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) January 15, 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 January 15, and 21, 1997, Registrant made available the
Monthly Servicer Certificates for the Period of December
1996 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 January 31, 1997 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1993-A Owner Trust
20.1 Monthly Servicer Certificate, dated January 15, 1997
Navistar Financial 1994-A Owner Trust
20.2 Monthly Servicer Certificate, dated January 15, 1997
Navistar Financial 1994-B Owner Trust
20.3 Monthly Servicer Certificate, dated January 15, 1997
Navistar Financial 1994-C Owner Trust
20.4 Monthly Servicer Certificate, dated January 21, 1997
Navistar Financial 1995-A Owner Trust
20.5 Monthly Servicer Certificate, dated January 21, 1997
Navistar Financial 1995-B Owner Trust
20.6 Monthly Servicer Certificate, dated January 15, 1997
Navistar Financial 1996-A Owner Trust
20.7 Monthly Servicer Certificate, dated January 15, 1997
Navistar Financial 1996-B Owner Trust
20.8 Monthly Servicer Certificate, dated January 21, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1993-A Owner Trust
For the Month of December 1996
Distribution Date of January 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $335,002,547.77
Beginning Pool Balance $29,156,630.51
Beginning Pool Factor 0.0870341
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,024,849.02
Interest Collected $215,735.73
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $108,599.19
Total Additional Deposits $108,599.19
Repos/Chargeoffs $740.55
Aggregate Number of Notes Charged Off 26
Total Available Funds $3,303,230.30
Ending Pool Balance $26,176,994.58
Ending Pool Factor 0.0781397
Servicing Fee $24,297.19
Repayment of Servicer Advances $45,953.64
Reserve Account:
Beginning Balance $6,729,432.19
Target Percentage 7.50%
Target Balance $1,963,274.59
Minimum Balance $6,700,050.96
(Release)/Deposit $(29,381.23)
Ending Balance $6,700,050.96
Current Weighted Average APR: 8.507%
Current Weighted Average
Remaining Term (months): 13.52
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 379,879.08 341
31-60 days 72,206.30 57
60+ days 10,698.63 10
Total 462,784.01 348
Balances: 60+ days 83,601.50 10
Memo Item - Reserve Account
Prior Month $6,700,050.96
Invest. Income 29,381.23
Beginning Balance $6,729,432.19
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Month of December 1996
<TABLE>
<CAPTION>
NOTES
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $335,002,547.77 $127,300,000.00 $195,976,000.00 $11,726,547.77
Distribution Percentages 100.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 3.475% 4.475% 4.800%
Beginning Pool Balance $29,156,630.51
Ending Pool Balance $26,176,994.58
Collected Principal $2,978,895.38
Collected Interest $215,735.73
Liquidation Proceeds/Recoveries $108,599.19
Charge-Offs $740.55
Servicing $24,297.19
Total Collections Available
for Debt Service $3,278,933.11
Beginning Balance $17,906,292.77 $0.00 $14,720,576.47 $3,185,716.30
Interest Due $67,638.35 $0.00 $54,895.48 $12,742.87
Interest Paid $67,638.35 $0.00 $54,895.48 $12,742.87
Principal Due $2,979,635.93 $0.00 $2,845,552.31 $134,083.62
Principal Paid $2,979,635.93 $0.00 $2,845,552.31 $134,083.62
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $14,926,656.84 $0.00 $11,875,024.16 $3,051,632.68
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0605942777 0.2602328271
Total Distributions $3,047,274.28 $0.00 $2,900,447.79 $146,826.49
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 $231,658.83
Beginning Reserve Account Balance $6,729,432.19
(Release)/Draw $(29,381.23)
Ending Reserve Account Balance $6,700,050.96
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Month of December 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1996 Sep 1996 Oct 1996 Nov 1996 Dec 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $41,075,940.61 $37,836,410.79 $35,082,641.40 $31,910,289.11 $29,156,630.51
A) Loss Trigger:
Principal of Contracts
Charged off $113,600.14 $724.85 $151,871.25 $10,589.58 $740.55
Recoveries $0.00 $27,912.85 $96,731.28 $86,019.31 $108,599.19
Total Charged off
(Months 5,4,3) $266,196.24
Total Recoveries
(Months 3,2,1) 291,349.78
Net Loss/(Recoveries)
for 3 Mos. $ (25,153.54)(a)
Total Balance
(Months 5,4,3) $113,994,992.80(b)
Loss Ratio Annualized [(a/b)(12)] -0.2648%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $228,393.91 $287,153.81 $83,601.50
As a % of Beginning Pool Balance 0.65102% 0.89988% 0.28673%
Three Month Average 0.53213% 0.75459% 0.61254%
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-A Owner Trust
For the Month of December 1996
Distribution Date of January 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $59,198,061.43
Beginning Pool Factor 0.2114054
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,337,885.58
Interest Collected $390,762.26
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $259,757.38
Total Additional Deposits $259,757.38
Repos/Chargeoffs $30,149.48
Aggregate Number of Notes Charged Off 28
Total Available Funds $4,857,414.98
Ending Pool Balance $54,961,016.61
Ending Pool Factor 0.1962743
Servicing Fee $ 49,331.72
Repayment of Servicer Advances $130,990.24
Reserve Account:
Beginning Balance $5,945,762.48
Target Percentage 6.50%
Target Balance $5,600,429.43
Minimum Balance $5,600,429.43
(Release)/Deposit $(345,333.05)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.394%
Current Weighted Average
Remaining Term (months): 19.14
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 614,285.08 542
31-60 days 131,894.20 110
60+ days 62,300.00 33
Total 808,479.28 550
Balances: 60+ days 1,032,680.99 33
Memo Item - Reserve Account
Prior Month $5,919,806.14
+ Invest. Income 25,956.34
+ Transfer from Collections Account 0.00
Beginning Balance $5,945,762.48
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of December 1996
<TABLE>
<CAPTION>
NOTES
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $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 $59,198,061.43
Ending Pool Balance $54,961,016.61
Collected Principal $4,206,895.34
Collected Interest $390,762.26
Charge-Offs $30,149.48
Liquidation Proceeds/Recoveries $259,757.38
Servicing $49,331.72
Cash Transfer to Reserve Account $0.00
Total Collections Available $4,808,083.26
for Debt Service
Beginning Balance $53,382,785.70 $0.00 $49,747,785.20 $3,635,000.50
Interest Due $264,799.56 $0.00 $245,836.97 $18,962.59
Interest Paid $264,799.56 $0.00 $245,836.97 $18,962.59
Principal Due $4,237,044.82 $0.00 $4,046,377.80 $190,667.02
Principal Paid $4,237,044.82 $0.00 $4,046,377.80 $190,667.02
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $49,145,740.88 $0.00 $ 45,701,407.40 $3,444,333.48
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2530335821 0.3514098401
Total Distributions $4,501,844.38 $0.00 $4,292,214.77 $209,629.61
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 $306,238.88
Beginning Reserve Account Balance $5,945,762.48 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(345,333.05)
Ending Reserve Account Balance $5,600,429.43
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of December 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percentage Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1996 Sep 1996 Oct 1996 Nov 1996 Dec 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $78,247,021.08 $72,892,189.90 $68,378,586.60 $63,352,416.13 $59,198,061.43
A) Loss Trigger:
Principal of Contracts
Charged off $239,575.02 $22,663.64 $139,276.75 $102,684.32 $30,149.48
Recoveries $77,252.07 $93,907.22 $162,015.05 $211,505.35 $259,757.38
Total Charged off
(Months 5,4,3) $401,515.41
Total Recoveries
(Months 3,2,1) 633,277.78
Net Loss/(Recoveries)
for 3 Mos. ($231,762.37)(a)
Total Balance
(Months 5,4,3) $219,517,797.58(b)
Loss Ratio Annualized [(a/b)(12)] -1.2669%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $85,734.39 $584,210.21 $1,032,680.99
As % of Beginning Pool Balance 0.12538% 0.92216% 1.74445%
Three Month Average 0.32664% 0.51972% 0.93066%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1994-B Owner Trust
For the Month of December 1996
Distribution Date of January 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $65,493,264.29
Beginning Pool Factor 0.3045777
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $3,251,649.23
Interest Collected $478,611.45
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $60,818.33
Total Additional Deposits $60,818.33
Repos/Chargeoffs $44,376.01
Aggregate Number of Notes Charged Off 24
Total Available Funds $3,791,079.01
Ending Pool Balance $62,197,239.05
Ending Pool Factor 0.2892494
Servicing Fee $54,577.72
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $5,142,675.54
Target Percentage 6.50%
Target Balance $4,042,820.54
Minimum Balance $4,300,595.47
(Release)/Deposit ($1,099,855.00)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.816%
Current Weighted Average
Remaining Term (months): 22.82
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 725,185.22 491
31-60 days 181,629.47 141
60+ days 73,286.09 42
Total 980,100.78 505
Balances: 60+ days 937,828.61 42
Memo Item - Reserve Account
Prior Month $5,120,223.02
+ Invest. Income 22,452.52
+ Transfer from Collection Account 0.00
Beginning Balance $5,142,675.54
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of December 1996
<TABLE>
<CAPTION>
TOTAL NOTES CERTIFICATES
<S> <C> <C> <C>
Original
Pool Amount Dist.: $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 $65,493,264.29
Ending Pool Balance $62,197,239.05
Collected Principal $3,251,649.23
Collected Interest $478,611.45
Charge-Offs $44,376.01
Liquidation Proceeds/Recoveries $60,818.33
Servicing $54,577.72
Cash Transfer to Reserve Account 0.00
Total Collections Available
for Debt Service $3,736,501.29
Beginning Balance $65,089,539.40 $62,810,673.94 $2,278,865.46
Interest Due $347,571.50 $334,990.26 $12,581.24
Interest Paid $347,571.50 $334,990.26 $12,581.24
Principal Due $3,296,025.24 $3,180,664.36 $115,360.88
Principal Paid $3,296,025.24 $3,180,664.36 $115,360.88
Ending Balance $61,793,514.15 $59,630,009.58 $2,163,504.57
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2873693854 0.2874411636
Total Distributions $3,643,596.74 $3,515,654.62 $127,942.12
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 $92,904.55
Beginning Reserve Account Balance $5,142,675.54 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($1,099,855.00)
Ending Reserve Account Balance $4,300,595.47
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of December 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1996 Sep 1996 Oct 1996 Nov 1996 Dec 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $80,784,926.10 $76,441,016.22 $72,882,260.13 $69,133,032.09 $65,493,264.29
A) Loss Trigger:
Principal of Contracts
Charged off $150,288.93 $126,504.53 $115,168.44 $39,429.67 $44,376.01
Recoveries $35,080.05 $23,637.33 $198,276.20 $149,234.37 $60,818.33
Total Charged off
(Months 5,4,3) $391,961.90
Total Recoveries
(Months 3,2,1) 408,328.90
Net Loss/(Recoveries)
for 3 Mos. ($16,367.00)(a)
Total Balance (Months 5,4,3)$230,108,202.45(b)
Loss Ratio Annualized [(a/b)(12)] -0.0854%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $110,179.38 $383,327.14 $937,828.61
As % of Beginning Pool Balance 0.15117% 0.55448% 1.43195%
Three Month Average 0.51085% 0.44417% 0.71253%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1994-C Owner Trust
For the Month of December 1996
Distribution Date of January 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $121,849,343.22
Beginning Pool Factor 0.3867866
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,596,182.50
Interest Collected $948,990.26
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $255,941.07
Total Additional Deposits $255,941.07
Repos/Chargeoffs $91,127.94
Aggregate Number of Notes Charged Off 40
Total Available Funds $8,801,113.83
Ending Pool Balance $114,162,032.78
Ending Pool Factor 0.3623847
Servicing Fee $101,541.12
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $8,399,229.40
Target Percentage 6.00%
Target Balance $6,849,721.97
Minimum Balance $6,615,628.35
(Release)/Deposit ($1,549,507.43)
Ending Balance $6,849,721.97
Current Weighted Average APR: 9.614%
Current Weighted Average
Remaining Term (months): 27.54
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 1,165,956.47 748
31-60 days 234,155.55 180
60+ days 102,158.31 62
Total 1,502,270.33 766
Balances: 60+ days 1,074,290.67 62
Memo Item - Reserve Account
Prior Month $8,363,628.66
+ Invest. Income 35,600.74
+ Transfer from Collections Account 0.00
Beginning Balance $8,399,229.40
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of December 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Distribution Percentages (1) 96.50% 0.000% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $121,849,343.22
Ending Pool Balance $114,162,032.78
Collected Principal $7,596,182.50
Collected Interest $948,990.26
Charge-Offs $91,127.94
Liquidation Proceeds/Recoveries $255,941.07
Servicing $101,541.12
Cash Transfer (to)/from Reserve Account $0.00
Total Collections Available
for Debt Service $8,699,572.71
Beginning Balance $121,536,320.04 $18,602,968.51 $97,000,000.00 $5,933,351.53
Interest Due $806,299.60 $118,593.92 $646,666.67 $41,039.01
Interest Paid $806,299.60 $118,593.92 $646,666.67 $41,039.01
Principal Due $7,687,310.44 $7,418,254.57 $0.00 $269,055.87
Principal Paid $7,687,310.44 $7,418,254.57 $0.00 $269,055.87
Ending Balance $113,849,009.61 $11,184,713.94 $97,000,000.00 $5,664,295.67
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0540324345 1.0000000000 0.5135390687
Total Distributions $8,493,610.04 $7,536,848.49 $646,666.67 $310,094.88
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 $205,962.67
Beginning Reserve Account Balance $8,399,229.40 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($1,549,507.43)
Ending Reserve Account Balance $6,849,721.97
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1995, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of December 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1996 Sep 1996 Oct 1996 Nov 1996 Dec 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $146,700,500.27 $140,485,673.79 $134,498,385.49 $127,872,259.24 $121,849,343.22
A) Loss Trigger:
Principal of Contracts
Charged off $106,774.26 $245,097.38 $283,022.12 $59,372.73 $91,127.94
Recoveries $287,227.38 $157,481.54 $329,866.43 $67,211.94 $255,941.07
Total Charged off
(Months 5,4,3) $634,893.76
Total Recoveries
(Months 3,2,1) 653,019.44
Net Loss/(Recoveries)
for 3 Mos. ($18,125.68)(a)
Total Balance
(Months 5,4,3) $421,684,559.55(b)
Loss Ratio Annualized [(a/b)(12)] -0.0516%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $570,483.27 $659,428.18 $1,074,290.67
As % of Beginning Pool Balance 0.42416% 0.51569% 0.88165%
Three Month Average 0.75357% 0.64932% 0.60717%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.1743%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1995-A Owner Trust
For the Month of December 1996
Distribution Date of January 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $208,524,140.81
Beginning Pool Factor 0.4907844
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,606,138.35
Interest Collected $1,843,597.51
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $444,327.02
Total Additional Deposits $444,327.02
Repos/Chargeoffs $252,975.39
Aggregate Number of Notes Charged Off 53
Total Available Funds $13,894,062.88
Ending Pool Balance $196,665,027.07
Ending Pool Factor 0.4628727
Servicing Fee $173,770.12
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $15,578,399.79
Target Percentage 6.00%
Target Balance $11,799,901.62
Minimum Balance $8,922,464.92
(Release)Deposit ($3,778,498.17)
Ending Balance $11,799,901.62
Current Weighted Average APR: 10.681%
Current Weighted Average
Remaining Term (months): 31.8
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 1,842,011.21 1,292
31-60 days 417,764.94 316
60+ days 192,209.65 94
Total 2,451,985.80 1,312
Balances: 60+ days 3,002,836.67 94
Memo Item - Reserve Account
Prior Month $15,512,366.24
+ Invest. Income 66,033.55
+ Transfer from Collections Account 0.00
Beginning Balance $15,578,399.79
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of December 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Pool Amount Dist.: $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 $208,524,140.81
Ending Pool Balance $196,665,027.07
Collected Principal $11,606,138.35
Collected Interest $1,843,597.51
Charge-Offs $252,975.39
Liquidation Proceeds/Recoveries $444,327.02
Servicing $173,770.12
Cash Transfer to Reserve Account $0.00
Total Collections Available
for Debt Service $13,720,292.76
Beginning Balance $208,524,140.81 $0.00 $196,505,820.87 $12,018,319.94
Interest Due $1,141,198.85 $0.00 $1,072,594.27 $68,604.58
Interest Paid $1,141,198.85 $0.00 $1,072,594.27 $68,604.58
Principal Due $11,859,113.74 $0.00 $11,444,044.76 $415,068.98
Principal Paid $11,859,113.74 $0.00 $11,444,044.76 $415,068.98
Ending Balance $196,665,027.07 $0.00 $185,061,776.11 $11,603,250.96
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.5607932609 0.7798260103
Total Distributions $13,000,312.59 $0.00 $12,516,639.03 $483,673.56
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 $719,980.17
Beginning Reserve Account Balance $15,578,399.79 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($3,778,498.17)
Ending Reserve Account Balance $11,799,901.62
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1996, and generally 96.5%
thereafter until all of the Notes have been paid in full. No
principal distributions to Class A-2 until Class A-1 has been paid
in full.
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Month of December 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1996 Sep 1996 Oct 1996 Nov 1996 Dec 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $250,426,214.23 $235,977,087.48 $226,786,100.45 $217,488,410.17 $208,524,140.81
A) Loss Trigger:
Principal of Contracts
Charged off $735,809.86 $642,932.27 $363,306.99 $177,758.77 $252,975.39
Recoveries $577,625.87 $604,835.88 $909,010.09 $337,954.80 $444,327.02
Total Charged off
(Months 5,4,3) $1,742,049.12
Total Recoveries
(Months 3,2,1) 1,691,291.91
Net Loss/(Recoveries)
for 3 Mos. $50,757.21(a)
Total Balance
(Months 5,4,3) $713,189,402.16(b)
Loss Ratio Annualized [(a/b)(12)] 0.0854%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,266,260.15 $2,180,506.44 $3,002,836.67
As % of Beginning
Pool Balance 0.55835% 1.00259% 1.44004%
Three Month Average 0.79165% 0.84319% 1.00033%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.7772%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 1 of 3
Navistar Financial 1995-B Owner Trust
For the Month of December 1996
Distribution Date of January 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $454,499,683.43
Subsequent Receivables
(transferred 11/10/95) $70,451,789.39
Beginning Pool Balance $330,900,935.56
Beginning Pool Factor 0.6303458
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $15,445,250.36
Interest Collected $2,776,720.09
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $583,597.57
Total Additional Deposits $583,597.57
Repos/Chargeoffs $397,957.37
Aggregate Number of Notes Charged Off 97
Total Available Funds $18,805,568.02
Ending Pool Balance $315,057,727.83
Ending Pool Factor 0.6001654
Servicing Fee $275,750.78
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $18,279,358.76
Target Percentage 5.50%
Target Balance $17,328,175.03
Minimum Balance $11,023,980.93
(Release)/Deposit ($951,183.73)
Ending Balance $17,328,175.03
Current Weighted Average APR: 10.094%
Current Weighted Average
Remaining Term (months): 37.15
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,624,311.08 1,793
31-60 days 611,271.64 443
60+ days 206,317.28 104
Total 3,441,900.00 1,812
Balances: 60+ days 3,135,788.79 104
Memo Item - Reserve Account
Prior Month $18,199,551.46
+ Invest. Income 79,807.30
- Transfer to Collections Account 0.00
Beginning Balance $18,279,358.76
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of December 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
Original
Pool Amount Dist.: $525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Distribution Percentages (1) 0.00% 96.50% 0.00% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $330,900,935.56
Ending Pool Balance $315,057,727.83
Collected Principal $15,445,250.36
Collected Interest $2,776,720.09
Charge-Offs $397,957.37
Liquidation Proceeds/Recoveries $583,597.57
Servicing $275,750.78
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $18,529,817.24
Beginning Balance $330,900,935.56 $0.00 $29,059,956.78 $284,325,000.00 $17,515,978.78
Interest Due $1,668,109.83 $0.00 $143,846.79 $1,433,471.88 $90,791.16
Interest Paid $1,668,109.83 $0.00 $143,846.79 $1,433,471.88 $90,791.16
Principal Due $15,843,207.73 $0.00 $15,288,695.46 $0.00 $554,512.27
Principal Paid $15,843,207.73 $0.00 $15,288,695.46 $0.00 $554,512.27
Ending Balance $315,057,727.83 $0.00 $13,771,261.33 $284,325,000.00 $16,961,466.50
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.1377 1.0000 0.9231
Total Distributions $17,511,317.56 $0.00 $15,432,542.25 $1,433,471.88 $645,303.43
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 $1,018,499.68
Beginning Reserve Account Balance $18,279,358.76
(Release)/Draw ($951,183.73)
Ending Reserve Account Balance $17,328,175.03
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occuring before the Distribution in November 1996, and generally
96.5% thereafter until all of the Notes have been paid in full.
Principal distributions will be paid in the following priority:
First to Class A-1 until paid in full, Second to Class A-2 until
paid in full, Third to Class A-3 until paid in full.
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of December 1996
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug 1996 Sep 1996 Oct 1996 Nov 1996 Dec 1996
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $387,147,305.22 $367,916,186.36 $355,444,399.13 $342,910,040.39 $330,900,935.56
A) Loss Trigger:
Principal of Contracts
Charged off $1,159,529.59 $1,258,820.68 $1,150,726.00 $242,720.78 $397,957.37
Recoveries $420,683.88 $503,955.85 $1,554,542.19 $528,267.98 $583,597.57
Total Charged off
(Months 5,4,3) $3,569,076.27
Total Recoveries
(Months 3,2,1) 2,666,407.74
Net Loss/(Recoveries)
for 3 Mos. $902,668.53(a)
Total Balance
(Months 5,4,3) $1,110,507,890.71(b)
Loss Ratio Annualized [(a/b)(12)] 0.9754%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency
60+ days $1,667,390.81 $3,358,370.62 $3,135,788.79
As % of Beginning
Pool Balance 0.46910% 0.97937% 0.94765%
Three Month Average 0.64181% 0.72460% 0.79871%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.8126%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.7
Page 1 of 3
Navistar Financial 1996-A Owner Trust
For the Month of December 1996
Distribution Date of January 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $385,359,073.57
Beginning Pool Factor 0.8378394
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,479,484.09
Interest Collected $3,116,746.38
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $134,013.18
Total Additional Deposits $134,013.18
Repos/Chargeoffs $1,056,449.19
Aggregate Number of Notes Charged Off 14
Total Available Funds $13,730,243.65
Ending Pool Balance $373,823,140.29
Ending Pool Factor 0.8127582
Servicing Fee $321,132.56
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $19,205,941.92
Target Percentage 5.00%
Target Balance $18,691,157.01
Minimum Balance $9,658,821.26
(Release)/Deposit ($514,784.91)
Ending Balance $18,691,157.01
Current Weighted Average APR: 9.777%
Current Weighted Average
Remaining Term (months): 43.02
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,388,043.49 1,725
31-60 days 612,525.07 435
60+ days 203,856.96 122
Total 3,204,425.52 1,736
Balances: 60+ days 6,682,242.22 122
Memo Item - Reserve Account
Opening Balance $19,267,953.68
+ Invest. Income 90,625.62
- Transfer to Collections Account ($152,637.38)
Beginning Balance $19,205,941.92
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of December 1996
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original
Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages (1) 100.00% 0.00% 0.00%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $385,359,073.57
Ending Pool Balance $373,823,140.29
Collected Principal $10,479,484.09
Collected Interest $3,116,746.38
Charge-Offs $1,056,449.19
Liquidation Proceeds/Recoveries $134,013.18
Servicing $321,132.56
Cash Transfer from Reserve Account $152,637.38
Total Collections Available
for Debt Service $13,561,748.47
Beginning Balance $385,359,073.57 $17,415,204.04 $347,245,000.00 $20,698,869.53
Interest Due $2,025,815.19 $76,191.52 $1,837,504.79 $112,118.88
Interest Paid $2,025,815.19 $76,191.52 $1,837,504.79 $112,118.88
Principal Due $11,535,933.28 $11,535,933.28 $0.00 $0.00
Principal Paid $11,535,933.28 $11,535,933.28 $0.00 $0.00
Ending Balance $373,823,140.29 $5,879,270.76 $347,245,000.00 $20,698,869.53
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0639051170 1.0000000000 1.0000000000
Total Distributions $13,561,748.47 $11,612,124.80 $1,837,504.79 $112,118.88
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $0.00
Beginning Reserve Account Balance $19,205,941.92 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(514,784.91)
Ending Reserve Account Balance $18,691,157.01
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occuring 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 distribution to Class A-2
until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of December 1996
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
July 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 $74,360.07 $37,337.12 $147,684.86 $36,000.00 $134,013.18
</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) 317,698.04 Total Recoveries (Months 1-6) 666,733.87
Net Loss/(Recoveries) for 3 Mos. $1,553,968.50(a) Net Loss/(Recoveries) for 6 Mos. $3,417,075.19(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)] 1.4907% Loss Ratio Annualized [(c/d)(12)] 1.6608%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
B) Delinquency Trigger:
Balance delinquency 60+ days $1,286,738.61 $2,496,882.79 $6,682,242.22
As % of Beginning Pool Balance 0.31681% 0.63184% 1.73403%
Three Month Average 0.52969% 0.52273% 0.89423%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 4.0638%
Ending Reserve Acct Balance not
less than 1% of initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.8
Page 1 of 3
Navistar Financial 1996-B Owner Trust
For the Month of December 1996
Distribution Date of January 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $462,375,764.00
Beginning Pool Factor 0.9503983
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,077,186.00
Interest Collected $3,899,334.48
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $88,657.60
Total Additional Deposits $88,657.60
Repos/Chargeoffs $969,247.14
Aggregate Number of Notes Charged Off 28
Total Available Funds $16,065,178.08
Ending Pool Balance $449,329,330.86
Ending Pool Factor 0.9235818
Servicing Fee $385,313.14
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance $11,608,600.00
Target Percentage 2.50%
Target Balance $11,233,233.27
Minimum Balance $9,730,147.26
(Release)/Deposit $(375,366.73)
Ending Balance $11,233,233.27
Current Weighted Average APR: 10.153%
Current Weighted Average
Remaining Term (months): 46.56
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
<S> <C> <C>
Delinquencies:
Installments:
1-30 days 2,437,279.56 2,033
31-60 days 460,538.60 370
60+ days 107,405.34 73
Total 3,005,223.50 2,043
Balances: 60+ days 3,914,911.67 73
Memo Item - Reserve Account
Opening Balance $11,559,394.10
+ Invest. Income 49,205.90
- Transfer to Collections Account 0.00
Beginning Balance $11,608,600.00
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1996-B Owner Trust
For the Month of December 1996
<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 Dist.: $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) 100.000% 0.000% 0.000% 0.000% 0.000%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $462,375,764.00
Ending Pool Balance $449,329,330.86
Collected Principal $12,077,186.00
Collected Interest $3,899,334.48
Charge-Offs $969,247.14
Liquidation Proceeds/Recoveries $88,657.60
Servicing $385,313.14
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $15,679,864.94
Beginning Balance $462,375,764.00 $82,368,401.25 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Interest Due $2,360,093.98 $376,835.44 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Paid $2,360,093.98 $376,835.44 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Principal Due $13,046,433.14 $13,046,433.14 $0.00 $0.00 $0.00 $0.00
Principal Paid $13,046,433.14 $13,046,433.14 $0.00 $0.00 $0.00 $0.00
Ending Balance $449,329,330.86 $69,321,968.11 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.6509104987 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Total Distributions $15,406,527.12 $13,423,268.58 $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 $273,337.82
Beginning Reserve Acct Balance $11,608,600.00 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($375,366.73)
Ending Reserve Account Balance $11,233,233.27
(1) The Noteholder's Percentage will be 100% for each Distribution Date occuring before the Distribution date on which the
Class A-1 Notes have been paid in full, and gennerally 93.5% thereafter until all the Notes have been paid in full.
No principal distributions to Class A-2 until Class A-1 has been paid in full. No principal distributions to Class A-3
until Class A-2 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1996-B Owner Trust
For the Month of December 1996
Trigger Events:A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
3 2 1
Oct 1996 Nov 1996 Dec 1996
<S> <C> <C> <C>
Beg. Pool Balance $486,507,362.75 $471,983,852.01 $462,375,764.00
A) Loss Trigger:
Principal of Contracts
Charged off $533,952.94 $138,745.01 $969,247.14
Recoveries $0.00 $23,776.07 $88,657.60
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate
<S> <C> <C> <C>
Lockout Event
Total Charged off (Months 5,4,3) $533,952.94 Total Charged off (Months 1-6) $1,641,945.09
Total Recoveries (Months 3,2,1) $112,433.67 Total Recoveries (Months 1-6) $112,433.67
Net Loss/(Recoveries) for 3 Mos. $421,519.27(a) Net Loss/(Recoveries) for 6 Mos. $1,529,511.42(c)
Total Balance Total Balance
(Months 5,4,3) $486,507,362.75(b) (Months 1-6) $1,420,866,978.76(d)
Loss Ratio Annualized [(a/b)(12)] 1.0397% Loss Ratio Annualized [(c/d)(12)] 1.2918%
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 $429,289.32 $2,027,397.12 $3,914,911.67
As % of Beginning
Pool Balance 0.08824% 0.42955% 0.84669%
Three Month Average 0.08824% 0.25889% 0.45483%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.3090%
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
