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) December 15, 1997
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of 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
(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 December 15 and 22, 1997, Registrant made available the Monthly
Servicer Certificates for the Period of November 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-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 30, 1997 By:/s/ P. E. COCHRAN
- ------------------------ --------------------------
P. E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-B Owner Trust
20.1 Monthly Servicer Certificate, dated December 15, 1997
Navistar Financial 1994-C Owner Trust
20.2 Monthly Servicer Certificate, dated December 22, 1997
Navistar Financial 1995-A Owner Trust
20.3 Monthly Servicer Certificate, dated December 22, 1997
Navistar Financial 1995-B Owner Trust
20.4 Monthly Servicer Certificate, dated December 15, 1997
Navistar Financial 1996-A Owner Trust
20.5 Monthly Servicer Certificate, dated December 15, 1997
Navistar Financial 1996-B Owner Trust
20.6 Monthly Servicer Certificate, dated December 22, 1997
Navistar Financial 1997-A Owner Trust
20.7 Monthly Servicer Certificate, dated December 15, 1997
Navistar Financial 1997-B Owner Trust
20.8 Monthly Servicer Certificate, dated December 15, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of November
Distribution Date of December 15, 1997
Servicer Certificate #41
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $27,489,579.50
Beginning Pool Factor 0.1278408
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,223,577.19
Interest Collected $191,881.82
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $19,911.87
Total Additional Deposits $19,911.87
Repos / Chargeoffs $1,840.02
Aggregate Number of Notes Charged Off 25
Total Available Funds $2,422,328.96
Ending Pool Balance $25,277,204.21
Ending Pool Factor 0.1175521
Servicing Fee $22,907.98
Repayment of Servicer Advances $13,041.92
Reserve Account:
Beginning Balance (see Memo Item) $4,359,642.42
Target Percentage 10.00%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release) / Deposit ($59,046.95)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.706%
Current Weighted Average Remaining Term (months): 14.33
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $432,366.88 279
31 - 60 days $77,461.71 48
60+ days $82,518.82 22
Total: $592,347.41 286
Balances: 60+ days $540,496.62 22
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income $16,637.04
+ Excess Serv. $42,409.91
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $4,359,642.42
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of November
<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 $27,489,579.50
Ending Pool Balance $25,277,204.21
Collected Principal $2,210,535.27
Collected Interest $191,881.82
Charge - Offs $1,840.02
Liquidation Proceeds / Recoveries $19,911.87
Servicing $22,907.98
Cash Transfer from Reserve Account $0.00
Total Collections Available for Debt Service $2,399,420.98
Beginning Balance $27,085,854.60 $26,137,118.12 $948,736.48
Interest Due $144,635.78 $139,397.96 $5,237.82
Interest Paid $144,635.78 $139,397.96 $5,237.82
Principal Due $2,212,375.29 $2,134,942.15 $77,433.14
Principal Paid $2,212,375.29 $2,134,942.15 $77,433.14
Ending Balance $24,873,479.31 $24,002,175.97 $871,303.34
Note / Certificate Pool Factor 0.1157 0.1158
(Ending Balance / Original Pool Amount)
Total Distributions $2,357,011.07 $2,274,340.11 $82,670.96
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 $42,409.91
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $4,359,642.42
(Release) / Draw ($59,046.95)
Ending Reserve Acct Balance $4,300,595.47
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of November
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-97 Aug-97 Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $38,934,169.80 $36,106,487.04 $33,052,185.09 $30,605,645.43 $27,489,579.50
A) Loss Trigger:
Principal of Contracts Charged Off $34,640.48 $45,095.09 $11,238.97 $13,693.10 $1,840.02
Recoveries $95,536.23 $60,994.70 $52,310.89 $50,124.98 $19,911.87
Total Charged Off (Months 5, 4, 3) $90,974.54
Total Recoveries (Months 3, 2, 1) $122,347.74
Net Loss / (Recoveries) for 3 Mos ($31,373.20)(a)
Total Balance (Months 5, 4, 3) $108,092,841.93 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.3483%
Trigger: Is Ratio > 1.5% No
Sep-97 Oct-97 Nov-97
B) Delinquency Trigger: $664,327.72 $692,031.85 $540,496.62
Balance delinquency 60+ days 2.00994% 2.26112% 1.96619%
As % of Beginning Pool Balance 1.55378% 1.93194% 2.07908%
Three Month Average
Trigger: Is Average > 2.0% Yes
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 - C Owner Trust
For the Month of November
Distribution Date of December 22, 1997
Servicer Certificate #36
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $56,533,530.58
Beginning Pool Factor 0.1794545
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,701,321.90
Interest Collected $435,243.90
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $14,230.76
Total Additional Deposits $14,230.76
Repos / Chargeoffs $31,000.14
Aggregate Number of Notes Charged Off 33
Total Available Funds $4,086,313.49
Ending Pool Balance $52,865,691.61
Ending Pool Factor 0.1678117
Servicing Fee $47,111.28
Repayment of Servicer Advances $64,483.07
Reserve Account:
Beginning Balance (see Memo Item) $6,640,929.99
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release) / Deposit ($29,653.61)
Ending Balance $6,611,276.38
Current Weighted Average APR: 9.446%
Current Weighted Average Remaining Term (months): 19.10
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $690,495.42 457
31 - 60 days $215,098.77 101
60+ days $197,814.88 37
Total: $1,103,409.07 474
Balances: 60+ days $829,465.87 37
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income $29,653.61
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($4,351.97)
Beginning Balance $6,640,929.99
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of November
<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 $56,533,530.58
Ending Pool Balance $52,865,691.61
Collected Principal $3,636,838.83
Collected Interest $435,243.90
Charge - Offs $31,000.14
Liquidation Proceeds / Recoveries $14,230.76
Servicing $47,111.28
Cash Transfer from Reserve Account $4,351.97
Total Collections Avail for Debt Service $4,043,554.18
Beginning Balance $56,220,507.41 $0.00 $52,573,209.29 $3,647,298.12
Interest Due $375,715.21 $0.00 $350,488.06 $25,227.15
Interest Paid $375,715.21 $0.00 $350,488.06 $25,227.15
Principal Due $3,667,838.97 $0.00 $3,539,464.61 $128,374.36
Principal Paid $3,667,838.97 $0.00 $3,539,464.61 $128,374.36
Ending Balance $52,552,668.44 $0.00 $49,033,744.68 $3,518,923.76
Note / Certificate Pool Factor 0.0000 0.5055 0.3190
(Ending Balance / Original Pool Amount)
Total Distributions $4,043,554.18 $0.00 $3,889,952.67 $153,601.51
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $6,640,929.99
(Release) / Draw ($29,653.61)
Ending Reserve Acct Balance $6,611,276.38
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of November
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-97 Aug-97 Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $77,953,304.94 $73,190,495.38 $67,800,397.54 $61,603,611.48 $56,533,530.58
A) Loss Trigger:
Principal of Contracts Charged Off $164,471.73 $121,813.12 $0.00 $125,684.92 $31,000.14
Recoveries $5,720.25 $60,762.65 $328,951.97 $188,686.61 $14,230.76
Total Charged Off (Months 5, 4, 3) $286,284.85
Total Recoveries (Months 3, 2, 1) $531,869.34
Net Loss / (Recoveries) for 3 Mos ($245,584.49)(a)
Total Balance (Months 5, 4, 3) $218,944,197.86 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.3460%
Trigger: Is Ratio > 1.5% No
Sep-97 Oct-97 Nov-97
B) Delinquency Trigger: $2,310,688.20 $581,085.86 $829,465.87
Balance delinquency 60+ days 3.40807% 0.94327% 1.46721%
As % of Beginning Pool Balance 1.82415% 1.75059% 1.93952%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0986%
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 1995 - A Owner Trust
For the Month of November
Distribution Date of December 22, 1997
Servicer Certificate #31
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $110,699,693.64
Beginning Pool Factor 0.2605439
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,196,285.22
Interest Collected $922,663.92
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $411,836.30
Total Additional Deposits $411,836.30
Repos / Chargeoffs $5,026.82
Aggregate Number of Notes Charged Off 59
Total Available Funds $8,530,785.44
Ending Pool Balance $103,498,381.60
Ending Pool Factor 0.2435948
Servicing Fee $92,249.74
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,593,299.52
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $8,922,464.92
(Release) / Deposit ($670,834.60)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.493%
Current Weighted Average Remaining Term (months): 22.83
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,545,157.83 914
31 - 60 days $251,400.55 211
60+ days $100,404.20 45
Total: $1,896,962.58 927
Balances: 60+ days $1,136,122.26 45
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $39,995.39
+ Excess Serv. $630,839.21
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,593,299.52
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of November
<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 $110,699,693.64
Ending Pool Balance $103,498,381.60
Collected Principal $7,196,285.22
Collected Interest $922,663.92
Charge - Offs $5,026.82
Liquidation Proceeds / Recoveries $411,836.30
Servicing $92,249.74
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $8,438,535.70
Beginning Balance $110,699,693.64 $0.00 $102,105,229.35 $8,594,464.29
Interest Due $606,384.45 $0.00 $557,324.38 $49,060.07
Interest Paid $606,384.45 $0.00 $557,324.38 $49,060.07
Principal Due $7,201,312.04 $0.00 $6,949,266.12 $252,045.92
Principal Paid $7,201,312.04 $0.00 $6,949,266.12 $252,045.92
Ending Balance $103,498,381.60 $0.00 $95,155,963.23 $8,342,418.37
Note / Certificate Pool Factor 0.0000 0.2884 0.5607
(Ending Balance / Original Pool Amount)
Total Distributions $7,807,696.49 $0.00 $7,506,590.50 $301,105.99
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $630,839.21
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,593,299.52
(Release) / Draw ($670,834.60)
Ending Reserve Acct Balance $8,922,464.92
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of November
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-97 Aug-97 Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $143,173,241.24 $135,917,752.46 $126,073,877.58 $119,974,844.27 $110,699,693.64
A) Loss Trigger:
Principal of Contracts Charged Off $198,352.07 $400,077.17 $287,254.31 $61,796.64 $5,026.82
Recoveries $283,744.59 $236,125.71 $590,703.37 $487,202.48 $411,836.30
Total Charged Off (Months 5, 4, 3) $885,683.55
Total Recoveries (Months 3, 2, 1) $1,489,742.15
Net Loss / (Recoveries) for 3 Mos ($604,058.60)(a)
Total Balance (Months 5, 4, 3) $405,164,871.28 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.7891%
Trigger: Is Ratio > 1.5% No
Sep-97 Oct-97 Nov-97
B) Delinquency Trigger: $2,143,938.49 $1,570,284.68 $1,136,122.26
Balance delinquency 60+ days 1.70054% 1.30884% 1.02631%
As % of Beginning Pool Balance 1.15230% 1.32128% 1.34523%
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 - B Owner Trust
For the Month of November
Distribution Date of December 15, 1997
Servicer Certificate #26
<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 $197,825,082.32
Beginning Pool Factor 0.3768445
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,807,328.98
Interest Collected $1,599,625.31
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $268,885.31
Total Additional Deposits $268,885.31
Repos / Chargeoffs $277,587.83
Aggregate Number of Notes Charged Off 95
Total Available Funds $9,675,839.60
Ending Pool Balance $189,740,165.51
Ending Pool Factor 0.3614432
Servicing Fee $164,854.24
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,493,508.61
Target Percentage 5.50%
Target Balance $10,435,709.10
Minimum Balance $11,023,980.93
(Release) / Deposit ($469,527.68)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.911%
Current Weighted Average Remaining Term (months): 28.06
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,022,710.90 1,342
31 - 60 days $390,707.91 297
60+ days $110,037.59 57
Total: $2,523,456.40 1,356
Balances: 60+ days $1,365,172.16 57
Memo Item - Reserve Account
Prior Month $11,023,980.93
+ Invest. Income $42,648.85
+ Excess Serv. $426,878.83
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,493,508.61
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of November
<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 $197,825,082.32
Ending Pool Balance $189,740,165.51
Collected Principal $7,807,328.98
Collected Interest $1,599,625.31
Charge - Offs $277,587.83
Liquidation Proceeds / Recoveries $268,885.31
Servicing $164,854.24
Cash Transfer from Reserve Account $0.00
Total Collections Avail for
Debt Service $9,510,985.36
Beginning Balance $197,825,082.32 $0.00 $0.00 $184,966,758.40 $12,858,323.92
Interest Due $999,189.72 $0.00 $0.00 $932,540.74 $66,648.98
Interest Paid $999,189.72 $0.00 $0.00 $932,540.74 $66,648.98
Principal Due $8,084,916.81 $0.00 $0.00 $7,801,944.72 $282,972.09
Principal Paid $8,084,916.81 $0.00 $0.00 $7,801,944.72 $282,972.09
Ending Balance $189,740,165.51 $0.00 $0.00 $177,164,813.68 $12,575,351.83
Note / Certificate Pool Factor 0.0000 0.0000 0.6231 0.6844
(Ending Balance / Original Pool Amount)
Total Distributions $9,084,106.53 $0.00 $0.00 $8,734,485.46 $349,621.07
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 $426,878.83
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,493,508.61
(Release) / Draw ($469,527.68)
Ending Reserve Acct Balance $11,023,980.93
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of November
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-97 Aug-97 Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $242,048,135.75 $231,978,557.43 $222,431,428.51 $213,031,624.98 $197,825,082.32
A) Loss Trigger:
Principal of Contracts Charged Off $327,326.14 $276,233.74 $271,595.69 $494,766.64 $277,587.83
Recoveries $255,453.45 $358,241.45 $316,933.22 $561,617.71 $268,885.31
Total Charged Off (Months 5, 4, 3) $875,155.57
Total Recoveries (Months 3, 2, 1) $1,147,436.24
Net Loss / (Recoveries) for 3 Mos ($272,280.67(a)
Total Balance (Months 5, 4, 3) $696,458,121.69(b)
Loss Ratio Annualized [(a/b) * (12)] -0.4691%
Trigger: Is Ratio > 1.5% No
Sep-97 Oct-97 Nov-97
B) Delinquency Trigger: $3,205,363.34 $859,012.17 $1,365,172.16
Balance delinquency 60+ days 1.44106% 0.40323% 0.69009%
As % of Beginning Pool Balance 1.32692% 1.01449% 0.84479%
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 1996 - A Owner Trust
For the Month of November
Distribution Date of December 15, 1997
Servicer Certificate #19
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $254,984,770.87
Beginning Pool Factor 0.5543824
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,684,491.34
Interest Collected $2,004,724.93
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $206,762.10
Total Additional Deposits $206,762.10
Repos / Chargeoffs $311,380.44
Aggregate Number of Notes Charged Off 81
Total Available Funds $10,895,978.37
Ending Pool Balance $245,988,899.09
Ending Pool Factor 0.5348237
Servicing Fee $212,487.31
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $13,173,991.62
Target Percentage 5.00%
Target Balance $12,299,444.95
Minimum Balance $9,658,821.26
(Release) / Deposit ($874,546.67)
Ending Balance $12,299,444.95
Current Weighted Average APR: 9.536%
Current Weighted Average Remaining Term (months): 33.82
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,988,510.59 1,493
31 - 60 days $487,833.95 344
60+ days $191,069.13 81
Total: $2,667,413.67 1,503
Balances: 60+ days $4,157,769.73 81
Memo Item - Reserve Account
Prior Month $12,749,238.54
+ Invest. Income $88,347.10
+ Excess Serv. $336,405.98
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $13,173,991.62
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of November
<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 $254,984,770.87
Ending Pool Balance $245,988,899.09
Collected Principal $8,684,491.34
Collected Interest $2,004,724.93
Charge - Offs $311,380.44
Liquidation Proceeds / Recoveries $206,762.10
Servicing $212,487.31
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $10,683,491.06
Beginning Balance $254,984,770.87 $0.00 $239,633,627.96 $15,351,142.91
Interest Due $1,351,213.30 $0.00 $1,268,061.28 $83,152.02
Interest Paid $1,351,213.30 $0.00 $1,268,061.28 $83,152.02
Principal Due $8,995,871.78 $0.00 $8,591,057.55 $404,814.23
Principal Paid $8,995,871.78 $0.00 $8,591,057.55 $404,814.23
Ending Balance $245,988,899.09 $0.00 $231,042,570.41 $14,946,328.68
Note / Certificate Pool Factor 0.0000 0.6654 0.7221
(Ending Balance / Original Pool Amount)
Total Distributions $10,347,085.08 $0.00 $9,859,118.83 $487,966.25
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 $336,405.98
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $13,173,991.62
(Release) / Draw ($874,546.67)
Ending Reserve Acct Balance $12,299,444.95
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of November
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
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $298,362,233.21 $298,362,233.21 $289,158,602.47 $279,497,851.07 $270,169,037.72 $254,984,770.87
A) Loss Trigger:
Principal of Contracts
Charged Off $678,399.36 $359,030.33 $425,054.70 $651,062.78 $341,088.81 $311,380.44
Recoveries $661,604.13 $833,081.20 $960,144.57 $473,254.71 $1,181,249.07 $206,762.10
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,435,147.81 Total Charged off (Months 1 - 6) $2,766,016.42
Total Recoveries (Months 3, 2, 1) $1,861,265.88 Total Recoveries (Months 1 - 6) $4,316,095.78
Net Loss / (Recoveries) for 3 Mos ($426,118.07)(a) Net Loss/(Recoveries) for 6 Mos. ($1,550,079.36)(c)
Total Balance (Months 5, 4, 3) $867,018,686.75 (b) Total Balance (Months 1 - 6) $1,703,600,480.79(d)
Loss Ratio Annualized [(a/b) * (12)] -0.5898% Loss Ratio Annualized [(c/d) (12)] -1.0919%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $5,345,340.19 $2,258,340.43 $4,157,769.73
Balance delinquency 60+ days 1.91248% 0.83590% 1.63060%
As % of Beginning Pool Balance 1.48949% 1.35292% 1.45966%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.6741%
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 - B Owner Trust
For the Month of November
Distribution Date of December 22, 1997
Servicer Certificate #14
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $317,634,491.42
Beginning Pool Factor 0.6528873
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,867,932.52
Interest Collected $2,634,869.98
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $510,112.36
Total Additional Deposits $510,112.36
Repos / Chargeoffs $427,497.73
Aggregate Number of Notes Charged Off 92
Total Available Funds $13,012,914.86
Ending Pool Balance $307,339,061.17
Ending Pool Factor 0.6317254
Servicing Fee $264,695.41
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,566,335.81
Target Percentage 2.50%
Target Balance $7,683,476.53
Minimum Balance $9,730,147.26
(Release) / Deposit ($836,188.55)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.985%
Current Weighted Average Remaining Term (months): 37.13
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,353,731.55 1,992
31 - 60 days $626,105.63 575
60+ days $196,538.10 101
Total: $3,176,375.28 1,995
Balances: 60+ days $3,762,018.13 101
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $55,024.85
+ Excess Serv. $781,163.70
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,566,335.81
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of November
<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 $317,634,491.42
Ending Pool Balance $307,339,061.17
Collected Principal $9,867,932.52
Collected Interest $2,634,869.98
Charge - Offs $427,497.73
Liquidation
Proceeds / Recoveries $510,112.36
Servicing $264,695.41
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $12,748,219.45
Beginning Balance $317,634,491.42 $0.00 $53,581,365.31 $236,500,000.00 $14,844,939.35 $12,708,186.76
Interest Due $1,671,625.50 $0.00 $264,781.25 $1,247,537.50 $80,410.09 $78,896.66
Interest Paid $1,671,625.50 $0.00 $264,781.25 $1,247,537.50 $80,410.09 $78,896.66
Principal Due $10,295,430.25 $0.00 $9,626,227.28 $0.00 $360,340.06 $308,862.91
Principal Paid $10,295,430.25 $0.00 $9,626,227.28 $0.00 $360,340.06 $308,862.91
Ending Balance $307,339,061.17 $0.00 $43,955,138.03 $236,500,000.00 $14,484,599.29 $12,399,323.85
Note / Certificate Pool Factor 0.0000 0.3928 1.0000 0.8506 0.8505
(Ending Balance / Original Pool Amount)
Total Distributions $11,967,055.75 $0.00 $9,891,008.53 $1,247,537.50 $440,750.15 $387,759.57
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 $781,163.70
(see Memo Item - Reserve Account)
Beginning Reserve Account
Balance $10,566,335.81
(Release) / Draw ($836,188.55)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of November
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
Jun-97 Jul-97 Aug-97 Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $379,446,408.45 $368,219,179.65 $356,384,702.80 $343,797,709.78 $332,810,807.25 $317,634,491.42
A) Loss Trigger:
Principal of Contracts
Charged Off $847,804.26 $847,658.24 $852,012.18 $982,800.70 $926,791.58 $427,497.73
Recoveries $786,549.19 $945,754.63 $620,268.66 $865,672.59 $2,424,018.23 $510,112.36
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,682,471.12 Total Charged off (Months 1 - 6) $4,884,564.69
Total Recoveries (Months 3, 2, 1) $3,799,803.18 Total Recoveries (Months 1 - 6) $6,152,375.66
Net Loss / (Recoveries) for 3 Mos ($1,117,332.06)(a) Net Loss/(Recoveries) for 6 Mos. ($1,267,810.97)(c)
Total Balance (Months 5, 4, 3) $1,068,401,592.23(b) Total Balance (Months 1 - 6) $2,098,293,299.35(d)
Loss Ratio Annualized [(a/b) * (12)] -1.2550% Loss Ratio Annualized [(c/d) (12)] -0.72505%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $5,176,075.56 $2,989,578.41 $3,762,018.13
Balance delinquency 60+ days 1.50556% 0.89828% 1.18439%
As % of Beginning Pool Balance 1.84886% 1.33618% 1.19608%
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 20.7
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of November
Distribution Date of December 15, 1997
Servicer Certificate #8
<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 $403,038,476.23
Beginning Pool Factor 0.8263342
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,610,474.09
Interest Collected $3,414,814.75
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $562,328.56
Total Additional Deposits $562,328.56
Repos / Chargeoffs $792,482.49
Aggregate Number of Notes Charged Off 66
Total Available Funds $14,587,617.40
Ending Pool Balance $391,635,519.65
Ending Pool Factor 0.8029551
Servicing Fee $335,865.40
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $21,919,659.63
Target Percentage 5.25%
Target Balance $20,560,864.78
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,358,794.85)
Ending Balance $20,560,864.78
Current Weighted Average APR: 10.175%
Current Weighted Average Remaining Term (months): 42.24
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,878,475.92 2,202
31 - 60 days $550,314.14 442
60+ days $134,116.04 92
Total: $3,562,906.10 2,202
Balances: 60+ days $3,099,758.74 92
Memo Item - Reserve Account
Prior Month $21,159,520.00
+ Invest. Income $111,506.15
+ Excess Serv. $648,633.48
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $21,919,659.63
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of November
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
$500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 100.00% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $403,038,476.23
Ending Pool Balance $391,635,519.65
Collected Principal $10,610,474.09
Collected Interest $3,414,814.75
Charge - Offs $792,482.49
Liquidation Proceeds / Recoveries $562,328.56
Servicing $335,865.40
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $14,251,752.00
Beginning Balance $403,038,476.23 $0.00 $209,538,476.23 $176,000,000.00 $17,500,000.00
Interest Due $2,200,161.94 $0.00 $1,108,807.77 $990,000.00 $101,354.17
Interest Paid $2,200,161.94 $0.00 $1,108,807.77 $990,000.00 $101,354.17
Principal Due $11,402,956.58 $0.00 $11,402,956.58 $0.00 $0.00
Principal Paid $11,402,956.58 $0.00 $11,402,956.58 $0.00 $0.00
Ending Balance $391,635,519.65 $0.00 $198,135,519.65 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.8945 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $13,603,118.52 $0.00 $12,511,764.35 $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 $648,633.48
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $21,919,659.63
(Release) / Draw ($1,358,794.85)
Ending Reserve Acct Balance $20,560,864.78
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of November
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-97 Aug-97 Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $455,773,751.11 $442,621,361.35 $429,123,844.62 $417,523,393.85 $403,038,476.23
A) Loss Trigger:
Principal of Contracts
Charged Off $845,107.84 $1,132,211.21 $646,660.05 $752,002.24 $792,482.49
Recoveries $172,109.69 $556,540.30 $604,242.84 $1,104,366.34 $562,328.56
Total Charged Off (Months 5, 4, 3) $2,623,979.10
Total Recoveries (Months 3, 2, 1) $2,270,937.74
Net Loss / (Recoveries) for 3 Mos $353,041.36 (a)
Total Balance (Months 5, 4, 3) $1,327,518,957.08 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.3191%
Trigger: Is Ratio > 1.5% No
Sep-97 Oct-97 Nov-97
B) Delinquency Trigger: $5,355,051.66 $1,990,199.68 $3,099,758.74
Balance delinquency 60+ days 1.24790% 0.47667% 0.76910%
As % of Beginning Pool Balance 0.98502% 0.90477% 0.83122%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.2155%
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 4
Navistar Financial 1997 - B Owner Trust
For the Month of November
Distribution Date of December 15, 1997
Servicer Certificate #2
<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 $486,773,425.62
Beginning Pool Factor 0.9735578
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $12,377,235.33
Interest Collected $3,764,958.33
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $0.00
Total Additional Deposits $0.00
Repos / Chargeoffs $933,926.21
Aggregate Number of Notes Charged Off 20
Total Available Funds $16,142,193.66
Ending Pool Balance $473,462,264.08
Ending Pool Factor 0.9469352
Servicing Fee $405,644.52
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $25,589,113.19
Target Percentage 5.25%
Target Balance $24,856,768.86
Minimum Balance $9,999,887.79
(Release) / Deposit ($732,344.33)
Ending Balance $24,856,768.86
Current Weighted Average APR: 10.010%
Current Weighted Average Remaining Term (months): 48.92
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,485,154.09 1,964
31 - 60 days $253,054.39 214
60+ days $29,366.07 24
Total: $2,767,574.55 1,965
Balances: 60+ days $894,974.02 24
Memo Item - Reserve Account
Prior Month $0.00
+ Invest. Income $25,555,604.85
+ Excess Serv. $19,653.94
+ Transfer (to) / from Collections Account $13,854.40
Beginning Balance $0.00
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 4
Navistar Financial 1997 - B Owner Trust
For the Month of November
<TABLE>
<CAPTION>
NOTES
(Money Market)
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 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $486,773,425.62
Ending Pool Balance $473,462,264.08
Collected Principal $12,377,235.33
Collected Interest $3,764,958.33
Charge - Offs $933,926.21
Liquidation Proceeds/Recoveries $0.00
Servicing $405,644.52
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,736,549.14
Beginning 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
Interest Due $2,411,533.20 $417,333.42 $435,449.78 $682,000.00 $784,875.00 $91,875.00
Interest Paid $2,411,533.20 $417,333.42 $435,449.78 $682,000.00 $784,875.00 $91,875.00
Principal Due $13,311,161.54 $13,311,161.54 $0.00 $0.00 $0.00 $0.00
Principal Paid $13,311,161.54 $13,311,161.54 $0.00 $0.00 $0.00 $0.00
Ending Balance $473,462,264.08 $80,462,264.08 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.7520 1.0000 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $15,722,694.74 $13,728,494.96 $435,449.78 $682,000.00 $784,875.00 $91,875.00
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 $13,854.40
(see Memo Item - Reserve Account)
Beginning Reserve Account
Balance $25,589,113.19
(Release) / Draw ($732,344.33)
Ending Reserve Account
Balance $24,856,768.86
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 4
Navistar Financial 1997 - B Owner Trust
For the Month of November
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-97 Aug-97 Sep-97 Oct-97 Nov-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance N\A N\A N\A $408,527,638.36 $486,773,425.62
A) Loss Trigger:
Principal of Contracts Charged Off N\A N\A N\A $519,576.09 $933,926.21
Recoveries N\A N\A N\A $0.00 $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
Sep-97 Oct-97 Nov-97
B) Delinquency Trigger: N\A 1,168,237.49 894,974.02
Balance delinquency 60+ days N\A 0.28596% 0.18386%
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: 4.97141%
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 11/17/97 through 12/15/97
<TABLE>
<CAPTION>
Pre-Funded Account:
<S> <C>
Ending Balance 11/17/97 $0.00
Plus Investment Earnings $99,267.12
Less 12/12/97 Transfer to Seller $99,267.12
Sub total $0.00
Ending Balance 12/15/97 $0.00
Negative Carry Account:
Initial deposit 11/17/97 $0.00
Plus Investment Earnings $796.41
Subtotal $796.41
Less: Investment Earnings Released to $796.41
Navistar Financial Corporation
Pursuant to Section 5.05 of the
Pooling and Servicing Agreement
Ending Balance 11/17/97 $0.00
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
