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 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 September 15 and 22, 1997, Registrant made available the Monthly
Servicer Certificates for the Period of August 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 September 30, 1997 By:/s/ R. WAYNE CAIN
- ----------------------- --------------------------
R. Wayne Cain
Vice President & Treasurer
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-A Owner Trust
20.1 Monthly Servicer Certificate, dated September 15, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated September 15, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated September 22, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated September 22, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated September 15, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated September 15, 1997
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated September 22, 1997
Navistar Financial 1997-A Owner Trust
20.8 Monthly Servicer Certificate, dated September 15, 1997
<PAGE>
Exhibit 20-1
Page 1 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of August
Distribution Date of September 15, 1997
Servicer Certificate #41
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $29,255,100.86
Beginning Pool Factor 0.1044745
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,065,761.18
Interest Collected $207,228.97
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $44,474.03
Total Additional Deposits $44,474.03
Repos / Chargeoffs $0.00
Aggregate Number of Notes Charged Off 32
Total Available Funds $3,211,292.20
Ending Pool Balance $26,295,511.66
Ending Pool Factor 0.0939053
Servicing Fee $24,379.25
Repayment of Servicer Advances $106,171.98
Reserve Account:
Beginning Balance (see Memo Item) $5,735,350.76
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release) / Deposit ($134,921.33)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.284%
Current Weighted Average Remaining Term (months): 13.74
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $414,298.82 311
31 - 60 days $98,937.59 67
60+ days $23,869.85 18
Total: $537,106.26 327
Balances: 60+ days $223,462.10 18
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income $24,058.47
+ Excess Serv. $110,862.86
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $5,735,350.76
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of August
<TABLE>
<CAPTION>
(Money Market) NOTES
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 $29,255,100.86
Ending Pool Balance $26,295,511.66
Collected Principal $2,959,589.20
Collected Interest $207,228.97
Charge - Offs $0.00
Liquidation Proceeds / Recoveries $44,474.03
Servicing $24,379.25
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $3,186,912.95
Beginning Balance $23,439,825.12 $0.00 $21,152,257.85 $2,287,567.27
Interest Due $116,460.89 $0.00 $104,527.41 $11,933.48
Interest Paid $116,460.89 $0.00 $104,527.41 $11,933.48
Principal Due $2,959,589.20 $0.00 $2,826,407.69 $133,181.51
Principal Paid $2,959,589.20 $0.00 $2,826,407.69 $133,181.51
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $20,480,235.92 $0.00 $18,325,850.16 $2,154,385.76
Note / Certificate Pool Factor 0.0000 0.1015 0.2198
(Ending Balance / Original Pool Amount)
Total Distributions $3,076,050.09 $0.00 $2,930,935.10 $145,114.99
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 $110,862.86
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $5,735,350.76
(Release) / Draw ($134,921.33)
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 August
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr-97 May-97 Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $40,677,637.86 $37,826,234.86 $34,973,376.07 $31,897,695.36 $29,255,100.86
A) Loss Trigger:
Principal of Contracts Charged Off $1,967.50 $197,400.82 $7,168.32 $47,734.31 $0.00
Recoveries $214,778.68 $162,860.60 $78,351.18 $264,910.55 $44,474.03
Total Charged Off (Months 5, 4, 3) $206,536.64
Total Recoveries (Months 3, 2, 1) $387,735.76
Net Loss / (Recoveries) for 3 Mos ($181,199.12)(a)
Total Balance (Months 5, 4, 3) $113,477,248.79 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.9161%
Trigger: Is Ratio > 1.5% No
Jun-97 Jul-97 Aug-97
B) Delinquency Trigger: $173,517.25 $182,697.74 $223,462.10
Balance delinquency 60+ days 0.49614% 0.57276% 0.76384%
As % of Beginning Pool Balance 0.76931% 0.56345% 0.61091%
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 August
Distribution Date of September 15, 1997
Servicer Certificate #38
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $36,106,487.04
Beginning Pool Factor 0.1679139
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,080,343.81
Interest Collected $263,145.42
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $60,994.70
Total Additional Deposits $60,994.70
Repos / Chargeoffs $45,095.09
Aggregate Number of Notes Charged Off 25
Total Available Funds $3,333,346.98
Ending Pool Balance $33,052,185.09
Ending Pool Factor 0.1537098
Servicing Fee $30,088.74
Repayment of Servicer Advances $71,136.95
Reserve Account:
Beginning Balance (see Memo Item) $4,377,376.07
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release) / Deposit ($76,780.60)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.736%
Current Weighted Average Remaining Term (months): 16.71
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $444,263.83 335
31 - 60 days $137,422.40 87
60+ days $80,885.19 36
Total: $662,571.42 352
Balances: 60+ days $550,541.70 36
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income $18,473.47
+ Excess Serv. $58,307.13
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $4,377,376.07
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of August
<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 $36,106,487.04
Ending Pool Balance $33,052,185.09
Collected Principal $3,009,206.86
Collected Interest $263,145.42
Charge - Offs $45,095.09
Liquidation Proceeds / Recoveries $60,994.70
Servicing $30,088.74
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $3,303,258.24
Beginning Balance $35,702,762.14 $34,452,433.89 $1,250,328.25
Interest Due $190,649.16 $183,746.31 $6,902.85
Interest Paid $190,649.16 $183,746.31 $6,902.85
Principal Due $3,054,301.95 $2,947,401.38 $106,900.57
Principal Paid $3,054,301.95 $2,947,401.38 $106,900.57
Ending Balance $32,648,460.19 $31,505,032.51 $1,143,427.68
Note / Certificate Pool Factor 0.1518 0.1519
(Ending Balance / Original Pool Amount)
Total Distributions $3,244,951.11 $3,131,147.69 $113,803.42
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 $58,307.13
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $4,377,376.07
(Release) / Draw ($76,780.60)
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 August
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr-97 May-97 Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $49,061,237.52 $45,260,794.01 $42,521,808.43 $38,934,169.80 $36,106,487.04
A) Loss Trigger:
Principal of Contracts Charged Off $20,567.09 $3,954.37 $22,643.17 $34,640.48 $45,095.09
Recoveries $77,352.92 $2,923.21 $0.00 $95,536.23 $60,994.70
Total Charged Off (Months 5, 4, 3) $47,164.63
Total Recoveries (Months 3, 2, 1) $156,530.93
Net Loss / (Recoveries) for 3 Mos ($109,366.30)(a)
Total Balance (Months 5, 4, 3) $136,843,839.96 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.9590%
Trigger: Is Ratio > 1.5% No
Jun-97 Jul-97 Aug-97
B) Delinquency Trigger: $685,928.55 $438,643.72 $550,541.70
Balance delinquency 60+ days 1.61312% 1.12663% 1.52477%
As % of Beginning Pool Balance 1.20949% 1.31145% 1.42151%
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 August
Distribution Date of September 22, 1997
Servicer Certificate #33
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $73,190,495.38
Beginning Pool Factor 0.2323287
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $5,394,799.89
Interest Collected $594,813.42
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $60,762.65
Total Additional Deposits $60,762.65
Repos / Chargeoffs $121,813.12
Aggregate Number of Notes Charged Off 37
Total Available Funds $5,923,860.79
Ending Pool Balance $67,800,397.54
Ending Pool Factor 0.2152189
Servicing Fee $60,992.08
Repayment of Servicer Advances $126,515.17
Reserve Account:
Beginning Balance (see Memo Item) $6,553,918.29
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release) / Deposit ($29,847.03)
Ending Balance $6,524,071.26
Current Weighted Average APR: 9.501%
Current Weighted Average Remaining Term (months): 21.37
</TABLE>
<TABLE>
<CAPTION>
Delinquencies
Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $673,828.68 468
31 - 60 days $228,403.13 144
60+ days $119,572.72 39
Total: $1,021,804.53 491
Balances: 60+ days $659,027.36 39
Memo Item - Reserve Account
Prior Month $6,538,207.78
+ Invest. Income $29,847.03
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($14,136.52)
Beginning Balance $6,553,918.29
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of August
<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 $73,190,495.38
Ending Pool Balance $67,800,397.54
Collected Principal $5,268,284.72
Collected Interest $594,813.42
Charge - Offs $121,813.12
Liquidation Proceeds / Recoveries $60,762.65
Servicing $60,992.08
Cash Transfer from Reserve Account $14,136.52
Total Collections Avail for Debt Service $5,877,005.23
Beginning Balance $72,877,472.21 $0.00 $68,647,180.33 $4,230,291.88
Interest Due $486,907.39 $0.00 $457,647.87 $29,259.52
Interest Paid $486,907.39 $0.00 $457,647.87 $29,259.52
Principal Due $5,390,097.84 $0.00 $5,201,444.42 $188,653.42
Principal Paid $5,390,097.84 $0.00 $5,201,444.42 $188,653.42
Ending Balance $67,487,374.37 $0.00 $63,445,735.91 $4,041,638.46
Note / Certificate Pool Factor 0.0000 0.6541 0.3664
(Ending Balance / Original Pool Amount)
Total Distributions $5,877,005.23 $0.00 $5,659,092.29 $217,912.94
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 $6,553,918.29
(Release) / Draw ($29,847.03)
Ending Reserve Acct Balance $6,524,071.26
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of August
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr-97 May-97 Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $93,995,026.90 $89,162,155.05 $84,372,089.82 $77,953,304.94 $73,190,495.38
A) Loss Trigger:
Principal of Contracts
Charged Off $20,875.63 $980.80 $107,029.39 $164,471.73 $121,813.12
Recoveries $296,437.96 $113,137.61 $138,233.94 $5,720.25 $60,762.65
Total Charged Off (Months 5, 4, 3) $128,885.82
Total Recoveries (Months 3, 2, 1) $204,716.84
Net Loss / (Recoveries) for 3 Mos ($75,831.02)(a)
Total Balance (Months 5, 4, 3) $267,529,271.77 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.3401%
Trigger: Is Ratio > 1.5% No
Jun-97 Jul-97 Aug-97
B) Delinquency Trigger: $858,221.30 $907,344.23 $659,027.36
Balance delinquency 60+ days 1.01719% 1.16396% 0.90043%
As % of Beginning Pool Balance 1.08067% 1.16630% 1.02719%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0709%
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 August
Distribution Date of September 22, 1997
Servicer Certificate #28
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $135,917,752.46
Beginning Pool Factor 0.3198973
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,443,797.71
Interest Collected $1,227,587.15
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $236,125.71
Total Additional Deposits $236,125.71
Repos / Chargeoffs $400,077.17
Aggregate Number of Notes Charged Off 76
Total Available Funds $10,907,510.57
Ending Pool Balance $126,073,877.58
Ending Pool Factor 0.2967287
Servicing Fee $113,264.79
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,169,512.87
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $8,922,464.92
(Release) / Deposit ($247,047.95)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.531%
Current Weighted Average Remaining Term (months): 25.14
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,370,341.31 933
31 - 60 days $369,496.81 285
60+ days $108,470.82 56
Total: $1,848,308.94 950
Balances: 60+ days $1,297,275.03 56
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $40,930.72
+ Excess Serv. $206,117.23
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,169,512.87
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of August
<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 $135,917,752.46
Ending Pool Balance $126,073,877.58
Collected Principal $9,443,797.71
Collected Interest $1,227,587.15
Charge - Offs $400,077.17
Liquidation Proceeds / Recoveries $236,125.71
Servicing $113,264.79
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $10,794,245.78
Beginning Balance $135,917,752.46 $0.00 $126,440,656.11 $9,477,096.35
Interest Due $744,253.67 $0.00 $690,155.25 $54,098.42
Interest Paid $744,253.67 $0.00 $690,155.25 $54,098.42
Principal Due $9,843,874.88 $0.00 $9,499,339.26 $344,535.62
Principal Paid $9,843,874.88 $0.00 $9,499,339.26 $344,535.62
Ending Balance $126,073,877.58 $0.00 $116,941,316.85 $9,132,560.73
Note / Certificate Pool Factor 0.0000 0.3544 0.6138
(Ending Balance / Original Pool Amount)
Total Distributions $10,588,128.55 $0.00 $10,189,494.51 $398,634.04
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 $206,117.23
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,169,512.87
(Release) / Draw ($247,047.95)
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 August
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr-97 May-97 Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $168,183,810.09 $159,355,739.45 $150,463,772.21 $143,173,241.24 $135,917,752.46
A) Loss Trigger:
Principal of Contracts
Charged Off $520,387.27 $444,533.18 $189,414.97 $198,352.07 $400,077.17
Recoveries $255,739.37 $508,218.52 $202,738.88 $283,744.59 $236,125.71
Total Charged Off (Months 5, 4, 3) $1,154,335.42
Total Recoveries (Months 3, 2, 1) $722,609.18
Net Loss / (Recoveries) for 3 Mos $431,726.24 (a)
Total Balance (Months 5, 4, 3) $478,003,321.75 (b)
Loss Ratio Annualized [(a/b) * (12)] 1.0838%
Trigger: Is Ratio > 1.5% No
Jun-97 Jul-97 Aug-97
B) Delinquency Trigger: $1,915,033.48 $1,148,120.10 $1,297,275.03
Balance delinquency 60+ days 1.27275% 0.80191% 0.95446%
As % of Beginning Pool Balance 0.94616% 0.93686% 1.00971%
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 August
Distribution Date of September 15, 1997
Servicer Certificate #23
<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 $231,978,557.43
Beginning Pool Factor 0.4419048
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,739,635.43
Interest Collected $1,943,006.89
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $358,241.45
Total Additional Deposits $358,241.45
Repos / Chargeoffs $276,233.74
Aggregate Number of Notes Charged Off 81
Total Available Funds $11,572,143.52
Ending Pool Balance $222,431,428.51
Ending Pool Factor 0.4237181
Servicing Fee $193,315.46
Repayment of Servicer Advances $468,740.25
Reserve Account:
Beginning Balance (see Memo Item) $13,473,780.66
Target Percentage 5.50%
Target Balance $12,233,728.57
Minimum Balance $11,023,980.93
(Release) / Deposit ($1,240,052.09)
Ending Balance $12,233,728.57
Current Weighted Average APR: 9.949%
Current Weighted Average Remaining Term (months): 30.56
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,973,531.12 1,299
31 - 60 days $571,038.69 409
60+ days $189,706.68 108
Total: $2,734,276.49 1,336
Balances: 60+ days $2,781,817.29 108
Memo Item - Reserve Account
Prior Month $12,758,820.66
+ Invest. Income $54,810.36
+ Excess Serv. $660,149.64
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $13,473,780.66
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of August
<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 $231,978,557.43
Ending Pool Balance $222,431,428.51
Collected Principal $9,270,895.18
Collected Interest $1,943,006.89
Charge - Offs $276,233.74
Liquidation Proceeds / Recoveries $358,241.45
Servicing $193,315.46
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $11,378,828.06
Beginning Balance $231,978,557.43 $0.00 $0.00 $217,924,861.89 $14,053,695.54
Interest Due $1,171,549.50 $0.00 $0.00 $1,098,704.51 $72,844.99
Interest Paid $1,171,549.50 $0.00 $0.00 $1,098,704.51 $72,844.99
Principal Due $9,547,128.92 $0.00 $0.00 $9,212,979.41 $334,149.51
Principal Paid $9,547,128.92 $0.00 $0.00 $9,212,979.41 $334,149.51
Ending Balance $222,431,428.51 $0.00 $0.00 $208,711,882.48 $13,719,546.03
Note / Certificate Pool Factor 0.0000 0.0000 0.7341 0.7466
(Ending Balance / Original Pool Amount)
Total Distributions $10,718,678.42 $0.00 $0.00 $10,311,683.92 $406,994.50
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 60,149.64
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $13,473,780.66
(Release) / Draw ($1,240,052.09)
Ending Reserve Acct Balance $12,233,728.57
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of August
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr-97 May-97 Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $273,274,310.47 $261,855,828.72 $252,433,095.12 $242,048,135.75 $231,978,557.43
A) Loss Trigger:
Principal of Contracts Charged Off $440,255.43 $275,269.95 $237,065.53 $327,326.14 $276,233.74
Recoveries $743,300.95 $405,872.33 $222,549.50 $255,453.45 $358,241.45
Total Charged Off (Months 5, 4, 3) $952,590.91
Total Recoveries (Months 3, 2, 1) $836,244.40
Net Loss / (Recoveries) for 3 Mos $116,346.51(a)
Total Balance (Months 5, 4, 3) $787,563,234.31(b)
Loss Ratio Annualized [(a/b) * (12)] 0.1773%
Trigger: Is Ratio > 1.5% No
Jun-97 Jul-97 Aug-97
B) Delinquency Trigger: $3,165,346.99 $3,244,720.77 $2,781,817.29
Balance delinquency 60+ days 1.25394% 1.34053% 1.19917%
As % of Beginning Pool Balance 1.04757% 1.28030% 1.26454%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.3304%
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 August
Distribution Date of September 15, 1997
Servicer Certificate #16
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $289,158,602.47
Beginning Pool Factor 0.6286824
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,235,696.70
Interest Collected $2,301,762.94
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $960,144.57
Total Additional Deposits $960,144.57
Repos / Chargeoffs $425,054.70
Aggregate Number of Notes Charged Off 86
Total Available Funds $12,497,604.21
Ending Pool Balance $279,497,851.07
Ending Pool Factor 0.6076782
Servicing Fee $240,965.50
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $15,591,172.68
Target Percentage 5.00%
Target Balance $13,974,892.55
Minimum Balance $9,658,821.26
(Release) / Deposit ($1,616,280.12)
Ending Balance $13,974,892.55
Current Weighted Average APR: 9.598%
Current Weighted Average Remaining Term (months): 36.25
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,091,755.90 1,544
31 - 60 days $518,683.75 405
60+ days $198,650.11 109
Total: $2,809,089.76 1,556
Balances: 60+ days $3,789,077.73 109
Memo Item - Reserve Account
Prior Month $14,457,930.12
+ Invest. Income $69,597.31
+ Excess Serv. $1,063,645.25
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $15,591,172.68
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of August
<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 $289,158,602.47
Ending Pool Balance $279,497,851.07
Collected Principal $9,235,696.70
Collected Interest $2,301,762.94
Charge - Offs $425,054.70
Liquidation Proceeds / Recoveries $960,144.57
Servicing $240,965.50
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $12,256,638.71
Beginning Balance $289,158,602.47 $0.00 $272,269,637.14 $16,888,965.33
Interest Due $1,532,242.06 $0.00 $1,440,760.16 $91,481.90
Interest Paid $1,532,242.06 $0.00 $1,440,760.16 $91,481.90
Principal Due $9,660,751.40 $0.00 $9,226,017.59 $434,733.81
Principal Paid $9,660,751.40 $0.00 $9,226,017.59 $434,733.81
Ending Balance $279,497,851.07 $0.00 $263,043,619.55 $16,454,231.52
Note / Certificate Pool Factor 0.0000 0.7575 0.7949
(Ending Balance / Original Pool Amount)
Total Distributions $11,192,993.46 $0.00 $10,666,777.75 $526,215.71
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 $1,063,645.25
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $15,591,172.68
(Release) / Draw ($1,616,280.12)
Ending Reserve Acct Balance $13,974,892.55
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of August
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
Mar-97 Apr-97 May-97 Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $332,415,354.80 $332,415,354.80 $321,158,555.63 $311,427,985.45 $298,362,233.21 $289,158,602.47
A) Loss Trigger:
Principal of Contracts
Charged Off $692,876.86 $912,759.79 $429,807.70 $678,399.36 $359,030.33 $425,054.70
Recoveries $1,515,564.23 $1,486,575.64 $755,747.07 $661,604.13 $833,081.20 $960,144.57
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,020,966.85 Total Charged off (Months 1 - 6) $3,497,928.74
Total Recoveries (Months 3, 2, 1) $2,454,829.90 Total Recoveries (Months 1 - 6) $6,212,716.84
Net Loss / (Recoveries) for 3 Mos ($433,863.05)(a) Net Loss/(Recoveries) for 6 Mos. ($2,714,788.10)(c)
Total Balance (Months 5, 4, 3) $965,001,895.88 (b) Total Balance (Months 1 - 6) $1,900,631,438.91 (d)
Loss Ratio Annualized [(a/b) * (12)] -0.5395% Loss Ratio Annualized [(c/d) (12)] -1.7140%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $4,134,876.68 $3,716,398.43 $3,789,077.73
Balance delinquency 60+ days 1.32772% 1.24560% 1.31038%
As % of Beginning Pool Balance 1.14121% 1.10180% 1.29457%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.0384%
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 August
Distribution Date of September 22, 1997
Servicer Certificate #11
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $356,384,702.80
Beginning Pool Factor 0.7325371
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,734,980.84
Interest Collected $2,973,095.07
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $620,268.66
Total Additional Deposits $620,268.66
Repos / Chargeoffs $852,012.18
Aggregate Number of Notes Charged Off 109
Total Available Funds $15,328,344.57
Ending Pool Balance $343,797,709.78
Ending Pool Factor 0.7066650
Servicing Fee $296,987.25
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,307,225.68
Target Percentage 10.00%
Target Balance $34,379,770.98
Minimum Balance $9,730,147.26
(Release) / Deposit ($51,310.51)
Ending Balance $11,255,915.17
Current Weighted Average APR: 10.047%
Current Weighted Average Remaining Term (months): 39.59
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,243,622.94 1,848
31 - 60 days $590,117.88 477
60+ days $251,611.39 136
Total: $3,085,352.21 1,849
Balances: 60+ days $5,718,901.09 136
Memo Item - Reserve Account
Prior Month $10,676,783.72
+ Invest. Income $51,310.51
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account $579,131.45
Beginning Balance $11,307,225.68
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of August
<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>
$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 $356,384,702.80
Ending Pool Balance $343,797,709.78
Collected Principal $11,734,980.84
Collected Interest $2,973,095.07
Charge - Offs $852,012.18
Liquidation Proceeds/Recoveries $620,268.66
Servicing $296,987.25
Cash Transfer from Reserve Acct ($579,131.45)
Total Collections Available
for Debt Service $14,452,225.87
Beginning Balance $356,384,702.80 $0.00 $89,812,812.95 $236,500,000.00 $16,201,196.75 $13,870,693.10
Interest Due $1,865,232.85 $0.00 $443,824.98 $1,247,537.50 $87,756.48 $86,113.89
Interest Paid $1,865,232.85 $0.00 $443,824.98 $1,247,537.50 $87,756.48 $86,113.89
Principal Due $12,586,993.02 $0.00 $11,768,838.47 $0.00 $440,544.76 $377,609.79
Principal Paid $12,586,993.02 $0.00 $11,768,838.47 $0.00 $440,544.76 $377,609.79
Ending Balance 343,797,709.78 $0.00 $78,043,974.48 $236,500,000.00 $15,760,651.99 $13,493,083.31
Note / Certificate Pool Factor 0.0000 0.6974 1.0000 0.9256 0.9255
(Ending Balance / Original Pool Amount)
Total Distributions $14,452,225.87 $0.00 $12,212,663.45 $1,247,537.50 $528,301.24 $463,723.68
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)
Beg. Reserve Account Balance $11,307,225.68
(Release) / Draw ($51,310.51)
Ending Reserve Acct Balance $11,255,915.17
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of August
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
Mar-97 Apr-97 May-97 Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $420,468,686.42 $403,347,664.99 $390,783,947.09 $379,446,408.45 $368,219,179.65 $356,384,702.80
A) Loss Trigger:
Principal of Contracts
Charged Off $827,898.12 $1,257,545.15 $872,581.99 $847,804.26 $847,658.24 $852,012.18
Recoveries $601,423.50 $750,115.55 $545,528.41 $786,549.19 $945,754.63 $620,268.66
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,977,931.40 Total Charged off (Months 1 - 6) $5,505,499.94
Total Recoveries (Months 3, 2, 1) $2,352,572.48 Total Recoveries (Months 1 - 6) $4,249,639.94
Net Loss / (Recoveries) for 3 Mos $625,358.92 (a) Net Loss/(Recoveries) for 6 Mos. $1,255,860.00(c)
Total Balance (Months 5, 4, 3) $1,173,578,020.53 (b) Total Balance (Months 1 - 6) $2,318,650,589.40(d)
Loss Ratio Annualized [(a/b) * (12)] 0.6394% Loss Ratio Annualized [(c/d) (12)] 0.64996%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $9,915,722.93 $8,970,993.38 $5,718,901.09
Balance delinquency 60+ days 2.61321% 2.43632% 1.60470%
As % of Beginning Pool Balance 1.83089% 2.31858% 2.21808%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 2.3136%
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 August
Distribution Date of September 15, 1997
Servicer Certificate #5
<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 $442,621,361.35
Beginning Pool Factor 0.9074894
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $14,401,112.96
Interest Collected $3,763,872.97
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $556,540.30
Total Additional Deposits $556,540.30
Repos / Chargeoffs $1,132,211.21
Aggregate Number of Notes Charged Off 52
Total Available Funds $16,685,718.79
Ending Pool Balance $429,123,844.62
Ending Pool Factor 0.8798160
Servicing Fee $368,851.13
Repayment of Servicer Advances $2,035,807.44
Reserve Account:
Beginning Balance (see Memo Item) $23,812,457.18
Target Percentage 5.25%
Target Balance $22,529,001.84
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,283,455.33)
Ending Balance $22,529,001.84
Current Weighted Average APR: 10.213%
Current Weighted Average Remaining Term (months): 44.53
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,702,402.21 2,048
31 - 60 days $583,057.11 453
60+ days $142,525.38 90
Total: $3,427,984.70 2,053
Balances: 60+ days $4,380,733.99 90
Memo Item - Reserve Account
Prior Month $23,237,621.47
+ Invest. Income $153,390.10
+ Excess Serv. $421,445.61
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $23,812,457.18
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of August
<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 $442,621,361.35
Ending Pool Balance $429,123,844.62
Collected Principal $12,365,305.52
Collected Interest $3,763,872.97
Charge - Offs $1,132,211.21
Liquidation Proceeds / Recoveries $556,540.30
Servicing $368,851.13
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $16,316,867.66
Beginning Balance $442,621,361.35 $27,621,361.35 $221,500,000.00 $176,000,000.00 $17,500,000.00
Interest Due $2,397,905.32 $134,446.98 $1,172,104.17 $990,000.00 $101,354.17
Interest Paid $2,397,905.32 $134,446.98 $1,172,104.17 $990,000.00 $101,354.17
Principal Due $13,497,516.73 $13,497,516.73 $0.00 $0.00 $0.00
Principal Paid $13,497,516.73 $13,497,516.73 $0.00 $0.00 $0.00
Ending Balance $429,123,844.62 $14,123,844.62 $221,500,000.00 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.1662 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $15,895,422.05 $13,631,963.71 $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 $421,445.61
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $23,812,457.18
(Release) / Draw ($1,283,455.33)
Ending Reserve Acct Balance $22,529,001.84
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of August
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr-97 May-97 Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $411,613,980.45 $481,864,426.98 $468,447,395.87 $455,773,751.11 $442,621,361.35
A) Loss Trigger:
Principal of Contracts
Charged Off $312,536.51 $723,609.14 $196,160.57 $845,107.84 $1,132,211.21
Recoveries $0.00 $0.00 $161,723.67 $172,109.69 $556,540.30
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Total Charged Off (Months 5, 4, 3) $1,232,306.22
Total Recoveries (Months 3, 2, 1) $890,373.66
Net Loss / (Recoveries) for 3 Mos $341,932.56 (a)
Total Balance (Months 5, 4, 3) $1,361,925,803.30 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.3013%
Trigger: Is Ratio > 1.5% No
</TABLE>
<TABLE>
<CAPTION>
Jun-97 Jul-97 Aug-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $2,543,242.02 $3,269,807.92 $4,380,733.99
Balance delinquency 60+ days 0.54291% 0.71742% 0.98972%
As % of Beginning Pool Balance 0.29366% 0.53280% 0.75002%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.6190%
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
