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) May 15, 1997
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1994-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST
NAVISTAR FINANCIAL 1996-B OWNER TRUST AND
NAVISTAR FINANCIAL 1997-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
33-55865 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 847-734-4000
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On May 15 and 20, 1997, Registrant made available the
Monthly Servicer Certificates for the Period of April 1997
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 1994-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST
NAVISTAR FINANCIAL 1996-B OWNER TRUST AND
NAVISTAR FINANCIAL 1997-A OWNER TRUST
(Registrant)
Date June 6, 1997 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-A Owner Trust
20.1 Monthly Servicer Certificate, dated May 15, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated May 15, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated May 20, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated May 20, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated May 15, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated May 15, 1997
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated May 20, 1997
Navistar Financial 1997-A Owner Trust
20.8 Monthly Servicer Certificate, dated May 15, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994-A Owner Trust
For the Month of April 1997
Distribution Date of May 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $40,677,637.86
Beginning Pool Factor 0.1452661
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,025,905.99
Interest Collected $278,383.73
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $214,778.68
Total Additional Deposits $214,778.68
Repos/Chargeoffs $1,967.50
Aggregate Number of Notes Charged Off 35
Total Available Funds $3,342,597.91
Ending Pool Balance $37,826,234.86
Ending Pool Factor 0.1350833
Servicing Fee $33,898.03
Repayment of Servicer Advances $176,470.49
Reserve Account:
Beginning Balance $5,625,350.96
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release)/Deposit $(24,921.53)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.311%
Current Weighted Average Remaining Term (months): 16.4
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 390,103.82 335
31-60 days 126,829.09 68
60+ days 36,934.84 21
Total 553,867.75 347
Balances: 60+ days 484,196.60 21
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income 24,921.53
+ Transfer from Collections Account 0.00
Beginning Balance $5,625,350.96
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of April 1997
<TABLE>
<CAPTION>
NOTES
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $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 $40,677,637.86
Ending Pool Balance $37,826,234.86
Collected Principal $2,849,435.50
Collected Interest $278,383.73
Charge-Offs $1,967.50
Liquidation Proceeds/Recoveries $214,778.68
Servicing $33,898.03
Cash Transfer to Reserve Account $0.00
Total Collections Available $3,308,699.88
for Debt Service
Beginning Balance $34,862,362.13 $0.00 $32,060,780.69 $2,801,581.44
Interest Due $173,048.61 $0.00 $158,433.69 $14,614.92
Interest Paid $173,048.61 $0.00 $158,433.69 $14,614.92
Principal Due $2,851,403.01 $0.00 $2,723,089.87 $128,313.14
Principal Paid $2,851,403.01 $0.00 $2,723,089.87 $128,313.14
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $32,010,959.13 $0.00 $29,337,690.82 $2,673,268.30
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1624330939 0.2727415309
Total Distributions $3,024,451.62 $0.00 $2,881,523.56 $142,928.06
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 $284,248.26
Beginning Reserve Account Balance $5,625,350.96 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(24,921.53)
Ending Reserve Account Balance $5,600,429.43
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of April 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percentage Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $59,198,061.43 $54,961,016.61 $51,030,159.26 $45,202,827.69 $40,677,637.86
A) Loss Trigger:
Principal of Contracts
Charged off $30,149.48 $2,477.79 $23,693.18 $147,476.07 $1,967.50
Recoveries $259,757.38 $11,160.22 $142.69 $33,328.76 $214,778.68
Total Charged off
(Months 5,4,3) $56,320.45
Total Recoveries
(Months 3,2,1) 248,250.13
Net Loss/(Recoveries)
for 3 Mos. ($191,929.68)(a)
Total Balance
(Months 5,4,3) $165,189,237.30(b)
Loss Ratio Annualized [(a/b)(12)] -1.3943%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $1,160,358.52 $142,662.13 $484,196.60
As % of Beginning Pool Balance 2.27387% 0.31560% 1.19033%
Three Month Average 1.93896% 1.46268% 1.25993%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 3
Navistar Financial 1994-B Owner Trust
For the Month of April 1997
Distribution Date of May 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $49,061,237.52
Beginning Pool Factor 0.2281602
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,818,177.81
Interest Collected $361,120.16
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $77,352.92
Total Additional Deposits $77,352.92
Repos/Chargeoffs $20,567.09
Aggregate Number of Notes Charged Off 19
Total Available Funds $4,218,349.50
Ending Pool Balance $45,260,794.01
Ending Pool Factor 0.2104862
Servicing Fee $40,884.36
Repayment of Servicer Advances $38,301.39
Reserve Account:
Beginning Balance (see Memo Item) $4,319,731.64
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release)/Deposit ($19,136.17)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.760%
Current Weighted Average Remaining Term (months): 20.04
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 505,669.09 393
31-60 days 109,989.23 82
60+ days 44,490.64 26
Total 660,148.96 407
Balances: 60+ days 402,669.01 26
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income 19,136.17
+ Transfer from Collection Account 0.00
Beginning Balance $4,319,731.64
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of April 1997
<TABLE>
<CAPTION>
TOTAL NOTES CERTIFICATES
<S> <C> <C> <C>
Original Pool Amount
Distributions: $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 $49,061,237.50
Ending Pool Balance $45,260,794.01
Collected Principal $3,779,876.42
Collected Interest $361,120.16
Charge-Offs $20,567.09
Liquidation Proceeds/Recoveries $77,352.92
Servicing $40,884.36
Cash Transfer to Reserve Account 0.00
Total Collections Available
for Debt Service $4,177,465.14
Beginning Balance $48,657,512.62 $46,953,768.10 $1,703,744.52
Interest Due $259,826.19 $250,420.10 $9,406.09
Interest Paid $259,826.19 $250,420.10 $9,406.09
Principal Due $3,800,443.51 $3,667,427.99 $133,015.52
Principal Paid $3,800,443.51 $3,667,427.99 $133,015.52
Ending Balance $44,857,069.11 $43,286,340.11 $1,570,729.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2086058520 0.2086855633
Total Distributions $4,060,269.70 $3,917,848.09 $142,421.61
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 $117,195.44
Beginning Reserve Account Balance $4,319,731.64 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($19,136.17)
Ending Reserve Account Balance $4,300,595.47
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of April 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $65,493,264.29 $62,197,239.05 $58,639,688.25 $53,383,390.98 $49,061,237.52
A) Loss Trigger:
Principal of Contracts
Charged off $44,376.01 $30,042.33 $49,517.63 $78,951.97 $20,567.09
Recoveries $60,818.33 $4,737.98 $114,217.45 $123,879.53 $77,352.92
Total Charged off
(Months 5,4,3) $123,935.97
Total Recoveries
(Months 3,2,1) 315,449.90
Net Loss/(Recoveries)
for 3 Mos. ($191,513.93)(a)
Total Balance (Months 5,4,3) $186,330,191.59(b)
Loss Ratio Annualized [(a/b)(12)] -1.2334%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $607,180.87 $469,964.64 $402,669.01
As % of Beginning Pool Balance 1.03544% 0.88036% 0.82075%
Three Month Average 1.18284% 0.99898% 0.91218%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1994-C Owner Trust
For the Month of April 1997
Distribution Date of May 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $93,995,026.90
Beginning Pool Factor 0.2983686
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,880,107.92
Interest Collected $738,532.86
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $296,437.96
Total Additional Deposits $296,437.96
Repos/Chargeoffs $20,875.63
Aggregate Number of Notes Charged Off 30
Total Available Funds $5,846,967.04
Ending Pool Balance $89,162,155.05
Ending Pool Factor 0.2830276
Servicing Fee $78,329.19
Repayment of Servicer Advances $68,111.70
Reserve Account:
Beginning Balance (See Memo Item) $6,643,943.64
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release)/Deposit ($28,315.29)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.532%
Current Weighted Average Remaining Term (months): 24.47
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 1,004,667.63 676
31-60 days 196,108.23 148
60+ days 79,659.64 34
Total 1,280,435.50 686
Balances: 60+ days 852,598.14 34
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income 28,315.29
+ Transfer from Collections Account 0.00
Beginning Balance $6,643,943.64
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of April 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Distribution Percentages (1) 0.00% 96.50% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $93,995,026.90
Ending Pool Balance $89,162,155.05
Collected Principal $4,811,996.22
Collected Interest $738,532.86
Charge-Offs $20,875.63
Liquidation Proceeds/Recoveries $296,437.96
Servicing $78,329.19
Cash Transfer (to)/from Reserve Account $0.00
Total Collections Available
for Debt Service $5,768,637.85
Beginning Balance $93,682,003.72 $0.00 $88,723,553.26 $4,958,450.46
Interest Due $625,786.31 $0.00 $591,490.36 $34,295.95
Interest Paid $625,786.31 $0.00 $591,490.36 $34,295.95
Principal Due $4,832,871.85 $0.00 $4,663,721.34 $169,150.51
Principal Paid $4,832,871.85 $0.00 $4,663,721.34 $169,150.51
Ending Balance $88,849,131.87 $0.00 $84,059,831.93 $4,789,299.95
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.8665962055 0.4342097904
Total Distributions $5,458,658.16 $0.00 $5,255,211.70 $203,446.46
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 $309,979.69
Beginning Reserve Account Balance $6,643,943.64 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($28,315.29)
Ending Reserve Account Balance $6,615,628.35
(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 20.3
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of April 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $121,849,343.22 $114,162,032.78 $108,402,533.31 $101,071,799.61 $93,995,026.90
A) Loss Trigger:
Principal of Contracts
Charged off $91,127.94 $56,782.84 $31,177.11 $157,646.43 $20,875.63
Recoveries $255,941.07 $97,061.63 $127,816.00 $235,959.02 $296,437.96
Total Charged off
(Months 5,4,3) $179,087.89
Total Recoveries
(Months 3,2,1) 660,212.98
Net Loss/(Recoveries)
for 3 Mos. ($481,125.09)(a)
Total Balance
(Months 5,4,3) $344,413,909.31(b)
Loss Ratio Annualized [(a/b)(12)] -1.6763%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $824,813.00 $740,753.37 $852,598.14
As % of Beginning Pool Balance 0.76088% 0.73290% 0.90707%
Three Month Average 0.74522% 0.69564% 0.80028%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.1000%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1995-A Owner Trust
For the Month of April 1997
Distribution Date of May 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $168,183,810.09
Beginning Pool Factor 0.3958390
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,408,342.41
Interest Collected $1,502,152.94
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $255,739.37
Total Additional Deposits $255,739.37
Repos/Chargeoffs $520,387.27
Aggregate Number of Notes Charged Off 70
Total Available Funds $10,065,575.68
Ending Pool Balance 159,355,739.45
Ending Pool Factor 0.3750612
Servicing Fee $140,153.18
Repayment of Servicer Advances $100,659.04
Reserve Account:
Beginning Balance (See Memo Item) $10,134,222.80
Target Percentage 6.00%
Target Balance $9,561,344.37
Minimum Balance $8,922,464.92
(Release)/Deposit ($572,878.43)
Ending Balance $9,561,344.37
Current Weighted Average APR: 10.590%
Current Weighted Average Remaining Term (months): 28.52
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 1,494,056.50 994
31-60 days 330,145.39 247
60+ days 124,880.53 65
Total 1,949,082.42 1,011
Balances: 60+ days 1,395,601.07 65
Memo Item - Reserve Account
Prior Month $10,091,028.61
+ Invest. Income 43,194.19
+ Transfer from Collections Account 0.00
Beginning Balance $10,134,222.80
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of April 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $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 $168,183,810.09
Ending Pool Balance $159,355,739.45
Collected Principal $8,307,683.37
Collected Interest $1,502,152.94
Charge-Offs $520,387.27
Liquidation Proceeds/Recoveries $255,739.37
Servicing $140,153.18
Cash Transfer to Reserve Account $0.00
Total Collections Available
for Debt Service $9,925,422.50
Beginning Balance $168,183,810.09 $0.00 $157,577,401.73 $10,606,408.36
Interest Due $920,654.89 $0.00 $860,109.98 $60,544.91
Interest Paid $920,654.89 $0.00 $860,109.98 $60,544.91
Principal Due $8,828,070.64 $0.00 $8,519,088.17 $308,982.47
Principal Paid $8,828,070.64 $0.00 $8,519,088.17 $308,982.47
Ending Balance $159,355,739.45 $0.00 $149,058,313.56 $10,297,425.89
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.4516918593 0.6920647131
Total Distributions $9,748,725.53 $0.00 $9,379,198.15 $369,527.38
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 $176,696.97
Beginning Reserve Account Balance $10,134,222.80 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($572,878.43)
Ending Reserve Account Balance $9,561,344.37
(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 20.4
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Month of April 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $208,524,140.81 $196,665,027.07 $187,443,581.19 $178,833,989.12 $168,183,810.09
A) Loss Trigger:
Principal of Contracts
Charged off $252,975.39 $237,245.36 $270,748.46 $528,410.27 $520,387.27
Recoveries $444,327.02 $180,374.06 $612,940.20 $191,574.52 $255,739.37
Total Charged Off (Months 5,4,3) $ 760,969.21
Total Recoveries (Months 3,2,1) 1,060,254.09
Net Loss/(Recoveries) for 3 Mos. $ (299,284.88)(a)
Total Balance (Months 5,4,3) $592,632,749.07(b)
Loss Ratio Annualized [(a/b)(12)] -0.6060%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $2,978,832.77 $2,198,165.62 $1,395,601.07
As % of Beginning Pool Balance 1.58919% 1.22917% 0.82981%
Three Month Average 1.44054% 1.37024% 1.21605%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.2504%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1995-B Owner Trust
For the Month of April 1997
Distribution Date of May 15, 1997
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $454,499,683.43
Subsequent Receivables (transferred 11/10/95) $70,451,789.39
Beginning Pool Balance $273,274,310.47
Beginning Pool Factor 0.5205706
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,195,377.46
Interest Collected $2,330,795.35
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $743,300.95
Total Additional Deposits $743,300.95
Repos/Chargeoffs $440,255.43
Aggregate Number of Notes Charged Off 81
Total Available Funds $14,052,322.62
Ending Pool Balance $261,855,828.72
Ending Pool Factor 0.4988191
Servicing Fee $227,728.59
Repayment of Servicer Advances $217,151.14
Reserve Account:
Beginning Balance (See Memo Item) $15,096,974.68
Target Percentage 5.50%
Target Balance $14,402,070.58
Minimum Balance $11,023,980.93
(Release)/Deposit ($694,904.10)
Ending Balance $14,402,070.58
Current Weighted Average APR: 10.008%
Current Weighted Average Remaining Term (months): 33.97
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,192,526.76 1,387
31-60 days 459,567.15 366
60+ days 114,055.56 70
Total 2,766,149.47 1,396
Balances: 60+ days 1,755,328.71 70
Memo Item - Reserve Account
Prior Month $15,030,087.08
+ Invest. Income 66,887.60
- Transfer to Collections Account 0.00
Beginning Balance $15,096,974.68
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of April 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Distribution Percentages (1) 0.00% 0.00% 96.50% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $273,274,310.47
Ending Pool Balance $261,855,828.72
Collected Principal $10,978,226.32
Collected Interest $2,330,795.35
Charge-Offs $440,255.43
Liquidation Proceeds/Recoveries $743,300.95
Servicing $227,728.59
Cash Transfer from Reserve Acct. $0.00
Total Collections Available
for Debt Service $13,824,594.03
Beginning Balance $273,274,310.47 $0.00 $0.00 $257,775,263.57 $15,499,046.90
Interest Due $1,379,953.68 $0.00 $0.00 $1,299,616.95 $80,336.73
Interest Paid $1,379,953.68 $0.00 $0.00 $1,299,616.95 $80,336.73
Principal Due $11,418,481.75 $0.00 $0.00 $11,018,834.89 $399,646.86
Principal Paid $11,418,481.75 $0.00 $0.00 $11,018,834.89 $399,646.86
Ending Balance $261,855,828.72 $0.00 $0.00 $246,756,428.68 $15,099,400.04
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.0000 0.8679 0.8217
Total Distributions $12,798,435.43 $0.00 $0.00 $12,318,451.84 $479,983.59
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 $1,026,158.60
Beginning Reserve Account Balance $15,096,974.68
(Release)/Draw ($694,904.10)
Ending Reserve Account Balance $14,402,070.58
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in November 1996, and generally
96.5% thereafter until all of the Notes have been paid in full.
Principal distributions will be paid in the following priority:
First to Class A-1 until paid in full, Second to Class A-2 until
paid in full, Third to Class A-3 until paid in full.
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of April 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $330,900,935.56 $315,057,727.83 $302,134,717.51 $287,757,278.24 $273,274,310.47
A) Loss Trigger:
Principal of Contracts
Charged off $397,957.37 $433,592.20 $390,842.50 $614,905.54 $440,255.43
Recoveries $583,597.57 $373,781.36 $1,213,647.41 $972,488.42 $743,300.95
Total Charged off
(Months 5,4,3) $1,222,392.07
Total Recoveries
(Months 3,2,1) 2,929,436.78
Net Loss/(Recoveries)
for 3 Mos. $(1,707,044.71)(a)
Total Balance
(Months 5,4,3) $948,093,380.90(b)
Loss Ratio Annualized [(a/b)(12)] -2.1606%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance Delinquency 60+ days $3,514,912.62 $3,094,514.51 $1,755,328.71
As a % of Beginning Pool Balance 1.16336% 1.07539% 0.64233%
Three Month Average 1.08047% 1.12305% 0.96036%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.7435%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 1 of 3
Navistar Financial 1996-A Owner Trust
For the Month of April 1997
Distribution Date of May 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $332,415,354.80
Beginning Pool Factor 0.7227303
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,662,111.59
Interest Collected $2,747,576.80
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,486,575.64
Total Additional Deposits $1,486,575.64
Repos/Chargeoffs $912,759.79
Aggregate Number of Notes Charged Off 107
Total Available Funds $14,578,191.82
Ending Pool Balance $321,158,555.63
Ending Pool Factor 0.6982560
Servicing Fee $277,012.80
Repayment of Servicer Advances $318,072.21
Reserve Account:
Beginning Balance $16,668,627.15
Target Percentage 5.00%
Target Balance $16,057,927.78
Minimum Balance $9,658,821.26
(Release) of investment income only/Deposit ($610,699.37)
Ending Balance $16,057,927.78
Current Weighted Average APR: 9.684%
Current Weighted Average Remaining Term (months): 39.64
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,055,778.30 1,498
31-60 days 511,226.02 402
60+ days 173,981.81 98
Total 2,740,986.13 1,502
Balances: 60+ days 4,533,629.98 98
Memo Item - Reserve Account
Opening Balance $16,620,767.74
+ Invest. Income 47,859.41
- Transfer to Collections Account $0.00
Beginning Balance $16,668,627.15
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of April 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages (1) 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $332,415,354.80
Ending Pool Balance $321,158,555.63
Collected Principal $10,344,039.38
Collected Interest $2,747,576.80
Charge-Offs $912,759.79
Liquidation Proceeds/Recoveries $1,486,575.64
Servicing $277,012.80
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $14,301,179.02
Beginning Balance $332,415,354.80 $0.00 $313,579,835.61 $18,835,519.19
Interest Due $1,761,385.69 $0.00 $1,659,359.96 $102,025.73
Interest Paid $1,761,385.69 $0.00 $1,659,359.96 $102,025.73
Principal Due $11,256,799.17 $0.00 $10,750,243.21 $506,555.96
Principal Paid $11,256,799.17 $0.00 $10,750,243.21 $506,555.96
Ending Balance $321,158,555.63 $0.00 $302,829,592.41 $18,328,963.22
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.8720920169 0.8855055198
Total Distributions $13,018,184.86 $0.00 $12,409,603.17 $608,581.69
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 $1,282,994.16
Beginning Reserve Account Balance $16,668,627.15 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(610,699.37)
Ending Reserve Account Balance $16,057,927.78
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution date on which the Class A-1 Notes
have been paid in full, and generally 95.5% thereafter until all the
Notes have been paid in full. No principal distributions to Class A-2
until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of April 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $395,176,408.01 $385,359,073.57 $373,823,140.29 $362,355,746.99 $348,108,707.35 $332,415,354.80
A) Loss Trigger:
Principal of Contracts
Charged off $717,473.22 $1,056,449.19 $970,091.47 $1,935,375.96 $692,876.86 $912,759.79
Recoveries $270,476.85 $411,958.72 $610,689.52 $910,706.72 $1,515,564.23 $1,486,575.64
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $3,961,916.62 Total Charged off (Months 1-6) $6,285,026.49
Total Recoveries (Months 3,2,1) 3,912,846.59 Total Recoveries (Months 1-6) 5,205,971.68
Net Loss/(Recoveries) for 3 Mos. $ 49,070.03(a) Net Loss/(Recoveries) for 6 Mos. $1,079,054.81(c)
Total Balance (Months 5,4,3) $1,121,537,960.85(b) Total Balance (Months 1-6) $2,197,238,431.01(d)
Loss Ratio Annualized [(a/b)(12)] 0.0525% Loss Ratio Annualized [(c/d)(12)] 0.5893%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
<TABLE>
<CAPTION>
B) Delinquency Trigger:
<S> <C> <C> <C> <C>
Balance delinquency 60+ days $4,280,712.97 $2,674,075.50 $4,533,629.98
As % of Beginning Pool Balance 1.18136% 0.76817% 1.36384%
Three Month Average 1.49129% 1.16934% 1.10446%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.4913%
Ending Reserve Acct. Balance not less than
1% of initial Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.7
Page 1 of 3
Navistar Financial 1996-B Owner Trust
For the Month of April 1997
Distribution Date of May 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $403,347,664.99
Beginning Pool Factor 0.8290680
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,306,172.75
Interest Collected $3,462,847.15
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $750,115.55
Total Additional Deposits $750,115.55
Repos/Chargeoffs $1,257,545.15
Aggregate Number of Notes Charged Off 82
Total Available Funds $15,519,135.45
Ending Pool Balance $390,783,947.09
Ending Pool Factor 0.8032436
Servicing Fee $336,123.05
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $10,126,851.56
Target Percentage 2.50%
Target Balance $9,769,598.68
Minimum Balance $9,730,147.26
(Release)/Deposit $(357,252.88)
Ending Balance $9,769,598.68
Current Weighted Average APR: 10.118%
Current Weighted Average Remaining Term (months): 43.19
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,237,752.46 1,736
31-60 days 587,374.87 432
60+ days 128,440.81 81
Total 2,953,568.14 1,740
Balances: 60+ days 3,925,656.43 81
Memo Item - Reserve Account
Prior month $10,083,691.62
+ Invest. Income 43,159.94
- Transfer to Collections Account 0.00
Beginning Balance $10,126,851.56
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-B Owner Trust
For the Month of April 1997
<TABLE>
<CAPTION>
NOTES CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Distribution Percentages (1) 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $403,347,664.99
Ending Pool Balance $390,783,947.09
Collected Principal $11,306,172.75
Collected Interest $3,462,847.15
Charge-Offs $1,257,545.15
Liquidation Proceeds/Recoveries $750,115.55
Servicing $336,123.05
Cash Transfer from Reserve Acct. $0.00
Total Collections Available
for Debt Service $15,183,012.40
Beginning Balance $403,347,664.99 $23,340,302.24 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Interest Due $2,090,040.42 $106,781.88 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Paid $2,090,040.42 $106,781.88 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Principal Due $12,563,717.90 $12,563,717.90 $0.00 $0.00 $0.00 $0.00
Principal Paid $12,563,717.90 $12,563,717.90 $0.00 $0.00 $0.00 $0.00
Ending Balance $390,783,947.09 $10,776,584.34 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1011885854 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Total Distributions $14,653,758.32 $12,670,499.78 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $529,254.08
Beginning Reserve Account Balance $10,126,851.56 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($357,252.88)
Ending Reserve Account Balance $9,769,598.68
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution date on which the Class A-1 Notes
have been paid in full, and generally 93.5% thereafter until all the
Notes have been paid in full. No principal distributions to Class
A-2 until Class A-1 has been paid in full. No principal distributions
to Class A-3 until Class A-2 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-B Owner Trust
For the Month of April 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $471,983,852.01 $462,375,764.00 $449,329,330.86 $436,095,079.95 $420,468,686.42 $403,347,664.99
A) Loss Trigger:
Principal of Contracts
Charged off $138,745.01 $969,247.14 $809,912.35 $878,067.63 $827,898.12 $1,257,545.15
Recoveries $23,776.07 $88,657.60 $301,836.56 $440,053.06 $601,423.50 $750,115.55
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $2,657,227.12 Total Charged off (Months 1-6) $4,881,415.40
Total Recoveries (Months 3,2,1) $1,791,592.11 Total Recoveries (Months 1-6) 2,205,862.34
Net Loss/(Recoveries) for 3 Mos. $865,635.01(a) Net Loss/(Recoveries) for 6 Mos. $2,675,553.06(c)
Total Balance (Months 5,4,3) $1,347,800,174.81(b) Total Balance (Months 1-6) $2,643,600,378.23(d)
Loss Ratio Annualized [(a/b)(12)] 0.7707% Loss Ratio Annualized [(c/d)(12)] 1.2145%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
B) Delinquency Trigger:
Balance delinquency 60+ days $4,097,975.10 $4,214,874.91 $3,925,656.43
As % of Beginning
Pool Balance 0.93970% 1.00242% 0.97327%
Three Month Average 0.81209% 0.86400% 0.97180%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0081%
Ending Reserve Acct. Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.8
Page 1 of 4
Navistar Financial 1997-A Owner Trust
For the Month of April 1997
Distribution Date of May 15, 1997
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $411,613,980.45
Subsequent Receivables (transferred 5/9/97) $76,128,743.83
Beginning Pool Balance $411,613,980.45
Beginning Pool Factor 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $17,819,771.23
Interest Collected $3,447,471.39
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $312,536.51
Aggregate Number of Notes Charged Off 0
Total Available Funds $21,267,242.62
Ending Pool Balance $393,481,672.71
Ending Pool Factor 0.9559483
Servicing Fee $343,011.65
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $25,606,493.02
Target Percentage 5.25%
Target Balance $24,654,546.87
Minimum Balance $10,242,597.21
(Release)/Deposit ($951,946.15)
Ending Balance $24,654,546.87
Current Weighted Average APR: 10.236%
Current Weighted Average Remaining Term (months): 47.01
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 215,988.00 126
31-60 days 4,503.66 5
60+ days 0.00 0
Total 220,491.66 126
Balances: 60+ days 0.00 0
Memo Item - Reserve Account
Opening Balance $21,609,733.97
+ Invest. Income 0.00
+ 5/9/97 Transfer $3,996,759.05
Beginning Balance $25,606,493.02
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 4
Navistar Financial 1997-A Owner Trust
For the Month of April 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Distribution Percentages (1) 100.00% 0.00% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $411,613,980.45
Ending Pool Balance $393,481,672.71
Collected Principal $17,819,771.23
Collected Interest $3,447,471.39
Charge-Offs $312,536.51
Liquidation Proceeds/Recoveries $0.00
Servicing $343,011.65
Cash Transfer from Negative Carry Acct. $130,330.05
Total Collections Available
for Debt Service $21,054,561.02
Beginning Balance $500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Interest Due(2) $713,918.88 $110,330.00 $312,561.11 $264,000.00 $27,027.77
Interest Paid $713,918.88 $110,330.00 $312,561.11 $264,000.00 $27,027.77
Principal Due $18,132,307.74 $18,132,307.74 $0.00 $0.00 $0.00
Principal Paid $18,132,307.74 $18,132,307.74 $0.00 $0.00 $0.00
Ending Balance $481,867,692.26 $66,867,692.26 $221,500,000.00 $176,000,000.00 $17,500,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.7867 1.0000 1.0000 1.0000
Total Distributions $18,846,226.62 $18,242,637.74 $312,561.11 $264,000.00 $27,027.77
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 $2,208,334.40
Beginning Reserve Account Balance $25,606,493.02
(Release)/Draw ($951,946.15)
Ending Reserve Account Balance $24,654,546.87
(1) Principal distributions will be paid in the following priority: First
to Class A-1 until paid in full; Second to Class A-2 until paid in full;
Third to Class A-3 until paid in full; Fourth 100% to the Class B Notes.
(2) Interest accrued from 5/7/97 closing date to and including 5/14/97 (8 days).
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 4
Navistar Financial 1997-A Owner Trust
For the Month of April 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance N/A N/A N/A N/A $411,613,980.45
A) Loss Trigger:
Principal of Contracts
Charged off N/A N/A N/A N/A $312,536.51
Recoveries N/A N/A N/A N/A $0.00
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance
<S> <C>
Total Charged off (Months 5,4,3) $0.00
Total Recoveries (Months 3,2,1) 0.00
Net Loss/(Recoveries) for 3 Mos. $0.00(a)
Total Balance (Months 5,4,3) $0.00(b)
Loss Ratio Annualized [(a/b)(12)] N/A
Trigger: Is Ratio> 1.5% No
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
B) Delinquency Trigger:
Balance Delinquency 60+ days N/A N/A $0.00
As a % of Beginning Pool Balance N/A N/A 0.00000%
Three Month Average N/A N/A N/A
Trigger: Is Average> 2.0% No
</TABLE>
<PAGE>
Exhibit 20.8
Page 4 of 4
Navistar Financial 1997-A Owner Trust
For the Period May 7, 1997 through May 15, 1997
<TABLE>
<S> <C>
Pre-Funding Account:
Initial Pre-Funded Amount $88,386,019.55
Plus Investment Earnings $0.00
Less 5/9/97 Transfer to Seller $72,131,984.78 (1)
Less 5/9/97 Transfer to Reserve Account $ 3,996,759.05 (2)
Ending Balance $12,257,275.72
</TABLE>
<TABLE>
<S> <C>
(1) Starting Receivable Balance of
Subsequent Receivables $76,128,743.83
Less Reserve Account Initial
Deposit for Subsequent Receivables $3,996,759.05
(2) 5.25 of Subsequent Receivables
</TABLE>
<TABLE>
<CAPTION>
Negative Carry Account:
<S> <C>
Initial deposit 5/7/97 $686,170.00
Plus Investment Earnings $0.00
Less Negative Carry Amount for Monthly Period
(as of 4/30/97) $130,330.05
Subtotal $555,839.95
Required Negative Carry Account Balance $92,216.81
Excess Released to Certificateholders $463,623.14
Ending Balance 5/15/97 $92,216.81
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
