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, 1996
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
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST AND
NAVISTAR FINANCIAL 1996-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 847-734-4275
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On November 15 and 20, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of October 1996
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,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST AND
NAVISTAR FINANCIAL 1996-B OWNER TRUST
(Registrant)
Date December 4, 1996 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, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated November 15, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated November 15, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated November 20, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated November 20, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated November 15, 1996
Navistar Financial 1996-A Owner Trust
20.7 Monthly Servicer Certificate, dated November 15, 1996
Navistar Financial 1996-B Owner Trust
20.8 Monthly Servicer Certificate, dated November 20, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of October 1996
Distribution Date of November 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $35,082,641.40
Beginning Pool Factor 0.1047235
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,389,100.92
Interest Collected $257,941.06
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $96,731.28
Total Additional Deposits $96,731.28
Repos/Chargeoffs $151,871.25
Aggregate Number of Notes Charged Off 35
Total Available Funds $3,375,153.38
Ending Pool Balance $31,910,289.11
Ending Pool Factor 0.0952539
Servicing Fee $29,235.53
Repayment of Servicer Advances $368,619.88
Reserve Account:
Beginning Balance $6,729,435.94
Target Percentage 7.50%
Target Balance $2,393,271.68
Minimum Balance $6,700,050.96
(Release)/Deposit $(29,384.98)
Ending Balance $6,700,050.96
Current Weighted Average APR: 8.522%
Current Weighted Average
Remaining Term (months): 15.08
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 337,492.09 243
31-60 days 46,665.73 46
60+ days 20,126.44 16
Total 404,284.26 262
Balances: 60+ days 228,393.91 16
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 29,384.98
Beginning Balance $6,729,435.94
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of October 1996
<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 $35,082,641.40
Ending Pool Balance $31,910,289.11
Collected Principal $3,020,481.04
Collected Interest $257,941.06
Liquidation Proceeds/Recoveries $96,731.28
Charge-Offs $151,871.25
Servicing $29,235.53
Total Collections Available
for Debt Service $3,345,917.85
Beginning Balance $23,832,303.66 $0.00 $20,379,916.87 $3,452,386.79
Interest Due $89,809.66 $0.00 $76,000.11 $13,809.55
Interest Paid $89,809.66 $0.00 $76,000.11 $13,809.55
Principal Due $3,172,352.29 $0.00 $3,029,596.44 $142,755.85
Principal Paid $3,172,352.29 $0.00 $3,029,596.44 $142,755.85
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $20,659,951.37 $0.00 $17,350,320.44 $3,309,630.93
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0885328838 0.2822340383
Total Distributions $3,262,161.95 $0.00 $3,105,596.55 $156,565.40
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 $83,755.90
Beginning Reserve Account Balance $6,729,435.94
(Release)/Draw $(29,384.98)
Ending Reserve Account Balance $6,700,050.96
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of October 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $48,331,618.78 $44,543,063.97 $41,075,940.61 $37,836,410.79 $35,082,641.40
A) Loss Trigger:
Principal of Contracts
Charged off $26,549.35 $7,217.12 $113,600.14 $724.85 $151,871.25
Recoveries $83,345.75 $16,367.00 $0.00 $27,912.85 $96,731.28
Total Charged off
(Months 5,4,3) $147,366.61
Total Recoveries
(Months 3,2,1) 124,644.13
Net Loss/(Recoveries)
for 3 Mos. $ 22,722.48(a)
Total Balance
(Months 5,4,3) $133,950,623.36(b)
Loss Ratio [(a/b)(12)] 0.2036%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $95,504.83 $269,727.97 $228,393.91
As % of Beginning
Pool Balance 0.23251% 0.71288% 0.65102%
Three Month Average 0.47161% 0.53348% 0.53213%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 4
Navistar Financial 1994-A Owner Trust
For the Month of October 1996
Distribution Date of November 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $68,378,586.60
Beginning Pool Factor 0.2441905
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,994,339.47
Interest Collected $496,536.12
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $162,015.05
Total Additional Deposits $162,015.05
Repos/Chargeoffs $139,276.75
Aggregate Number of Notes Charged Off 37
Total Available Funds $5,545,444.89
Ending Pool Balance $63,352,416.13
Ending Pool Factor 0.2262413
Servicing Fee $ 56,982.16
Repayment of Servicer Advances $107,445.75
Reserve Account:
Beginning Balance $5,777,002.01
Target Percentage 10.00%
Target Balance $6,335,241.61
Minimum Balance $5,600,429.43
(Release)/Deposit $(24,560.58)
Ending Balance $5,752,441.43
Current Weighted Average APR: 8.431%
Current Weighted Average
Remaining Term (months): 20.59
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 573,640.35 495
31-60 days 81,313.43 60
60+ days 23,749.93 16
Total 678,703.71 504
Balances: 60+ days 85,734.39 16
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income 24,560.58
+ Transfer from Collections Account 152,012.00
Beginning Balance $5,777,002.01
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of October 1996
<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 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $68,378,586.60
Ending Pool Balance $63,352,416.13
Collected Principal $4,886,893.72
Collected Interest $496,536.12
Charge-Offs $139,276.75
Liquidation Proceeds/Recoveries $162,015.05
Servicing $56,982.16
Cash Transfer to Reserve Account ($152,012.00)
Total Collections Available $5,336,450.73
for Debt Service
Beginning Balance $62,563,310.87 $0.00 $58,515,186.74 $4,048,124.13
Interest Due $310,280.26 $0.00 $289,162.55 $21,117.71
Interest Paid $310,280.26 $0.00 $289,162.55 $21,117.71
Principal Due $5,026,170.47 $0.00 $4,799,992.80 $226,177.67
Principal Paid $5,026,170.47 $0.00 $4,799,992.80 $226,177.67
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $57,537,140.40 $0.00 $ 53,715,193.94 $3,821,946.46
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2974032685 0.3899359924
Total Distributions $5,336,450.73 $0.00 $5,089,155.35 $247,295.38
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 $5,777,002.01 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(24,560.58)
Ending Reserve Account Balance $5,752,441.43
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of October 1996
This page has been computed as is customarily
done. See page 4 of 4 for adjustment computations.
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percentage Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $92,214,102.72 $86,595,820.75 $78,247,021.08 $72,892,189.90 $68,378,586.60
A) Loss Trigger:
Principal of Contracts
Charged off $4,805.99 $2,363,777.27 $239,575.02 $22,663.64 $139,276.75
Recoveries $93,529.58 $2,467,479.20 $77,252.07 $93,907.22 $162,015.05
Total Charged off
(Months 5,4,3) $2,608,158.28
Total Recoveries
(Months 3,2,1) 333,174.34
Net Loss/(Recoveries)
for 3 Mos. $2,274,983.94(a)
Total Balance
(Months 5,4,3) $257,056,944.55(b)
Loss Ratio [(a/b)(12)] 10.6201%
Trigger: Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $268,333.54 $372,923.56 $85,734.39
As % of Beginning
Pool Balance 0.34293% 0.51161% 0.12538%
Three Month Average 1.41078% 0.52085% 0.32664%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0543%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.2
Page 4 of 4
Navistar Financial 1994-A Owner Trust
For the Month of October 1996
SPECIAL REPORT The recent bankruptcy of one large obligor has
created a distortion in the loss statistics as
customarily reported (see page 3 of 4). The loss
trigger formula is based on the assumption that
recoveries follow losses by approximately 60 days.
The distortion appears since, in this case,
repossessions and recoveries occurred in the same
month. Presented below are loss statistics
restated to show pool loss activity without the
impact of this obligor. These statistics more
fairly portray the overall performance of this
pool.
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $89,888,841.73* $84,270,559.76* $78,247,021.08 $72,892,189.90 $68,378,586.60
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $4,805.99 $38,516.28* $239,575.02 $22,663.64 $139,276.75
Recoveries $93,529.58 $64,886.85* $77,252.07 $93,907.22 $162,015.05
Total Charged off
(Months 5,4,3) $282,897.29*
Total Recoveries
(Months 3,2,1) 333,174.34
Net Loss/(Recoveries)
for 3 Mos. ($ 50,277.05)*(a)
Total Balance
(Months 5,4,3) $252,406,422.57*(b)
Loss Ratio Annualized [(a/b)(12)]-0.2390% * [restated] VS. 10.6201% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* Yes
** This special report began in February 1996. At that point a substantial
number of vehicles were repossessed from a large, bankrupt obligor. In
July 1996, Navistar Financial repossessed all remaining vehicles from this
obligor. The July activity is now creating the same type of distortion
(described above) caused by the February activity. Therefore, the above
additional information will be provided monthly as long as the effect of
this event continues to exist, which will be the December 1996 Settlement
Statement. **
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 4
Navistar Financial 1994-B Owner Trust
For the Month of October 1996
Distribution Date of November 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $72,882,260.13
Beginning Pool Factor 0.3389403
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,907,013.09
Interest Collected $542,500.85
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $198,276.20
Total Additional Deposits $198,276.20
Repos/Chargeoffs $115,168.44
Aggregate Number of Notes Charged Off 26
Total Available Funds $4,374,836.65
Ending Pool Balance $69,133,032.09
Ending Pool Factor 0.3215045
Servicing Fee $60,735.22
Repayment of Servicer Advances $272,953.49
Reserve Account:
Beginning Balance $4,935,967.95
Target Percentage 10.00%
Target Balance $6,913,303.21
Minimum Balance $4,300,595.47
(Release)/Deposit $(20,775.62)
Ending Balance $4,915,192.33
Current Weighted Average APR: 8.845%
Current Weighted Average
Remaining Term (months): 24.45
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 587,842.61 423
31-60 days 111,284.84 72
60+ days 15,693.78 11
Total 714,821.23 428
Balances: 60+ days 110,179.38 11
Memo Item - Reserve Account
Prior Month $4,737,346.91
+ Invest. Income 20,775.62
+ Transfer from Collection Account 177,845.42
Beginning Balance $4,935,967.95
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of October 1996
<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 $72,882,260.13
Ending Pool Balance $69,133,032.09
Collected Principal $3,634,059.60
Collected Interest $542,500.85
Charge-Offs $115,168.44
Liquidation Proceeds/Recoveries $198,276.20
Servicing $60,735.22
Cash Transfer to Reserve Account ($177,845.42)
Total Collections Available
for Debt Service $4,136,256.01
Beginning Balance $72,478,535.24 $69,941,054.93 $2,537,480.31
Interest Due $387,027.97 $373,018.96 $14,009.01
Interest Paid $387,027.97 $373,018.96 $14,009.01
Principal Due $3,749,228.04 $3,618,005.06 $131,222.98
Principal Paid $3,749,228.04 $3,618,005.06 $131,222.98
Ending Balance $68,729,307.20 $66,323,049.87 $2,406,257.33
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3196245349 0.3196930640
Total Distributions $4,136,256.01 $3,991,024.02 $145,231.99
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 $4,935,967.95 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(20,775.62)
Ending Reserve Account Balance $4,915,192.33
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of October 1996
This page has been computed as is customarily
done. See page 4 of 4 for adjustment computations.
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $92,139,254.96 $87,295,556.17 $80,784,926.10 $76,441,016.22 $72,882,260.13
A) Loss Trigger:
Principal of Contracts
Charged off $51,056.23 $637,817.94 $150,288.93 $126,504.53 $115,168.44
Recoveries $173,091.90 $754,248.27 $35,080.05 $23,637.33 $198,276.20
Total Charged off
(Months 5,4,3) $839,163.10
Total Recoveries
(Months 3,2,1) 256,993.58
Net Loss/(Recoveries)
for 3 Mos. $582,169.52(a)
Total Balance
(Months 5,4,3) $260,219,737.23(b)
Loss Ratio [(a/b)(12)] 2.6847%
Trigger: Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $609,529.38 $479,176.93 $110,179.38
As % of Beginning
Pool Balance 0.75451% 0.62686% 0.15117%
Three Month Average 1.17548% 0.84685% 0.51085%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.2858%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.3
Page 4 of 4
Navistar Financial 1994-B Owner Trust
For the Month of October 1996
SPECIAL REPORT The recent bankruptcy of one large obligor has
created a distortion in the loss statistics as
customarily reported (see page 3 of 4). The loss
trigger formula is based on the assumption that
recoveries follow losses by approximately 60 days.
The distortion appears since, in this case,
repossessions and recoveries occurred in the same
month. Presented below are loss statistics
restated to show pool loss activity without the
impact of this obligor. These statistics more
fairly portray the overall performance of this
pool.
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 196
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $91,515,545.32* $86,671,846.53* $80,784,926.10 $76,441,016.22 $72,882,260.13
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $51,056.23 $14,108.30* $150,288.93 $126,504.53 $115,168.44
Recoveries $173,091.90 $110,225.78* $35,080.05 $23,637.33 $198,276.20
Total Charged off
(Months 5,4,3) $215,453.46*
Total Recoveries
(Months 3,2,1) 256,993.58
Net Loss/(Recoveries)
for 3 Mos. ($41,540.12)*(a)
Total Balance
(Months 5,4,3) $258,972,317.95*(b)
Loss Ratio Annualized [(a/b)(12)]-0.1925% * [restated] VS. 2.6847% [Entire Pool (see page 3)]
Trigger: Is Ratio> 1.5% No* Yes
** This special report began in February 1996. At that point a substantial
number of vehicles were repossessed from a large, bankrupt obligor. In
July 1996, Navistar Financial repossessed all remaining vehicles from this
obligor. The July activity is now creating the same type of distortion
(described above) caused by the February activity. Therefore, the above
additional information will be provided monthly as long as the effect of
this event continues to exist, which will be the December 1996 Settlement
Statement. **
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 4
Navistar Financial 1994-C Owner Trust
For the Month of September 1996
Distribution Date of October 21, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $134,498,385.49
Beginning Pool Factor 0.4269384
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,521,608.78
Interest Collected $1,155,301.61
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $329,866.43
Total Additional Deposits $329,866.43
Repos/Chargeoffs $283,022.12
Aggregate Number of Notes Charged Off 42
Total Available Funds $7,828,272.17
Ending Pool Balance $127,872,259.24
Ending Pool Factor 0.4059051
Servicing Fee $112,081.99
Repayment of Servicer Advances $178,504.65
Reserve Account:
Beginning Balance $8,306,863.43
Target Percentage 10.00%
Target Balance $12,787,225.92
Minimum Balance $6,615,628.35
(Release)Seller Interest Only ($34,073.43)
Ending Balance $8,272,790.00
Current Weighted Average APR: 9.628%
Current Weighted Average
Remaining Term (months): 28.98
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 998,928.89 651
31-60 days 114,297.18 108
60+ days 64,439.06 39
Total 1,177,665.13 662
Balances: 60+ days 570,483.27 39
Memo Item - Reserve Account
Prior Month $8,069,903.13
+ Invest. Income 34,073.43
+ Transfer from Collections Account 202,886.87
Beginning Balance $8,306,863.43
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of October 1996
<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 (1) 96.50% 0.000% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $134,498,385.49
Ending Pool Balance $127,872,259.24
Collected Principal $6,343,104.13
Collected Interest $1,155,301.61
Charge-Offs $283,022.12
Liquidation Proceeds/Recoveries $329,866.43
Servicing $112,081.99
Cash Transfer (to)/from Reserve Account($202,886.87)
Total Collections Available
for Debt Service $7,513,303.31
Beginning Balance $134,185,362.31 $30,809,294.30 $97,000,000.00 $6,376,068.01
Interest Due $887,177.06 $196,409.25 $646,666.67 $44,101.14
Interest Paid $887,177.06 $196,409.25 $646,666.67 $44,101.14
Principal Due $6,626,126.25 $6,394,211.83 $0.00 $231,914.42
Principal Paid $6,626,126.25 $6,394,211.83 $0.00 $231,914.42
Ending Balance $127,559,236.06 $24,415,082.47 $97,000,000.00 $6,144,153.59
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1179472583 1.0000000000 0.5570441762
Total Distributions $7,513,303.31 $6,590,621.08 $646,666.67 $276,015.56
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 $8,306,863.43 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($34,073.43)
Ending Reserve Account Balance $8,272,790.00
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1995, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 4
Navistar Financial 1994-C Owner Trust
For the Month of October 1996
This page has been computed as is customarily
done. See page 4 of 4 for adjustment computations.
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $167,011,774.21 $159,114,542.69 $146,700,500.27 $140,485,673.79 $134,498,385.49
A) Loss Trigger:
Principal of Contracts
Charged off $231,605.30 $3,114,017.80 $106,774.26 $245,097.38 $283,022.12
Recoveries $271,914.87 $3,436,846.72 $287,227.38 $157,481.54 $329,866.43
Total Charged off
(Months 5,4,3) $3,452,397.36
Total Recoveries
(Months 3,2,1) 774,575.35
Net Loss/(Recoveries)
for 3 Mos. $2,677,822.01(a)
Total Balance
(Months 5,4,3) $472,826,817.17(b)
Loss Ratio [(a/b)(12)] 6.7961%
Trigger:
Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $1,215,340.46 $1,416,249.19 $570,483.27
As % of Beginning
Pool Balance 0.82845% 1.00811% 0.42416%
Three Month Average 1.82335% 1.19442% 0.75357%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.6260%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.4
Page 4 of 4
Navistar Financial 1994-C Owner Trust
For the Month of October 1996
SPECIAL REPORT The recent bankruptcy of one large obligor has
created a distortion in the loss statistics as
customarily reported (see page 3 of 4). The loss
trigger formula is based on the assumption that
recoveries follow losses by approximately 60 days.
The distortion appears since, in this case,
repossessions and recoveries occurred in the same
month. Presented below are loss statistics
restated to show pool loss activity without the
impact of this obligor. These statistics more
fairly portray the overall performance of this
pool.
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $163,978,707.58* $156,081,476.06* $146,700,500.27 $140,485,673.79 $134,498,385.49
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $231,605.30 $80,951.17* $106,774.26 $245,097.38 $283,022.12
Recoveries $271,914.87 $383,042.37* $287,227.38 $157,481.54 $329,866.43
Total Charged off
(Months 5,4,3) $419,330.73*
Total Recoveries
(Months 3,2,1) 774,575.35
Net Loss/(Recoveries)
for 3 Mos. ($355,244.62)*(a)
Total Balance
(Months 5,4,3) $466,760,683.91*(b)
Loss Ratio Annualized [(a/b)(12)]-0.9133% * restated] VS. 6.7961% [Entire Pool (see page 3)]
Trigger: Is Ratio> 1.5% No* Yes
** This special report began in February 1996. At that point a substantial
number of vehicles were repossessed from a large, bankrupt obligor. In
July 1996, Navistar Financial repossessed all remaining vehicles from this
obligor. The July activity is now creating the same type of distortion
(described above) caused by the February activity. Therefore, the above
additional information will be provided monthly as long as the effect of
this event continues to exist, which will be the December 1996 Settlement
Statement. **
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 4
Navistar Financial 1995-A Owner Trust
For the Month of October 1996
Distribution Date of November 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $226,786,100.45
Beginning Pool Factor 0.5337660
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,419,898.09
Interest Collected $2,066,575.91
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $909,010.09
Total Additional Deposits $909,010.09
Repos/Chargeoffs $363,306.99
Aggregate Number of Notes Charged Off 71
Total Available Funds $11,909,969.29
Ending Pool Balance $217,488,410.17
Ending Pool Factor 0.5118828
Servicing Fee $188,988.42
Repayment of Servicer Advances $485,514.80
Reserve Account:
Beginning Balance $14,846,877.17
Target Percentage 10.00%
Target Balance $21,748,841.02
Minimum Balance $8,922,464.92
(Release)/Deposit $(57,459.05)
Ending Balance $14,789,418.12
Current Weighted Average APR: 10.696%
Current Weighted Average
Remaining Term (months): 33.36
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,551,529.57 1,070
31-60 days 258,134.87 210
60+ days 75,390.11 47
Total 1,885,054.55 1,076
Balances: 60+ days 1,266,260.15 47
Memo Item - Reserve Account
Prior Month $13,607,166.03
+ Invest. Income 57,459.05
+ Transfer from Collections Account 1,182,252.09
Beginning Balance $14,846,877.17
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 4
Navistar Financial 1995-A Owner Trust
For the Month of October 1996
<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 (1) 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $226,786,100.45
Ending Pool Balance $217,488,410.17
Collected Principal $8,934,383.29
Collected Interest $2,066,575.91
Charge-Offs $363,306.99
Liquidation Proceeds/Recoveries $909,010.09
Servicing $188,988.42
Cash Transfer to Reserve Account ($1,182,252.09)
Total Collections Available
for Debt Service $10,538,728.78
Beginning Balance $226,786,100.45 $0.00 $214,128,611.92 $12,657,488.53
Interest Due $1,241,038.50 $0.00 $1,168,785.34 $72,253.16
Interest Paid $1,241,038.50 $0.00 $1,168,785.34 $72,253.16
Principal Due $9,297,690.28 $0.00 $8,972,271.12 $325,419.16
Principal Paid $9,297,690.28 $0.00 $8,972,271.12 $325,419.16
Ending Balance $217,488,410.17 $0.00 $205,156,340.80 $12,332,069.37
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.6216858812 0.8288081063
Total Distributions $10,538,728.78 $0.00 $10,141,056.46 $397,672.32
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$14,846,877.17 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(57,459.05)
Ending Reserve Account Balance $14,789,418.12
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1996, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 4
Navistar Financial 1995-A Owner Trust
For the Month of October 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C. <C> <C>
Beg. Pool Balance $278,499,952.42 $268,154,122.24 $250,426,214.23 $235,977,087.48 $226,786,100.45
A) Loss Trigger:
Principal of Contracts
Charged off $367,941.93 $4,923,113.94 $735,809.86 $642,932.27 $363,306.99
Recoveries $670,876.11 $5,000,900.87 $577,625.87 $604,835.88 $909,010.09
Total Charged off
(Months 5,4,3) $6,026,865.73
Total Recoveries
(Months 3,2,1) 2,091,471.84
Net Loss/(Recoveries)
for 3 Mos. $3,935,393.89(a)
Total Balance
(Months 5,4,3) $797,080,288.89(b)
Loss Ratio [(a/b)(12)] 5.9247%
Trigger: Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $2,123,477.97 $2,285,785.56 $1,266,260.15
As % of Beginning
Pool Balance 0.84795% 0.96865% 0.55835%
Three Month Average 2.61250% 1.86516% 0.79165%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.4809%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.5
Page 4 of 4
Navistar Financial 1995-A Owner Trust
For the Month of October 1996
SPECIAL REPORT The recent bankruptcy of one large obligor has
created a distortion in the loss statistics as
customarily reported (see page 3 of 4). The loss
trigger formula is based on the assumption that
recoveries follow losses by approximately 60 days.
The distortion appears since, in this case,
repossessions and recoveries occurred in the same
month. Presented below are loss statistics
restated to show pool loss activity without the
impact of this obligor. These statistics more
fairly portray the overall performance of this
pool.
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $274,095,729.70* $263,749,899.52* $250,426,214.23 $235,977,087.48 $226,786,100.45
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $367,941.93 $518,891.22* $735,809.86 $642,932.27 $363,306.99
Recoveries $670,876.11 $407,512.06* $577,625.87 $604,835.88 $909,010.09
Total Charged off
(Months 5,4,3) $1,622,643.01*
Total Recoveries
(Months 3,2,1) 2,091,471.84
Net Loss/(Recoveries)
for 3 Mos. ($468,828.83)*(a)
Total Balance
(Months 5,4,3) $788,271,843.45*(b)
Loss Ratio Annualized [(a/b)(12)]-0.7137% * restated] VS. 5.9247% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* Yes
** This special report began in February 1996. At that point a substantial
number of vehicles were repossessed from a large, bankrupt obligor. In
July 1996, Navistar Financial repossessed all remaining vehicles from this
obligor. The July activity is now creating the same type of distortion
(described above) caused by the February activity. Therefore, the above
additional information will be provided monthly as long as the effect of
this event continues to exist, which will be the December 1996 Settlement
Statement. **
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 1 of 3
Navistar Financial 1995-B Owner Trust
For the Month of October 1996
Distribution Date of November 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $355,444,399.13
Beginning Pool Factor 0.6770995
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,717,462.30
Interest Collected $3,072,105.65
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,554,542.19
Total Additional Deposits $1,554,542.19
Repos/Chargeoffs $1,150,726.00
Aggregate Number of Notes Charged Off 110
Total Available Funds $16,010,280.58
Ending Pool Balance $342,910,040.39
Ending Pool Factor 0.6532224
Servicing Fee $296,203.67
Repayment of Servicer Advances $333,829.56
Reserve Account:
Beginning Balance $19,635,180.32
Target Percentage 5.50%
Target Balance $18,860,052.22
Minimum Balance $11,023,980.93
(Release)/Deposit $(775,128.10)
Ending Balance $18,860,052.22
Current Weighted Average APR: 10.102%
Current Weighted Average
Remaining Term (months): 38.70
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,267,255.50 1,477
31-60 days 362,424.28 291
60+ days 78,915.11 60
Total 2,708,594.89 1,478
Balances: 60+ days 1,667,390.81 60
Memo Item - Reserve Account
Prior Month $19,549,441.95
+ Invest. Income 85,738.37
- Transfer to Collections Account 0.00
Beginning Balance $19,635,180.32
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of October 1996
<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 (1) 0.00% 96.50% 0.00% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $355,444,399.13
Ending Pool Balance $342,910,040.39
Collected Principal $11,383,632.74
Collected Interest $3,072,105.65
Charge-Offs $1,150,726.00
Liquidation Proceeds/Recoveries $1,554,542.19
Servicing $296,203.67
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $15,714,076.91
Beginning Balance $355,444,399.13 $0.00 $52,744,399.13 $284,325,000.00 $18,375,000.00
Interest Due $1,789,800.41 $0.00 $261,084.78 $1,433,471.88 $95,243.75
Interest Paid $1,789,800.41 $0.00 $261,084.78 $1,433,471.88 $95,243.75
Principal Due $12,534,358.74 $0.00 $12,095,656.18 $0.00 $438,702.56
Principal Paid $12,534,358.74 $0.00 $12,095,656.18 $0.00 $438,702.56
Ending Balance $342,910,040.39 $0.00 $40,648,742.95 $284,325,000.00 $17,936,297.44
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.4065 1.0000 0.9761
Total Distributions $14,324,159.15 $0.00 $12,356,740.96 $1,433,471.88 $533,946.31
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,389,917.76
Beginning Reserve
Account Balance $19,635,180.32
(Release)/Draw ($775,128.10)
Ending Reserve Account Balance $18,860,052.22
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occuring before the Distribution in November 1996, and generally 96.5%
thereafter until all of the Notes have been paid in full. Principal
distributions will be paid in the following priority: First to Class
A-1 until paid in full, Second to Class A-2 until paid in full, Third
to Class A-3 until paid in full.
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of October 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $413,855,776.79 $399,032,989.92 $387,147,305.22 $367,916,186.36 $355,444,399.13
A) Loss Trigger:
Principal of Contracts
Charged off $623,419.70 $640,970.27 $1,159,529.59 $1,258,820.68 $1,150,726.00
Recoveries $631,845.68 $822,669.29 $420,683.88 $503,955.85 $1,554,542.19
Total Charged off
(Months 5,4,3) $2,423,919.56
Total Recoveries
(Months 3,2,1) 2,479,181.92
Net Loss/(Recoveries)
for 3 Mos. ($55,262.36)(a)
Total Balance
(Months 5,4,3) $1,200,036,071.93(b)
Loss Ratio [(a/b)(12)] -0.0553%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $2,830,048.63 $2,668,559.50 $1,667,390.81
As % of Beginning
Pool Balance 0.73100% 0.72532% 0.46910%
Three Month Average 1.58802% 1.43441% 0.64181%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 4.1496%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.7
Page 1 of 3
Navistar Financial 1996-A Owner Trust
For the Month of October 1996
Distribution Date of November 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $406,153,133.77
Beginning Pool Factor 0.8830493
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,641,352.91
Interest Collected $3,346,442.48
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $147,684.86
Total Additional Deposits $147,684.86
Repos/Chargeoffs $550,727.20
Aggregate Number of Notes Charged Off 18
Total Available Funds $13,920,125.90
Ending Pool Balance $395,176,408.01
Ending Pool Factor 0.8591840
Servicing Fee $338,460.94
Repayment of Servicer Advances $215,354.35
Reserve Account:
Beginning Balance $20,388,689.71
Target Percentage 5.00%
Target Balance $19,758,820.40
Minimum Balance $9,658,821.26
(Release)/Deposit $(629,869.31)
Ending Balance $19,758,820.40
Current Weighted Average APR: 9.807%
Current Weighted Average
Remaining Term (months): 44.82
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,821,303.90 1,353
31-60 days 359,468.64 282
60+ days 49,120.59 40
Total 2,229,893.13 1,354
Balances: 60+ days 1,286,738.61 40
Memo Item - Reserve Account
Opening Balance $20,307,656.69
+ Invest. Income 81,033.02
- Transfer to Collections Account 0.00
Beginning Balance $20,388,689.71
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of October 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages (1) 100.00% 0.00% 0.00%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $406,153,133.77
Ending Pool Balance $395,176,408.01
Collected Principal $10,425,998.56
Collected Interest $3,346,442.48
Charge-Offs $550,727.20
Liquidation Proceeds/Recoveries $147,684.86
Servicing $338,460.94
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,581,664.96
Beginning Balance $406,153,133.77 $38,209,264.24 $347,245,000.00 $20,698,869.53
Interest Due $2,116,789.20 $167,165.53 $1,837,504.79 $112,118.88
Interest Paid $2,116,789.20 $167,165.53 $1,837,504.79 $112,118.88
Principal Due $10,976,725.76 $10,976,725.76 $0.00 $0.00
Principal Paid $10,976,725.76 $10,976,725.76 $0.00 $0.00
Ending Balance $395,176,408.01 $27,232,538.48 $347,245,000.00 $20,698,869.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2960058530 1.0000000000 1.0000000000
Total Distributions $13,093,514.96 $11,143,891.29 $1,837,504.79 $112,118.88
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $488,150.00
Beginning Reserve Account Balance $20,388,689.71 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(629,869.31)
Ending Reserve Account Balance $19,758,820.40
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occuring before the Distribution date on which the Class A-1 Notes
have been paid in full, and generally 95.5% thereafter until all the
Notes have been paid in full. No principal distribution to Class A-2
until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of October 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
May 1996 June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $459,943,869.53 $448,886,287.07 $437,532,448.32 $427,647,779.09 $417,109,950.65 $406,153,133.77
A) Loss Trigger:
Principal of Contracts
Charged off $383,082.86 $817,826.85 $438,220.11 $446,599.38 $874,339.96 $550,727.20
Recoveries $0.00 $10,734.47 $237,338.64 $74,360.07 $37,337.12 $147,684.86
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,702,646.34 Total Charged off (Months 1-6) $3,510,796.36
Total Recoveries (Months 3,2,1) 259,382.05 Total Recoveries (Months 1-6) 507,455.16
Net Loss/(Recoveries) for 3 Mos. $1,443,264.29(a) Net Loss/(Recoveries) for 6Mos. $3,003,341.20(c)
Total Balance (Months 5,4,3) $1,314,066,514.48(b) Total Balance (Months 1-6) $2,597,273,468.43(d)
Loss Ratio [(a/b)(12)] 1.3180% Loss Ratio [(c/d)(12)] 1.3876%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
<TABLE>
<S> <C> <C> <C>
B) Delinquency Trigger:
Balance delinquency 60+ days $2,755,020.10 $2,584,175.00 $1,286,738.61
As % of Beginning Pool Balance 0.64423% 0.61954% 0.31681%
Three Month Average 0.48748% 0.60961% 0.52686%
</TABLE>
<TABLE>
<S> <C>
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 4.2959%
Ending Reserve Acct Balance not less than
1% of initial Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.8
Page 1 of 3
Navistar Financial 1996-B Owner Trust
For the Month of October 1996
Distribution Date of November 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $486,507,362.75
Beginning Pool Factor 0.8830493
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $13,989,557.80
Interest Collected $4,119,587.40
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $533,952.94
Aggregate Number of Notes Charged Off 3
Total Available Funds $18,109,145.22
Ending Pool Balance $471,983,852.01
Ending Pool Factor 0.9701474
Servicing Fee $405,422.80
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $12,185,784.98
Target Percentage 2.50%
Target Balance $11,799,596.30
Minimum Balance $9,730,147.26
(Release)/Deposit $(386,188.68)
Ending Balance $11,799,596.30
Current Weighted Average APR: 10.169%
Current Weighted Average
Remaining Term (months): 48.38
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,662,734.60 1,351
31-60 days 186,537.26 155
60+ days 11,095.93 9
Total 1,860,367.79 1,352
Balances: 60+ days 429,289.32 9
Memo Item - Reserve Account
Opening Balance $12,162,684.06
+ Invest. Income 23,100.92
- Transfer to Collections Account 0.00
Beginning Balance $12,185,784.98
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1996-B Owner Trust
For the Month of October 1996
<TABLE>
<CAPTION>
NOTES CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
Original
Pool Amount Dist.: $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Distribution Percentages 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $486,507,362.75
Ending Pool Balance $471,983,852.01
Collected Principal $13,989,557.80
Collected Interest $4,119,587.42
Charge-Offs $533,952.94
Liquidation Proceeds/Recoveries $0.00
Servicing $405,422.80
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $17,703,722.42
Beginning Balance $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Interest Due $1,152,898.15 $227,377.50 $258,053.83 $582,184.17 $43,043.00 $42,239.65
Interest Paid $1,152,898.15 $227,377.50 $258,053.83 $582,184.17 $43,043.00 $42,239.65
Principal Due $14,523,510.74 $14,523,510.74 $0.00 $0.00 $0.00 $0.00
Principal Paid $14,523,510.74 $14,523,510.74 $0.00 $0.00 $0.00 $0.00
Ending Balance $471,983,852.01 $91,976,489.26 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.8636290071 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Total Distributions $15,676,408.89 $14,750,888.24 $258,053.83 $582,184.17 $43,043.00 $42,239.65
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $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 $0.00
Excess Servicing $2,027,313.53
Beginning Reserve Account
Balance $12,185,784.98 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($386,188.68)
Ending Reserve
Account Balance $11,799,596.30
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1996-B Owner Trust
For the Month of October 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
1
Oct 1996
<S> <C>
Beg. Pool Balance $486,507,362.75
A) Loss Trigger:
Principal of Contracts
Charged off $533,952.94
Recoveries $0.00
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $0.00 Total Charged off (Months 1-6) $533,952.94
Total Recoveries (Months 3,2,1) 0.00 Total Recoveries (Months 1-6) 0.00
Net Loss/(Recoveries) for 3 Mos. $0.00(a) Net Loss/(Recoveries) for 6 Mos. $533,952.94(c)
Total Balance Total Balance
(Months 5,4,3) N/A(b) (Months 1-6) N/A(d)
Loss Ratio Annualized [(a/b)(12)] N/A Loss Ratio [(c/d)(12)] N/A
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
B) Delinquency Trigger:
Balance delinquency 60+ days $429,289.32
As % of Beginning
Pool Balance 0.08824%
Three Month Average 0.08824%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.4254%
Ending Reserve Acct Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
