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 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 November 15 and 20, 1995, Registrant made available the
Monthly Servicer Certificates for the Period of October 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 November 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 November 15, 1995
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated November 15, 1995
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated November 15, 1995
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated November 20, 1995
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated November 20, 1995
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated November 15, 1995
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of October 1995
Distribution Date of November 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $89,969,447.02
Beginning Pool Factor 0.2685635
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,980,188.15
Interest Collected $706,963.92
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $115,481.61
Total Additional Deposits $115,481.61
Repos/Chargeoffs $101,136.84
Aggregate Number of Notes Charged Off 20
Total Available Funds $7,470,619.15
Ending Pool Balance $83,220,136.56
Ending Pool Factor 0.2484164
Servicing Fee $74,974.54
Repayment of Servicer Advances $332,014.53
Reserve Account:
Beginning Balance $6,778,995.97
Target Percentage 7.50%
Target Balance $6,241,510.24
Minimum Balance $6,700,050.96
(Release)/Deposit $(78,945.01)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 634,395.08 513
31-60 days 49,534.74 49
60+ days 11,997.97 10
Total 695,927.79 519
Balances:
60+ days 115,035.26 10
Memo Item - Reserve Account
Prior Month $6,747,708.53
Invest. Income 31,287.44
Beginning Balance $6,778,995.97
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of October 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 $89,969,447.02
Ending Pool Balance $83,220,136.56
Collected Principal $6,648,173.62
Collected Interest $706,963.92
Liquidation Proceeds/Recoveries $115,481.61
Charge-Offs $101,136.84
Servicing $74,974.54
Total Collections Available
for Debt Service $7,395,644.61
Beginning Balance $78,719,109.28 $0.00 $72,796,816.24 $5,922,293.04
Interest Due $295,160.63 $0.00 $271,471.46 $23,689.17
Interest Paid $295,160.63 $0.00 $271,471.46 $23,689.17
Principal Due $6,749,310.46 $0.00 $6,445,591.49 $303,718.97
Principal Paid $6,749,310.46 $0.00 $6,445,591.49 $303,718.97
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $71,969,798.82 $0.00 $66,351,224.75 $5,618,574.07
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3385681142 0.4791328341
Total Distributions $7,044,471.09 $0.00 $6,717,062.95 $327,408.14
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 $351,173.52
Beginning Reserve Account Balance $6,778,995.97
(Release)/Draw $(78,945.01)
Ending Reserve Account Balance $6,700,050.96
Memo Item - Advances:
Servicer Advances - Current Month $(331,014.53)
Total Outstanding Servicer Advances$2,428,282.63
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of October 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun 1995 Jul 1995 Aug 1995 Sep 1995 Oct 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $118,134,927.19$110,086,049.11$103,136,026.25 $96,494,626.09 $89,969,447.02
A) Loss Trigger:
Principal of Contracts
Charged off $49,805.68 $5,448.60 $110,306.34 $99,077.68 $101,136.84
Recoveries $80,034.02 $92,283.81 $100,440.75 $17,266.80 $115,481.61
Total Charged off
(Months 5,4,3) $165,560.62
Total Recoveries
(Months 3,2,1) 233,189.16
Net Loss/(Recoveries)
for 3 Mos. $(67,628.54)(a)
Total Balance
(Months 5,4,3) $331,357,002.55 (b)
Loss Ratio [(a/b)(12)] (0.2449)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $218,174.90 $160,788.48 $115,035.26
As % of Beginning
Pool Balance 0.21154% 0.16663% 0.12786%
Three Month Average 0.20754% 0.19914% 0.16868%
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 October 1995
Distribution Date of November 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $140,310,679.08
Beginning Pool Factor 0.5010711
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,196,371.68
Interest Collected $1,042,365.74
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $178,798.39
Total Additional Deposits $178,798.39
Repos/Chargeoffs $45,053.94
Aggregate Number of Notes Charged Off 19
Total Available Funds $8,341,021.52
Ending Pool Balance $133,145,767.75
Ending Pool Factor 0.4754841
Servicing Fee $116,925.57
Repayment of Servicer Advances $76,514.29
Reserve Account:
Beginning Balance $9,162,485.75
Target Percentage 6.50%
Target Balance $8,654,474.90
Minimum Balance $5,600,429.43
(Release)/Deposit $(508,010.85)
Ending Balance $8,654,474.90
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,078,527.66 885
31-60 days 180,924.99 150
60+ days 24,882.03 17
Total 1,284,334.68 889
Balances:
60+ days 376,802.23 17
Memo Item - Reserve Account
Prior Month $9,120,194.14
+ Invest. Income 42,291.61
- Withdrawal 0.00
Beginning Balance $9,162,485.75
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of October 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 $140,310,679.08
Ending Pool Balance $133,145,767.75
Collected Principal $7,119,857.39
Collected Interest $1,042,365.74
Charge-Offs $45,053.94
Servicing $178,798.39
Liquidation Proceeds/Recoveries $116,925.57
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $8,224,095.95
Beginning Balance $134,495,403.35 $0.00$127,210,335.06 $7,285,068.29
Interest Due $666,634.84 $0.00 $628,631.07 $38,003.77
Interest Paid $666,634.84 $0.00 $628,631.07 $38,003.77
Principal Due $7,164,911.33 $0.00 $6,842,490.32 $322,421.01
Principal Paid $7,164,911.33 $0.00 $6,842,490.32 $322,421.01
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $127,330,492.02 $0.00$120,367,844.74 $6,962,647.28
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.6664369580 0.7103675593
Total Distributions $7,831,546.17 $0.00 $7,471,121.39 $360,424.78
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 $392,549.78
Beginning Reserve Account Balance $9,162,485.75
(Release)/Draw $(508,010.85)
Ending Reserve Account Balance $8,654,474.90
Memo Item - Advances:
Servicer Advances - Current Month $(76,514.29)
Total Outstanding Servicer Advances$2,878,252.24
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of October 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun 1995 Jul 1995 Aug 1995 Sep 1995 Oct 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $168,810,661.60$160,120,763.05$153,316,237.82$147,253,866.60$140,310,679.08
A) Loss Trigger:
Principal of Contracts
Charged off $82,845.14 $25,779.12 $153,645.61 $348,739.12 $45,053.94
Recoveries $163,176.89 $146,959.92 $95,841.65 $121,509.40 $178,798.39
Total Charged off
(Months 5,4,3) $262,269.87
Total Recoveries
(Months 3,2,1) 396,149.44
Net Loss/(Recoveries)
for 3 Mos. $(133,879.57)(a)
Total Balance
(Months 5,4,3) $482,247,662.47 (b)
Loss Ratio [(a/b)(12)] (0.3331)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $917,978.42 $543,026.32 $376,802.23
As % of Beginning
Pool Balance 0.59875% 0.36877% 0.26855%
Three Month Average 0.31036% 0.38135% 0.41202%
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 October 1995
Distribution Date of November 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $132,443,097.54
Beginning Pool Factor 0.6159291
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,563,652.84
Interest Collected $1,010,508.58
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $216,366.65
Total Additional Deposits $216,366.65
Repos/Chargeoffs $186,810.70
Aggregate Number of Notes Charged Off 14
Total Available Funds $6,744,078.64
Ending Pool Balance $126,739,083.43
Ending Pool Factor 0.5894025
Servicing Fee $110,369.25
Repayment of Servicer Advances $46,449.43
Reserve Account:
Beginning Balance $8,648,718.68
Target Percentage 6.50%
Target Balance $8,238,040.42
Minimum Balance $4,300,595.47
(Release)/Deposit $(410,678.26)
Ending Balance $8,238,040.42
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 966,943.30 698
31-60 days 108,517.30 107
60+ days 9,341.14 5
Total 1,084,801.74 699
Balances:
60+ days 97,561.50 5
Memo Item - Reserve Account
Prior Month $8,608,801.34
+ Invest. Income 39,917.34
- Transfer to Collect1ion Account 0.00
Beginning Balance $8,648,718.68
</TA0BLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of October 1995
</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 $132,443,097.54
Ending Pool Balance $126,739,083.43
Collected Principal $5,517,203.41
Collected Interest $1,010,508.58
Charge-Offs $186,810.70
Liquidation Proceeds/Recoveries $216,366.65
Servicing $110,369.25
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $6,633,709.39
Beginning Balance $132,039,372.65$127,417,263.04 $4,622,109.61
Interest Due $705,076.64 $679,558.74 $25,517.90
Interest Paid $705,076.64 $679,558.74 $25,517.90
Principal Due $5,704,014.11 $5,504,373.62 $199,640.49
Principal Paid $5,704,014.11 $5,504,373.62 $199,640.49
Ending Balance $126,335,358.54$121,912,889.42 $4,422,469.12
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5875235029 0.5875650481
Total Distributions $6,409,090.75 $6,183,932.36 $225,158.39
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 $224,618.64
Beginning Reserve Account Balance $8,648,718.68
(Release)/Draw $(410,678.26)
Ending Reserve Account Balance $8,238,040.42
Memo Item - Advances:
Servicer Advances - Current Month $(46,449.43)
Total Outstanding Servicer Advances$1,930,144.30
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of October 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun 1995 Jul 1995 Aug 1995 Sep 1995 Oct 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $154,739,207.61$148,854,565.73$143,039,156.10$138,462,514.30$132,443,097.54
A) Loss Trigger:
Principal of Contracts
Charged off $171,487.42 $252,456.52 $73,921.19 $87,273.86 $186,810.70
Recoveries $201,635.18 $178,066.34 $258,269.40 $107,998.09 $216,366.65
Total Charged off
(Months 5,4,3) $497,865.13
Total Recoveries
(Months 3,2,1) 582,634.14
Net Loss/(Recoveries)
for 3 Mos. $(84,769.01)(a)
Total Balance
(Months 5,4,3) $446,632,929.44 (b)
Loss Ratio [(a/b)(12)] (0.2278)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $719,013.35 $544,861.75 $97,561.50
As % of Beginning
Pool Balance 0.50267% 0.39351% 0.07366%
Three Month Average 0.36756% 0.38472% 0.32328%
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 October 1995
Distribution Date of November 20, 1995
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $229,333,221.86
Beginning Pool Factor 0.7279728
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,289,893.32
Interest Collected $1,958,464.50
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $519,972.17
Total Additional Deposits $519,972.17
Repos/Chargeoffs $1,451,784.91
Aggregate Number of Notes Charged Off 50
Total Available Funds $10,768,329.99
Ending Pool Balance $219,591,543.63
Ending Pool Factor 0.6970498
Servicing Fee $191,111.02
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $13,163,364.83
Target Percentage 6.00%
Target Balance $13,175,492.62
Minimum Balance $6,615,628.35
(Release)/Deposit $0.00
Ending Balance $13,163,364.83
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,514,518.98 1,040
31-60 days 273,116.29 215
60+ days 35,170.60 15
Total 1,822,805.87 1,040
Balances:
60+ days 290,352.68 15
Memo Item - Reserve Account
Prior Month $13,759,993.31
+ Invest. Income 61,377.83
- Transfer to Collections Account (658,006.31)
Beginning Balance $13,163,364.83
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of October 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 $229,333,221.86
Ending Pool Balance $219,591,543.63
Collected Principal $8,289,893.32
Collected Interest $1,958,464.50
Charge-Offs $1,451,784.91
Liquidation Proceeds/Recoveries $519,972.17
Servicing $191,111.02
Cash Transfer from Reserve Account $658,006.31
Total Collections Available
for Debt Service $11,235,225.28
Beginning Balance $229,020,198.68$122,324,911.40 $97,000,000.00 $9,695,287.28
Interest Due $1,493,547.05 $779,821.31 $646,666.67 $67,059.07
Interest Paid $1,493,547.05 $779,821.31 $646,666.67 $67,059.07
Principal Due $9,741,678.23 $9,400,719.49 $0.00 $340,958.74
Principal Paid $9,741,678.23 $9,400,719.49 $0.00 $340,958.74
Ending Balance $219,278,520.45$112,924,191.91 $97,000,000.00 $9,354,328.54
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5455274971 1.0000000000 0.8480865846
Total Distributions $11,235,225.28 $10,180,540.80 $646,666.67 $408,017.81
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$13,163,364.83
(Release)/Draw $0.00
Ending Reserve Account Balance $13,163,364.83
Memo Item - Advances:
Servicer Advances - Current Month $182,953.29
Total Outstanding Servicer Advances$3,020,334.07
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of October 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun 1995 Jul 1995 Aug 1995 Sep 1995 Oct 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $259,895,830.27$251,839,547.04$243,903,815.09$236,060,058.24$229,333,221.86
A) Loss Trigger:
Principal of Contracts
Charged off $345,972.54 $105,856.09 $134,617.10 $323,377.55 $1,451,784.91
Recoveries $195,659.00 $191,242.39 $247,007.92 $19,396.52 $519,972.17
Total Charged off
(Months 5,4,3) $586,445.73
Total Recoveries
(Months 3,2,1) 786,376.61
Net Loss/(Recoveries)
for 3 Mos. $(199,930.88)(a)
Total Balance
(Months 5,4,3) $755,639,192.40 (b)
Loss Ratio [(a/b)(12)] (0.3175)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $621,757.60 $772,722.80 $290,352.68
As % of Beginning
Pool Balance 0.25492% 0.32734% 0.12661%
Three Month Average 0.24906% 0.25480% 0.23629%
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 October 1995
Distribution Date of November 20, 1995
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $368,163,685.54
Beginning Pool Factor 0.8665136
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,812,506.28
Interest Collected $3,373,566.98
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,209,790.48
Total Additional Deposits $1,209,790.48
Repos/Chargeoffs $776,378.74
Aggregate Number of Notes Charged Off 38
Total Available Funds $15,334,782.31
Ending Pool Balance $356,635,881.95
Ending Pool Factor 0.8393817
Servicing Fee $306,803.07
Repayment of Servicer Advances $61,081.43
Reserve Account:
Beginning Balance $22,188,358.45
Target Percentage 6.00%
Target Balance $21,398,152.92
Minimum Balance $8,922,464.92
(Release)/Deposit $(790,205.53)
Ending Balance $21,398,152.92
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,832,673.67 1,172
31-60 days 233,315.66 127
60+ days 18,747.96 13
Total 2,084,737.29 1,172
Balances:
60+ days 614,939.68 13
Memo Item - Reserve Account
Prior Month $22,089,821.13
+ Invest. Income 98,537.32
- Transfer to Collections Account 0.00
Beginning Balance $22,188,358.45
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of October 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 $368,163,685.54
Ending Pool Balance $356,635,881.95
Collected Principal $10,751,424.85
Collected Interest $3,373,566.98
Charge-Offs $776,378.74
Liquidation Proceeds/Recoveries $1,209,790.48
Servicing $306,803.07
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,027,979.24
Beginning Balance $368,163,685.54 $23,284,403.74$330,000,000.00 $14,879,281.80
Interest Due $2,000,667.55 $114,481.65 $1,801,250.00 $84,935.90
Interest Paid $2,000,667.55 $114,481.65 $1,801,250.00 $84,935.90
Principal Due $11,527,803.59 $11,527,803.59 $0.00 $0.00
Principal Paid $11,527,803.59 $11,527,803.59 $0.00 $0.00
Ending Balance $356,635,881.95 $11,756,600.15$330,000,000.00 $14,879,281.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1469575019 1.0000000000 1.0000000000
Total Distributions $13,528,471.14 $11,642,285.24 $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 $1,499,508.10
Beginning Reserve Account Balance$22,188,358.45
(Release)/Draw $(790,205.53)
Ending Reserve Account Balance $21,398,152.92
Memo Item - Advances:
Servicer Advances - Current Month $(61,081.43)
Total Outstanding Servicer Advances$2,967,724.25
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Month of October 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun 1995 Jul 1995 Aug 1995 Sep 1995 Oct 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $414,608,188.83$404,629,494.13$388,037,002.00$377,759,666.41$368,163,685.54
A) Loss Trigger:
Principal of Contracts
Charged off $132,102.43 $314,425.55 $508,479.68 $1,044,025.46 $776,378.74
Recoveries $0.00 $68,497.34 $205,263.52 $125,685.85 $1,209,790.48
Total Charged off
(Months 5,4,3) $955,007.66
Total Recoveries
(Months 3,2,1) 1,540,739.85
Net Loss/(Recoveries)
for 3 Mos. $(585,732.19)(a)
Total Balance
(Months 5,4,3) $1,207,274,684.96 (b)
Loss Ratio [(a/b)(12)] (0.5822)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $581,648.23 $1,253,903.47 $614,939.68
As % of Beginning
Pool Balance 0.14990% 0.33193% 0.16703%
Three Month Average 0.16179% 0.21379% 0.21629%
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 October 1995
Distribution Date of November 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
$70,451,789.39
Beginning Pool Balance $454,499,683.43
Beginning Pool Factor 100.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,197,053.41
Interest Collected $3,948,117.17
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $200,500.99
Aggregate Number of Notes Charged Off 8
Total Available Funds $15,145,170.58
Ending Pool Balance $443,102,129.03
Ending Pool Factor 0.9749229
Servicing Fee $378,749.74
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $28,924,251.85
Target Percentage 5.50%
Target Balance $28,245,465.51
Minimum Balance $11,023,980.93
(Release)/Deposit $(678,786.34)
Ending Balance $28,245,465.51
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,898,027.95 1,188
31-60 days 70,744.83 75
60+ days 1,755.42 2
Total 1,970,528.20 1,188
Balances:
60+ days 48,450.18 2
Memo Item - Reserve Account
Initial Deposit $24,997,482.59
+ Invest. Income 51,920.84
+ Transfer to Collections Account 3,874,848.42
Beginning Balance $28,924,251.85
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 4
Navistar Financial 1995-B Owner Trust
For the Month of October 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 $454,499,683.43
Ending Pool Balance $443,102,129.03
Collected Principal $11,197,053.41
Collected Interest $3,948,117.17
Charge-Offs $200,500.99
Liquidation Proceeds/Recoveries $0.00
Servicing $378,749.74
Cash Transfer from Negative Carry Acct$163,544.22
Total Collections Available
for Debt Service $14,929,965.06
Beginning Balance $525,000,000.00$122,300,000.00$100,000,000.00$284,325,000.00$18,375,000.00
Interest Due $1,217,877.01 $273,476.39 $231,000.00 $668,953.54 $44,447.08
Interest Paid $1,217,877.01 $273,476.39 $231,000.00 $668,953.54 $44,447.08
Principal Due $11,397,554.40 $11,397,554.40 $0.00 $0.00 $0.00
Mandatory Prepayment Class A-1 Only$48,527.18 $48,527.18
Principal Paid $11,446,081.58 $11,446,081.58 $0.00 $0.00 $0.00
Ending Balance $513,553,918.42$110,853,918.42$100,000,000.00$284,325,000.00$18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.9064 1.0000 1.0000 1.0000
Total Distributions $12,663,958.59 $11,719,557.97 $231,000.00 $668,953.54 $44,447.08
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 $2,266,006.47
Beginning Reserve Account Balance$28,924,251.85
(Release)/Draw $(678,786.34)
Ending Reserve Account Balance$28,245,465.51
Memo Item - Advances:
Servicer Advances - Current Month$2,287,076.84
Total Outstanding Servicer Advances$2,287,076.84
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 4
Navistar Financial 1995-B Owner Trust
For the Month of October 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
A) Loss Trigger:
Principal of Contracts
Charged off $200,500.99
Recoveries $0.00
Total Charged off
(Months 5,4,3) $200,500.99
Total Recoveries
(Months 3,2,1) 0.00
Net Loss/(Recoveries)
for 3 Mos. $200,500.99 (a)
Total Balance
(Months 5,4,3) $454,499,683.43 (b)
Loss Ratio [(a/b)(12)] 0.5294%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $48,450.18
As % of Beginning
Pool Balance 0.01066%
Three Month Average 0.01066%
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 October 1995
<TABLE>
<S> <C>
Pre-Funding Account:
Initial Pre-Funded Amount $70,500,316.57
Investment Earnings 0.00
Transfer to Seller 66,576,940.971
Transfer to Reserve Account 3,874,848.422
(Initial Deposit for
Subsequent Receivables)
Subtotal $48,527.18
Transfer to Note
Distribution Account $48,527.18
(Class A-1 Noteholders Prepayment Amount)
Ending Balance $0.00
1 Starting Receivable Balance of Subsequent Receivables $70,451,789.39
Less Reserve Account Initial Deposit for Subsequent Receivables $3,874,848.42
2 5.50% of Subsequent Receivables
Negative Carry Account:
Initial deposit $508,924.16
Investment Earnings Payable to Seller1,052.32
Negative Carry Amount for
Monthly Period 163,544.22
Subtotal $346,432.26
Required Negative Carry Account Balance $0.00
Excess Released to Seller $346,432.26
Ending Balance $0.00
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
