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, 1994
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 33-50291
----------
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 51-0337491
(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 708-734-4275
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 1993-A Owner Trust, Navistar Financial 1994-A Owner
Trust and Navistar Financial 1994-B Owner Trust (the "Trusts") were formed
pursuant to three separate Trust Agreements dated as of November 10, 1993, May
3, 1994 and August 3, 1994, respectively, among Navistar Financial Retail
Receivables Corporation, as seller (the "Seller") and Chemical Bank Delaware,
as owner trustee (the "Trustee"). Retail notes (the "Retail Notes") and
security interests in the vehicles financed thereby were transferred to the
Trusts in exchange for fixed rate notes (the "Notes") and fixed rate pass-
through certificates (the "Certificates") which were registered on
Registration Statement No. 33-50291 and sold to the public in reliance on Rule
415 under the Securities Act of 1933. The Seller retained ownership of
approximately 1% of the initial Certificate balance with the formation of each
Trust.
Pursuant to a Pooling and Servicing Agreement (the "Agreement") for each
Trust, Navistar Financial Corporation acts as servicer (the "Servicer") and,
in that capacity, manages, services, administers and makes collections on the
Retail Notes. Navistar Financial Retail Receivables Corporation is a wholly-
owned subsidiary of Navistar Financial Corporation. Each Agreement provides
that collections shall be distributed to noteholders and certificateholders
and otherwise used in accordance with the priorities set forth therein.
Pursuant to each Agreement, the Seller established a reserve account as credit
enhancement for each Trust. Amounts on deposit in each reserve account after
payments to security holders and the Servicer are paid to the Seller to the
extent that such amounts exceed a specified reserve account target balance.
The specified reserve account target balance cannot, however, be less than a
specified minimum of the initial aggregate receivables balance for each Trust.
There is no cross collateralization between the Trusts.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving
either the Retail Notes or the Trustee, or the Seller or Servicer in respect
of the Trusts.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted during the period of this report to a vote of
holders of the Certificates.<PAGE>
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, 1994, the principal balances of the Navistar Financial
1993-A Owner Trust, Navistar Financial 1994-A Owner Trust and Navistar
Financial 1994-B Owner Trust are $166.1 million, $219.1 million and $192.7
million, respectively. Reference is made to Exhibit 13, Annual Summary, for
additional information regarding principal and interest payments in respect
of the Notes and Certificates and information regarding servicing compensation
and other fees paid by the Trusts during the fiscal year.
As of October 31, 1994, the balances of the reserve account of the
Navistar Financial 1993-A Owner Trust, Navistar Financial 1994-A Owner Trust
and Navistar Financial 1994-B Owner Trust are $13.3 million, $14.5 million and
$12.5 million, respectively.
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.<PAGE>
PART III
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 for each of the Owner Trusts listed below is an
annualized version of the monthly Servicer Certificates prepared
by the Servicer.
13(a) - Navistar Financial 1993-A Owner Trust
13(b) - Navistar Financial 1994-A Owner Trust
13(c) - Navistar Financial 1994-B Owner Trust
13(d) - Report of Independent Certified Public Accountants
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K during the three
months ended October 31, 1994:
(i) Form 8-K dated November 11, 1993
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 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)
By: /s/PHYLLIS E. COCHRAN January 30, 1995
Phyllis E. Cochran
Vice President and Controller<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequential
Exhibit No. Exhibit Page No.
<S> <C> <C>
3 Articles of Incorporation and By-Laws 5
10 Material Contracts 6
13(a) Annual Summary
- Navistar Financial 1993-A Owner Trust 8
13(b) Annual Summary
- Navistar Financial 1994-A Owner Trust 11
13(c) Annual Summary
- Navistar Financial 1994-B Owner Trust 14
13(d) Report of Independent Certified Public
Accountants 17
</TABLE>
Exhibit 3
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
ARTICLES OF INCORPORATION AND BY-LAWS
The following documents of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
3.1 Restated Certificate of Incorporation of Navistar Financial Retail
Receivables Corporation (as amended and in effect on December 10,
1991). Filed on Registration No. 33-50291.
3.2 The By-Laws of Navistar Financial Retail Receivables Corporation.
Filed on Registration No. 33-50291.
Exhibit 10
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
The following material contracts of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
10.1 Pooling and Servicing Agreement dated as of December 1, 1991 between
Navistar Financial Corporation, as Servicer, Navistar Financial
Retail Receivables Corporation, as Seller, and The Bank of New York,
as Trustee, with respect to Navistar Financial 1991-1 Grantor Trust.
Commission File No. 1-4146-1.
10.2 Navistar Financial Grantor Trusts Standard Terms and Conditions of
Agreement effective December 1, 1991 between Navistar Financial
Corporation, as Servicer, and Navistar Financial Retail Receivables
Corporation, as Seller, with respect to Navistar Financial Grantor
Trusts formed on or subsequent to December 1, 1991. Commission File
No. 1-4146-1.
10.3 Purchase Agreement dated as of December 16, 1991 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial 1991-1
Grantor Trust. Commission File No. 1-4146-1.
10.4 Purchase Agreement dated as of November 10, 1993 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial 1993-A
Owner Trust. Filed on Registration No. 33-50291.
10.5 Pooling and Servicing Agreement dated as of November 10, 1993 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1993-A Owner Trust, as Issuer. Filed on Registration No. 33-50291.
10.6 Trust Agreement dated as of November 10, 1993 between Navistar
Financial Retail Receivables Corporation, as Seller, and Chemical
Bank Delaware, as Owner Trustee, with respect to Navistar Financial
1993-A Owner Trust. Filed on Registration No. 33-50291.
10.7 Indenture dated as of November 10, 1993 between Navistar Financial
1993-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1993-A Owner Trust. Filed on
Registration No. 33-50291.
10.8 Purchase Agreement dated as of May 3, 1994 between Navistar Financial
Corporation and Navistar Financial Retail Receivables Corporation, as
Purchaser, with respect to Navistar Financial 1994-A Owner Trust.
Filed on Registration No. 33-50291.
10.9 Pooling and Servicing Agreement dated as of May 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-A Owner Trust, as Issuer. Filed on Registration No. 33-50291.
10.10 Trust Agreement dated as of May 3, 1994 between Navistar Financial
Retail Receivables Corporation, as Seller, and Chemical Bank
Delaware, as Owner Trustee, with respect to Navistar Financial 1994-A
Owner Trust. Filed on Registration No. 33-50291.<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.11 Indenture dated as of May 3, 1994 between Navistar Financial 1994-A
Owner Trust and The Bank of New York, as Indenture Trustee, with
respect to Navistar Financial 1994-A Owner Trust. Filed on
Registration No. 33-50291.
10.12 Purchase Agreement dated as of August 3, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial 1994-B
Owner Trust. Filed on Registration No. 33-50291.
10.13 Pooling and Servicing Agreement dated as of August 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-B Owner Trust, as Issuer. Filed on Registration No. 33-50291.
10.14 Trust Agreement dated as of August 3, 1994 between Navistar Financial
Retail Receivables Corporation, as Seller, and Chemical Bank
Delaware, as Owner Trustee, with respect to Navistar Financial 1994-B
Owner Trust. Filed on Registration No. 33-50291.
10.15 Indenture dated as of August 3, 1994 between Navistar Financial
1994-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1994-B Owner Trust. Filed on
Registration No. 33-50291.
10.16 Purchase Agreement dated as of December 15, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial 1994-C
Owner Trust. Filed on Registration No. 33-55865.
10.17 Pooling and Servicing Agreement dated as of December 15, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-C Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.18 Trust Agreement dated as of December 15, 1994 between Navistar
Financial Retail Receivables Corporation, as Seller, and Chemical
Bank Delaware, as Owner Trustee, with respect to Navistar Financial
1994-C Owner Trust. Filed on Registration No. 33-55865.
10.19 Indenture dated as of December 15, 1994 between Navistar Financial
1994-C Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1994-C Owner Trust. Filed on
Registration No. 33-55865.
ANNUAL SUMMARY
Exhibit 13(a)
Navistar Financial 1993-A Owner Trust
Page 1 of 3
For the Months of
November 1993 thru October 1994
Fiscal Year 1994
<TABLE>
<S> <C>
Cut-off Date 10/01/93
Original Pool Amount at Cut-off Date $335,002,547.77
Beginning Pool Balance as of 11/1/93 $318,573,416.75
Beginning Pool Factor as of 11/1/93 0.9509582
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $139,882,622.87
Interest Collected $23,873,203.63
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $3,054,893.80
Total Additional Deposits $3,054,893.80
Repos/Chargeoffs $3,400,457.47
Aggregate Number of Notes Charged Off 277
Total Available Funds $165,415,517.59
Ending Pool Balance as of 10/31/94 $176,685,539.12
Ending Pool Factor as of 10/31/94 0.5274155
Servicing Fee $2,483,388.95
Repayment of Servicer Advances $1,395,202.71
Reserve Account:
Beginning Balance as of 11/1/93 $23,893,006.26
Investment Income Earned
during the year $682,241.75
Target Percentage 7.50%
Target Balance as of 10/31/94 $13,251,415.43
Minimum Balance
(2% of Initial Balance) $6,700,050.96
(Release)/Deposit
- Includes Investment Income $(11,323,832.58)
Ending Balance as of 10/31/94 $13,251,415.43
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/94: Dollars Notes
<S> <C> <C>
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
</TABLE>
<PAGE>
Exhibit 13(a)
Navistar Financial 1993-A Owner Trust
Page 2 of 3
For the Months of November 1993 thru October 1994
Fiscal Year 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
prior to A-1 payoff 100.00% 0.00% 0.00%
Distribution Percentages
following A-1 payoff 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 3.475% 4.475% 4.800%
Beginning Pool Balance $318,573,416.75
Ending Pool Balance $176,685,539.12
Collected Principal $141,542,313.96
Collected Interest $23,873,203.63
Charge-Offs $3,400,457.47
Servicing $2,483,388.95
Total Collections Available
for Debt Service $162,932,128.64
Beginning Balance as of 11/1/93 $316,492,092.23 $108,789,544.46 $195,976,000.00 $11,726,547.77
Interest Due $10,455,859.54 $1,354,321.51 $8,549,789.99 $551,748.04
Interest Paid $10,455,859.54 $1,354,321.51 $8,549,789.99 $551,748.04
Principal Due $144,942,771.43 $103,342,805.12 $39,727,967.83 $1,871,998.48
Principal Paid $144,942,771.43 $103,342,805.12 $39,727,967.83 $1,871,998.48
Turbo Principal $5,446,739.34 $5,446,739.34 $0.00 $0.00
Ending Balance as of 10/31/94 $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 0.8403623541
Total Distributions $160,845,370.31 $110,143,865.97 $48,277,757.82 $2,423,746.52
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 $2,086,758.33
Beginning Reserve Account Balance $23,893,006.26
Investment Income Earned during the year$682,241.75
(Release)/Draw - Includes Invest. Income$(11,323,832.58)
Ending Reserve Account Balance $13,251,415.43
Memo Item - Advances:
Total Outstanding Servicer Advances $2,634,918.70
</TABLE>
<PAGE>
Exhibit 13(a)
Navistar Financial 1993-A Owner Trust
Page 3 of 3
For the Months of November 1993 thru October 1994
Fiscal Year 1994
At each Distribution Date, a loss percentage is computed and this loss
percentage then annualized cannot exceed 1.5%.
The loss percentage is calculated as follows:
- - The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1993 0.0460% May 1994 (0.1280)%
December 1993 0.0853% June 1994 (0.4778)%
January 1994 0.0751% July 1994 (0.3887)%
February 1994 0.5883% August 1994 (0.2787)%
March 1994 0.5780% September 1994 (0.1279)%
April 1994 0.4548% October 1994 (0.1348)%
</TABLE>
At each Distribution Date, a delinquency percentage is computed and a three
month rolling average of this percentage cannot exceed 2.0%.
The delinquency percentage is calculated as follows:
- - The numerator of which is equal to the aggregate remaining gross balances
of all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1993 0.03586% May 1994 0.43440%
December 1993 0.14127% June 1994 0.43162%
January 1994 0.22714% July 1994 0.43879%
February 1994 0.33400% August 1994 0.34306%
March 1994 0.37015% September 1994 0.25047%
April 1994 0.41703% October 1994 0.11918%
</TABLE>
ANNUAL SUMMARY
Exhibit 13(b)
Navistar Financial 1994-A Owner Trust
Page 1 of 3
For the Months of April 1994 thru October 1994
Fiscal Period 1994
<TABLE>
<S> <C>
Cut-off Date 04/01/94
Original Pool Amount at Cut-off Date $280,021,471.35
Beginning Pool Balance as of 4/1/94 $280,021,471.35
Beginning Pool Factor as of 4/1/94 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $56,227,852.82
Interest Collected $13,512,070.56
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $526,368.05
Total Additional Deposits $526,368.05
Repos/Chargeoffs $991,127.66
Aggregate Number of Notes Charged Off 56
Total Available Funds $69,897,644.40
Ending Pool Balance as of 10/31/94 $223,171,137.90
Ending Pool Factor as of 10/31/94 0.7969787
Servicing Fee $1,486,956.52
Repayment of Servicer Advances $368,647.03
Reserve Account:
Beginning Balance as of 4/1/94 $18,201,395.64
Investment Income Earned
during the year $375,288.65
Target Percentage 6.50%
Target Balance as of 10/31/94 $14,506,123.96
Minimum Balance
(2% of Initial Balance) $5,600,429.43
(Release)/Deposit
- Includes Investment Income $(4,070,560.33)
Ending Balance as of 10/31/94 $14,506,123.96
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/94: Dollars Notes
Installments:
<S> <C> <C>
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
</TABLE>
<PAGE>
Exhibit 13(b)
Navistar Financial 1994-A Owner Trust
Page 2 of 3
For the Months of April 1994 thru October 1994
Fiscal Period 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
prior to A-1 payoff 100.00% 0.00% 0.00%
Distribution Percentages
following A-1 payoff 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $280,021,471.35
Ending Pool Balance $223,171,137.90
Collected Principal $56,385,573.84
Collected Interest $13,512,070.56
Charge-Offs $991,127.66
Servicing $1,486,956.52
Total Collections Available
for Debt Service $68,410,687.88
Beginning Balance as of 4/1/94 $280,021,471.35 $89,606,000.00 $180,614,000.00 $9,801,471.35
Interest Due $7,515,538.50 $1,445,402.68 $5,712,218.75 $357,917.07
Interest Paid $7,515,538.50 $1,445,402.68 $5,712,218.75 $357,917.07
Principal Due $57,376,701.50 $57,376,701.50 $0.00 $0.00
Principal Paid $57,376,701.50 $57,376,701.50 $0.00 $0.00
Turbo Principal $3,518,447.89 $3,518,447.89 $0.00 $0.00
Ending Balance as of 10/31/94 $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 1.0000000000 1.0000000000
Total Distributions $68,410,687.89 $62,340,552.07 $5,712,218.75 $357,917.07
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 $18,201,395.64
Investment Income Earned during the period$375,288.65
(Release)/Draw - Includes Investment Income$(4,070,560.33)
Ending Reserve Account Balance $14,506,123.96
Memo Item - Advances:
Total Outstanding Servicer Advances $1,454,116.93
</TABLE>
<PAGE>
Exhibit 13(b)
Navistar Financial 1994-A Owner Trust
Page 3 of 3
For the Months of April 1994 thru October 1994
Fiscal Period 1994
At each Distribution Date, a loss percentage is computed and this loss
percentage then annualized cannot exceed 1.5%.
The loss percentage is calculated as follows:
- - The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
April 1994 0.2874% August 1994 0.1111%
May 1994 0.3169% September 1994 (0.1607)%
June 1994 0.1984% October 1994 (0.1020)%
July 1994 0.1706%
</TABLE>
At each Distribution Date, a delinquency percentage is computed and a three
month rolling average of this percentage cannot exceed 2.0%.
The delinquency percentage is calculated as follows:
- - The numerator of which is equal to the aggregate remaining gross balances
of all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
April 1994 0.02967% August 1994 0.12031%
May 1994 0.07460% September 1994 0.22080%
June 1994 0.09961% October 1994 0.18453%
July 1994 0.12959%
</TABLE>
ANNUAL SUMMARY
Exhibit 13(c)
Navistar Financial 1994-B Owner Trust
Page 1 of 3
For the Months of July 1994 thru October 1994
Fiscal Period 1994
<TABLE>
<S> <C>
Cut-off Date 07/01/94
Original Pool Amount at Cut-off Date $215,029,773.64
Beginning Pool Balance as of 7/1/94 $215,029,773.64
Beginning Pool Factor as of 7/1/94 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $22,397,576.97
Interest Collected $6,467,651.43
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $54,800.21
Total Additional Deposits $54,800.21
Repos/Chargeoffs $233,970.86
Aggregate Number of Notes Charged Off 21
Total Available Funds $28,532,916.30
Ending Pool Balance as of 10/31/94 $192,785,338.12
Ending Pool Factor as of 10/31/94 0.8965518
Servicing Fee $687,861.25
Repayment of Servicer Advances $387,112.31
Reserve Account as of 7/1/94:
Beginning Balance $13,976,935.29
Investment Income Earned
during the year $164,332.01
Target Percentage 6.50%
Target Balance as of 10/31/94 $12,531,046.98
Minimum Balance
(2% of Initial Balance) $4,300,595.47
(Release)/Deposit
- Includes Investment Income $(1,610,220.32)
Ending Balance as of 10/31/94 $12,531,046.98
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/94: Dollars Notes
Installments:
<S> <C> <C>
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
</TABLE>
<PAGE>
Exhibit 13(c)
Navistar Financial 1994-B Owner Trust
Page 2 of 3
For the Months of July 1994 thru October 1994
Fiscal Period 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%
Turbo Percentages 6.400% 6.625%
Beginning Pool Balance $215,029,773.64
Ending Pool Balance $192,785,338.12
Collected Principal $22,065,264.87
Collected Interest $6,467,651.43
Charge-Offs $233,970.86
Servicing $687,861.25
Total Collections Available
for Debt Service $27,845,055.05
Beginning Balance as of 7/1/94 $215,029,773.64 $207,503,000.00 $7,526,773.64
Interest Due $3,718,600.97 $3,584,026.16 $134,574.81
Interest Paid $3,718,600.97 $3,584,026.16 $134,574.81
Principal Due $22,299,235.72 $21,518,762.47 $780,473.25
Principal Paid $22,299,235.72 $21,518,762.47 $780,473.25
Ending Balance as of 10/31/94 $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 $26,017,836.69 $25,102,788.63 $915,048.06
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 $1,827,218.36
Beginning Reserve Account Balance $13,976,935.29
Investment Income Earned during the period$164,332.01
(Release)/Draw - Includes Investment Income$(1,610,220.32)
Ending Reserve Account Balance $12,531,046.98
Memo Item - Advances:
Total Outstanding Servicer Advances $850,194.93
</TABLE>
<PAGE>
Exhibit 13(c)
Navistar Financial 1994-B Owner Trust
Page 3 of 3
For the Months July 1994 thru October 1994
Fiscal Period 1994
At each Distribution Date, a loss percentage is computed and this loss
percentage then annualized cannot exceed 1.5%.
The loss percentage is calculated as follows:
- - The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss percentages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
July 1994 0.1656% September 1994 0.2815%
August 1994 0.1702% October 1994 0.2248%
</TABLE>
At each Distribution Date, a delinquency percentage is computed and a three
month rolling average of this percentage cannot exceed 2.0%.
The delinquency percentage is calculated as follows:
- - The numerator of which is equal to the aggregate remaining gross balances
of all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
July 1994 0.01117% September 1994 0.11231%
August 1994 0.01681% October 1994 0.10778%
</TABLE>
Exhibit 13(d)
INDEPENDENT AUDITORS' REPORT
Board of Directors
Navistar Financial Corporation
Rolling Meadows, Illinois
Chemical Bank Delaware
Owner Trustee
The Bank of New York
Indenture Trustee
Re: Uniform Single Audit Program for Mortgage Bankers
We have audited, in accordance with generally accepted auditing standards,
the consolidated statement of financial condition of Navistar Financial
Corporation and subsidiaries (the "Company") as of October 31, 1994, and the
related statements of consolidated income and retained earnings and of
consolidated cash flows for the year then ended, and have issued our report
thereon, dated December 12, 1994.
In connection with our audit, to the extent applicable, in accordance with
the requirements of the Uniform Single Audit Program for Mortgage Bankers (the
"Program"), no errors or exceptions relating to retail notes receivables
serviced for others came to our attention that Paragraph 4 of that Program
requires us to report.
This report is intended solely for the information and use of the Board of
Directors and management of the Company and Chemical Bank Delaware, in its
capacity as Trustee for the Navistar Financial 1993-A, 1994-A, and 1994-B
Owner Trusts, for whom the Company services retail notes receivables, and
should not be used for any other purpose.
/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 12, 1994
<PAGE>
<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-31-1994
<PERIOD-END> OCT-31-1994
<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
<COMMON> 0
0
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>
