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) February 18, 1997
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST, NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST AND
NAVISTAR FINANCIAL 1996-B OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-4146-1 51-0337491
(Commission File Number) (I.R.S. Employer Identification No.)
2850 West Golf Road Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code 847-734-4275
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On February 18, and 20, 1997, Registrant made available the
Monthly Servicer Certificates for the Period of January 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 1993-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST AND
NAVISTAR FINANCIAL 1996-B OWNER TRUST
(Registrant)
Date March 5, 1997 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated February 18, 1997
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated February 18, 1997
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated February 18, 1997
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated February 20, 1997
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated February 20, 1997
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated February 18, 1997
Navistar Financial 1996-A Owner Trust
20.7 Monthly Servicer Certificate, dated February 18, 1997
Navistar Financial 1996-B Owner Trust
20.8 Monthly Servicer Certificate, dated February 20, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of January 1997
Distribution Date of February 18, 1997
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $26,176,994.58
Beginning Pool Factor 0.0781397
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $2,390,400.28
Interest Collected $190,408.01
Additional Deposits:
Repurchase Amounts $0.00
Final Purchase of Receivables $22,635,314.85
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $22,635,314.85
Repos/Chargeoffs $745.86
Aggregate Number of Notes Charged Off 26
Total Available Funds $25,216,123.14
Ending Pool Balance $23,785,848.44
Ending Pool Factor 0.0710020
Servicing Fee $21,814.16
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $6,729,717.57
Target Percentage 7.50%
Target Balance N/A
Minimum Balance $6,700,050.96
(Release)/Deposit $(6,729,717.57)
Ending Balance $0.00
Current Weighted Average APR: 8.482%
Current Weighted Average Remaining Term (months): (12.83)
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 324,594.94 232
31-60 days 72,135.51 62
60+ days 16,334.73 13
Total 413,065.18 244
Balances: 60+ days 194,799.22 13
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 29,666.61
-Transfer (to)/from collection acct. $0.00
Beginning Balance $6,729,717.57
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of January 1997
<TABLE>
<CAPTION>
NOTES
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $335,002,547.77 $127,300,000.00 $195,976,000.00 $11,726,547.77
Distribution Percentages 100.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 3.475% 4.475% 4.800%
Beginning Pool Balance $26,176,994.58
Ending Pool Balance $23,785,848.44
Collected Principal $25,025,715.13
Collected Interest $190,408.01
Liquidation Proceeds/Recoveries $0.00
Charge-Offs $745.86
Servicing $21,814.16
Total Collections Available
for Debt Service $25,194,308.98
Beginning Balance $14,926,656.84 $0.00 $11,875,024.16 $3,051,632.68
Interest Due $56,490.47 $0.00 $44,283.94 $12,206.53
Interest Paid $56,490.47 $0.00 $44,283.94 $12,206.53
Principal Due $14,926,656.84 $0.00 $11,875,024.16 $3,051,632.67
Principal Paid $14,926,656.84 $0.00 $11,875,024.16 $3,051,632.67
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $0.00 $0.00 $0.00 $0.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.0000000000
Total Distributions $14,983,147.31 $0.00 $11,919,308.10 $3,063,839.20
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 $111,357.52
Excess final purchase amount $10,099,804.15
Beginning Reserve Account Balance $6,729,717.57
(Release)/Draw $(6,729,717.57)
Ending Reserve Account Balance $0.00
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of January 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1996 Oct 1996 Nov 1996 Dec 1996 Jan 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $37,836,410.79 $35,082,641.40 $31,910,289.11 $29,156,630.51 $26,176,994.58
A) Loss Trigger:
Principal of Contracts
Charged off $724.85 $151,871.25 $10,589.58 $740.55 $745.86
Recoveries $27,912.85 $96,731.28 $86,019.31 $108,599.19 $0.00
Total Charged off
(Months 5,4,3) $163,185.68
Total Recoveries
(Months 3,2,1) 194,618.50
Net Loss/(Recoveries)
for 3 Mos. $ (31,432.82)(a)
Total Balance
(Months 5,4,3) $104,829,341.30(b)
Loss Ratio Annualized[(a/b)(12)] -0.3598%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $287,153.81 $83,601.50 $194,799.22
As a % of Beginning Pool Balance 0.89988% 0.28673% 0.74416%
Three Month Average 0.75459% 0.61254% 0.64359%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 0.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% Yes
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 3
Navistar Financial 1994-A Owner Trust
For the Month of January 1997
Distribution Date of February 18, 1997
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $54,961,016.61
Beginning Pool Factor 0.1962743
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,919,070.52
Interest Collected $402,599.87
Additional Deposits:
Repurchase Amounts $9,309.04
Liquidation Proceeds/Recoveries $11,160.22
Total Additional Deposits $20,469.26
Repos/Chargeoffs $2,477.79
Aggregate Number of Notes Charged Off 28
Total Available Funds $4,342,139.65
Ending Pool Balance $51,030,159.26
Ending Pool Factor 0.1822366
Servicing Fee $ 45,800.85
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $5,625,225.41
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release)/Deposit $(24,795.98)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.386%
Current Weighted Average Remaining Term (months): 18.45
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 678,630.43 408
31-60 days 172,160.54 131
60+ days 73,851.07 39
Total 924,642.04 426
Balances: 60+ days 988,506.61 39
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income 24,795.98
+ Transfer from Collections Account 0.00
Beginning Balance $5,625,225.41
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of January 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 $54,961,016.61
Ending Pool Balance $51,030,159.26
Collected Principal $3,928,379.56
Collected Interest $402,599.87
Charge-Offs $2,477.79
Liquidation Proceeds/Recoveries $11,160.22
Servicing $45,800.85
Cash Transfer to Reserve Account $0.00
Total Collections Available $4,296,338.80
for Debt Service
Beginning Balance $49,145,740.88 $0.00 $45,701,407.40 $3,444,333.48
Interest Due $243,809.06 $0.00 $225,841.12 $17,967.94
Interest Paid $243,809.06 $0.00 $225,841.12 $17,967.94
Principal Due $3,930,857.35 $0.00 $3,753,968.77 $176,888.58
Principal Paid $3,930,857.35 $0.00 $3,753,968.77 $176,888.58
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $45,214,883.53 $0.00 $41,947,438.63 $3,267,444.90
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2322490983 0.3333626945
Total Distributions $4,174,666.41 $0.00 $3,979,809.89 $194,856.52
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 $121,672.39
Beginning Reserve Account Balance $5,625,225.41 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(24,795.98)
Ending Reserve Account Balance $5,600,429.43
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of January 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percentage Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1996 Oct 1996 Nov 1996 Dec 1996 Jan 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $72,892,189.90 $68,378,586.60 $63,352,416.13 $59,198,061.43 $54,961,016.61
A) Loss Trigger:
Principal of Contracts
Charged off $22,663.64 $139,276.75 $102,684.32 $30,149.48 $2,477.79
Recoveries $93,907.22 $162,015.05 $211,505.35 $259,757.38 $11,160.22
Total Charged off
(Months 5,4,3) $264,624.71
Total Recoveries
(Months 3,2,1) 482,422.95
Net Loss/(Recoveries)
for 3 Mos. ($217,798.24)(a)
Total Balance
(Months 5,4,3) $204,623,192.63(b)
Loss Ratio Annualized [(a/b)(12)] -1.2773%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $584,210.21 $1,032,680.99 $988,506.61
As % of Beginning Pool Balance 0.92216% 1.74445% 1.79856%
Three Month Average 0.51972% 0.93066% 1.48839%
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-B Owner Trust
For the Month of January 1997
Distribution Date of February 18, 1997
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $62,197,239.05
Beginning Pool Factor 0.2892494
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,527,508.47
Interest Collected $464,372.26
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $4,737.98
Total Additional Deposits $4,737.98
Repos/Chargeoffs $30,042.33
Aggregate Number of Notes Charged Off 24
Total Available Funds $3,996,618.71
Ending Pool Balance $58,639,688.25
Ending Pool Factor 0.2727050
Servicing Fee $51,831.03
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $4,319,635.24
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release)/Deposit ($19,039.77)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.794%
Current Weighted Average Remaining Term (months): 22.04
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 631,856.52 426
31-60 days 177,793.73 126
60+ days 73,021.44 45
Total 882,671.69 445
Balances: 60+ days 672,439.19 45
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income 19,039.77
+ Transfer from Collection Account 0.00
Beginning Balance $4,319,635.24
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of January 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 $62,197,239.05
Ending Pool Balance $58,639,688.25
Collected Principal $3,527,508.47
Collected Interest $464,372.26
Charge-Offs $30,042.33
Liquidation Proceeds/Recoveries $4,737.98
Servicing $51,831.03
Cash Transfer to Reserve Account 0.00
Total Collections Available
for Debt Service $3,944,787.68
Beginning Balance $61,793,514.15 $59,630,009.58 $2,163,504.57
Interest Due $329,971.07 $318,026.72 $11,944.35
Interest Paid $329,971.07 $318,026.72 $11,944.35
Principal Due $3,557,550.80 $3,433,036.52 $124,514.28
Principal Paid $3,557,550.80 $3,433,036.52 $124,514.28
Ending Balance $58,235,963.36 $56,196,973.06 $2,038,990.30
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2708248703 0.2708983149
Total Distributions $3,887,521.87 $3,751,063.24 $136,458.63
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 $57,265.81
Beginning Reserve Account Balance $4,319,635.24 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($19,039.77)
Ending Reserve Account Balance $4,300,595.47
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of January 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1996 Oct 1996 Nov 1996 Dec 1996 Jan 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $76,441,016.22 $72,882,260.13 $69,133,032.09 $65,493,264.29 $62,197,239.05
A) Loss Trigger:
Principal of Contracts
Charged off $126,504.53 $115,168.44 $39,429.67 $44,376.01 $30,042.33
Recoveries $23,637.33 $198,276.20 $149,234.37 $60,818.33 $4,737.98
Total Charged off
(Months 5,4,3) $281,102.64
Total Recoveries
(Months 3,2,1) 214,790.68
Net Loss/(Recoveries)
for 3 Mos. $66,311.96(a)
Total Balance (Months 5,4,3) $218,456,308.44(b)
Loss Ratio Annualized [(a/b)(12)] 0.3643%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $383,327.14 $937,828.61 $672,439.19
As % of Beginning Pool Balance 0.55448% 1.43195% 1.08114%
Three Month Average 0.44417% 0.71253% 1.02252%
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 20.4
Page 1 of 3
Navistar Financial 1994-C Owner Trust
For the Month of January 1997
Distribution Date of February 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $114,162,032.78
Beginning Pool Factor 0.3623847
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,792,140.78
Interest Collected $956,364.15
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $97,061.63
Total Additional Deposits $97,061.63
Repos/Chargeoffs $56,782.84
Aggregate Number of Notes Charged Off 40
Total Available Funds $6,756,142.41
Ending Pool Balance $108,402,533.31
Ending Pool Factor 0.3441023
Servicing Fee $95,135.03
Repayment of Servicer Advances $89,424.15
Reserve Account:
Beginning Balance $6,878,977.48
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release)/Deposit ($263,349.13)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.599%
Current Weighted Average Remaining Term (months): 26.82
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 966,229.53 623
31-60 days 202,345.45 173
60+ days 89,576.36 48
Total 1,258,151.34 647
Balances: 60+ days 677,140.43 48
Memo Item - Reserve Account
Prior Month $6,849,721.97
+ Invest. Income 29,255.51
+ Transfer from Collections Account 0.00
Beginning Balance $6,878,977.48
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of January 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) 96.50% 0.000% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $114,162,032.78
Ending Pool Balance $108,402,533.31
Collected Principal $5,702,716.63
Collected Interest $956,364.15
Charge-Offs $56,782.84
Liquidation Proceeds/Recoveries $97,061.63
Servicing $95,135.03
Cash Transfer (to)/from Reserve Account $0.00
Total Collections Available
for Debt Service $6,661,007.38
Beginning Balance $113,849,009.61 $11,184,713.94 $97,000,000.00 $5,664,295.67
Interest Due $757,147.27 $71,302.55 $646,666.67 $39,178.05
Interest Paid $757,147.27 $71,302.55 $646,666.67 $39,178.05
Principal Due $5,759,499.47 $5,557,916.99 $0.00 $201,582.48
Principal Paid $5,759,499.47 $5,557,916.99 $0.00 $201,582.48
Ending Balance $108,089,510.13 $5,626,796.95 $97,000,000.00 $5,462,713.18
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0271825940 1.0000000000 0.4952631018
Total Distributions $6,516,646.74 $5,629,219.54 $646,666.67 $240,760.53
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 $144,360.64
Beginning Reserve Account Balance $6,878,977.48 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($263,349.13)
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 20.4
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of January 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1996 Oct 1996 Nov 1996 Dec 1996 Jan 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $140,485,673.79 $134,498,385.49 $127,872,259.24 $121,849,343.22 $114,162,032.78
A) Loss Trigger:
Principal of Contracts
Charged off $245,097.38 $283,022.12 $59,372.73 $91,127.94 $56,782.84
Recoveries $157,481.54 $329,866.43 $67,211.94 $255,941.07 $97,061.63
Total Charged off
(Months 5,4,3) $587,492.23
Total Recoveries
(Months 3,2,1) 420,214.64
Net Loss/(Recoveries)
for 3 Mos. $167,277.59(a)
Total Balance
(Months 5,4,3) $402,856,318.52(b)
Loss Ratio Annualized [(a/b)(12)] 0.4983%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $659,428.18 $1,074,290.67 $677,140.43
As % of Beginning Pool Balance 0.51569% 0.88165% 0.59314%
Three Month Average 0.64932% 0.60717% 0.66350%
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-A Owner Trust
For the Month of January 1997
Distribution Date of February 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $196,665,027.07
Beginning Pool Factor 0.4628727
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,984,200.52
Interest Collected $1,797,590.48
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $180,374.06
Total Additional Deposits $180,374.06
Repos/Chargeoffs $237,245.36
Aggregate Number of Notes Charged Off 61
Total Available Funds $10,962,165.06
Ending Pool Balance 187,443,581.19
Ending Pool Factor 0.4411690
Servicing Fee $163,887.52
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $11,850,301.07
Target Percentage 6.00%
Target Balance $11,246,614.87
Minimum Balance $8,922,464.92
(Release)/Deposit ($603,686.20)
Ending Balance $11,246,614.87
Current Weighted Average APR: 10.657%
Current Weighted Average Remaining Term (months): 30.94
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 1,590,006.59 1,099
31-60 days 389,639.82 294
60+ days 184,530.58 80
Total 2,164,176.99 1,119
Balances: 60+ days 2,541,650.90 80
Memo Item - Reserve Account
Prior Month $11,799,901.62
+ Invest. Income 50,399.45
+ Transfer from Collections Account 0.00
Beginning Balance $11,850,301.07
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of January 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 $196,665,027.07
Ending Pool Balance $187,443,581.19
Collected Principal $8,984,200.52
Collected Interest $1,797,590.48
Charge-Offs $237,245.36
Liquidation Proceeds/Recoveries $180,374.06
Servicing $163,887.52
Cash Transfer to Reserve Account $0.00
Total Collections Available
for Debt Service $10,798,277.54
Beginning Balance $196,665,027.07 $0.00 $185,061,776.11 $11,603,250.96
Interest Due $1,076,364.08 $0.00 $1,010,128.86 $66,235.22
Interest Paid $1,076,364.08 $0.00 $1,010,128.86 $66,235.22
Principal Due $9,221,445.88 $0.00 $8,898,695.27 $322,750.61
Principal Paid $9,221,445.88 $0.00 $8,898,695.27 $322,750.61
Ending Balance $187,443,581.19 $0.00 $176,163,080.84 $11,280,500.35
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.5338275177 0.7581347342
Total Distributions $10,297,809.96 $0.00 $9,908,824.13 $388,985.83
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $500,467.58
Beginning Reserve Account Balance $11,850,301.07 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($603,686.20)
Ending Reserve Account Balance $11,246,614.87
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1996, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Month of January 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1996 Oct 1996 Nov 1996 Dec 1996 Jan 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $235,977,087.48 $226,786,100.45 $217,488,410.17 $208,524,140.81 $196,665,027.07
A) Loss Trigger:
Principal of Contracts
Charged off $642,932.27 $363,306.99 $177,758.77 $252,975.39 $237,245.36
Recoveries $604,835.88 $909,010.09 $337,954.80 $444,327.02 $180,374.06
Total Charged Off (Months 5,4,3) $1,183,998.03
Total Recoveries (Months 3,2,1) 962,655.88
Net Loss/(Recoveries) for 3 Mos. $221,342.15(a)
Total Balance (Months 5,4,3) $680,251,598.10(b)
Loss Ratio Annualized [(a/b)(12)] 0.3905%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $2,180,506.44 $3,002,836.67 $2,541,650.90
As % of Beginning Pool Balance 1.00259% 1.44004% 1.29238%
Three Month Average 0.84319% 1.00033% 1.24500%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.6470%
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 1995-B Owner Trust
For the Month of January 1997
Distribution Date of February 18, 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 $315,057,727.83
Beginning Pool Factor 0.6001654
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,489,418.12
Interest Collected $2,705,165.94
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $373,781.36
Total Additional Deposits $373,781.36
Repos/Chargeoffs $433,592.20
Aggregate Number of Notes Charged Off 100
Total Available Funds $15,568,365.42
Ending Pool Balance $302,134,717.51
Ending Pool Factor 0.5755479
Servicing Fee $262,548.11
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $17,404,900.86
Target Percentage 5.50%
Target Balance $16,617,409.46
Minimum Balance $11,023,980.93
(Release)/Deposit ($787,491.40)
Ending Balance $16,617,409.46
Current Weighted Average APR: 10.074%
Current Weighted Average Remaining Term (months): 36.31
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,360,925.49 1,543
31-60 days 580,148.88 436
60+ days 193,770.52 114
Total 3,134,844.89 1,564
Balances: 60+ days 3,561,365.66 114
Memo Item - Reserve Account
Prior Month $17,328,175.03
+ Invest. Income 76,725.83
- Transfer to Collections Account 0.00
Beginning Balance $17,404,900.86
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of January 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% 96.50% 0.00% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $315,057,727.83
Ending Pool Balance $302,134,717.51
Collected Principal $12,489,418.12
Collected Interest $2,705,165.94
Charge-Offs $433,592.20
Liquidation Proceeds/Recoveries $373,781.36
Servicing $262,548.11
Cash Transfer from Reserve Acct. $0.00
Total Collections Available
for Debt Service $15,305,817.31
Beginning Balance $315,057,727.83 $0.00 $13,771,261.33 $284,325,000.00 $16,961,466.50
Interest Due $1,589,556.55 $0.00 $68,167.74 $1,433,471.88 $87,916.93
Interest Paid $1,589,556.55 $0.00 $68,167.74 $1,433,471.88 $87,916.93
Principal Due $12,923,010.32 $0.00 $12,470,704.96 $0.00 $452,305.36
Principal Paid $12,923,010.32 $0.00 $12,470,704.96 $0.00 $452,305.36
Ending Balance $302,134,717.51 $0.00 $1,300,556.37 $284,325,000.00 $16,509,161.14
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.0130 1.0000 0.8985
Total Distributions $14,512,566.87 $0.00 $12,538,872.70 $1,433,471.88 $540,222.29
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 $793,250.44
Beginning Reserve Account Balance $17,404,900.86
(Release)/Draw ($787,491.40)
Ending Reserve Account Balance $16,617,409.46
(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 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of January 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep 1996 Oct 1996 Nov 1996 Dec 1996 Jan 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $367,916,186.36 $355,444,399.13 $342,910,040.39 $330,900,935.56 $315,057,727.83
A) Loss Trigger:
Principal of Contracts
Charged off $1,258,820.68 $1,150,726.00 $242,720.78 $397,957.37 $433,592.20
Recoveries $503,955.85 $1,554,542.19 $528,267.98 $583,597.57 $373,781.36
Total Charged off
(Months 5,4,3) $2,652,267.46
Total Recoveries
(Months 3,2,1) 1,485,646.91
Net Loss/(Recoveries)
for 3 Mos. $1,166,620.55(a)
Total Balance
(Months 5,4,3) $1,066,270,625.88(b)
Loss Ratio Annualized [(a/b)(12)] 1.3129%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance Delinquency 60+ days $3,358,370.62 $3,135,788.79 $3,561,365.66
As a % of Beginning Pool Balance 0.97937% 0.94765% 1.13039%
Three Month Average 0.72460% 0.79871% 1.01914%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.6562%
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-A Owner Trust
For the Month of January 1997
Distribution Date of February 18, 1997
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $373,823,140.29
Beginning Pool Factor 0.8127582
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,497,301.83
Interest Collected $3,092,338.37
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $65,051.08
Total Additional Deposits $65,051.08
Repos/Chargeoffs $970,091.47
Aggregate Number of Notes Charged Off 12
Total Available Funds $13,654,691.28
Ending Pool Balance $362,355,746.99
Ending Pool Factor 0.7878260
Servicing Fee $311,519.28
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $18,678,126.88
Target Percentage 10.00%
Target Balance $36,235,574.70
Minimum Balance $9,658,821.26
(Release) of investment income only/Deposit ($86,536.65)
Ending Balance $18,591,590.23
Current Weighted Average APR: 9.757%
Current Weighted Average Remaining Term (months): 42.15
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,092,979.15 1,473
31-60 days 585,561.46 417
60+ days 225,374.78 113
Total 2,903,915.39 1,489
Balances: 60+ days 5,826,016.31 113
Memo Item - Reserve Account
Opening Balance $18,691,157.01
+ Invest. Income 86,536.65
- Transfer to Collections Account ($99,566.78)
Beginning Balance $18,678,126.88
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of January 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) 51.27% 44.23% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $373,823,140.29
Ending Pool Balance $362,355,746.99
Collected Principal $10,497,301.83
Collected Interest $3,092,338.37
Charge-Offs $970,091.47
Liquidation Proceeds/Recoveries $65,051.08
Servicing $311,519.28
Cash Transfer from Reserve Account $99,566.78
Total Collections Available
for Debt Service $13,442,738.78
Beginning Balance $373,823,140.29 $5,879,270.76 $347,245,000.00 $20,698,869.53
Interest Due $1,975,345.48 $25,721.81 $1,837,504.79 $112,118.88
Interest Paid $1,975,345.48 $25,721.81 $1,837,504.79 $112,118.88
Principal Due $11,467,393.30 $5,879,270.76 $5,072,089.84 $516,032.70
Principal Paid $11,467,393.30 $5,879,270.76 $5,072,089.84 $516,032.70
Ending Balance $362,355,746.99 $0.00 $342,172,910.16 $20,182,836.83
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9853933394 0.9750695228
Total Distributions $13,442,738.78 $5,904,992.57 $6,909,594.63 $628,151.58
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $0.00
Beginning Reserve Account Balance $18,678,126.88 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(86,536.65)
Ending Reserve Account Balance $18,591,590.23
(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 20.7
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of January 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
Aug 1996 Sep 1996 Oct 1996 Nov 1996 Dec 1996 Jan 1997
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $427,647,779.09 $417,109,950.65 $406,153,133.77 $395,176,408.01 $385,359,073.57 $373,823,140.29
A) Loss Trigger:
Principal of Contracts
Charged off $446,599.38 $874,339.96 $550,727.20 $717,473.22 $1,056,449.19 $970,091.47
Recoveries $74,360.07 $37,337.12 $147,684.86 $36,000.00 $134,013.18 $65,051.08
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $2,142,540.38 Total Charged off (Months 1-6) $4,615,680.42
Total Recoveries (Months 3,2,1) 235,064.26 Total Recoveries (Months 1-6) 494,446.31
Net Loss/(Recoveries) for 3 Mos. $1,907,476.12(a) Net Loss/(Recoveries) for 6 Mos. $4,121,234.11(c)
Total Balance (Months 5,4,3) $1,218,439,492.43(b) Total Balance (Months 1-6) $2,405,269,485.38(d)
Loss Ratio Annualized [(a/b)(12)] 1.8786% Loss Ratio Annualized [(c/d)(12)] 2.0561%
Trigger: Is Ratio> 1.5% Yes Trigger: Is Ratio> 6.0% No
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
B) Delinquency Trigger:
Balance delinquency 60+ days $2,496,882.79 $6,682,242.22 $5,826,016.31
As % of Beginning Pool Balance 0.63184% 1.73403% 1.55850%
Three Month Average 0.52273% 0.89423% 1.30812%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 4.0421%
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 3
Navistar Financial 1996-B Owner Trust
For the Month of January 1997
Distribution Date of February 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $449,329,330.86
Beginning Pool Factor 0.9235818
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,424,338.56
Interest Collected $3,825,065.62
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $301,836.56
Total Additional Deposits $301,836.56
Repos/Chargeoffs $809,912.35
Aggregate Number of Notes Charged Off 34
Total Available Funds $16,551,240.74
Ending Pool Balance $436,095,079.95
Ending Pool Factor 0.8963792
Servicing Fee $374,441.11
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $11,281,215.05
Target Percentage 2.50%
Target Balance $10,902,377.00
Minimum Balance $9,730,147.26
(Release)/Deposit $(378,838.05)
Ending Balance $10,902,377.00
Current Weighted Average APR: 10.144%
Current Weighted Average Remaining Term (months): 45.69
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,113,871.70 1,718
31-60 days 514,810.39 455
60+ days 96,431.89 74
Total 2,725,113.98 1,742
Balances: 60+ days 2,920,133.41 74
Memo Item - Reserve Account
Prior month $11,233,233.27
+ Invest. Income 47,981.78
- Transfer to Collections Account 0.00
Beginning Balance $11,281,215.05
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1996-B Owner Trust
For the Month of January 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% 0.000% 0.000% 0.00% 0.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $449,329,330.86
Ending Pool Balance $436,095,079.95
Collected Principal $12,424,338.56
Collected Interest $3,825,065.62
Charge-Offs $809,912.35
Liquidation Proceeds/Recoveries $301,836.56
Servicing $374,441.11
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $16,176,799.63
Beginning Balance $449,329,330.86 $69,321,968.11 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Interest Due $2,300,406.54 $317,148.00 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Paid $2,300,406.54 $317,148.00 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Principal Due $13,234,250.91 $13,234,250.91 $0.00 $0.00 $0.00 $0.00
Principal Paid $13,234,250.91 $13,234,250.91 $0.00 $0.00 $0.00 $0.00
Ending Balance $436,095,079.95 $56,087,717.20 $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) 0.5266452319 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Total Distributions $15,534,657.45 $13,551,398.91 $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 $642,142.18
Beginning Reserve
Account Balance $11,281,215.05 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($378,838.05)
Ending Reserve Account Balance $10,902,377.00
(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 20.8
Page 3 of 3
Navistar Financial 1996-B Owner Trust
For the Month of January 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997
<S> <C> <C> <C> <C>
Beg. Pool Balance $486,507,362.75 $471,983,852.01 $462,375,764.00 $449,329,330.86
A) Loss Trigger:
Principal of Contracts
Charged off $533,952.94 $138,745.01 $969,247.14 $809,912.35
Recoveries $0.00 $23,776.07 $88,657.60 $301,836.56
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $672,697.95 Total Charged off (Months 1-6) $2,451,857.44
Total Recoveries (Months 3,2,1) $414,270.23 Total Recoveries (Months 1-6) 414,270.23
Net Loss/(Recoveries) for 3 Mos. $258,427.72(a) Net Loss/(Recoveries) for 6 Mos. $2,037,587.21(c)
Total Balance (Months 5,4,3) $958,491,214.76(b) Total Balance (Months 1-6) $1,870,196,309.62(d)
Loss Ratio Annualized [(a/b)(12)] 0.3235% Loss Ratio Annualized [(c/d)(12)] 1.3074%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
<TABLE>
<S> <C> <C> <C>
B) Delinquency Trigger:
Balance delinquency 60+ days $2,027,397.12 $3,914,911.67 $2,920,133.41
As % of Beginning Pool Balance 0.42955% 0.84669% 0.64989%
Three Month Average 0.25889% 0.45483% 0.64204%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.2409%
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
