UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended October 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
----------
Commission File Number 33-50291
----------
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST, 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 51-0337491
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
2850 West Golf Road
Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 847-734-4275
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
<PAGE>
PART I
Item 1. Business
The Navistar Financial 1993-A Owner Trust, Navistar Financial 1994-A Owner
Trust, Navistar Financial 1994-B Owner Trust, Navistar Financial 1994-C Owner
Trust and Navistar Financial 1995-A Owner Trust (the "Trusts") were formed
pursuant to five separate Trust Agreements dated as of November 10, 1993, May
3, 1994, August 3, 1994, December 15, 1994 and May 25, 1995, respectively,
among Navistar Financial Retail Receivables Corporation, as seller (the
"Seller") and Chemical Bank Delaware, as owner trustee (the "Trustee").
Retail notes (the "Retail Notes") and security interests in the vehicles
financed thereby were transferred to the Trusts in exchange for fixed rate
notes (the "Notes") and fixed rate pass-through certificates (the
"Certificates") which were registered on Registration Statement Nos. 33-50291
and 33-55865 and sold to the public in reliance on Rule 415 under the
Securities Act of 1933. The Seller retained ownership of approximately 1% of
the initial Certificate balance with the formation of each Trust.
Pursuant to a Pooling and Servicing Agreement (the "Agreement") for each
Trust, Navistar Financial Corporation acts as servicer (the "Servicer") and,
in that capacity, manages, services, administers and makes collections on the
Retail Notes. Navistar Financial Retail Receivables Corporation is a wholly-
owned subsidiary of Navistar Financial Corporation. Each Agreement provides
that collections shall be distributed to noteholders and certificateholders
and otherwise used in accordance with the priorities set forth therein.
Pursuant to each Agreement, the Seller established a reserve account as credit
enhancement for each Trust. Amounts on deposit in each reserve account after
payments to security holders and the Servicer are paid to the Seller to the
extent that such amounts exceed a specified reserve account target balance.
The specified reserve account target balance cannot, however, be less than a
specified minimum of the initial aggregate receivables balance for each Trust.
There is no cross collateralization between the Trusts.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving
either the Retail Notes or the Trustee, or the Seller or Servicer in respect
of the Trusts.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted during the period of this report to a vote of
holders of the Certificates.
<PAGE>
PART II
Item 5. Market for the Registrant's Common Equity and
Related Stockholder Matters
Not applicable.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
As of October 31, 1995, the principal balances of the 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 are $72.0 million, $127.3 million, $126.3
million, $219.3 million and $356.6 million, respectively. Reference is made
to Exhibit 13, Annual Summary, for additional information regarding principal
and interest payments in respect of the Notes and Certificates and information
regarding servicing compensation and other fees paid by the Trusts during the
fiscal year.
As of October 31, 1995, the balances of the reserve account of the
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 are $6.7 million, $8.7 million, $8.2
million, $13.2 million and $21.4 million, respectively.
At October 31, 1995, the remaining shelf registration available to
Navistar Financial Retail Receivables Corporation ("NFRRC") for issuance of
asset-backed securities was $1,430.0 million. On November 14, 1995, NFRRC
filed an additional registration with the Securities and Exchange Commission
providing for the issuance from time to time of an additional $2,000.0 million
of asset-backed securities. Additionally, in November 1995, Navistar
Financial Corporation sold $525.0 million of retail notes, net of unearned
finance income, through NFRRC to a 1995-B Owner Trust which, in turn, sold
$506.6 million of notes and $18.4 million of certificates to investors. A
reserve account of $25.0 million was established with the 1995-B Owner Trust
as credit enhancement.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure
None.
<PAGE>
PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Exhibits
3 Articles of Incorporation and By-Laws
10 Material Contracts
An Annual Summary for each of the Owner Trusts listed below is an
annualized version of the monthly Servicer Certificates prepared
by the Servicer.
13(a) - Navistar Financial 1993-A Owner Trust
13(b) - Navistar Financial 1994-A Owner Trust
13(c) - Navistar Financial 1994-B Owner Trust
13(d) - Navistar Financial 1994-C Owner Trust
13(e) - Navistar Financial 1995-A Owner Trust
13(f) - Report of Independent Certified Public Accountants
27 - Financial Data Schedule
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K during the three
months ended October 31, 1995:
(i) Form 8-K dated August 15, 1995
(ii) Form 8-K dated September 15, 1995
(iii) Form 8-K dated October 16, 1995
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1993-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-A OWNER TRUST, 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)
By: /s/PHYLLIS E. COCHRAN January 29, 1996
Phyllis E. Cochran
Vice President and Controller
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequential
Exhibit No. Exhibit Page No.
<S> <C> <C>
3 Articles of Incorporation and By-Laws 6
10 Material Contracts 7
13(a) Annual Summary
- Navistar Financial 1993-A Owner Trust 10
13(b) Annual Summary
- Navistar Financial 1994-A Owner Trust 13
13(c) Annual Summary
- Navistar Financial 1994-B Owner Trust 16
13(d) Annual Summary
- Navistar Financial 1994-C Owner Trust 19
13(e) Annual Summary
- Navistar Financial 1995-A Owner Trust 22
13(f) Report of Independent Certified Public
Accountants 25
27 Financial Data Schedule
</TABLE>
<PAGE>
Exhibit 3
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
ARTICLES OF INCORPORATION AND BY-LAWS
The following documents of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
3.1 Restated Certificate of Incorporation of Navistar Financial Retail
Receivables Corporation (as amended and in effect on June 5, 1995).
Filed on Registration No. 33-50291.
3.2 The By-Laws of Navistar Financial Retail Receivables Corporation.
Filed on Registration No. 33-50291.
<PAGE>
Exhibit 10
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
The following material contracts of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
10.1 Purchase Agreement dated as of November 10, 1993 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial 1993-
A Owner Trust. Filed on Registration No. 33-50291.
10.2 Pooling and Servicing Agreement dated as of November 10, 1993 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1993-A Owner Trust, as Issuer. Filed on Registration No. 33-50291.
10.3 Trust Agreement dated as of November 10, 1993 between Navistar
Financial Retail Receivables Corporation, as Seller, and Chemical
Bank Delaware, as Owner Trustee, with respect to Navistar Financial
1993-A Owner Trust. Filed on Registration No. 33-50291.
10.4 Indenture dated as of November 10, 1993 between Navistar Financial
1993-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1993-A Owner Trust. Filed on
Registration No. 33-50291.
10.5 Purchase Agreement dated as of May 3, 1994 between Navistar Financial
Corporation and Navistar Financial Retail Receivables Corporation, as
Purchaser, with respect to Navistar Financial 1994-A Owner Trust.
Filed on Registration No. 33-50291.
10.6 Pooling and Servicing Agreement dated as of May 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-A Owner Trust, as Issuer. Filed on Registration No. 33-50291.
10.7 Trust Agreement dated as of May 3, 1994 between Navistar Financial
Retail Receivables Corporation, as Seller, and Chemical Bank
Delaware, as Owner Trustee, with respect to Navistar Financial 1994-A
Owner Trust. Filed on Registration No. 33-50291.
10.8 Indenture dated as of May 3, 1994 between Navistar Financial 1994-A
Owner Trust and The Bank of New York, as Indenture Trustee, with
respect to Navistar Financial 1994-A Owner Trust. Filed on
Registration No. 33-50291.
10.9 Purchase Agreement dated as of August 3, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial 1994-
B Owner Trust. Filed on Registration No. 33-50291.
10.10 Pooling and Servicing Agreement dated as of August 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-B Owner Trust, as Issuer. Filed on Registration No. 33-50291.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.11 Trust Agreement dated as of August 3, 1994 between Navistar Financial
Retail Receivables Corporation, as Seller, and Chemical Bank
Delaware, as Owner Trustee, with respect to Navistar Financial 1994-B
Owner Trust. Filed on Registration No. 33-50291.
10.12 Indenture dated as of August 3, 1994 between Navistar Financial
1994-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1994-B Owner Trust. Filed on
Registration No. 33-50291.
10.13 Purchase Agreement dated as of December 15, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial 1994-
C Owner Trust. Filed on Registration No. 33-55865.
10.14 Pooling and Servicing Agreement dated as of December 15, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-C Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.15 Trust Agreement dated as of December 15, 1994 between Navistar
Financial Retail Receivables Corporation, as Seller, and Chemical
Bank Delaware, as Owner Trustee, with respect to Navistar Financial
1994-C Owner Trust. Filed on Registration No. 33-55865.
10.16 Indenture dated as of December 15, 1994 between Navistar Financial
1994-C Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1994-C Owner Trust. Filed on
Registration No. 33-55865.
10.17 Purchase Agreement dated as of May 25, 1995, between the Corporation
and Navistar Financial Retail Receivables Corporation, as Purchaser,
with respect to Navistar Financial 1995-A Owner Trust. Filed on
Registration No. 33-55865.
10.18 Pooling and Servicing Agreement dated as of May 25, 1995, among the
Corporation, as Servicer, and Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1995-A Owner Trust,
as Issuer. Filed on Registration No. 33-55865.
10.19 Trust Agreement dated as of May 25, 1995, between Navistar Financial
Retail Receivables Corporation, as Seller, and Chemical Bank
Delaware, as Owner Trustee, with respect to Navistar Financial 1995-A
Owner Trust. Filed on Registration No. 33-55865.
10.20 Indenture dated as of May 25, 1995, between Navistar Financial 1995-A
Owner Trust and The Bank of New York, as Indenture Trustee, with
respect to Navistar Financial 1995-A Owner Trust. Filed on
Registration No. 33-55865.
10.21 Purchase Agreement dated as of November 1, 1995, between the
Corporation and Navistar Financial Retail Receivables Corporation,
as Purchaser, with respect to Navistar Financial 1995-B Owner Trust.
Filed on Registration No. 33-55865.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.22 Pooling and Servicing Agreement dated as of November 1, 1995, among
the Corporation, as Servicer, and Navistar Financial Retail
Receivables Corporation, as Seller, and Navistar Financial 1995-B
Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.23 Trust Agreement dated as of November 1, 1995, between Navistar
Financial Retail Receivables Corporation, as Seller, and Chemical
Bank Delaware, as Owner Trustee, with respect to Navistar Financial
1995-B Owner Trust. Filed on Registration No. 33-55865.
10.24 Indenture dated as of November 1, 1995, between Navistar Financial
1995-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1995-B Owner Trust. Filed on
Registration No. 33-55865.
<PAGE>
ANNUAL SUMMARY
Exhibit 13(a)
Navistar Financial 1993-A Owner Trust
Page 1 of 3
For the Months of
November 1994 thru October 1995
Fiscal Year 1995
<TABLE>
<S> <C>
Cut-off Date 10/01/93
Original Pool Amount at Cut-off Date $335,002,547.77
Beginning Pool Balance as of 11/1/94 $176,685,539.12
Beginning Pool Factor as of 11/1/94 0.5274155
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $93,583,202.07
Interest Collected $12,012,270.70
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,325,016.58
Total Additional Deposits $1,325,016.58
Repos/Chargeoffs $1,167,620.04
Aggregate Number of Notes Charged Off 217
Total Available Funds $105,635,069.80
Ending Pool Balance as of 10/31/95 $83,220,136.56
Ending Pool Factor as of 10/31/95 0.2484164
Servicing Fee $1,311,109.75
Repayment of Servicer Advances $1,285,419.55
Reserve Account:
Beginning Balance as of 11/1/94 $13,251,415.43
Investment Income Earned
during the year $542,429.15
Target Percentage 7.50%
Target Balance as of 10/31/95 $6,241,510.24
Minimum Balance
(2% of Initial Balance) $6,700,050.96
(Release)/Deposit
- Includes Investment Income $(7,093,793.62)
Ending Balance as of 10/31/95 $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/95: Dollars Notes
<S> <C> <C>
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
</TABLE>
<PAGE>
Exhibit 13(a)
Navistar Financial 1993-A Owner Trust
Page 2 of 3
For the Months of November 1994 thru October 1995
Fiscal Year 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
prior to A-1 payoff 100.00% 0.00% 0.00%
Distribution Percentages
following A-1 payoff 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 3.475% 4.475% 4.800%
Beginning Pool Balance $176,685,539.12
Ending Pool Balance $83,220,136.56
Collected Principal $92,965,162.60
Collected Interest $12,012,270.70
Liquidation Proceeds/Recoveries $325,472.97
Charge-Offs $1,167,620.04
Servicing $1,311,109.75
Total Collections Available
for Debt Service $103,991,796.52
Beginning Balance as of 11/1/94 $166,102,581.46 $0.00 $156,248,032.17 $9,854,549.29
Interest Due $5,396,326.60 $0.00 $5,022,839.68 $373,486.92
Interest Paid $5,396,326.60 $0.00 $5,022,839.68 $373,486.92
Principal Due $94,132,782.64 $0.00 $89,896,807.42 $4,235,975.22
Principal Paid $94,132,782.64 $0.00 $89,896,807.42 $4,235,975.22
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance as of 10/31/95 $71,969,798.82 $0.00 $66,351,224.75 $5,618,574.07
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.3385681142 0.4791328341
Total Distributions $99,529,109.24 $0.00 $94,919,647.10 $4,609,462.14
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 $4,462,687.28
Beginning Reserve Account
Balance $13,251,415.43
Investment Income Earned
during the year $542,429.15
(Release)/Draw
- Includes Invest. Income $(7,093,793.62)
Ending Reserve Account Balance $6,700,050.96
Memo Item - Advances:
Total Outstanding Servicer
Advances $2,428,282.63
</TABLE>
<PAGE>
Exhibit 13(a)
Navistar Financial 1993-A Owner Trust
Page 3 of 3
For the Months of November 1994 thru October 1995
Fiscal Year 1995
At each Distribution Date, a loss percentage is computed and this loss
percentage then annualized cannot exceed 1.5%.
The loss percentage is calculated as follows:
- - The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1994 (0.2218)% May 1995 (0.3300)%
December 1994 0.0734% June 1995 0.2278%
January 1995 0.0982% July 1995 0.3887%
February 1995 0.3492% August 1995 0.3590%
March 1995 (0.3063)% September 1995 0.0057%
April 1995 (0.1321)% October 1995 (0.2449)%
</TABLE>
At each Distribution Date, a delinquency percentage is computed and a three
month rolling average of this percentage cannot exceed 2.0%.
The delinquency percentage is calculated as follows:
- - The numerator of which is equal to the aggregate remaining gross balances
of all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1994 0.09694% May 1995 0.36010%
December 1994 0.13511% June 1995 0.28340%
January 1995 0.19028% July 1995 0.25991%
February 1995 0.23712% August 1995 0.20754%
March 1995 0.29339% September 1995 0.19914%
April 1995 0.32083% October 1995 0.16868%
</TABLE>
<PAGE>
ANNUAL SUMMARY
Exhibit 13(b)
Navistar Financial 1994-A Owner Trust
Page 1 of 3
For the Months of November 1994 thru October 1995
Fiscal Year 1995
<TABLE>
<S> <C>
Cut-off Date 04/01/94
Original Pool Amount at Cut-off Date $280,021,471.35
Beginning Pool Balance as of 11/1/94 $223,171,137.90
Beginning Pool Factor as of 11/1/94 0.7969787
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $88,816,386.84
Interest Collected $15,904,743.34
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,074,050.47
Total Additional Deposits $2,074,050.47
Repos/Chargeoffs $1,906,891.27
Aggregate Number of Notes Charged Off 189
Total Available Funds $106,097,272.69
Ending Pool Balance as of 10/31/95 $133,145,767.75
Ending Pool Factor as of 10/31/95 0.4754841
Servicing Fee $1,804,532.71
Repayment of Servicer Advances $697,907.96
Reserve Account:
Beginning Balance as of 11/1/94 $14,506,123.96
Investment Income Earned
during the year $647,637.20
Target Percentage 6.50%
Target Balance as of 10/31/95 $8,654,474.90
Minimum Balance
(2% of Initial Balance) $5,600,429.43
(Release)/Deposit
- Includes Investment Income $(6,485,635.28)
Transfer to Collections Account $(13,650.98)
Ending Balance as of 10/31/95 $8,654,474.90
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/95: Dollars Notes
<S> <C> <C>
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
</TABLE>
<PAGE>
Exhibit 13(b)
Navistar Financial 1994-A Owner Trust
Page 2 of 3
For the Months of November 1994 thru October 1995
Fiscal Year 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
prior to A-1 payoff 100.00% 0.00% 0.00%
Distribution Percentages
following A-1 payoff 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $223,171,137.90
Ending Pool Balance $133,145,767.75
Collected Principal $89,159,029.15
Collected Interest $15,904,743.34
Charge-Offs $1,906,891.27
Liquidation Proceeds/Recoveries $543,109.36
Servicing $1,804,532.71
Cash Transfer from Reserve Acct. $13,650.98
Total Collections Available
for Debt Service $103,816,000.12
Beginning Balance as of 11/1/94 $219,126,321.96 $28,710,850.61 $180,614,000.00 $9,801,471.35
Interest Due $10,332,716.19 $243,104.06 $9,534,531.34 $555,080.79
Interest Paid $10,332,716.19 $243,104.06 $9,534,531.34 $555,080.79
Principal Due $91,065,920.42 $27,980,941.09 $60,246,155.27 $2,838,824.06
Principal Paid $91,065,920.42 $27,980,941.09 $60,246,155.27 $2,838,824.06
Turbo Principal $729,909.52 $729,909.52 $0.00 $0.00
Ending Balance as of 10/31/95 $127,330,492.02 $0.00 $120,367,844.74 $6,962,647.28
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.6664369580 0.7103675593
Total Distributions $102,128,546.13 $28,953,954.67 $69,780,686.61 $3,393,904.85
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 $1,687,453.99
Beginning Reserve Account
Balance $14,506,123.96
Investment Income Earned
during the period $647,637.20
(Release)/Draw
- Includes Investment Income $(6,485,635.28)
Transfer to Collections Account $(13,650.98)
Ending Reserve Account Balance $8,654,474.90
Memo Item - Advances:
Total Outstanding Servicer
Advances $2,878,252.24
</TABLE>
<PAGE>
Exhibit 13(b)
Navistar Financial 1994-A Owner Trust
Page 3 of 3
For the Months of November 1994 thru October 1995
Fiscal Year 1995
At each Distribution Date, a loss percentage is computed and this loss
percentage then annualized cannot exceed 1.5%.
The loss percentage is calculated as follows:
- - The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1994 (0.1362)% May 1995 (0.0967)%
December 1994 0.1906% June 1995 0.3689%
January 1995 (0.0781)% July 1995 (0.2888)%
February 1995 0.0285% August 1995 0.1480%
March 1995 (0.2545)% September 1995 (0.2954)%
April 1995 0.4131% October 1995 (0.3331)%
</TABLE>
At each Distribution Date, a delinquency percentage is computed and a three
month rolling average of this percentage cannot exceed 2.0%.
The delinquency percentage is calculated as follows:
- - The numerator of which is equal to the aggregate remaining gross balances
of all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1994 0.20171% May 1995 0.32158%
December 1994 0.16338% June 1995 0.17874%
January 1995 0.24648% July 1995 0.18197%
February 1995 0.27439% August 1995 0.31036%
March 1995 0.38199% September 1995 0.38135%
April 1995 0.33112% October 1995 0.41202%
</TABLE>
<PAGE>
ANNUAL SUMMARY
Exhibit 13(c)
Navistar Financial 1994-B Owner Trust
Page 1 of 3
For the Months of November 1994 thru October 1995
Fiscal Year 1995
<TABLE>
<S> <C>
Cut-off Date 07/01/94
Original Pool Amount at Cut-off Date $215,029,773.64
Beginning Pool Balance as of 11/1/94 $192,785,338.12
Beginning Pool Factor as of 11/1/94 0.8965518
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $64,267,221.99
Interest Collected $14,993,466.17
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,223,463.75
Total Additional Deposits $2,223,463.75
Repos/Chargeoffs $2,236,352.85
Aggregate Number of Notes Charged Off 184
Total Available Funds $81,026,831.76
Ending Pool Balance as of 10/31/95 $126,739,083.43
Ending Pool Factor as of 10/31/95 0.5894025
Servicing Fee $1,629,093.68
Repayment of Servicer Advances $457,320.15
Reserve Account:
Beginning Balance as of 11/1/94 $12,531,046.98
Investment Income Earned
during the year $584,851.71
Target Percentage 6.50%
Target Balance as of 10/31/95 $8,238,040.42
Minimum Balance
(2% of Initial Balance) $4,300,595.47
(Release)/Deposit
- Includes Investment Income $(4,300,366.31)
Transfer to Collections Account $(577,491.96)
Ending Balance as of 10/31/95 $8,238,040.42
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/95: Dollars Notes
<S> <C> <C>
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
</TABLE>
<PAGE>
Exhibit 13(c)
Navistar Financial 1994-B Owner Trust
Page 2 of 3
For the Months of November 1994 thru October 1995
Fiscal Year 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 $192,785,338.12
Ending Pool Balance $126,739,083.43
Collected Principal $64,158,826.53
Collected Interest $14,993,466.17
Charge-Offs $2,236,352.85
Liquidation Proceeds/Recoveries $760,700.48
Servicing $1,629,093.68
Cash Transfer from Reserve Account $577,491.96
Total Collections Available
for Debt Service $78,861,391.46
Beginning Balance as of 11/1/94 $192,730,537.92 $185,984,237.53 $6,746,300.39
Interest Due $10,419,310.96 $10,042,229.96 $377,081.00
Interest Paid $10,419,310.96 $10,042,229.96 $377,081.00
Principal Due $66,395,179.38 $64,071,348.11 $2,323,831.27
Principal Paid $66,395,179.38 $64,071,348.11 $2,323,831.27
Ending Balance as of 10/31/95 $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 $76,814,490.34 $74,113,578.07 $2,700,912.27
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 $2,046,901.09
Beginning Reserve Account Balance $12,531,046.98
Investment Income Earned
during the period $584,851.71
(Release)/Draw
- Includes Investment Income $(4,300,366.31)
Transfer to Collections Account $(577,491.96)
Ending Reserve Account Balance $8,238,040.42
Memo Item - Advances:
Total Outstanding Servicer
Advances $1,930,144.30
</TABLE>
<PAGE>
Exhibit 13(c)
Navistar Financial 1994-B Owner Trust
Page 3 of 3
For the Months November 1994 thru October 1995
Fiscal Year 1995
At each Distribution Date, a loss percentage is computed and this loss
percentage then annualized cannot exceed 1.5%.
The loss percentage is calculated as follows:
- - The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss percentages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1994 0.1598% May 1995 (1.0170)%
December 1994 0.0502% June 1995 0.0626%
January 1995 (0.0245)% July 1995 (0.1476)%
February 1995 (0.1760)% August 1995 0.9395%
March 1995 (0.1014)% September 1995 0.1323%
April 1995 0.1552% October 1995 (0.2278)%
</TABLE>
At each Distribution Date, a delinquency percentage is computed and a three
month rolling average of this percentage cannot exceed 2.0%.
The delinquency percentage is calculated as follows:
- - The numerator of which is equal to the aggregate remaining gross balances
of all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1994 0.14324% May 1995 0.29209%
December 1994 0.12670% June 1995 0.27048%
January 1995 0.20610% July 1995 0.27595%
February 1995 0.28849% August 1995 0.36756%
March 1995 0.34514% September 1995 0.38472%
April 1995 0.33963% October 1995 0.32328%
</TABLE>
<PAGE>
ANNUAL SUMMARY
Exhibit 13(d)
Navistar Financial 1994-C Owner Trust
Page 1 of 3
For the Months of December 1994 thru October 1995
Fiscal Period 1995
<TABLE>
<S> <C>
Cut-off Date 12/01/94
Original Pool Amount at Cut-off Date $315,029,921.60
Beginning Pool Balance as of 12/1/94 $315,029,921.60
Beginning Pool Factor as of 12/1/94 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $93,333,467.08
Interest Collected $26,913,350.14
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,764,413.64
Total Additional Deposits $1,764,413.64
Repos/Chargeoffs $3,427,692.80
Aggregate Number of Notes Charged Off 194
Total Available Funds $120,688,448.95
Ending Pool Balance as of 10/31/95 $219,591,543.63
Ending Pool Factor as of 10/31/95 0.6970498
Servicing Fee $2,461,643.73
Repayment of Servicer Advances $1,322,781.91
Reserve Account:
Beginning Balance as of 12/1/94 $18,901,795.30
Investment Income Earned
during the year $834,997.22
Target Percentage 6.00%
Target Balance as of 10/31/95 $13,175,492.62
Minimum Balance
(2.1% of Initial Balance) $6,615,628.35
(Release)/Deposit
- Includes Investment Income $(5,741,805.52)
Transfer to Collections Account $(831,622.18)
Ending Balance as of 10/31/95 $13,163,364.82
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/95: Dollars Notes
<S> <C> <C>
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
</TABLE>
<PAGE>
Exhibit 13(d)
Navistar Financial 1994-C Owner Trust
Page 2 of 3
For the Months of December 1994 thru October 1995
Fiscal Period 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 $315,029,921.60
Ending Pool Balance $219,591,543.63
Collected Principal $92,323,708.35
Collected Interest $26,913,350.14
Charge-Offs $3,427,692.80
Liquidation Proceeds/Recoveries $1,173,278.00
Servicing $2,461,643.73
Cash Transfer from Reserve Acct. $831,622.18
Total Collections Available
for Debt Service $118,780,314.94
Beginning Balance as of 12/1/94 $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Interest Due $19,191,537.27 $11,267,163.94 $7,113,333.37 $811,039.96
Interest Paid $19,191,537.27 $11,267,163.94 $7,113,333.37 $811,039.96
Principal Due $95,751,401.15 $94,075,808.09 $0.00 $1,675,593.06
Principal Paid $95,751,401.15 $94,075,808.09 $0.00 $1,675,593.06
Ending Balance as of 10/31/95 $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 1.000000000 0.8480865846
Total Distributions $114,942,938.42 $105,342,972.03 $7,113,333.37 $2,486,633.02
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 $3,837,376.53
Beginning Reserve Account
Balance $18,901,795.30
Investment Income Earned
during the period $834,997.22
(Release)/Draw
- Includes Investment Income $(5,741,805.52)
Transfer to Collections Account $(831,622.18)
Ending Reserve Account Balance $13,163,364.82
Memo Item - Advances:
Total Outstanding Servicer
Advances $3,020,334.07
</TABLE>
<PAGE>
Exhibit 13(d)
Navistar Financial 1994-C Owner Trust
Page 3 of 3
For the Months December 1994 thru October 1995
Fiscal Period 1995
At each Distribution Date, a loss percentage is computed and this loss
percentage then annualized cannot exceed 1.5%.
The loss percentage is calculated as follows:
- - The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss percentages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
December 1994 0.6022% June 1995 0.2209%
January 1995 0.4831% July 1995 0.0034%
February 1995 0.5354% August 1995 0.1829%
March 1995 0.2624% September 1995 0.2810%
April 1995 0.1366% October 1995 (0.3175)%
May 1995 0.0183%
</TABLE>
At each Distribution Date, a delinquency percentage is computed and a three
month rolling average of this percentage cannot exceed 2.0%.
The delinquency percentage is calculated as follows:
- - The numerator of which is equal to the aggregate remaining gross balances
of all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
December 1994 0.05807% June 1995 0.25727%
January 1995 0.12428% July 1995 0.23535%
February 1995 0.14976% August 1995 0.24906%
March 1995 0.22563% September 1995 0.25480%
April 1995 0.24477% October 1995 0.23629%
May 1995 0.24912%
</TABLE>
<PAGE>
ANNUAL SUMMARY
Exhibit 13(e)
Navistar Financial 1995-A Owner Trust
Page 1 of 3
For the Months of May 1995 thru October 1995
Fiscal Period 1995
<TABLE>
<S> <C>
Cut-off Date 05/01/95
Original Pool Amount at Cut-off Date $424,879,281.80
Beginning Pool Balance as of 5/1/95 $424,879,281.80
Beginning Pool Factor as of 5/1/95 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $65,464,135.91
Interest Collected $21,469,845.40
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,540,739.85
Total Additional Deposits $1,540,739.85
Repos/Chargeoffs $2,840,345.37
Aggregate Number of Notes Charged Off 113
Total Available Funds $88,413,639.73
Ending Pool Balance as of 10/31/95 $356,635,881.95
Ending Pool Factor as of 10/31/95 0.8393817
Servicing Fee $1,981,731.10
Repayment of Servicer Advances $61,081.43
Reserve Account:
Beginning Balance as of 5/1/95 $25,492,756.91
Investment Income Earned
during the year $648,491.50
Target Percentage 6.00%
Target Balance as of 10/31/95 $21,398,152.92
Minimum Balance
(2.1% of Initial Balance) $8,922,464.92
(Release)/Deposit
- Includes Investment Income $(4,743,095.49)
Ending Balance as of 10/31/95 $21,398,152.92
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/95: Dollars Notes
<S> <C> <C>
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
</TABLE>
<PAGE>
Exhibit 13(e)
Navistar Financial 1995-A Owner Trust
Page 2 of 3
For the Months of May 1995 thru October 1995
Fiscal Period 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 $424,879,281.80
Ending Pool Balance $356,635,881.95
Collected Principal $65,403,054.48
Collected Interest $21,469,845.40
Charge-Offs $2,840,345.37
Liquidation Proceeds/Recoveries $1,540,739.85
Servicing $1,981,731.10
Total Collections Available
for Debt Service $86,431,908.63
Beginning Balance as of 5/1/95 $424,879,281.80 $80,000,000.00 $330,000,000.00 $14,879,281.80
Interest Due $12,455,470.20 $1,452,719.11 $10,507,291.67 $495,459.42
Interest Paid $12,455,470.20 $1,452,719.11 $10,507,291.67 $495,459.42
Principal Due $68,243,399.85 $68,243,399.85 $0.00 $0.00
Principal Paid $68,243,399.85 $68,243,399.85 $0.00 $0.00
Ending Balance as of 10/31/95 $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 1.000000000 1.000000000
Total Distributions $80,698,870.05 $69,696,118.96 $10,507,291.67 $495,459.42
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 $5,733,038.58
Beginning Reserve Account
Balance $25,492,756.91
Investment Income Earned
during the period $648,491.50
(Release)/Draw
- Includes Investment Income $(4,743,095.49)
Ending Reserve Account Balance $21,398,152.92
Memo Item - Advances:
Total Outstanding Servicer
Advances $2,967,724.25
</TABLE>
<PAGE>
Exhibit 13(e)
Navistar Financial 1995-A Owner Trust
Page 3 of 3
For the Months May 1995 thru October 1995
Fiscal Period 1995
At each Distribution Date, a loss percentage is computed and this loss
percentage then annualized cannot exceed 1.5%.
The loss percentage is calculated as follows:
- - The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss percentages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
May 1995 0.1834% August 1995 0.2293%
June 1995 0.2817% September 1995 0.1080%
July 1995 0.4933% October 1995 (0.5822)%
</TABLE>
At each Distribution Date, a delinquency percentage is computed and a three
month rolling average of this percentage cannot exceed 2.0%.
The delinquency percentage is calculated as follows:
- - The numerator of which is equal to the aggregate remaining gross balances
of all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
May 1995 0.05686% August 1995 0.16179%
June 1995 0.11639% September 1995 0.21379%
July 1995 0.13078% October 1995 0.21629%
</TABLE>
<PAGE>
Exhibit 13(f)
INDEPENDENT AUDITORS' REPORT
Board of Directors
Navistar Financial Corporation
Rolling Meadows, Illinois
We have examined management's assertion about Navistar Financial
Corporation's ("NFC") compliance with the minimum servicing standards
indentified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended
October 31, 1995. Management is responsible for NFC's compliance with those
minimum servicing standards. Our responsibility is to express an opinion on
management's assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about NFC's compliance with the minimum
servicing standards and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal
determination on NFC's compliance with the minimum servicing standards.
In our opinion, management's assertion that NFC complied with the
aforementioned minimum servicing standards as of and for the year ended
October 31, 1995 is fairly stated, in all material respects.
/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 18, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE IS NOT APPLICABLE AS THE ANNUAL SUMMARIES ATTACHED AS
EXHIBIT 13 ARE ANNUALIZED VERSIONS OF THE MONTHLY SERVICER CERTIFICATES
PREPARED BY THE SERVICER AND ARE NOT FINANCIAL STATEMENTS OF THE TRUSTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
