $(475,837.39)
Ending Reserve Account Balance$11,820,120.27
Memo Item - Advances:
Servicer Advances - Current Month$86,424.30
Total Outstanding Servicer Advances$1,211,437.00
</TABLE>
<PAGE>
Exhibit 20.3
Navistar Financial 1994-B Owner Trust
Page 3 of 3
For the Month of December 1994
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug-94 Sep-94 Oct-94 Nov-94 Dec-94
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance$208,966,470.50$203,361,626.24$198,075,623.63$192,785,338.12$188,248,178.91
A)Loss Trigger:
Principal of Contracts
Charged off $30,458.71 $102,483.43 $71,359.78 $444.84 $32,460.45
Recoveries $9,735.95 $15,441.03 $29,623.23 $34,008.99 $115,127.07
Total Charge off
(Months 5,4,3) $204,301.92
Total Recoveries
(Months 3,2,1) 178,759.29
Net Loss/(Recoveries)
for 3 Mos. $ 25,542.63(a)
Total Balance
(Months 5,4,3)$610,403,720.37(b)
Loss Ratio [(a/b)(12)]0.0502%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $39,472.33 $237,705.60 $445,902.07
As % of Beginning
Pool Balance 0.01993% 0.12330% 0.23687%
Three Month Average 0.10778% 0.14324% 0.12670%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by:/s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer<PAGE>
Exhibit 20.4
Navistar Financial 1994-C Owner Trust
Page 1 of 3
For the Month of December 1994
Distribution Date of January 20, 1995
Servicer Certificate Dated January 23, 1995
<TABLE>
<CAPTION>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $315,029,921.60
Beginning Pool Factor 100.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $15,431,507.30
Interest Collected $5,093,217.41
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $158,086.15
Aggregate Number of Notes Charged Off 0
Total Available Funds $20,524,724.71
Ending Pool Balance $299,440,328.15
Ending Pool Factor 0.9505139
Servicing Fee $262,524.93
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $19,012,698.06
Target Percentage 6.00%
Target Balance $17,966,419.69
Minimum Balance $6,615,628.35
(Release)/Deposit $(1,046,278.37)
Ending Balance $17,966,419.69
</TABLE>
<TABLE>
<S> <C> <C>
Delinquencies: Dollars Notes
Installments:
1-30 days 1,111,836.83 872
31-60 days 83,266.05 76
60+ days 8,117.43 9
Total 1,203,220.31 872
Balances:
60+ days 182,938.59 9
Memo Item - Reserve Account
Prior Month $18,901,795.30
Invest. Income 110,902.76
Beginning Balance $19,012,698.06
</TABLE>
<PAGE>
Exhibit 20.4
Navistar Financial 1994-C Owner Trust
Page 2 of 3
For the Month of December 1994
<TABLE>
<CAPTION>
[-----------------------NOTES----------------------]
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Dist.:$315,029,921.60$207,000,000.00$97,000,000.00$11,029,921.60
Distribution Percentages 100.00% 0.00% 0.00%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $315,029,921.60
Ending Pool Balance $299,440,328.15
Collected Principal $15,431,507.30
Collected Interest $5,093,217.41
Charge-Offs $158,086.15
Servicing $262,524.93
Total Collections Available
for Debt Service $20,262,199.78
Beginning Balance $315,029,921.60$207,000,000.00$97,000,000.00$11,029,921.60
Interest Due $2,383,012.28$1,539,562.50 $754,444.44 $89,005.34
Interest Paid $2,383,012.28$1,539,562.50 $754,444.44 $89,005.34
Principal Due $15,589,593.45$15,589,593.45 $0.00 $0.00
Principal Paid $15,589,593.45$15,589,593.45 $0.00 $0.00
Ending Balance $299,440,328.15$191,410,406.55$97,000,000.00$11,029,921.60
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.9246879543 1.000000000 1.000000000
Total Distributions $17,972,605.73$17,129,155.95 $754,444.44 $89,005.34
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 $2,289,594.05
Beginning Reserve Account Balance$19,012,698.06
(Release)/Draw $(1,046,278.37)
Ending Reserve Account Balance$17,966,419.69
Memo Item - Advances:
Servicer Advances - Current Month$1,997,347.86
Total Outstanding Servicer Advances$1,997,347.86
</TABLE>
<PAGE>
Exhibit 20.4
Navistar Financial 1994-C Owner Trust
Page 3 of 3
For the Month of December 1994
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec-94 Jan-95 Feb-95 Mar-95 Apr-95
<S> <C>
Beg. Pool Balance$315,029,921.60
A)Loss Trigger:
Principal of Contracts
Charged off $158,086.15
Recoveries $0.00
Total Charge off
(Months 5,4,3) $158,086.15
Total Recoveries
(Months 3,2,1) 0.00
Net Loss/(Recoveries)
for 3 Mos. $158,086.15(a)
Total Balance
(Months 5,4,3)$315,029,921.60(b)
Loss Ratio [(a/b)(12)]0.6022%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $182,938.59
As % of Beginning
Pool Balance 0.05807%
Three Month Average0.05807%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by:/s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer<PAGE>
