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) May 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 May 15 and 20, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of April 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 May 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 May 15, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated May 15, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated May 15, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated May 20, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated May 20, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated May 15, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of April 1996
Distribution Date of May 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $56,847,775.99
Beginning Pool Factor 0.1696936
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,269,364.27
Interest Collected $400,379.24
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $167,300.87
Total Additional Deposits $167,300.87
Repos/Chargeoffs $125,611.36
Aggregate Number of Notes Charged Off 29
Total Available Funds $4,771,940.97
Ending Pool Balance $52,517,903.77
Ending Pool Factor 0.1567687
Servicing Fee $47,373.15
Repayment of Servicer Advances $65,103.41
Reserve Account:
Beginning Balance $6,728,942.20
Target Percentage 7.50%
Target Balance $3,938,842.78
Minimum Balance $6,700,050.96
(Release)/Deposit $(28,891.24)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 589,342.05 492
31-60 days 86,574.52 78
60+ days 16,633.96 13
Total 692,550.53 501
Balances:
60+ days 233,376.47 13
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 28,891.24
Beginning Balance $6,728,942.20
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of April 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 $56,847,775.99
Ending Pool Balance $52,517,903.77
Collected Principal $4,204,260.86
Collected Interest $400,379.24
Liquidation Proceeds/Recoveries $167,300.87
Charge-Offs $125,611.36
Servicing $47,373.15
Total Collections Available
for Debt Service $4,724,567.82
Beginning Balance $45,597,438.25 $0.00 $41,165,620.41 $4,431,817.84
Interest Due $171,240.73 $0.00 $153,513.46 $17,727.27
Interest Paid $171,240.73 $0.00 $153,513.46 $17,727.27
Principal Due $4,329,872.22 $0.00 $4,135,027.97 $194,844.25
Principal Paid $4,329,872.22 $0.00 $4,135,027.97 $194,844.25
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $41,267,566.03 $0.00 $37,030,592.44 $4,236,973.59
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1889547314 0.3613146575
Total Distributions $4,501,112.95 $0.00 $4,288,541.43 $212,571.52
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 $223,454.87
Beginning Reserve Account Balance $6,728,942.20
(Release)/Draw $(28,891.24)
Ending Reserve Account Balance $6,700,050.96
Memo Item - Advances:
Servicer Advances - Current Month $(65,103.41)
Total Outstanding Servicer Advances $2,597,751.09
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of April 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $77,618,479.23 $72,013,903.23 $66,059,024.32 $61,317,575.81 $56,847,775.99
A) Loss Trigger:
Principal of Contracts
Charged off $36,777.05 $24,667.82 $26,418.37 $67,176.75 $125,611.36
Recoveries $35,112.20 $85,204.18 $64,361.46 $19,925.96 $167,300.87
Total Charged off
(Months 5,4,3) $87,863.24
Total Recoveries
(Months 3,2,1) 251,588.29
Net Loss/(Recoveries)
for 3 Mos. $ (163,725.05)(a)
Total Balance
(Months 5,4,3) $215,691,406.78(b)
Loss Ratio [(a/b)(12)] -0.9109%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $220,202.89 $450,764.60 $233,376.47
As % of Beginning
Pool Balance 0.33334% 0.73513% 0.41053%
Three Month Average 0.26390% 0.42788% 0.49300%
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 April 1996
Distribution Date of May 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $102,479,034.37
Beginning Pool Factor 0.3659685
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,202,744.80
Interest Collected $717,032.25
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $147,708.16
Total Additional Deposits $147,708.16
Repos/Chargeoffs $112,132.50
Aggregate Number of Notes Charged Off 29
Total Available Funds $6,067,485.21
Ending Pool Balance $97,164,157.07
Ending Pool Factor 0.3469882
Servicing Fee $ 85,399.20
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,689,860.30
Target Percentage 6.50%
Target Balance $6,315,670.21
Minimum Balance $5,600,429.43
(Release)/Deposit $(374,190.09)
Ending Balance $6,315,670.21
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,132,923.10 862
31-60 days 138,425.92 115
60+ days 42,809.26 34
Total 1,314,158.28 883
Balances:
60+ days 667,916.87 34
Memo Item - Reserve Account
Prior Month $6,661,137.23
+ Invest. Income 28,723.07
- Withdrawal 0.00
Beginning Balance $6,689,860.30
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of April 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 $102,479,034.37
Ending Pool Balance $97,164,157.07
Collected Principal $5,202,744.80
Collected Interest $717,032.25
Charge-Offs $112,132.50
Liquidation Proceeds/Recoveries $147,708.16
Servicing $85,399.20
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,982,086.01
Beginning Balance $96,663,758.64 $0.00 $91,081,114.36 $5,582,644.28
Interest Due $479,215.30 $0.00 $450,092.51 $29,122.79
Interest Paid $479,215.30 $0.00 $450,092.51 $29,122.79
Principal Due $5,314,877.30 $0.00 $5,075,707.82 $239,169.48
Principal Paid $5,314,877.30 $0.00 $5,075,707.82 $239,169.48
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $91,348,881.34 $0.00 $ 86,005,406.54 $5,343,474.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4761834993 0.5451706799
Total Distributions $5,794,092.60 $0.00 $5,525,800.33 $268,292.27
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 $187,993.41
Beginning Reserve Account Balance $6,689,860.30
(Release)/Draw $(374,190.09)
Ending Reserve Account Balance $6,315,670.21
Memo Item - Advances:
Servicer Advances - Current Month $130,761.17
Total Outstanding Servicer Advances $4,039,625.85
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of April 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
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $127,206,609.08 $120,560,076.84 $114,533,976.95 $108,497,493.50 $102,479,034.37
A) Loss Trigger:
Principal of Contracts
Charged off $70,923.18 $96,042.58 $241,105.42 $237,084.91 $112,132.50
Recoveries $30,823.49 $162,460.87 $298,359.48 $55,848.62 $147,708.16
Total Charged off
(Months 5,4,3) $408,071.18
Total Recoveries
(Months 3,2,1) 501,916.26
Net Loss/(Recoveries)
for 3 Mos. $(93,845.08)(a)
Total Balance
(Months 5,4,3) $362,300,662.87(b)
Loss Ratio [(a/b)(12)] -0.3108%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $418,070.62 $225,029.18 $667,916.87
As % of Beginning
Pool Balance 0.36502% 0.20740% 0.65176%
Three Month Average 0.49661% 0.39014% 0.40806%
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 April 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
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $127,022,281.60* $120,375,749.36* $114,349,649.47* $108,497,493.50 $102,479,034.37
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $70,923.18 $96,042.58 $56,777.94* $237,084.91 $112,132.50
Recoveries $30,823.49 $162,460.87 $106,292.43* $55,848.62 $147,708.16
Total Charged off
(Months 5,4,3) $223,743.70*
Total Recoveries
(Months 3,2,1) 309,849.21*
Net Loss/(Recoveries)
for 3 Mos. $(86,105.51)*(a)
Total Balance
(Months 5,4,3) $361,747,680.43*(b)
Loss Ratio Annualized [(a/b) (12)] -0.2856%* [restated] VS. -0.3108% [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 April 1996
Distribution Date of May 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $101,393,850.46
Beginning Pool Factor 0.4715340
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,545,867.81
Interest Collected $751,096.80
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $109,719.01
Total Additional Deposits $109,719.01
Repos/Chargeoffs $52,258.17
Aggregate Number of Notes Charged Off 25
Total Available Funds $5,406,683.62
Ending Pool Balance $96,795,724.48
Ending Pool Factor 0.4501503
Servicing Fee $84,494.88
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,619,017.19
Target Percentage 6.50%
Target Balance $6,291,722.09
Minimum Balance $4,300,595.47
(Release)/Deposit $(327,295.10)
Ending Balance $6,291,722.09
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 936,728.17 696
31-60 days 125,086.73 124
60+ days 24,691.14 24
Total 1,086,506.04 701
Balances:
60+ days 300,421.87 24
Memo Item - Reserve Account
Prior Month $6,590,600.28
+ Invest. Income 28,416.91
- Transfer to Collection Account 0.00
Beginning Balance $6,619,017.19
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of April 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 $101,393,850.46
Ending Pool Balance $96,795,724.48
Collected Principal $4,545,867.81
Collected Interest $751,096.80
Charge-Offs $52,258.17
Liquidation Proceeds/Recoveries $109,719.01
Servicing $84,494.88
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,322,188.74
Beginning Balance $100,990,125.56 $97,454,739.60 $3,535,385.96
Interest Due $539,276.89 $519,758.61 $19,518.28
Interest Paid $539,276.89 $519,758.61 $19,518.28
Principal Due $4,598,125.98 $4,437,191.57 $160,934.41
Principal Paid $4,598,125.98 $4,437,191.57 $160,934.41
Ending Balance $96,391,999.58 $93,017,548.03 $3,374,451.55
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4482708589 0.4483264296
Total Distributions $5,137,402.87 $4,956,950.18 $180,452.69
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 $184,785.87
Beginning Reserve Account Balance $6,619,017.19
(Release)/Draw $(327,295.10)
Ending Reserve Account Balance $6,291,722.09
Memo Item - Advances:
Servicer Advances - Current Month $32,418.97
Total Outstanding Servicer Advances $2,508,520.29
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of April 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
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $122,207,677.35 $117,659,860.22 $111,686,429.59 $106,299,558.14 $101,393,850.46
A) Loss Trigger:
Principal of Contracts
Charged off $87,766.09 $333,162.88 $510,101.08 $126,746.78 $52,258.17
Recoveries $73,046.34 $46,638.31 $510,372.35 $165,916.68 $109,719.01
Total Charged off
(Months 5,4,3) $931,030.05
Total Recoveries
(Months 3,2,1) 786,008.04
Net Loss/(Recoveries)
for 3 Mos. $145,022.01(a)
Total Balance
(Months 5,4,3) $351,553,967.16(b)
Loss Ratio [(a/b)(12)] 0.4950%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $587,159.92 $406,189.09 $300,421.87
As % of Beginning
Pool Balance 0.52572% 0.38212% 0.29629%
Three Month Average 0.43994% 0.42444% 0.40138%
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 April 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
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $121,768,819.25* $117,221,002.12* $111,247,571.49* $106,299,558.14 $101,393,850.46
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $87,766.09 $333,162.88 $71,242.98* $126,746.78 $52,258.17
Recoveries $73,046.34 $46,638.31 $49,628.33* $165,916.68 $109,719.01
Total Charged off
(Months 5,4,3) $492,171.95*
Total Recoveries
(Months 3,2,1) 325,264.02*
Net Loss/(Recoveries)
for 3 Mos. $166,907.93*(a)
Total Balance
(Months 5,4,3) $350,237,392.86*(b)
Loss Ratio Annualized [(a/b) (12)] 0.5719%* [restated] VS. 0.4950% [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 April 1996
Distribution Date of May 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $181,538,444.79
Beginning Pool Factor 0.5762578
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,354,453.35
Interest Collected $1,446,599.97
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $147,769.44
Total Additional Deposits $147,769.44
Repos/Chargeoffs $334,635.60
Aggregate Number of Notes Charged Off 126
Total Available Funds $8,948,822.76
Ending Pool Balance $173,849,355.84
Ending Pool Factor 0.5518503
Servicing Fee $151,282.04
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $10,802,174.00
Target Percentage 6.00%
Target Balance $10,430,961.35
Minimum Balance $6,615,628.35
(Release)/Deposit $(410,957.59)
Ending Balance $10,391,216.41
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,500,660.07 1,101
31-60 days 226,809.55 198
60+ days 87,542.68 53
Total 1,815,012.30 1,109
Balances:
60+ days 1,377,156.40 53
Memo Item - Reserve Account
Prior Month $10,841,926.53
+ Invest. Income 39,744.94
- Transfer to Collections Account ($79,497.47)
Beginning Balance $10,802,174.00
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of April 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 $181,538,444.79
Ending Pool Balance $173,849,355.84
Collected Principal $7,354,453.35
Collected Interest $1,446,599.97
Charge-Offs $334,635.60
Liquidation Proceeds/Recoveries $147,769.44
Servicing $151,282.04
Cash Transfer from Reserve Account $79,497.47
Total Collections Available
for Debt Service $8,877,038.19
Beginning Balance $181,225,421.61 $76,202,951.53 $97,000,000.00 $8,022,470.08
Interest Due $1,187,949.24 $485,793.82 $646,666.67 $55,488.75
Interest Paid $1,187,949.24 $485,793.82 $646,666.67 $55,488.75
Principal Due $7,689,088.95 $7,419,970.84 $0.00 $269,118.11
Principal Paid $7,689,088.95 $7,419,970.84 $0.00 $269,118.11
Ending Balance $173,536,332.66 $68,782,980.69 $97,000,000.00 $7,753,351.97
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3322849309 1.0000000000 0.7029380853
Total Distributions $8,877,038.19 $7,905,764.66 $646,666.67 $324,606.86
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 $10,802,174.00
(Release)/Draw $(410,957.59)
Ending Reserve Account Balance $10,391,216.41
Memo Item - Advances:
Servicer Advances - Current Month $112,930.40
Total Outstanding Servicer Advances $4,364,937.84
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 4
Navistar Financial 1994-C Owner Trust
For the Month of April 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
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $213,168,898.49 $206,097,588.02 $197,805,535.89 $189,327,087.86 $181,538,444.79
A) Loss Trigger:
Principal of Contracts
Charged off $11,202.64 $62,797.81 $1,411,959.50 $462,927.87 $334,635.60
Recoveries $99,218.01 $569,047.99 $894,536.57 $509,425.87 $147,769.44
Total Charged off
(Months 5,4,3) $1,485,959.95
Total Recoveries
(Months 3,2,1) 1,551,731.88
Net Loss/(Recoveries)
for 3 Mos. ($65,771.93)(a)
Total Balance
(Months 5,4,3) $617,072,022.40(b)
Loss Ratio [(a/b)(12)] -0.1279
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,619,673.33 $1,367,568.32 $1,377,156.40
As % of Beginning
Pool Balance 0.81882% 0.72233% 0.75860%
Three Month Average 0.79246% 0.72396% 0.76659%
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 April 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
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $212,351,498.03* $205,280,187.56* $196,988,135.43* $189,327,087.86 $181,538,444.79
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $11,202.64 $62,797.81 $594,559.04* $462,927.87 $334,635.60
Recoveries $99,218.01 $569,047.99 $40,432.74* $509,425.87 $147,769.44
Total Charged off
(Months 5,4,3) $668,559.49*
Total Recoveries
(Months 3,2,1) 697,628.05*
Net Loss/(Recoveries)
for 3 Mos. ($29,068.56)*(a)
Total Balance
(Months 5,4,3) $614,619,821.02*(b)
Loss Ratio Annualized [(a/b) (12)] -0.0568%* restated] VS. -0.1279% [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 April 1996
Distribution Date of May 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $303,576,213.37
Beginning Pool Factor 0.7144999
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,511,669.05
Interest Collected $2,615,989.01
Additional Deposits:
Repurchase Amounts $3,072,651.59
Liquidation Proceeds/Recoveries $260,314.07
Total Additional Deposits $3,332,965.66
Repos/Chargeoffs $725,984.84
Aggregate Number of Notes Charged Off 64
Total Available Funds $15,460,623.72
Ending Pool Balance $290,265,907.89
Ending Pool Factor 0.6831727
Servicing Fee $252,980.18
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $18,281,348.41
Target Percentage 6.00%
Target Balance $17,415,954.47
Minimum Balance $8,922,464.92
(Release)/Deposit $(865,393.94)
Ending Balance $17,415,954.47
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,194,961.92 1,447
31-60 days 411,909.33 285
60+ days 295,205.45 71
Total 2,902,076.70 1,451
Balances:
60+ days 3,924,248.09 71
Memo Item - Reserve Account
Prior Month $18,214,572.80
+ Invest. Income 66,775.61
- Transfer to Collections Account 0.00
Beginning Balance $18,281,348.41
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of April 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 $303,576,213.37
Ending Pool Balance $290,265,907.89
Collected Principal $12,584,320.64
Collected Interest $2,615,989.01
Charge-Offs $725,984.84
Liquidation Proceeds/Recoveries $260,314.07
Servicing $252,980.18
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,207,643.54
Beginning Balance $303,576,213.37 $0.00 $288,696,931.57 $14,879,281.80
Interest Due $1,660,739.98 $0.00 $1,575,804.08 $84,935.90
Interest Paid $1,660,739.98 $0.00 $1,575,804.08 $84,935.90
Principal Due $13,310,305.48 $0.00 $13,310,305.48 $0.00
Principal Paid $13,310,305.48 $0.00 $13,310,305.48 $0.00
Ending Balance $290,265,907.89 $0.00 $275,386,626.09 $14,879,281.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.8345049275 1.0000000000
Total Distributions $14,971,045.46 $0.00 $14,886,109.56 $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 $236,598.08
Beginning Reserve Account Balance $18,281,348.41
(Release)/Draw $(865,393.94)
Ending Reserve Account Balance $17,415,954.47
Memo Item - Advances:
Servicer Advances - Current Month $34,142.43
Total Outstanding Servicer Advances $5,052,067.29
(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 April 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $348,084,582.88 $337,956,886.36 $325,764,845.10 $316,103,678.67 $303,576,213.37
A) Loss Trigger:
Principal of Contracts
Charged off $435,655.77 $372,049.69 $576,381.41 $420,107.94 $725,984.84
Recoveries $462,763.11 $556,075.28 $164,473.54 $540,104.58 $260,314.07
Total Charged off
(Months 5,4,3) $1,384,086.87
Total Recoveries
(Months 3,2,1) 964,892.19
Net Loss/(Recoveries)
for 3 Mos. $419,194.68(a)
Total Balance
(Months 5,4,3) $1,011,806,314.34(b)
Loss Ratio [(a/b)(12)] 0.4972%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $3,504,275.94 $3,726,336.87 $3,924,248.09
As % of Beginning
Pool Balance 1.07571% 1.17883% 1.29267%
Three Month Average 0.72376% 0.89357% 1.18240%
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 April 1996
Distribution Date of May 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $448,919,029.43
Beginning Pool Factor 0.8551629
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,300,714.06
Interest Collected $3,706,856.37
Additional Deposits:
Repurchase Amounts $8,470,786.30
Liquidation Proceeds/Recoveries $311,075.62
Total Additional Deposits $8,781,861.92
Repos/Chargeoffs $547,772.76
Aggregate Number of Notes Charged Off 70
Total Available Funds $24,789,432.35
Ending Pool Balance $427,599,756.31
Ending Pool Factor 0.8145510
Servicing Fee $374,099.19
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $24,797,013.01
Target Percentage 5.50%
Target Balance $23,517,986.60
Minimum Balance $11,023,980.93
(Release)/Deposit $(1,279,026.41)
Ending Balance $23,517,986.60
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,952,253.01 1,930
31-60 days 540,846.16 398
60+ days 212,037.11 58
Total 3,705,136.28 1,930
Balances:
60+ days 3,554,941.87 58
Memo Item - Reserve Account
Initial Deposit $24,690,546.62
+ Invest. Income 106,466.39
+ Transfer to Collections Account 0.00
Beginning Balance $24,797,013.01
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of April 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 $448,919,029.43
Ending Pool Balance $427,599,756.31
Collected Principal $20,771,500.36
Collected Interest $3,706,856.37
Charge-Offs $547,772.76
Liquidation Proceeds/Recoveries $311,075.62
Servicing $374,099.19
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $24,415,333.16
Beginning Balance $448,919,029.43 $46,219,029.43 $100,000,000.00 $284,325,000.00 $18,375,000.00
Interest Due $2,245,181.81 $221,466.18 $495,000.00 $1,433,471.88 $95,243.75
Interest Paid $2,245,181.81 $221,466.18 $495,000.00 $1,433,471.88 $95,243.75
Principal Due $21,319,273.12 $21,319,273.12 $0.00 $0.00 $0.00
Principal Paid $21,319,273.12 $21,319,273.12 $0.00 $0.00 $0.00
Ending Balance $427,599,756.31 $24,899,756.31 $100,000,000.00 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2036 1.0000 1.0000 1.0000
Total Distributions $23,564,454.93 $21,540,739.30 $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 $ 850,878.23
Beginning Reserve Account Balance $24,797,013.01
(Release)/Draw ($1,279,026.41)
Ending Reserve Account Balance $23,517,986.60
Memo Item - Advances:
Servicer Advances - Current Month $311,685.21
Total Outstanding Servicer Advances $4,603,833.24
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of Arpil 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1995 Jan 1996 Feb 1996 Mar 1996 Apr 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $501,525,322.41 $486,431,505.52 $473,707,871.41 $462,618,416.17 $448,919,029.43
A) Loss Trigger:
Principal of Contracts
Charged off $330,454.47 $562,958.34 $630,891.07 $1,013,486.59 $547,772.76
Recoveries $83,740.91 $316,658.03 $112,457.85 $521,615.37 $311,075.62
Total Charged off
(Months 5,4,3) $1,524,303.88
Total Recoveries
(Months 3,2,1) 945,148.84
Net Loss/(Recoveries)
for 3 Mos. $579,155.04(a)
Total Balance
(Months 5,4,3) $1,461,664,699.34(b)
Loss Ratio [(a/b)(12)] 0.4755%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $3,656,676.58 $3,172,452.55 $3,554,941.87
As % of Beginning
Pool Balance 0.77193% 0.68576% 0.79189%
Three Month Average 0.44832% 0.59448% 0.74986%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
