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) July 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 July 15 and 22, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of June 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 July 24, 1996 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated July 15, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated July 15, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated July 15, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated July 22, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated July 22, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated July 15, 1996
Navistar Financial 1996-A Owner Trust
20.7 Monthly Servicer Certificate, dated July 15, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of June 1996
Distribution Date of July 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $48,331,618.78
Beginning Pool Factor 0.1442724
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,787,189.20
Interest Collected $355,234.78
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $83,345.75
Total Additional Deposits $83,845.75
Repos/Chargeoffs $26,549.35
Aggregate Number of Notes Charged Off 22
Total Available Funds $4,200,585.99
Ending Pool Balance $44,543,063.97
Ending Pool Factor 0.1329634
Servicing Fee $40,276.35
Repayment of Servicer Advances $25,183.74
Reserve Account:
Beginning Balance $6,724,989.27
Target Percentage 7.50%
Target Balance $3,340,729.80
Minimum Balance $6,700,050.96
(Release)/Deposit $(24,938.31)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 544,146.46 443
31-60 days 134,586.13 94
60+ days 21,970.03 19
Total 700,702.62 460
Balances:
60+ days 254,828.60 19
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 24,938.31
Beginning Balance $6,724,989.27
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of June 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 $48,331,618.78
Ending Pool Balance $44,543,063.97
Collected Principal $3,762,005.46
Collected Interest $355,234.78
Liquidation Proceeds/Recoveries $83,345.75
Charge-Offs $26,549.35
Servicing $40,276.35
Total Collections Available
for Debt Service $4,160,309.64
Beginning Balance $37,081,281.04 $0.00 $33,032,690.27 $4,048,590.77
Interest Due $139,378.77 $0.00 $123,184.41 $16,194.36
Interest Paid $139,378.77 $0.00 $123,184.41 $16,194.36
Principal Due $3,788,554.81 $0.00 $3,618,069.84 $170,484.97
Principal Paid $3,788,554.81 $0.00 $3,618,069.84 $170,484.97
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $33,292,726.23 $0.00 $29,414,620.43 $3,878,105.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1500929728 0.3307116363
Total Distributions $3,927,933.58 $0.00 $3,741,254.25 $186,679.33
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 $232,376.06
Beginning Reserve Account Balance $6,724,989.27
(Release)/Draw $(24,938.31)
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 June 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $66,059,024.32 $61,317,575.81 $56,847,775.99 $52,517,903.77 $48,331,618.78
A) Loss Trigger:
Principal of Contracts
Charged off $26,418.37 $67,176.75 $125,611.36 $17,445.57 $26,549.35
Recoveries $64,361.46 $19,925.96 $167,300.87 $69,303.81 $83,345.75
Total Charged off
(Months 5,4,3) $219,206.48
Total Recoveries
(Months 3,2,1) 319,950.43
Net Loss/(Recoveries)
for 3 Mos. $ (100,743.95)(a)
Total Balance
(Months 5,4,3) $184,224,376.12(b)
Loss Ratio [(a/b)(12)] -0.6562%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $233,376.47 $267,585.97 $254,828.60
As % of Beginning
Pool Balance 0.41053% 0.50951% 0.52725%
Three Month Average 0.49300% 0.55172% 0.48243%
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 June 1996
Distribution Date of July 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $92,214,102.72
Beginning Pool Factor 0.3293108
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,613,475.98
Interest Collected $674,549.66
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $93,529.58
Total Additional Deposits $93,529.58
Repos/Chargeoffs $4,805.99
Aggregate Number of Notes Charged Off 24
Total Available Funds $6,381,555.22
Ending Pool Balance $86,595,820.75
Ending Pool Factor 0.3092471
Servicing Fee $ 76,845.09
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,016,223.44
Target Percentage 6.50%
Target Balance $5,628,728.35
Minimum Balance $5,600,429.43
(Release)/Deposit $(387,495.09)
Ending Balance $5,628,728.35
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 881,407.53 697
31-60 days 248,735.16 198
60+ days 127,805.52 100
Total 1,257,948.21 708
Balances:
60+ days 2,933,690.48 100
Memo Item - Reserve Account
Prior Month $5,993,916.68
+ Invest. Income 22,306.76
- Withdrawal 0.00
Beginning Balance $6,016,223.44
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of June 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 $92,214,102.72
Ending Pool Balance $86,595,820.75
Collected Principal $5,613,475.98
Collected Interest $674,549.66
Charge-Offs $4,805.99
Liquidation Proceeds/Recoveries $93,529.58
Servicing $76,845.09
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $6,304,710.13
Beginning Balance $86,398,826.99 $0.00 $81,278,104.64 $5,120,722.35
Interest Due $428,362.40 $0.00 $401,649.30 $26,713.10
Interest Paid $428,362.40 $0.00 $401,649.30 $26,713.10
Principal Due $5,618,281.97 $0.00 $5,365,459.28 $252,822.69
Principal Paid $5,618,281.97 $0.00 $5,365,459.28 $252,822.69
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $80,780,545.02 $0.00 $ 75,912,645.35 $4,867,899.67
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4203032177 0.4966498897
Total Distributions $6,046,644.37 $0.00 $5,767,108.58 $279,535.79
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 $258,065.76
Beginning Reserve Account Balance $6,016,223.44
(Release)/Draw $(387,495.09)
Ending Reserve Account Balance $5,628,728.35
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of June 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
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $114,533,976.95 $108,497,493.50 $102,479,034.37 $97,164,157.07 $92,214,102.72
A) Loss Trigger:
Principal of Contracts
Charged off $241,105.42 $237,084.91 $112,132.50 $3,270.37 $4,805.99
Recoveries $298,359.48 $55,848.62 $147,708.16 $70,313.69 $93,592.58
Total Charged off
(Months 5,4,3) $590,322.83
Total Recoveries
(Months 3,2,1) 311,551.43
Net Loss/(Recoveries)
for 3 Mos. $278,771.40(a)
Total Balance
(Months 5,4,3) $325,510,504.82(b)
Loss Ratio [(a/b)(12)] 1.0277%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $667,916.87 $381,573.17 $2,933,690.48
As % of Beginning
Pool Balance 0.65176% 0.39271% 3.18139%
Three Month Average 0.40806% 0.41729% 1.40862%
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 June 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
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $114,349,649.47* $108,497,493.50 $102,479,034.37 $97,164,157.07 $92,214,102.72
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $56,777.94* $237,084.91 $112,132.50 $3,270.37 $4,805.99
Recoveries $106,292.43* $55,848.62 $147,708.16 $70,313.69 $93,529.58
Total Charged off
(Months 5,4,3) $405,995.35*
Total Recoveries
(Months 3,2,1) 311,551.43
Net Loss/(Recoveries)
for 3 Mos. $94,443.92*(a)
Total Balance
(Months 5,4,3) $325,326,177.34*(b)
Loss Ratio Annualized [(a/b)(12)] 0.3484%* [restated] VS. 1.0277% [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 June 1996
Distribution Date of July 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $92,139,254.96
Beginning Pool Factor 0.4284953
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,792,642.56
Interest Collected $648,051.31
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $173,091.90
Total Additional Deposits $173,091.90
Repos/Chargeoffs $51,056.23
Aggregate Number of Notes Charged Off 17
Total Available Funds $5,613,785.77
Ending Pool Balance $87,295,556.17
Ending Pool Factor 0.4059696
Servicing Fee $76,782.71
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,488,149.47
Target Percentage 6.50%
Target Balance $5,674,211.15
Minimum Balance $4,300,595.47
(Release)/Deposit $(813,938.32)
Ending Balance $5,674,211.15
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 911,579.78 638
31-60 days 185,317.91 141
60+ days 70,472.07 58
Total 1,167,369.76 641
Balances:
60+ days 1,485,985.61 58
Memo Item - Reserve Account
Prior Month $6,464,089.58
+ Invest. Income 24,059.89
+ Transfer from Collection Account 0.00
Beginning Balance $6,488,149.47
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of June 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 $92,139,254.96
Ending Pool Balance $87,295,556.17
Collected Principal $4,792,642.56
Collected Interest $648,051.31
Charge-Offs $51,056.23
Liquidation Proceeds/Recoveries $173,091.90
Servicing $76,782.71
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,537,003.06
Beginning Balance $91,735,530.06 $88,524,054.94 $3,211,475.12
Interest Due $489,858.31 $472,128.29 $17,730.02
Interest Paid $489,858.31 $472,128.29 $17,730.02
Principal Due $4,843,698.79 $4,674,169.33 $169,529.46
Principal Paid $4,843,698.79 $4,674,169.33 $169,529.46
Ending Balance $86,891,831.28 $83,849,885.61 $3,041,945.67
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4040899920 0.4041500131
Total Distributions $5,333,557.10 $5,146,297.62 $187,259.48
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 $203,445.96
Beginning Reserve Account Balance $6,488,149.47
(Release)/Draw $(813,938.32)
Ending Reserve Account Balance $5,674,211.15
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of June 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
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $111,686,429.59 $106,299,558.14 $101,393,850.46 $96,795,724.48 $92,139,254.96
A) Loss Trigger:
Principal of Contracts
Charged off $510,101.08 $126,746.78 $52,258.17 $32,536.33 $51,056.23
Recoveries $510,372.35 $165,916.68 $109,719.01 $70,331.64 $173,091.90
Total Charged off
(Months 5,4,3) $689,106.03
Total Recoveries
(Months 3,2,1) 353,142.55
Net Loss/(Recoveries)
for 3 Mos. $335,963.48(a)
Total Balance
(Months 5,4,3) $319,379,838.19(b)
Loss Ratio [(a/b)(12)] 1.2623%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $300,421.87 $599,888.44 $1,485,985.61
As % of Beginning
Pool Balance 0.29629% 0.61975% 1.61276%
Three Month Average 0.40138% 0.43272% 0.84293%
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 June 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
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $111,247,571.49* $106,299,558.14 $101,393,850.46 $96,795,724.48 $92,139,254.96
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $71,242.98* $126,746.78 $52,258.17 $32,536.33 $51,056.23
Recoveries $49,628.33* $165,916.68 $109,719.01 $70,331.64 $173,091.90
Total Charged off
(Months 5,4,3) $250,247.93*
Total Recoveries
(Months 3,2,1) 353,142.55
Net Loss/(Recoveries)
for 3 Mos. ($102,894.62)*(a)
Total Balance
(Months 5,4,3) $318,940,980.09*(b)
Loss Ratio Annualized [(a/b)(12)] -0.3871%* [restated] VS. 1.2623% [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 June 1996
Distribution Date of July 22, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $167,011,774.21
Beginning Pool Factor 0.5301458
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,665,626.22
Interest Collected $1,363,963.34
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $271,914.87
Total Additional Deposits $271,914.87
Repos/Chargeoffs $231,605.30
Aggregate Number of Notes Charged Off 123
Total Available Funds $9,301,504.43
Ending Pool Balance $159,114,542.69
Ending Pool Factor 0.5050776
Servicing Fee $139,176.48
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $11,090,814.15
Target Percentage 10.00%
Target Balance $15,911,454.27
Minimum Balance $6,615,628.35
(Release)/Deposit $(46,974.09)
Ending Balance $11,043,840.06
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,529,170.86 1,056
31-60 days 412,621.96 319
60+ days 162,830.48 144
Total 2,104,623.30 1,061
Balances:
60+ days 4,834,830.90 144
Memo Item - Reserve Account
Prior Month $10,873,809.94
+ Invest. Income 46,974.09
+ Transfer from Collections Account 170,030.12
Beginning Balance $11,090,814.15
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of June 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 $167,011,774.21
Ending Pool Balance $159,114,542.69
Collected Principal $7,665,626.22
Collected Interest $1,363,963.34
Charge-Offs $231,605.30
Liquidation Proceeds/Recoveries $271,914.87
Servicing $139,176.48
Cash Transfer (to)/from
Reserve Account ($170,030.12)
Total Collections Available
for Debt Service $8,992,297.83
Beginning Balance $166,698,751.03 $62,184,714.42 $97,000,000.00 $7,514,036.61
Interest Due $1,095,066.31 $396,427.55 $646,666.67 $51,972.09
Interest Paid $1,095,066.31 $396,427.55 $646,666.67 $51,972.09
Principal Due $7,897,231.52 $7,620,828.42 $0.00 $276,403.10
Principal Paid $7,897,231.52 $7,620,828.42 $0.00 $276,403.10
Ending Balance $158,801,519.51 $54,563,886.00 $97,000,000.00 $7,237,633.51
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2635936522 1.0000000000 0.6561817730
Total Distributions $8,992,297.83 $8,017,255.97 $646,666.67 $328,375.19
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 $11,090,814.15
(Release)/Draw $(46,974.09)
Ending Reserve Account Balance $11,043,840.06
(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 June 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
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $197,805,535.89 $189,327,087.86 $181,538,444.79 $173,849,355.84 $167,011,774.21
A) Loss Trigger:
Principal of Contracts
Charged off $1,411,959.50 $462,927.87 $334,635.60 $182,757.53 $231,605.30
Recoveries $894,536.57 $509,425.87 $147,769.44 $525,610.91 $271,914.87
Total Charged off
(Months 5,4,3) $2,209,522.97
Total Recoveries
(Months 3,2,1) 945,295.22
Net Loss/(Recoveries)
for 3 Mos. $1,264,227.75(a)
Total Balance
(Months 5,4,3) $568,671,068.54(b)
Loss Ratio [(a/b)(12)] 2.6678%
Trigger:
Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $1,377,156.40 $1,056,103.73 $4,834,830.90
As % of Beginning
Pool Balance 0.75860% 0.60748% 2.89490%
Three Month Average 0.76659% 0.69614% 1.42033%
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 June 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
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $196,988,135.43* $189,327,087.86 $181,538,444.79 $173,849,355.84 $167,011,774.21
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $594,559.04* $462,927.87 $334,635.60 $182,757.53 $231,605.30
Recoveries $40,432.74* $509,425.87 $147,769.44 $525,610.91 $271,914.87
Total Charged off
(Months 5,4,3) $1,392,122.51*
Total Recoveries
(Months 3,2,1) 945,295.22
Net Loss/(Recoveries)
for 3 Mos. $446,827.29*(a)
Total Balance
(Months 5,4,3) $567,853,668.08*(b)
Loss Ratio Annualized [(a/b)(12)] 0.9442%* restated] VS. 2.6678% [Entire Pool (see page 3)]
Trigger:
Is Ratio> 1.5% No* Yes
**The above additional information will be provided monthly as long as the
effect of this event continues to exist, which will be the July 1996
Settlement Statement.**
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1995-A Owner Trust
For the Month of June 1996
Distribution Date of July 22, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $278,499,952.42
Beginning Pool Factor 0.6554802
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,977,888.25
Interest Collected $2,497,156.42
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $670,876.11
Total Additional Deposits $670,876.11
Repos/Chargeoffs $367,941.93
Aggregate Number of Notes Charged Off 69
Total Available Funds $13,145,920.78
Ending Pool Balance $268,154,122.24
Ending Pool Factor 0.6311301
Servicing Fee $232,083.29
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $16,782,184.22
Target Percentage 6.00%
Target Balance $16,089,247.33
Minimum Balance $8,922,464.92
(Release)/Deposit $(692,936.89)
Ending Balance $16,089,247.33
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,456,773.11 1,608
31-60 days 693,343.68 443
60+ days 224,494.69 119
Total 3,374,611.48 1,617
Balances:
60+ days 8,941,685.22 119
Memo Item - Reserve Account
Prior Month $16,709,997.15
+ Invest. Income 72,187.07
- Transfer to Collections Account 0.00
Beginning Balance $16,782,184.22
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of June 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 $278,499,952.42
Ending Pool Balance $268,154,122.24
Collected Principal $9,977,888.25
Collected Interest $2,497,156.42
Charge-Offs $367,941.93
Liquidation Proceeds/Recoveries $670,876.11
Servicing $232,083.29
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $12,913,837.49
Beginning Balance $278,499,952.42 $0.00 $264,032,479.06 $14,467,473.36
Interest Due $1,523,762.44 $0.00 $1,441,177.28 $82,585.16
Interest Paid $1,523,762.44 $0.00 $1,441,177.28 $82,585.16
Principal Due $10,345,830.18 $0.00 $9,983,726.12 $362,104.06
Principal Paid $10,345,830.18 $0.00 $9,983,726.12 $362,104.06
Ending Balance $268,154,122.24 $0.00 $254,048,752.94 $14,105,369.30
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.7698447059 0.9479872410
Total Distributions $11,869,592.62 $0.00 $11,424,903.40 $444,689.22
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,044,244.87
Beginning Reserve Account Balance $16,782,184.22 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(692,936.89)
Ending Reserve Account Balance $16,089,247.33
(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 June 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $325,764,845.10 $316,103,678.67 $303,576,213.37 $290,265,907.89 $278,499,952.42
A) Loss Trigger:
Principal of Contracts
Charged off $576,381.41 $420,107.94 $725,984.84 $542,227.84 $367,941.93
Recoveries $164,473.54 $540,104.58 $260,314.07 $433,354.15 $670,876.11
Total Charged off
(Months 5,4,3) $1,722,474.19
Total Recoveries
(Months 3,2,1) 1,364,544.33
Net Loss/(Recoveries)
for 3 Mos. $357,929.86(a)
Total Balance
(Months 5,4,3) $945,444,737.14(b)
Loss Ratio [(a/b)(12)] 0.4543%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $3,924,248.09 $1,526,379.06 $8,941,685.22
As % of Beginning
Pool Balance 1.29267% 0.52586% 3.21066%
Three Month Average 1.18240% 0.99912% 1.67640%
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 June 1996
Distribution Date of July 15, 1996
<TABLE>
<S> <S>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $413,855,776.79
Beginning Pool Factor 0.7883696
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $14,199,367.17
Interest Collected $3,427,795.14
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $631,845.68
Total Additional Deposits $631,845.68
Repos/Chargeoffs $623,419.70
Aggregate Number of Notes Charged Off 67
Total Available Funds $18,259,007.99
Ending Pool Balance $399,032,989.92
Ending Pool Factor 0.7601331
Servicing Fee $344,879.81
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $22,805,019.74
Target Percentage 5.50%
Target Balance $21,946,814.45
Minimum Balance $11,023,980.93
(Release)/Deposit $(858,205.29)
Ending Balance $21,946,814.45
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 3,186,554.35 2,011
31-60 days 674,229.08 521
60+ days 153,439.36 104
Total 4,014,222.79 2,011
Balances:
60+ days 4,908,940.56 104
Memo Item - Reserve Account
Prior Month $22,762,067.72
+ Invest. Income 42,952.02
- Transfer to Collections Account 0.00
Beginning Balance $22,805,019.74
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of June 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 75.26% 24.74% 0.00% 0.00%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $413,855,776.79
Ending Pool Balance $399,032,989.92
Collected Principal $14,199,367.17
Collected Interest $3,427,795.14
Charge-Offs $623,419.70
Liquidation Proceeds/Recoveries $631,845.68
Servicing $344,879.81
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $17,914,128.18
Beginning Balance $413,855,776.79 $11,155,776.79 $100,000,000.00 $284,325,000.00 $18,375,000.00
Interest Due $2,077,170.39 $53,454.76 $495,000.00 $1,433,471.88 $95,243.75
Interest Paid $2,077,170.39 $53,454.76 $495,000.00 $1,433,471.88 $95,243.75
Principal Due $14,822,786.87 $11,155,776.79 $3,667,010.08 $0.00 $0.00
Principal Paid $14,822,786.87 $11,155,776.79 $3,667,010.08 $0.00 $0.00
Ending Balance $399,032,989.92 $0.00 $96,332,989.92 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.9633 1.0000 1.0000
Total Distributions $16,899,957.26 $11,209,231.55 $4,162,010.08 $1,433,471.88 $95,243.75
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,014,170.92
Beginning Reserve Account Balance $22,805,019.74
(Release)/Draw ($858,205.29)
Ending Reserve Account Balance $21,946,814.45
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of June 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb 1996 Mar 1996 Apr 1996 May 1996 June 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $473,707,871.41 $462,618,416.17 $448,919,029.43 $427,599,756.31 $413,855,776.79
A) Loss Trigger:
Principal of Contracts
Charged off $630,891.07 $1,013,486.59 $547,772.76 $1,056,671.00 $623,419.70
Recoveries $112,457.85 $521,615.37 $311,075.62 $960,461.38 $631,845.68
Total Charged off
(Months 5,4,3) $2,192,150.42
Total Recoveries
(Months 3,2,1) 1,903,382.68
Net Loss/(Recoveries)
for 3 Mos. $288,767.74(a)
Total Balance
(Months 5,4,3) $1,385,245,317.01(b)
Loss Ratio [(a/b)(12)] 0.2502%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $3,554,941.87 $2,440,366.10 $4,908,940.56
As % of Beginning
Pool Balance 0.79189% 0.57071% 1.18615%
Three Month Average 0.74986% 0.68279% 0.84958%
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 June 1996
Distribution Date of July 15, 1996
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $448,886,287.07
Beginning Pool Factor 0.9759588
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,536,011.90
Interest Collected $3,675,256.00
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $10,734.47
Total Additional Deposits $10,734.47
Repos/Chargeoffs $817,826.85
Aggregate Number of Notes Charged Off 22
Total Available Funds $14,222,002.37
Ending Pool Balance $437,532,448.32
Ending Pool Factor 0.9512736
Servicing Fee $374,071.91
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $22,498,310.36
Target Percentage 5.00%
Target Balance $21,876,622.42
Minimum Balance $9,658,821.26
(Release)/Deposit $(621,687.94)
Ending Balance $21,876,622.42
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,207,496.83 1,596
31-60 days 346,631.91 264
60+ days 31,930.24 35
Total 2,586,058.98 1,596
Balances:
60+ days 1,136,372.69 35
Memo Item - Reserve Account
Opening Balance $22,444,314.35
+ Invest. Income 53,996.01
- Transfer to Collections Account 0.00
Beginning Balance $22,498,310.36
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of June 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 $448,886,287.07
Ending Pool Balance $437,532,448.32
Collected Principal $10,536,011.90
Collected Interest $3,675,256.00
Charge-Offs $817,826.85
Liquidation Proceeds/Recoveries $10,734.47
Servicing $374,071.91
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,847,930.46
Beginning Balance $448,886,287.07 $80,942,417.54 $347,245,000.00 $20,698,869.53
Interest Due $2,303,746.75 $354,123.08 $1,837,504.79 $112,118.88
Interest Paid $2,303,746.75 $354,123.08 $1,837,504.79 $112,118.88
Principal Due $11,353,838.75 $11,353,838.75 $0.00 $0.00
Principal Paid $11,353,838.75 $11,353,838.75 $0.00 $0.00
Ending Balance $437,532,448.32 $69,588,578.79 $347,245,000.00 $20,698,869.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.7563975955 1.0000000000 1.0000000000
Total Distributions $13,657,585.50 $11,707,961.83 $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 $190,344.96
Beginning Reserve Account Balance $22,498,310.36 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(621,687.94)
Ending Reserve Account Balance $21,876,622.42
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occuring before the Distribution date on which the Class A-1 Notes
have been paid in full, and generally 95.5% thereafter untill all the
Notes have been paid in full. No principal distribution to Class A-2
until Class A-1 has been paid in full.Exhibit 20.1
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of June 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
<TABLE>
<CAPTION>
2 1
May 1996 June 1996
<S> <C> <C>
Beg. Pool Balance $459,943,869.53 $448,886,287.07
A) Loss Trigger:
Principal of Contracts
Charged off $383,082.86 $817,826.85
Recoveries $0.00 $10,734.47
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off Total Charged off
(Months 5,4,3) NA (Months 1-6) $1,200,909.71
Total Recoveries Total Recoveries
(Months 3,2,1) $10,734.47 (Months 1-6) $10,734.47
Net Loss/(Recoveries) Net Loss/(Recoveries)
for 3 Mos. NA(a) for 6 Mos. $1,190,175.24(c)
Total Balance Total Balance
(Months 5,4,3) NA(b) (Months 1-6) $908,830,156.60(d)
Loss Ratio [(a/b)(12)] NA Loss Ratio [(c/d)(12)] 1.5715%
Trigger: Trigger:
Is Ratio> 1.5% NA Is Ratio> 6.0% No
</TABLE>
<TABLE>
<S> <C> <C>
B) Delinquency Trigger:
Balance delinquency
60+ days $633,341.17 $1,136,372.69
As % of Beginning
Pool Balance 0.13770% 0.25315%
Three Month Average 0.13770% 0.19543%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
