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) March 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
AND 1994-C OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-4146-1 51-0337491
(Commission File Number) (I.R.S. Employer Identification No.)
2850 West Golf Road Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code 708-734-4275
<PAGE>
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On March 15, 1995, Registrant made available the Monthly Servicer
Certificates for the Period of February 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
AND 1994-C OWNER TRUST
(Registrant)
Date March 21, 1995 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated March 15, 1995
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated March 15, 1995
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated March 15, 1995
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated March 20, 1995
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of February 1995
Distribution Date of March 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $150,236,079.05
Beginning Pool Factor 0.4484625
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,310,248.66
Interest Collected $1,150,998.14
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,084.30
Total Additional Deposits $1,084.30
Repos/Chargeoffs $99,484.41
Aggregate Number of Notes Charged Off 18
Total Available Funds $9,462,331.10
Ending Pool Balance $141,826,345.98
Ending Pool Factor 0.4233590
Servicing Fee $125,196.73
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $11,318,210.29
Target Percentage 7.50%
Target Balance $10,636,975.95
Minimum Balance $6,700,050.96
(Release)/Deposit $(681,234.34)
Ending Balance $10,636,975.95
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,324,571.02 1,052
31-60 days 184,181.27 153
60+ days 30,091.36 26
Total 1,538,843.65 1,068
Balances:
60+ days 376,854.22 26
Memo Item - Reserve Account
Prior Month $11,267,705.93
Invest. Income 50,504.36
Beginning Balance $11,318,210.29
</TABLE>
<PAGE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of February 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 $150,236,079.05
Ending Pool Balance $141,826,345.98
Collected Principal $8,311,332.96
Collected Interest $1,150,998.14
Charge-Offs $99,484.41
Servicing $125,196.73
Total Collections Available
for Debt Service $9,337,134.37
Beginning Balance $139,215,276.59 $0.00 $130,570,656.02 $8,644,620.57
Interest Due $521,498.22 $0.00 $486,919.74 $34,578.48
Interest Paid $521,498.22 $0.00 $486,919.74 $34,578.48
Principal Due $8,410,817.37 $0.00 $8,032,330.59 $378,486.78
Principal Paid $8,410,817.37 $0.00 $8,032,330.59 $378,486.78
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $130,804,459.22 $0.00 $122,538,325.43 $8,266,133.79
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.6252721019 0.7049076973
Total Distributions $8,932,315.59 $0.00 $8,519,250.33 $413,065.26
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 $404,818.78
Beginning Reserve Account Balance $11,318,210.29
(Release)/Draw $(681,234.34)
Ending Reserve Account Balance $10,636,975.95
Memo Item - Advances:
Servicer Advances - Current Month $79,695.41
Total Outstanding Servicer Advances $3,093,304.34
</TABLE>
<PAGE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of February 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1994 Nov 1994 Dec 1994 Jan 1995 Feb 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $186,893,080.22 $176,685,539.12 $167,871,059.78 $159,033,206.08 $150,236,079.05
A) Loss Trigger:
Principal of Contracts
Charged off $281,356.45 $70,260.91 $39,029.43 $123,164.08 $99,484.41
Recoveries $187,118.83 $202,949.75 $103,431.89 $131,463.16 1,084.30
Total Charged off
(Months 5,4,3) $390,646.79
Total Recoveries
(Months 3,2,1) 235,979.35
Net Loss/(Recoveries)
for 3 Mos. $154,667.44(a)
Total Balance
(Months 5,4,3) $531,449,679.12(b)
Loss Ratio [(a/b)(12)] 0.3492%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $424,912.23 $329,836.16 $376,854.22
As % of Beginning
Pool Balance 0.25312% 0.20740% 0.25084%
Three Month Average 0.13511% 0.19028% 0.23712%
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 February 1995
Distribution Date of March 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $198,921,224.81
Beginning Pool Factor 0.7103785
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,462,633.81
Interest Collected $1,463,541.44
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $81,007.02
Total Additional Deposits $81,007.02
Repos/Chargeoffs $355,748.09
Aggregate Number of Notes Charged Off 17
Total Available Funds $8,884,276.80
Ending Pool Balance $191,225,748.38
Ending Pool Factor 0.6828967
Servicing Fee $165,767.69
Repayment of Servicer Advances $122,905.47
Reserve Account:
Beginning Balance $12,974,182.91
Target Percentage 6.50%
Target Balance $12,429,673.64
Minimum Balance $5,600,429.43
(Release)/Deposit $(544,509.27)
Ending Balance $12,429,673.64
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,134,899.72 1,070
31-60 days 112,350.63 125
60+ days 22,929.94 23
Total 1,270,180.29 1,072
Balances:
60+ days 481,801.09 23
Memo Item - Reserve Account
Prior Month $12,929,879.61
+ Invest. Income 57,954.28
- Withdrawal (13,650.98)
Beginning Balance $12,974,182.91
</TABLE>
<PAGE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of February 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 $198,921,224.81
Ending Pool Balance $191,225,748.38
Collected Principal $7,420,735.36
Collected Interest $1,463,541.44
Charge-Offs $355,748.09
Servicing $165,767.69
Cash Transfer from Reserve Account $13,650.98
Total Collections Available
for Debt Service $8,732,160.09
Beginning Balance $193,596,611.49 $3,181,140.14 $180,614,000.00 $9,801,471.35
Interest Due $955,676.64 $12,011.45 $892,534.18 $51,131.01
Interest Paid $955,676.64 $12,011.45 $892,534.18 $51,131.01
Principal Due $7,776,483.45 $3,181,140.14 $4,388,552.86 $206,790.45
Principal Paid $7,776,483.45 $3,181,140.14 $4,388,552.86 $206,790.45
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $185,820,128.04 $0.00 $176,225,447.14 $9,594,680.90
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9757020338 0.9789021014
Total Distributions $8,732,160.09 $3,193,151.59 $5,281,087.04 $257,921.46
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 $12,974,182.91
(Release)/Draw $(544,509.27)
Ending Reserve Account Balance $12,429,673.64
Memo Item - Advances:
Servicer Advances - Current Month $(122,905.47)
Total Outstanding Servicer Advances $2,248,594.71
</TABLE>
<PAGE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of February 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1994 Nov 1994 Dec 1994 Jan 1995 Feb 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $230,731,855.08 $223,171,137.90 $216,695,290.23 $206,379,528.78 $198,921,224.81
A) Loss Trigger:
Principal of Contracts
Charged off $210,760.46 $41,169.01 $132,632.92 $278,730.90 $355,748.09
Recoveries $140,673.85 $262,250.32 $188,694.22 $98,943.32 $81,007.02
Total Charged off
(Months 5,4,3) $384,562.39
Total Recoveries
(Months 3,2,1) 368,644.56
Net Loss/(Recoveries)
for 3 Mos. $ 15,917.83(a)
Total Balance
(Months 5,4,3) $670,598,283.21(b)
Loss Ratio [(a/b)(12)] 0.0285%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $566,740.87 $659,235.38 $481,801.09
As % of Beginning
Pool Balance 0.26154% 0.31943% 0.24221%
Three Month Average 0.16338% 0.24648% 0.27439%
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 February 1995
Distribution Date of March 15, 1995
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $176,963,307.51
Beginning Pool Factor 0.8229712
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,134,349.06
Interest Collected $1,354,458.01
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $36,794.47
Total Additional Deposits $36,794.47
Repos/Chargeoffs $421,343.14
Aggregate Number of Notes Charged Off 18
Total Available Funds $6,525,601.54
Ending Pool Balance $171,407,615.31
Ending Pool Factor 0.7971343
Servicing Fee $147,469.42
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $11,396,140.47
Target Percentage 6.50%
Target Balance $11,141,495.00
Minimum Balance $4,300,595.47
(Release)/Deposit $(254,645.47)
Ending Balance $11,141,495.00
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 862,114.92 778
31-60 days 101,045.51 85
60+ days 25,342.84 17
Total 988,503.27 782
Balances:
60+ days 655,612.71 17
Memo Item - Reserve Account
Prior Month $11,502,614.99
+ Invest. Income 51,557.75
- Withdrawal (158,032.27)
Beginning Balance $11,396,140.47
</TABLE>
<PAGE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of February 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 Percentage 96.50% 3.50%
Coupon 6.400% 6.625%
Beginning Pool Balance $176,963,307.51
Ending Pool Balance $171,407,615.31
Collected Principal $5,171,143.53
Collected Interest $1,354,458.01
Charge-Offs $421,343.14
Servicing $147,469.42
Cash Transfer from Reserve Account $158,032.27
Total Collections Available
for Debt Service $6,536,164.39
Beginning Balance $176,722,095.09 $170,536,090.20 $6,186,004.89
Interest Due $943,677.71 $909,525.81 $34,151.90
Interest Paid $943,677.71 $909,525.81 $34,151.90
Principal Due $5,592,486.67 $5,396,749.64 $195,737.03
Principal Paid $5,592,486.67 $5,396,749.64 $195,737.03
Ending Balance $171,129,608.42 $165,139,340.56 $5,990,267.86
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.7958407375 0.7958613005
Total Distributions $6,536,164.38 $6,306,275.45 $229,888.93
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 $0.00
Beginning Reserve Account Balance $11,396,140.47
(Release)/Draw $(254,645.47)
Ending Reserve Account Balance $11,141,495.00
Memo Item - Advances:
Servicer Advances - Current Month $95,806.73
Total Outstanding Servicer Advances $1,439,324.56
</TABLE>
<PAGE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of February 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1994 Nov 1994 Dec 1994 Jan 1995 Feb 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $198,075,623.63 $192,785,338.12 $188,248,178.91 $181,848,004.17 $176,963,307.51
A) Loss Trigger:
Principal of Contracts
Charged off $71,359.78 $444.84 $32,460.45 $119,312.68 $421,343.14
Recoveries $29,623.23 $34,008.99 $115,127.07 $37,276.16 $36,794.47
Total Charged off
(Months 5,4,3) $104,265.07
Total Recoveries
(Months 3,2,1) 189,197.70
Net Loss/(Recoveries)
for 3 Mos. $(84,932.63)(a)
Total Balance
(Months 5,4,3) $579,109,140.66(b)
Loss Ratio [(a/b)(12)] (0.1760)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $445,902.07 $469,386.78 $655,612.71
As % of Beginning
Pool Balance 0.23687% 0.25812% 0.37048%
Three Month Average 0.12670% 0.20610% 0.28849%
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 February 1995
Distribution Date of March 20, 1995
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $292,007,535.40
Beginning Pool Factor 0.9269200
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,117,143.44
Interest Collected $2,326,283.43
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $89,233.40
Total Additional Deposits $89,233.40
Repos/Chargeoffs $246,317.21
Aggregate Number of Notes Charged Off 12
Total Available Funds $10,532,660.27
Ending Pool Balance $283,644,074.75
Ending Pool Factor 0.9003719
Servicing Fee $243,339.61
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $17,530,560.23
Target Percentage 6.00%
Target Balance $17,018,644.49
Minimum Balance $6,615,628.35
(Release)/Deposit $(511,915.75)
Ending Balance $17,018,644.49
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,288,027.31 1,006
31-60 days 114,953.24 111
60+ days 22,189.89 18
Total 1,425,170.44 1,007
Balances:
60+ days 586,120.87 18
Memo Item - Reserve Account
Prior Month $17,520,452.12
+ Invest. Income 69,184.12
- Withdrawal (59,076.01)
Beginning Balance $17,530,560.23
</TABLE>
<PAGE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of February 1995
<TABLE>
<CAPTION>
[--------------NOTES------------]
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Distribution Percentages 100.00% 0.00% 0.00%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $292,007,535.40
Ending Pool Balance $283,644,074.75
Collected Principal $8,206,376.84
Collected Interest $2,326,283.43
Charge-Offs $246,317.21
Servicing $243,339.61
Cash Transfer from Reserve Acount $59,076.01
Total Collections Available
for Debt Service $10,348,396.67
Beginning Balance $291,990,024.97 $183,960,103.37 $97,000,000.00 $11,029,921.60
Interest Due $1,895,702.62 $1,172,745.66 $646,666.67 $76,290.29
Interest Paid $1,895,702.62 $1,172,745.66 $646,666.67 $76,290.29
Principal Due $8,452,694.05 $8,452,694.05 $0.00 $0.00
Principal Paid $8,452,694.05 $8,452,694.05 $0.00 $0.00
Ending Balance $283,537,330.92 $175,507,409.32 $97,000,000.00 $11,029,921.60
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.8478618808 1.0000000000 1.0000000000
Total Distributions $10,348,396.67 $9,625,439.71 $646,666.67 $76,290.29
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 $17,530,560.23
(Release)/Draw $(511,915.75)
Ending Reserve Account Balance $17,018,644.49
Memo Item - Advances:
Servicer Advances - Current Month $128,554.87
Total Outstanding Servicer Advances $2,176,460.87
</TABLE>
<PAGE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of February 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1994 Jan 1995 Feb 1995 Mar 1995 Apr 1995
<S> <C> <C> <C>
Beg. Pool Balance $315,029,921.60 $299,440,328.15 $292,007,535.40
A) Loss Trigger:
Principal of Contracts
Charged off $158,086.15 $89,289.62 $246,317.21
Recoveries $0.00 $17,510.43 $89,233.40
Total Charged off
(Months 5,4,3) $493,692.98
Total Recoveries
(Months 3,2,1) $89,233.40
Net Loss/(Recoveries)
for 3 Mos. $404,459.58(a)
Total Balance
(Months 5,4,3) $906,477,785.15(b)
Loss Ratio [(a/b)(12)] 0.5354%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $182,938.59 $570,408.97 $586,120.87
As % of Beginning
Pool Balance 0.05807% 0.19049% 0.20072%
Three Month Average 0.05807% 0.12428% 0.14976%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by:/s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
