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) February 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 AND
NAVISTAR FINANCIAL 1995-B OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-4146-1 51-0337491
(Commission File Number) (I.R.S. Employer Identification No.)
2850 West Golf Road Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code 847-734-4275
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On February 15 and 20, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of January 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 AND
NAVISTAR FINANCIAL 1995-B OWNER TRUST
(Registrant)
Date February 27, 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 February 15, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated February 15, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated February 15, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated February 20, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated February 20, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated February 15, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of January 1996
Distribution Date of February 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $72,013,903.23
Beginning Pool Factor 0.2149652
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,930,211.09
Interest Collected $523,179.09
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $85,204.18
Total Additional Deposits $85,204.18
Repos/Chargeoffs $24,667.82
Aggregate Number of Notes Charged Off 26
Total Available Funds $6,538,594.36
Ending Pool Balance $66,059,024.32
Ending Pool Factor 0.1971896
Servicing Fee $60,011.59
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,729,595.53
Target Percentage 7.50%
Target Balance $4,954,426.82
Minimum Balance $6,700,050.96
(Release)/Deposit $(29,544.57)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 688,234.93 489
31-60 days 88,194.22 74
60+ days 18,442.82 11
Total 794,871.97 499
Balances:
60+ days 154,953.30 11
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 29,544.57
Beginning Balance $6,729,595.53
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of January 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 $72,013,903.23
Ending Pool Balance $66,059,024.32
Collected Principal $5,930,211.09
Collected Interest $523,179.09
Liquidation Proceeds/Recoveries $85,204.18
Charge-Offs $24,667.82
Servicing $60,011.59
Total Collections Available
for Debt Service $6,478,582.77
Beginning Balance $60,763,565.49 $0.00 $55,649,271.92 $5,114,293.57
Interest Due $227,982.58 $0.00 $207,525.41 $20,457.17
Interest Paid $227,982.58 $0.00 $207,525.41 $20,457.17
Principal Due $5,954,878.91 $0.00 $5,686,909.36 $267,969.55
Principal Paid $5,954,878.91 $0.00 $5,686,909.36 $267,969.55
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $54,808,686.58 $0.00 $49,962,362.56 $4,846,324.02
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2549412304 0.4132779836
Total Distributions $6,182,861.49 $0.00 $5,894,434.77 $288,426.72
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 $295,721.28
Beginning Reserve Account Balance $6,729,595.53
(Release)/Draw $(29,544.57)
Ending Reserve Account Balance $6,700,050.96
Memo Item - Advances:
Servicer Advances - Current Month $ 125,153.38
Total Outstanding Servicer Advances $2,812,203.84
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of January 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1995 Oct 1995 Nov 1995 Dec 1995 Jan 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $96,494,626.09 $89,969,447.02 $83,220,136.56 $77,618,479.23 $72,013,903.23
A) Loss Trigger:
Principal of Contracts
Charged off $99,077.68 $101,136.84 $94,761.83 $36,777.05 $24,667.82
Recoveries $17,266.80 $115,481.61 $0.00 $35,112.20 $85,204.18
Total Charged off
(Months 5,4,3) $294,976.35
Total Recoveries
(Months 3,2,1) 120,316.38
Net Loss/(Recoveries)
for 3 Mos. $174,659.97(a)
Total Balance
(Months 5,4,3) $269,684,209.67(b)
Loss Ratio [(a/b)(12)] 0.7772%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $114,451.78 $188,746.00 $154,953.30
As % of Beginning
Pool Balance 0.13753% 0.24317% 0.21517%
Three Month Average 0.14401% 0.16952% 0.19862%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 3
Navistar Financial 1994-A Owner Trust
For the Month of January 1996
Distribution Date of February 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $120,560,076.84
Beginning Pool Factor 0.4305387
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,930,057.31
Interest Collected $835,311.21
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $162,460.87
Total Additional Deposits $162,460.87
Repos/Chargeoffs $96,042.58
Aggregate Number of Notes Charged Off 18
Total Available Funds $6,927,829.39
Ending Pool Balance $114,533,976.95
Ending Pool Factor 0.4090186
Servicing Fee $100,466.73
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $7,870,958.91
Target Percentage 6.50%
Target Balance $7,444,708.50
Minimum Balance $5,600,429.43
(Release)/Deposit $(426,250.41)
Ending Balance $7,444,708.50
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 890,388.70 703
31-60 days 125,065.23 120
60+ days 63,111.33 32
Total 1,078,565.26 716
Balances:
60+ days 720,931.10 32
Memo Item - Reserve Account
Prior Month $7,836,404.99
+ Invest. Income 34,553.92
- Withdrawal 0.00
Beginning Balance $7,870,958.91
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of January 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 100.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $120,560,076.84
Ending Pool Balance $114,533,976.95
Collected Principal $5,930,057.31
Collected Interest $835,311.21
Charge-Offs $96,042.58
Liquidation Proceeds/Recoveries $162,460.87
Servicing $100,466.73
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $6,827,362.66
Beginning Balance $114,744,801.11 $0.00 $108,348,509.92 $6,396,291.19
Interest Due $568,789.54 $0.00 $535,422.22 $33,367.32
Interest Paid $568,789.54 $0.00 $535,422.22 $33,367.32
Principal Due $6,026,099.89 $0.00 $5,754,925.39 $271,174.50
Principal Paid $6,026,099.89 $0.00 $5,754,925.39 $271,174.50
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $108,718,701.22 $0.00 $102,593,584.53 $6,125,116.69
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5680267561 0.6249180838
Total Distributions $6,594,889.43 $0.00 $6,290,347.61 $304,541.82
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 $232,473.23
Beginning Reserve Account Balance $7,870,958.91
(Release)/Draw $(426,250.41)
Ending Reserve Account Balance $7,444,708.50
Memo Item - Advances:
Servicer Advances - Current Month $195,481.33
Total Outstanding Servicer Advances $3,517,296.47
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of January 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1995 Oct 1995 Nov 1995 Dec 1995 Jan 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $147,253,866.60 $140,310,679.08 $133,145,767.75 $127,206,609.08 $120,560,076.84
A) Loss Trigger:
Principal of Contracts
Charged off $348,739.12 $45,053.94 $139,022.68 $70,923.18 $96,042.58
Recoveries $121,509.40 $178,798.39 $150,541.00 $30,823.49 $162,460.87
Total Charged off
(Months 5,4,3) $532,815.74
Total Recoveries
(Months 3,2,1) 343,825.36
Net Loss/(Recoveries)
for 3 Mos. $188,990.38(a)
Total Balance
(Months 5,4,3) $420,710,313.43(b)
Loss Ratio [(a/b)(12)] 0.5391%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $3,393,043.01 $670,144.36 $720,931.10
As % of Beginning
Pool Balance 2.54837% 0.52682% 0.59798%
Three Month Average 1.06189% 1.11458% 1.22439%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1994-B Owner Trust
For the Month of January 1996
Distribution Date of February 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $117,659,860.22
Beginning Pool Factor 0.5471794
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,718,926.23
Interest Collected $813,552.88
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $46,638.31
Total Additional Deposits $46,638.31
Repos/Chargeoffs $333,162.88
Aggregate Number of Notes Charged Off 20
Total Available Funds $6,500,458.94
Ending Pool Balance $111,686,429.59
Ending Pool Factor 0.5193998
Servicing Fee $98,049.88
Repayment of Servicer Advances $78,658.48
Reserve Account:
Beginning Balance $7,484,454.16
Target Percentage 6.50%
Target Balance $7,259,617.92
Minimum Balance $4,300,595.47
(Release)/Deposit $(224,836.23)
Ending Balance $7,259,617.93
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 794,298.98 622
31-60 days 163,782.15 136
60+ days 27,323.89 23
Total 985,405.02 635
Balances:
60+ days 430,018.74 23
Memo Item - Reserve Account
Prior Month $7,647,890.92
+ Invest. Income 33,720.50
- Transfer to Collection Account (197,157.26)
Beginning Balance $7,484,454.16
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of January 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 $117,659,860.22
Ending Pool Balance $111,686,429.59
Collected Principal $5,640,267.75
Collected Interest $813,552.88
Charge-Offs $333,162.88
Liquidation Proceeds/Recoveries $46,638.31
Servicing $98,049.88
Cash Transfer from Reserve Account $197,157.26
Total Collections Available
for Debt Service $6,599,566.32
Beginning Balance $117,256,135.32 $113,151,439.02 $4,104,696.30
Interest Due $626,135.68 $603,474.34 $22,661.34
Interest Paid $626,135.68 $603,474.34 $22,661.34
Principal Due $5,973,430.63 $5,764,360.56 $209,070.07
Principal Paid $5,973,430.63 $5,764,360.56 $209,070.07
Ending Balance $111,282,704.69 $107,387,078.46 $3,895,626.23
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5175206067 0.5175692027
Total Distributions $6,599,566.31 $6,367,834.90 $231,731.41
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 $7,484,454.16
(Release)/Draw $(224,836.23)
Ending Reserve Account Balance $7,259,617.93
Memo Item - Advances:
Servicer Advances - Current Month $(78,658.48)
Total Outstanding Servicer Advances $2,235,305.53
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of January 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1995 Oct 1995 Nov 1995 Dec 1995 Jan 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $138,462,514.30 $132,443,097.54 $126,739,083.43 $122,207,677.35 $117,659,860.22
A) Loss Trigger:
Principal of Contracts
Charged off $87,273.86 $186,810.70 $29,858.29 $87,766.09 $333,162.88
Recoveries $107,998.09 $216,366.65 $170,123.10 $73,046.34 $46,638.31
Total Charged off
(Months 5,4,3) $303,942.85
Total Recoveries
(Months 3,2,1) 289,807.75
Net Loss/(Recoveries)
for 3 Mos. $14,135.10(a)
Total Balance
(Months 5,4,3) $397,644,695.27(b)
Loss Ratio [(a/b)(12)] 0.0427%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,449,407.12 $523,816.01 $430,018.74
As % of Beginning
Pool Balance 1.14361% 0.42863% 0.36548%
Three Month Average 0.53693% 0.54864% 0.64591%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1994-C Owner Trust
For the Month of January 1996
Distribution Date of February 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $206,097,588.02
Beginning Pool Factor 0.6542159
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,229,254.32
Interest Collected $1,611,842.28
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $569,047.99
Total Additional Deposits $569,047.99
Repos/Chargeoffs $62,797.81
Aggregate Number of Notes Charged Off 29
Total Available Funds $10,410,144.59
Ending Pool Balance $197,805,535.89
Ending Pool Factor 0.6278944
Servicing Fee $171,747.99
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $13,748,504.23
Target Percentage 10.00%
Target Balance $19,780,553.59
Minimum Balance $6,615,628.35
(Release)/Deposit $(49,477.43)
Ending Balance $13,699,026.80
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,325,253.57 982
31-60 days 267,613.42 188
60+ days 87,361.84 44
Total 1,680,228.83 991
Balances:
60+ days 1,299,903.50 44
Memo Item - Reserve Account
Prior Month $13,097,661.71
+ Invest. Income 49,477.43
- Transfer to Collections Account $601,365.09
Beginning Balance $13,748,504.23
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of January 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 96.50% 0.00% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $206,097,588.02
Ending Pool Balance $197,805,535.89
Collected Principal $8,229,254.32
Collected Interest $1,611,842.28
Charge-Offs $62,797.81
Liquidation Proceeds/Recoveries $569,047.99
Servicing $171,747.99
Cash Transfer from Reserve Account $(601,365.09)
Total Collections Available
for Debt Service $9,637,031.51
Beginning Balance $205,784,564.84 $99,902,524.75 $97,000,000.00 $8,882,040.09
Interest Due $1,344,979.38 $636,878.60 $646,666.67 $61,434.11
Interest Paid $1,344,979.38 $636,878.60 $646,666.67 $61,434.11
Principal Due $8,292,052.13 $8,001,830.31 $0.00 $290,221.82
Principal Paid $8,292,052.13 $8,001,830.31 $0.00 $290,221.82
Ending Balance $197,492,512.71 $91,900,694.44 $97,000,000.00 $8,591,818.27
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4439647074 1.0000000000 0.7789555160
Total Distributions $9,637,031.51 $8,638,708.91 $646,666.67 $351,655.93
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $0.00
Beginning Reserve Account Balance $13,748,504.23
(Release)/Draw $(49,477.43)
Ending Reserve Account Balance $13,699,026.80
Memo Item - Advances:
Servicer Advances - Current Month $48,423.10
Total Outstanding Servicer Advances $3,799,042.56
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of January 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1995 Oct 1995 Nov 1995 Dec 1995 Jan 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $236,060,058.24 $229,333,221.86 $219,591,543.63 $213,168,898.49 $206,097,588.02
A) Loss Trigger:
Principal of Contracts
Charged off $323,377.55 $1,451,784.91 $241,202.65 $11,202.64 $62,797.81
Recoveries $19,396.52 $519,972.17 $386,966.75 $99,218.01 $569,047.99
Total Charged off
(Months 5,4,3) $2,016,365.11
Total Recoveries
(Months 3,2,1) 1,055,232.75
Net Loss/(Recoveries)
for 3 Mos. $961,132.36(a)
Total Balance
(Months 5,4,3) $684,984,823.73(b)
Loss Ratio [(a/b)(12)] 1.6838%
Trigger:
Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $4,758,802.38 $1,977,890.85 $1,299,903.50
As % of Beginning
Pool Balance 2.16712% 0.92785% 0.63072%
Three Month Average 0.87369% 1.07386% 1.24190%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1995-A Owner Trust
For the Month of January 1996
Distribution Date of February 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $337,956,886.36
Beginning Pool Factor 0.7954186
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,819,991.57
Interest Collected $2,918,415.73
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $556,075.28
Total Additional Deposits $556,075.28
Repos/Chargeoffs $372,049.69
Aggregate Number of Notes Charged Off 32
Total Available Funds $15,294,482.58
Ending Pool Balance $325,764,845.10
Ending Pool Factor 0.7667233
Servicing Fee $281,630.74
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $20,354,014.98
Target Percentage 6.00%
Target Balance $19,545,890.71
Minimum Balance $8,922,464.92
(Release)/Deposit $(808,124.27)
Ending Balance $19,545,890.71
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,947,560.84 1,357
31-60 days 333,107.03 242
60+ days 67,532.84 42
Total 2,348,200.71 1,365
Balances:
60+ days 1,440,315.28 42
Memo Item - Reserve Account
Prior Month $20,277,413.18
+ Invest. Income 76,601.80
- Transfer to Collections Account 0.00
Beginning Balance $20,354,014.98
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of January 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% 100.00% 0.00%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $337,956,886.36
Ending Pool Balance $325,764,845.10
Collected Principal $11,819,991.57
Collected Interest $2,918,415.73
Charge-Offs $372,049.69
Liquidation Proceeds/Recoveries $556,075.28
Servicing $281,630.74
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,012,851.84
Beginning Balance $337,956,886.36 $0.00 $323,077,604.56 $14,879,281.80
Interest Due $1,848,401.16 $0.00 $1,763,465.26 $84,935.90
Interest Paid $1,848,401.16 $0.00 $1,763,465.26 $84,935.90
Principal Due $12,192,041.26 $0.00 $12,192,041.26 $0.00
Principal Paid $12,192,041.26 $0.00 $12,192,041.26 $0.00
Ending Balance $325,764,845.10 $0.00 $310,885,563.30 $14,879,281.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9420774645 1.0000000000
Total Distributions $14,040,442.42 $0.00 $13,955,506.52 $84,935.90
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $972,409.42
Beginning Reserve Account Balance $20,354,014.98
(Release)/Draw $(808,124.27)
Ending Reserve Account Balance $19,545,890.71
Memo Item - Advances:
Servicer Advances - Current Month $123,133.05
Total Outstanding Servicer Advances $3,904,029.67
(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 3
Navistar Financial 1995-A Owner Trust
For the Month of January 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1995 Oct 1995 Nov 1995 Dec 1995 Jan 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $377,759,666.41 $368,163,685.54 $356,635,881.95 $348,084,582.88 $337,956,886.36
A) Loss Trigger:
Principal of Contracts
Charged off $1,044,025.46 $776,378.74 $312,680.72 $435,655.77 $372,049.69
Recoveries $125,685.85 $1,209,790.48 $511,911.31 $462,763.11 $556,075.28
Total Charged off
(Months 5,4,3) $2,133,084.92
Total Recoveries
(Months 3,2,1) 1,530,749.70
Net Loss/(Recoveries)
for 3 Mos. $602,335.22(a)
Total Balance
(Months 5,4,3) $1,102,559,233.90(b)
Loss Ratio [(a/b)(12)] 0.6556%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $6,519,237.86 $2,329,993.69 $1,440,315.28
As % of Beginning
Pool Balance 1.82798% 0.66938% 0.42618%
Three Month Average 0.77565% 0.88813% 0.97451%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 1 of 3
Navistar Financial 1995-B Owner Trust
For the Month of January 1996
Distribution Date of February 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $486,431,505.52
Beginning Pool Factor 0.9266219
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,160,675.77
Interest Collected $4,102,936.61
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $316,658.03
Total Additional Deposits $316,658.03
Repos/Chargeoffs $562,958.34
Aggregate Number of Notes Charged Off 27
Total Available Funds $16,580,270.41
Ending Pool Balance $473,707,871.41
Ending Pool Factor 0.9023841
Servicing Fee $405,359.59
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $26,871,775.48
Target Percentage 5.50%
Target Balance $26,053,932.93
Minimum Balance $11,023,980.93
(Release)/Deposit $(817,842.55)
Ending Balance $26,053,932.93
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,671,287.90 1,763
31-60 days 371,600.85 249
60+ days 48,806.13 47
Total 3,091,694.88 1,769
Balances:
60+ days 1,584,516.56 47
Memo Item - Reserve Account
Initial Deposit $26,753,732.80
+ Invest. Income 118,042.68
+ Transfer to Collections Account 0.00
Beginning Balance $26,871,775.48
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of January 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 100.00% 0.00% 0.00% 0.00%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $486,431,505.52
Ending Pool Balance $473,707,871.41
Collected Principal $12,160,675.77
Collected Interest $4,102,936.61
Charge-Offs $562,958.34
Liquidation Proceeds/Recoveries $316,658.03
Servicing $405,359.59
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $16,174,910.82
Beginning Balance $486,431,505.52 $83,731,505.52 $100,000,000.00 $284,325,000.00 $18,375,000.00
Interest Due $2,424,929.09 $401,213.46 $495,000.00 $1,433,471.88 $95,243.75
Interest Paid $2,424,929.09 $401,213.46 $495,000.00 $1,433,471.88 $95,243.75
Principal Due $12,723,634.11 $12,723,634.11 $0.00 $0.00 $0.00
Principal Paid $12,723,634.11 $12,723,634.11 $0.00 $0.00 $0.00
Ending Balance $473,707,871.41 $71,007,871.41 $100,000,000.00 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5806 1.0000 1.0000 1.0000
Total Distributions $15,148,563.20 $13,124,847.57 $495,000.00 $1,433,471.88 $95,243.75
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 $1,026,347.62
Beginning Reserve Account Balance $26,871,775.48
(Release)/Draw $(817,842.55)
Ending Reserve Account Balance $26,053,932.93
Memo Item - Advances:
Servicer Advances - Current Month $611,687.39
Total Outstanding Servicer Advances $3,746,441.00
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of January 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C>
Beg. Pool Balance $454,499,683.43 $443,102,129.03 $501,525,322.41 $486,431,505.52
A) Loss Trigger:
Principal of Contracts
Charged off $200,500.99 $174,400.41 $330,454.47 $562,958.34
Recoveries $0.00 $0.00 $83,740.91 $316,658.03
Total Charged off
(Months 5,4,3) $705,355.87
Total Recoveries
(Months 3,2,1) $400,398.94
Net Loss/(Recoveries)
for 3 Mos. $304,956.93(a)
Total Balance
(Months 5,4,3) $1,399,127,134.87(b)
Loss Ratio [(a/b)(12)] 0.2616%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $495,028.84 $1,240,193.33 $1,584,516.56
As % of Beginning
Pool Balance 0.11172% 0.24728% 0.32574%
Three Month Average 0.06119% 0.12322% 0.22825%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
