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) September 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
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 September 16 and 20, 1996, Registrant made available the
Monthly Servicer Certificates for the Period of August 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 September 25, 1996 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated September 16, 1996
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated September 16, 1996
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated September 16, 1996
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated September 20, 1996
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated September 20, 1996
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated September 16, 1996
Navistar Financial 1996-A Owner Trust
20.7 Monthly Servicer Certificate, dated September 16, 1996
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of August 1996
Distribution Date of September 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $41,075,940.61
Beginning Pool Factor 0.1226138
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,195,647.69
Interest Collected $292,645.34
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $113,600.14
Aggregate Number of Notes Charged Off 27
Total Available Funds $3,418,575.02
Ending Pool Balance $37,836,410.79
Ending Pool Factor 0.1129437
Servicing Fee $34,229.95
Repayment of Servicer Advances $69,718.01
Reserve Account:
Beginning Balance $6,728,724.45
Target Percentage 7.50%
Target Balance $2,837,730.81
Minimum Balance $6,700,050.96
(Release)/Deposit $(28,673.49)
Ending Balance $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 483,444.19 344
31-60 days 87,828.85 82
60+ days 16,821.79 16
Total 588,094.83 363
Balances:
60+ days 95,504.83 16
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 28,673.49
Beginning Balance $6,728,724.45
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of August 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 $41,075,940.61
Ending Pool Balance $37,836,410.79
Collected Principal $3,125,929.68
Collected Interest $292,645.34
Liquidation Proceeds/Recoveries $0.00
Charge-Offs $113,600.14
Servicing $34,229.95
Total Collections Available
for Debt Service $3,384,345.07
Beginning Balance $29,825,602.87 $0.00 $26,103,517.62 $3,722,085.25
Interest Due $112,232.71 $0.00 $97,344.37 $14,888.34
Interest Paid $112,232.71 $0.00 $97,344.37 $14,888.34
Principal Due $3,239,529.82 $0.00 $3,093,750.98 $145,778.84
Principal Paid $3,239,529.82 $0.00 $3,093,750.98 $145,778.84
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $26,586,073.05 $0.00 $23,009,766.64 $3,576,306.41
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1174111455 0.3049752133
Total Distributions $3,351,762.53 $0.00 $3,191,095.35 $160,667.18
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 $32,582.54
Beginning Reserve Account Balance $6,728,724.45
(Release)/Draw $(28,673.49)
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 August 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $56,847,775.99 $52,517,903.77 $48,331,618.78 $44,543,063.97 $41,075,940.61
A) Loss Trigger:
Principal of Contracts
Charged off $125,611.36 $17,445.57 $26,549.35 $7,217.12 $113,600.14
Recoveries $167,300.87 $69,303.81 $83,345.75 $16,367.00 $0.00
Total Charged off
(Months 5,4,3) $169,606.28
Total Recoveries
(Months 3,2,1) 99,712.75
Net Loss/(Recoveries)
for 3 Mos. $ 69,893.53(a)
Total Balance
(Months 5,4,3) $157,697,298.54(b)
Loss Ratio [(a/b)(12)] 0.5319%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $254,828.60 $291,784.80 $95,504.83
As % of Beginning
Pool Balance 0.52725% 0.65506% 0.23251%
Three Month Average 0.48243% 0.56394% 0.47161%
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 August 1996
Distribution Date of September 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $78,247,021.08
Beginning Pool Factor 0.2794322
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,115,256.16
Interest Collected $557,868.68
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $77,252.07
Total Additional Deposits $77,252.07
Repos/Chargeoffs $239,575.02
Aggregate Number of Notes Charged Off 35
Total Available Funds $5,750,376.91
Ending Pool Balance $72,892,189.90
Ending Pool Factor 0.2603093
Servicing Fee $ 65,205.85
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $5,595,566.32
Target Percentage 6.50%
Target Balance $5,600,429.43
Minimum Balance $5,600,429.43
(Release)/Deposit $(23,965.91)
Ending Balance $5,571,600.41
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 579,753.71 460
31-60 days 135,348.40 122
60+ days 43,138.96 26
Total 758,241.07 473
Balances:
60+ days 268,333.54 26
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income 23,965.91
- Withdrawal ($28,829.02)
Beginning Balance $5,595,566.32
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 4
Navistar Financial 1994-A Owner Trust
For the Month of August 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 $78,247,021.08
Ending Pool Balance $72,892,189.90
Collected Principal $5,115,256.16
Collected Interest $557,868.68
Charge-Offs $239,575.02
Liquidation Proceeds/Recoveries $77,252.07
Servicing $65,205.85
Cash Transfer from Reserve Account $28,829.02
Total Collections Available $5,714,000.08
for Debt Service
Beginning Balance $72,431,745.35 $0.00 $67,939,541.67 $4,492,203.68
Interest Due $359,168.90 $0.00 $335,734.57 $23,434.33
Interest Paid $359,168.90 $0.00 $335,734.57 $23,434.33
Principal Due $5,354,831.18 $0.00 $5,113,863.78 $240,967.40
Principal Paid $5,354,831.18 $0.00 $5,113,863.78 $240,967.40
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $67,076,914.17 $0.00 $62,825,677.89 $4,251,236.28
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3478450059 0.4337345003
Total Distributions $5,714,000.08 $0.00 $5,449,598.35 $264,401.73
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 $5,595,566.32
(Release)/Draw $(23,965.91)
Ending Reserve Account Balance $5,571,600.41
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 4
Navistar Financial 1994-A Owner Trust
For the Month of August 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
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $102,479,034.37 $97,164,157.07 $92,214,102.72 $86,595,820.75 $78,247,021.08
A) Loss Trigger:
Principal of Contracts
Charged off $112,132.50 $3,270.37 $4,805.99 $2,363,777.27 $239,575.02
Recoveries $147,708.16 $70,313.69 $93,529.58 $2,467,479.20 $77,252.07
Total Charged off
(Months 5,4,3) $120,208.86
Total Recoveries
(Months 3,2,1) 2,638,260.85
Net Loss/(Recoveries)
for 3 Mos. ($2,518,051.99)(a)
Total Balance
(Months 5,4,3) $291,857,294.16(b)
Loss Ratio [(a/b)(12)] -10.3532%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $2,933,690.48 $613,106.81 $268,333.54
As % of Beginning
Pool Balance 3.18139% 0.70801% 0.34293%
Three Month Average 1.40862% 1.42737% 1.41078%
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 August 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
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $100,153,773.38* $94,838,896.08* $89,888,841.73* $84,270,559.76* $78,247,021.08
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $112,132.50 $3,270.37 $4,805.99 $38,516.28* $239,575.02
Recoveries $147,708.16 $70,313.69 $93,529.58 $64,886.85* $77,252.07
Total Charged off
(Months 5,4,3) $120,208.86
Total Recoveries
(Months 3,2,1) 235,668.50*
Net Loss/(Recoveries)
for 3 Mos. ($115,459.64)*(a)
Total Balance
(Months 5,4,3) $284,881,511.19*(b)
Loss Ratio Annualized [(a/b)(12)]-0.4863%*[restated] VS. -10.3532% [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 August 1996
Distribution Date of September 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $80,784,926.10
Beginning Pool Factor 0.3756918
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,248,978.31
Interest Collected $606,041.57
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $35,080.05
Total Additional Deposits $35,080.05
Repos/Chargeoffs $150,288.93
Aggregate Number of Notes Charged Off 21
Total Available Funds $4,834,742.57
Ending Pool Balance $76,441,016.22
Ending Pool Factor 0.3554904
Servicing Fee $67,320.77
Repayment of Servicer Advances $55,357.36
Reserve Account:
Beginning Balance $5,267,777.06
Target Percentage 6.50%
Target Balance $4,968,666.05
Minimum Balance $4,300,595.47
(Release)/Deposit $(299,111.00)
Ending Balance $4,968,666.06
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 653,240.57 498
31-60 days 143,861.23 121
60+ days 55,907.20 36
Total 853,009.00 505
Balances:
60+ days 609,529.38 36
Memo Item - Reserve Account
Prior Month $5,251,020.20
+ Invest. Income 22,472.32
+ Transfer from Collection Account (5,715.46)
Beginning Balance $5,267,777.06
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 4
Navistar Financial 1994-B Owner Trust
For the Month of August 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 $80,784,926.10
Ending Pool Balance $76,441,016.22
Collected Principal $4,193,620.95
Collected Interest $606,041.57
Charge-Offs $150,288.93
Liquidation Proceeds/Recoveries $35,080.05
Servicing $67,320.77
Cash Transfer from Reserve Account $5,715.46
Total Collections Available
for Debt Service $4,773,137.26
Beginning Balance $80,381,201.20 $77,567,127.59 $2,814,073.61
Interest Due $429,227.38 $413,691.35 $15,536.03
Interest Paid $429,227.38 $413,691.35 $15,536.03
Principal Due $4,343,909.88 $4,191,873.03 $152,036.85
Principal Paid $4,343,909.88 $4,191,873.03 $152,036.85
Ending Balance $76,037,291.33 $73,375,254.56 $2,662,036.77
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3536105722 0.3536756775
Total Distributions $4,773,137.26 $4,605,564.38 $167,572.88
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00
Excess Servicing $0.00
Beginning Reserve Account Balance $5,267,777.06
(Release)/Draw $(299,111.00)
Ending Reserve Account Balance $4,968,666.06
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 4
Navistar Financial 1994-B Owner Trust
For the Month of August 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
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $101,393,850.46 $96,795,724.48 $92,139,254.96 $87,295,556.17 $80,784,926.10
A) Loss Trigger:
Principal of Contracts
Charged off $52,258.17 $32,536.33 $51,056.23 $637,817.94 $150,288.93
Recoveries $109,719.01 $70,331.64 $173,091.90 $754,248.27 $35,080.05
Total Charged off
(Months 5,4,3) $135,850.73
Total Recoveries
(Months 3,2,1) 962,420.22
Net Loss/(Recoveries)
for 3 Mos. ($826,569.49)(a)
Total Balance
(Months 5,4,3) $290,328,829.90(b)
Loss Ratio [(a/b)(12)] -3.4164%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,485,985.61 $1,011,902.14 $609,529.38
As % of Beginning
Pool Balance 1.61276% 1.15917% 0.75451%
Three Month Average 0.84293% 1.13056% 1.17548%
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 August 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
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $100,770,140.82* $96,172,014.84* $91,515,545.32* $86,671,846.53* $80,784,926.10
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $52,258.17 $32,536.33 $51,056.23 $14,108.30* $150,288.93
Recoveries $109,719.01 $70,331.64 $173,091.90 $110,225.78* $35,080.05
Total Charged off
(Months 5,4,3) $135,850.73
Total Recoveries
(Months 3,2,1) 318,397.73*
Net Loss/(Recoveries)
for 3 Mos. ($182,547.00)*(a)
Total Balance
(Months 5,4,3) $288,457,700.98*(b)
Loss Ratio Annualized [(a/b)(12)]-0.7594%*[restated] VS. -3.4164% [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
VicePresident and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 4
Navistar Financial 1994-C Owner Trust
For the Month of August 1996
Distribution Date of September 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $146,700,500.27
Beginning Pool Factor 0.4656716
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $6,108,052.22
Interest Collected $1,192,744.00
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $287,227.38
Total Additional Deposits $287,227.38
Repos/Chargeoffs $106,774.26
Aggregate Number of Notes Charged Off 42
Total Available Funds $7,588,023.60
Ending Pool Balance $140,485,673.79
Ending Pool Factor 0.4459439
Servicing Fee $122,250.42
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $8,840,855.92
Target Percentage 6.00%
Target Balance $8,429,140.43
Minimum Balance $6,615,628.35
(Release)Seller Interest Only ($411,715.49)
Ending Balance $8,429,140.43
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 985,958.10 698
31-60 days 230,971.42 184
60+ days 78,471.58 45
Total 1,295,401.10 712
Balances:
60+ days 1,215,340.46 45
Memo Item - Reserve Account
Prior Month $8,802,030.02
+ Invest. Income 38,825.90
- Transfer to/from Collections Account 0.00
Line Item #16 $8,840,855.92
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 4
Navistar Financial 1994-C Owner Trust
For the Month of August 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 $146,700,500.27
Ending Pool Balance $140,485,673.79
Collected Principal $6,108,052.22
Collected Interest $1,192,744.00
Charge-Offs $106,774.26
Liquidation Proceeds/Recoveries $287,227.38
Servicing $122,250.42
Cash Transfer (to)/from Reserve Account $0.00
Total Collections Available
for Debt Service $7,465,773.18
Beginning Balance $146,387,477.09 $42,584,335.06 $97,000,000.00 $6,803,142.03
Interest Due $965,196.88 $271,475.14 $646,666.67 $47,055.07
Interest Paid $965,196.88 $272,475.14 $646,666.67 $47,055.07
Principal Due $6,214,826.48 $5,997,307.55 $0.00 $217,518.93
Principal Paid $6,214,826.48 $5,997,307.55 $0.00 $217,518.93
Ending Balance $140,172,650.61 $36,587,027.51 $97,000,000.00 $6,585,623.10
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1767489252 1.0000000000 0.5970688949
Total Distributions $7,180,023.36 $6,268,782.69 $646,666.67 $264,574.00
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 $285,749.83
Beginning Reserve Account Balance $8,840,855.92 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($411,715.49)
Ending Reserve Account Balance $8,429,140.43
(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 August 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
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $181,538,444.79 $173,849,355.84 $167,011,774.21 $159,114,542.69 $146,700,500.27
A) Loss Trigger:
Principal of Contracts
Charged off $334,635.60 $182,757.53 $231,605.30 $3,114,017.80 $106,774.26
Recoveries $147,769.44 $525,610.91 $271,914.87 $3,436,846.72 $287,227.38
Total Charged off
(Months 5,4,3) $748,998.43
Total Recoveries
(Months 3,2,1) 3,995,988.97
Net Loss/(Recoveries)
for 3 Mos. ($3,246,990.54)(a)
Total Balance
(Months 5,4,3) $522,399,574.84(b)
Loss Ratio [(a/b)(12)] -7.4586%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $4,834,830.90 $2,779,264.98 $1,215,340.46
As % of Beginning
Pool Balance 2.89490% 1.74671% 0.82845%
Three Month Average 1.42033% 1.74970% 1.82335%
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 August 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
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $178,505,378.16* $170,816,289.21* $163,978,707.58* $156,081,476.06* $146,700,500.27
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $334,635.60 $182,757.53 $231,605.30 $80,951.17* $106,774.26
Recoveries $147,769.44 $525,610.91 $271,914.87 $383,042.37* $287,227.38
Total Charged off
(Months 5,4,3) $748,998.43
Total Recoveries
(Months 3,2,1) 942,184.62*
Net Loss/(Recoveries)
for 3 Mos. ($193,186.19)*(a)
Total Balance
(Months 5,4,3) $513,300,374.95*(b)
Loss Ratio Annualized [(a/b)(12)]-0.4516%* restated] VS. -7.4586% [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 August 1996
Distribution Date of September 20, 1996
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $250,426,214.23
Beginning Pool Factor 0.5894056
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $14,000,723.72
Interest Collected $2,250,397.47
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $577,625.87
Total Additional Deposits $577,625.87
Repos/Chargeoffs $735,809.86
Aggregate Number of Notes Charged Off 78
Total Available Funds $16,541,340.23
Ending Pool Balance $235,977,087.48
Ending Pool Factor 0.5553980
Servicing Fee $208,688.51
Repayment of Servicer Advances $287,406.83
Reserve Account:
Beginning Balance $17,735,128.88
Target Percentage 10.00%
Target Balance $23,597,708.75
Minimum Balance $8,922,464.92
(Release)/Deposit $(70,969.20)
Ending Balance $17,664,159.68
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,745,537.02 1,193
31-60 days 298,764.87 260
60+ days 126,481.81 76
Total 2,170,783.70 1,204
Balances:
60+ days 2,123,477.97 76
Memo Item - Reserve Account
Prior Month $17,150,915.68
+ Invest. Income 70,969.20
- Transfer to Collections Account $513,244.00
Beginning Balance $17,735,128.88
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 4
Navistar Financial 1995-A Owner Trust
For the Month of August 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 Percentages1 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $250,426,214.23
Ending Pool Balance $235,977,087.48
Collected Principal $13,713,316.89
Collected Interest $2,250,397.47
Charge-Offs $735,809.86
Liquidation Proceeds/Recoveries $577,625.87
Servicing $208,688.51
Cash Transfer from Reserve Account ($513,244.00)
Total Collections Available
for Debt Service $15,819,407.72
Beginning Balance $250,426,214.23 $0.00 $236,941,321.71 $13,484,892.52
Interest Due $1,370,280.97 $0.00 $1,293,304.71 $76,976.26
Interest Paid $1,370,280.97 $0.00 $1,293,304.71 $76,976.26
Principal Due $14,449,126.75 $0.00 $13,943,407.31 $505,719.44
Principal Paid $14,449,126.75 $0.00 $13,943,407.31 $505,719.44
Ending Balance $235,977,087.48 $0.00 $222,997,914.39 $12,979,173.09
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.6757512557 0.8722983583
Total Distributions $15,819,407.72 $0.00 $15,236,712.02 $582,695.69
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$17,735,128.88 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(70,969.20)
Ending Reserve Account Balance $17,664,159.68
(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 August 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $303,576,213.37 $290,265,907.89 $278,499,952.42 $268,154,122.24 $250,426,214.23
A) Loss Trigger:
Principal of Contracts
Charged off $725,984.84 $542,227.84 $367,941.93 $4,923,113.94 $735,809.86
Recoveries $260,314.07 $433,354.15 $670,876.11 $5,000,900.87 $577,625.87
Total Charged off
(Months 5,4,3) $1,636,154.61
Total Recoveries
(Months 3,2,1) 6,249,402.85
Net Loss/(Recoveries)
for 3 Mos. ($4,613,248.24)(a)
Total Balance
(Months 5,4,3) $872,342,073.68(b)
Loss Ratio [(a/b)(12)] -6.3460%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $8,941,685.22 $10,133,262.17 $2,123,477.97
As % of Beginning
Pool Balance 3.21066% 3.77889% 0.84795%
Three Month Average 1.67640% 2.50514% 2.61250%
Trigger:
Is Average> 2.0% Yes
</TABLE>
<PAGE>
Exhibit 20.5
Page 4 of 4
Navistar Financial 1995-A Owner Trust
For the Month of August 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
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $299,171,990.65* $285,861,685.17* $274,095,729.70* $263,749,899.52* $250,426,214.23
Loss Trigger (*computed without bankrupt obligor):
Principal of Contracts
Charged off $725,984.84 $542,227.84 $367,941.93 $518,891.22* $735,809.86
Recoveries $260,314.07 $433,354.15 $670,876.11 $407,512.06* $577,625.87
Total Charged off
(Months 5,4,3) $1,636,154.61
Total Recoveries
(Months 3,2,1) 1,656,014.04*
Net Loss/(Recoveries)
for 3 Mos. ($19,859.43)*(a)
Total Balance
(Months 5,4,3) $859,129,405.52*(b)
Loss Ratio Annualized [(a/b)(12)]-0.0277%* restated] VS. -6.3460% [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 August 1996
Distribution Date of September 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables $70,451,789.39
Beginning Pool Balance $387,147,305.22
Beginning Pool Factor 0.7374916
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $18,485,048.58
Interest Collected $3,305,742.33
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $420,683.88
Total Additional Deposits $420,683.88
Repos/Chargeoffs $1,159,529.59
Aggregate Number of Notes Charged Off 76
Total Available Funds $21,798,015.48
Ending Pool Balance $367,916,186.36
Ending Pool Factor 0.7008575
Servicing Fee $322,622.75
Repayment of Servicer Advances $413,459.31
Reserve Account:
Beginning Balance $21,384,227.87
Target Percentage 5.50%
Target Balance $20,235,390.25
Minimum Balance $11,023,980.93
(Release)/Deposit $(1,148,837.62)
Ending Balance $20,235,390.25
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,555,323.01 1,583
31-60 days 490,190.00 358
60+ days 114,045.38 75
Total 3,159,558.39 1,591
Balances:
60+ days 2,830,048.63 75
Memo Item - Reserve Account
Prior Month $21,293,101.79
+ Invest. Income 91,126.08
- Transfer to Collections Account 0.00
Beginning Balance $21,384,227.87
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of August 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 $387,147,305.22
Ending Pool Balance $367,916,186.36
Collected Principal $18,071,589.27
Collected Interest $3,305,742.33
Charge-Offs $1,159,529.59
Liquidation Proceeds/Recoveries $420,683.88
Servicing $322,622.75
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $21,475,392.73
Beginning Balance $387,147,305.22 $0.00 $84,447,305.22 $284,325,000.00 $18,375,000.00
Interest Due $1,946,729.79 $0.00 $418,014.16 $1,433,471.88 $95,243.75
Interest Paid $1,946,729.79 $0.00 $418,014.16 $1,433,471.88 $95,243.75
Principal Due $19,231,118.86 $0.00 $19,231,118.86 $0.00 $0.00
Principal Paid $19,231,118.86 $0.00 $19,231,118.86 $0.00 $0.00
Ending Balance $367,916,186.36 $0.00 $65,216,186.36 $284,325,000.00 $18,375,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.6522 1.0000 1.0000
Total Distributions $21,177,848.65 $0.00 $19,649,133.02 $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 $297,544.08
Beginning Reserve Account
Balance $21,384,227.87
(Release)/Draw ($1,148,837.62)
Ending Reserve Account
Balance $20,235,390.25
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of August 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr 1996 May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $448,919,029.43 $427,599,756.31 $413,855,776.79 $399,032,989.92 $387,147,305.22
A) Loss Trigger:
Principal of Contracts
Charged off $547,772.76 $1,056,671.00 $623,419.70 $640,970.27 $1,159,529.59
Recoveries $311,075.62 $960,461.38 $631,845.68 $822,669.29 $420,683.88
Total Charged off
(Months 5,4,3) $2,227,863.46
Total Recoveries
(Months 3,2,1) 1,875,198.85
Net Loss/(Recoveries)
for 3 Mos. $352,664.61(a)
Total Balance
(Months 5,4,3) $1,290,374,562.53(b)
Loss Ratio [(a/b)(12)] 0.3280%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $4,908,940.56 $11,360,063.71 $2,830,048.63
As % of Beginning
Pool Balance 1.18615% 2.84690% 0.73100%
Three Month Average 0.84958% 1.53459% 1.58802%
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 August 1996
Distribution Date of September 16, 1996
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $427,647,779.09
Beginning Pool Factor 0.9297825
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,091,229.06
Interest Collected $3,494,538.74
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $74,360.07
Total Additional Deposits $74,360.07
Repos/Chargeoffs $446,599.38
Aggregate Number of Notes Charged Off 25
Total Available Funds $13,660,127.87
Ending Pool Balance $417,109,950.65
Ending Pool Factor 0.9068714
Servicing Fee $356,373.15
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $21,480,793.77
Target Percentage 5.00%
Target Balance $20,855,497.53
Minimum Balance $9,658,821.26
(Release)/Deposit $(625,296.24)
Ending Balance $20,855,497.53
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,018,076.22 1,393
31-60 days 424,655.28 311
60+ days 60,334.45 52
Total 2,503,065.95 1,397
Balances:
60+ days 2,755,020.10 52
Memo Item - Reserve Account
Opening Balance $21,382,388.95
+ Invest. Income 98,404.82
- Transfer to Collections Account 0.00
Beginning Balance $21,480,793.77
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of August 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 $427,647,779.09
Ending Pool Balance $417,109,950.65
Collected Principal $10,091,229.06
Collected Interest $3,494,538.74
Charge-Offs $446,599.38
Liquidation Proceeds/Recoveries $74,360.07
Servicing $356,373.15
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,303,754.72
Beginning Balance $427,647,779.09 $59,703,909.56 $347,245,000.00 $20,698,869.53
Interest Due $2,210,828.27 $261,204.60 $1,837,504.79 $112,118.88
Interest Paid $2,210,828.27 $261,204.60 $1,837,504.79 $112,118.88
Principal Due $10,537,828.44 $10,537,828.44 $0.00 $0.00
Principal Paid $10,537,828.44 $10,537,828.44 $0.00 $0.00
Ending Balance $417,109,950.65 $49,166,081.12 $347,245,000.00 $20,698,869.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5344139252 1.0000000000 1.0000000000
Total Distributions $12,748,656.71 $10,799,033.04 $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 $555,098.01
Beginning Reserve Account Balance$21,480,793.77 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(625,296.24)
Ending Reserve Account Balance $20,855,497.53
(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.
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of August 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
<TABLE>
<CAPTION>
4 3 2 1
May 1996 June 1996 July 1996 Aug 1996
<S> <C> <C> <C> <C>
Beg. Pool Balance $459,943,869.53 $448,886,287.07 $437,532,448.32 $427,647,779.09
A) Loss Trigger:
Principal of Contracts
Charged off $383,082.86 $817,826.85 $438,220.11 $446,599.38
Recoveries $0.00 $10,734.47 $237,338.64 $74,360.07
</TABLE>
<TABLE>
<S> <C> <C> <C>
Total Charged off Total Charged off
(Months 5,4,3) $1,200,909.71 (Months 1-6) $2,085,729.20
Total Recoveries Total Recoveries
(Months 3,2,1) $322,433.18 (Months 1-6) $322,433.18
Net Loss/(Recoveries) Net Loss/(Recoveries)
for 3 Mos. $878,476.53(a) for 6 Mos. $1,763,296.02(c)
Total Balance Total Balance
(Months 5,4,3) $908,830,156.60(b) (Months 1-6) $1,774,010,384.01(d)
Loss Ratio [(a/b)(12)] 1.1599% Loss Ratio [(c/d)(12)] 1.1928%
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 $1,136,372.69 $2,472,347.87 $2,755,020.10
As % of Beginning
Pool Balance 0.25315% 0.25315% 0.64423%
Three Month Average 0.13770% 0.25315% 0.38351%
Trigger:
Is Average> 2.0% No
</TABLE>
Navistar Financial Corporation
by: /s/R. W. CAIN
R. W. CAIN
Vice President and Treasurer
