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) March 17, 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 March 17, and 20, 1997, Registrant made available the
Monthly Servicer Certificates for the Period of February
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 April 3, 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 March 17, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated March 17, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated March 20, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated March 20, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated March 17, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated March 17, 1997
Exhibit A to Navistar Financial 1996-A Owner Trust
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated March 20, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994-A Owner Trust
For the Month of February 1997
Distribution Date of March 17, 1997
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $51,030,159.26
Beginning Pool Factor 0.1822366
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,803,638.39
Interest Collected $314,291.65
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $142.69
Total Additional Deposits $142.69
Repos/Chargeoffs $23,693.18
Aggregate Number of Notes Charged Off 29
Total Available Funds $6,118,072.73
Ending Pool Balance $45,202,827.69
Ending Pool Factor 0.1614263
Servicing Fee $42,525.13
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $5,620,060.68
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release)/Deposit $(19,631.25)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.352%
Current Weighted Average Remaining Term (months): 17.8
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 878,379.82 590
31-60 days 141,150.58 111
60+ days 92,351.17 33
Total 1,111,881.57 601
Balances: 60+ days 1,160,358.52 33
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income 19,631.25
+ Transfer from Collections Account 0.00
Beginning Balance $5,620,060.68
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of February 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 $51,030,159.26
Ending Pool Balance $45,202,827.69
Collected Principal $5,803,638.39
Collected Interest $314,291.65
Charge-Offs $23,693.18
Liquidation Proceeds/Recoveries $142.69
Servicing $42,525.13
Cash Transfer to Reserve Account $0.00
Total Collections Available $6,075,547.60
for Debt Service
Beginning Balance $45,214,883.53 $0.00 $41,947,438.63 $3,267,444.90
Interest Due $224,335.43 $0.00 $207,290.26 $17,045.17
Interest Paid $224,335.43 $0.00 $207,290.26 $17,045.17
Principal Due $5,827,331.57 $0.00 $5,565,101.65 $262,229.92
Principal Paid $5,827,331.57 $0.00 $5,565,101.65 $262,229.92
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $39,387,551.96 $0.00 $36,382,336.98 $3,005,214.98
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2014369705 0.3066085561
Total Distributions $6,051,667.00 $0.00 $5,772,391.91 $279,275.09
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 $23,880.60
Beginning Reserve Account Balance $5,620,060.68 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(19,631.25)
Ending Reserve Account Balance $5,600,429.43
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of February 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percentage Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $68,378,586.60 $63,352,416.13 $59,198,061.43 $54,961,016.61 $51,030,159.26
A) Loss Trigger:
Principal of Contracts
Charged off $139,276.75 $102,684.32 $30,149.48 $2,477.79 $23,693.18
Recoveries $162,015.05 $211,505.35 $259,757.38 $11,160.22 $142.69
Total Charged off
(Months 5,4,3) $272,110.55
Total Recoveries
(Months 3,2,1) 271,060.29
Net Loss/(Recoveries)
for 3 Mos. ($1,050.26)(a)
Total Balance
(Months 5,4,3) $190,929,064.16(b)
Loss Ratio Annualized [(a/b)(12)] 0.0066%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $1,032,680.99 $988,506.61 $1,160,358.52
As % of Beginning Pool Balance 1.74445% 1.79856% 2.27387%
Three Month Average 0.93066% 1.48839% 1.93896%
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 February 1997
Distribution Date of March 17, 1997
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $58,639,688.25
Beginning Pool Factor 0.2727050
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $5,206,799.64
Interest Collected $389,359.00
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $114,217.45
Total Additional Deposits $114,217.45
Repos/Chargeoffs $49,517.63
Aggregate Number of Notes Charged Off 22
Total Available Funds $5,710,356.09
Ending Pool Balance $53,383,390.98
Ending Pool Factor 0.2482605
Servicing Fee $48,866.41
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $4,315,669.46
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release)/Deposit ($15,073.99)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.785%
Current Weighted Average Remaining Term (months): 21.49
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 800,375.21 550
31-60 days 145,975.95 111
60+ days 64,146.70 35
Total 1,010,497.86 566
Balances: 60+ days 607,180.87 35
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income 15,073.99
+ Transfer from Collection Account 0.00
Beginning Balance $4,315,669.46
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of February 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 $58,639,688.25
Ending Pool Balance $53,383,390.98
Collected Principal $5,206,779.64
Collected Interest $389,359.00
Charge-Offs $49,517.63
Liquidation Proceeds/Recoveries $114,217.45
Servicing $48,866.41
Cash Transfer to Reserve Account 0.00
Total Collections Available
for Debt Service $5,661,489.68
Beginning Balance $58,235,963.36 $56,196,973.06 $2,038,990.30
Interest Due $310,974.12 $299,717.19 $11,256.93
Interest Paid $310,974.12 $299,717.19 $11,256.93
Principal Due $5,256,297.27 $5,072,326.87 $183,970.40
Principal Paid $5,256,297.27 $5,072,326.87 $183,970.40
Ending Balance $52,979,666.08 $51,124,646.19 $1,855,019.89
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2463802749 0.2464561816
Total Distributions $5,567,271.39 $5,372,044.06 $195,227.33
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 $94,218.29
Beginning Reserve Account Balance $4,315,669.46 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($15,073.99)
Ending Reserve Account Balance $4,300,595.47
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of February 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $72,882,260.13 $69,133,032.09 $65,493,264.29 $62,197,239.05 $58,639,688.25
A) Loss Trigger:
Principal of Contracts
Charged off $115,168.44 $39,429.67 $44,376.01 $30,042.33 $49,517.63
Recoveries $198,276.20 $149,234.37 $60,818.33 $4,737.98 $114,217.45
Total Charged off
(Months 5,4,3) $198,974.12
Total Recoveries
(Months 3,2,1) 179,773.76
Net Loss/(Recoveries)
for 3 Mos. $19,200.36(a)
Total Balance (Months 5,4,3) $207,508,556.51(b)
Loss Ratio Annualized [(a/b)(12)] 0.1110%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $937,828.61 $672,439.19 $607,180.87
As % of Beginning Pool Balance 1.43195% 1.08114% 1.03544%
Three Month Average 0.71253% 1.02252% 1.18284%
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 February 1997
Distribution Date of March 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $108,402,533.31
Beginning Pool Factor 0.3441023
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,291,493.36
Interest Collected $777,217.02
Additional Deposits:
Repurchase Amounts $8,063.23
Liquidation Proceeds/Recoveries $127,816.00
Total Additional Deposits $135,879.23
Repos/Chargeoffs $31,177.11
Aggregate Number of Notes Charged Off 38
Total Available Funds $8,204,589.61
Ending Pool Balance $101,071,799.61
Ending Pool Factor 0.3208324
Servicing Fee $90,335.44
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $6,641,727.87
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release)/Deposit ($26,099.52)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.576%
Current Weighted Average Remaining Term (months): 25.90
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 1,426,531.34 773
31-60 days 202,438.08 165
60+ days 102,446.67 47
Total 1,731,416.09 791
Balances: 60+ days 824,813.00 47
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income 26,099.52
+ Transfer from Collections Account 0.00
Beginning Balance $6,641,727.87
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of February 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) 76.76% 19.74% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $108,402,533.31
Ending Pool Balance $101,071,799.61
Collected Principal $7,299,556.59
Collected Interest $777,217.02
Charge-Offs $31,177.11
Liquidation Proceeds/Recoveries $127,816.00
Servicing $90,335.44
Cash Transfer (to)/from Reserve Account $0.00
Total Collections Available
for Debt Service $8,114,254.17
Beginning Balance $108,089,510.13 $5,626,796.95 $97,000,000.00 $5,462,713.18
Interest Due $720,321.27 $35,870.83 $646,666.67 $37,783.77
Interest Paid $720,321.27 $35,870.83 $646,666.67 $37,783.77
Principal Due $7,330,733.70 $5,626,796.95 $1,447,361.07 $256,575.68
Principal Paid $7,330,733.70 $5,626,796.95 $1,447,361.07 $256,575.68
Ending Balance $100,758,776.43 $0.00 $95,552,638.93 $5,206,137.51
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9850787519 0.4720013155
Total Distributions $8,051,054.97 $5,662,667.78 $2,094,027.74 $294,359.45
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 $63,199.20
Beginning Reserve Account Balance $6,641,727.87 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($26,099.52)
Ending Reserve Account Balance $6,615,628.35
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1995, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of February 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $134,498,385.49 $127,872,259.24 $121,849,343.22 $114,162,032.78 $108,402,533.31
A) Loss Trigger:
Principal of Contracts
Charged off $283,022.12 $59,372.73 $91,127.94 $56,782.84 $31,177.11
Recoveries $329,866.43 $67,211.94 $255,941.07 $97,061.63 $127,816.00
Total Charged off
(Months 5,4,3) $433,522.79
Total Recoveries
(Months 3,2,1) 480,818.70
Net Loss/(Recoveries)
for 3 Mos. $(47,295.91)(a)
Total Balance
(Months 5,4,3) $384,219,987.95(b)
Loss Ratio Annualized [(a/b)(12)] -0.1477%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $1,074,290.67 $677,140.43 $824,813.00
As % of Beginning Pool Balance 0.88165% 0.59314% 0.76088%
Three Month Average 0.60717% 0.66350% 0.74522%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.1000%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1995-A Owner Trust
For the Month of February 1977
Distribution Date of March 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $187,443,581.19
Beginning Pool Factor 0.4411690
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,285,359.98
Interest Collected $1,588,955.95
Additional Deposits:
Repurchase Amounts $53,483.63
Liquidation Proceeds/Recoveries $612,940.20
Total Additional Deposits $666,423.83
Repos/Chargeoffs $270,748.46
Aggregate Number of Notes Charged Off 49
Total Available Funds $10,540,739.76
Ending Pool Balance 178,833,989.12
Ending Pool Factor 0.4209054
Servicing Fee $156,202.98
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $11,290,986.03
Target Percentage 6.00%
Target Balance $10,730,039.35
Minimum Balance $8,922,464.92
(Release)/Deposit ($560,946.68)
Ending Balance $10,730,039.35
Current Weighted Average APR: 10.638%
Current Weighted Average Remaining Term (months): 30.16
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,164,152.09 1,360
31-60 days 443,083.64 340
60+ days 202,538.35 97
Total 2,809,774.08 1,376
Balances: 60+ days 2,978,832.77 97
Memo Item - Reserve Account
Prior Month $11,246,614.87
+ Invest. Income 44,371.16
+ Transfer from Collections Account 0.00
Beginning Balance $11,290,986.03
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of February 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 $187,443,581.19
Ending Pool Balance $178,833,989.12
Collected Principal $8,338,843.61
Collected Interest $1,588,955.95
Charge-Offs $270,748.46
Liquidation Proceeds/Recoveries $612,940.20
Servicing $156,202.98
Cash Transfer to Reserve Account $0.00
Total Collections Available
for Debt Service $10,384,536.78
Beginning Balance $187,443,581.19 $0.00 $176,163,080.84 $11,280,500.35
Interest Due $1,025,949.68 $0.00 $961,556.82 $64,392.86
Interest Paid $1,025,949.68 $0.00 $961,556.82 $64,392.86
Principal Due $8,609,592.07 $0.00 $8,308,256.35 $301,335.72
Principal Paid $8,609,592.07 $0.00 $8,308,256.35 $301,335.72
Ending Balance $178,833,989.12 $0.00 $167,854,824.49 $10,947,164.63
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.5086509833 0.7378827001
Total Distributions $9,635,541.75 $0.00 $9,269,813.17 $365,728.58
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 $748,995.03
Beginning Reserve Account Balance $11,290,986.03 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($560,946.68)
Ending Reserve Account Balance $10,730,039.35
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1996, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Month of February 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $226,786,100.45 $217,488,410.17 $208,524,140.81 $196,665,027.07 $187,443,581.19
A) Loss Trigger:
Principal of Contracts
Charged off $363,306.99 $177,758.77 $252,975.39 $237,245.36 $270,748.46
Recoveries $909,010.09 $337,954.80 $444,327.02 $180,374.06 $612,940.20
Total Charged Off (Months 5,4,3) $794,041.15
Total Recoveries (Months 3,2,1) $1,237,641.28
Net Loss/(Recoveries) for 3 Mos. $(443,600.13)(a)
Total Balance
(Months 5,4,3) $652,798,651.43(b)
Loss Ratio Annualized [(a/b)(12)] -0.8154%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $3,002,836.67 $2,541,650.90 $2,978,832.77
As % of Beginning Pool Balance 1.44004% 1.29238% 1.58919%
Three Month Average 1.00033% 1.24500% 1.44054%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.5254%
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 February 1997
Distribution Date of March 17, 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 $302,134,717.52
Beginning Pool Factor 0.5755479
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $13,986,596.77
Interest Collected $1,938,494.73
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,213,647.41
Total Additional Deposits $1,213,647.41
Repos/Chargeoffs $390,842.50
Aggregate Number of Notes Charged Off 87
Total Available Funds $17,138,738.91
Ending Pool Balance $287,757,278.24
Ending Pool Factor 0.5481598
Servicing Fee $251,778.93
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $16,675,661.67
Target Percentage 5.50%
Target Balance $15,826,650.30
Minimum Balance $11,023,980.93
(Release)/Deposit ($849,011.37)
Ending Balance $15,826,650.30
Current Weighted Average APR: 10.057%
Current Weighted Average Remaining Term (months): 35.59
</TABLE>
<TABLE>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,939,205.69 1,923
31-60 days 586,956.15 455
60+ days 182,081.41 112
Total 3,708,243.25 1,929
Balances: 60+ days 3,514,912.62 112
Memo Item - Reserve Account
Prior Month $16,617,409.46
+ Invest. Income 58,252.21
- Transfer to Collections Account 0.00
Beginning Balance $16,675,661.67
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of February 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% 9.05% 87.45% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $302,134,717.51
Ending Pool Balance $287,757,278.24
Collected Principal $13,986,596.77
Collected Interest $1,938,494.73
Charge-Offs $390,842.50
Liquidation Proceeds/Recoveries $1,213,647.41
Servicing $251,778.93
Cash Transfer from Reserve Acct. $0.00
Total Collections Available
for Debt Service $16,886,959.98
Beginning Balance $302,134,717.51 $0.00 $1,300,556.37 $284,325,000.00 $16,509,161.14
Interest Due $1,525,482.12 $0.00 $6,437.75 $1,433,471.88 $85,572.49
Interest Paid $1,525,482.12 $0.00 $6,437.75 $1,433,471.88 $85,572.49
Principal Due $14,377,439.27 $0.00 $1,300,556.37 $12,573,672.53 $503,210.37
Principal Paid $14,377,439.27 $0.00 $1,300,556.37 $12,573,672.53 $503,210.37
Ending Balance $287,757,278.24 $0.00 $0.00 $271,751,327.47 $16,005,950.77
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.0000 0.9558 0.8711
Total Distributions $15,902,921.39 $0.00 $1,306,994.12 $14,007,144.41 $588,782.86
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 $984,038.59
Beginning Reserve Account Balance $16,675,661.67
(Release)/Draw ($849,011.37)
Ending Reserve Account Balance $15,826,650.30
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in November 1996, and generally 96.5%
thereafter until all of the Notes have been paid in full. Principal
distributions will be paid in the following priority: First to Class
A-1 until paid in full, Second to Class A-2 until paid in full, Third
to Class A-3 until paid in full.
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of February 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $355,444,399.13 $342,910,040.39 $330,900,935.56 $315,057,727.83 $302,134,717.51
A) Loss Trigger:
Principal of Contracts
Charged off $1,150,726.00 $242,720.78 $397,957.37 $433,592.20 $390,842.50
Recoveries $1,554,542.19 $528,267.98 $583,597.57 $373,781.36 $1,213,647.41
Total Charged off
(Months 5,4,3) $1,791,404.15
Total Recoveries
(Months 3,2,1) 2,171,026.34
Net Loss/(Recoveries)
for 3 Mos. $(379,622.19)(a)
Total Balance
(Months 5,4,3) $1,029,255,375.08(b)
Loss Ratio Annualized [(a/b)(12)] -0.4426%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance Delinquency 60+ days $3,135,788.79 $3,561,365.66 $3,514,912.62
As a % of Beginning Pool Balance 0.94765% 1.13039% 1.16336%
Three Month Average 0.79871% 1.01914% 1.08047%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.4822%
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 11
Navistar Financial 1996-A Owner Trust
For the Month of February 1997
Distribution Date of March 17, 1997
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $362,355,746.99
Beginning Pool Factor 0.7878260
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,311,663.68
Interest Collected $2,886,955.68
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $3,137,392.88 (1)
Total Additional Deposits $3,137,392.88
Repos/Chargeoffs $1,935,375.96
Aggregate Number of Notes Charged Off 125
Total Available Funds $18,336,012.24
Ending Pool Balance $348,108,707.35
Ending Pool Factor 0.7568504
Servicing Fee $301,963.12
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $18,664,757.30
Target Percentage 5.00%
Target Balance $17,405,435.37
Minimum Balance $9,658,821.26
(Release)/Deposit ($1,259,321.93)
Ending Balance $17,405,435.37
Current Weighted Average APR: 9.736%
Current Weighted Average Remaining Term (months): 41.36
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments: 1-30 days 2,497,058.01 1,815
31-60 days 589,340.35 434
60+ days 198,881.93 117
Total 3,285,280.29 1,822
Balances: 60+ days 4,280,712.97 117
Memo Item - Reserve Account
Opening Balance $18,591,590.23
+ Invest. Income 73,167.07
- Transfer to Collections Account $0.00
Beginning Balance $18,664,757.30
(1) February Liquidation Proceeds were $910,706.72, actual funds
deposited in the Trust account were $3,137,392.88. The
incremental $2,226,686.16 represents additional proceeds from
prior periods.
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 11
Navistar Financial 1996-A Owner Trust
For the Month of February 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages (1) 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $362,355,746.99
Ending Pool Balance $348,108,707.35
Collected Principal $12,311,663.68
Collected Interest $2,886,955.68
Charge-Offs $1,935,375.96
Liquidation Proceeds/Recoveries $3,137,392.88(2)
Servicing $301,963.12
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $18,034,049.12
Beginning Balance $362,355,746.99 $0.00 $342,172,910.16 $20,182,836.83
Interest Due $1,919,988.68 $0.00 $1,810,664.98 $109,323.70
Interest Paid $1,919,988.68 $0.00 $1,810,664.98 $109,323.70
Principal Due $14,247,039.64 $0.00 $13,605,922.86 $641,116.78
Principal Paid $14,247,039.64 $0.00 $13,605,922.86 $641,116.78
Ending Balance $348,108,707.35 $0.00 $328,566,987.30 $19,541,720.05
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9462108520 0.9440960059
Total Distributions $16,167,028.32 $0.00 $15,416,587.84 $750,440.48
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,867,020.80
Beginning Reserve Account Balance $18,664,757.30 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(1,259,321.93)
Ending Reserve Account Balance $17,405,435.37
(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.
(2) February Liquidation Proceeds were $910,706.72, actual funds deposited
in the Trust account were $3,137,392.88. The incremental $2,226,686.16
represents additional proceeds from prior periods.
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 11
Navistar Financial 1996-A Owner Trust
For the Month of February 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
Sep 1996 Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $417,109,950.65 $406,153,133.77 $395,176,408.01 $385,359,073.57 $373,823,140.29 $362,355,746.99
A) Loss Trigger:
Principal of Contracts
Charged off $874,339.96 $550,727.20 $717,473.22 $1,056,449.19 $970,091.47 $1,935,375.96
Recoveries $174,139.20 $1,140,377.71 $270,476.85 $411,958.72 $610,689.52 $910,706.72
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $2,324,649.61 Total Charged off (Months 1-6) $6,104,457.00
Total Recoveries (Months 3,2,1) 1,933,354.96 Total Recoveries (Months 1-6) 3,518,348.72
Net Loss/(Recoveries) for 3 Mos. $ 391,294.65(a) Net Loss/(Recoveries) for 6 Mos. $2,586,108.28(c)
Total Balance (Months 5,4,3) $1,186,688,615.35(b) Total Balance (Months 1-6) $2,339,977,453.28(d)
Loss Ratio Annualized [(a/b)(12)] 0.3957% Loss Ratio Annualized[(c/d)(12)] 1.3262%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
B) Delinquency Trigger:
Balance delinquency 60+ days $6,682,242.22 $5,826,016.31 $4,280,712.97
As % of Beginning Pool Balance 1.73403% 1.55850% 1.18136%
Three Month Average 0.89423% 1.30812% 1.49129%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.7843%
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 20.6
Page 4 of 11
Exhibit A
OFFICER'S CERTIFICATE
This Certificate is being delivered to Chase Manhattan Bank Delaware, as
Owner Trustee, and the Bank of New York, as Indenture Trustee of the
Navistar Financial 1996-A Owner Trust (the "1996-A Trust"). The purpose
of this Certificate is to explain the restatement of the Liquidation
Proceeds amounts originally reported for the Monthly Periods of August
1996, September 1996, October 1996, November 1996, December 1996 and
January 1997 (the "Affected Monthly Periods"), as reflected on the
attached Exhibit A. Capitalized terms used and not defined herein have
the meanings specified in the Pooling and Servicing Agreement for the
1996-A Trust.
The undersigned officer of Navistar Financial Corporation (the
"Corporation") hereby certifies on behalf of the Corporation, in its
capacity as Servicer (the "Servicer") of the 1996-A Trust as of the date
hereof that:
1. On approximately March 6, 1997, the Servicer determined that an
error in its information systems had resulted in the underreporting of
Liquidation Proceeds during the Affected Monthly Periods. The Servicer
promptly corrected the error and re-computed the correct Liquidation
Proceeds for each Affected Period.
2. The correct amount of Liquidation Proceeds for each Affected Monthly
Period is as shown on the Restated Amount row on page 1 of Exhibit A.
3. The aggregate Liquidation Proceeds for the Affected Monthly Periods
not previously recognized ("Aggregate Unrecognized Liquidation
Proceeds") is $2,226,686.16.
4. An amount equal to $2,226,686.16, representing the Aggregate
Unrecognized Liquidation Proceeds, was deposited to the Navistar
Financial 1996-A Owner Trust Collections Account on March 7, 1997 (the
"Related Deposit") and was treated as Liquidation Proceeds for the
February 1997 Monthly Period for purposes of calculating Total
Collections Available for Debt Service (Line 35 of Servicer Certificate)
5. The February 1997 Liquidation Proceeds for purposes of calculation
Loss Triggers is the amount recovered in February 1997 ($910,706.72).
6. The effect of this restatement and the Related Deposit does not
increase or decrease any amounts previously paid or required to be paid
to Holders of Navistar Financial 1996-A Owner Trust.
7. The Loss Triggers for the Affected Monthly Periods have been
recalculated using the restated Liquidation Proceeds and are shown on
pages 2 through 7 of Exhibit A to Officer's Certificate (the "Restated
Loss Triggers").
8. No Restated Loss Trigger exceeds its respective limit.
Date: March 7, 1997 by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 5 of 11
Exhibit A
NAVISTAR FINANCIAL 1996-A OWNER TRUST
Exhibit A to Officer's Certificate Dated 3/7/97
<TABLE>
<CAPTION>
Aug 96 Sep 96 Oct 96 Nov 96 Dec 96 Jan 97 Total
<S> <C> <C> <C> <C> <C> <C> <C>
Liquidation Proceeds
As reported on Original $ 74,360.07 $ 37,337.12 $ 147,684.86 $ 36,000.00 $134,013.18 $ 65,051.08 $ 494,446.31
Monthly Certificate
Restated Amount $113,490.47 $174,139.20 $1,140,337.71 $270,476.85 $411,958.72 $610,689.52 $2,721,132.47
Related Deposit - 3/7/97 $2,226,686.16
</TABLE>
<PAGE>
Exhibit 20.6
Page 6 of 11
Exhibit A
Navistar Financial 1996-A Owner Trust
For the Month of January 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
B) Loss Trigger - Certificate Lockout Event
<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 $113,490.47 $174,139.20 $1,140,377.71 $270,476.85 $411,958.72 $610,689.52
</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) 1,293,125.09 Total Recoveries (Months 1-6) 2,721,132.47
Net Loss/(Recoveries) for 3 Mos. $ 849,415.29(a) Net Loss/(Recoveries) for 6 Mos. $1,894,547.95(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)] 0.8366% Loss Ratio Annualized [(c/d)(12)] 0.9452%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
SPECIAL NOTE:
A recently discovered error has had the effect of understating Pool 1996-A
recoveries and; therefore, overstating the annualized Loss Ratios for the
months of August, September, October, November and December 1996 plus January
1997. This error has now been corrected. Additional cumulative recoveries
not recognized on prior monthly statements totalled $2,226,686.16. The actual
recoveries in each affected month have also now been determined and are used
in calculating the restated Loss Triggers on this and the other pages in this
Exhibit A. No restated Loss Triggers were tripped.
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 7 of 11
Exhibit A
Navistar Financial 1996-A Owner Trust
For the Month of December 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
B) Loss Trigger - Certificate Lockout Event
<TABLE>
<CAPTION>
6 5 4 3 2 1
Jul 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996 Dec 1996
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $437,532,448.32 $427,647,779.09 $417,109,950.65 $406,153,133.77 $395,176,408.01 $385,359,073.57
A) Loss Trigger:
Principal of Contracts
Charged off $438,220.11 $446,599.38 $874,339.96 $550,727.20 $717,473.22 $1,056,449.19
Recoveries $237,338.64 $113,490.47 $174,139.20 $1,140,377.71 $270,476.85 $411,958.72
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,871,666.54 Total Charged off (Months 1-6) $4,083,809.06
Total Recoveries (Months 3,2,1) 1,822,813.28 Total Recoveries (Months 1-6) 2,347,781.59
Net Loss/(Recoveries) for 3 Mos. $ 48,853.26(a) Net Loss/(Recoveries) for 6 Mos. $1,736,027.47(c)
Total Balance (Months 5,4,3) $1,250,910,863.51(b) Total Balance (Months 1-6) $2,468,978,793.41(d)
Loss Ratio Annualized [(a/b)(12)] 0.0469% Loss Ratio Annualized [(c/d)(12)] 0.8438%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 8 of 11
Exhibit A
Navistar Financial 1996-A Owner Trust
For the Month of November 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
B) Loss Trigger - Certificate Lockout Event
<TABLE>
<CAPTION>
6 5 4 3 2 1
Jun 1996 Jul 1996 Aug 1996 Sep 1996 Oct 1996 Nov 1996
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $448,886,287.07 $437,532,448.32 $427,647,779.09 $417,109,950.65 $406,153,133.77 $395,176,408.01
A) Loss Trigger:
Principal of Contracts
Charged off $817,826.85 $438,220.11 $446,599.38 $874,339.96 $550,727.20 $717,473.22
Recoveries $10,734.47 $237,338.64 $113,490.47 $174,139.20 $1,140,377.71 $270,476.85
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,759,159.45 Total Charged off (Months 1-6) $3,845,186.72
Total Recoveries (Months 3,2,1) 1,584,993.76 Total Recoveries (Months 1-6) 1,946,557.34
Net Loss/(Recoveries) for 3 Mos. $ 174,165.69(a) Net Loss/(Recoveries) for 6 Mos. $1,898,629.38(c)
Total Balance (Months 5,4,3) $1,282,290,178.06(b) Total Balance (Months 1-6) $2,532,506,006.91(d)
Loss Ratio Annualized [(a/b)(12)] 0.1630% Loss Ratio Annualized [(c/d)(12)] 0.8996%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 9 of 11
Exhibit A
Navistar Financial 1996-A Owner Trust
For the Month of October 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
B) Loss Trigger - Certificate Lockout Event
<TABLE>
<CAPTION>
6 5 4 3 2 1
May 1996 Jun 1996 Jul 1996 Aug 1996 Sep 1996 Oct 1996
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $459,943,869.53 $448,886,287.07 $437,532,448.32 $427,647,779.09 $417,109,950.65 $406,153,133.77
A) Loss Trigger:
Principal of Contracts
Charged off $383,082.86 $817,826.85 $438,220.11 $446,599.38 $874,339.96 $550,727.20
Recoveries $0.00 $10,734.47 $237,338.64 $113,490.47 $174,139.20 $1,140,377.71
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,702,646.34 Total Charged off (Months 1-6) $3,510,796.36
Total Recoveries (Months 3,2,1) 1,428,007.38 Total Recoveries (Months 1-6) 1,676,080.49
Net Loss/(Recoveries) for 3 Mos. $ 274,638.96(a) Net Loss/(Recoveries) for 6 Mos. $1,834,715.87(c)
Total Balance (Months 5,4,3) $1,314,066,514.48(b) Total Balance (Months 1-6) $2,597,273,468.43(d)
Loss Ratio Annualized [(a/b)(12)] 0.2508% Loss Ratio Annualized [(c/d)(12)] 0.8477%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 10 of 11
Exhibit A
Navistar Financial 1996-A Owner Trust
For the Month of September 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
B) Loss Trigger - Certificate Lockout Event
<TABLE>
<CAPTION>
5 4 3 2 1
May 1996 Jun 1996 Jul 1996 Aug 1996 Sep 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $459,943,869.53 $448,886,287.07 $437,532,448.32 $427,647,779.09 $417,109,950.65
A) Loss Trigger:
Principal of Contracts
Charged off $383,082.86 $817,826.85 $438,220.11 $446,599.38 $874,339.96
Recoveries $0.00 $10,734.47 $237,338.64 $113,490.47 $174,139.20
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,639,129.82 Total Charged off (Months 1-6) $2,960,069.16
Total Recoveries (Months 3,2,1) 524,968.31 Total Recoveries (Months 1-6) 535,702.78
Net Loss/(Recoveries) for 3 Mos. $1,114,161.51(a) Net Loss/(Recoveries) for 6 Mos. $2,424,366.38(c)
Total Balance (Months 5,4,3) $1,346,362,604.92(b) Total Balance (Months 1-6) $2,191,120,334.66(d)
Loss Ratio Annualized [(a/b)(12)] 0.9930% Loss Ratio Annualized [(c/d)(12)] 1.3277%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 11 of 11
Exhibit A
Navistar Financial 1996-A Owner Trust
For the Month of August 1996
Trigger Events: A) Loss Trigger - Reserve Account Balance
B) Loss Trigger - Certificate Lockout Event
<TABLE>
<CAPTION>
4 3 2 1
May 1996 Jun 1996 Jul 1996 Aug 1996
<S> <C> <C> <C> <C>
Beg. Pool Balance $459,943,869.53 $448,886,287.07 $437,532,448.32 $427,647,779.09
A) Loss Trigger:
Principal of Contracts
Charged off $383,082.86 $817,826.85 $438,220.11 $446,599.38
Recoveries $0.00 $10,734.47 $237,338.64 $113,490.47
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,200,909.71 Total Charged off (Months 1-6) $2,085,729.20
Total Recoveries (Months 3,2,1) 361,563.58 Total Recoveries (Months 1-6) 361,563.58
Net Loss/(Recoveries) for 3 Mos. $ 839,346.13(a) Net Loss/(Recoveries) for 6 Mos. $1,724,165.62(c)
Total Balance (Months 5,4,3) $908,830,156.60(b) Total Balance (Months 1-6) $1,774,010,384.01(d)
Loss Ratio Annualized [(a/b)(12)] 1.1083% Loss Ratio Annualized [(c/d)(12)] 1.1663%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% 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 February 1997
Distribution Date of March 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $436,095,079.95
Beginning Pool Factor 0.8963792
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $14,748,325.90
Interest Collected $3,646,770.97
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $440,053.06
Total Additional Deposits $440,053.06
Repos/Chargeoffs $878,067.63
Aggregate Number of Notes Charged Off 53
Total Available Funds $18,835,149.93
Ending Pool Balance $420,468,686.42
Ending Pool Factor 0.8642597
Servicing Fee $363,412.57
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $10,945,390.90
Target Percentage 2.50%
Target Balance $10,511,717.16
Minimum Balance $9,730,147.26
(Release)/Deposit $(433,673.74)
Ending Balance $10,511,717.16
Current Weighted Average APR: 10.147%
Current Weighted Average Remaining Term (months): 45%
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,723,618.43 2,155
31-60 days 565,323.79 433
60+ days 131,805.85 97
Total 3,420,748.07 2,163
Balances: 60+ days 4,097,975.10 97
Memo Item - Reserve Account
Prior month $10,902,377.00
+ Invest. Income 43,013.90
- Transfer to Collections Account 0.00
Beginning Balance $10,945,390.90
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-B Owner Trust
For the Month of February 1997
<TABLE>
<CAPTION>
NOTES CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Distribution Percentages (1) 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $436,095,079.95
Ending Pool Balance $420,468,686.42
Collected Principal $14,748,325.90
Collected Interest $3,646,770.97
Charge-Offs $878,067.63
Liquidation Proceeds/Recoveries $440,053.06
Servicing $363,412.57
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $18,471,737.36
Beginning 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
Interest Due $2,239,859.85 $256,601.31 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Paid $2,239,859.85 $256,601.31 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Principal Due $15,626,393.53 $15,626,393.53 $0.00 $0.00 $0.00 $0.00
Principal Paid $15,626,393.53 $15,626,393.53 $0.00 $0.00 $0.00 $0.00
Ending Balance $420,468,686.42 $40,461,323.67 $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) 0.3799185321 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Total Distributions $17,866,253.38 $15,882,994.84 $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 $605,483.98
Beginning Reserve
Account Balance $10,945,390.90 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($433,673.74)
Ending Reserve Account Balance $10,511,717.16
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution date on which the Class A-1 Notes
have been paid in full, and generally 93.5% thereafter until all the
Notes have been paid in full. No principal distributions to Class
A-2 until Class A-1 has been paid in full. No principal distributions
to Class A-3 until Class A-2 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-B Owner Trust
For the Month of February 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $486,507,362.75 $471,983,852.01 $462,375,764.00 $449,329,330.86 $436,095,079.95
A) Loss Trigger:
Principal of Contracts
Charged off $533,952.94 $138,745.01 $969,247.14 $809,912.35 $878,067.63
Recoveries $0.00 $23,776.07 $88,657.60 $301,836.56 $440,053.06
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,641,945.09 Total Charged off (Months 1-6) $3,329,925.07
Total Recoveries (Months 3,2,1) $830,547.22 Total Recoveries (Months 1-6) 854,323.29
Net Loss/(Recoveries) for 3 Mos. $811,397.87(a) Net Loss/(Recoveries) for 6 Mos. $2,475,601.78(c)
Total Balance Months 5,4,3) $1,420,866,978.76(b) Total Balance (Months 1-6) $2,306,291,389.57(d)
Loss Ratio Annualized [(a/b)(12)] 0.6853% Loss Ratio Annualized [(c/d)(12)] 1.2881%
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 $3,914,911.67 $2,920,133.41 $4,097,975.10
As % of Beginning
Pool Balance 0.84669% 0.64969% 0.93970%
Three Month Average 0.45483% 0.64204% 0.81209%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.1606%
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
