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) April 15, 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 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)
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 April 15 and 21, 1997, Registrant made available the
Monthly Servicer Certificates for the Period of March 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 AND
NAVISTAR FINANCIAL 1996-B OWNER TRUST
(Registrant)
Date April 30, 1997 By: /s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-A Owner Trust
20.1 Monthly Servicer Certificate, dated April 15, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated April 15, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated April 21, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated April 21, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated April 15, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated April 15, 1997
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated April 21, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994-A Owner Trust
For the Month of March 1997
Distribution Date of April 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $45,202,827.69
Beginning Pool Factor 0.1614263
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,909,068.03
Interest Collected $357,746.60
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $33,328.76
Total Additional Deposits $33,328.76
Repos/Chargeoffs $147,476.07
Aggregate Number of Notes Charged Off 32
Total Available Funds $4,768,789.12
Ending Pool Balance $40,677,637.86
Ending Pool Factor 0.1452661
Servicing Fee $37,669.02
Repayment of Servicer Advances $531,354.27
Reserve Account:
Beginning Balance $5,623,697.27
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release)/Deposit $(23,267.84)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.340%
Current Weighted Average Remaining Term (months): 17.04
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 574,268.19 396
31-60 days 97,060.07 86
60+ days 28,099.56 21
Total 699,427.82 412
Balances: 60+ days 142,662.13 21
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income 23,267.84
+ Transfer from Collections Account 0.00
Beginning Balance $5,623,697.27
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of March 1997
<TABLE>
<CAPTION>
NOTES
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $280,021,471.35 $89,606,000.00 $180,614,000.00 $9,801,471.35
Distribution Percentages 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $45,202,827.69
Ending Pool Balance $40,677,637.86
Collected Principal $4,377,713.76
Collected Interest $357,746.60
Charge-Offs $147,476.07
Liquidation Proceeds/Recoveries $33,328.76
Servicing $37,669.02
Cash Transfer to Reserve Account $0.00
Total Collections Available $4,731,120.10
for Debt Service
Beginning Balance $39,387,551.96 $0.00 $36,382,336.98 $3,005,214.98
Interest Due $195,466.58 $0.00 $179,789.38 $15,677.20
Interest Paid $195,466.58 $0.00 $179,789.38 $15,677.20
Principal Due $4,525,189.83 $0.00 $4,321,556.29 $203,633.54
Principal Paid $4,525,189.83 $0.00 $4,321,556.29 $203,633.54
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $34,862,362.13 $0.00 $32,060,780.69 $2,801,581.44
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1775099422 0.2858327425
Total Distributions $4,720,656.41 $0.00 $4,501,345.67 $219,310.74
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 $10,463.69
Beginning Reserve Account Balance $5,623,697.27 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(23,267.84)
Ending Reserve Account Balance $5,600,429.43
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of March 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percentage Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $63,352,416.13 $59,198,061.43 $54,961,016.61 $51,030,159.26 $45,202,827.69
A) Loss Trigger:
Principal of Contracts
Charged off $102,684.32 $30,149.48 $2,477.79 $23,693.18 $147,476.07
Recoveries $211,505.35 $259,757.38 $11,160.22 $142.69 $33,328.76
Total Charged off
(Months 5,4,3) $135,311.59
Total Recoveries
(Months 3,2,1) 44,631.67
Net Loss/(Recoveries)
for 3 Mos. $90,679.92(a)
Total Balance
(Months 5,4,3) $177,511,494.17(b)
Loss Ratio Annualized [(a/b)(12)] 0.6130%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $988,506.61 $1,160,358.52 $142,662.13
As % of Beginning Pool Balance 1.79856% 2.27387% 0.31560%
Three Month Average 1.48839% 1.93896% 1.46268%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 3
Navistar Financial 1994-B Owner Trust
For the Month of March 1997
Distribution Date of April 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $53,383,390.98
Beginning Pool Factor 0.2482605
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,668,679.18
Interest Collected $427,070.61
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $123,879.53
Total Additional Deposits $123,879.53
Repos/Chargeoffs $78,951.97
Aggregate Number of Notes Charged Off 21
Total Available Funds $4,794,151.63
Ending Pool Balance $49,061,237.52
Ending Pool Factor 0.2281602
Servicing Fee $44,486.16
Repayment of Servicer Advances $425,477.69
Reserve Account:
Beginning Balance (see Memo Item) $4,318,461.84
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release)/Deposit ($17,866.37)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.789%
Current Weighted Average Remaining Term (months): 20.69
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 498,245.68 394
31-60 days 131,941.30 101
60+ days 54,683.96 28
Total 684,870.94 408
Balances: 60+ days 469,964.64 28
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income 17,866.37
+ Transfer from Collection Account 0.00
Beginning Balance $4,318,461.84
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of March 1997
<TABLE>
<CAPTION>
TOTAL NOTES CERTIFICATES
<S> <C> <C> <C>
Original Pool Amount
Distributions: $215,029,773.64 $207,503,000.00 $7,526,773.64
Distribution Percentages 96.50% 3.50%
Coupon 6.400% 6.625%
Beginning Pool Balance $53,383,390.98
Ending Pool Balance $49,061,237.52
Collected Principal $4,243,201.49
Collected Interest $427,070.61
Charge-Offs $78,951.97
Liquidation Proceeds/Recoveries $123,879.53
Servicing $44,486.16
Cash Transfer to Reserve Account 0.00
Total Collections Available
for Debt Service $4,749,665.47
Beginning Balance $52,979,666.08 $51,124,646.19 $1,855,019.89
Interest Due $282,906.04 $272,664.78 $10,241.26
Interest Paid $282,906.04 $272,664.78 $10,241.26
Principal Due $4,322,153.46 $4,170,878.09 $151,275.37
Principal Paid $4,322,153.46 $4,170,878.09 $151,275.37
Ending Balance $48,657,512.62 $46,953,768.10 $1,703,744.52
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2262799482 0.2263578794
Total Distributions $4,605,059.50 $4,443,542.87 $161,516.63
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00
Excess Servicing $144,605.97
Beginning Reserve Account Balance $4,318,461.84 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($17,866.37)
Ending Reserve Account Balance $4,300,595.47
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Month of March 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $69,133,032.09 $65,493,264.29 $62,197,239.05 $58,639,688.25 $53,383,390.98
A) Loss Trigger:
Principal of Contracts
Charged off $39,429.67 $44,376.01 $30,042.33 $49,517.63 $78,951.97
Recoveries $149,234.37 $60,818.33 $4,737.98 $114,217.45 $123,879.53
Total Charged off
(Months 5,4,3) $113,848.01
Total Recoveries
(Months 3,2,1) 242,834.96
Net Loss/(Recoveries)
for 3 Mos. ($128,986.95)(a)
Total Balance (Months 5,4,3) $196,823,535.43(b)
Loss Ratio Annualized [(a/b)(12)] -0.7864%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $672,439.19 $607,180.87 $469,964.64
As % of Beginning Pool Balance 1.08114% 1.03544% 0.88036%
Three Month Average 1.02252% 1.18284% 0.99898%
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 March 1997
Distribution Date of April 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $101,071,799.61
Beginning Pool Factor 0.3208324
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $7,415,023.61
Interest Collected $853,139.90
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $235,959.02
Total Additional Deposits $235,959.02
Repos/Chargeoffs $157,646.43
Aggregate Number of Notes Charged Off 35
Total Available Funds $8,008,225.20
Ending Pool Balance $93,995,026.90
Ending Pool Factor 0.2983686
Servicing Fee $84,226.50
Repayment of Servicer Advances $495,897.33
Reserve Account:
Beginning Balance (See Memo Item) $6,644,314.31
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release)/Deposit ($28,685.96)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.558%
Current Weighted Average Remaining Term (months): 25.12
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 1,035,351.47 668
31-60 days 186,056.64 162
60+ days 81,409.03 43
Total 1,302,817.14 684
Balances: 60+ days 740,753.37 43
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income 28,685.96
+ Transfer from Collections Account 0.00
Beginning Balance $6,644,314.31
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of March 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Distribution Percentages (1) 0.00% 96.50% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $101,071,799.61
Ending Pool Balance $93,995,026.90
Collected Principal $6,919,126.28
Collected Interest $853,139.90
Charge-Offs $157,646.43
Liquidation Proceeds/Recoveries $235,959.02
Servicing $84,226.50
Cash Transfer (to)/from Reserve Account $0.00
Total Collections Available
for Debt Service $7,923,998.70
Beginning Balance $100,758,776.43 $0.00 $95,552,638.93 $5,206,137.51
Interest Due $673,026.71 $0.00 $637,017.59 $36,009.12
Interest Paid $673,026.71 $0.00 $637,017.59 $36,009.12
Principal Due $7,076,772.71 $0.00 $6,829,085.67 $247,687.04
Principal Paid $7,076,772.71 $0.00 $6,829,085.67 $247,687.04
Ending Balance $93,682,003.72 $0.00 $88,723,553.26 $4,958,450.46
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9146758068 0.4495453948
Total Distributions $7,749,799.42 $0.00 $7,466,103.26 $283,696.16
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 $174,199.28
Beginning Reserve Account Balance $6,644,314.31 see also Memo Item on Page 1 regarding reserve account
(Release)/Draw ($28,685.96)
Ending Reserve Account Balance $6,615,628.35
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1995, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Month of March 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $127,872,259.24 $121,849,343.22 $114,162,032.78 $108,402,533.31 $101,071,799.61
A) Loss Trigger:
Principal of Contracts
Charged off $59,372.73 $91,127.94 $56,782.84 $31,177.11 $157,646.43
Recoveries $67,211.94 $255,941.07 $97,061.63 $127,816.00 $235,959.02
Total Charged off
(Months 5,4,3) $207,283.51
Total Recoveries
(Months 3,2,1) 460,836.65
Net Loss/(Recoveries)
for 3 Mos. ($253,553.14)(a)
Total Balance
(Months 5,4,3) $363,883,635.24(b)
Loss Ratio Annualized [(a/b)(12)] -0.8362%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $677,140.43 $824,813.00 $740,753.37
As % of Beginning Pool Balance 0.59314% 0.76088% 0.73290%
Three Month Average 0.66350% 0.74522% 0.69564%
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 March 1997
Distribution Date of April 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $178,833,989.12
Beginning Pool Factor 0.4209054
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,639,078.86
Interest Collected $1,656,536.11
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $191,574.52
Total Additional Deposits $191,574.52
Repos/Chargeoffs $528,410.27
Aggregate Number of Notes Charged Off 58
Total Available Funds $11,969,879.39
Ending Pool Balance 168,183,810.09
Ending Pool Factor 0.3958390
Servicing Fee $149,028.32
Repayment of Servicer Advances $517,310.10
Reserve Account:
Beginning Balance (See Memo Item) $10,776,570.01
Target Percentage 6.00%
Target Balance $10,091,028.61
Minimum Balance $8,922,464.92
(Release)/Deposit ($685,541.40)
Ending Balance $10,091,028.61
Current Weighted Average APR: 10.614%
Current Weighted Average Remaining Term (months): 29.2
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 1,566,564.25 1,105
31-60 days 424,241.44 326
60+ days 141,011.28 75
Total 2,131,816.97 1,121
Balances: 60+ days 2,198,165.62 75
Memo Item - Reserve Account
Prior Month $10,730,039.35
+ Invest. Income 46,530.66
+ Transfer from Collections Account 0.00
Beginning Balance $10,776,570.01
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of March 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $424,879,281.80 $80,000,000.00 $330,000,000.00 $14,879,281.80
Distribution Percentages (1) 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $178,833,989.12
Ending Pool Balance $168,183,810.09
Collected Principal $10,121,768.76
Collected Interest $1,656,536.11
Charge-Offs $528,410.27
Liquidation Proceeds/Recoveries $191,574.52
Servicing $149,028.32
Cash Transfer to Reserve Account $0.00
Total Collections Available
for Debt Service $11,820,851.07
Beginning Balance $178,833,989.12 $0.00 $167,854,824.49 $10,979,164.63
Interest Due $978,880.31 $0.00 $916,207.58 $62,672.73
Interest Paid $978,880.31 $0.00 $916,207.58 $62,672.73
Principal Due $10,650,179.03 $0.00 $10,277,422.76 $372,756.27
Principal Paid $10,650,179.03 $0.00 $10,277,422.76 $372,756.27
Ending Balance $168,183,810.09 $0.00 $157,577,401.73 $10,606,408.36
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.4775072780 0.7128306663
Total Distributions $11,629,059.34 $0.00 $11,193,630.34 $435,429.00
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 $191,791.73
Beginning Reserve Account Balance $10,776,570.01 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($685,541.40)
Ending Reserve Account Balance $10,091,028.61
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in June 1996, and generally 96.5%
thereafter until all of the Notes have been paid in full. No principal
distributions to Class A-2 until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Month of March 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $217,488,410.17 $208,524,140.81 $196,665,027.07 $187,443,581.19 $178,833,989.12
A) Loss Trigger:
Principal of Contracts
Charged off $177,758.77 $252,975.39 $237,245.36 $270,748.46 $528,410.27
Recoveries $337,954.80 $444,327.02 $180,374.06 $612,940.20 $191,574.52
Total Charged Off (Months 5,4,3) $ 667,979.52
Total Recoveries (Months 3,2,1) $ 984,888.78
Net Loss/(Recoveries) for 3 Mos. $(316,909.26)(a)
Total Balance (Months 5,4,3) $622,677,578.05(b)
Loss Ratio Annualized [(a/b)(12)] -0.6107%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $2,541,650.90 $2,978,832.77 $2,198,165.62
As % of Beginning Pool Balance 1.29238% 1.58919% 1.22917%
Three Month Average 1.24500% 1.44054% 1.37024%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.3750%
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 March 1997
Distribution Date of April 15, 1997
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $454,499,683.43
Subsequent Receivables (transferred 11/10/95) $70,451,789.39
Beginning Pool Balance $287,757,278.24
Beginning Pool Factor 0.5481598
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $14,033,601.08
Interest Collected $2,455,622.99
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $972,488.42
Total Additional Deposits $972,488.42
Repos/Chargeoffs $614,905.54
Aggregate Number of Notes Charged Off 72
Total Available Funds $17,296,173.64
Ending Pool Balance $273,274,310.47
Ending Pool Factor 0.5205706
Servicing Fee $239,797.73
Repayment of Servicer Advances $165,538.85
Reserve Account:
Beginning Balance (See Memo Item) $15,892,406.86
Target Percentage 5.50%
Target Balance $15,030,087.08
Minimum Balance $11,023,980.93
(Release)/Deposit ($862,319.78)
Ending Balance $15,030,087.08
Current Weighted Average APR: 10.038%
Current Weighted Average Remaining Term (months): 34.68
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,526,767.19 1,645
31-60 days 613,625.74 479
60+ days 146,840.81 107
Total 3,287,233.74 1,652
Balances: 60+ days 3,094,514.51 107
Memo Item - Reserve Account
Prior Month $15,826,650.30
+ Invest. Income 65,756.56
- Transfer to Collections Account 0.00
Beginning Balance $15,892,406.86
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of March 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Distribution Percentages (1) 0.00% 0.00% 96.50% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $287,757,278.24
Ending Pool Balance $273,274,310.47
Collected Principal $13,868,062.23
Collected Interest $2,455,622.99
Charge-Offs $614,905.54
Liquidation Proceeds/Recoveries $972,488.42
Servicing $239,797.73
Cash Transfer from Reserve Acct. $0.00
Total Collections Available
for Debt Service $17,056,375.91
Beginning Balance $287,757,278.24 $0.00 $0.00 $271,751,327.47 $16,005,950.77
Interest Due $1,453,043.79 $0.00 $0.00 $1,370,079.61 $82,964.18
Interest Paid $1,453,043.79 $0.00 $0.00 $1,370,079.61 $82,964.18
Principal Due $14,482,967.77 $0.00 $0.00 $13,976,063.90 $506,903.87
Principal Paid $14,482,967.77 $0.00 $0.00 $13,976,063.90 $506,903.87
Ending Balance $273,274,310.47 $0.00 $0.00 $257,775,263.57 $15,499,046.90
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.0000 0.9066 0.8435
Total Distributions $15,936,011.56 $0.00 $0.00 $15,346,143.51 $589,868.05
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 $1,120,364.35
Beginning Reserve Account Balance $15,892,406.86
(Release)/Draw ($862,319.78)
Ending Reserve Account Balance $15,030,087.08
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution in November 1996, and generally
96.5% thereafter until all of the Notes have been paid in full.
Principal distributions will be paid in the following priority:
First to Class A-1 until paid in full, Second to Class A-2 until
paid in full, Third to Class A-3 until paid in full.
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Month of March 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $342,910,040.39 $330,900,935.56 $315,057,727.83 $302,134,717.51 $287,757,278.24
A) Loss Trigger:
Principal of Contracts
Charged off $242,720.78 $397,957.37 $433,592.20 $390,842.50 $614,905.54
Recoveries $528,267.98 $583,597.57 $373,781.36 $1,213,647.41 $972,488.42
Total Charged off
(Months 5,4,3) $1,074,270.35
Total Recoveries
(Months 3,2,1) 2,559,917.19
Net Loss/(Recoveries)
for 3 Mos. $(1,485,646.84)(a)
Total Balance
(Months 5,4,3) $988,868,703.78(b)
Loss Ratio Annualized [(a/b)(12)] -1.8028%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance Delinquency 60+ days $3,561,365.66 $3,514,912.62 $3,094,514.51
As a % of Beginning Pool Balance 1.13039% 1.16336% 1.07539%
Three Month Average 1.01914% 1.08047% 1.12305%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.8631%
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 March 1997
Distribution Date of April 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $348,108,707.35
Beginning Pool Factor 0.7568504
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $15,085,296.73
Interest Collected $2,773,969.60
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,515,564.23
Total Additional Deposits $1,515,564.23
Repos/Chargeoffs $692,876.86
Aggregate Number of Notes Charged Off 110
Total Available Funds $19,290,009.52
Ending Pool Balance $332,415,354.80
Ending Pool Factor 0.7227303
Servicing Fee $290,090.59
Repayment of Servicer Advances $84,821.04
Reserve Account:
Beginning Balance $17,486,572.15
Target Percentage 5.00%
Target Balance $16,620,767.74
Minimum Balance $9,658,821.26
(Release) of investment income only/Deposit ($865,804.41)
Ending Balance $16,620,767.74
Current Weighted Average APR: 9.711%
Current Weighted Average Remaining Term (months): 40.39
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,395,586.09 1,714
31-60 days 594,824.05 424
60+ days 125,350.46 75
Total 3,115,760.60 1,714
Balances: 60+ days 2,674,075.50 75
Memo Item - Reserve Account
Opening Balance $17,405,435.37
+ Invest. Income 81,136.78
- Transfer to Collections Account $0.00
Beginning Balance $17,486,572.15
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of March 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount
Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages (1) 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $348,108,707.35
Ending Pool Balance $332,415,354.80
Collected Principal $15,000,475.69
Collected Interest $2,773,969.60
Charge-Offs $692,876.86
Liquidation Proceeds/Recoveries $1,515,564.23
Servicing $290,090.59
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $18,999,918.93
Beginning Balance $348,108,707.35 $0.00 $328,566,987.30 $19,541,720.05
Interest Due $1,844,517.95 $0.00 $1,738,666.97 $105,850.98
Interest Paid $1,844,517.95 $0.00 $1,738,666,97 $105,850.98
Principal Due $15,693,352.55 $0.00 $14,987,151.69 $706,200.86
Principal Paid $15,693,352.55 $0.00 $14,987,151.69 $706,200.86
Ending Balance $332,415,354.80 $0.00 $313,579,835.61 $18,835,519.19
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9030506864 .9099781589
Total Distributions $17,537,870.50 $0.00 $16,725,818.66 $812,051.84
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,462,048.43
Beginning Reserve Account Balance $17,486,572.15 see also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw $(865,804.41)
Ending Reserve Account Balance $16,620,767.74
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution date on which the Class A-1 Notes
have been paid in full, and generally 95.5% thereafter until all the
Notes have been paid in full. No principal distributions to Class A-2
until Class A-1 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Month of March 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $406,153,133.77 $395,176,408.01 $385,359,073.57 $373,823,140.29 $362,355,746.99 $348,108,707.35
A) Loss Trigger:
Principal of Contracts
Charged off $550,727.20 $717,473.22 $1,056,449.19 $970,091.47 $1,935,375.96 $692,876.86
Recoveries $1,140,377.71 $270,476.85 $411,958.72 $610,689.52 $910,706.72 $1,515,564.23
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $2,744,013.88 Total Charged off (Months 1-6) $5,922,993.90
Total Recoveries (Months 3,2,1) 3,036,960.47 Total Recoveries (Months 1-6) 4,859,773.75
Net Loss/(Recoveries) for 3 Mos. ($292,946.59)(a) Net Loss/(Recoveries) for 6 Mos. $1,063,220.15(c)
Total Balance (Months 5,4,3) $1,154,358,621.87(b) Total Balance (Months 1-6) $2,270,976,209.98(d)
Loss Ratio Annualized [(a/b)(12)] -0.3045% Loss Ratio Annualized [(c/d)(12)] 0.5618%
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 $5,826,016.31 $4,280,712.97 $2,674,075.50
As % of Beginning Pool Balance 1.55850% 1.18136% 0.76817%
Three Month Average 1.30812% 1.49129% 1.16934%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.6137%
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 20.7
Page 1 of 3
Navistar Financial 1996-B Owner Trust
For the Month of March 1997
Distribution Date of April 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $420,468,686.42
Beginning Pool Factor 0.8642597
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $16,481,215.93
Interest Collected $3,553,267.90
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $601,423.50
Total Additional Deposits $601,423.50
Repos/Chargeoffs $827,898.12
Aggregate Number of Notes Charged Off 59
Total Available Funds $20,447,814.71
Ending Pool Balance $403,347,664.99
Ending Pool Factor 0.8290680
Servicing Fee $350,390.57
Repayment of Servicer Advances $188,092.62
Reserve Account:
Beginning Balance (See Memo Item) $10,557,298.13
Target Percentage 2.50%
Target Balance $10,083,691.62
Minimum Balance $9,730,147.26
(Release)/Deposit $(473,606.51)
Ending Balance $10,083,691.62
Current Weighted Average APR: 10.140%
Current Weighted Average Remaining Term (months): 43.99
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 2,481,436.48 1,966
31-60 days 522,203.80 449
60+ days 147,774.27 91
Total 3,151,414.55 1,968
Balances: 60+ days 4,214,874.91 91
Memo Item - Reserve Account
Prior month $10,511,717.16
+ Invest. Income 45,580.97
- Transfer to Collections Account 0.00
Beginning Balance $10,557,298.13
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-B Owner Trust
For the Month of March 1997
<TABLE>
<CAPTION>
NOTES CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Distribution Percentages (1) 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $420,468,686.42
Ending Pool Balance $403,347,664.99
Collected Principal $16,293,123.31
Collected Interest $3,553,267.90
Charge-Offs $827,898.12
Liquidation Proceeds/Recoveries $601,423.50
Servicing $350,390.57
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $20,097,424.14
Beginning Balance $420,468,686.42 $40,461,323.67 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Interest Due $2,168,369.10 $185,110.56 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Paid $2,168,369.10 $185,110.56 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Principal Due $17,121,021.43 $17,121,021.43 $0.00 $0.00 $0.00 $0.00
Principal Paid $17,121,021.43 $17,121,021.43 $0.00 $0.00 $0.00 $0.00
Ending Balance $403,347,664.99 $23,340,302.24 $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) 0.2191577675 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Total Distributions $19,289,390.53 $17,306,131.99 $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 $808,033.61
Beginning Reserve Account BalancE $10,557,298.13 See also Memo Item on Page 1 regarding Reserve Account
(Release)/Draw ($473,606.51)
Ending Reserve Account Balance $10,083,691.62
(1) The Noteholder's Percentage will be 100% for each Distribution Date
occurring before the Distribution date on which the Class A-1 Notes
have been paid in full, and generally 93.5% thereafter until all the
Notes have been paid in full. No principal distributions to Class
A-2 until Class A-1 has been paid in full. No principal distributions
to Class A-3 until Class A-2 has been paid in full.
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996-B Owner Trust
For the Month of March 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
Oct 1996 Nov 1996 Dec 1996 Jan 1997 Feb 1997 Mar 1997
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $486,507,362.75 $471,983,852.01 $462,375,764.00 $449,329,330.86 $436,095,079.95 $420,468,686.42
A) Loss Trigger:
Principal of Contracts
Charged off $533,952.94 $138,745.01 $969,247.14 $809,912.35 $878,067.63 $827,898.12
Recoveries $0.00 $23,776.07 $88,657.60 $301,836.56 $440,053.06 $601,423.50
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $1,917,904.50 Total Charged off (Months 1-6) $4,157,823.19
Total Recoveries (Months 3,2,1) $1,343,313.12 Total Recoveries (Months 1-6) 1,455,746.79
Net Loss/(Recoveries) for 3 Mos. $574,591.38(a) Net Loss/(Recoveries) for 6 Mos. $2,702,076.40(c)
Total Balance (Months 5,4,3) $1,383,688,946.87(b) Total Balance (Months 1-6) $2,726,760,075.99(d)
Loss Ratio Annualized [(a/b)(12)] 0.4983% Loss Ratio Annualized [(c/d)(12)] 1.1891%
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 $2,920,133.41 $4,097,975.10 $4,214,874.91
As % of Beginning
Pool Balance 0.64989% 0.93970% 1.00242%
Three Month Average 0.64204% 0.81209% 0.86400%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0727%
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
