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) March 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 March 15 and 20, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of February
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 March 25, 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 March 15, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated March 15, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated March 15, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated March 20, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated March 20, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated March 15, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of February 1996
Distribution Date of March 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $66,059,024.32
Beginning Pool Factor 0.1971896
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,763,744.60
Interest Collected $497,308.78
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $64,361.46
Total Additional Deposits $64,361.46
Repos/Chargeoffs $26,418.37
Aggregate Number of Notes Charged Off 25
Total Available Funds $5,276,700.38
Ending Pool Balance $61,317,575.81
Ending Pool Factor 0.1830361
Servicing Fee $55,049.19
Repayment of Servicer Advances $48,714.46
Reserve Account:
Beginning Balance $6,727,311.31
Target Percentage 7.50%
Target Balance $4,598,818.19
Minimum Balance $6,700,050.96
(Release)/Deposit $(27,260.35)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 650,078.70 535
31-60 days 78,952.94 74
60+ days 20,082.87 16
Total 749,114.51 544
Balances:
60+ days 220,202.89 16
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 27,260.35
Beginning Balance $6,727,311.31
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of February 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 $66,059,024.32
Ending Pool Balance $61,317,575.81
Collected Principal $4,715,030.14
Collected Interest $497,308.78
Liquidation Proceeds/Recoveries $64,361.46
Charge-Offs $26,418.37
Servicing $55,049.19
Total Collections Available
for Debt Service $5,221,651.19
Beginning Balance $54,808,686.58 $0.00 $49,962,362.56 $4,846,324.02
Interest Due $205,703.28 $0.00 $186,317.98 $19,385.30
Interest Paid $205,703.28 $0.00 $186,317.98 $19,385.30
Principal Due $4,741,448.51 $0.00 $4,528,083.33 $213,365.18
Principal Paid $4,741,448.51 $0.00 $4,528,083.33 $213,365.18
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $50,067,238.07 $0.00 $45,434,279.24 $4,632,958.83
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2318359352 0.3950829284
Total Distributions $4,947,151.79 $0.00 $4,714,401.31 $232,750.48
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 $274,499.40
Beginning Reserve Account Balance $6,727,311.31
(Release)/Draw $(27,260.35)
Ending Reserve Account Balance $6,700,050.96
Memo Item - Advances:
Servicer Advances - Current Month $ (48,714.46)
Total Outstanding Servicer Advances $2,763,489.38
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of February 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $89,969,447.02 $83,220,136.56 $77,618,479.23 $72,013,903.23 $66,059,024.32
A) Loss Trigger:
Principal of Contracts
Charged off $101,136.84 $94,761.83 $36,777.05 $24,667.82 $26,418.37
Recoveries $115,481.61 $0.00 $35,112.20 $85,204.18 $64,361.46
Total Charged off
(Months 5,4,3) $232,675.72
Total Recoveries
(Months 3,2,1) 184,677.84
Net Loss/(Recoveries)
for 3 Mos. $ 47,997.88(a)
Total Balance
(Months 5,4,3) $250,808,062.81(b)
Loss Ratio [(a/b)(12)] 0.2296%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $188,746.00 $154,953.30 $220,202.89
As % of Beginning
Pool Balance 0.24317% 0.21517% 0.33334%
Three Month Average 0.16952% 0.19862% 0.26390%
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 February 1996
Distribution Date of March 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $114,533,976.95
Beginning Pool Factor 0.4090186
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,827,058.09
Interest Collected $830,120.93
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $298,359.48
Total Additional Deposits $298,359.48
Repos/Chargeoffs $241,105.42
Aggregate Number of Notes Charged Off 18
Total Available Funds $6,923,858.44
Ending Pool Balance $108,497,493.50
Ending Pool Factor 0.3874613
Servicing Fee $ 95,444.98
Repayment of Servicer Advances $31,680.06
Reserve Account:
Beginning Balance $7,474,995.97
Target Percentage 6.50%
Target Balance $7,052,337.08
Minimum Balance $5,600,429.43
(Release)/Deposit $(422,658.89)
Ending Balance $7,052,337.08
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 997,090.75 789
31-60 days 151,121.42 124
60+ days 37,597.67 30
Total 1,185,809.84 799
Balances:
60+ days 418,070.62 30
Memo Item - Reserve Account
Prior Month $7,444,708.50
+ Invest. Income 30,287.47
- Withdrawal 0.00
Beginning Balance $7,474,995.97
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of February 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 $114,533,976.95
Ending Pool Balance $108,497,493.50
Collected Principal $5,795,378.03
Collected Interest $830,120.93
Charge-Offs $241,105.42
Liquidation Proceeds/Recoveries $298,359.48
Servicing $ 95,444.98
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $6,828,413.46
Beginning Balance $108,718,701.22 $0.00 $102,593,584.53 $6,125,116.69
Interest Due $538,935.99 $0.00 $506,983.30 $31,952.69
Interest Paid $538,935.99 $0.00 $506,983.30 $31,952.69
Principal Due $6,036,483.45 $0.00 $5,764,841.69 $271,641.76
Principal Paid $6,036,483.45 $0.00 $5,764,841.69 $271,641.76
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $102,682,217.77 $0.00 $ 96,828,742.83 $5,853,474.94
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5361087337 0.5972036983
Total Distributions $6,575,419.44 $0.00 $6,271,824.99 $303,594.45
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 $252,994.02
Beginning Reserve Account Balance $7,474,995.97
(Release)/Draw $(422,658.89)
Ending Reserve Account Balance $7,052,337.08
Memo Item - Advances:
Servicer Advances - Current Month $188,632.32
Total Outstanding Servicer Advances $3,705,928.79
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of February 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
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $140,310,679.08 $133,145,767.75 $127,206,609.08 $120,560,076.84 $114,533,976.95
A) Loss Trigger:
Principal of Contracts
Charged off $45,053.94 $139,022.68 $70,923.18 $96,042.58 $241,105.42
Recoveries $178,798.39 $150,541.00 $30,823.49 $162,460.87 $298,359.48
Total Charged off
(Months 5,4,3) $254,999.80
Total Recoveries
(Months 3,2,1) 491,643.84
Net Loss/(Recoveries)
for 3 Mos. $(236,644.04)(a)
Total Balance
(Months 5,4,3) $400,663,055.91(b)
Loss Ratio [(a/b)(12)] -0.7088%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $670,144.36 $720,931.10 $418,070.62
As % of Beginning
Pool Balance 0.52682% 0.59798% 0.36502%
Three Month Average 1.11458% 1.22439% 0.49661%
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 February 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
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $140,310,679.08 $132,961,440.27* $127,022,281.60* $120,375,749.36* $114,349,649.47*
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $45,053.94 $139,022.68 $70,923.18 $96,042.58 $56,777.94*
Recoveries $178,798.39 $150,541.00 $30,823.49 $162,460.87 $106,292.43*
Total Charged off
(Months 5,4,3) $254,999.80
Total Recoveries
(Months 3,2,1) 299,576.79*
Net Loss/(Recoveries)
for 3 Mos. $(44,576.99)*(a)
Total Balance
(Months 5,4,3) $400,110,073.47*(b)
Loss Ratio Annualized [(a/b)(12)] -0.1337%* [restated] VS. -0.7088% [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 February 1996
Distribution Date of March 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $111,686,429.59
Beginning Pool Factor 0.5193998
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,925,532.31
Interest Collected $848,380.77
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $510,372.35
Total Additional Deposits $510,372.35
Repos/Chargeoffs $510,101.08
Aggregate Number of Notes Charged Off 22
Total Available Funds $6,235,523.49
Ending Pool Balance $106,299,558.14
Ending Pool Factor 0.4943481
Servicing Fee $93,072.02
Repayment of Servicer Advances $48,761.94
Reserve Account:
Beginning Balance $7,289,152.69
Target Percentage 6.50%
Target Balance $6,909,471.28
Minimum Balance $4,300,595.47
(Release)/Deposit $(379,681.41)
Ending Balance $6,909,471.28
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 927,531.00 752
31-60 days 114,134.72 113
60+ days 32,870.19 35
Total 1,074,535.91 757
Balances:
60+ days 587,159.92 35
Memo Item - Reserve Account
Prior Month $7,259,617.93
+ Invest. Income 29,534.76
- Transfer to Collection Account $ (0.00)
Beginning Balance $7,289,152.69
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of February 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 $111,686,429.59
Ending Pool Balance $106,299,558.14
Collected Principal $4,876,770.37
Collected Interest $848,380.77
Charge-Offs $510,101.08
Liquidation Proceeds/Recoveries $510,372.35
Servicing $93,072.02
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $6,142,451.47
Beginning Balance $111,282,704.69 $107,387,978.46 $3,895,626.23
Interest Due $594,238.19 $572,731.09 $21,507.10
Interest Paid $594,238.19 $572,731.09 $21,507.10
Principal Due $5,386,871.45 $5,198,330.95 $188,540.50
Principal Paid $5,386,871.45 $5,198,330.95 $188,540.50
Ending Balance $105,895,833.24 $102,188,747.51 $3,707,085.73
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4924687716 0.4925198907
Total Distributions $5,981,109.64 $5,771,062.04 $210,047.60
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 $161,341.82
Beginning Reserve Account Balance $7,289,152.69
(Release)/Draw $(379,681.41)
Ending Reserve Account Balance $6,909,471.28
Memo Item - Advances:
Servicer Advances - Current Month $112,391.87
Total Outstanding Servicer Advances $2,347,697.40
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of February 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
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $132,443,097.54 $126,739,083.43 $122,207,677.35 $117,659,860.22 $111,686,429.59
A) Loss Trigger:
Principal of Contracts
Charged off $186,810.70 $29,858.29 $87,766.09 $333,162.88 $510,101.08
Recoveries $216,366.65 $170,123.10 $73,046.34 $46,638.31 $510,372.35
Total Charged off
(Months 5,4,3) $304,435.08
Total Recoveries
(Months 3,2,1) 630,057.00
Net Loss/(Recoveries)
for 3 Mos. $(325,621.92)(a)
Total Balance
(Months 5,4,3) $381,389,858.32(b)
Loss Ratio [(a/b)(12)] -1.0245%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $523,816.01 $430,018.74 $587,159.92
As % of Beginning
Pool Balance 0.42863% 0.36548% 0.52572%
Three Month Average 0.54864% 0.64591% 0.43994%
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 February 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
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $132,004,239.44* $126,300,225.33* $121,768,819.25* $117,221,002.12* $111,247,571.49*
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $186,810.70 $29,858.29 $87,766.09 $333,162.88 $71,242.98*
Recoveries $216,366.65 $170,123.10 $73,046.34 $46,638.31 $49,628.33*
Total Charged off
(Months 5,4,3) $304,435.08
Total Recoveries
(Months 3,2,1) 169,312.98*
Net Loss/(Recoveries)
for 3 Mos. $135,122.10*(a)
Total Balance
(Months 5,4,3) $380,073,284.02*(b)
Loss Ratio Annualized [(a/b)(12)]0.4266%* [restated] VS. -1.0245% [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 February 1996
Distribution Date of March 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $197,805,535.89
Beginning Pool Factor 0.6278944
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,162,677.33
Interest Collected $1,636,468.13
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $894,536.57
Total Additional Deposits $894,536.57
Repos/Chargeoffs $1,411,959.50
Aggregate Number of Notes Charged Off 48
Total Available Funds $9,597,493.23
Ending Pool Balance $189,327,087.86
Ending Pool Factor 0.6009813
Servicing Fee $164,837.95
Repayment of Servicer Advances $96,188.80
Reserve Account:
Beginning Balance $13,416,796.13
Target Percentage 6.00%
Target Balance $11,359,625.27
Minimum Balance $6,615,628.35
(Release)/Deposit $(2,112,693.28)
Ending Balance $11,304,102.85
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,483,587.36 1,069
31-60 days 251,607.11 205
60+ days 58,141.13 36
Total 1,793,335.60 1,074
Balances:
60+ days 1,619,673.33 36
Memo Item - Reserve Account
Prior Month $13,699,026.80
+ Invest. Income 55,522.42
- Transfer to Collections Account $(337,753.09)
Beginning Balance $13,416,796.13
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of February 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 $197,805,535.89
Ending Pool Balance $189,327,087.86
Collected Principal $7,066,488.53
Collected Interest $1,636,468.13
Charge-Offs $1,411,959.50
Liquidation Proceeds/Recoveries $894,536.57
Servicing $164,837.95
Cash Transfer from Reserve Account $337,753.09
Total Collections Available
for Debt Service $9,770,408.37
Beginning Balance $197,492,512.71 $91,900,694.44 $97,000,000.00 $8,591,818.27
Interest Due $1,291,960.34 $585,866.93 $646,666.67 $59,426.74
Interest Paid $1,291,960.34 $585,866.93 $646,666.67 $59,426.74
Principal Due $8,478,448.03 $8,181,702.35 $0.00 $296,745.68
Principal Paid $8,478,448.03 $8,181,702.35 $0.00 $296,745.68
Ending Balance $189,014,064.68 $83,718,992.09 $97,000,000.00 $8,295,072.59
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4044395753 1.0000000000 0.7520518179
Total Distributions $9,770,408.37 $8,767,569.28 $646,666.67 $356,172.42
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $0.00
Beginning Reserve Account Balance $13,416,796.13
(Release)/Draw $(2,112,693.28)
Ending Reserve Account Balance $11,304,102.85
Memo Item - Advances:
Servicer Advances - Current Month $323,186.86
Total Outstanding Servicer Advances $4,122,229.42
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 4
Navistar Financial 1994-C Owner Trust
For the Month of February 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
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $229,333,221.86 $219,591,543.63 $213,168,898.49 $206,097,588.02 $197,805,535.89
A) Loss Trigger:
Principal of Contracts
Charged off $1,451,784.91 $241,202.65 $11,202.64 $62,797.81 $1,411,959.50
Recoveries $519,972.17 $386,966.75 $99,218.01 $569,047.99 $894,536.57
Total Charged off
(Months 5,4,3) $1,704,190.20
Total Recoveries
(Months 3,2,1) 1,562,802.57
Net Loss/(Recoveries)
for 3 Mos. $141,387.63(a)
Total Balance
(Months 5,4,3) $662,093,663.98(b)
Loss Ratio [(a/b)(12)] 0.2563%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,977,890.85 $1,299,903.50 $1,619,673.33
As % of Beginning
Pool Balance 0.92785% 0.63072% 0.81882%
Three Month Average 1.07386% 1.24190% 0.79246%
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 February 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
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $228,515,821.40* $218,774,143.17* $212,351,498.03* $205,280,187.56* $196,988,135.43*
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $1,451,784.91 $241,202.65 $11,202.64 $62,797.81 $594,559.04*
Recoveries $519,972.17 $386,966.75 $99,218.01 $569,047.99 $40,432.74*
Total Charged off
(Months 5,4,3) $1,704,190.20
Total Recoveries
(Months 3,2,1) 708,698.74*
Net Loss/(Recoveries)
for 3 Mos. $995,491.46*(a)
Total Balance
(Months 5,4,3) $659,641,462.60*(b)
Loss Ratio Annualized [(a/b)(12)]1.8110%* [restated] VS. 0.2563% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% Yes* 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 February 1996
Distribution Date of March 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $325,764,845.10
Beginning Pool Factor 0.7667233
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,084,785.02
Interest Collected $2,860,163.03
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $164,473.54
Total Additional Deposits $164,473.54
Repos/Chargeoffs $576,381.41
Aggregate Number of Notes Charged Off 58
Total Available Funds $12,109,421.59
Ending Pool Balance $316,103,678.67
Ending Pool Factor 0.7439847
Servicing Fee $271,470.70
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $19,625,107.13
Target Percentage 6.00%
Target Balance $18,966,220.72
Minimum Balance $8,922,464.92
(Release)/Deposit $(658,886.41)
Ending Balance $18,966,220.72
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,302,019.31 1,515
31-60 days 420,847.18 288
60+ days 142,129.90 50
Total 2,864,996.39 1,521
Balances:
60+ days 3,504,275.94 50
Memo Item - Reserve Account
Prior Month $19,545,890.71
+ Invest. Income 79,216.42
- Transfer to Collections Account 0.00
Beginning Balance $19,625,107.13
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of February 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 $325,764,845.10
Ending Pool Balance $316,103,678.67
Collected Principal $9,084,785.02
Collected Interest $2,860,163.03
Charge-Offs $576,381.41
Liquidation Proceeds/Recoveries $164,473.54
Servicing $271,470.70
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $11,837,950.89
Beginning Balance $325,764,845.10 $0.00 $310,885,563.30 $14,879,281.80
Interest Due $1,781,852.93 $0.00 $1,696,917.03 $84,935.90
Interest Paid $1,781,852.93 $0.00 $1,696,917.03 $84,935.90
Principal Due $9,661,166.43 $0.00 $9,661,166.43 $0.00
Principal Paid $9,661,166.43 $0.00 $9,661,166.43 $0.00
Ending Balance $316,103,678.67 $0.00 $301,224,396.87 $14,879,281.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9128012026 1.0000000000
Total Distributions $11,443,019.36 $0.00 $11,358,083.46 $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 $394,931.53
Beginning Reserve Account Balance $19,625,107.13
(Release)/Draw $(658,886.41)
Ending Reserve Account Balance $18,966,220.72
Memo Item - Advances:
Servicer Advances - Current Month $644,179.07
Total Outstanding Servicer Advances $4,548,208.74
(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 February 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $368,163,685.54 $356,635,881.95 $348,084,582.88 $337,956,886.36 $325,764,845.10
A) Loss Trigger:
Principal of Contracts
Charged off $776,378.74 $312,680.72 $435,655.77 $372,049.69 $576,381.41
Recoveries $1,209,790.48 $511,911.31 $462,763.11 $556,075.28 $164,473.54
Total Charged off
(Months 5,4,3) $1,524,715.23
Total Recoveries
(Months 3,2,1) 1,183,311.93
Net Loss/(Recoveries)
for 3 Mos. $341,403.30(a)
Total Balance
(Months 5,4,3) $1,072,884,150.37(b)
Loss Ratio [(a/b)(12)] 0.3819%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $2,329,993.69 $1,440,315.28 $3,504,275.94
As % of Beginning
Pool Balance 0.66938% 0.42618% 1.07571%
Three Month Average 0.88813% 0.97451% 0.72376%
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 February 1996
Distribution Date of March 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $473,707,871.41
Beginning Pool Factor 0.9023841
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,458,564.17
Interest Collected $4,038,866.42
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $112,457.85
Total Additional Deposits $112,457.85
Repos/Chargeoffs $630,891.07
Aggregate Number of Notes Charged Off 47
Total Available Funds $14,609,888.44
Ending Pool Balance $462,618,416.17
Ending Pool Factor 0.8812594
Servicing Fee $394,756.56
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $26,159,935.02
Target Percentage 5.50%
Target Balance $25,444,012.89
Minimum Balance $11,023,980.93
(Release)/Deposit $(715,922.13)
Ending Balance $25,444,012.89
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 3,245,481.94 2,084
31-60 days 462,541.99 298
60+ days 112,636.67 57
Total 3,820,660.60 2,088
Balances:
60+ days 3,656,676.58 57
Memo Item - Reserve Account
Initial Deposit $26,053,932.93
+ Invest. Income 106,002.09
+ Transfer to Collections Account 0.00
Beginning Balance $26,159,935.02
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of February 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 $473,707,871.41
Ending Pool Balance $462,618,416.17
Collected Principal $10,458,564.17
Collected Interest $4,038,866.42
Charge-Offs $630,891.07
Liquidation Proceeds/Recoveries $112,457.85
Servicing $394,756.56
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $14,215,131.88
Beginning Balance $473,707,871.41 $71,007,871.41 $100,000,000.00 $284,325,000.00 $18,375,000.00
Interest Due $2,363,961.68 $340,246.05 $495,000.00 $1,433,471.88 $95,243.75
Interest Paid $2,363,961.68 $340,246.05 $495,000.00 $1,433,471.88 $95,243.75
Principal Due $11,089,455.24 $11,089,455.24 $0.00 $0.00 $0.00
Principal Paid $11,089,455.24 $11,089,455.24 $0.00 $0.00 $0.00
Ending Balance $462,618,416.17 $59,918,416.17 $100,000,000.00 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4899 1.0000 1.0000 1.0000
Total Distributions $13,453,416.92 $11,429,701.29 $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 $ 761,714.96
Beginning Reserve Account Balance $26,159,935.02
(Release)/Draw $(715,922.13)
Ending Reserve Account Balance $25,444,012.89
Memo Item - Advances:
Servicer Advances - Current Month $366,393.07
Total Outstanding Servicer Advances $4,112,834.07
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of February 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $454,499,683.43 $443,102,129.03 $501,525,322.41 $486,431,505.52 $473,707,871.41
A) Loss Trigger:
Principal of Contracts
Charged off $200,500.99 $174,400.41 $330,454.47 $562,958.34 $630,891.07
Recoveries $0.00 $0.00 $83,740.91 $316,658.03 $112,457.85
Total Charged off
(Months 5,4,3) $705,355.87
Total Recoveries
(Months 3,2,1) $512,856.79
Net Loss/(Recoveries)
for 3 Mos. $192,499.08(a)
Total Balance
(Months 5,4,3) $1,399,127,134.87(b)
Loss Ratio [(a/b)(12)] 0.1651%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,240,193.33 $1,584,516.56 $3,656,676.58
As % of Beginning
Pool Balance 0.24728% 0.32574% 0.77193%
Three Month Average 0.12322% 0.22825% 0.44832%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
