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) December 15, 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,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST AND
NAVISTAR FINANCIAL 1995-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>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On December 15 and 20, 1995, Registrant made available the
Monthly Servicer Certificates for the Period of November
1995 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,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST AND
NAVISTAR FINANCIAL 1995-B OWNER TRUST
(Registrant)
Date December 21, 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 December 15, 1995
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated December 15, 1995
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated December 15, 1995
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated December 20, 1995
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated December 20, 1995
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated December 15, 1995
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of November 1995
Distribution Date of December 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $83,220,136.56
Beginning Pool Factor 0.2484164
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,506,895.50
Interest Collected $597,673.00
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $94,761.83
Aggregate Number of Notes Charged Off 24
Total Available Funds $6,104,568.50
Ending Pool Balance $77,618,479.23
Ending Pool Factor 0.2316952
Servicing Fee $69,350.11
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,731,120.45
Target Percentage 7.50%
Target Balance $5,821,385.94
Minimum Balance $6,700,050.96
(Release)/Deposit $(31,069.49)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 898,852.64 674
31-60 days 90,860.86 85
60+ days 12,354.93 9
Total 1,002,068.43 680
Balances:
60+ days 114,451.78 9
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 31,069.49
Beginning Balance $6,731,120.45
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of November 1995
<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 $83,220,136.56
Ending Pool Balance $77,618,479.23
Collected Principal $5,506,895.50
Collected Interest $597,673.00
Liquidation Proceeds/Recoveries $0.00
Charge-Offs $94,761.83
Servicing $69,350.11
Total Collections Available
for Debt Service $6,035,218.39
Beginning Balance $71,969,798.82 $0.00 $66,351,224.75 $5,618,574.07
Interest Due $269,909.08 $0.00 $247,434.78 $22,474.30
Interest Paid $269,909.08 $0.00 $247,434.78 $22,474.30
Principal Due $5,601,657.33 $0.00 $5,349,582.75 $252,074.58
Principal Paid $5,601,657.33 $0.00 $5,349,582.75 $252,074.58
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $66,368,141.49 $0.00 $61,001,642.00 $5,366,499.49
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3112709822 0.4576367736
Total Distributions $5,871,566.41 $0.00 $5,597,017.53 $274,548.88
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 $163,651.98
Beginning Reserve Account Balance $6,731,120.45
(Release)/Draw $(31,069.49)
Ending Reserve Account Balance $6,700,050.96
Memo Item - Advances:
Servicer Advances - Current Month $384,920.32
Total Outstanding Servicer Advances$2,813,202.95
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of November 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul 1995 Aug 1995 Sep 1995 Oct 1995 Nov 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $110,086,049.11$103,136,026.25 $96,494,626.09 $89,969,447.02 $83,220,136.56
A) Loss Trigger:
Principal of Contracts
Charged off $5,448.60 $110,306.34 $99,077.68 $101,136.84 $94,761.83
Recoveries $92,283.81 $100,440.75 $17,266.80 $115,481.61 $0.00
Total Charged off
(Months 5,4,3) $214,832.62
Total Recoveries
(Months 3,2,1) 132,748.41
Net Loss/(Recoveries)
for 3 Mos. $82,084.21(a)
Total Balance
(Months 5,4,3) $309,716,701.45 (b)
Loss Ratio [(a/b)(12)] 0.3180%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $160,788.48 $115,035.26 $114,451.78
As % of Beginning
Pool Balance 0.16663% 0.12786% 0.13753%
Three Month Average 0.19914% 0.16868% 0.14401%
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
Page 1 of 3
Navistar Financial 1994-A Owner Trust
For the Month of November 1995
Distribution Date of December 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $133,145,767.75
Beginning Pool Factor 0.4754841
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,800,135.99
Interest Collected $931,013.51
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $150,541.00
Total Additional Deposits $150,541.00
Repos/Chargeoffs $139,022.68
Aggregate Number of Notes Charged Off 14
Total Available Funds $6,881,690.50
Ending Pool Balance $127,206,609.08
Ending Pool Factor 0.4542745
Servicing Fee $110,954.81
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $8,694,605.56
Target Percentage 6.50%
Target Balance $8,268,429.59
Minimum Balance $5,600,429.43
(Release)/Deposit $(426,175.97)
Ending Balance $8,268,429.59
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,315,208.96 978
31-60 days 240,356.37 201
60+ days 151,755.56 97
Total 1,707,320.89 981
Balances:
60+ days 3,393,043.01 97
Memo Item - Reserve Account
Prior Month $8,654,474.90
+ Invest. Income 40,130.66
- Withdrawal 0.00
Beginning Balance $8,694,605.56
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of November 1995
<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 $133,145,767.75
Ending Pool Balance $127,206,609.08
Collected Principal $5,800,135.99
Collected Interest $931,013.51
Charge-Offs $139,022.68
Servicing $150,541.00
Liquidation Proceeds/Recoveries $110,954.81
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $6,770,735.69
Beginning Balance $127,330,492.02 $0.00$120,367,844.74 $6,962,647.28
Interest Due $631,139.58 $0.00 $594,817.77 $36,321.81
Interest Paid $631,139.58 $0.00 $594,817.77 $36,321.81
Principal Due $5,939,158.67 $0.00 $5,671,896.53 $267,262.14
Principal Paid $5,939,158.67 $0.00 $5,671,896.53 $267,262.14
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $121,391,333.35 $0.00$114,695,948.21 $6,695,385.14
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.6350335423 0.6831000062
Total Distributions $6,570,298.25 $0.00 $6,266,714.30 $303,583.95
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 $200,437.44
Beginning Reserve Account Balance $8,694,605.56
(Release)/Draw $(426,175.97)
Ending Reserve Account Balance $8,268,429.59
Memo Item - Advances:
Servicer Advances - Current Month $488,302.31
Total Outstanding Servicer Advances$3,366,554.55
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of November 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul 1995 Aug 1995 Sep 1995 Oct 1995 Nov 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $160,120,763.05$153,316,237.82$147,253,866.60$140,310,679.08$133,145,767.75
A) Loss Trigger:
Principal of Contracts
Charged off $25,779.12 $153,645.61 $348,739.12 $45,053.94 $139,022.68
Recoveries $146,959.92 $95,841.65 $121,509.40 $178,798.39 $150,541.00
Total Charged off
(Months 5,4,3) $528,163.85
Total Recoveries
(Months 3,2,1) 450,848.79
Net Loss/(Recoveries)
for 3 Mos. $77,315.06(a)
Total Balance
(Months 5,4,3) $460,690,867.47(b)
Loss Ratio [(a/b)(12)] 0.2014%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $543,026.32 $376,802.23 $3,393,043.01
As % of Beginning
Pool Balance 0.36877% 0.26855% 2.54837%
Three Month Average 0.38135% 0.41202% 1.06189%
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
Page 1 of 3
Navistar Financial 1994-B Owner Trust
For the Month of November 1995
Distribution Date of December 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $126,739,083.43
Beginning Pool Factor 0.5894025
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,501,547.79
Interest Collected $940,263.28
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $170,123.10
Total Additional Deposits $170,123.10
Repos/Chargeoffs $29,858.29
Aggregate Number of Notes Charged Off 6
Total Available Funds $5,611,934.17
Ending Pool Balance $122,207,677.35
Ending Pool Factor 0.5683291
Servicing Fee $105,615.90
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $8,276,241.99
Target Percentage 6.50%
Target Balance $7,943,499.03
Minimum Balance $4,300,595.47
(Release)/Deposit $(332,742.96)
Ending Balance $7,943,499.03
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,088,543.85 798
31-60 days 169,837.60 150
60+ days 57,441.82 47
Total 1,315,823.27 798
Balances:
60+ days 1,449,407.12 47
Memo Item - Reserve Account
Prior Month $8,238,040.42
+ Invest. Income 38,201.57
- Transfer to Collect1ion Account 0.00
Beginning Balance $8,276,241.99
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of November 1995
<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 $126,739,083.43
Ending Pool Balance $122,207,677.35
Collected Principal $4,501,547.79
Collected Interest $940,263.28
Charge-Offs $29,858.29
Liquidation Proceeds/Recoveries $170,123.10
Servicing $105,615.90
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,506,318.27
Beginning Balance $126,335,358.54$121,912,889.42 $4,422,469.12
Interest Due $674,617.79 $650,202.08 $24,415.71
Interest Paid $674,617.79 $650,202.08 $24,415.71
Principal Due $4,531,406.08 $4,372,806.87 $158,599.21
Principal Paid $4,531,406.08 $4,372,806.87 $158,599.21
Ending Balance $121,803,952.45$117,540,082.55 $4,263,869.90
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5664500395 0.5664937073
Total Distributions $5,206,023.87 $5,023,008.95 $183,014.92
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 $300,294.39
Beginning Reserve Account Balance $8,276,241.99
(Release)/Draw $(332,742.96)
Ending Reserve Account Balance $7,943,499.03
Memo Item - Advances:
Servicer Advances - Current Month $388,457.23
Total Outstanding Servicer Advances$2,318,601.53
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of November 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul 1995 Aug 1995 Sep 1995 Oct 1995 Nov 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $148,854,565.73$143,039,156.10$138,462,514.30$132,443,097.54$126,739,083.43
A) Loss Trigger:
Principal of Contracts
Charged off $252,456.52 $73,921.19 $87,273.86 $186,810.70 $29,858.29
Recoveries $178,066.34 $258,269.40 $107,998.09 $216,366.65 $170,123.10
Total Charged off
(Months 5,4,3) $413,651.57
Total Recoveries
(Months 3,2,1) 494,487.84
Net Loss/(Recoveries)
for 3 Mos. $(80,836.27)(a)
Total Balance
(Months 5,4,3) $430,356,236.13(b)
Loss Ratio [(a/b)(12)] (0.2254)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $544,861.75 $97,561.50 $1,449,407.12
As % of Beginning
Pool Balance 0.39351% 0.07366% 1.14361%
Three Month Average 0.38472% 0.32328% 0.53693%
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
Page 1 of 3
Navistar Financial 1994-C Owner Trust
For the Month of November 1995
Distribution Date of December 20, 1995
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $219,591,543.63
Beginning Pool Factor 0.6970498
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,181,442.49
Interest Collected $1,753,864.00
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $386,966.75
Total Additional Deposits $386,966.75
Repos/Chargeoffs $241,202.65
Aggregate Number of Notes Charged Off 39
Total Available Funds $8,322,273.24
Ending Pool Balance $213,168,898.49
Ending Pool Factor 0.6766624
Servicing Fee $182,992.95
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $13,224,404.79
Target Percentage 6.00%
Target Balance $12,790,133.91
Minimum Balance $6,615,628.35
(Release)/Deposit $(434,270.88)
Ending Balance $12,790,133.91
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,760,136.84 1,188
31-60 days 338,504.95 271
60+ days 206,276.44 134
Total 2,304,918.23 1,190
Balances:
60+ days 4,758,802.38 134
Memo Item - Reserve Account
Prior Month $13,163,364.83
+ Invest. Income 61,039.96
- Transfer to Collections Account $0.00
Beginning Balance $13,224,404.79
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of November 1995
<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 96.50% 0.00% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $219,591,543.63
Ending Pool Balance $213,168,898.49
Collected Principal $6,181,442.49
Collected Interest $1,753,864.00
Charge-Offs $241,202.65
Liquidation Proceeds/Recoveries $386,966.75
Servicing $182,992.95
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $8,139,280.29
Beginning Balance $219,278,520.45$112,924,191.91 $97,000,000.00 $9,354,328.54
Interest Due $1,431,259.16 $719,891.72 $646,666.67 $64,700.77
Interest Paid $1,431,259.16 $719,891.72 $646,666.67 $64,700.77
Principal Due $6,422,645.14 $6,197,852.56 $0.00 $224,792.58
Principal Paid $6,422,645.14 $6,197,852.56 $0.00 $224,792.58
Ending Balance $212,855,875.31$106,726,339.35 $97,000,000.00 $9,129,535.96
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5155861804 1.0000000000 0.8277063327
Total Distributions $7,853,904.30 $6,917,744.28 $646,666.67 $289,493.35
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 $285,375.99
Beginning Reserve Account Balance$13,224,404.79
(Release)/Draw $(434,270.88)
Ending Reserve Account Balance $12,790,133.91
Memo Item - Advances:
Servicer Advances - Current Month $558,503.10
Total Outstanding Servicer Advances$3,578,837.17
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of November 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul 1995 Aug 1995 Sep 1995 Oct 1995 Nov 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $251,839,547.04$243,903,815.09$236,060,058.24$229,333,221.86$219,591,543.63
A) Loss Trigger:
Principal of Contracts
Charged off $105,856.09 $134,617.10 $323,377.55 $1,451,784.91 $241,202.65
Recoveries $191,242.39 $247,007.92 $19,396.52 $519,972.17 $386,966.75
Total Charged off
(Months 5,4,3) $563,850.74
Total Recoveries
(Months 3,2,1) 926,335.44
Net Loss/(Recoveries)
for 3 Mos. $(362,484.70)(a)
Total Balance
(Months 5,4,3) $731,803,420.37(b)
Loss Ratio [(a/b)(12)] (0.5944)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $772,722.80 $290,352.68 $4,758,802.38
As % of Beginning
Pool Balance 0.32734% 0.12661% 2.16712%
Three Month Average 0.25480% 0.23629% 0.87369%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1995-A Owner Trust
For the Month of November 1995
Distribution Date of December 20, 1995
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $356,635,881.95
Beginning Pool Factor 0.8393817
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,238,618.35
Interest Collected $3,148,997.77
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $511,911.31
Total Additional Deposits $511,911.31
Repos/Chargeoffs $312,680.72
Aggregate Number of Notes Charged Off 31
Total Available Funds $11,899,527.43
Ending Pool Balance $348,084,582.88
Ending Pool Factor 0.8192553
Servicing Fee $297,196.57
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $21,497,380.53
Target Percentage 6.00%
Target Balance $20,885,074.97
Minimum Balance $8,922,464.92
(Release)/Deposit $(612,305.56)
Ending Balance $20,885,074.97
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,282,301.98 1,490
31-60 days 342,484.43 204
60+ days 151,165.64 34
Total 2,775,952.05 1,490
Balances:
60+ days 6,519,237.86 34
Memo Item - Reserve Account
Prior Month $21,398,152.92
+ Invest. Income 99,227.61
- Transfer to Collections Account 0.00
Beginning Balance $21,497,380.53
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of November 1995
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $424,879,281.80 $80,000,000.00$330,000,000.00 $14,879,281.80
Distribution Percentages 100.00% 0.00% 0.00%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $356,635,881.95
Ending Pool Balance $348,084,582.88
Collected Principal $8,238,618.35
Collected Interest $3,148,997.77
Charge-Offs $312,680.72
Liquidation Proceeds/Recoveries $511,911.31
Servicing $297,196.57
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $11,602,330.86
Beginning Balance $356,635,881.95 $11,756,600.15$330,000,000.00 $14,879,281.80
Interest Due $1,943,989.18 $57,803.28 $1,801,250.00 $84,935.90
Interest Paid $1,943,989.18 $57,803.28 $1,801,250.00 $84,935.90
Principal Due $8,551,299.07 $8,551,299.07 $0.00 $0.00
Principal Paid $8,551,299.07 $8,551,299.07 $0.00 $0.00
Ending Balance $348,084,582.88 $3,205,301.08$330,000,000.00 $14,879,281.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0400662635 1.0000000000 1.0000000000
Total Distributions $10,495,288.25 $8,609,102.35 $1,801,250.00 $84,935.90
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 $1,107,042.61
Beginning Reserve Account Balance$21,497,380.53
(Release)/Draw $(612,305.56)
Ending Reserve Account Balance $20,885,074.97
Memo Item - Advances:
Servicer Advances - Current Month $643,629.38
Total Outstanding Servicer Advances$3,611,353.63
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Month of November 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul 1995 Aug 1995 Sep 1995 Oct 1995 Nov 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $404,629,494.13$388,037,002.00$377,759,666.41$368,163,685.54$356,635,881.95
A) Loss Trigger:
Principal of Contracts
Charged off $314,425.55 $508,479.68 $1,044,025.46 $776,378.74 $312,680.72
Recoveries $68,497.34 $205,263.52 $125,685.85 $1,209,790.48 $511,911.31
Total Charged off
(Months 5,4,3) $1,866,930.69
Total Recoveries
(Months 3,2,1) 1,847,387.64
Net Loss/(Recoveries)
for 3 Mos. $19,543.05(a)
Total Balance
(Months 5,4,3) $1,170,426,162.54(b)
Loss Ratio [(a/b)(12)] 0.0200%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,253,903.47 $614,939.68$6,519,237.86
As % of Beginning
Pool Balance 0.33193% 0.16703% 1.82798%
Three Month Average 0.21379% 0.21629% 0.77565%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 1 of 4
Navistar Financial 1995-B Owner Trust
For the Month of November 1995
Distribution Date of December 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $443,102,129.03
Beginning Pool Factor 0.9749229
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,854,195.60
Interest Collected $4,307,611.92
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $174,400.41
Aggregate Number of Notes Charged Off 0
Total Available Funds $16,161,807.52
Ending Pool Balance $501,525,322.41
Ending Pool Factor 0.9553746
Servicing Fee $369,251.77
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $28,376,453.57
Target Percentage 5.50%
Target Balance $27,583,892.73
Minimum Balance $11,023,980.93
(Release)/Deposit $(792,560.84)
Ending Balance $27,583,892.73
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,726,717.92 1,715
31-60 days 224,886.62 174
60+ days 15,888.54 18
Total 2,967,493.08 1,716
Balances:
60+ days 495,028.84 18
Memo Item - Reserve Account
Initial Deposit $28,245,465.51
+ Invest. Income 130,988.06
+ Transfer to Collections Account 0.00
Beginning Balance $28,376,453.57
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 4
Navistar Financial 1995-B Owner Trust
For the Month of November 1995
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
Original
Pool Amount Dist.: $525,000,000.00$122,300,000.00$100,000,000.00$284,325,000.00$18,375,000.00
Distribution Percentages 100.00% 0.00% 0.00% 0.00%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $513,553,918.42
Ending Pool Balance $501,525,322.41
Collected Principal $11,854,195.60
Collected Interest $4,307,611.92
Charge-Offs $174,400.41
Liquidation Proceeds/Recoveries $0.00
Servicing $369,251.77
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $15,792,555.75
Beginning Balance $513,553,918.42$110,853,918.42$100,000,000.00$284,325,000.00$18,375,000.00
Interest Due $2,554,890.66 $531,175.03 $495,000.00 $1,433,471.88 $95,243.75
Interest Paid $2,554,890.66 $531,175.03 $495,000.00 $1,433,471.88 $95,243.75
Principal Due $12,028,596.01$12,028,596.01 $0.00 $0.00 $0.00
Principal Paid $12,028,596.01$12,028,596.01 $0.00 $0.00 $0.00
Ending Balance $501,525,322.41$98,825,322.41$100,000,000.00$284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.8081 1.0000 1.0000 1.0000
Total Distributions $14,583,486.67$12,559,771.04 $495,000.00 $1,433,471.88 $95,243.75
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve)$0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,209,069.08
Beginning Reserve Account Balance$28,376,453.57
(Release)/Draw $(792,560.84)
Ending Reserve Account Balance$27,583,892.73
Memo Item - Advances:
Servicer Advances - Current Month$954,963.80
Total Outstanding Servicer Advances$3,242,040.64
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 4
Navistar Financial 1995-B Owner Trust
For the Month of November 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $454,499,683.43$443,102,129.03
A) Loss Trigger:
Principal of Contracts
Charged off $200,500.99 $174,400.41
Recoveries $0.00 $0.00
Total Charged off
(Months 5,4,3) $374,901.40
Total Recoveries
(Months 3,2,1) 0.00
Net Loss/(Recoveries)
for 3 Mos. $374,901.40(a)
Total Balance
(Months 5,4,3) $897,601,812.46(b)
Loss Ratio [(a/b)(12)] 0.5012%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $48,450.18 $495,028.84
As % of Beginning
Pool Balance 0.01066% 0.11172%
Three Month Average 0.01066% 0.06119%
Trigger:
Is Average> 2.0% No
</TABLE>
<PAGE>
Exhibit 20.6
Page 4 of 4
Navistar Financial 1995-B Owner Trust
For the Month of November 1995
<TABLE>
<S> <C>
Pre-Funding Account:
Initial Pre-Funded Amount 11/15/95 $0.00
Investment Earnings 12/1/95 $93,511.92
Subtotal $93,511.92
Transfer to 1995-B
Collections Account $93,511.92
Ending Balance $0.00
</TABLE>
Note: Account was closed after Investment Earnings were received.
Negative Carry Account:
This account was closed as of 11/15/95. See Servicer Certificate #1 for
detailed transactions.
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
