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) October 16, 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 AND
NAVISTAR FINANCIAL 1995-A 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 October 16 and 20, 1995, Registrant made available the
Monthly Servicer Certificates for the Period of September
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 AND
NAVISTAR FINANCIAL 1995-A OWNER TRUST
(Registrant)
Date October 26, 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 October 16, 1995
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated October 16, 1995
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated October 16, 1995
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated October 20, 1995
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated October 20, 1995
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of September 1995
Distribution Date of October 16, 1995
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $96,494,626.09
Beginning Pool Factor 0.2880415
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,426,101.39
Interest Collected $709,046.98
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $17,266.80
Total Additional Deposits $17,266.80
Repos/Chargeoffs $99,077.68
Aggregate Number of Notes Charged Off 23
Total Available Funds $7,152,415.17
Ending Pool Balance $89,969,447.02
Ending Pool Factor 0.2685635
Servicing Fee $80,412.19
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $7,269,494.24
Target Percentage 7.50%
Target Balance $6,747,708.53
Minimum Balance $6,700,050.96
(Release)/Deposit $(521,785.71)
Ending Balance $6,747,708.53
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 883,012.41 649
31-60 days 106,365.39 98
60+ days 36,280.00 18
Total 1,025,657.80 669
Balances:
60+ days 160,788.48 18
Memo Item - Reserve Account
Prior Month $7,237,096.96
Invest. Income 32,397.28
Beginning Balance $7,269,494.24
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of September 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 $96,494,626.09
Ending Pool Balance $89,969,447.02
Collected Principal $6,426,101.39
Collected Interest $709,046.98
Liquidation Proceeds/Recoveries $17,266.80
Charge-Offs $99,077.68
Servicing $80,412.19
Total Collections Available
for Debt Service $7,072,002.98
Beginning Balance $85,244,288.35 $0.00 $79,028,362.25 $6,215,926.10
Interest Due $319,573.63 $0.00 $294,709.93 $24,863.70
Interest Paid $319,573.63 $0.00 $294,709.93 $24,863.70
Principal Due $6,525,179.07 $0.00 $6,231,546.01 $293,633.06
Principal Paid $6,525,179.07 $0.00 $6,231,546.01 $293,633.06
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $78,719,109.28 $0.00 $72,796,816.24 $5,922,293.04
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.00 0.3714578124 0.5050329521
Total Distributions $6,844,752.70 $0.00 $6,526,255.94 $318,496.76
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 $227,250.28
Beginning Reserve Account Balance $7,269,494.24
(Release)/Draw $(521,785.71)
Ending Reserve Account Balance $6,747,708.53
Memo Item - Advances:
Servicer Advances - Current Month $193,369.47
Total Outstanding Servicer Advances$2,759,297.16
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of September 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1995 June 1995 July 1995 Aug 1995 Sept 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $126,201,758.79$118,134,927.19$110,086,049.11$103,136,026.25 $96,494,626.09
A) Loss Trigger:
Principal of Contracts
Charged off $156,415.59 $49,805.68 $5,448.60 $110,306.34 $99,077.68
Recoveries $167,464.36 $80,034.02 $92,283.81 $100,440.75 $17,266.80
Total Charged off
(Months 5,4,3) $211,669.87
Total Recoveries
(Months 3,2,1) 209,991.36
Net Loss/(Recoveries)
for 3 Mos. $1,678.51(a)
Total Balance
(Months 5,4,3) $354,422,735.09(b)
Loss Ratio [(a/b)(12)] 0.0057%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $241,366.37 $218,174.90 $160,788.48
As % of Beginning
Pool Balance 0.21925% 0.21154% 0.16663%
Three Month Average 0.25991% 0.20754% 0.19914%
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 September 1995
Distribution Date of October 16, 1995
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $147,253,866.60
Beginning Pool Factor 0.5258663
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,594,448.40
Interest Collected $1,067,814.20
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $121,509.40
Total Additional Deposits $121,509.40
Repos/Chargeoffs $348,739.12
Aggregate Number of Notes Charged Off 14
Total Available Funds $7,783,772.00
Ending Pool Balance $140,310,679.08
Ending Pool Factor 0.5010711
Servicing Fee $122,711.56
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $9,614,347.03
Target Percentage 6.50%
Target Balance $9,120,194.14
Minimum Balance $5,600,429.43
(Release)/Deposit $(494,152.89)
Ending Balance $9,120,194.14
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,245,332.40 1,003
31-60 days 132,031.07 133
60+ days 48,276.62 40
Total 1,425,640.09 1,012
Balances:
60+ days 543,026.32 40
Memo Item - Reserve Account
Prior Month $9,571,501.33
+ Invest. Income 42,845.70
- Withdrawal 0.00
Beginning Balance $9,614,347.03
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of September 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 $147,253,866.60
Ending Pool Balance $140,310,679.08
Collected Principal $6,594,448.40
Collected Interest $1,067,814.20
Charge-Offs $348,739.12
Servicing $121,509.40
Liquidation Proceeds/Recoveries $122,711.56
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $7,661,060.44
Beginning Balance $141,438,590.87 $0.00$133,841,079.14 $7,597,511.73
Interest Due $701,031.69 $0.00 $661,398.00 $39,633.69
Interest Paid $701,031.69 $0.00 $661,398.00 $39,633.69
Principal Due $6,943,187.52 $0.00 $6,630,744.08 $312,443.44
Principal Paid $6,943,187.52 $0.00 $6,630,744.08 $312,443.44
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $134,495,403.35 $0.00$127,210,335.06 $7,285,068.29
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.7043215646 0.7432627235
Total Distributions $7,644,219.21 $0.00 $7,292,142.08 $352,077.13
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 $16,841.23
Beginning Reserve Account Balance $9,614,347.03
(Release)/Draw $(494,152.89)
Ending Reserve Account Balance $9,120,194.14
Memo Item - Advances:
Servicer Advances - Current Month $383,630.80
Total Outstanding Servicer Advances$2,954,766.53
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of September 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1995 June 1995 July 1995 Aug 1995 Sept 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $175,626,121.20$168,810,661.60$160,120,763.05$153,316,237.82$147,253,866.60
A) Loss Trigger:
Principal of Contracts
Charged off $131,502.23 $82,845.14 $25,779.12 $153,645.61 $348,739.12
Recoveries $264,905.32 $163,176.89 $146,959.92 $95,841.65 $121,509.40
Total Charged off
(Months 5,4,3) $240,126.49
Total Recoveries
(Months 3,2,1) 364,310.97
Net Loss/(Recoveries)
for 3 Mos. $(124,184.48)(a)
Total Balance
(Months 5,4,3) $504,557,545.85(b)
Loss Ratio [(a/b)(12)] (0.2954)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $282,668.21 $917,978.42 $543,026.32
As % of Beginning
Pool Balance 0.17653% 0.59875% 0.36877%
Three Month Average 0.18197% 0.31036% 0.38135%
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 September 1995
Distribution Date of October 16, 1995
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $138,462,514.30
Beginning Pool Factor 0.6439225
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,932,142.90
Interest Collected $1,050,848.19
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $107,998.09
Total Additional Deposits $107,998.09
Repos/Chargeoffs $87,273.86
Aggregate Number of Notes Charged Off 13
Total Available Funds $7,090,989.18
Ending Pool Balance $132,443,097.54
Ending Pool Factor 0.6159291
Servicing Fee $115,385.43
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $9,040,352.99
Target Percentage 6.50%
Target Balance $8,608,801.34
Minimum Balance $4,300,595.47
(Release)/Deposit $(431,551.65)
Ending Balance $8,608,801.34
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 961,730.34 800
31-60 days 118,762.27 106
60+ days 28,739.97 22
Total 1,109,232.58 804
Balances:
60+ days 544,861.75 22
Memo Item - Reserve Account
Prior Month $9,000,063.43
+ Invest. Income 40,289.56
- Transfer to Collect1ion Account 0.00
Beginning Balance $9,040,352.99
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of September 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 $138,462,514.30
Ending Pool Balance $132,443,097.54
Collected Principal $5,932,142.90
Collected Interest $1,050,848.19
Charge-Offs $87,273.86
Liquidation Proceeds/Recoveries $107,998.09
Servicing $115,385.43
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $6,975,603.75
Beginning Balance $138,058,789.41$133,226,000.21 $4,832,789.20
Interest Due $737,219.69 $710,538.67 $26,681.02
Interest Paid $737,219.69 $710,538.67 $26,681.02
Principal Due $6,019,416.76 $5,808,737.17 $210,679.59
Principal Paid $6,019,416.76 $5,808,737.17 $210,679.59
Ending Balance $132,039,372.65$127,417,263.04 $4,622,109.61
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.6140502212 0.6140890946
Total Distributions $6,756,636.45 $6,519,275.84 $237,360.61
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 $218,967.30
Beginning Reserve Account Balance $9,040,352.99
(Release)/Draw $(431,551.65)
Ending Reserve Account Balance $8,608,801.34
Memo Item - Advances:
Servicer Advances - Current Month $311,674.55
Total Outstanding Servicer Advances$1,976,593.73
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of September 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1995 June 1995 July 1995 Aug 1995 Sept 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $160,122,398.57$154,739,207.61$148,854,565.73$143,039,156.10$138,462,514.30
A) Loss Trigger:
Principal of Contracts
Charged off $171,522.06 $171,487.42 $252,456.52 $73,921.19 $87,273.86
Recoveries $572,354.58 $201,635.18 $178,066.34 $258,269.40 $107,998.09
Total Charged off
(Months 5,4,3) $595,466.00
Total Recoveries
(Months 3,2,1) 544,333.83
Net Loss/(Recoveries)
for 3 Mos. $51,132.17(a)
Total Balance
(Months 5,4,3) $463,716,171.91(b)
Loss Ratio [(a/b)(12)] 0.1323%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $384,038.37 $719,013.35 $544,861.75
As % of Beginning
Pool Balance 0.25800% 0.50267% 0.39351%
Three Month Average 0.27595% 0.36756% 0.38472%
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 September 1995
Distribution Date of October 20, 1995
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $236,060,058.24
Beginning Pool Factor 0.7493258
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,403,458.83
Interest Collected $1,922,716.06
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $19,396.52
Total Additional Deposits $19,396.52
Repos/Chargeoffs $323,377.55
Aggregate Number of Notes Charged Off 27
Total Available Funds $8,345,571.41
Ending Pool Balance $229,333,221.86
Ending Pool Factor 0.7279728
Servicing Fee $196,716.72
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $14,114,625.67
Target Percentage 6.00%
Target Balance $13,759,993.31
Minimum Balance $6,615,628.35
(Release)/Deposit $(354,632.36)
Ending Balance $13,759,993.31
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,490,184.55 1,153
31-60 days 177,408.52 157
60+ days 49,887.39 36
Total 1,717,480.46 1,153
Balances:
60+ days 772,722.80 36
Memo Item - Reserve Account
Prior Month $14,163,603.49
+ Invest. Income 65,562.04
- Transfer to Collections Account (114,539.86)
Beginning Balance $14,114,625.67
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of September 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 $236,060,058.24
Ending Pool Balance $229,333,221.86
Collected Principal $6,403,458.83
Collected Interest $1,922,716.06
Charge-Offs $323,377.55
Liquidation Proceeds/Recoveries $19,396.52
Servicing $196,716.72
Cash Transfer from Reserve Account $114,539.86
Total Collections Available
for Debt Service $8,263,394.55
Beginning Balance $235,747,035.06$128,816,308.51 $97,000,000.00 $9,930,726.55
Interest Due $1,536,558.17 $821,203.97 $646,666.67 $68,687.53
Interest Paid $1,536,558.17 $821,203.97 $646,666.67 $68,687.53
Principal Due $6,726,836.38 $6,491,397.11 $0.00 $235,439.27
Principal Paid $6,726,836.38 $6,491,397.11 $0.00 $235,439.27
Ending Balance $229,020,198.68$122,324,911.40 $97,000,000.00 $9,695,287.28
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5909416010 1.0000000000 0.8789987479
Total Distributions $8,263,394.55 $7,312,601.08 $646,666.67 $304,126.80
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$14,114,625.67
(Release)/Draw $(354,632.36)
Ending Reserve Account Balance $13,759,993.31
Memo Item - Advances:
Servicer Advances - Current Month $416,715.15
Total Outstanding Servicer Advances$2,837,380.78
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of September 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1995 June 1995 July 1995 Aug 1995 Sept 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $267,465,631.09$259,895,830.27$251,839,547.04$243,903,815.09$236,060,058.24
A) Loss Trigger:
Principal of Contracts
Charged off $188,306.09 $345,972.54 $105,856.09 $134,617.10 $323,377.55
Recoveries $183,131.87 $195,659.00 $191,242.39 $247,007.92 $19,396.52
Total Charged off
(Months 5,4,3) $640,134.72
Total Recoveries
(Months 3,2,1) 457,646.83
Net Loss/(Recoveries)
for 3 Mos. $182,487.89(a)
Total Balance
(Months 5,4,3) $779,201,008.40(b)
Loss Ratio [(a/b)(12)] 0.2810%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $458,691.64 $621,757.60 $772,722.80
As % of Beginning
Pool Balance 0.18214% 0.25492% 0.32734%
Three Month Average 0.23535% 0.24906% 0.25480%
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 September 1995
Distribution Date of October 20, 1995
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $377,759,666.41
Beginning Pool Factor 0.8890988
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,551,955.41
Interest Collected $3,390,544.98
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $125,685.85
Total Additional Deposits $125,685.85
Repos/Chargeoffs $1,044,025.46
Aggregate Number of Notes Charged Off 47
Total Available Funds $12,068,186.24
Ending Pool Balance $368,163,685.54
Ending Pool Factor 0.8665136
Servicing Fee $314,799.72
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $22,770,498.69
Target Percentage 6.00%
Target Balance $22,089,821.13
Minimum Balance $8,922,464.92
(Release)/Deposit $(680,677.56)
Ending Balance $22,089,821.13
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,101,719.42 1,394
31-60 days 220,362.64 200
60+ days 48,221.34 39
Total 2,370,303.40 1,394
Balances:
60+ days 1,253,903.47 39
Memo Item - Reserve Account
Prior Month $22,665,579.98
+ Invest. Income 104,918.71
- Transfer to Collections Account 0.00
Beginning Balance $22,770,498.69
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of September 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 $377,759,666.41
Ending Pool Balance $368,163,685.54
Collected Principal $8,551,955.41
Collected Interest $3,390,544.98
Charge-Offs $1,044,025.46
Liquidation Proceeds/Recoveries $125,685.85
Servicing $314,799.72
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $11,753,386.52
Beginning Balance $377,759,666.41 $32,880,384.61$330,000,000.00 $14,879,281.80
Interest Due $2,047,847.79 $161,661.89 $1,801,250.00 $84,935.90
Interest Paid $2,047,847.79 $161,661.89 $1,801,250.00 $84,935.90
Principal Due $9,595,980.87 $9,595,980.87 $0.00 $0.00
Principal Paid $9,595,980.87 $9,595,980.87 $0.00 $0.00
Ending Balance $368,163,685.54 $23,284,403.74$330,000,000.00 $14,879,281.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2910550468 1.0000000000 1.0000000000
Total Distributions $11,643,828.66 $9,757,642.76 $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 $109,557.86
Beginning Reserve Account Balance$22,770,498.69
(Release)/Draw $(680,677.56)
Ending Reserve Account Balance $22,089,821.13
Memo Item - Advances:
Servicer Advances - Current Month $620,620.92
Total Outstanding Servicer Advances$3,028,805.68
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Month of September 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1995 June 1995 July 1995 Aug 1995 Sept 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $424,879,281.80$414,608,188.83$404,629,494.13$388,037,002.00$377,759,666.41
A) Loss Trigger:
Principal of Contracts
Charged off $64,933.51 $132,102.43 $314,425.55 $508,479.68 $1,044,025.46
Recoveries $0.00 $0.00 $68,497.34 $205,263.52 $125,685.85
Total Charged off
(Months 5,4,3) $511,461.49
Total Recoveries
(Months 3,2,1) 399,446.71
Net Loss/(Recoveries)
for 3 Mos. $112,014.78(a)
Total Balance
(Months 5,4,3) $1,244,116,964.76(b)
Loss Ratio [(a/b)(12)] 0.1080%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $645,543.16 $581,648.23$1,253,903.47
As % of Beginning
Pool Balance 0.15954% 0.14990% 0.33193%
Three Month Average 0.13078% 0.16179% 0.21379%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
