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) August 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 August 15 and 20, 1997, Registrant made available the Monthly
Servicer Certificates for the Period of July 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 August 29, 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 August 15, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated August 15, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated August 20, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated August 20, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated August 15, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated August 15, 1997
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated August 20, 1997
Navistar Financial 1997-A Owner Trust
20.8 Monthly Servicer Certificate, dated August 15, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of July
Distribution Date of August 15, 1997
Servicer Certificate #40
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $31,897,695.36
Beginning Pool Factor 0.1139116
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,705,951.73
Interest Collected $223,105.45
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $264,910.55
Total Additional Deposits $264,910.55
Repos / Chargeoffs $47,734.31
Aggregate Number of Notes Charged Off 37
Total Available Funds $3,082,876.19
Ending Pool Balance $29,255,100.86
Ending Pool Factor 0.1044745
Servicing Fee $26,581.41
Repayment of Servicer Advances $111,091.54
Reserve Account:
Beginning Balance (see Memo Item) $5,910,362.16
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release) / Deposit ($309,932.73)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.287%
Current Weighted Average Remaining Term (months): 14.27
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $398,453.39 288
31 - 60 days $70,100.08 57
60+ days $47,537.98 21
Total: $516,091.45 302
Balances: 60+ days $182,697.74 21
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income $25,784.85
+ Excess Serv. $284,147.88
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $5,910,362.16
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of July
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$280,021,471.35 $89,606,000.00 $180,614,000.00 $9,801,471.35
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.53% 5.93% 6.26%
Beginning Pool Balance $31,897,695.36
Ending Pool Balance $29,255,100.86
Collected Principal $2,594,860.19
Collected Interest $223,105.45
Charge - Offs $47,734.31
Liquidation Proceeds / Recoveries $264,910.55
Servicing $26,581.41
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $3,056,294.78
Beginning Balance $26,082,419.62 $0.00 $23,675,935.60 $2,406,484.02
Interest Due $129,552.40 $0.00 $116,998.58 $12,553.82
Interest Paid $129,552.40 $0.00 $116,998.58 $12,553.82
Principal Due $2,642,594.50 $0.00 $2,523,677.75 $118,916.75
Principal Paid $2,642,594.50 $0.00 $2,523,677.75 $118,916.75
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $23,439,825.12 $0.00 $21,152,257.85 $2,287,567.27
Note / Certificate Pool Factor 0.0000 0.1171 0.2334
(Ending Balance / Original Pool Amount)
Total Distributions $2,772,146.90 $0.00 $2,640,676.33 $131,470.57
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $284,147.88
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $5,910,362.16
(Release) / Draw ($309,932.73)
Ending Reserve Acct Balance $5,600,429.43
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of July
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Mar-97 Apr-97 May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $45,202,827.69 $40,677,637.86 $37,826,234.86 $34,973,376.07 $31,897,695.36
A) Loss Trigger:
Principal of Contracts Charged Off $147,476.07 $1,967.50 $197,400.82 $7,168.32 $47,734.31
Recoveries $33,328.76 $214,778.68 $162,860.60 $78,351.18 $264,910.55
Total Charged Off (Months 5, 4, 3) $346,844.39
Total Recoveries (Months 3, 2, 1) $506,122.33
Net Loss / (Recoveries) for 3 Mos ($159,277.94)(a)
Total Balance (Months 5, 4, 3) $123,706,700.41 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.5451%
Trigger: Is Ratio > 1.5% No
May-97 Jun-97 Jul-97
B) Delinquency Trigger: $235,073.17 $173,517.25 $182,697.74
Balance delinquency 60+ days 0.62146% 0.49614% 0.57276%
As % of Beginning Pool Balance 0.70913% 0.76931% 0.56345%
Three Month Average
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 July
Distribution Date of August 15, 1997
Servicer Certificate #37
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $38,934,169.80
Beginning Pool Factor 0.1810641
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,000,856.04
Interest Collected $296,842.29
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $95,536.23
Total Additional Deposits $95,536.23
Repos / Chargeoffs $34,640.48
Aggregate Number of Notes Charged Off 24
Total Available Funds $3,185,420.80
Ending Pool Balance $36,106,487.04
Ending Pool Factor 0.1679139
Servicing Fee $32,445.14
Repayment of Servicer Advances $207,813.76
Reserve Account:
Beginning Balance (see Memo Item) $4,439,938.76
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release) / Deposit ($139,343.29)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.709%
Current Weighted Average Remaining Term (months): 17.51
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $395,722.88 286
31 - 60 days $127,034.41 86
60+ days $67,423.63 34
Total: $590,180.92 305
Balances: 60+ days $438,643.72 34
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income $19,799.08
+ Excess Serv. $119,544.21
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $4,439,938.76
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of July
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CERTIFICATES
<S> <C> <C> <C>
$215,029,773.64 $207,503,000.00 $7,526,773.64
Original Pool Amount
Distributions:
Distribution Percentages 96.50% 3.50%
Coupon 6.40% 6.63%
Beginning Pool Balance $38,934,169.80
Ending Pool Balance $36,106,487.04
Collected Principal $2,793,042.28
Collected Interest $296,842.29
Charge - Offs $34,640.48
Liquidation Proceeds / Recoveries $95,536.23
Servicing $32,445.14
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $3,152,975.66
Beginning Balance $38,530,444.90 $37,181,147.75 $1,349,297.15
Interest Due $205,748.69 $198,299.45 $7,449.24
Interest Paid $205,748.69 $198,299.45 $7,449.24
Principal Due $2,827,682.76 $2,728,713.86 $98,968.90
Principal Paid $2,827,682.76 $2,728,713.86 $98,968.90
Ending Balance $35,702,762.14 $34,452,433.89 $1,250,328.25
Note / Certificate Pool Factor 0.1660 0.1661
(Ending Balance / Original Pool Amount)
Total Distributions $3,033,431.45 $2,927,013.31 $106,418.14
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $119,544.21
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $4,439,938.76
(Release) / Draw ($139,343.29)
Ending Reserve Acct Balance $4,300,595.47
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of July
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Mar-97 Apr-97 May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $53,383,390.98 $49,061,237.52 $45,260,794.01 $42,521,808.43 $38,934,169.80
A) Loss Trigger:
Principal of Contracts Charged Off $78,951.97 $20,567.09 $3,954.37 $22,643.17 $34,640.48
Recoveries $123,879.53 $77,352.92 $2,923.21 $0.00 $95,536.23
Total Charged Off (Months 5, 4, 3) $103,473.43
Total Recoveries (Months 3, 2, 1) $98,459.44
Net Loss / (Recoveries) for 3 Mos $5,013.99 (a)
Total Balance (Months 5, 4, 3) $147,705,422.51 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.0407%
Trigger: Is Ratio > 1.5% No
May-97 Jun-97 Jul-97
B) Delinquency Trigger: $540,688.30 $685,928.55 $438,643.72
Balance delinquency 60+ days 1.19461% 1.61312% 1.12663%
As % of Beginning Pool Balance 0.96524% 1.20949% 1.31145%
Three Month Average
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 July
Distribution Date of August 20, 1997
Servicer Certificate #32
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $77,953,304.94
Beginning Pool Factor 0.2474473
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,719,093.99
Interest Collected $633,199.39
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $5,720.25
Total Additional Deposits $5,720.25
Repos / Chargeoffs $164,471.73
Aggregate Number of Notes Charged Off 34
Total Available Funds $5,237,257.47
Ending Pool Balance $73,190,495.38
Ending Pool Factor 0.2323287
Servicing Fee $64,961.09
Repayment of Servicer Advances $120,756.16
Reserve Account:
Beginning Balance (see Memo Item) $6,535,798.83
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release) / Deposit ($29,384.79)
Ending Balance $6,506,414.04
Current Weighted Average APR: 9.482%
Current Weighted Average Remaining Term (months): 22.26
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $863,513.54 489
31 - 60 days $233,789.73 128
60+ days $136,254.50 42
Total: $1,233,557.77 502
Balances: 60+ days $907,344.23 42
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income $29,384.79
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($109,214.31)
Beginning Balance $6,535,798.83
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of July
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 96.50% 3.50%
Coupon 7.65% 8.00% 8.30%
Beginning Pool Balance $77,953,304.94
Ending Pool Balance $73,190,495.38
Collected Principal $4,598,337.83
Collected Interest $633,199.39
Charge - Offs $164,471.73
Liquidation Proceeds / Recoveries $5,720.25
Servicing $64,961.09
Cash Transfer from Reserve Account $109,214.31
Total Collections Avail for Debt Service $5,281,510.69
Beginning Balance $77,640,281.77 $0.00 $73,243,291.56 $4,396,990.21
Interest Due $518,701.13 $0.00 $488,288.61 $30,412.52
Interest Paid $518,701.13 $0.00 $488,288.61 $30,412.52
Principal Due $4,762,809.56 $0.00 $4,596,111.23 $166,698.33
Principal Paid $4,762,809.56 $0.00 $4,596,111.23 $166,698.33
Ending Balance $72,877,472.21 $0.00 $68,647,180.33 $4,230,291.88
Note / Certificate Pool Factor 0.0000 0.7077 0.3835
(Ending Balance / Original Pool Amount)
Total Distributions $5,281,510.69 $0.00 $5,084,399.84 $197,110.85
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $6,535,798.83
(Release) / Draw ($29,384.79)
Ending Reserve Acct Balance $6,506,414.04
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of July
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Mar-97 Apr-97 May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $101,071,799.61 $93,995,026.90 $89,162,155.05 $84,372,089.82 $77,953,304.94
A) Loss Trigger:
Principal of Contracts Charged Off $157,646.43 $20,875.63 $980.80 $107,029.39 $164,471.73
Recoveries $235,959.02 $296,437.96 $113,137.61 $138,233.94 $5,720.25
Total Charged Off (Months 5, 4, 3) $179,502.86
Total Recoveries (Months 3, 2, 1) $257,091.80
Net Loss / (Recoveries) for 3 Mos ($77,588.94)(a)
Total Balance (Months 5, 4, 3) $284,228,981.56 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.3276%
Trigger: Is Ratio > 1.5% No
May-97 Jun-97 Jul-97
B) Delinquency Trigger: $1,174,930.69 $858,221.30 $907,344.23
Balance delinquency 60+ days 1.31775% 1.01719% 1.16396%
As % of Beginning Pool Balance 0.98590% 1.08067% 1.16630%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0653%
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 4
Navistar Financial 1995 - A Owner Trust
For the Month of July
Distribution Date of August 20, 1997
Servicer Certificate #27
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $143,173,241.24
Beginning Pool Factor 0.3369739
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,251,633.72
Interest Collected $1,275,901.42
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $283,744.59
Total Additional Deposits $283,744.59
Repos / Chargeoffs $198,352.07
Aggregate Number of Notes Charged Off 72
Total Available Funds $8,616,782.72
Ending Pool Balance $135,917,752.46
Ending Pool Factor 0.3198973
Servicing Fee $119,311.03
Repayment of Servicer Advances $194,497.01
Reserve Account:
Beginning Balance (see Memo Item) $9,420,160.62
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $8,922,464.92
(Release) / Deposit ($497,695.70)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.535%
Current Weighted Average Remaining Term (months): 25.99
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,340,248.22 900
31 - 60 days $342,036.51 248
60+ days $145,989.75 62
Total: $1,828,274.48 914
Balances: 60+ days $1,148,120.10 62
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $39,632.82
+ Excess Serv. $458,062.88
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,420,160.62
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of July
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$424,879,281.80 $80,000,000.00 $330,000,000.00 $14,879,281.80
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 96.50% 3.50%
Coupon 5.90% 6.55% 6.85%
Beginning Pool Balance $143,173,241.24
Ending Pool Balance $135,917,752.46
Collected Principal $7,057,136.71
Collected Interest $1,275,901.42
Charge - Offs $198,352.07
Liquidation Proceeds / Recoveries $283,744.59
Servicing $119,311.03
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $8,497,471.69
Beginning Balance $143,173,241.24 $0.00 $133,442,202.78 $9,731,038.46
Interest Due $783,920.03 $0.00 $728,372.02 $55,548.01
Interest Paid $783,920.03 $0.00 $728,372.02 $55,548.01
Principal Due $7,255,488.78 $0.00 $7,001,546.67 $253,942.11
Principal Paid $7,255,488.78 $0.00 $7,001,546.67 $253,942.11
Ending Balance $135,917,752.46 $0.00 $126,440,656.11 $9,477,096.35
Note / Certificate Pool Factor 0.0000 0.3832 0.6369
(Ending Balance / Original Pool Amount)
Total Distributions $8,039,408.81 $0.00 $7,729,918.69 $309,490.12
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $458,062.88
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,420,160.62
(Release) / Draw ($497,695.70)
Ending Reserve Acct Balance $8,922,464.92
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of July
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Mar-97 Apr-97 May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $178,833,989.12 $168,183,810.09 $159,355,739.45 $150,463,772.21 $143,173,241.24
A) Loss Trigger:
Principal of Contracts Charged Off $528,410.27 $520,387.27 $444,533.18 $189,414.97 $198,352.07
Recoveries $191,574.52 $255,739.37 $508,218.52 $202,738.88 $283,744.59
Total Charged Off (Months 5, 4, 3) $1,493,330.72
Total Recoveries (Months 3, 2, 1) $994,701.99
Net Loss / (Recoveries) for 3 Mos $498,628.73 (a)
Total Balance (Months 5, 4, 3) $506,373,538.66 (b)
Loss Ratio Annualized [(a/b) * (12)] 1.1816%
Trigger: Is Ratio > 1.5% No
May-97 Jun-97 Jul-97
B) Delinquency Trigger: $1,172,732.62 $1,915,033.48 $1,148,120.10
Balance delinquency 60+ days 0.73592% 1.27275% 0.80191%
As % of Beginning Pool Balance 0.93163% 0.94616% 0.93686%
Three Month Average
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 20.5
Page 1 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of July
Distribution Date of August 15, 1997
Servicer Certificate #22
<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 $242,048,135.75
Beginning Pool Factor 0.4610867
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,530,516.16
Interest Collected $2,023,571.84
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $255,453.45
Total Additional Deposits $255,453.45
Repos / Chargeoffs $327,326.14
Aggregate Number of Notes Charged Off 85
Total Available Funds $12,021,277.47
Ending Pool Balance $231,978,557.43
Ending Pool Factor 0.4419048
Servicing Fee $201,706.78
Repayment of Servicer Advances $788,263.98
Reserve Account:
Beginning Balance (see Memo Item) $13,901,567.22
Target Percentage 5.50%
Target Balance $12,758,820.66
Minimum Balance $11,023,980.93
(Release) / Deposit ($1,142,746.56)
Ending Balance $12,758,820.66
Current Weighted Average APR: 9.961%
Current Weighted Average Remaining Term (months): 31.43
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,996,714.73 1,278
31 - 60 days $470,039.15 346
60+ days $213,774.59 96
Total: $2,680,528.47 1,300
Balances: 60+ days $3,244,720.77 96
Memo Item - Reserve Account
Prior Month $13,312,647.47
+ Invest. Income $61,294.27
+ Excess Serv. $527,625.48
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $13,901,567.22
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of July
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
$525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 96.50% 3.50%
Coupon 5.75% 5.94% 6.05% 6.22%
Beginning Pool Balance $242,048,135.75
Ending Pool Balance $231,978,557.43
Collected Principal $9,742,252.18
Collected Interest $2,023,571.84
Charge - Offs $327,326.14
Liquidation Proceeds / Recoveries $255,453.45
Servicing $201,706.78
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $11,819,570.69
Beginning Balance $242,048,135.75 $0.00 $0.00 $227,642,004.97 $14,406,130.78
Interest Due $1,222,366.89 $0.00 $0.00 $1,147,695.11 $74,671.78
Interest Paid $1,222,366.89 $0.00 $0.00 $1,147,695.11 $74,671.78
Principal Due $10,069,578.32 $0.00 $0.00 $9,717,143.08 $352,435.24
Principal Paid $10,069,578.32 $0.00 $0.00 $9,717,143.08 $352,435.24
Ending Balance $231,978,557.43 $0.00 $0.00 $217,924,861.89 $14,053,695.54
Note / Certificate Pool Factor 0.0000 0.0000 0.7665 0.7648
(Ending Balance / Original Pool Amount)
Total Distributions $11,291,945.21 $0.00 $0.00 $10,864,838.19 $427,107.02
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 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $527,625.48
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $13,901,567.22
(Release) / Draw ($1,142,746.56)
Ending Reserve Acct Balance $12,758,820.66
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of July
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Mar-97 Apr-97 May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $287,757,278.24 $273,274,310.47 $261,855,828.72 $252,433,095.12 $242,048,135.75
A) Loss Trigger: Principal of
Contracts Charged Off $614,905.54 $440,255.43 $275,269.95 $237,065.53 $327,326.14
Recoveries $972,488.42 $743,300.95 $405,872.33 $222,549.50 $255,453.45
Total Charged Off (Months 5, 4, 3) $1,330,430.92
Total Recoveries (Months 3, 2, 1) $883,875.28
Net Loss / (Recoveries) for 3 Mos $446,555.64(a)
Total Balance (Months 5, 4, 3) $822,887,417.43(b)
Loss Ratio Annualized [(a/b) * (12)] 0.6512%
Trigger: Is Ratio > 1.5% No
May-97 Jun-97 Jul-97
B) Delinquency Trigger: $3,263,899.63 $3,165,346.99 $3,244,720.77
Balance delinquency 60+ days 1.24645% 1.25394% 1.34053%
As % of Beginning Pool Balance 0.98806% 1.04757% 1.28030%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.4305%
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 July
Distribution Date of August 15, 1997
Servicer Certificate #15
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $298,362,233.21
Beginning Pool Factor 0.6486927
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,201,069.30
Interest Collected $2,462,364.60
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $833,081.20
Total Additional Deposits $833,081.20
Repos / Chargeoffs $359,030.33
Aggregate Number of Notes Charged Off 101
Total Available Funds $12,140,046.21
Ending Pool Balance $289,158,602.47
Ending Pool Factor 0.6286824
Servicing Fee $248,635.19
Repayment of Servicer Advances $1,356,468.89
Reserve Account:
Beginning Balance (see Memo Item) $16,089,506.98
Target Percentage 5.00%
Target Balance $14,457,930.12
Minimum Balance $9,658,821.26
(Release) / Deposit ($1,631,576.85)
Ending Balance $14,457,930.12
Current Weighted Average APR: 9.620%
Current Weighted Average Remaining Term (months): 37.10
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,763,007.68 1,334
31 - 60 days $512,994.54 411
60+ days $226,095.11 108
Total: $2,502,097.33 1,343
Balances: 60+ days $3,716,398.43 108
Memo Item - Reserve Account
Prior Month $14,918,111.66
+ Invest. Income $64,611.41
+ Excess Serv. $1,106,783.91
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $16,089,506.98
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of July
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 95.50% 4.50%
Coupon 5.25% 6.35% 6.50%
Beginning Pool Balance $298,362,233.21
Ending Pool Balance $289,158,602.47
Collected Principal $8,844,600.41
Collected Interest $2,462,364.60
Charge - Offs $359,030.33
Liquidation Proceeds / Recoveries $833,081.20
Servicing $248,635.19
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $11,891,411.02
Beginning Balance $298,362,233.21 $0.00 $281,059,104.50 $17,303,128.71
Interest Due $1,580,996.37 $0.00 $1,487,271.09 $93,725.28
Interest Paid $1,580,996.37 $0.00 $1,487,271.09 $93,725.28
Principal Due $9,203,630.74 $0.00 $8,789,467.36 $414,163.38
Principal Paid $9,203,630.74 $0.00 $8,789,467.36 $414,163.38
Ending Balance $289,158,602.47 $0.00 $272,269,637.14 $16,888,965.33
Note / Certificate Pool Factor 0.0000 0.7841 0.8159
(Ending Balance / Original Pool Amount)
Total Distributions $10,784,627.11 $0.00 $10,276,738.45 $507,888.66
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $1,106,783.91
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $16,089,506.98
(Release) / Draw ($1,631,576.85)
Ending Reserve Acct Balance $14,457,930.12
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of July
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
Feb-97 Mar-97 Apr-97 May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $348,108,707.35 $348,108,707.35 $332,415,354.80 $321,158,555.63 $311,427,985.45 $298,362,233.21
A) Loss Trigger:
Principal of Contracts
Charged Off $1,935,375.96 $692,876.86 $912,759.79 $429,807.70 $678,399.36 $359,030.33
Recoveries $910,706.72 $1,515,564.23 $1,486,575.64 $755,747.07 $661,604.13 $833,081.20
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,035,444.35 Total Charged off (Months 1 - 6) $5,008,250.00
Total Recoveries (Months 3, 2, 1) $2,250,432.40 Total Recoveries (Months 1 - 6) $6,163,278.99
Net Loss / (Recoveries) for 3 Mos ($214,988.05)(a) Net Loss/(Recoveries) for 6 Mos. ($1,155,028.99)(c)
Total Balance (Months 5, 4, 3) $1,001,682,617.78 (b) Total Balance (Months 1 - 6) $1,973,828,583.43(d)
Loss Ratio Annualized [(a/b) * (12)] -0.2576% Loss Ratio Annualized [(c/d) (12)] -0.7022%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $2,351,123.91 $4,134,876.68 $3,716,398.43
Balance delinquency 60+ days 0.73208% 1.32772% 1.24560%
As % of Beginning Pool Balance 0.95470% 1.14121% 1.10180%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.1434%
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 20.7
Page 1 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of July
Distribution Date of August 20, 1997
Servicer Certificate #10
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $368,219,179.65
Beginning Pool Factor 0.7568625
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,309,840.70
Interest Collected $3,020,622.24
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $945,754.63
Total Additional Deposits $945,754.63
Repos / Chargeoffs $847,658.24
Aggregate Number of Notes Charged Off 109
Total Available Funds $14,953,195.48
Ending Pool Balance $356,384,702.80
Ending Pool Factor 0.7325371
Servicing Fee $306,849.32
Repayment of Servicer Advances $323,022.09
Reserve Account:
Beginning Balance (see Memo Item) $10,674,210.78
Target Percentage 10.00%
Target Balance $35,638,470.28
Minimum Balance $9,730,147.26
(Release) / Deposit ($56,555.56)
Ending Balance $10,617,655.22
Current Weighted Average APR: 10.065%
Current Weighted Average Remaining Term (months): 40.50
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,095,426.12 1,710
31 - 60 days $642,323.58 464
60+ days $428,958.55 138
Total: $3,166,708.25 1,717
Balances: 60+ days $8,970,993.38 138
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $56,555.56
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account $887,507.96
Beginning Balance $10,674,210.78
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of July
<TABLE>
<CAPTION>
NOTES
CLASS B CLASS C
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 2 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
$486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 93.50% 0.00% 3.50% 3.00%
Coupon 5.49% 5.93% 6.33% 6.50% 7.45%
Beginning Pool Balance $368,219,179.65
Ending Pool Balance $356,384,702.80
Collected Principal $10,986,818.61
Collected Interest $3,020,622.24
Charge - Offs $847,658.24
Liquidation
Proceeds / Recoveries $945,754.63
Servicing $306,849.32
Cash Transfer
from Reserve Account ($887,507.96)
Total Collections Available
for Debt Service $13,758,838.20
Beginning Balance $368,219,179.65 $0.00 $100,878,048.80 $236,500,000.00 $16,615,403.44 $14,225,727.41
Interest Due $1,924,361.35 $0.00 $498,505.69 $1,247,537.50 $90,000.10 $88,318.06
Interest Paid $1,924,361.35 $0.00 $498,505.69 $1,247,537.50 $90,000.10 $88,318.06
Principal Due $11,834,476.85 $0.00 $11,065,235.85 $0.00 $414,206.69 $355,034.31
Principal Paid $11,834,476.85 $0.00 $11,065,235.85 $0.00 $414,206.69 $355,034.31
Ending Balance $356,384,702.80 $0.00 $89,812,812.95 $236,500,000.00 $16,201,196.75 $13,870,693.10
Note / Certificate Pool Factor 0.0000 0.8026 1.0000 0.9514 0.9514
(Ending Balance / Original Pool Amount)
Total Distributions $13,758,838.20 $0.00 $11,563,741.54 $1,247,537.50 $504,206.79 $443,352.37
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 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $0.00
(see Memo Item - Reserve Account)
Beginning Reserve
Account Balance $10,674,210.78
(Release) / Draw ($56,555.56)
Ending Reserve Acct Balance $10,617,655.22
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of July
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
Feb-97 Mar-97 Apr-97 May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $436,095,079.95 $420,468,686.42 $403,347,664.99 $390,783,947.09 $379,446,408.45 $368,219,179.65
A) Loss Trigger:
Principal of Contracts
Charged Off $878,067.63 $827,898.12 $1,257,545.15 $872,581.99 $847,804.26 $847,658.24
Recoveries $440,053.06 $601,423.50 $750,115.55 $545,528.41 $786,549.19 $945,754.63
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,958,025.26 Total Charged off (Months 1 - 6) $5,531,555.39
Total Recoveries (Months 3, 2, 1) $2,277,832.23 Total Recoveries (Months 1 - 6) $4,069,424.34
Net Loss / (Recoveries) for 3 Mos $680,193.03(a) Net Loss/(Recoveries) for 6 Mos. $1,462,131.05(c)
Total Balance (Months 5, 4, 3) $1,214,600,298.50(b) Total Balance (Months 1 - 6) $2,398,360,966.55(d)
Loss Ratio Annualized [(a/b) * (12)] 0.6720% Loss Ratio Annualized [(c/d) (12)] 0.73157%
Trigger: Is Ratio > 1.5% Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $7,449,147.86 $9,915,722.93 $8,970,993.38
Balance delinquency 60+ days 1.90621% 2.61321% 2.43632%
As % of Beginning Pool Balance 1.29397% 1.83089% 2.31858%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 2.1824%
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 20.8
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of July
Distribution Date of August 15, 1997
Servicer Certificate #4
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $411,613,980.45
Subsequent Receivables (transferred 5/9/97) $76,128,743.83
Subsequent Receivables (transferred 5/23/97) $12,254,010.44
Beginning Pool Balance $455,773,751.11
Beginning Pool Factor 0.9344553
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $12,402,745.57
Interest Collected $3,875,720.81
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $172,109.69
Total Additional Deposits $172,109.69
Repos / Chargeoffs $845,107.84
Aggregate Number of Notes Charged Off 48
Total Available Funds $16,355,112.42
Ending Pool Balance $442,621,361.35
Ending Pool Factor 0.9074894
Servicing Fee $379,811.46
Repayment of Servicer Advances $95,463.65
Reserve Account:
Beginning Balance (see Memo Item) $24,370,261.69
Target Percentage 5.25%
Target Balance $23,237,621.47
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,132,640.22)
Ending Balance $23,237,621.47
Current Weighted Average APR: 10.222%
Current Weighted Average Remaining Term (months): 45.39
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,283,783.23 1,737
31 - 60 days $414,201.44 342
60+ days $113,343.73 72
Total: $2,811,328.40 1,746
Balances: 60+ days $3,269,807.92 72
Memo Item - Reserve Account
Prior Month $23,928,121.93
+ Invest. Income $81,153.13
+ Excess Serv. $360,986.63
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $24,370,261.69
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of July
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
$500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 100.00% 0.00% 0.00% 0.00%
Coupon 5.84% 6.35% 6.75% 6.95%
Beginning Pool Balance $455,773,751.11
Ending Pool Balance $442,621,361.35
Collected Principal $12,307,281.92
Collected Interest $3,875,720.81
Charge - Offs $845,107.84
Liquidation Proceeds / Recoveries $172,109.69
Servicing $379,811.46
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $15,975,300.96
Beginning Balance $455,773,751.11 $40,773,751.11 $221,500,000.00 $176,000,000.00 $17,500,000.00
Interest Due $2,461,924.57 $198,466.23 $1,172,104.17 $990,000.00 $101,354.17
Interest Paid $2,461,924.57 $198,466.23 $1,172,104.17 $990,000.00 $101,354.17
Principal Due $13,152,389.76 $13,152,389.76 $0.00 $0.00 $0.00
Principal Paid $13,152,389.76 $13,152,389.76 $0.00 $0.00 $0.00
Ending Balance $442,621,361.35 $27,621,361.35 $221,500,000.00 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.3250 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $15,614,314.33 $13,350,855.99 $1,172,104.17 $990,000.00 $101,354.17
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 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $360,986.63
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $24,370,261.69
(Release) / Draw ($1,132,640.22)
Ending Reserve Acct Balance $23,237,621.47
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of July
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Mar-97 Apr-97 May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance N/A $411,613,980.45 $481,864,426.98 $468,447,395.87 $455,773,751.11
A) Loss Trigger:
Principal of Contracts
Charged Off N/A $312,536.51 $723,609.14 $196,160.57 $845,107.84
Recoveries N/A $0.00 $0.00 $161,723.67 $172,109.69
</TABLE>
<TABLE>
<S> <C>
Total Charged Off (Months 5, 4, 3) $1,036,145.65
Total Recoveries (Months 3, 2, 1) $333,833.36
Net Loss / (Recoveries) for 3 Mos $702,312.29(a)
Total Balance (Months 5, 4, 3) $893,478,407.43(b)
Loss Ratio Annualized [(a/b) * (12)] 0.9433%
Trigger: Is Ratio > 1.5% No
</TABLE>
<TABLE>
<CAPTION>
May-97 Jun-97 Jul-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $1,628,994.95 $2,543,242.02 $3,269,807.92
Balance delinquency 60+ days 0.33806% 0.54291% 0.71742%
As % of Beginning Pool Balance 0.11269% 0.29366% 0.53280%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.7643%
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
