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) November 17, 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 995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST AND
NAVISTAR FINANCIAL 1997-B 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 November 17 and 20, 1997, Registrant made available the Monthly
Servicer Certificates for the Period of October 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,
NAVISTAR FINANCIAL 1997-A OWNER TRUST AND
NAVISTAR FINANCIAL 1997-B OWNER TRUST
(Registrant)
Date December 9, 1997 By:/s/ R. W. CAIN
- ------------------------ --------------------------
R. W. 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 November 17, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated November 17, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated November 20, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated November 20, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated November 17, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated November 17, 1997
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated November 20, 1997
Navistar Financial 1997-A Owner Trust
20.8 Monthly Servicer Certificate, dated November 17, 1997
Navistar Financial 1997-B Owner Trust
20.9 Monthly Servicer Certificate, dated November 17, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of October
Distribution Date of November 17, 1997
Servicer Certificate #43
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $24,243,086.88
Beginning Pool Factor 0.0865758
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,603,337.43
Interest Collected $194,667.01
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $82,762.35
Total Additional Deposits $21,610,147.23
Repos / Chargeoffs $0.00
Aggregate Number of Notes Charged Off 26
Total Available Funds $24,408,151.67
Ending Pool Balance $21,639,749.45
Ending Pool Factor 0.0772789
Servicing Fee $20,202.57
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,494,721.08
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release) / Deposit ($11,494,721.08)
Ending Balance $0.00
Current Weighted Average APR: 8.253%
Current Weighted Average Remaining Term (months): 12.28
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $289,434.38 234
31 - 60 days $84,467.86 52
60+ days $21,209.48 12
Total: $395,111.72 236
Balances: 60+ days $212,603.64 12
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income $25,784.85
+ Excess Serv. $5,868,506.80
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,494,721.08
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of October
<TABLE>
<CAPTION> NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$280,021,471.35 $89,606,000.00 $180,614,000.00 $9,801,471.35
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $24,243,086.88
Ending Pool Balance $21,639,749.45
Collected Principal $24,130,722.31
Collected Interest $194,667.01
Charge - Offs $0.00
Liquidation Proceeds / Recoveries $82,762.35
Servicing $20,202.57
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $24,387,949.10
Beginning Balance $18,427,811.14 $0.00 $16,365,784.50 $2,062,026.64
Interest Due $91,631.16 $0.00 $80,874.25 $10,756.91
Interest Paid $91,631.16 $0.00 $80,874.25 $10,756.91
Principal Due $18,427,811.14 $0.00 $16,365,784.50 $2,062,026.64
Principal Paid $18,427,811.14 $0.00 $16,365,784.50 $2,062,026.64
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $0.00 $0.00 $0.00 $0.00
Note / Certificate Pool Factor 0.0000 0.0000 0.0000
(Ending Balance / Original Pool Amount)
Total Distributions $18,519,442.30 $0.00 $16,446,658.75 $2,072,783.55
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 $165,595.63
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,494,721.08
(Release) / Draw ($11,494,721.08)
Ending Reserve Acct Balance $0.00
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of October
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $34,973,376.07 $31,897,695.36 $29,255,100.86 $26,295,511.66 $24,243,086.88
A) Loss Trigger:
Principal of Contracts Charged Off $7,168.32 $47,734.31 $0.00 ($11.47) $0.00
Recoveries $78,351.18 $264,910.55 $44,474.03 $10,603.02 $82,762.35
Total Charged Off (Months 5, 4, 3) $54,902.63
Total Recoveries (Months 3, 2, 1) $137,839.40
Net Loss / (Recoveries) for 3 Mos ($82,936.77)(a)
Total Balance (Months 5, 4, 3) $96,126,172.29 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.0353%
Trigger: Is Ratio > 1.5% N\A
Aug-97 Sep-97 Oct-97
B) Delinquency Trigger: $223,462.10 $278,255.95 $212,603.64
Balance delinquency 60+ days 0.76384% 1.05819% 0.87697%
As % of Beginning Pool Balance 0.61091% 0.79826% 0.89966%
Three Month Average
Trigger: Is Average > 2.0% N\A
C) Noteholders Percent Trigger: 0.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% N\A
</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 October
Distribution Date of November 17, 1997
Servicer Certificate #40
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $30,605,645.43
Beginning Pool Factor 0.1423321
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,200,065.69
Interest Collected $245,570.58
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $50,124.98
Total Additional Deposits $50,124.98
Repos / Chargeoffs $13,693.10
Aggregate Number of Notes Charged Off 27
Total Available Funds $3,398,068.39
Ending Pool Balance $27,489,579.50
Ending Pool Factor 0.1278408
Servicing Fee $25,504.70
Repayment of Servicer Advances $97,692.86
Reserve Account:
Beginning Balance (see Memo Item) $4,415,617.06
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release) / Deposit ($115,021.59)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.715%
Current Weighted Average Remaining Term (months): 15.08
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $342,261.68 240
31 - 60 days $89,556.96 60
60+ days $104,250.87 28
Total: $536,069.51 248
Balances: 60+ days $692,031.85 28
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income $19,799.08
+ Excess Serv. $95,222.51
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $4,415,617.06
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of October
<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 6.400% 6.625%
Beginning Pool Balance $30,605,645.43
Ending Pool Balance $27,489,579.50
Collected Principal $3,102,372.83
Collected Interest $245,570.58
Charge - Offs $13,693.10
Liquidation Proceeds / Recoveries $50,124.98
Servicing $25,504.70
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $3,372,563.69
Beginning Balance $30,201,920.53 $29,144,121.74 $1,057,798.79
Interest Due $161,275.25 $155,435.32 $5,839.93
Interest Paid $161,275.25 $155,435.32 $5,839.93
Principal Due $3,116,065.93 $3,007,003.62 $109,062.31
Principal Paid $3,116,065.93 $3,007,003.62 $109,062.31
Ending Balance $27,085,854.60 $26,137,118.12 $948,736.48
Note / Certificate Pool Factor 0.1260 0.1260
(Ending Balance / Original Pool Amount)
Total Distributions $3,277,341.18 $3,162,438.94 $114,902.24
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 $95,222.51
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $4,415,617.06
(Release) / Draw ($115,021.59)
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 October
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $42,521,808.43 $38,934,169.80 $36,106,487.04 $33,052,185.09 $30,605,645.43
A) Loss Trigger:
Principal of Contracts Charged Off $22,643.17 $34,640.48 $45,095.09 $11,238.97 $13,693.10
Recoveries $0.00 $95,536.23 $60,994.70 $52,310.89 $50,124.98
Total Charged Off (Months 5, 4, 3) $102,378.74
Total Recoveries (Months 3, 2, 1) $163,430.57
Net Loss / (Recoveries) for 3 Mos ($61,051.83)(a)
Total Balance (Months 5, 4, 3) $117,562,465.27 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.6232%
Trigger: Is Ratio > 1.5% No
Aug-97 Sep-97 Oct-97
B) Delinquency Trigger: $550,541.70 $664,327.72 $692,031.85
Balance delinquency 60+ days 1.52477% 2.00994% 2.26112%
As % of Beginning Pool Balance 1.42151% 1.55378% 1.93194%
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 October
Distribution Date of November 20, 1997
Servicer Certificate #35
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $61,603,611.48
Beginning Pool Factor 0.1955484
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $5,562,303.31
Interest Collected $536,448.07
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $188,686.61
Total Additional Deposits $188,686.61
Repos / Chargeoffs $125,684.92
Aggregate Number of Notes Charged Off 33
Total Available Funds $5,669,530.66
Ending Pool Balance $56,533,530.58
Ending Pool Factor 0.1794545
Servicing Fee $51,336.34
Repayment of Servicer Advances $617,907.33
Reserve Account:
Beginning Balance (see Memo Item) $6,784,640.01
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release) / Deposit ($169,011.66)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.459%
Current Weighted Average Remaining Term (months): 19.79
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $571,484.05 331
31 - 60 days $337,130.68 102
60+ days $110,346.22 34
Total: $1,018,960.95 349
Balances: 60+ days $581,085.86 34
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income $30,458.35
+ Excess Serv. $138,553.31
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $6,784,640.01
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of October
<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 7.650% 8.000% 8.300%
Beginning Pool Balance $61,603,611.48
Ending Pool Balance $56,533,530.58
Collected Principal $4,944,395.98
Collected Interest $536,448.07
Charge - Offs $125,684.92
Liquidation Proceeds / Recoveries $188,686.61
Servicing $51,336.34
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $5,618,194.32
Beginning Balance $61,290,588.31 $0.00 $57,465,837.36 $3,824,750.95
Interest Due $409,560.11 $0.00 $383,105.58 $26,454.53
Interest Paid $409,560.11 $0.00 $383,105.58 $26,454.53
Principal Due $5,070,080.90 $0.00 $4,892,628.07 $177,452.83
Principal Paid $5,070,080.90 $0.00 $4,892,628.07 $177,452.83
Ending Balance $56,220,507.41 $0.00 $52,573,209.29 $3,647,298.12
Note / Certificate Pool Factor 0.0000 0.5420 0.3307
(Ending Balance / Original Pool Amount)
Total Distributions $5,479,641.01 $0.00 $5,275,733.65 $203,907.36
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 $138,553.31
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $6,784,640.01
(Release) / Draw ($169,011.66)
Ending Reserve Acct Balance $6,615,628.35
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of October
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $84,372,089.82 $77,953,304.94 $73,190,495.38 $67,800,397.54 $61,603,611.48
A) Loss Trigger:
Principal of Contracts Charged Off $107,029.39 $164,471.73 $121,813.12 $0.00 $125,684.92
Recoveries $138,233.94 $5,720.25 $60,762.65 $328,951.97 $188,686.61
Total Charged Off (Months 5, 4, 3) $393,314.24
Total Recoveries (Months 3, 2, 1) $578,401.23
Net Loss / (Recoveries) for 3 Mos ($185,086.99)(a)
Total Balance (Months 5, 4, 3) $235,515,890.14 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.9431%
Trigger: Is Ratio > 1.5% No
Aug-97 Sep-97 Oct-97
B) Delinquency Trigger: $659,027.36 $2,310,688.20 $581,085.86
Balance delinquency 60+ days 0.90043% 3.40807% 0.94327%
As % of Beginning Pool Balance 1.02719% 1.82415% 1.75059%
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 20.4
Page 1 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of October
Distribution Date of November 20, 1997
Servicer Certificate #30
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $119,974,844.27
Beginning Pool Factor 0.2823740
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,460,366.21
Interest Collected $0.00
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $487,202.48
Total Additional Deposits $487,202.48
Repos / Chargeoffs $61,796.64
Aggregate Number of Notes Charged Off 70
Total Available Funds $9,700,556.47
Ending Pool Balance $110,699,693.64
Ending Pool Factor 0.2605439
Servicing Fee $99,979.04
Repayment of Servicer Advances $1,247,012.22
Reserve Account:
Beginning Balance (see Memo Item) $8,963,545.71
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $8,922,464.92
(Release) / Deposit ($41,080.79)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.496%
Current Weighted Average Remaining Term (months): 23.62
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,004,799.52 702
31 - 60 days $234,372.12 169
60+ days $109,093.80 51
Total: $1,348,265.44 715
Balances: 60+ days $1,570,284.68 51
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $41,080.79
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $8,963,545.71
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of October
<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 5.900% 6.550% 6.850%
Beginning Pool Balance $119,974,844.27
Ending Pool Balance $110,699,693.64
Collected Principal $9,213,353.99
Collected Interest $0.00
Charge - Offs $61,796.64
Liquidation Proceeds / Recoveries $487,202.48
Servicing $99,979.04
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $9,600,577.43
Beginning Balance $119,974,844.27 $0.00 $111,055,749.71 $8,919,094.56
Interest Due $657,092.46 $0.00 $606,179.30 $50,913.16
Interest Paid $657,092.46 $0.00 $606,179.30 $50,913.16
Principal Due $9,275,150.63 $0.00 $8,950,520.36 $324,630.27
Principal Paid $8,943,484.97 $0.00 $8,943,484.97 $0.00
Ending Balance $111,031,359.30 $0.00 $102,112,264.74 $8,919,094.56
Note / Certificate Pool Factor 0.0000 0.3094 0.5994
(Ending Balance / Original Pool Amount)
Total Distributions $9,600,577.43 $0.00 $9,549,664.27 $50,913.16
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $331,665.66 $0.00 ($7,035.38) $324,630.27
Total Shortfall $331,665.66 $0.00 ($7,035.38) $324,630.27
(required from Reserve)
Excess Servicing $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $8,963,545.71
(Release) / Draw ($41,080.79)
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 October
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $150,463,772.21 $143,173,241.24 $135,917,752.46 $126,073,877.58 $119,974,844.27
A) Loss Trigger:
Principal of Contracts Charged Off $189,414.97 $198,352.07 $400,077.17 $287,254.31 $61,796.64
Recoveries $202,738.88 $283,744.59 $236,125.71 $590,703.37 $487,202.48
Total Charged Off (Months 5, 4, 3) $787,844.21
Total Recoveries (Months 3, 2, 1) $1,314,031.56
Net Loss / (Recoveries) for 3 Mos ($526,187.35)(a)
Total Balance (Months 5, 4, 3) $429,554,765.91 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.4700%
Trigger: Is Ratio > 1.5% No
Aug-97 Sep-97 Oct-97
B) Delinquency Trigger: $1,297,275.03 $2,143,938.49 $1,570,284.68
Balance delinquency 60+ days 0.95446% 1.70054% 1.30884%
As % of Beginning Pool Balance 1.00971% 1.15230% 1.32128%
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 October
Distribution Date of November 17, 1997
Servicer Certificate #25
<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 $213,031,624.98
Beginning Pool Factor 0.4058120
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $15,326,209.05
Interest Collected $1,865,610.05
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $561,617.71
Total Additional Deposits $561,617.71
Repos / Chargeoffs $494,766.64
Aggregate Number of Notes Charged Off 88
Total Available Funds $17,139,003.78
Ending Pool Balance $197,825,082.32
Ending Pool Factor 0.3768445
Servicing Fee $177,526.35
Repayment of Servicer Advances $614,433.03
Reserve Account:
Beginning Balance (see Memo Item) $12,449,688.28
Target Percentage 5.50%
Target Balance $10,880,379.53
Minimum Balance $11,023,980.93
(Release) / Deposit ($1,425,707.35)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.926%
Current Weighted Average Remaining Term (months): 28.85
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,525,457.58 1,017
31 - 60 days $310,583.83 247
60+ days $83,657.82 43
Total: $1,919,699.23 1,023
Balances: 60+ days $859,012.17 43
Memo Item - Reserve Account
Prior Month $11,716,739.37
+ Invest. Income $53,945.58
+ Excess Serv. $679,003.33
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $12,449,688.28
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of October
<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 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $213,031,624.98
Ending Pool Balance $197,825,082.32
Collected Principal $14,711,776.02
Collected Interest $1,865,610.05
Charge - Offs $494,766.64
Liquidation Proceeds / Recoveries $561,617.71
Servicing $177,526.35
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $16,961,477.43
Beginning Balance $213,031,624.98 $0.00 $0.00 $199,641,072.07 $13,390,552.91
Interest Due $1,075,931.44 $0.00 $0.00 $1,006,523.74 $69,407.70
Interest Paid $1,075,931.44 $0.00 $0.00 $1,006,523.74 $69,407.70
Principal Due $15,206,542.66 $0.00 $0.00 $14,674,313.67 $532,228.99
Principal Paid $15,206,542.66 $0.00 $0.00 $14,674,313.67 $532,228.99
Ending Balance $197,825,082.32 $0.00 $0.00 $184,966,758.40 $12,858,323.92
Note / Certificate Pool Factor 0.0000 0.0000 0.6505 0.6998
(Ending Balance / Original Pool Amount)
Total Distributions $16,282,474.10 $0.00 $0.00 $15,680,837.41 $601,636.69
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 $679,003.33
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $12,449,688.28
(Release) / Draw ($1,425,707.35)
Ending Reserve Acct Balance $11,023,980.93
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of October
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $252,433,095.12 $242,048,135.75 $231,978,557.43 $222,431,428.51 $213,031,624.98
A) Loss Trigger:
Principal of Contracts Charged Off $237,065.53 $327,326.14 $276,233.74 $271,595.69 $494,766.64
Recoveries $222,549.50 $255,453.45 $358,241.45 $316,933.22 $561,617.71
Total Charged Off (Months 5, 4, 3) $840,625.41
Total Recoveries (Months 3, 2, 1) $1,236,792.38
Net Loss / (Recoveries) for 3 Mos ($396,166.97(a)
Total Balance (Months 5, 4, 3) $726,459,788.30(b)
Loss Ratio Annualized [(a/b) * (12)] -0.6544%
Trigger: Is Ratio > 1.5% No
Aug-97 Sep-97 Oct-97
B) Delinquency Trigger: $2,781,817.29 $3,205,363.34 $859,012.17
Balance delinquency 60+ days 1.19917% 1.44106% 0.40323%
As % of Beginning Pool Balance 1.26454% 1.32692% 1.01449%
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 20.6
Page 1 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of October
Distribution Date of November 17, 1997
Servicer Certificate #18
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $270,169,037.72
Beginning Pool Factor 0.5873957
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $15,407,615.81
Interest Collected $2,202,155.50
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $1,181,249.07
Total Additional Deposits $1,181,249.07
Repos / Chargeoffs $341,088.81
Aggregate Number of Notes Charged Off 78
Total Available Funds $18,226,582.61
Ending Pool Balance $254,984,770.87
Ending Pool Factor 0.5543824
Servicing Fee $225,140.86
Repayment of Servicer Advances $564,437.77
Reserve Account:
Beginning Balance (see Memo Item) $14,963,835.13
Target Percentage 5.00%
Target Balance $12,749,238.54
Minimum Balance $9,658,821.26
(Release) / Deposit ($2,214,596.59)
Ending Balance $12,749,238.54
Current Weighted Average APR: 9.553%
Current Weighted Average Remaining Term (months): 34.60
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,479,372.49 1,092
31 - 60 days $368,890.57 271
60+ days $122,940.59 64
Total: $1,971,203.65 1,097
Balances: 60+ days $2,258,340.43 64
Memo Item - Reserve Account
Prior Month $13,508,451.89
+ Invest. Income $69,857.14
+ Excess Serv. $1,385,526.10
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $14,963,835.13
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of October
<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 5.250% 6.350% 6.500%
Beginning Pool Balance $270,169,037.72
Ending Pool Balance $254,984,770.87
Collected Principal $14,843,178.04
Collected Interest $2,202,155.50
Charge - Offs $341,088.81
Liquidation Proceeds / Recoveries $1,181,249.07
Servicing $225,140.86
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $18,001,441.75
Beginning Balance $270,169,037.72 $0.00 $254,134,602.80 $16,034,434.92
Interest Due $1,431,648.80 $0.00 $1,344,795.61 $86,853.19
Interest Paid $1,431,648.80 $0.00 $1,344,795.61 $86,853.19
Principal Due $15,184,266.85 $0.00 $14,500,974.84 $683,292.01
Principal Paid $15,184,266.85 $0.00 $14,500,974.84 $683,292.01
Ending Balance $254,984,770.87 $0.00 $239,633,627.96 $15,351,142.91
Note / Certificate Pool Factor 0.0000 0.6901 0.7416
(Ending Balance / Original Pool Amount)
Total Distributions $16,615,915.65 $0.00 $15,845,770.45 $770,145.20
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 $1,385,526.10
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $14,963,835.13
(Release) / Draw ($2,214,596.59)
Ending Reserve Acct Balance $12,749,238.54
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of October
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
May-97 Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $311,427,985.45 $311,427,985.45 $298,362,233.21 $289,158,602.47 $279,497,851.07 $270,169,037.72
A) Loss Trigger:
Principal of Contracts
Charged Off $429,807.70 $678,399.36 $359,030.33 $425,054.70 $651,062.78 $341,088.81
Recoveries $755,747.07 $661,604.13 $833,081.20 $960,144.57 $473,254.71 $1,181,249.07
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,462,484.39 Total Charged off (Months 1 - 6) $2,884,443.68
Total Recoveries (Months 3, 2, 1) $2,614,648.35 Total Recoveries (Months 1 - 6) $4,865,080.75
Net Loss / (Recoveries) for 3 Mos ($1,152,163.96)(a) Net Loss/(Recoveries) for 6 Mos. ($1,980,637.07)(c)
Total Balance (Months 5, 4, 3) $898,948,821.13 (b) Total Balance (Months 1 - 6) $1,769,774,265.55(d)
Loss Ratio Annualized [(a/b) * (12)] -1.5380% Loss Ratio Annualized [(c/d) (12)] -1.3430%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $3,789,077.73 $5,345,340.19 $2,258,340.43
Balance delinquency 60+ days 1.31038% 1.91248% 0.83590%
As % of Beginning Pool Balance 1.29457% 1.48949% 1.35292%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.7719%
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 October
Distribution Date of November 20, 1997
Servicer Certificate #13
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $332,810,807.25
Beginning Pool Factor 0.6840817
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $14,805,706.53
Interest Collected $2,848,836.45
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $2,424,018.23
Total Additional Deposits $2,424,018.23
Repos / Chargeoffs $926,791.58
Aggregate Number of Notes Charged Off 93
Total Available Funds $19,522,378.93
Ending Pool Balance $317,634,491.42
Ending Pool Factor 0.6528873
Servicing Fee $277,342.34
Repayment of Servicer Advances $556,182.28
Reserve Account:
Beginning Balance (see Memo Item) $12,100,918.42
Target Percentage 2.50%
Target Balance $7,940,862.29
Minimum Balance $9,730,147.26
(Release) / Deposit ($2,370,771.16)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.999%
Current Weighted Average Remaining Term (months): 37.92
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,124,638.14 1,507
31 - 60 days $511,979.07 412
60+ days $166,333.35 83
Total: $2,802,950.56 1,509
Balances: 60+ days $2,989,578.41 83
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $49,501.19
+ Excess Serv. $2,321,269.97
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $12,100,918.42
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of October
<TABLE>
<CAPTION>
NOTES
CLASS B CLASS C
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 2 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
$486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 93.50% 0.00% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $332,810,807.25
Ending Pool Balance $317,634,491.42
Collected Principal $14,249,524.25
Collected Interest $2,848,836.45
Charge - Offs $926,791.58
Liquidation Proceeds/Recoveries $2,424,018.23
Servicing $277,342.34
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $19,245,036.59
Beginning Balance $332,810,807.25 $0.00 $67,771,220.61 $236,500,000.00 $15,376,110.40 $13,163,476.23
Interest Due $1,747,450.79 $0.00 $334,902.78 $1,247,537.50 $83,287.26 $81,723.25
Interest Paid $1,747,450.79 $0.00 $334,902.78 $1,247,537.50 $83,287.26 $81,723.25
Principal Due $15,176,315.83 $0.00 $14,189,855.30 $0.00 $531,171.05 $455,289.47
Principal Paid $15,176,315.83 $0.00 $14,189,855.30 $0.00 $531,171.05 $455,289.47
Ending Balance $317,634,491.41 $0.00 $53,581,365.31 $236,500,000.00 $14,844,939.35 $12,708,186.76
Note / Certificate Pool Factor 0.0000 0.4788 1.0000 0.8718 0.8717
(Ending Balance / Original Pool Amount)
Total Distributions $16,923,766.62 $0.00 $14,524,758.08 $1,247,537.50 $614,458.31 $537,012.72
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 $2,321,269.97
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $12,100,918.42
(Release) / Draw ($2,370,771.16)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of October
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
May-97 Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $390,783,947.09 $379,446,408.45 $368,219,179.65 $356,384,702.80 $343,797,709.78 $332,810,807.25
A) Loss Trigger:
Principal of Contracts
Charged Off $872,581.99 $847,804.26 $847,658.24 $852,012.18 $982,800.70 $926,791.58
Recoveries $545,528.41 $786,549.19 $945,754.63 $620,268.66 $865,672.59 $2,424,018.23
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,547,474.68 Total Charged off (Months 1 - 6) $5,329,648.95
Total Recoveries (Months 3, 2, 1) $3,909,959.48 Total Recoveries (Months 1 - 6) $6,187,791.71
Net Loss / (Recoveries) for 3 Mos ($1,362,484.80)(a) Net Loss/(Recoveries) for 6 Mos. ($858,142.76)(c)
Total Balance (Months 5, 4, 3) $1,104,050,290.90(b) Total Balance (Months 1 - 6) $2,171,442,755.02(d)
Loss Ratio Annualized [(a/b) * (12)] -1.4809% Loss Ratio Annualized [(c/d) (12)] -0.47423%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $5,718,901.09 $5,176,075.56 $2,989,578.41
Balance delinquency 60+ days 1.60470% 1.50556% 0.89828%
As % of Beginning Pool Balance 2.21808% 1.84886% 1.33618%
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 20.8
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of October
Distribution Date of November 17, 1997
Servicer Certificate #7
<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 $417,523,393.85
Beginning Pool Factor 0.8560320
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $14,220,420.53
Interest Collected $3,549,867.64
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $1,104,366.34
Total Additional Deposits $1,104,366.34
Repos / Chargeoffs $752,002.24
Aggregate Number of Notes Charged Off 68
Total Available Funds $18,387,149.36
Ending Pool Balance $403,038,476.23
Ending Pool Factor 0.8263342
Servicing Fee $347,936.16
Repayment of Servicer Advances $487,505.15
Reserve Account:
Beginning Balance (see Memo Item) $23,292,250.66
Target Percentage 5.25%
Target Balance $21,159,520.00
Minimum Balance $10,499,931.43
(Release) / Deposit ($2,132,730.66)
Ending Balance $21,159,520.00
Current Weighted Average APR: 10.184%
Current Weighted Average Remaining Term (months): 42.97
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,147,049.47 1,617
31 - 60 days $335,899.56 294
60+ days $93,453.07 57
Total: $2,576,402.10 1,617
Balances: 60+ days $1,990,199.68 57
Memo Item - Reserve Account
Prior Month $21,919,978.18
+ Invest. Income $93,717.86
+ Excess Serv. $1,278,554.62
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $23,292,250.66
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of October
<TABLE>
<CAPTION>
NOTES
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 17.42% 82.58% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $417,523,393.85
Ending Pool Balance $403,038,476.23
Collected Principal $13,732,915.38
Collected Interest $3,549,867.64
Charge - Offs $752,002.24
Liquidation Proceeds / Recoveries $1,104,366.34
Servicing $347,936.16
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $18,039,213.20
Beginning Balance $429,123,844.62 $2,523,393.85 $221,500,000.00 $176,000,000.00 $17,500,000.00
Interest Due $2,275,740.96 $12,282.62 $1,172,104.17 $990,000.00 $101,354.17
Interest Paid $2,275,740.96 $12,282.62 $1,172,104.17 $990,000.00 $101,354.17
Principal Due $14,484,917.62 $2,523,393.85 $11,961,523.77 ($0.00) $0.00
Principal Paid $14,484,917.62 $2,523,393.85 $11,961,523.77 $0.00 $0.00
Ending Balance $403,038,476.23 $0.00 $209,538,476.23 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.9460 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $16,760,658.58 $2,535,676.47 $13,133,627.94 $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 $1,278,554.62
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $23,292,250.66
(Release) / Draw ($2,132,730.66)
Ending Reserve Acct Balance $21,159,520.00
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of October
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $468,447,395.87 $455,773,751.11 $442,621,361.35 $429,123,844.62 $417,523,393.85
A) Loss Trigger:
Principal of Contracts
Charged Off $196,160.57 $845,107.84 $1,132,211.21 $646,660.05 $752,002.24
Recoveries $161,723.67 $172,109.69 $556,540.30 $604,242.84 $1,104,366.34
Total Charged Off (Months 5, 4, 3) $2,173,479.62
Total Recoveries (Months 3, 2, 1) $2,265,149.48
Net Loss / (Recoveries) for 3 Mos ($91,669.86)(a)
Total Balance (Months 5, 4, 3) $1,366,842,508.33 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.0805%
Trigger: Is Ratio > 1.5% No
Aug-97 Sep-97 Oct-97
B) Delinquency Trigger: $4,380,733.99 $5,355,051.66 $1,990,199.68
Balance delinquency 60+ days 0.98972% 1.24790% 0.47667%
As % of Beginning Pool Balance 0.75002% 0.98502% 0.90477%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.3383%
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 20.9
Page 1 of 4
Navistar Financial 1997 - B Owner Trust
For the Month of October
Distribution Date of November 17, 1997
Servicer Certificate #1
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $408,527,638.36
Subsequent Receivables (transferred 11/13/97) $91,466,751.20
Beginning Pool Balance $408,527,638.36
Beginning Pool Factor 1.0000000
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $12,701,387.85
Interest Collected $3,448,274.88
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $0.00
Total Additional Deposits $0.00
Repos / Chargeoffs $519,576.09
Aggregate Number of Notes Charged Off 0
Total Available Funds $16,149,662.73
Ending Pool Balance $395,306,674.42
Ending Pool Factor 0.7906222
Servicing Fee $340,439.70
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $27,818,148.10
Target Percentage 5.25%
Target Balance $25,555,604.85
Minimum Balance $9,999,887.79
(Release) / Deposit ($2,262,543.26)
Ending Balance $25,555,604.85
Current Weighted Average APR: 10.050%
Current Weighted Average Remaining Term (months): 49.13
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,422,736.07 1,091
31 - 60 days $135,424.94 113
60+ days $55,051.38 23
Total: $1,613,212.39 1,091
Balances: 60+ days $1,168,237.49 23
Memo Item - Reserve Account
Opening Balance $21,447,701.01
+ 11/13 transfer $4,802,004.44
+ Invest. Income $0.00
+ Excess Serv. $1,568,442.65
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $27,818,148.10
</TABLE>
<PAGE>
Exhibit 20.9
Page 2 of 4
Navistar Financial 1997 - B Owner Trust
For the Month of October
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
$500,000,000.00 $107,000,000.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.722% 5.956% 6.200% 6.300% 6.300%
Beginning Pool Balance $408,527,638.36
Ending Pool Balance $395,306,674.42
Collected Principal $12,701,387.85
Collected Interest $3,448,274.88
Charge - Offs $519,576.09
Liquidation Proceeds/Recoveries $0.00
Servicing $340,439.70
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,809,223.03
Beginning Balance $500,000,000.00 $107,000,000.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Interest Due $1,014,206.00 $204,084.67 $186,621.33 $272,800.00 $313,950.00 $36,750.00
Interest Paid $1,014,206.00 $204,084.67 $186,621.33 $272,800.00 $313,950.00 $36,750.00
Principal Due $13,220,963.94 $13,220,963.94 $0.00 $0.00 $0.00 $0.00
Mandatory Prepayment
Class A-1 Only $5,610.44 $5,610.44
Principal Paid $13,226,574.38 $13,226,574.38 $0.00 $0.00 $0.00 $0.00
Ending Balance $486,773,425.62 $93,773,425.62 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.8764 1.0000 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $14,240,780.38 $13,430,659.05 $186,621.33 $272,800.00 $313,950.00 $36,750.00
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 $1,568,442.65
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $27,818,148.10
(Release) / Draw ($2,262,543.26)
Ending Reserve Acct Balance $25,555,604.85
</TABLE>
<PAGE>
Exhibit 20.9
Page 3 of 4
Navistar Financial 1997 - B Owner Trust
For the Month of October
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance N/A N/A N/A N/A $408,527,638.36
A) Loss Trigger:
Principal of Contracts Charged Off N/A N/A N/A N/A $519,576.09
Recoveries N/A N/A N/A N/A $0.00
Total Charged Off (Months 5, 4, 3) $0.00
Total Recoveries (Months 3, 2, 1) $0.00
Net Loss / (Recoveries) for 3 Mos $0.00 (a)
Total Balance (Months 5, 4, 3) $0.00 (b)
Loss Ratio Annualized [(a/b) * (12)] N/A
Trigger: Is Ratio > 1.5% N/A
Aug-97 Sep-97 Oct-97
B) Delinquency Trigger: N/A N/A $1,168,237.49
Balance delinquency 60+ days N/A N/A 0.28596%
As % of Beginning Pool Balance N/A N/A N/A
Three Month Average
Trigger: Is Average > 2.0% N\A
C) Noteholders Percent Trigger: 5.1112%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.9
Page 4 of 4
Navistar Financial 1997 - B Owner Trust For the Period 11/05/97 through 11/17/97
<TABLE>
<CAPTION>
Pre-Funded Account:
<S> <C>
Initial Pre-Funded Amount $91,472,361.64
Plus Investment Earnings 0.00
Less 11/13/97 Transfer to Seller $86,664,746.76(1)
Less 11/13/97 Transfer to Reserve Account $4,802,004.44(2)
Sub total $5,610.44
Less 11/14/97 Transfer to Note Distribution Account $5,610.44
Ending Balance 11/17/97 $0.00
</TABLE>
<TABLE>
<S> <C>
(1) Starting Receivable Balance of Subsequent Receivables $91,466,751.20
Less Reserve Acct. Initial Deposit for Subsequent Receivables $4,802,004.44
(2) 5.25% of Subsequent Receivables
</TABLE>
<TABLE>
<CAPTION>
Negative Carry Account:
<S> <C>
Initial deposit 11/5/97 $652,521.00
Plus Investment Earnings $0.00
Subtotal $652,521.00
Required Negative Carry Account Balance (as of 11/17/97) $0.00
Excess Released to Certificateholders $652,521.00
Ending Balance 11/17/97 $0.00
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
