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) June 17, 1996
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST, NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST
NAVISTAR FINANCIAL 1995-B OWNER TRUST AND
NAVISTAR FINANCIAL 1996-A 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 June 17 and 20, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of May 1996 for
the specified Owner Trusts, which are attached as Exhibit 20
hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See attached Exhibit Index.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1993-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST AND
NAVISTAR FINANCIAL 1996-A OWNER TRUST
(Registrant)
Date June 24, 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 June 17, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated June 17, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated June 17, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated June 20, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated June 20, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated June 17, 1996
Navistar Financial 1996-A Owner Trust
20.7 Monthly Servicer Certificate, dated June 17, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of May 1996
Distribution Date of June 17, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $52,517,903.77
Beginning Pool Factor 0.1567687
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,168,839.42
Interest Collected $390,454.69
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $69,303.81
Total Additional Deposits $69,303.81
Repos/Chargeoffs $17,445.57
Aggregate Number of Notes Charged Off 26
Total Available Funds $4,628,597.92
Ending Pool Balance $48,331,618.78
Ending Pool Factor 0.1442724
Servicing Fee $43,764.92
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,729,661.25
Target Percentage 7.50%
Target Balance $3,624,871.41
Minimum Balance $6,700,050.96
(Release)/Deposit $(29,610.29)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 578,987.34 403
31-60 days 112,810.24 75
60+ days 17,918.89 16
Total 709,716.47 412
Balances:
60+ days 267,585.97 16
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 29,610.29
Beginning Balance $6,729,661.25
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of May 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 $52,517,903.77
Ending Pool Balance $48,331,618.78
Collected Principal $4,168,839.42
Collected Interest $390,454.69
Liquidation Proceeds/Recoveries $69,303.81
Charge-Offs $17,445.57
Servicing $43,764.92
Total Collections Available
for Debt Service $4,584,833.00
Beginning Balance $41,267,566.03 $0.00 $37,030,592.44 $4,236,973.59
Interest Due $155,041.14 $0.00 $138,093.25 $16,947.89
Interest Paid $155,041.14 $0.00 $138,093.25 $16,947.89
Principal Due $4,186,284.99 $0.00 $3,997,902.17 $188,382.82
Principal Paid $4,186,284.99 $0.00 $3,997,902.17 $188,382.82
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $37,081,281.04 $0.00 $33,032,690.27 $4,048,590.77
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1685547734 0.3452500128
Total Distributions $4,341,326.13 $0.00 $4,135,995.42 $205,330.71
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 $243,506.87
Beginning Reserve Account Balance $6,729,661.25
(Release)/Draw $(29,610.29)
Ending Reserve Account Balance $6,700,050.96
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of May 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 96
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $72,013,903.23 $66,059,024.32 $61,317,575.81 $56,847,775.99 $52,517,903.77
A) Loss Trigger:
Principal of Contracts
Charged off $24,667.82 $26,418.37 $67,176.75 $125,611.36 $17,445.57
Recoveries $85,204.18 $64,361.46 $19,925.96 $167,300.87 $69,303.81
Total Charged off
(Months 5,4,3) $118,262.94
Total Recoveries
(Months 3,2,1) 256,530.64
Net Loss/(Recoveries)
for 3 Mos. $ (138,267.70)(a)
Total Balance
(Months 5,4,3) $199,390,503.36(b)
Loss Ratio [(a/b)(12)] -0.8321%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $450,764.60 $233,376.47 $267,585.97
As % of Beginning
Pool Balance 0.73513% 0.41053% 0.50951%
Three Month Average 0.42788% 0.49300% 0.55172%
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 May 1996
Distribution Date of June 17, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $97,164,157.07
Beginning Pool Factor 0.3469882
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,946,783.98
Interest Collected $692,772.53
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $70,313.69
Total Additional Deposits $70,313.69
Repos/Chargeoffs $3,270.37
Aggregate Number of Notes Charged Off 26
Total Available Funds $5,709,870.20
Ending Pool Balance $92,214,102.72
Ending Pool Factor 0.3293108
Servicing Fee $ 80,970.13
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,346,383.46
Target Percentage 6.50%
Target Balance $5,993,916.68
Minimum Balance $5,600,429.43
(Release)/Deposit $(352,466.78)
Ending Balance $5,993,916.68
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,026,618.96 761
31-60 days 203,353.86 169
60+ days 37,903.95 20
Total 1,267,876.77 771
Balances:
60+ days 381,573.17 20
Memo Item - Reserve Account
Prior Month $6,315,670.21
+ Invest. Income 30,713.25
- Withdrawal 0.00
Beginning Balance $6,346,383.46
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of May 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 $97,164,157.07
Ending Pool Balance $92,214,102.72
Collected Principal $4,946,783.98
Collected Interest $692,772.53
Charge-Offs $3,270.37
Liquidation Proceeds/Recoveries $70,313.69
Servicing $80,970.13
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,628,900.07
Beginning Balance $91,348,881.34 $0.00 $86,005,406.54 $5,343,474.80
Interest Due $452,885.18 $0.00 $425,010.05 $27,875.13
Interest Paid $452,885.18 $0.00 $425,010.05 $27,875.13
Principal Due $4,950,054.35 $0.00 $4,727,301.90 $222,752.45
Principal Paid $4,950,054.35 $0.00 $4,727,301.90 $222,752.45
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $86,398,826.99 $0.00 $ 81,278,104.64 $5,120,722.35
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4500099917 0.5224442506
Total Distributions $5,402,939.53 $0.00 $5,152,311.95 $250,627.58
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 $225,960.54
Beginning Reserve Account Balance $6,346,383.46
(Release)/Draw $(352,466.78)
Ending Reserve Account Balance $5,993,916.68
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of May 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
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $120,560,076.84 $114,533,976.95 $108,497,493.50 $102,479,034.37 $97,164,157.07
A) Loss Trigger:
Principal of Contracts
Charged off $96,042.58 $241,105.42 $237,084.91 $112,132.50 $3,270.37
Recoveries $162,460.87 $298,359.48 $55,848.62 $147,708.16 $70,313.69
Total Charged off
(Months 5,4,3) $574,232.91
Total Recoveries
(Months 3,2,1) 273,870.47
Net Loss/(Recoveries)
for 3 Mos. $300,362.44(a)
Total Balance
(Months 5,4,3) $343,591,547.29(b)
Loss Ratio [(a/b)(12)] 1.0490%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $225,029.18 $667,916.87 $381,573.17
As % of Beginning
Pool Balance 0.20740% 0.65176% 0.39271%
Three Month Average 0.39014% 0.40806% 0.41729%
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 May 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
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $120,375,749.36* $114,349,649.47* $108,497,493.50 $102,479,034.37 $97,164,157.07
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $96,042.58 $56,777.94* $237,084.91 $112,132.50 $3,270.37
Recoveries $162,460.87 $106,292.43* $55,848.62 $147,708.16 $70,313.69
Total Charged off
(Months 5,4,3) $389,905.43*
Total Recoveries
(Months 3,2,1) 273,870.47
Net Loss/(Recoveries)
for 3 Mos. $116,034.96*(a)
Total Balance
(Months 5,4,3) $343,222,892.33*(b)
Loss Ratio Annualized [(a/b)(12)] 0.4057%* [restated] VS. 1.0490% [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 May 1996
Distribution Date of June 17, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $96,795,724.48
Beginning Pool Factor 0.4501503
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,623,933.19
Interest Collected $729,958.65
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $70,331.64
Total Additional Deposits $70,331.64
Repos/Chargeoffs $32,536.33
Aggregate Number of Notes Charged Off 20
Total Available Funds $5,424,223.48
Ending Pool Balance $92,139,254.96
Ending Pool Factor 0.4284953
Servicing Fee $80,663.10
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,491,892.31
Target Percentage 10.00%
Target Balance $9,213,925.50
Minimum Balance $4,300,595.47
(Release)/Deposit $(27,802.73)
Ending Balance $6,464,089.58
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 842,765.18 626
31-60 days 176,345.32 167
60+ days 39,796.41 34
Total 1,058,906.91 630
Balances:
60+ days 599,888.44 34
Memo Item - Reserve Account
Prior Month $6,291,722.09
+ Invest. Income 27,802.73
+ Transfer from Collection Account 172,367.49
Beginning Balance $6,491,892.31
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of May 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 $96,795,724.48
Ending Pool Balance $92,139,254.96
Collected Principal $4,623,933.19
Collected Interest $729,958.65
Charge-Offs $32,536.33
Liquidation Proceeds/Recoveries $70,331.64
Servicing $80,663.10
Cash Transfer from Reserve Account $(172,367.49)
Total Collections Available
for Debt Service $5,171,192.89
Beginning Balance $96,391,999.58 $93,017,548.03 $3,374,451.55
Interest Due $514,723.37 $496,093.59 $18,629.78
Interest Paid $514,723.37 $496,093.59 $18,629.78
Principal Due $4,656,469.52 $4,493,493.09 $162,976.43
Principal Paid $4,656,469.52 $4,493,493.09 $162,976.43
Ending Balance $91,735,530.06 $88,524,054.94 $3,211,475.12
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4266157836 0.4266735359
Total Distributions $5,171,192.89 $4,989,586.68 $181,606.21
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 $6,491,892.31
(Release)/Draw $(27,802.73)
Ending Reserve Account Balance $6,464,089.58
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of May 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
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $117,659,860.22 $111,686,429.59 $106,299,558.14 $101,393,850.46 $96,795,724.48
A) Loss Trigger:
Principal of Contracts
Charged off $333,162.88 $510,101.08 $126,746.78 $52,258.17 $32,536.33
Recoveries $46,638.31 $510,372.35 $165,916.68 $109,719.01 $70,331.64
Total Charged off
(Months 5,4,3) $970,010.74
Total Recoveries
(Months 3,2,1) 345,967.33
Net Loss/(Recoveries)
for 3 Mos. $624,043.41(a)
Total Balance
(Months 5,4,3) $335,645,847.95(b)
Loss Ratio [(a/b)(12)] 2.2311%
Trigger:
Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $406,189.09 $300,421.87 $599,888.44
As % of Beginning
Pool Balance 0.38212% 0.29629% 0.61975%
Three Month Average 0.42444% 0.40138% 0.43272%
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 May 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
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $117,221,002.12* $111,247,571.49* $106,299,558.14 $101,393,850.46 $96,795,724.48
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $333,162.88 $71,242.98* $126,746.78 $52,258.17 $32,536.33
Recoveries $46,638.31 $49,628.33* $165,916.68 $109,719.01 $70,331.64
Total Charged off
(Months 5,4,3) $531,152.64*
Total Recoveries
(Months 3,2,1) 345,967.33
Net Loss/(Recoveries)
for 3 Mos. $185,185.31*(a)
Total Balance
(Months 5,4,3) $334,768,131.75*(b)
Loss Ratio Annualized [(a/b)(12)] 0.6638%* [restated] VS. 2.2311% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* Yes
** 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 May 1996
Distribution Date of June 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $173,849,355.84
Beginning Pool Factor 0.5518503
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,654,824.10
Interest Collected $1,423,400.13
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $525,610.91
Total Additional Deposits $525,610.91
Repos/Chargeoffs $182,757.53
Aggregate Number of Notes Charged Off 122
Total Available Funds $8,603,835.14
Ending Pool Balance $167,011,774.21
Ending Pool Factor 0.5301458
Servicing Fee $144,874.46
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $10,919,732.40
Target Percentage 10.00%
Target Balance $16,701,177.42
Minimum Balance $6,615,628.35
(Release)/Deposit $(45,922.46)
Ending Balance $10,873,809.94
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,468,215.66 1,054
31-60 days 299,714.83 288
60+ days 67,304.85 45
Total 1,835,235.34 1,060
Balances:
60+ days 1,056,103.73 45
Memo Item - Reserve Account
Prior Month $10,391,216.41
+ Invest. Income 45,922.46
+ Transfer from Collections Account $482,593.53
Beginning Balance $10,919,732.40
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of May 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Distribution Percentages (1) 96.50% 0.000% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $173,849,355.84
Ending Pool Balance $167,011,774.21
Collected Principal $6,654,824.10
Collected Interest $1,423,400.13
Charge-Offs $182,757.53
Liquidation Proceeds/Recoveries $525,610.91
Servicing $144,874.46
Cash Transfer (to)/from
Reserve Account ($482,593.53)
Total Collections Available
for Debt Service $7,976,367.15
Beginning Balance $173,536,332.66 $68,782,980.69 $97,000,000.00 $7,753,351.97
Interest Due $1,138,785.52 $438,491.50 $646,666.67 $53,627.35
Interest Paid $1,138,785.52 $438,491.50 $646,666.67 $53,627.35
Principal Due $6,837,581.63 $6,598,266.27 $0.00 $239,315.36
Principal Paid $6,837,581.63 $6,598,266.27 $0.00 $239,315.36
Ending Balance $166,698,751.03 $62,184,714.42 $97,000,000.00 $7,514,036.61
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3004092484 1.0000000000 0.6812411625
Total Distributions $7,976,367.15 $7,036,757.77 $646,666.67 $292,942.71
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 $10,919,732.40
(Release)/Draw $(45,922.46)
Ending Reserve Account Balance $10,873,809.94
(1) the Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1995, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 4
Navistar Financial 1994-C Owner Trust
For the Month of May 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
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $206,097,588.02 $197,805,535.89 $189,327,087.86 $181,538,444.79 $173,849,355.84
A) Loss Trigger:
Principal of Contracts
Charged off $62,797.81 $1,411,959.50 $462,927.87 $334,635.60 $182,757.53
Recoveries $569,047.99 $894,536.57 $509,425.87 $147,769.44 $525,610.91
Total Charged off
(Months 5,4,3) $1,937,685.18
Total Recoveries
(Months 3,2,1) 1,182,806.22
Net Loss/(Recoveries)
for 3 Mos. $754,878.96(a)
Total Balance
(Months 5,4,3) $593,230,211.77(b)
Loss Ratio [(a/b)(12)] 1.5270%
Trigger:
Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $1,367,568.32 $1,377,156.40 $1,056,103.73
As % of Beginning
Pool Balance 0.72233% 0.75860% 0.60748%
Three Month Average 0.72396% 0.76659% 0.69614%
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 May 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
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $205,280,187.56* $196,988,135.43* $189,327,087.86 $181,538,444.79 $173,849,355.84
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $62,797.81 $594,559.04* $462,927.87 $334,635.60 $182,757.53
Recoveries $569,047.99 $40,432.74* $509,425.87 $147,769.44 $525,610.91
Total Charged off
(Months 5,4,3) $1,120,284.72*
Total Recoveries
(Months 3,2,1) 1,182,806.22
Net Loss/(Recoveries)
for 3 Mos. ($62,521.50)*(a)
Total Balance
(Months 5,4,3) $591,595,410.85*(b)
Loss Ratio Annualized [(a/b)(12)] -0.1268%* restated] VS. 1.5270% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* Yes
** 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 May 1996
Distribution Date of June 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $290,265,907.89
Beginning Pool Factor 0.6831727
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,223,727.63
Interest Collected $2,693,773.86
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $433,354.15
Total Additional Deposits $433,354.15
Repos/Chargeoffs $542,227.84
Aggregate Number of Notes Charged Off 70
Total Available Funds $14,350,855.64
Ending Pool Balance $278,499,952.42
Ending Pool Factor 0.6554802
Servicing Fee $241,888.26
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $17,492,919.12
Target Percentage 6.00%
Target Balance $16,709,997.15
Minimum Balance $8,922,464.92
(Release)/Deposit $(782,921.97)
Ending Balance $16,709,997.15
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,131,144.36 1,446
31-60 days 427,046.13 331
60+ days 86,785.56 49
Total 2,644,976.05 1,451
Balances:
60+ days 1,526,379.06 49
Memo Item - Reserve Account
Prior Month $17,415,954.47
+ Invest. Income 76,964.65
- Transfer to Collections Account 0.00
Beginning Balance $17,492,919.12
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of May 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $424,879,281.80 $80,000,000.00 $330,000,000.00 $14,879,281.80
Distribution Percentages(1) 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $290,265,907.89
Ending Pool Balance $278,499,952.42
Collected Principal $11,223,727.63
Collected Interest $2,693,773.86
Charge-Offs $542,227.84
Liquidation Proceeds/Recoveries $433,354.15
Servicing $241,888.26
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $14,108,967.38
Beginning Balance $290,265,907.89 $0.00 $275,386,626.09 $14,879,281.80
Interest Due $1,588,087,90 $0.00 $1,503,152.00 $84,935.90
Interest Paid $1,588,087.90 $0.00 $1,503,152.00 $84,935.90
Principal Due $11,765,955.47 $0.00 $11,354,147.03 $411,808.44
Principal Paid $11,765,955.47 $0.00 $11,354,147.03 $411,808.44
Ending Balance $278,499,952.42 $0.00 $264,032,479.06 $14,467,473.36
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.8000984214 0.9723233657
Total Distributions $13,354,043.37 $0.00 $12,857,299.03 $496,744.34
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 $754,924.01
Beginning Reserve Account Balance $17,492,919.12 see also Memo Item on
Page 1 regarding Reserve Account
(Release)/Draw $(782,921.97)
Ending Reserve Account Balance $16,709,997.15
(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 May 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $337,956,886.36 $325,764,845.10 $316,103,678.67 $303,576,213.37 $290,265,907.89
A) Loss Trigger:
Principal of Contracts
Charged off $372,049.69 $576,381.41 $420,107.94 $725,984.84 $542,227.84
Recoveries $556,075.28 $164,473.54 $540,104.58 $260,314.07 $433,354.15
Total Charged off
(Months 5,4,3) $1,368,539.04
Total Recoveries
(Months 3,2,1) 1,233,772.80
Net Loss/(Recoveries)
for 3 Mos. $134,766.24(a)
Total Balance
(Months 5,4,3) $979,825,410.13(b)
Loss Ratio [(a/b)(12)] 0.1650%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $3,726,336.87 $3,924,248.09 $1,526,379.06
As % of Beginning
Pool Balance 1.17883% 1.29267% 0.52586%
Three Month Average 0.89357% 1.18240% 0.99912%
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 May 1996
Distribution Date of June 17, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $427,599,756.31
Beginning Pool Factor 0.8145510
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,687,308.52
Interest Collected $3,674,184.80
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $960,461.38
Total Additional Deposits $960,461.38
Repos/Chargeoffs $1,056,671.00
Aggregate Number of Notes Charged Off 64
Total Available Funds $17,321,954.70
Ending Pool Balance $413,855,776.79
Ending Pool Factor 0.7883696
Servicing Fee $356,333.13
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $23,621,918.71
Target Percentage 5.50%
Target Balance $22,762,067.72
Minimum Balance $11,023,980.93
(Release)/Deposit $(859,850.99)
Ending Balance $22,762,067.72
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,924,574.58 1,894
31-60 days 595,541.11 465
60+ days 96,219.20 67
Total 3,616,334.89 1,895
Balances:
60+ days 2,440,366.10 67
Memo Item - Reserve Account
Prior Month $23,517,986.60
+ Invest. Income 103,932.11
- Transfer to Collections Account 0.00
Beginning Balance $23,621,918.71
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of May 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 $427,599,756.31
Ending Pool Balance $413,855,776.79
Collected Principal $12,687,308.52
Collected Interest $3,674,184.80
Charge-Offs 1,056,671.00
Liquidation Proceeds/Recoveries $960,461.38
Servicing $356,333.13
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $16,965,621.57
Beginning Balance $427,599,756.31 $24,899,756.31 $100,000,000.00 $284,325,000.00 $18,375,000.00
Interest Due $2,143,026.96 $119,311.33 $495,000.00 $1,433,471.88 $95,243.75
Interest Paid $2,143,026.96 $119,311.33 $495,000.00 $1,433,471.88 $95,243.75
Principal Due $13,743,979.52 $13,743,979.52 $0.00 $0.00 $0.00
Principal Paid $13,743,979.52 $13,743,979.52 $0.00 $0.00 $0.00
Ending Balance $413,855,776.79 $11,155,776.79 $100,000,000.00 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0912 1.0000 1.0000 1.0000
Total Distributions $15,887,006.48 $13,863,290.85 $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 $1,078,615.09
Beginning Reserve Account
Balance $23,621,918.71
(Release)/Draw ($859,850.99)
Ending Reserve Account Balance $22,762,067.72
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of May 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1996 Feb 1996 Mar 1996 Apr 1996 May 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $486,431,505.52 $473,707,871.41 $462,618,416.17 $448,919,029.43 $427,599,756.31
A) Loss Trigger:
Principal of Contracts
Charged off $562,958.34 $630,891.07 $1,013,486.59 $547,772.76 $1,056,671.00
Recoveries $316,658.03 $112,457.85 $521,615.37 $311,075.62 $960,461.38
Total Charged off
(Months 5,4,3) $2,207,336.00
Total Recoveries
(Months 3,2,1) 1,793,152.37
Net Loss/(Recoveries)
for 3 Mos. $414,183.63(a)
Total Balance
(Months 5,4,3) $1,422,757,793.10(b)
Loss Ratio [(a/b)(12)] 0.3493%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $3,172,452.55 $3,554,941.87 $2,440,366.10
As % of Beginning
Pool Balance 0.68576% 0.79189% 0.57071%
Three Month Average 0.59448% 0.74986% 0.68279%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.7
Page 1 of 3
Navistar Financial 1996-A Owner Trust
For the Month of May 1996
Distribution Date of June 17, 1996
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $459,943,869.53
Beginning Pool Factor 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,674,499.60
Interest Collected $3,777,525.06
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $383,082.86
Aggregate Number of Notes Charged Off 0
Total Available Funds $14,452,024.66
Ending Pool Balance $448,886,287.07
Ending Pool Factor 0.9759588
Servicing Fee $383,286.56
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $23,047,898.43
Target Percentage 5.00%
Target Balance $22,444,314.35
Minimum Balance $9,658,821.26
(Release)/Deposit $(603,584.08)
Ending Balance $22,444,314.35
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,909,378.77 1,331
31-60 days 213,644.92 183
60+ days 17,868.91 20
Total 2,140,892.60 1,331
Balances:
60+ days 633,341.17 20
Memo Item - Reserve Account
Opening Balance $22,997,193.48
+ Invest. Income 50,704.95
- Transfer to Collections Account 0.00
Beginning Balance $23,047,898.43
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of May 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages 100.00% 0.00% 0.00%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $459,943,869.53
Ending Pool Balance $448,886,287.07
Collected Principal $10,674,499.60
Collected Interest $3,777,525.06
Charge-Offs $383,082.86
Liquidation Proceeds/Recoveries $0.00
Servicing $383,286.56
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $14,068,738.10
Beginning Balance $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Interest Due $1,332,870.08 $228,083.33 $1,041,252.72 $63,534.03
Interest Paid $1,332,870.08 $228,083.33 $1,041,252.72 $63,534.03
Principal Due $11,057,582.46 $11,057,582.46 $0.00 $0.00
Principal Paid $11,057,582.46 $11,057,582.46 $0.00 $0.00
Ending Balance $448,886,287.07 $80,942,417.54 $347,245,000.00 $20,698,869.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.8798088863 1.0000000000 1.0000000000
Total Distributions $12,390,452.54 $11,285,665.79 $1,041,252.72 $63,534.03
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 $1,678,285.56
Beginning Reserve Account Balance $23,047,898.43 see also Memo Item on Page 1 regarding Reserve Acct
(Release)/Draw $(603,584.08)
Ending Reserve Account Balance $22,444,314.35
1 The Noteholder's Percentage will be 100% for each Distribution Date
occuring before the Distribution date on which the Class A-1 Notes
have been paid in full, and generally 95.5% thereafter untill all the
Notes have been paid in full. No principal distribution to Class A-2
until Class A-1 has been paid in full.Exhibit 20.1
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of May 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1 0
May 1996 Apr 1996 Mar 1996 Feb 1996 Jan 1996 Dec 1995
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $459,943,869.53 $0.00 $0.00 $0.00 $0.00 $0.00
A) Loss Trigger:
Principal of Contracts
Charged off $383,082.86 $0.00 $0.00 $0.00 $0.00 $0.00
Recoveries $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off Total Charged off
(Months 5,4,3) $383,082.86 (Months 0-5) $383,082.86
Total Recoveries Total Recoveries
(Months 3,2,1) 0.00 (Months 0-5) 0.00
Net Loss/(Recoveries) Net Loss/(Recoveries)
for 3 Mos. $ 383,082.86(a) for 6 Mos. $383,082.86(c)
Total Balance Total Balance
(Months 5,4,3) $459,943,869.53(b) (Months 0-5) $459,943,869.53(d)
Loss Ratio [(a/b)(12)] 0.9995% Loss Ratio [(c/d)(12)] 0.9995%
Trigger: Trigger:
Is Ratio> 1.5% No Is Ratio> No
B) Delinquency Trigger:
Balance delinquency
60+ days $633,341.17
As % of Beginning
Pool Balance 0.13770%
Three Month Average 0.13770%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
