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) December 13, 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,
NAVISTAR FINANCIAL 1996-A OWNER TRUST AND
NAVISTAR FINANCIAL 1996-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 December 13, 16 and 20, 1996, Registrant made available
the Monthly Servicer Certificates for the Period of November
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,
NAVISTAR FINANCIAL 1996-A OWNER TRUST AND
NAVISTAR FINANCIAL 1996-B OWNER TRUST
(Registrant)
Date December 27, 1996 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated December 16, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated December 16, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated December 16, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated December 20, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated December 20, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated December 13, 1996
Navistar Financial 1996-A Owner Trust
20.7 Monthly Servicer Certificate, dated December 16, 1996
Navistar Financial 1996-B Owner Trust
20.8 Monthly Servicer Certificate, dated December 20, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of November 1996
Distribution Date of December 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $31,910,289.11
Beginning Pool Factor 0.0952539
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $2,743,069.02
Interest Collected $239,136.17
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $86,019.31
Total Additional Deposits $86,019.31
Repos/Chargeoffs $10,589.58
Aggregate Number of Notes Charged Off 32
Total Available Funds $3,068,224.50
Ending Pool Balance $29,156,630.51
Ending Pool Factor 0.0870341
Servicing Fee $26,591.91
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,727,574.00
Target Percentage 7.50%
Target Balance $2,186,747.29
Minimum Balance $6,700,050.96
(Release)/Deposit $(27,523.04)
Ending Balance $6,700,050.96
Current Weighted Average APR: 8.523%
Current Weighted Average
Remaining Term (months): 14.33
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 451,914.98 340
31-60 days 93,964.06 54
60+ days 30,665.91 16
Total 576,544.95 349
Balances: 60+ days 287,153.81 16
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 27,523.04
Beginning Balance $6,727,574.00
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of November 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 $31,910,289.11
Ending Pool Balance $29,156,630.51
Collected Principal $2,743,069.02
Collected Interest $239,136.17
Liquidation Proceeds/Recoveries $86,019.31
Charge-Offs $10,589.58
Servicing $26,591.91
Total Collections Available
for Debt Service $3,041,632.59
Beginning Balance $20,659,951.37 $0.00 $17,350,320.44 $3,309,630.93
Interest Due $77,940.76 $0.00 $64,702.24 $13,238.52
Interest Paid $77,940.76 $0.00 $64,702.24 $13,238.52
Principal Due $2,753,658.60 $0.00 $2,629,743.96 $123,914.64
Principal Paid $2,753,658.60 $0.00 $2,629,743.96 $123,914.64
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $17,906,292.77 $0.00 $14,720,576.47 $3,185,716.30
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0751141797 0.2716670206
Total Distributions $2,831,599.36 $0.00 $2,694,446.20 $137,153.16
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 $210,033.23
Beginning Reserve Account Balance $6,727,574.00
(Release)/Draw $(27,523.04)
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 November 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $44,543,063.97 $41,075,940.61 $37,836,410.79 $35,082,641.40 $31,910,289.11
A) Loss Trigger:
Principal of Contracts
Charged off $7,217.12 $113,600.14 $724.85 $151,871.25 $10,589.58
Recoveries $16,367.00 $0.00 $27,912.85 $96,731.28 $86,019.31
Total Charged off
(Months 5,4,3) $121,542.11
Total Recoveries
(Months 3,2,1) 210,663.44
Net Loss/(Recoveries)
for 3 Mos. $ (89,121.33)(a)
Total Balance
(Months 5,4,3) $123,455,415.37(b)
Loss Ratio [(a/b)(12)] -0.8663%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $269,727.97 $228,393.91 $287,153.81
As % of Beginning
Pool Balance 0.71288% 0.65102% 0.89988%
Three Month Average 0.53348% 0.53213% 0.75459%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% 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 November 1996
Distribution Date of December 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $63,352,416.13
Beginning Pool Factor 0.2262413
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,051,670.38
Interest Collected $460,246.46
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $211,505.35
Total Additional Deposits $211,505.35
Repos/Chargeoffs $102,684.32
Aggregate Number of Notes Charged Off 34
Total Available Funds $4,723,422.19
Ending Pool Balance $59,198,061.43
Ending Pool Factor 0.2114054
Servicing Fee $ 52,793.68
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,006,963.58
Target Percentage 10.00%
Target Balance $5,919,806.14
Minimum Balance $5,600,429.43
(Release)/Deposit $(87,157.44)
Ending Balance $5,919,806.14
Current Weighted Average APR: 8.412%
Current Weighted Average
Remaining Term (months): 19.9
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 832,276.92 630
31-60 days 118,223.28 94
60+ days 38,679.61 21
Total 989,179.81 635
Balances: 60+ days 584,210.21 21
Memo Item - Reserve Account
Prior Month $5,752,441.43
+ Invest. Income 23,628.74
+ Transfer from Collections Account 230,893.41
Beginning Balance $6,006,963.58
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of November 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 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $63,352,416.13
Ending Pool Balance $59,198,061.43
Collected Principal $4,051,670.38
Collected Interest $460,246.46
Charge-Offs $102,684.32
Liquidation Proceeds/Recoveries $211,505.35
Servicing $52,793.68
Cash Transfer to Reserve Account ($230,893.41)
Total Collections Available $4,439,735.10
for Debt Service
Beginning Balance $57,537,140.40 $0.00 $53,715,193.94 $3,821,946.46
Interest Due $285,380.40 $0.00 $265,442.58 $19,937.82
Interest Paid $285,380.40 $0.00 $265,442.58 $19,937.82
Principal Due $4,154,354.70 $0.00 $3,967,408.74 $186,945.96
Principal Paid $4,154,354.70 $0.00 $3,967,408.74 $186,945.96
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $53,382,785.70 $0.00 $ 49,747,785.20 $3,635,000.50
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2754370381 0.3708627375
Total Distributions $4,439,735.10 $0.00 $4,232,851.32 $206,883.78
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 $6,006,963.58 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(87,157.44)
Ending Reserve Account Balance $5,919,806.14
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of November 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
C) Noteholders Percentage Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $86,595,820.75 $78,247,021.08 $72,892,189.90 $68,378,586.60 $63,352,416.13
A) Loss Trigger:
Principal of Contracts
Charged off $2,363,777.27 $239,575.02 $22,663.64 $139,276.75 $102,684.32
Recoveries $2,467,479.20 $77,252.07 $93,907.22 $162,015.05 $211,505.35
Total Charged off
(Months 5,4,3) $2,626,015.93
Total Recoveries
(Months 3,2,1) 467,427.62
Net Loss/(Recoveries)
for 3 Mos. $2,158,588.31(a)
Total Balance
(Months 5,4,3) $237,735,031.73(b)
Loss Ratio [(a/b)(12)] 10.8958%
Trigger: Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $372,923.56 $85,734.39 $584,210.21
As % of Beginning
Pool Balance 0.51161% 0.12538% 0.92216%
Three Month Average 0.52085% 0.32664% 0.51972%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.1141%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.2
Page 4 of 4
Navistar Financial 1994-A Owner Trust
For the Month of November 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
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $84,270,559.76* $78,247,021.08 $72,892,189.90 $68,378,586.60 $63,352,416.13
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $38,516.28* $239,575.02 $22,663.64 $139,276.75 $102,684.32
Recoveries $64,886.85* $77,252.07 $93,907.22 $162,015.05 $211,505.35
Total Charged off
(Months 5,4,3) $300,754.94*
Total Recoveries
(Months 3,2,1) 467,427.62
Net Loss/(Recoveries)
for 3 Mos. ($166,672.68)*(a)
Total Balance
(Months 5,4,3) $235,409,770.74*(b)
Loss Ratio Annualized [(a/b)(12)]-0.8496%*[restated] VS. 10.8958% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* Yes
** This special report began in February 1996. At that point a substantial
number of vehicles were repossessed from a large, bankrupt obligor. In
July 1996, Navistar Financial repossessed all remaining vehicles from this
obligor. The July activity is now creating the same type of distortion
(described above) caused by the February activity. Therefore, the above
additional information will be provided monthly as long as the effect of
this event continues to exist, which will be the December 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 November 1996
Distribution Date of December 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $69,133,032.09
Beginning Pool Factor 0.3215045
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,600,338.13
Interest Collected $519,844.33
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $149,234.37
Total Additional Deposits $149,234.37
Repos/Chargeoffs $39,429.67
Aggregate Number of Notes Charged Off 22
Total Available Funds $4,269,416.83
Ending Pool Balance $65,493,264.29
Ending Pool Factor 0.3045777
Servicing Fee $57,610.86
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $5,140,413.43
Target Percentage 10.00%
Target Balance $6,549,326.43
Minimum Balance $4,300,595.47
(Release)/Deposit $(20,190.41)
Ending Balance $5,120,223.02
Current Weighted Average APR: 8.833%
Current Weighted Average
Remaining Term (months): 23.74
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 745,036.92 512
31-60 days 172,565.91 127
60+ days 46,600.79 27
Total 964,203.62 521
Balances: 60+ days 383,327.14 27
Memo Item - Reserve Account
Prior Month $4,915,192.33
+ Invest. Income 20,190.41
+ Transfer from Collection Account 205,030.69
Beginning Balance $5,140,413.43
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of November 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 $69,133,032.09
Ending Pool Balance $65,493,264.29
Collected Principal $3,600,338.13
Collected Interest $519,844.33
Charge-Offs $39,429.67
Liquidation Proceeds/Recoveries $149,234.37
Servicing $57,610.86
Cash Transfer to Reserve Account ($205,030.69)
Total Collections Available
for Debt Service $4,006,775.28
Beginning Balance $68,729,307.20 $66,323,049.87 $2,406,257.33
Interest Due $367,007.48 $353,722.93 $13,284.55
Interest Paid $367,007.48 $353,722.93 $13,284.55
Principal Due $3,639,767.80 $3,512,375.93 $127,391.87
Principal Paid $3,639,767.80 $3,512,375.93 $127,391.87
Ending Balance $65,089,539.40 $62,810,673.94 $2,278,865.46
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3026976667 0.3027679011
Total Distributions $4,006,775.28 $3,866,098.86 $140,676.42
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 $5,140,413.43 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(20,190.41)
Ending Reserve Account Balance $5,120,223.02
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of November 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
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $87,295,556.17 $80,784,926.10 $76,441,016.22 $72,882,260.13 $69,133,032.09
A) Loss Trigger:
Principal of Contracts
Charged off $637,817.94 $150,288.93 $126,504.53 $115,168.44 $39,429.67
Recoveries $754,248.27 $35,080.05 $23,637.33 $198,276.20 $149,234.37
Total Charged off
(Months 5,4,3) $914,611.40
Total Recoveries
(Months 3,2,1) 371,147.90
Net Loss/(Recoveries)
for 3 Mos. $543,463.50(a)
Total Balance
(Months 5,4,3) $244,521,498.49(b)
Loss Ratio [(a/b)(12)] 2.6671%
Trigger: Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $479,176.93 $110,179.38 $383,327.14
As % of Beginning
Pool Balance 0.62686% 0.15117% 0.55448%
Three Month Average 0.84685% 0.51085% 0.44417%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.3812%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.3
Page 4 of 4
Navistar Financial 1994-B Owner Trust
For the Month of November 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
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $86,671,846.53* $80,784,926.10 $76,441,016.22 $72,882,260.13 $69,133,032.09
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $14,108.30* $150,288.93 $126,504.53 $115,168.44 $39,429.67
Recoveries $110,225.78* $35,080.05 $23,637.33 $198,276.20 $149,234.37
Total Charged off
(Months 5,4,3) $290,901.76*
Total Recoveries
(Months 3,2,1) 371,147.90
Net Loss/(Recoveries)
for 3 Mos. ($80,246.14)*(a)
Total Balance
(Months 5,4,3) $243,897,788.85*(b)
Loss Ratio Annualized [(a/b)(12)]-0.3948%*[restated] VS. 2.6671% [Entire Pool (see page 3)]
Trigger: Is Ratio> 1.5% No* Yes
** This special report began in February 1996. At that point a substantial
number of vehicles were repossessed from a large, bankrupt obligor. In
July 1996, Navistar Financial repossessed all remaining vehicles from this
obligor. The July activity is now creating the same type of distortion
(described above) caused by the February activity. Therefore, the above
additional information will be provided monthly as long as the effect of
this event continues to exist, which will be the December 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 November 1996
Distribution Date of December 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $127,872,259.24
Beginning Pool Factor 0.4059051
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,922,010.32
Interest Collected $1,034,369.55
Additional Deposits:
Repurchase Amounts $41,532.97
Liquidation Proceeds/Recoveries $67,211.94
Total Additional Deposits $108,744.91
Repos/Chargeoffs $59,372.73
Aggregate Number of Notes Charged Off 43
Total Available Funds $7,065,124.78
Ending Pool Balance $121,849,343.22
Ending Pool Factor 0.3867866
Servicing Fee $106,560.22
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $8,398,760.91
Target Percentage 10.00%
Target Balance $12,184,934.32
Minimum Balance $6,615,628.35
(Release)Seller Interest Only ($35,132.25)
Ending Balance $8,363,628.66
Current Weighted Average APR: 9.614%
Current Weighted Average
Remaining Term (months): 28.22
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,171,082.93 747
31-60 days 232,781.33 169
60+ days 67,966.97 46
Total 1,471,831.23 766
Balances: 60+ days 659,428.18 46
Memo Item - Reserve Account
Prior Month $8,272,790.00
+ Invest. Income 35,132.25
+ Transfer from Collections Account 90,838.66
Beginning Balance $8,398,760.91
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of November 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 $127,872,259.24
Ending Pool Balance $121,849,343.22
Collected Principal $5,963,543.29
Collected Interest $1,034,369.55
Charge-Offs $59,372.73
Liquidation Proceeds/Recoveries $67,211.94
Servicing $106,560.22
Cash Transfer (to)/from
Reserve Account ($90,838.66)
Total Collections Available
for Debt Service $6,867,725.90
Beginning Balance $127,559,236.06 $24,415,082.47 $97,000,000.00 $6,144,153.59
Interest Due $844,809.88 $155,646.15 $646,666.67 $42,497.06
Interest Paid $844,809.88 $155,646.15 $646,666.67 $42,497.06
Principal Due $6,022,916.02 $5,812,113.96 $0.00 $210,802.06
Principal Paid $6,022,916.02 $5,812,113.96 $0.00 $210,802.06
Ending Balance $121,536,320.04 $18,602,968.51 $97,000,000.00 $5,933,351.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0898694131 1.0000000000 0.5379323396
Total Distributions $6,867,725.90 $5,967,760.11 $646,666.67 $253,299.12
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 $8,398,760.91 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($35,132.25)
Ending Reserve Account Balance $8,363,628.66
(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 November 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
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $159,114,542.69 $146,700,500.27 $140,485,673.79 $134,498,385.49 $127,872,259.24
A) Loss Trigger:
Principal of Contracts
Charged off $3,114,017.80 $106,774.26 $245,097.38 $283,022.12 $59,372.73
Recoveries $3,436,846.72 $287,227.38 $157,481.54 $329,866.43 $67,211.94
Total Charged off
(Months 5,4,3) $3,465,889.44
Total Recoveries
(Months 3,2,1) 554,559.91
Net Loss/(Recoveries)
for 3 Mos. $2,911,329.53(a)
Total Balance
(Months 5,4,3) $446,300,716.75(b)
Loss Ratio [(a/b)(12)] 7.8279%
Trigger:
Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $1,416,249.19 $570,483.27 $659,428.18
As % of Beginning
Pool Balance 1.00811% 0.42416% 0.51569%
Three Month Average 1.19442% 0.75357% 0.64932%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.6549%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.4
Page 4 of 4
Navistar Financial 1994-C Owner Trust
For the Month of November 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
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $156,081,476.06* $146,700,500.27 $140,485,673.79 $134,498,385.49 $127,872,259.24
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $80,951.17* $106,774.26 $245,097.38 $283,022.12 $59,372.73
Recoveries $383,042.37* $287,227.38 $157,481.54 $329,866.43 $67,211.94
Total Charged off
(Months 5,4,3) $432,822.81*
Total Recoveries
(Months 3,2,1) 554,559.91
Net Loss/(Recoveries)
for 3 Mos. ($121,737.10)*(a)
Total Balance
(Months 5,4,3) $443,267,650.12*(b)
Loss Ratio Annualized [(a/b)(12)]-0.3296%* restated] VS. 7.8279% [Entire Pool (see page 3)]
Trigger: Is Ratio> 1.5% No* Yes
** This special report began in February 1996. At that point a substantial
number of vehicles were repossessed from a large, bankrupt obligor. In
July 1996, Navistar Financial repossessed all remaining vehicles from this
obligor. The July activity is now creating the same type of distortion
(described above) caused by the February activity. Therefore, the above
additional information will be provided monthly as long as the effect of
this event continues to exist, which will be the December 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 4
Navistar Financial 1995-A Owner Trust
For the Month of November 1996
Distribution Date of December 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $217,488,410.17
Beginning Pool Factor 0.5118828
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,786,510.59
Interest Collected $1,934,199.68
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $337,954.80
Total Additional Deposits $337,954.80
Repos/Chargeoffs $177,758.77
Aggregate Number of Notes Charged Off 58
Total Available Funds $11,058,665.07
Ending Pool Balance $208,524,140.81
Ending Pool Factor 0.4907844
Servicing Fee $181,240.34
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $15,575,177.02
Target Percentage 10.00%
Target Balance $20,852,414.08
Minimum Balance $8,922,464.92
(Release)/Deposit $(62,810.78)
Ending Balance $15,512,366.24
Current Weighted Average APR: 10.681%
Current Weighted Average
Remaining Term (months): 32.57
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies
Installments:
1-30 days 1,922,572.72 1,336
31-60 days 346,485.23 296
60+ days 132,886.96 71
Total 2,401,944.91 1,347
Balances: 60+ days 2,180,506.44 71
Memo Item - Reserve Account
Prior Month $14,789,418.12
+ Invest. Income 62,810.78
+ Transfer from Collections Account 722,948.12
Beginning Balance $15,575,177.02
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 4
Navistar Financial 1995-A Owner Trust
For the Month of November 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 $217,488,410.17
Ending Pool Balance $208,524,140.81
Collected Principal $8,786,510.59
Collected Interest $1,934,199.68
Charge-Offs $177,758.77
Liquidation Proceeds/Recoveries $337,954.80
Servicing $181,240.34
Cash Transfer to Reserve Account ($722,948.12)
Total Collections Available
for Debt Service $10,154,476.61
Beginning Balance $217,488,410.17 $0.00 $205,156,340.80 $12,332,069.37
Interest Due $1,190,207.25 $0.00 $1,119,811.69 $70,395.56
Interest Paid $1,190,207.25 $0.00 $1,119,811.69 $70,395.56
Principal Due $8,964,269.36 $0.00 $8,650,519.93 $313,749.43
Principal Paid $8,964,269.36 $0.00 $8,650,519.93 $313,749.43
Ending Balance $208,524,140.81 $0.00 $196,505,820.87 $12,018,319.94
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.5954721844 0.8077217774
Total Distributions $10,154,476.61 $0.00 $9,770,331.62 $384,144.99
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$15,575,177.02 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(62,810.78)
Ending Reserve Account Balance $15,512,366.24
(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 4
Navistar Financial 1995-A Owner Trust
For the Month of November 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $268,154,122.24 $250,426,214.23 $235,977,087.48 $226,786,100.45 $217,488,410.17
A) Loss Trigger:
Principal of Contracts
Charged off $4,923,113.94 $735,809.86 $642,932.27 $363,306.99 $177,758.77
Recoveries $5,000,900.87 $577,625.87 $604,835.88 $909,010.09 $337,954.80
Total Charged off
(Months 5,4,3) $6,301,856.07
Total Recoveries
(Months 3,2,1) 1,851,800.77
Net Loss/(Recoveries)
for 3 Mos. $4,450,055.30(a)
Total Balance
(Months 5,4,3) $754,557,423.95(b)
Loss Ratio [(a/b)(12)] 7.0771%
Trigger: Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $2,285,785.56 $1,266,260.15 $2,180,506.44
As % of Beginning
Pool Balance 0.96865% 0.55835% 1.00259%
Three Month Average 1.86516% 0.79165% 0.84319%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.6510%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.5
Page 4 of 4
Navistar Financial 1995-A Owner Trust
For the Month of November 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
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $263,749,899.52* $250,426,214.23 $235,977,087.48 $226,786,100.45 $217,488,410.17
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $518,891.22* $735,809.86 $642,932.27 $363,306.99 $177,758.77
Recoveries $407,512.06* $577,625.87 $604,835.88 $909,010.09 $337,954.80
Total Charged off
(Months 5,4,3) $1,897,633.35*
Total Recoveries
(Months 3,2,1) 1,851,800.77
Net Loss/(Recoveries)
for 3 Mos. $45,832.58*(a)
Total Balance
(Months 5,4,3) $750,153,201.23*(b)
Loss Ratio Annualized [(a/b)(12)]0.0733%* restated] VS. 7.0771% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* Yes
** This special report began in February 1996. At that point a substantial
number of vehicles were repossessed from a large, bankrupt obligor. In
July 1996, Navistar Financial repossessed all remaining vehicles from this
obligor. The July activity is now creating the same type of distortion
(described above) caused by the February activity. Therefore, the above
additional information will be provided monthly as long as the effect of
this event continues to exist, which will be the December 1996 Settlement
Statement. **
</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 November 1996
Distribution Date of December 13, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $342,910,040.39
Beginning Pool Factor 0.6532224
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,766,384.05
Interest Collected $2,909,085.13
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $528,267.98
Total Additional Deposits $528,267.98
Repos/Chargeoffs $242,720.78
Aggregate Number of Notes Charged Off 103
Total Available Funds $15,203,737.16
Ending Pool Balance $330,900,935.56
Ending Pool Factor 0.6303458
Servicing Fee $285,758.37
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $18,937,527.54
Target Percentage 5.50%
Target Balance $18,199,551.46
Minimum Balance $11,023,980.93
(Release)/Deposit $(737,976.08)
Ending Balance $18,199,551.46
Current Weighted Average APR: 10.093%
Current Weighted Average
Remaining Term (months): 37.87
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,882,221.61 1,781
31-60 days 547,199.48 399
60+ days 154,316.87 96
Total 3,583,737.96 1,790
Balances: 60+ days 3,358,370.62 96
Memo Item - Reserve Account
Prior Month $18,860,052.22
+ Invest. Income 77,475.32
- Transfer to Collections Account 0.00
Beginning Balance $18,937,527.54
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of November 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 (1) 0.00% 96.50% 0.00% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $342,910,040.39
Ending Pool Balance $330,900,935.56
Collected Principal $11,766,384.05
Collected Interest $2,909,085.13
Charge-Offs $242,720.78
Liquidation Proceeds/Recoveries $528,267.98
Servicing $285,758.37
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $14,917,978.79
Beginning Balance $342,910,040.39 $0.00 $40,648,742.95 $284,325,000.00 $17,936,297.44
Interest Due $1,727,652.97 $0.00 $201,211.28 $1,433,471.88 $92,969.81
Interest Paid $1,727,652.97 $0.00 $201,211.28 $1,433,471.88 $92,969.81
Principal Due $12,009,104.83 $0.00 $11,588,786.16 $0.00 $420,318.67
Principal Paid $12,009,104.83 $0.00 $11,588,786.16 $0.00 $420,318.67
Ending Balance $330,900,935.56 $0.00 $29,059,956.78 $284,325,000.00 $17,515,978.78
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.2906 1.0000 0.9533
Total Distributions $13,736,757.80 $0.00 $11,789,997.44 $1,433,471.88 $513,288.48
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 $1,181,220.99
Beginning Reserve
Account Balance $18,937,527.54
(Release)/Draw ($737,976.08)
Ending Reserve Account Balance $18,199,551.46
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occuring before the Distribution in November 1996, and generally 96.5%
thereafter until all of the Notes have been paid in full. Principal
distributions will be paid in the following priority: First to Class A-1
until paid in full, Second to Class A-2 until paid in full, Third to
Class A-3 until paid in full.
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of November 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $399,032,989.92 $387,147,305.22 $367,916,186.36 $355,444,399.13 $342,910,040.39
A) Loss Trigger:
Principal of Contracts
Charged off $640,970.27 $1,159,529.59 $1,258,820.68 $1,150,726.00 $242,720.78
Recoveries $822,669.29 $420,683.88 $503,955.85 $1,554,542.19 $528,267.98
Total Charged off
(Months 5,4,3) $3,059,320.54
Total Recoveries
(Months 3,2,1) 2,586,766.02
Net Loss/(Recoveries)
for 3 Mos. $472,554.52(a)
Total Balance
(Months 5,4,3) $1,154,096,481.50(b)
Loss Ratio [(a/b)(12)] 0.4914%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $2,668,559.50 $1,667,390.81 $3,358,370.62
As % of Beginning
Pool Balance 0.72532% 0.46910% 0.97937%
Three Month Average 1.43441% 0.64181% 0.72460%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 4.0043%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% 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 November 1996
Distribution Date of December 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $395,176,408.01
Beginning Pool Factor 0.8591840
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,099,861.22
Interest Collected $3,201,822.90
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $36,000.00
Total Additional Deposits $36,000.00
Repos/Chargeoffs $717,473.22
Aggregate Number of Notes Charged Off 17
Total Available Funds $12,337,684.12
Ending Pool Balance $385,359,073.57
Ending Pool Factor 0.8378394
Servicing Fee $329,313.67
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $19,845,872.94
Target Percentage 5.00%
Target Balance $19,267,953.68
Minimum Balance $9,658,821.26
(Release)/Deposit $(577,919.26)
Ending Balance $19,267,953.68
Current Weighted Average APR: 9.792%
Current Weighted Average
Remaining Term (months): 44
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,407,209.62 1,680
31-60 days 497,761.49 378
60+ days 94,548.01 71
Total 2,999,519.12 1,680
Balances: 60+ days 2,496,882.79 71
Memo Item - Reserve Account
Opening Balance $19,758,820.40
+ Invest. Income 87,052.54
- Transfer to Collections Account 0.00
Beginning Balance $19,845,872.94
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of November 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 (1) 100.00% 0.00% 0.00%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $395,176,408.01
Ending Pool Balance $385,359,073.57
Collected Principal $9,099,861.22
Collected Interest $3,201,822.90
Charge-Offs $717,473.22
Liquidation Proceeds/Recoveries $36,000.00
Servicing $329,313.67
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $12,008,370.45
Beginning Balance $395,176,408.07 $27,232,538.48 $347,245,000.00 $20,698,869.53
Interest Due $2,068,766.03 $119,142.36 $1,837,504.79 $112,118.88
Interest Paid $2,068,766.03 $119,142.36 $1,837,504.79 $112,118.88
Principal Due $9,817,334.44 $9,817,334.44 $0.00 $0.00
Principal Paid $9,817,334.44 $9,817,334.44 $0.00 $0.00
Ending Balance $385,359,073.57 $17,415,204.04 $347,245,000.00 $20,698,869.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1892956961 1.0000000000 1.0000000000
Total Distributions $11,886,100.47 $9,936,476.80 $1,837,504.79 $112,118.88
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 $122,269.98
Beginning Reserve Account Balance $19,845,872.94 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(577,919.26)
Ending Reserve Account Balance $19,267,953.68
(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 until all the
Notes have been paid in full. No principal distribution to Class A-2
until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of November 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
June 1996 July 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $448,886,287.07 $437,532,448.32 $427,647,779.09 $417,109,950.65 $406,153,133.77 $395,176,408.01
A) Loss Trigger:
Principal of Contracts
Charged off $817,826.85 $438,220.11 $446,599.38 $874,339.96 $550,727.20 $717,473.22
Recoveries $10,734.47 $237,338.64 $74,360.07 $37,337.12 $147,684.86 $36,000.00
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,759,159.45 Total Charged off (Months 1-6) $3,845,186.72
Total Recoveries (Months 3,2,1) 221,021.98 Total Recoveries (Months 1-6) 543,455.16
Net Loss/(Recoveries) for 3 Mos. $1,538,137.47(a) Net Loss/(Recoveries) for 6 Mos. $3,301,731.56(c)
Total Balance (Months 5,4,3) $1,282,290,178.06(b) Total Balance (Months 1-6) $2,532,506,006.91(d)
Loss Ratio [(a/b)(12)] 1.4394% Loss Ratio [(c/d)(12)] 1.5645%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
<TABLE>
<S> <C> <C> <C>
Delinquency Trigger:
Balance delinquency 60+ days $2,584,175.00 $1,286,738.61 $2,496,882.79
As % of Beginning Pool Balance 0.61954% 0.31681% 0.63184%
Three Month Average 0.60961% 0.52969% 0.52273%
</TABLE>
<TABLE>
<S> <C>
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 4.1892%
Ending Reserve Acct Balance
not less than 1% of initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.8
Page 1 of 3
Navistar Financial 1996-B Owner Trust
For the Month of November 1996
Distribution Date of December 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $471,983,852.01
Beginning Pool Factor 0.9701474
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,469,343.00
Interest Collected $3,960,199.18
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $23,776.07
Total Additional Deposits $23,776.07
Repos/Chargeoffs $138,745.01
Aggregate Number of Notes Charged Off 5
Total Available Funds $13,453,318.25
Ending Pool Balance $462,375,764.00
Ending Pool Factor 0.9503983
Servicing Fee $393,319.88
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $11,849,708.17
Target Percentage 2.50%
Target Balance $11,559,394.10
Minimum Balance $9,730,147.26
(Release)/Deposit $(290,314.07)
Ending Balance $11,559,394.10
Current Weighted Average APR: 10.162%
Current Weighted Average
Remaining Term (months): 47.53
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,405,486.48 1,959
31-60 days 352,347.14 265
60+ days 48,595.52 37
Total 2,806,429.14 1,961
Balances: 60+ days 2,027,397.12 37
Memo Item - Reserve Account
Opening Balance $11,799,596.30
+ Invest. Income 50,111.87
- Transfer to Collections Account 0.00
Beginning Balance $11,849,708.17
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1996-B Owner Trust
For the Month of November 1996
<TABLE>
<CAPTION>
NOTES CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
Original
Pool Amount Dist.: $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Distribution Percentages 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $471,983,852.01
Ending Pool Balance $462,375,764.00
Collected Principal $9,469,343.00
Collected Interest $3,960,199.18
Charge-Offs $138,745.01
Liquidation Proceeds/Recoveries $23,776.07
Servicing $393,319.88
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $13,059,998.37
Beginning Balance $471,983,852.01 $91,976,489.26 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Interest Due $2,404,050.98 $420,792.44 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Paid $2,404,050.98 $420,792.44 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Principal Due $9,608,088.01 $9,608,088.01 $0.00 $0.00 $0.00 $0.00
Principal Paid $9,608,088.01 $9,608,088.01 $0.00 $0.00 $0.00 $0.00
Ending Balance $462,375,764.00 $82,368,401.25 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.7734122183 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Total Distributions $12,012,138.99 $10,028,880.45 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $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 $0.00
Excess Servicing $1,047,859.38
Beginning Reserve Account
Balance $11,849,708.17 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($290,314.07)
Ending Reserve
Account Balance $11,559,394.10
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1996-B Owner Trust
For the Month of November 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
1 2
Oct 1996 Nov 1996
<S> <C> <C> <C>
Beg. Pool Balance $486,507,362.75 $471,983,852.01
A) Loss Trigger:
Principal of Contracts
Charged off $533,952.94 $138,745.01
Recoveries $0.00 $23,776.07
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate
Lockout Event
Total Charged off (Months 5,4,3) $0.00 Total Charged off (Months 1-6) $672,697.95
Total Recoveries (Months 3,2,1) $23,776.07 Total Recoveries (Months 1-6) 23,776.07
Net Loss/(Recoveries) for 3 Mos. ($23,776.07)(a) Net Loss/(Recoveries) for 6 Mos. $648,921.88(c)
Total Balance Total Balance
(Months 5,4,3) N/A(b) (Months 1-6) $958,491,214.76(d)
Loss Ratio Annualized [(a/b)(12)] N/A Loss Ratio [(c/d)(12)] 0.8124%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
B) Delinquency Trigger:
Balance delinquency 60+ days $429,289.32 $2,027,397.12
As % of Beginning
Pool Balance 0.08824% 0.42955%
Three Month Average 0.08824% 0.25889%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.3760%
Ending Reserve Acct Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
