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) April 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 April 15 and 22, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of March 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 April 23, 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 April 15, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated April 15, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated April 15, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated April 22, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated April 22, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated April 15, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of March 1996
Distribution Date of April 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $61,317,575.81
Beginning Pool Factor 0.1830361
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,503,257.95
Interest Collected $461,463.76
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $19,925.96
Total Additional Deposits $19,925.96
Repos/Chargeoffs $67,176.75
Aggregate Number of Notes Charged Off 29
Total Available Funds $4,884,012.79
Ending Pool Balance $56,847,775.99
Ending Pool Factor 0.1696936
Servicing Fee $51,097.98
Repayment of Servicer Advances $100,634.88
Reserve Account:
Beginning Balance $6,727,679.09
Target Percentage 7.50%
Target Balance $4,263,583.20
Minimum Balance $6,700,050.96
(Release)/Deposit $(27,628.13)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 550,486.80 475
31-60 days 106,653.75 90
60+ days 26,982.48 22
Total 684,123.03 483
Balances:
60+ days 450,764.60 22
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 27,628.13
Beginning Balance $6,727,679.09
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of March 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 $61,317,575.81
Ending Pool Balance $56,847,775.99
Collected Principal $4,402,623.07
Collected Interest $461,463.76
Liquidation Proceeds/Recoveries $19,925.96
Charge-Offs $67,176.75
Servicing $51,097.98
Total Collections Available
for Debt Service $4,832,914.81
Beginning Balance $50,067,238.07 $0.00 $45,434,279.24 $4,632,958.83
Interest Due $187,963.84 $0.00 $169,432.00 $18,531.84
Interest Paid $187,963.84 $0.00 $169,432.00 $18,531.84
Principal Due $4,469,799.82 $0.00 $4,268,658.83 $201,140.99
Principal Paid $4,469,799.82 $0.00 $4,268,658.83 $201,140.99
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $45,597,438.25 $0.00 $41,165,620.41 $4,431,817.84
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2100543965 0.3779303107
Total Distributions $4,657,763.66 $0.00 $4,438,090.83 $219,672.83
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 $175,151.15
Beginning Reserve Account Balance $6,727,679.09
(Release)/Draw $(27,628.13)
Ending Reserve Account Balance $6,700,050.96
Memo Item - Advances:
Servicer Advances - Current Month $(100,634.88)
Total Outstanding
Servicer Advances $2,662,854.50
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of March 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $83,220,136.56 $77,618,479.23 $72,013,903.23 $66,059,024.32 $61,317,575.81
A) Loss Trigger:
Principal of Contracts
Charged off $94,761.83 $36,777.05 $24,667.82 $26,418.37 $67,176.75
Recoveries $0.00 $35,112.20 $85,204.18 $64,361.46 $19,925.96
Total Charged off
(Months 5,4,3) $156,206.70
Total Recoveries
(Months 3,2,1) 169,491.60
Net Loss/(Recoveries)
for 3 Mos. $ (13,284.90)(a)
Total Balance
(Months 5,4,3) $232,852,519.02(b)
Loss Ratio [(a/b)(12)] -0.0685%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $154,953.30 $220,202.89 $450,764.60
As % of Beginning
Pool Balance 0.21517% 0.33334% 0.73513%
Three Month Average 0.19862% 0.26390% 0.42788%
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 4
Navistar Financial 1994-A Owner Trust
For the Month of March 1996
Distribution Date of April 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $108,497,493.50
Beginning Pool Factor 0.3874613
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,781,374.22
Interest Collected $771,636.16
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $55,848.62
Total Additional Deposits $55,848.62
Repos/Chargeoffs $237,084.91
Aggregate Number of Notes Charged Off 25
Total Available Funds $6,608,859.00
Ending Pool Balance $102,479,034.37
Ending Pool Factor 0.3659685
Servicing Fee $ 90,414.58
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $7,072,371.01
Target Percentage 6.50%
Target Balance $6,661,137.23
Minimum Balance $5,600,429.43
(Release)/Deposit $(411,233.77)
Ending Balance $6,661,137.23
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,022,822.70 797
31-60 days 126,894.79 119
60+ days 34,499.03 24
Total 1,184,216.52 814
Balances:
60+ days 225,029.18 24
Memo Item - Reserve Account
Prior Month $7,052,337.08
+ Invest. Income 29,079.64
- Withdrawal (9,045.71)
Beginning Balance $7,072,371.01
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of March 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 $108,497,493.50
Ending Pool Balance $102,479,034.37
Collected Principal $5,781,374.22
Collected Interest $771,636.16
Charge-Offs $237,084.91
Liquidation Proceeds/Recoveries $55,848.62
Servicing $90,414.58
Cash Transfer from Reserve Account $9,045.71
Total Collections Available
for Debt Service $6,527,490.13
Beginning Balance $102,682,217.77 $0.00 $96,828,742.83 $5,853,474.94
Interest Due $509,031.00 $0.00 $478,495.37 $30,535.63
Interest Paid $509,031.00 $0.00 $478,495.37 $30,535.63
Principal Due $6,018,459.13 $0.00 $5,747,628.47 $270,830.66
Principal Paid $6,018,459.13 $0.00 $5,747,628.47 $270,830.66
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $96,663,758.64 $0.00 $ 91,081,114.36 $5,582,644.28
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5042860153 0.5695720651
Total Distributions $6,527,490.13 $0.00 $6,226,123.84 $301,366.29
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $0.00
Beginning Reserve Account Balance $7,072,371.01
(Release)/Draw $(411,233.77)
Ending Reserve Account Balance $6,661,137.23
Memo Item - Advances:
Servicer Advances - Current Month $202,935.89
Total Outstanding
Servicer Advances $3,908,864.68
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of March 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
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $133,145,767.75 $127,206,609.08 $120,560,076.84 $114,533,976.95 $108,497,493.50
A) Loss Trigger:
Principal of Contracts
Charged off $139,022.68 $70,923.18 $96,042.58 $241,105.42 $237,084.91
Recoveries $150,541.00 $30,823.49 $162,460.87 $298,359.48 $55,848.62
Total Charged off
(Months 5,4,3) $305,988.44
Total Recoveries
(Months 3,2,1) 516,668.97
Net Loss/(Recoveries)
for 3 Mos. $(210,680.53)(a)
Total Balance
(Months 5,4,3) $380,912,453.67(b)
Loss Ratio [(a/b)(12)] -0.6637%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $720,931.10 $418,070.62 $225,029.18
As % of Beginning
Pool Balance 0.59798% 0.36502% 0.20740%
Three Month Average 1.22439% 0.49661% 0.39014%
Trigger:
Is Average> 2.0% No
</TABLE>
<PAGE>
Exhibit 20.2
Page 4 of 4
Navistar Financial 1994-A Owner Trust
For the Month of March 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
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $132,961,440.27* $127,022,281.60* $120,375,749.36* $114,349,649.47* $108,497,493.50
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $139,022.68 $70,923.18 $96,042.58 $56,777.94* $237,084.91
Recoveries $150,541.00 $30,823.49 $162,460.87 $106,292.43* $55,848.62
Total Charged off
(Months 5,4,3) $305,988.44
Total Recoveries
(Months 3,2,1) 324,601.92*
Net Loss/(Recoveries)
for 3 Mos. $(18,613.48)*(a)
Total Balance
(Months 5,4,3) $380,359,471.23*(b)
Loss Ratio Annualized [(a/b)(12)] -0.0587%* [restated] VS. -0.6637% [Entire Pool(see page 3)]
Trigger:
Is Ratio> 1.5% No* No
**The above additional information will be provided monthly as long as the
effect of this event continues to exist, which will be the July 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 March 1996
Distribution Date of April 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $106,299,558.14
Beginning Pool Factor 0.4943481
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,778,960.90
Interest Collected $800,514.52
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $165,916.68
Total Additional Deposits $165,916.68
Repos/Chargeoffs $126,746.78
Aggregate Number of Notes Charged Off 27
Total Available Funds $5,745,392.10
Ending Pool Balance $101,393,850.46
Ending Pool Factor 0.4715340
Servicing Fee $88,582.97
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,937,961.24
Target Percentage 6.50%
Target Balance $6,590,600.28
Minimum Balance $4,300,595.47
(Release)/Deposit $(347,360.96)
Ending Balance $6,590,600.28
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 881,290.90 650
31-60 days 123,666.18 123
60+ days 33,158.27 25
Total 1,038,115.35 655
Balances:
60+ days 406,189.09 25
Memo Item - Reserve Account
Prior Month $6,909,471.28
+ Invest. Income 28,489.96
- Transfer to Collection Account 0.00
Beginning Balance $6,937,961.24
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of March 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 $106,299,558.14
Ending Pool Balance $101,393,850.46
Collected Principal $4,778,960.90
Collected Interest $800,514.52
Charge-Offs $126,746.78
Liquidation Proceeds/Recoveries $165,916.68
Servicing $88,582.97
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,656,809.13
Beginning Balance $105,895,833.24 $102,188,747.51 $3,707,085.73
Interest Due $565,472.85 $545,006.65 $20,466.20
Interest Paid $565,472.85 $545,006.65 $20,466.20
Principal Due $4,905,707.68 $4,734,007.91 $171,699.77
Principal Paid $4,905,707.68 $4,734,007.91 $171,699.77
Ending Balance $100,990,125.56 $97,454,739.60 $3,535,385.96
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4696546055 0.4697080225
Total Distributions $5,471,180.53 $5,279,014.56 $192,165.97
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 $185,628.61
Beginning Reserve Account Balance $6,937,961.24
(Release)/Draw $(347,360.96)
Ending Reserve Account Balance $6,590,600.28
Memo Item - Advances:
Servicer Advances - Current Month $128,403.92
Total Outstanding
Servicer Advances $2,476,101.32
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of March 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
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $126,739,083.43 $122,207,677.35 $117,659,860.22 $111,686,429.59 $106,299,558.14
A) Loss Trigger:
Principal of Contracts
Charged off $29,858.29 $87,766.09 $333,162.88 $510,101.08 $126,746.78
Recoveries $170,123.10 $73,046.34 $46,638.31 $510,372.35 $165,916.68
Total Charged off
(Months 5,4,3) $450,787.26
Total Recoveries
(Months 3,2,1) 722,927.34
Net Loss/(Recoveries)
for 3 Mos. $(272,140.08)(a)
Total Balance
(Months 5,4,3) $366,606,621.00(b)
Loss Ratio [(a/b)(12)] -0.8908%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $430,018.74 $587,159.92 $406,189.09
As % of Beginning
Pool Balance 0.36548% 0.52572% 0.38212%
Three Month Average 0.64591% 0.43994% 0.42444%
Trigger:
Is Average> 2.0% No
</TABLE>
<PAGE>
Exhibit 20.3
Page 4 of 4
Navistar Financial 1994-B Owner Trust
For the Month of March 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
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $126,300,225.33* $121,768,819.25* $117,221,002.12* $111,247,571.49* $106,299,558.14
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $29,858.29 $87,766.09 $333,162.88 $71,242.98* $126,746.78
Recoveries $170,123.10 $73,046.34 $46,638.31 $49,628.33* $165,916.68
Total Charged off
(Months 5,4,3) $450,787.26
Total Recoveries
(Months 3,2,1) 262,183.32*
Net Loss/(Recoveries)
for 3 Mos. $188,603.94*(a)
Total Balance
(Months 5,4,3) $365,290,046.70*(b)
Loss Ratio Annualized [(a/b)(12)]0.6196%* [restated] VS. -0.8908% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* No
**The above additional information will be provided monthly as long as the
effect of this event continues to exist, which will be the July 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 March 1996
Distribution Date of April 22, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $189,327,087.86
Beginning Pool Factor 0.6009813
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,325,715.20
Interest Collected $1,557,199.71
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $509,525.87
Total Additional Deposits $509,525.87
Repos/Chargeoffs $462,927.87
Aggregate Number of Notes Charged Off 108
Total Available Funds $9,392,340.78
Ending Pool Balance $181,538,444.79
Ending Pool Factor 0.5762578
Servicing Fee $157,772.57
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $11,354,483.01
Target Percentage 6.00%
Target Balance $10,892,306.69
Minimum Balance $6,615,628.35
(Release)/Deposit $(512,556.48)
Ending Balance $10,841,926.53
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,386,348.37 1,006
31-60 days 256,536.32 219
60+ days 75,772.03 48
Total 1,718,656.72 1,014
Balances:
60+ days 1,367,568.32 48
Memo Item - Reserve Account
Prior Month $11,304,102.85
+ Invest. Income 50,380.16
- Transfer to Collections Account 0.00
Beginning Balance $11,354,483.01
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of March 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 $189,327,087.86
Ending Pool Balance $181,538,444.79
Collected Principal $7,325,715.20
Collected Interest $1,557,199.71
Charge-Offs $462,927.87
Liquidation Proceeds/Recoveries $509,425.87
Servicing $157,772.57
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $9,234,568.21
Beginning Balance $189,014,064.68 $83,718,992.09 $97,000,000.00 $8,295,072.59
Interest Due $1,237,749.49 $533,708.57 $646,666.67 $57,374.25
Interest Paid $1,237,749.49 $533,708.57 $646,666.67 $57,374.25
Principal Due $7,788,643.07 $7,516,040.56 $0.00 $272,602.51
Principal Paid $7,788,643.07 $7,516,040.56 $0.00 $272,602.51
Ending Balance $181,225,421.61 $76,202,951.53 $97,000,000.00 $8,022,470.08
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3681302006 1.0000000000 0.7273369996
Total Distributions $9,026,392.56 $8,049,749.13 $646,666.67 $329,976.76
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $208,175.65
Beginning Reserve Account Balance$11,354,483.01
(Release)/Draw $(512,556.48)
Ending Reserve Account Balance $10,841,926.53
Memo Item - Advances:
Servicer Advances - Current Month $129,778.02
Total Outstanding
Servicer Advances $4,252,007.44
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 4
Navistar Financial 1994-C Owner Trust
For the Month of March 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
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $219,591,543.63 $213,168,898.49 $206,097,588.02 $197,805,535.89 $189,327,087.86
A) Loss Trigger:
Principal of Contracts
Charged off $241,202.65 $11,202.64 $62,797.81 $1,411,959.50 $462,927.87
Recoveries $386,966.75 $99,218.01 $569,047.99 $894,536.57 $509,425.87
Total Charged off
(Months 5,4,3) $315,203.10
Total Recoveries
(Months 3,2,1) 1,973,010.43
Net Loss/(Recoveries)
for 3 Mos. ($1,657,807.33)(a)
Total Balance
(Months 5,4,3) $638,858,030.14(b)
Loss Ratio [(a/b)(12)] -3.1139%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,299,903.50 $1,619,673.33 $1,367,568.32
As % of Beginning
Pool Balance 0.63072% 0.81882% 0.72233%
Three Month Average 1.24190% 0.79246% 0.72396%
Trigger:
Is Average> 2.0% No
</TABLE>
<PAGE>
Exhibit 20.4
Page 4 of 4
Navistar Financial 1994-C Owner Trust
For the Month of March 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
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $218,774,143.17* $212,351,498.03* $205,280,187.56* $196,988,135.43* $189,327,087.86
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $241,202.65 $11,202.64 $62,797.81 $594,559.04* $462,927.87
Recoveries $386,966.75 $99,218.01 $569,047.99 $40,432.74* $509,425.87
Total Charged off
(Months 5,4,3) $315,203.10
Total Recoveries
(Months 3,2,1) 1,118,906.60*
Net Loss/(Recoveries)
for 3 Mos. ($803,703.50)*(a)
Total Balance
(Months 5,4,3) $636,405,828.76*(b)
Loss Ratio Annualized [(a/b)(12)]-1.5155% * restated] VS. -3.1139% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* No
**The above additional information will be provided monthly as long as the
effect of this event continues to exist, which will be the July 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 3
Navistar Financial 1995-A Owner Trust
For the Month of March 1996
Distribution Date of April 22, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $316,103,678.67
Beginning Pool Factor 0.7439847
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,107,357.36
Interest Collected $2,834,162.94
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $540,104.58
Total Additional Deposits $540,104.58
Repos/Chargeoffs $420,107.94
Aggregate Number of Notes Charged Off 46
Total Available Funds $15,481,624.88
Ending Pool Balance $303,576,213.37
Ending Pool Factor 0.7144999
Servicing Fee $263,419.73
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $19,050,749.21
Target Percentage 6.00%
Target Balance $18,214,572.80
Minimum Balance $8,922,464.92
(Release)/Deposit $(836,176.41)
Ending Balance $18,214,572.80
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,179,949.55 1,399
31-60 days 456,593.59 326
60+ days 209,713.84 65
Total 2,846,256.98 1,405
Balances:
60+ days 3,726,336.87 65
Memo Item - Reserve Account
Prior Month $18,966,220.72
+ Invest. Income 84,528.49
- Transfer to Collections Account 0.00
Beginning Balance $19,050,749.21
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of March 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 $316,103,678.67
Ending Pool Balance $303,576,213.37
Collected Principal $12,107,357.36
Collected Interest $2,834,162.94
Charge-Offs $420,107.94
Liquidation Proceeds/Recoveries $540,104.58
Servicing $263,419.73
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,218,205.15
Beginning Balance $316,103,678.67 $0.00 $301,224,396.87 $14,879,281.80
Interest Due $1,729,119.07 $0.00 $1,644,183.17 $84,935.90
Interest Paid $1,729,119.07 $0.00 $1,644,183.17 $84,935.90
Principal Due $12,527,465.30 $0.00 $12,527,465.30 $0.00
Principal Paid $12,527,465.30 $0.00 $12,527,465.30 $0.00
Ending Balance $303,576,213.37 $0.00 $288,696,931.57 $14,879,281.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.8748391866 1.0000000000
Total Distributions $14,256,584.37 $0.00 $14,171,648.47 $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 $961,620.78
Beginning Reserve Account Balance $19,050,749.21
(Release)/Draw $(836,176.41)
Ending Reserve Account Balance $18,214,572.80
Memo Item - Advances:
Servicer Advances - Current Month $469,716.12
Total Outstanding Servicer
Advances $5,017,924.86
(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 March 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $356,635,881.95 $348,084,582.88 $337,956,886.36 $325,764,845.10 $316,103,678.67
A) Loss Trigger:
Principal of Contracts
Charged off $312,680.72 $435,655.77 $372,049.69 $576,381.41 $420,107.94
Recoveries $511,911.31 $462,763.11 $556,075.28 $164,473.54 $540,104.58
Total Charged off
(Months 5,4,3) $1,120,386.18
Total Recoveries
(Months 3,2,1) 1,260,653.40
Net Loss/(Recoveries)
for 3 Mos. ($140,267.22)(a)
Total Balance
(Months 5,4,3) $1,042,677,351.19(b)
Loss Ratio [(a/b)(12)] -0.1614%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,440,315.28 $3,504,275.94 $3,726,336.87
As % of Beginning
Pool Balance 0.42618% 1.07571% 1.17883%
Three Month Average 0.97451% 0.72376% 0.89357%
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 March 1996
Distribution Date of April 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $462,618,416.17
Beginning Pool Factor 0.8812594
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,685,900.15
Interest Collected $3,968,288.99
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $521,615.37
Total Additional Deposits $521,615.37
Repos/Chargeoffs $1,013,486.59
Aggregate Number of Notes Charged Off 57
Total Available Funds $17,175,804.51
Ending Pool Balance $448,919,029.43
Ending Pool Factor 0.8551629
Servicing Fee $385,515.35
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $25,548,933.80
Target Percentage 5.50%
Target Balance $24,690,546.62
Minimum Balance $11,023,980.93
(Release)/Deposit $(858,387.18)
Ending Balance $24,690,546.62
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,849,273.63 1,841
31-60 days 475,041.74 350
60+ days 145,087.89 51
Total 3,469,403.26 1,842
Balances:
60+ days 3,172,452.55 51
Memo Item - Reserve Account
Initial Deposit $25,444,012.89
+ Invest. Income 104,920.91
+ Transfer to Collections Account 0.00
Beginning Balance $25,548,933.80
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of March 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 $462,618,416.17
Ending Pool Balance $448,919,029.43
Collected Principal $12,685,900.15
Collected Interest $3,968,288.99
Charge-Offs $1,013,486.59
Liquidation Proceeds/Recoveries $521,615.37
Servicing $385,515.35
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $16,790,289.16
Beginning Balance $462,618,416.17 $59,918,416.17 $100,000,000.00 $284,325,000.00 $18,375,000.00
Interest Due $2,310,824.71 $287,109.08 $495,000.00 $1,433,471.88 $95,243.75
Interest Paid $2,310,824.71 $287,109.08 $495,000.00 $1,433,471.88 $95,243.75
Principal Due $13,699,386.74 $13,699,386.74 $0.00 $0.00 $0.00
Principal Paid $13,699,386.74 $13,699,386.74 $0.00 $0.00 $0.00
Ending Balance $448,919,029.43 $46,219,029.43 $100,000,000.00 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3779 1.0000 1.0000 1.0000
Total Distributions $16,010,211.45 $13,986,495.82 $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 $ 780,077.71
Beginning Reserve Account
Balance $25,548,933.80
(Release)/Draw $(858,387.18)
Ending Reserve Account Balance $24,690,546.62
Memo Item - Advances:
Servicer Advances - Current Month $179,313.96
Total Outstanding Servicer
Advances $4,292,148.03
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of March 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1995 Dec 1995 Jan 1996 Feb 1996 Mar 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $443,102,129.03 $501,525,322.41 $486,431,505.52 $473,707,871.41 $462,618,416.17
A) Loss Trigger:
Principal of Contracts
Charged off $174,400.41 $330,454.47 $562,958.34 $630,891.07 $1,013,486.59
Recoveries $0.00 $83,740.91 $316,658.03 $112,457.85 $521,615.37
Total Charged off
(Months 5,4,3) $1,067,813.22
Total Recoveries
(Months 3,2,1) 950,731.25
Net Loss/(Recoveries)
for 3 Mos. $117,081.97(a)
Total Balance
(Months 5,4,3) $1,431,058,956.96(b)
Loss Ratio [(a/b)(12)] 0.0982%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,584,516.56 $3,656,676.58 $3,172,452.55
As % of Beginning
Pool Balance 0.32574% 0.77193% 0.68576%
Three Month Average 0.22825% 0.44832% 0.59448%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
