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) October 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
NAVISTAR FINANCIAL 1995-B OWNER TRUST AND
NAVISTAR FINANCIAL 1996-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-4146-1 51-0337491
(Commission File Number) (I.R.S. Employer Identification No.)
2850 West Golf Road Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code 847-734-4275
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On October 15 and 21, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of September
1996 for the specified Owner Trusts, which are attached as
Exhibit 20 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See attached Exhibit Index.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1993-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST AND
NAVISTAR FINANCIAL 1996-A OWNER TRUST
(Registrant)
Date October 30, 1996 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated October 15, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated October 15, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated October 15, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated October 21, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated October 21, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated October 15, 1996
Navistar Financial 1996-A Owner Trust
20.7 Monthly Servicer Certificate, dated October 15, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of September 1996
Distribution Date of October 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $37,836,410.79
Beginning Pool Factor 0.1129437
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $2,753,044.54
Interest Collected $262,723.37
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $27,912.85
Total Additional Deposits $27,912.85
Repos/Chargeoffs $724.85
Aggregate Number of Notes Charged Off 33
Total Available Funds $3,043,680.76
Ending Pool Balance $35,082,641.40
Ending Pool Factor 0.1047235
Servicing Fee $31,530.34
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,724,520.56
Target Percentage 7.50%
Target Balance $2,631,198.11
Minimum Balance $6,700,050.96
(Release)/Deposit $(24,469.60)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 587,838.67 384
31-60 days 84,760.49 71
60+ days 23,653.43 23
Total 696,252.59 396
Balances:
60+ days 269,727.97 23
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 24,469.60
Beginning Balance $6,724,520.56
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of September 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 $37,836,410.79
Ending Pool Balance $35,082,641.40
Collected Principal $2,753,044.54
Collected Interest $262,723.37
Liquidation Proceeds/Recoveries $27,912.85
Charge-Offs $724.85
Servicing $31,530.34
Total Collections Available
for Debt Service $3,012,150.42
Beginning Balance $26,586,073.05 $0.00 $23,009,766.64 $3,576,306.41
Interest Due $100,112.48 $0.00 $85,807.25 $14,305.23
Interest Paid $100,112.48 $0.00 $85,807.25 $14,305.23
Principal Due $2,753,769.39 $0.00 $2,629,849.77 $123,919.62
Principal Paid $2,753,769.39 $0.00 $2,629,849.77 $123,919.62
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $23,832,303.66 $0.00 $20,379,916.87 $3,452,386.79
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1039919014 0.2944077705
Total Distributions $2,853,881.87 $0.00 $2,715,657.02 $138,224.85
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 $158,268.55
Beginning Reserve Account Balance $6,724,520.56
(Release)/Draw $(24,469.60)
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 September 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $52,517,903.77 $48,331,618.78 $44,543,063.97 $41,075,940.61 $37,836,410.79
A) Loss Trigger:
Principal of Contracts
Charged off $17,445.57 $26,549.35 $7,217.12 $113,600.14 $724.85
Recoveries $69,303.81 $83,345.75 $16,367.00 $0.00 $27,912.85
Total Charged off
(Months 5,4,3) $51,212.04
Total Recoveries
(Months 3,2,1) 44,279.85
Net Loss/(Recoveries)
for 3 Mos. $ 6,932.19(a)
Total Balance
(Months 5,4,3) $145,392,586.52(b)
Loss Ratio [(a/b)(12)] 0.0572%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $291,784.80 $95,504.83 $269,727.97
As % of Beginning
Pool Balance 0.65506% 0.23251% 0.71288%
Three Month Average 0.56394% 0.47161% 0.53348%
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 September 1996
Distribution Date of October 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $72,892,189.90
Beginning Pool Factor 0.2603093
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,490,939.66
Interest Collected $511,708.90
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $93,907.22
Total Additional Deposits $93,907.22
Repos/Chargeoffs $22,663.64
Aggregate Number of Notes Charged Off 33
Total Available Funds $5,096,555.78
Ending Pool Balance $68,378,586.60
Ending Pool Factor 0.2441905
Servicing Fee $ 60,743.49
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $5,620,775.72
Target Percentage 6.50%
Target Balance $5,600,429.43
Minimum Balance $5,600,429.43
(Release)/Deposit $(20,346.29)
Ending Balance $5,600,429.43
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 735,329.94 602
31-60 days 146,185.65 127
60+ days 49,251.39 29
Total 930,766.98 614
Balances:
60+ days 372,923.56 29
Memo Item - Reserve Account
Prior Month $5,571,600.41
+ Invest. Income 20,346.29
+ Transfer from Collection Account $28,829.02
Beginning Balance $5,620,775.72
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of September 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 $72,892,189.90
Ending Pool Balance $68,378,586.60
Collected Principal $4,490,939.66
Collected Interest $511,708.90
Charge-Offs $22,663.64
Liquidation Proceeds/Recoveries $93,907.22
Servicing $60,743.49
Cash Transfer to Reserve Account ($28,829.02)
Total Collections Available $5,006,983.27
for Debt Service
Beginning Balance $67,076,914.17 $0.00 $62,825,677.89 $4,251,236.28
Interest Due $332,640.84 $0.00 $310,463.56 $22,177.28
Interest Paid $332,640.84 $0.00 $310,463.56 $22,177.28
Principal Due $4,513,603.30 $0.00 $4,310,491.15 $203,112.15
Principal Paid $4,513,603.30 $0.00 $4,310,491.15 $203,112.15
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $62,563,310.87 $0.00 $ 58,515,186.74 $4,048,124.13
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3239792416 0.4130118821
Total Distributions $4,846,244.14 $0.00 $4,620,954.71 $225,289.43
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 $160,739.13
Beginning Reserve Account Balance $5,620,775.72 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(20,346.29)
Ending Reserve Account Balance $5,600,429.43
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of September 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
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $97,164,157.07 $92,214,102.72 $86,595,820.75 $78,247,021.08 $72,892,189.90
A) Loss Trigger:
Principal of Contracts
Charged off $3,270.37 $4,805.99 $2,363,777.27 $239,575.02 22,663.64
Recoveries $70,313.69 $93,529.58 $2,467,479.20 $77,252.07 $93,907.22
Total Charged off
(Months 5,4,3) $2,371,853.63
Total Recoveries
(Months 3,2,1) 2,638,638.49
Net Loss/(Recoveries)
for 3 Mos. ($266,784.86)(a)
Total Balance
(Months 5,4,3) $275,974,080.54(b)
Loss Ratio [(a/b)(12)] -1.1600%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $613,106.81 $268,333.54 $372,923.56
As % of Beginning
Pool Balance 0.70801% 0.34293% 0.51161%
Three Month Average 1.42737% 1.41078% 0.52085%
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 September 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
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $94,838,896.08* $89,888,841.73* $84,270,559.76* $78,247,021.08 $72,892,189.90
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $3,270.37 $4,805.99 $38,516.28* $239,575.02 $22,663.64
Recoveries $70,313.69 $93,529.58 $64,886.85* $77,252.07 $93,907.22
Total Charged off
(Months 5,4,3) $46,592.64*
Total Recoveries
(Months 3,2,1) 236,046.14*
Net Loss/(Recoveries)
for 3 Mos. ($189,453.50)*(a)
Total Balance
(Months 5,4,3) $268,998,297.57*(b)
Loss Ratio Annualized [(a/b)(12)]-0.8452%*[restated] VS. -1.1600% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* No
**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 September 1996
Distribution Date of October 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $76,441,016.22
Beginning Pool Factor 0.3554904
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,432,251.56
Interest Collected $560,800.77
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $23,637.33
Total Additional Deposits $23,637.33
Repos/Chargeoffs $126,504.53
Aggregate Number of Notes Charged Off 26
Total Available Funds $4,016,689.66
Ending Pool Balance $72,882,260.13
Ending Pool Factor 0.3389403
Servicing Fee $63,700.85
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $4,975,011.45
Target Percentage 6.50%
Target Balance $4,737,346.91
Minimum Balance $4,300,595.47
(Release)/Deposit $(237,664.54)
Ending Balance $4,737,346.91
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 699,758.40 552
31-60 days 167,195.66 123
60+ days 58,474.02 29
Total 925,428.08 556
Balances:
60+ days 479,176.93 29
Memo Item - Reserve Account
Prior Month $4,968,666.06
+ Invest. Income 18,144.02
- Transfer to Collection Account (11,798.63)
Beginning Balance $4,975,011.45
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of September 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 $76,441,016.22
Ending Pool Balance $72,882,260.13
Collected Principal $3,432,251.56
Collected Interest $560,800.77
Charge-Offs $126,504.53
Liquidation Proceeds/Recoveries $23,637.33
Servicing $63,700.85
Cash Transfer from Reserve Account $11,798.63
Total Collections Available
for Debt Service $3,964,787.44
Beginning Balance $76,037,291.33 $73,375,254.56 $2,662,036.77
Interest Due $406,031.35 $391,334.69 $14,696.66
Interest Paid $406,031.35 $391,334.69 $14,696.66
Principal Due $3,558,756.09 $3,434,199.63 $124,556.46
Principal Paid $3,558,756.09 $3,434,199.63 $124,556.46
Ending Balance $72,478,535.24 $69,941,054.93 $2,537,480.31
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3370604518 0.3371272245
Total Distributions $3,964,787.44 $3,825,534.32 $139,253.12
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 $4,975,011.45 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(237,664.54)
Ending Reserve Account Balance $4,737,346.91
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of September 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
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $96,795,724.48 $92,139,254.96 $87,295,556.17 $80,784,926.10 $76,441,016.22
A) Loss Trigger:
Principal of Contracts
Charged off $32,536.33 $51,056.23 $637,817.94 $150,288.93 $126,504.53
Recoveries $70,331.64 $173,091.90 $754,248.27 $35,080.05 $23,637.33
Total Charged off
(Months 5,4,3) $721,410.50
Total Recoveries
(Months 3,2,1) 812,965.65
Net Loss/(Recoveries)
for 3 Mos. ($91,555.15)(a)
Total Balance
(Months 5,4,3) $276,230,535.61(b)
Loss Ratio [(a/b)(12)] -0.3977%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,011,902.14 $609,529.38 $479,176.93
As % of Beginning
Pool Balance 1.15917% 0.75451% 0.62686%
Three Month Average 1.13056% 1.17548% 0.84685%
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 September 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
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $96,172,014.84* $91,515,545.32* $86,671,846.53* $80,784,926.10 $76,441,016.22
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $32,536.33 $51,056.23 $14,108.30* $150,288.93 $126,504.53
Recoveries $70,331.64 $173,091.90 $110,225.78* $35,080.05 $23,637.33
Total Charged off
(Months 5,4,3) $97,700.86*
Total Recoveries
(Months 3,2,1) 168,943.16*
Net Loss/(Recoveries)
for 3 Mos. ($71,242.30)*(a)
Total Balance
(Months 5,4,3) $274,359,406.69*(b)
Loss Ratio Annualized [(a/b)(12)]-0.3116%*[restated] VS. -0.3977% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* No
**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 September 1996
Distribution Date of October 21, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $140,485,673.79
Beginning Pool Factor 0.4459439
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,742,190.92
Interest Collected $1,100,617.59
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $157,481.54
Total Additional Deposits $157,481.54
Repos/Chargeoffs $245,097.38
Aggregate Number of Notes Charged Off 45
Total Available Funds $7,000,290.05
Ending Pool Balance $134,498,385.49
Ending Pool Factor 0.4269384
Servicing Fee $117,071.39
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $8,434,633.50
Target Percentage 6.00%
Target Balance $8,069,903.13
Minimum Balance $6,615,628.35
(Release)Seller Interest Only ($364,730.37)
Ending Balance $8,069,903.13
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,187,433.56 862
31-60 days 211,325.09 193
60+ days 108,743.28 50
Total 1,507,501.93 874
Balances:
60+ days 1,416,249.19 50
Memo Item - Reserve Account
Prior Month $8,429,140.43
+ Invest. Income 35,022.24
- Transfer to Collections Account ($29,529.17)
Line Item #16 $8,434,633.50
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of September 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 $140,485,673.79
Ending Pool Balance $134,498,385.49
Collected Principal $5,742,190.92
Collected Interest $1,100,617.59
Charge-Offs $245,097.38
Liquidation Proceeds/Recoveries $157,481.54
Servicing $117,071.39
Cash Transfer (to)/from Reserve Account$29,529.17
Total Collections Available
for Debt Service $6,912,747.83
Beginning Balance $140,172,650.61 $36,587,027.51 $97,000,000.00 $6,585,623.10
Interest Due $925,459.53 $233,242.30 $646,666.67 $45,550.56
Interest Paid $925,459.53 $233,242.30 $646,666.67 $45,550.56
Principal Due $5,987,288.30 $5,777,733.21 $0.00 $209,555.09
Principal Paid $5,987,288.30 $5,777,733.21 $0.00 $209,555.09
Ending Balance $134,185,362.31 $30,809,294.30 $97,000,000.00 $6,376,068.01
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1488371705 1.0000000000 0.5780701116
Total Distributions $6,912,747.83 $6,010,975.51 $646,666.67 $255,105.65
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 $8,434,633.50 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($364,730.37)
Ending Reserve Account Balance $8,069,903.13
(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 September 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
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $173,849,355.84 $167,011,774.21 $159,114,542.69 $146,700,500.27 $140,485,673.79
A) Loss Trigger:
Principal of Contracts
Charged off $182,757.53 $231,605.30 $3,114,017.80 $106,774.26 $245,097.38
Recoveries $525,610.91 $271,914.87 $3,436,846.72 $287,227.38 $157,481.54
Total Charged off
(Months 5,4,3) $3,528,380.63
Total Recoveries
(Months 3,2,1) 3,881,555.64
Net Loss/(Recoveries)
for 3 Mos. ($353,175.01)(a)
Total Balance
(Months 5,4,3) $499,975,672.74(b)
Loss Ratio [(a/b)(12)] -0.8477%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $2,779,264.98 $1,215,340.46 $1,416,249.19
As % of Beginning
Pool Balance 1.74671% 0.82845% 1.00811%
Three Month Average 1.74970% 1.82335% 1.19442%
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 September 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
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $170,816,289.21* $163,978,707.58* $156,081,476.06* $146,700,500.27 $140,485,673.79
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $182,757.53 $231,605.30 $80,951.17* $106,774.26 $245,097.38
Recoveries $525,610.91 $271,914.87 $383,042.37* $287,227.38 $157,481.54
Total Charged off
(Months 5,4,3) $495,314.00*
Total Recoveries
(Months 3,2,1) 827,751.29*
Net Loss/(Recoveries)
for 3 Mos. ($332,437.29)*(a)
Total Balance
(Months 5,4,3) $490,876,472.85*(b)
Loss Ratio Annualized [(a/b)(12)]-0.8127%* restated] VS. -0.8477% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* No
**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 September 1996
Distribution Date of October 21, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $235,977,087.48
Beginning Pool Factor 0.5553980
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,548,054.76
Interest Collected $2,110,525.74
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $604,835.88
Total Additional Deposits $604,835.88
Repos/Chargeoffs $642,932.27
Aggregate Number of Notes Charged Off 79
Total Available Funds $11,263,416.38
Ending Pool Balance $226,786,100.45
Ending Pool Factor 0.5337660
Servicing Fee $196,647.57
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $17,737,699.86
Target Percentage 6.00%
Target Balance $13,607,166.03
Minimum Balance $8,922,464.92
(Release)/Deposit $(4,130,533.83)
Ending Balance $13,607,166.03
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,010,728.16 1,371
31-60 days 374,702.40 319
60+ days 139,661.58 74
Total 2,525,092.14 1,381
Balances:
60+ days 2,285,785.56 74
Memo Item - Reserve Account
Prior Month $17,664,159.68
+ Invest. Income 73,540.18
- Transfer to Collections Account $0.00
Beginning Balance $17,737,699.86
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 4
Navistar Financial 1995-A Owner Trust
For the Month of September 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 $235,977,087.48
Ending Pool Balance $226,786,100.45
Collected Principal $8,548,054.76
Collected Interest $2,110,525.74
Charge-Offs $642,932.27
Liquidation Proceeds/Recoveries $604,835.88
Servicing $196,647.57
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $11,066,768.81
Beginning Balance $235,977,087.48 $0.00 $222,997,914.40 $12,979,173.08
Interest Due $1,291,286.40 $0.00 $1,217,196.95 $74,089.45
Interest Paid $1,291,286.40 $0.00 $1,217,196.95 $74,089.45
Principal Due $9,190,987.03 $0.00 $8,869,302.48 $321,684.55
Principal Paid $9,190,987.03 $0.00 $8,869,302.48 $321,684.55
Ending Balance $226,786,100.45 $0.00 $214,128,611.92 $12,657,488.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.6488745816 0.8506787291
Total Distributions $10,482,273.43 $0.00 $10,086,499.43 $395,774.00
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 $584,495.38
Beginning Reserve Account Balance $17,737,699.86 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(4,130,533.83)
Ending Reserve Account Balance $13,607,166.03
(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 September 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $290,265,907.89 $278,499,952.42 $268,154,122.24 $250,426,214.23 $235,977,087.48
A) Loss Trigger:
Principal of Contracts
Charged off $542,227.84 $367,941.93 $4,923,113.94 $735,809.86 $642,932.27
Recoveries $433,354.15 $670,876.11 $5,000,900.87 $577,625.87 $604,835.88
Total Charged off
(Months 5,4,3) $5,833,283.71
Total Recoveries
(Months 3,2,1) 6,183,362.62
Net Loss/(Recoveries)
for 3 Mos. ($350,078.91)(a)
Total Balance
(Months 5,4,3) $836,919,982.55(b)
Loss Ratio [(a/b)(12)] -0.5020%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $10,133,262.17 $2,123,477.97 $2,285,785.56
As % of Beginning
Pool Balance 3.77889% 0.84795% 0.96865%
Three Month Average 2.50514% 2.61250% 1.86516%
Trigger:
Is Average> 2.0% No
</TABLE>
<PAGE>
Exhibit 20.5
Page 4 of 4
Navistar Financial 1995-A Owner Trust
For the Month of September 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
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $285,861,685.17* $274,095,729.70* $263,749,899.52* $250,426,214.23 $235,977,087.48
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $542,227.84 $367,941.93 $518,891.22* $735,809.86 $642,932.27
Recoveries $433,354.15 $670,876.11 $407,512.06* $577,625.87 $604,835.88
Total Charged off
(Months 5,4,3) $1,429,060.99*
Total Recoveries
(Months 3,2,1) 1,589,973.81*
Net Loss/(Recoveries)
for 3 Mos. ($160,912.82)*(a)
Total Balance
(Months 5,4,3) $823,707,314.39*(b)
Loss Ratio Annualized [(a/b)(12)]-0.2344%* restated] VS. -0.5020% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* No
**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 September 1996
Distribution Date of October 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $367,916,186.36
Beginning Pool Factor 0.7008575
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,212,966.55
Interest Collected $3,071,250.45
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $503,955.85
Total Additional Deposits $503,955.85
Repos/Chargeoffs $1,258,820.68
Aggregate Number of Notes Charged Off 107
Total Available Funds $14,788,172.85
Ending Pool Balance $355,444,399.13
Ending Pool Factor 0.6770995
Servicing Fee $306,596.82
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $20,309,292.09
Target Percentage 5.50%
Target Balance $19,549,441.95
Minimum Balance $11,023,980.93
(Release)/Deposit $(759,850.14)
Ending Balance $19,549,441.95
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,765,824.26 1,826
31-60 days 422,503.38 377
60+ days 114,036.36 75
Total 3,302,364.00 1,828
Balances:
60+ days 2,668,559.50 75
Memo Item - Reserve Account
Prior Month $20,235,390.25
+ Invest. Income 73,901.84
- Transfer to Collections Account 0.00
Beginning Balance $20,309,292.09
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of September 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 0.00% 100.00% 0.00% 0.00%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $367,916,186.36
Ending Pool Balance $355,444,399.13
Collected Principal $11,212,966.55
Collected Interest $3,071,250.45
Charge-Offs $1,258,820.68
Liquidation Proceeds/Recoveries $503,955.85
Servicing $306,596.82
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $14,481,576.03
Beginning Balance $367,916,186.36 $0.00 $65,216,186.36 $284,325,000.00 $18,375,000.00
Interest Due $1,851,535.75 $0.00 $322,820.12 $1,433,471.88 $95,243.75
Interest Paid $1,851,535.75 $0.00 $322,820.12 $1,433,471.88 $95,243.75
Principal Due $12,471,787.23 $0.00 $12,471,787.23 $0.00 $0.00
Principal Paid $12,471,787.23 $0.00 $12,471,787.23 $0.00 $0.00
Ending Balance $355,444,399.13 $0.00 $52,744,399.13 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.5274 1.0000 1.0000
Total Distributions $14,323,322.98 $0.00 $12,794,607.35 $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 $158,253.05
Beginning Reserve
Account Balance $20,309,292.09
(Release)/Draw ($759,850.14)
Ending Reserve Account Balance $19,549,441.95
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of September 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $427,599,756.31 $413,855,776.79 $399,032,989.92 $387,147,305.22 $367,916,186.36
A) Loss Trigger:
Principal of Contracts
Charged off $1,056,671.00 $623,419.70 $640,970.27 $1,159,529.59 $1,258,820.68
Recoveries $960,461.38 $631,845.68 $822,669.29 $420,683.88 $503,955.85
Total Charged off
(Months 5,4,3) $2,321,060.97
Total Recoveries
(Months 3,2,1) 1,747,309.02
Net Loss/(Recoveries)
for 3 Mos. $573,751.95(a)
Total Balance
(Months 5,4,3) $1,240,488,523.02(b)
Loss Ratio [(a/b)(12)] 0.5550%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $11,360,063.71 $2,830,048.63 $2,668,559.50
As % of Beginning
Pool Balance 2.84690% 0.73100% 0.72532%
Three Month Average 1.53459% 1.58802% 1.43441%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.7
Page 1 of 3
Navistar Financial 1996-A Owner Trust
For the Month of September 1996
Distribution Date of October 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $417,109,950.65
Beginning Pool Factor 0.9068714
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,082,476.92
Interest Collected $3,386,170.50
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $37,337.12
Total Additional Deposits $37,337.12
Repos/Chargeoffs $874,339.96
Aggregate Number of Notes Charged Off 23
Total Available Funds $13,505,984.54
Ending Pool Balance $406,153,133.77
Ending Pool Factor 0.8830493
Servicing Fee $347,591.63
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $20,939,235.93
Target Percentage 5.00%
Target Balance $20,307,656.69
Minimum Balance $9,658,821.26
(Release)/Deposit $(631,579.24)
Ending Balance $20,307,656.69
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,279,918.96 1,668
31-60 days 450,351.85 359
60+ days 78,432.45 54
Total 2,808,703.26 1,670
Balances:
60+ days 2,584,175.00 54
Memo Item - Reserve Account
Opening Balance $20,855,497.53
+ Invest. Income 83,738.40
- Transfer to Collections Account 0.00
Beginning Balance $20,939,235.93
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of September 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages 100.00% 0.00% 0.00%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $417,109,950.65
Ending Pool Balance $406,153,133.77
Collected Principal $10,082,476.92
Collected Interest $3,386,170.50
Charge-Offs $874,339.96
Liquidation Proceeds/Recoveries $37,337.12
Servicing $347,591.63
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,158,392.91
Beginning Balance $417,109,950.65 $49,166,081.12 $347,245,000.00 $20,698,869.53
Interest Due $2,164,725.27 $215,101.60 $1,837,504.79 $112,118.88
Interest Paid $2,164,725.27 $215,101.60 $1,837,504.79 $112,118.88
Principal Due $10,956,816.88 $10,956,816.88 $0.00 $0.00
Principal Paid $10,956,816.88 $10,956,816.88 $0.00 $0.00
Ending Balance $406,153,133.77 $38,209,264.24 $347,245,000.00 $20,698,869.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4153180896 1.0000000000 1.0000000000
Total Distributions $13,121,542.15 $11,171,918.48 $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 $36,850.76
Beginning Reserve Account Balance $20,939,235.93 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(631,579.24)
Ending Reserve Account Balance $20,307,656.69
(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 September 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May 1996 June 1996 July 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $459,943,869.53 $448,886,287.07 $437,532,448.32 $427,647,779.09 $417,109,950.65
A) Loss Trigger:
Principal of Contracts
Charged off $383,082.86 $817,826.85 $438,220.11 $446,599.38 $874,339.96
Recoveries $0.00 $10,734.47 $237,338.64 $74,360.07 $37,337.12
</TABLE>
<TABLE>
<S> <C> <C> <C>
Total Charged off Total Charged off
(Months 5,4,3) $1,639,129.82 (Months 1-6) $2,960,069.16
Total Recoveries Total Recoveries
(Months 3,2,1) $349,035.83 (Months 1-6) $359,770.30
Net Loss/(Recoveries) Net Loss/(Recoveries)
for 3 Mos. $1,290,093.99(a) for 6 Mos. $2,600,298.86(c)
Total Balance Total Balance
(Months 5,4,3) $1,346,362,604.92(b) (Months 1-6) $2,191,120,334.66(d)
Loss Ratio [(a/b)(12)] 1.1498% Loss Ratio [(c/d)(12)]
1.4241%
Trigger: Trigger:
Is Ratio> 1.5% No Is Ratio> 6.0% No
</TABLE>
<TABLE>
<S> <C> <C> <C>
B) Delinquency Trigger:
Balance delinquency
60+ days $2,472,347.87 $2,755,020.10 $2,584,175.00
As % of Beginning
Pool Balance 0.56507% 0.64423% 0.61954%
Three Month Average 0.31864% 0.48748% 0.60961%
Trigger:
Is Average> 2.0% No
Navistar Financial Corporation
</TABLE>
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
