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) January 16, 1996
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST, NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST AND
NAVISTAR FINANCIAL 1995-B OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-4146-1 51-0337491
(Commission File Number) (I.R.S. Employer Identification No.)
2850 West Golf Road Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code 847-734-4275
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On January 16 and 22, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of December
1995 for the specified Owner Trusts, which are attached as
Exhibit 20 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See attached Exhibit Index.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1993-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST AND
NAVISTAR FINANCIAL 1995-B OWNER TRUST
(Registrant)
Date February 2, 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 January 16, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated January 16, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated January 16, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated January 22, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated January 22, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated January 16, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of December 1995
Distribution Date of January 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $77,618,479.23
Beginning Pool Factor 0.2316952
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,693,951.44
Interest Collected $602,101.94
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $35,112.20
Total Additional Deposits $35,112.20
Repos/Chargeoffs $36,777.05
Aggregate Number of Notes Charged Off 25
Total Available Funds $6,205,013.09
Ending Pool Balance $72,013,903.23
Ending Pool Factor 0.2149652
Servicing Fee $64,682.07
Repayment of Servicer Advances $126,152.49
Reserve Account:
Beginning Balance $6,730,359.78
Target Percentage 7.50%
Target Balance $5,401,042.74
Minimum Balance $6,700,050.96
(Release)/Deposit $(30,308.82)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 790,740.62 614
31-60 days 111,834.30 87
60+ days 24,347.52 17
Total 926,922.44 627
Balances:
60+ days 188,746.00 17
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 30,308.82
Beginning Balance $6,730,359.78
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of December 1995
<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 $77,618,479.23
Ending Pool Balance $72,013,903.23
Collected Principal $5,567,798.95
Collected Interest $602,101.94
Liquidation Proceeds/Recoveries $35,112.20
Charge-Offs $36,777.05
Servicing $64,682.07
Total Collections Available
for Debt Service $6,140,331.02
Beginning Balance $66,368,141.49 $0.00 $61,001,642.00 $5,366,499.49
Interest Due $248,951.29 $0.00 $227,485.29 $21,466.00
Interest Paid $248,951.29 $0.00 $227,485.29 $21,466.00
Principal Due $5,604,576.00 $0.00 $5,352,370.08 $252,205.92
Principal Paid $5,604,576.00 $0.00 $5,352,370.08 $252,205.92
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $60,763,565.49 $0.00 $55,649,271.92 $5,114,293.57
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2839596273 0.4361295129
Total Distributions $5,853,527.29 $0.00 $5,579,855.37 $273,671.92
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 $286,803.73
Beginning Reserve Account Balance $6,730,359.78
(Release)/Draw $(30,308.82)
Ending Reserve Account Balance $6,700,050.96
Memo Item - Advances:
Servicer Advances - Current Month $(126,152.49)
Total Outstanding Servicer
Advances $2,687,050.46
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of December 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1995 Sep 1995 Oct 1995 Nov 1995 Dec 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $103,136,026.25 $96,494,626.09 $89,969,447.02 $83,220,136.56 $77,618,479.23
A) Loss Trigger:
Principal of Contracts
Charged off $110,306.34 $99,077.68 $101,136.84 $94,761.83 $36,777.05
Recoveries $100,440.75 $17,266.80 $115,481.61 $0.00 $35,112.20
Total Charged off
(Months 5,4,3) $310,520.86
Total Recoveries
(Months 3,2,1) 150,593.81
Net Loss/(Recoveries)
for 3 Mos. $159,927.05(a)
Total Balance
(Months 5,4,3) $289,600,099.36 (b)
Loss Ratio [(a/b)(12)] 0.6627%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $115,035.26 $114,451.78 $188,746.00
As % of Beginning
Pool Balance 0.12786% 0.13753% 0.24317%
Three Month Average 0.16868% 0.14401% 0.16952%
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 3
Navistar Financial 1994-A Owner Trust
For the Month of December 1995
Distribution Date of January 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $127,206,609.08
Beginning Pool Factor 0.4542745
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,620,348.47
Interest Collected $964,829.77
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $30,823.49
Total Additional Deposits $30,823.49
Repos/Chargeoffs $70,923.18
Aggregate Number of Notes Charged Off 17
Total Available Funds $7,571,262.32
Ending Pool Balance $120,560,076.84
Ending Pool Factor 0.4305387
Servicing Fee $106,005.51
Repayment of Servicer Advances $44,739.41
Reserve Account:
Beginning Balance $8,305,831.58
Target Percentage 6.50%
Target Balance $7,836,404.99
Minimum Balance $5,600,429.43
(Release)/Deposit $(469,426.59)
Ending Balance $7,836,404.99
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S>
Delinquencies: <C> <C>
Installments:
1-30 days 1,033,697.93 855
31-60 days 139,283.64 147
60+ days 60,642.80 31
Total 1,233,624.37 860
Balances:
60+ days 670,144.36 31
Memo Item - Reserve Account
Prior Month $8,268,429.59
+ Invest. Income 37,401.99
- Withdrawal 0.00
Beginning Balance $8,305,831.58
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of December 1995
<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 $127,206,609.08
Ending Pool Balance $120,560,076.84
Collected Principal $6,575,609.06
Collected Interest $964,829.77
Charge-Offs $70,923.18
Servicing $30,823.49
Liquidation Proceeds/Recoveries $106,005.51
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $7,465,256.81
Beginning Balance $121,391,333.35 $0.00 $114,695,948.21 $6,695,385.14
Interest Due $601,716.73 $0.00 $566,789.14 $34,927.59
Interest Paid $601,716.73 $0.00 $566,789.14 $34,927.59
Principal Due $6,646,532.24 $0.00 $6,347,438.29 $299,093.95
Principal Paid $6,646,532.24 $0.00 $6,347,438.29 $299,093.95
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $114,744,801.11 $0.00 $108,348,509.92 $6,396,291.19
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5998898752 0.6525847968
Total Distributions $7,248,248.97 $0.00 $6,914,227.43 $334,021.54
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 $217,007.84
Beginning Reserve Account Balance $8,305,831.58
(Release)/Draw $(469,426.59)
Ending Reserve Account Balance $7,836,404.99
Memo Item - Advances:
Servicer Advances - Current Month $(44,739.41)
Total Outstanding Servicer
Advances $3,321,815.14
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of December 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1995 Sep 1995 Oct 1995 Nov 1995 Dec 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $153,316,237.82 $147,253,866.60 $140,310,679.08 $133,145,767.75 $127,206,609.08
A) Loss Trigger:
Principal of Contracts
Charged off $153,645.61 $348,739.12 $45,053.94 $139,022.68 $70,923.18
Recoveries $95,841.65 $121,509.40 $178,798.39 $150,541.00 $30,823.49
Total Charged off
(Months 5,4,3) $547,438.67
Total Recoveries
(Months 3,2,1) 360,162.88
Net Loss/(Recoveries)
for 3 Mos. $187,275.79(a)
Total Balance
(Months 5,4,3) $440,880,783.50(b)
Loss Ratio [(a/b)(12)] 0.5097%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $376,802.23 $3,393,043.01 $670,144.36
As % of Beginning
Pool Balance 0.26855% 2.54837% 0.52682%
Three Month Average 0.41202% 1.06189% 1.11458%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1994-B Owner Trust
For the Month of December 1995
Distribution Date of January 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $122,207,677.35
Beginning Pool Factor 0.5683291
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,464,688.56
Interest Collected $935,786.69
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $73,046.34
Total Additional Deposits $73,046.34
Repos/Chargeoffs $87,766.09
Aggregate Number of Notes Charged Off 8
Total Available Funds $5,468,884.07
Ending Pool Balance $117,659,860.22
Ending Pool Factor 0.5471794
Servicing Fee $101,839.73
Repayment of Servicer Advances $4,637.52
Reserve Account:
Beginning Balance $7,979,430.82
Target Percentage 6.50%
Target Balance $7,647,890.91
Minimum Balance $4,300,595.47
(Release)/Deposit $(331,539.90)
Ending Balance $7,647,890.92
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,106,162.36 774
31-60 days 149,281.49 137
60+ days 20,886.66 24
Total 1,276,330.51 776
Balances:
60+ days 523,816.01 24
Memo Item - Reserve Account
Prior Month $7,943,499.03
+ Invest. Income 35,931.79
- Transfer to Collect1ion Account 0.00
Beginning Balance $7,979,430.82
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of December 1995
<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 $122,207,677.35
Ending Pool Balance $117,659,860.22
Collected Principal $4,460,051.04
Collected Interest $935,786.69
Charge-Offs $87,766.09
Liquidation Proceeds/Recoveries $73,046.34
Servicing $101,839.73
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,367,044.34
Beginning Balance $121,803,952.45 $117,540,082.55 $4,263,869.90
Interest Due $650,420.56 $626,880.44 $23,540.12
Interest Paid $650,420.56 $626,880.44 $23,540.12
Principal Due $4,547,817.13 $4,388,643.53 $159,173.60
Principal Paid $4,547,817.13 $4,388,643.53 $159,173.60
Ending Balance $117,256,135.32 $113,151,439.02 $4,104,696.30
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5453002560 0.5453460540
Total Distributions $5,198,237.69 $5,015,523.97 $182,713.72
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 $168,806.65
Beginning Reserve Account Balance $7,979,430.82
(Release)/Draw $(331,539.90)
Ending Reserve Account Balance $7,647,890.92
Memo Item - Advances:
Servicer Advances - Current Month $(4,637.52)
Total Outstanding Servicer Advances $2,313,964.01
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of December 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1995 Sep 1995 Oct 1995 Nov 1995 Dec 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $143,039,156.10 $138,462,514.30 $132,443,097.54 $126,739,083.43 $122,207,677.35
A) Loss Trigger:
Principal of Contracts
Charged off $73,921.19 $87,273.86 $186,810.70 $29,858.29 $87,766.09
Recoveries $258,269.40 $107,998.09 $216,366.65 $170,123.10 $73,046.34
Total Charged off
(Months 5,4,3) $348,005.75
Total Recoveries
(Months 3,2,1) 459,536.09
Net Loss/(Recoveries)
for 3 Mos. $(111,530.34)(a)
Total Balance
(Months 5,4,3) $413,944,767.94(b)
Loss Ratio [(a/b)(12)] (0.3233)%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $97,561.50 $1,449,407.12 $523,816.01
As % of Beginning
Pool Balance 0.07366% 1.14361% 0.42863%
Three Month Average 0.32328% 0.53693% 0.54864%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1994-C Owner Trust
For the Month of December 1995
Distribution Date of January 22, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $213,168,898.49
Beginning Pool Factor 0.6766624
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,060,107.83
Interest Collected $1,787,346.22
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $99,218.01
Total Additional Deposits $99,218.01
Repos/Chargeoffs $11,202.64
Aggregate Number of Notes Charged Off 38
Total Available Funds $8,946,672.06
Ending Pool Balance $206,097,588.02
Ending Pool Factor 0.6542159
Servicing Fee $177,640.75
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $13,157,413.05
Target Percentage 10.00%
Target Balance $20,609,758.80
Minimum Balance $6,615,628.35
(Release)/Deposit $(59,751.34)
Ending Balance $13,097,661.71
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,573,047.90 1,119
31-60 days 237,157.66 203
60+ days 93,887.80 48
Total 1,904,093.36 1,125
Balances:
60+ days 1,977,890.85 48
Memo Item - Reserve Account
Prior Month $12,790,133.91
+ Invest. Income 59,751.34
- Transfer to Collections Account $307,527.80
Beginning Balance $13,157,413.05
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of December 1995
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Distribution Percentages 96.50% 0.00% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $213,168,898.49
Ending Pool Balance $206,097,588.02
Collected Principal $7,060,107.83
Collected Interest $1,787,346.22
Charge-Offs $11,202.64
Liquidation Proceeds/Recoveries $99,218.01
Servicing $177,640.75
Cash Transfer from Reserve Account $(307,527.80)
Total Collections Available
for Debt Service $8,461,503.51
Beginning Balance $212,855,875.31 $106,726,339.35 $97,000,000.00 $9,129,535.96
Interest Due $1,390,193.04 $680,380.41 $646,666.67 $63,145.96
Interest Paid $1,390,193.04 $680,380.41 $646,666.67 $63,145.96
Principal Due $7,071,310.47 $6,823,814.60 $0.00 $247,495.87
Principal Paid $7,071,310.47 $6,823,814.60 $0.00 $247,495.87
Ending Balance $205,784,564.84 $99,902,524.75 $97,000,000.00 $8,882,040.09
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.4826208925 1.0000000000 0.8052677447
Total Distributions $8,461,503.51 $7,504,195.01 $646,666.67 $310,641.83
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $0.00
Beginning Reserve Account Balance $13,157,413.05
(Release)/Draw $(59,751.34)
Ending Reserve Account Balance $13,097,661.71
Memo Item - Advances:
Servicer Advances - Current Month $171,782.29
Total Outstanding Servicer
Advances $3,750,619.46
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of December 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1995 Sep 1995 Oct 1995 Nov 1995 Dec 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $243,903,815.09 $236,060,058.24 $229,333,221.86 $219,591,543.63 $213,168,898.49
A) Loss Trigger:
Principal of Contracts
Charged off $134,617.10 $323,377.55 $1,451,784.91 $241,202.65 $11,202.64
Recoveries $247,007.92 $19,396.52 $519,972.17 $386,966.75 $99,218.01
Total Charged off
(Months 5,4,3) $1,909,779.56
Total Recoveries
(Months 3,2,1) 1,006,156.93
Net Loss/(Recoveries)
for 3 Mos. $903,622.63(a)
Total Balance
(Months 5,4,3) $709,297,095.19(b)
Loss Ratio [(a/b)(12)] 1.5288%
Trigger:
Is Ratio> 1.5% Yes
B) Delinquency Trigger:
Balance delinquency
60+ days $290,352.68 $4,758,802.38 $1,977,890.85
As % of Beginning
Pool Balance 0.12661% 2.16712% 0.92785%
Three Month Average 0.23629% 0.87369% 1.07386%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1995-A Owner Trust
For the Month of December 1995
Distribution Date of January 22, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $348,084,582.88
Beginning Pool Factor 0.8192553
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,692,040.75
Interest Collected $3,209,408.77
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $462,763.11
Total Additional Deposits $462,763.11
Repos/Chargeoffs $435,655.77
Aggregate Number of Notes Charged Off 32
Total Available Funds $13,364,212.63
Ending Pool Balance $337,956,886.36
Ending Pool Factor 0.7954186
Servicing Fee $290,070.49
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $20,982,643.91
Target Percentage 6.00%
Target Balance $20,277,413.18
Minimum Balance $8,922,464.92
(Release)/Deposit $(705,230.73)
Ending Balance $20,277,413.18
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,086,218.13 1,471
31-60 days 285,567.69 253
60+ days 75,246.15 58
Total 2,447,031.97 1,475
Balances:
60+ days 2,329,993.69 58
Memo Item - Reserve Account
Prior Month $20,885,074.97
+ Invest. Income 97,568.94
- Transfer to Collections Account 0.00
Beginning Balance $20,982,643.91
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of December 1995
<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) 100.00% 100.00% 0.00%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $348,084,582.88
Ending Pool Balance $337,956,886.36
Collected Principal $9,692,040.75
Collected Interest $3,209,408.77
Charge-Offs $435,655.77
Liquidation Proceeds/Recoveries $462,763.11
Servicing $290,070.49
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,074,142.14
Beginning Balance $348,084,582.88 $3,205,301.08 $330,000,000.00 $14,879,281.80
Interest Due $1,901,945.30 $15,759.40 $1,801,250.00 $84,935.90
Interest Paid $1,901,945.30 $15,759.40 $1,801,250.00 $84,935.90
Principal Due $10,127,696.52 $3,205,301.08 $6,922,395.44 $0.00
Principal Paid $10,127,696.52 $3,205,301.08 $6,922,395.44 $0.00
Ending Balance $337,956,886.36 $0.00 $323,077,604.56 $14,879,281.80
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9790230441 1.0000000000
Total Distributions $12,029,641.82 $3,221,060.48 $8,723,645.44 $84,935.90
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,044,500.32
Beginning Reserve Account Balance $20,982,643.91
(Release)/Draw $(705,230.73)
Ending Reserve Account Balance $20,277,413.18
Memo Item - Advances:
Servicer Advances - Current Month $169,542.99
Total Outstanding Servicer
Advances $3,780,896.62
(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 December 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1995 Sep 1995 Oct 1995 Nov 1995 Dec 1995
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $388,037,002.00 $377,759,666.41 $368,163,685.54 $356,635,881.95 $348,084,582.88
A) Loss Trigger:
Principal of Contracts
Charged off $508,479.68 $1,044,025.46 $776,378.74 $312,680.72 $435,655.77
Recoveries $205,263.52 $125,685.85 $1,209,790.48 $511,911.31 $462,763.11
Total Charged off
(Months 5,4,3) $2,328,883.88
Total Recoveries
(Months 3,2,1) 2,184,464.90
Net Loss/(Recoveries)
for 3 Mos. $144,418.98(a)
Total Balance
(Months 5,4,3) $1,133,960,353.95(b)
Loss Ratio [(a/b)(12)] 0.1528%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $614,939.68 $6,519,237.86 $2,329,993.69
As % of Beginning
Pool Balance 0.16703% 1.82798% 0.66938%
Three Month Average 0.21629% 0.77565% 0.88813%
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 December 1995
Distribution Date of January 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $501,525,322.41
Beginning Pool Factor 0.9553746
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $14,763,362.42
Interest Collected $3,712,088.11
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $83,740.91
Total Additional Deposits $83,740.91
Repos/Chargeoffs $330,454.47
Aggregate Number of Notes Charged Off 21
Total Available Funds $18,559,191.44
Ending Pool Balance $486,431,505.52
Ending Pool Factor 0.9266219
Servicing Fee $417,937.77
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $27,708,670.08
Target Percentage 5.50%
Target Balance $26,753,732.80
Minimum Balance $11,023,980.93
(Release)/Deposit $(954,937.28)
Ending Balance $26,753,732.80
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 3,028,058.14 2,031
31-60 days 290,081.56 243
60+ days 37,439.92 38
Total 3,355,579.62 2,031
Balances:
60+ days 1,240,193.33 38
Memo Item - Reserve Account
Initial Deposit $27,583,892.73
+ Invest. Income 124,777.35
+ Transfer to Collections Account 0.00
Beginning Balance $27,708,670.08
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of December 1995
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
Original
Pool Amount Dist.: $525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Distribution Percentages 100.00% 0.00% 0.00% 0.00%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $501,525,322.41
Ending Pool Balance $486,431,505.52
Collected Principal $14,763,362.42
Collected Interest $3,712,088.11
Charge-Offs $330,454.47
Liquidation Proceeds/Recoveries $83,740.91
Servicing $417,937.77
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $18,141,253.67
Beginning Balance $501,525,322.41 $98,825,322.41 $100,000,000.00 $284,325,000.00 $18,375,000.00
Interest Due $2,497,253.63 $473,538.00 $495,000.00 $1,433,471.88 $95,243.75
Interest Paid $2,497,253.63 $473,538.00 $495,000.00 $1,433,471.88 $95,243.75
Principal Due $15,093,816.89 $15,093,816.89 $0.00 $0.00 $0.00
Principal Paid $15,093,816.89 $15,093,816.89 $0.00 $0.00 $0.00
Ending Balance $486,431,505.52 $83,731,505.52 $100,000,000.00 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.6846 1.0000 1.0000 1.0000
Total Distributions $17,591,070.52 $15,567,354.89 $495,000.00 $1,433,471.88 $95,243.75
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $550,183.15
Beginning Reserve Account Balance $27,708,670.08
(Release)/Draw $(954,937.28)
Ending Reserve Account Balance $26,753,732.80
Memo Item - Advances:
Servicer Advances - Current Month $(107,287.03)
Total Outstanding Servicer
Advances $3,134,753.61
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of December 1995
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1995 Nov 1995 Dec 1995 Jan 1996 Feb 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $454,499,683.43 $443,102,129.03 $501,525,322.41
A) Loss Trigger:
Principal of Contracts
Charged off $200,500.99 $174,400.41 $330,454.47
Recoveries $0.00 $0.00 $83,740.91
Total Charged off
(Months 5,4,3) $705,355.87
Total Recoveries
(Months 3,2,1) $83,740.91
Net Loss/(Recoveries)
for 3 Mos. $621,614.96(a)
Total Balance
(Months 5,4,3) $1,399,127,134.87(b)
Loss Ratio [(a/b)(12)] 0.5331%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $48,450.18 $495,028.84 $1,240,193.33
As % of Beginning
Pool Balance 0.01066% 0.11172% 0.24728%
Three Month Average 0.01066% 0.06119% 0.12322%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
