UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended October 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
----------
Commission File Number 33-50291
----------
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 AND
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST, AND
NAVISTAR FINANCIAL 1996-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware 51-0337491
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
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
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
and (2) has been subject to such filing requirements for the
past 90 days. Yes X No__
<PAGE>
PART I
Item 1. Business
The 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 and Navistar Financial 1996-A Owner Trust (the "Trusts")
were formed pursuant to seven separate Trust Agreements dated
as of November 10, 1993, May 3, 1994, August 3, 1994, December
15, 1994, May 25, 1995, November 1, 1995 and May 30, 1996,
respectively, among Navistar Financial Retail Receivables
Corporation, as seller (the "Seller") and Chase Manhattan Bank
Delaware (formerly known as Chemical Bank Delaware), as owner
trustee (the "Trustee"). Retail notes (the "Retail Notes") and
security interests in the vehicles financed thereby were
transferred to the Trusts in exchange for fixed rate notes (the
"Notes") and fixed rate pass-through certificates (the
"Certificates") which were registered on Registration Statement
Nos. 33-50291 and 33-55865 and sold to the public in reliance
on Rule 415 under the Securities Act of 1933. The Seller
retained ownership of approximately 1% of the initial
Certificate balance with the formation of each Trust.
Pursuant to a Pooling and Servicing Agreement (the
"Agreement") for each Trust, Navistar Financial Corporation
acts as servicer (the "Servicer") and, in that capacity,
manages, services, administers and makes collections on the
Retail Notes. Navistar Financial Retail Receivables
Corporation is a wholly-owned subsidiary of Navistar Financial
Corporation. Each Agreement provides that collections shall be
distributed to noteholders and certificateholders and otherwise
used in accordance with the priorities set forth therein.
Pursuant to each Agreement, the Seller established a reserve
account as credit enhancement for each Trust. Amounts on
deposit in each reserve account after payments to security
holders and the Servicer are paid to the Seller to the extent
that such amounts exceed a specified reserve account target
balance. The specified reserve account target balance cannot,
however, be less than a specified minimum of the initial
aggregate receivables balance for each Trust. There is no
cross collateralization between the Trusts.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
The registrant knows of no material pending legal
proceedings involving either the Retail Notes or the Trustee,
or the Seller or Servicer in respect of the Trusts.
<PAGE>
PART I
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted during the period of this report
to a vote of holders of the Certificates.
PART II
Item 5. Market for the Registrant's Common Equity and
Related Stockholder Matters
Not applicable.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
As of October 31, 1996, balances in the Trusts were as follows:
<TABLE>
<CAPTION>
Reserve
Principal Account
Dollar amounts in millions
<S> <C> <C>
Navistar Financial 1993-A Owner Trust $20.7 $6.7
Navistar Financial 1994-A Owner Trust $57.5 $5.8
Navistar Financial 1994-B Owner Trust $68.7 $4.9
Navistar Financial 1994-C Owner Trust $127.6 $8.3
Navistar Financial 1995-A Owner Trust $217.5 $14.8
Navistar Financial 1995-B Owner Trust $342.9 $18.9
Navistar Financial 1996-A Owner Trust $395.2 $19.8
</TABLE>
<PAGE>
PART II
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations (cont'd.)
At October 31, 1996, the remaining shelf registration
available to Navistar Financial Retail Receivables Corporation
("NFRRC") for issuance of asset-backed securities was $2,445.1
million. Additionally, in November 1996, Navistar Financial
Corporation sold $486.5 million of retail notes, net of
unearned finance income, through NFRRC to a 1996-B Owner Trust
which, in turn, sold $454.9 million of notes and $31.6 million
of certificates to investors. A reserve account of $12.2
million was established with the 1996-B Owner Trust as credit
enhancement.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions
Not applicable.
<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K
(a) Exhibits
3 Articles of Incorporation and By-Laws
10 Material Contracts
An Annual Summary for each of the Owner Trusts
listed below is an annualized version of the monthly
Servicer Certificates prepared by the Servicer.
13(a) - Navistar Financial 1993-A Owner Trust
13(b) - Navistar Financial 1994-A Owner Trust
13(c) - Navistar Financial 1994-B Owner Trust
13(d) - Navistar Financial 1994-C Owner Trust
13(e) - Navistar Financial 1995-A Owner Trust
13(f) - Navistar Financial 1995-B Owner Trust
13(g) - Navistar Financial 1996-A Owner Trust
13(h) - Report of Independent Certified Public Accountants
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K
during the three months ended October 31, 1996:
(i) Form 8-K dated August 15, 1996
(ii) Form 8-K dated September 16, 1996
(iii) Form 8-K dated October 15, 1996
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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
AND NAVISTAR FINANCIAL 1996-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/ PHYLLIS E. COCHRAN January 29, 1997
Phyllis E. Cochran
Vice President and Controller
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequential
Exhibit No. Exhibit Index Page No.
<S> <C> <C>
3 Articles of Incorporation and By-Laws 7
10 Material Contracts 8
13(a) Annual Summary
- Navistar Financial 1993-A Owner Trust 12
13(b) Annual Summary
- Navistar Financial 1994-A Owner Trust 15
13(c) Annual Summary
- Navistar Financial 1994-B Owner Trust 18
13(d) Annual Summary
- Navistar Financial 1994-C Owner Trust 21
13(e) Annual Summary
- Navistar Financial 1995-A Owner Trust 24
13(f) Annual Summary
- Navistar Financial 1995-B Owner Trust 27
13(g) Annual Summary
- Navistar Financial 1996-A Owner Trust 30
13(h) Report of Independent Certified Public
Accountants 33
</TABLE>
<PAGE>
Exhibit 3
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
ARTICLES OF INCORPORATION AND BY-LAWS
The following documents of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
3.1 Restated Certificate of Incorporation of Navistar Financial
Retail Receivables Corporation (as amended and in effect on
June 5, 1995). Filed on Registration No. 33-50291.
3.2 The By-Laws of Navistar Financial Retail Receivables
Corporation. Filed on Registration No. 33-50291.
<PAGE>
Exhibit 10
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
The following material contracts of Navistar Financial Retail
Receivables Corporation are incorporated herein by reference:
10.1 Purchase Agreement dated as of November 10, 1993 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1993-A Owner Trust. Filed on Registration No. 33-50291.
10.2 Pooling and Servicing Agreement dated as of November 10, 1993
among Navistar Financial Corporation, as Servicer, and Navistar
Financial Retail Receivables Corporation, as Seller, and Navistar
Financial 1993-A Owner Trust, as Issuer. Filed on Registration
No. 33-50291.
10.3 Trust Agreement dated as of November 10, 1993 between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank
Delaware), as Owner Trustee, with respect to Navistar Financial
1993-A Owner Trust. Filed on Registration No. 33-50291.
10.4 Indenture dated as of November 10, 1993 between Navistar Financial
1993-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1993-A Owner Trust. Filed on
Registration No. 33-50291.
10.5 Purchase Agreement dated as of May 3, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1994-A Owner Trust. Filed on Registration No. 33-50291.
10.6 Pooling and Servicing Agreement dated as of May 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar
Financial Retail Receivables Corporation, as Seller, and Navistar
Financial 1994-A Owner Trust, as Issuer. Filed on Registration
No. 33-50291.
10.7 Trust Agreement dated as of May 3, 1994 between Navistar Financial
Retail Receivables Corporation, as Seller, and The Chase Manhattan
Bank Delaware (formerly known as Chemical Bank Delaware), as Owner
Trustee, with respect to Navistar Financial 1994-A Owner Trust.
Filed on Registration No. 33-50291.
10.8 Indenture dated as of May 3, 1994 between Navistar Financial 1994-
A Owner Trust and The Bank of New York, as Indenture Trustee, with
respect to Navistar Financial 1994-A Owner Trust. Filed on
Registration No. 33-50291.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.9 Purchase Agreement dated as of August 3, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1994-B Owner Trust. Filed on Registration No. 33-50291.
10.10 Pooling and Servicing Agreement dated as of August 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar
Financial Retail Receivables Corporation, as Seller, and Navistar
Financial 1994-B Owner Trust, as Issuer. Filed on Registration
No. 33-50291.
10.11 Trust Agreement dated as of August 3, 1994 between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank
Delaware), as Owner Trustee, with respect to Navistar Financial
1994-B Owner Trust. Filed on Registration No. 33-50291.
10.12 Indenture dated as of August 3, 1994 between Navistar Financial
1994-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1994-B Owner Trust. Filed on
Registration No. 33-50291.
10.13 Purchase Agreement dated as of December 15, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1994-C Owner Trust. Filed on Registration No. 33-55865.
10.14 Pooling and Servicing Agreement dated as of December 15, 1994
among Navistar Financial Corporation, as Servicer, and Navistar
Financial Retail Receivables Corporation, as Seller, and Navistar
Financial 1994-C Owner Trust, as Issuer. Filed on Registration
No. 33-55865.
10.15 Trust Agreement dated as of December 15, 1994 between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank
Delaware), as Owner Trustee, with respect to Navistar Financial
1994-C Owner Trust. Filed on Registration No. 33-55865.
10.16 Indenture dated as of December 15, 1994 between Navistar Financial
1994-C Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1994-C Owner Trust. Filed on
Registration No. 33-55865.
10.17 Purchase Agreement dated as of May 25, 1995, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1995-A Owner Trust. Filed on Registration No. 33-55865.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.18 Pooling and Servicing Agreement dated as of May 25, 1995, among
Navistar Financial Corporation, as Servicer, and Navistar
Financial Retail Receivables Corporation, as Seller, and Navistar
Financial 1995-A Owner Trust, as Issuer. Filed on Registration
No. 33-55865.
10.19 Trust Agreement dated as of May 25, 1995, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank
Delaware), as Owner Trustee, with respect to Navistar Financial
1995-A Owner Trust. Filed on Registration No. 33-55865.
10.20 Indenture dated as of May 25, 1995, between Navistar Financial
1995-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1995-A Owner Trust. Filed on
Registration No. 33-55865.
10.21 Purchase Agreement dated as of November 1, 1995, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1995-B Owner Trust. Filed on Registration No. 33-55865
10.22 Pooling and Servicing Agreement dated as of November 1, 1995,
among Navistar Financial Corporation, as Servicer, and Navistar
Financial Retail Receivables Corporation, as Seller, and Navistar
Financial 1995-B Owner Trust, as Issuer. Filed on Registration
No. 33-55865.
10.23 Trust Agreement dated as of November 1, 1995, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank
Delaware), as Owner Trustee, with respect to Navistar Financial
1995-B Owner Trust. Filed on Registration No. 33-55865.
10.24 Indenture dated as of November 1, 1995, between Navistar Financial
1995-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1995-B Owner Trust. Filed on
Registration No. 33-55865.
10.25 Purchase Agreement dated as of May 30, 1996, between Navistar
Financial Corporation and Navistar Financial Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1996-A Owner Trust. Filed on Registration No. 33-55865.
10.26 Pooling and Servicing Agreement dated as of May 30, 1996, among
Navistar Financial Corporation, as Servicer, and Navistar
Financial Retail Receivables Corporation, as Seller, and Navistar
Financial 1996-A Owner Trust, as Issuer. Filed on Registration
No. 33-55865.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.27 Trust Agreement dated as of May 30, 1996, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank
Delaware), as Owner Trustee, with respect to Navistar Financial
1996-A Owner Trust. Filed on Registration No. 33-55865.
10.28 Indenture dated as of November 6, 1996, between Navistar Financial
1995-B Owner Trust and the Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1996-A Owner Trust. Filed on
Registration No. 33-55865.
10.29 Purchase Agreement dated as of November 6, 1996, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1996-B Owner Trust. Filed on Registration No. 33-55865.
10.30 Pooling and Servicing Agreement dated as of November 6, 1996,
among the Corporation, as servicer, and Navistar Financial Retail
Receivables Corporation, as Seller, and Navistar Financial 1996-B
Owner Trust, as issuer. Filed on Registration No. 33-55865.
10.31 Trust Agreement dated as of November 6, 1996, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank
Delaware), as Owner Trustee, with respect to Navistar Financial
1996-B Owner Trust. Filed on Registration No. 33-55865.
10.32 Indenture dated as of November 6, 1996, between Navistar Financial
1995-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1996-B Owner Trust. Filed on
Registration No. 33-55865.
<PAGE>
Exhibit 13(a)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1993-A Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
<TABLE>
<S> <C>
Cut-Off Date 10/01/93
Original Pool Amount at cut-off date $335,002,547.77
Beginning Pool Balance as of 11/1/95 $83,220,136.56
Beginning Pool Factor as of 11/1/95 0.2484164
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $51,496,044.32
Interest Collected $4,959,939.72
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $665,565.36
Total Additional Deposits $665,565.36
Repos/Chargeoffs as of 10/31/96 $692,821.46
Aggregate Number of Notes Charged Off 323
Total Available Funds $56,242,531.07
Ending Pool Balance as of 10/31/96 $31,910,289.11
Ending Pool Factor as of 10/31/96 0.0952539
Servicing Fee $563,720.40
Repayment of Servicer Advances $879,018.33
Reserve Account:
Beginning Balance as of 11/1/95 $6,700,050.96
Investment Income Earned during the year $341,727.54
Target Percentage 7.50%
Target Balance as of 10/31/96 $6,700,050.96
Minimum Balance
(2% of initial balance) $6,700,050.96
(Release)/Deposit
- Includes Investment Income $(341,727.54)
Ending Balance as of 10/31/96 $6,700,050.96
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies as of 10/31/96:
<S> <C> <C>
Installments:
1-30 days 337,492.09 243
31-60 days 46,665.73 46
60+ days 20,126.44 16
Total 404,284.26 262
Balances: 60+ days 228,393.91 16
</TABLE>
<PAGE>
Exhibit 13(a)
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
<TABLE>
<CAPTION>
------------NOTES------------
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $335,002,547.77 $127,300,000.00 $195,976,000.00 $11,726,547.77
Distribution Percentages
Prior to A-1 Payoff 100.00% 0.00% 0.00%
Distribution Percentages
Following A-1 Payoff 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 3.475% 4.475% 4.800%
Beginning Pool Balance $83,220,136.56
Ending Pool Balance $31,910,289.11
Collected Principal $50,617,025.99
Collected Interest $4,959,939.72
Liquidation Proceeds/Recoveries $665,565.36
Charge-Offs $692,821.46
Servicing $563,720.40
Total Collections Available
for Debt Service $55,678,810.67
Beginning Balance as of 11/1/95 $71,969,798.82 $0.00 $66,351,224.75 $5,618,574.07
Interest Due $2,033,530.00 $0.00 $1,821,830.33 $211,699.67
Interest Paid $2,033,530.00 $0.00 $1,821,830.33 $211,699.67
Principal Due $51,309,847.45 $0.00 $49,000,904.33 $2,308,943.12
Principal Paid $51,309,847.45 $0.00 $49,000,904.33 $2,308,943.12
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance as of 10/31/96 $20,659,951.37 $0.00 $11,875,024.16 $3,051,632.68
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0885328838 0.2822340383
Total Distributions $53,343,377.45 $0.00 $50,822,734.66 $2,520,642.79
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 $2,335,433.22
Beginning Reserve Account Balance $6,700,050.96
Investment Income Earned during the year $341,727.54
(Release)/Draw
- Includes Investment Income ($341,727.54)
Ending Reserve Account Balance $6,700,050.96
</TABLE>
<PAGE>
Exhibit 13(a)
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
At each Distribution Date, an annualized loss percentage is
computed. If the annualized percentage exceeds 1.5%, any monthly
excess servicing is used to fund the reserve account to 10.0% of
the ending receivable balance. When the annualized loss
percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the
specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly
periods preceding the monthly period related to such
Distribution Date, minus the sum of the liquidation proceeds
for the monthly periods which are the first, second and
third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is
the sum of the remaining gross balances of all outstanding
receivables as of the last day of each of the sixth, fifth
and fourth monthly periods preceding the monthly period
related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .3180% May 1996 (.8321)%
December 1995 .6627% June 1996 (.6562)%
January 1996 .7772% July 1996 .2898%
February 1996 .2296% August 1996 .5319%
March 1996 (.0685)% September 1996 .0572%
April 1996 (.9109)% October 1996 .2036%
</TABLE>
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any
monthly excess servicing is used to fund the reserve account to 10.0%
of the ending receivable balance. When the delinquency percentage
falls below 2.0%, the reserve account requirement returns to the
greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .14401% May 1996 .55172%
December 1995 .16952% June 1996 .48243%
January 1996 .19862% July 1996 .56394%
February 1996 .26390% August 1996 .47161%
March 1996 .42788% September 1996 .53348%
April 1996 .49300% October 1996 .53213%
</TABLE>
<PAGE>
Exhibit 13(b)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1994-A Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
<TABLE>
<S> <C>
Cut-off Date 04/01/94
Original Pool Amount at Cut-off Date $280,021,471.35
Beginning Pool Balance as of 11/1/95 $133,145,767.75
Beginning Pool Factor as of 11/1/95 0.4754841
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $67,227,729.03
Interest Collected $8,545,737.79
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $3,810,238.43
Total Additional Deposits $3,810,238.43
Repos/Chargeoffs as of 10/31/96 $3,669,680.31
Aggregate Number of Notes Charged Off 310
Total Available Funds $78,479,647.53
Ending Pool Balance as of 10/31/96 $63,352,416.13
Ending Pool Factor 0.2262413
Servicing Fee $1,001,595.71
Repayment of Servicer Advances $1,104,057.72
Reserve Account:
Beginning Balance as of 11/1/95 $8,654,474.90
Investment Income Earned during the year $347,226.09
Target Percentage 10.00%
Target Balance as of 10/31/96 $6,335,241.61
Minimum Balance
(2% of Initial Balance) $5,600,429.43
(Release)/Deposit
- Includes Investment Income ($3,392,225.84)
Transfer from/(to) Collections Account $142,966.28
Ending Balance as of 10/31/96 $5,752,441.43
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies as of 10/31/96:
<S> <C> <C>
Installments:
1-30 days 573,640.35 495
31-60 days 81,313.43 60
60+ days 23,749.93 16
Total 678,703.71 504
Balances: 60+ days 85,734.39 16
</TABLE>
<PAGE>
Exhibit 13(b)
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of November 1995 thru October 1996
Fiscal Year 1996
<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
Prior to A-1 Payoff 100.00% 0.00% 0.00%
Distribution Percentages
Following A-1 Payoff 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $133,145,767.75
Ending Pool Balance $63,352,416.13
Collected Principal $66,123,671.31
Collected Interest $8,545,737.79
Charge-Offs $3,810,238.43
Liquidation Proceeds/Recoveries $3,669,680.31
Servicing $1,001,595.71
Cash Transfer (to) Reserve Account ($142,966.28)
Total Collections Available $77,194,527.42
for Debt Service
Beginning Balance as of 11/1/95 $127,330,492.02 $0.00 $120,367,844.73 $6,962,647.29
Interest Due $5,612,694.92 $0.00 $5,269,755.33 $342,939.59
Interest Paid $5,612,694.92 $0.00 $5,269,755.33 $342,939.59
Principal Due $69,793,351.62 $0.00 $66,652,650.78 $3,140,700.84
Principal Paid $69,793,351.62 $0.00 $66,652,650.78 $3,140,700.84
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance as of 10/31/96 $57,537,140.40 $0.00 $53,715,193.95 $3,821,946.45
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.2974032686 0.3899359916
Total Distributions $75,406,046.54 $0.00 $71,922,406.11 $3,483,640.43
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 $1,788,480.88
Beginning Reserve Account Balance $8,654,474.90
Investment Income Earned during the year $347,226.09
(Release)/Draw
- Includes Investment Income ($3,392,225.84)
Transfer from/(to) Collections Account $142,966.28
Ending Reserve Account Balance $5,752,441.43
</TABLE>
<PAGE>
Exhibit 13(b)
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
At each Distribution Date, an annualized loss percentage is
computed. If the annualized percentage exceeds 1.5%, any monthly
excess servicing is used to fund the reserve account to 10.0% of
the ending receivable balance. When the annualized loss
percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the
specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly
periods preceding the monthly period related to such
Distribution Date, minus the sum of the liquidation proceeds
for the monthly periods which are the first, second and
third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is
the sum of the remaining gross balances of all outstanding
receivables as of the last day of each of the sixth, fifth
and fourth monthly periods preceding the monthly period
related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .2014% May 1996 1.0490%
December 1995 .5097% June 1996 1.0277%
January 1996 .5391% July 1996 (8.8745)%
February 1996 (.7088)% August 1996 (10.3532)%
March 1996 (.6637)% September 1996 (1.1600)%
April 1996 (.3108)% October 1996 10.6201%
</TABLE>
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any
monthly excess servicing is used to fund the reserve account to 10.0%
of the ending receivable balance. When the delinquency percentage
falls below 2.0%, the reserve account requirement returns to the
greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 1.06189% May 1996 .41729%
December 1995 1.11458% June 1996 1.40862%
January 1996 1.22439% July 1996 1.42737%
February 1996 .49661% August 1996 1.41078%
March 1996 .39014% September 1996 .52085%
April 1996 .40806% October 1996 .32664%
</TABLE>
<PAGE>
Exhibit 13(c)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1994-B Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
<TABLE>
<S> <C>
Cut-off Date 07/01/94
Original Pool Amount at Cut-off date $215,029,773.64
Beginning Pool Balance $126,739,083.43
Beginning Pool Factor 0.5894025
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $56,223,370.33
Interest Collected $8,841,152.85
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,330,481.18
Total Additional Deposits $2,330,481.18
Repos/Chargeoffs as of 10/31/96 $2,253,265.69
Aggregate Number of Notes Charged Off 239
Total Available Funds $66,524,419.68
Ending Pool Balance as of 10/31/96 $69,133,032.09
Ending Pool Factor as of 10/31/96 0.3215045
Servicing Fee $993,604.33
Repayment of Servicer Advances $870,584.68
Reserve Account:
Beginning Balance as of 11/1/95 $8,238,040.42
Investment Income Earned during the year $332,912.23
Target Percentage 10.00%
Target Balance as of 10/31/96 $6,913,303.21
Minimum Balance
(2% of Initial Balance) $4,300,595.47
(Release)/Deposit
- Includes Investment Income ($3,791,301.88)
Transfer from/(to) Collections Account $135,541.56
Ending Balance as of 10/31/96 $4,915,192.33
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/96: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 587,842.61 423
31-60 days 111,284.84 72
60+ days 15,693.78 11
Total 714,821.23 428
Balances: 60+ days 110,179.38 11
</TABLE>
<PAGE>
Exhibit 13(c)
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Months November 1995 thru October 1996
Fiscal Year 1996
<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 $126,739,083.43
Ending Pool Balance $69,133,032.09
Collected Principal $55,352,785.65
Collected Interest $8,841,152.85
Charge-Offs $2,330,481.18
Liquidation Proceeds/Recoveries $2,253,265.69
Servicing $993,604.33
Cash Transfer to Reserve Account ($135,541.56)
Total Collections Available
for Debt Service $65,318,058.30
Beginning Balance as of 11/1/95 $126,335,385.54 $121,912,889.42 $4,422,469.12
Interest Due $6,341,023.81 $6,111,519.48 $229,504.33
Interest Paid $6,341,023.81 $6,111,519.48 $229,504.33
Principal Due $57,606,051.34 $55,589,839.55 $2,016,211.79
Principal Paid $57,606,051.34 $55,589,839.55 $2,016,211.79
Ending Balance as of 10/31/96 $68,729,307.20 $66,323,049.87 $2,406,257.33
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.3196245349 0.3196930644
Total Distributions $63,947,075.15 $61,701,359.03 $2,245,716.12
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 $1,370,983.15
Beginning Reserve Account Balance
as of 11/1/95 $8,238,040.42
Investment Income Earned during the year $332,912.23
(Release)/Draw ($3,791,301.88)
Transfer from/(to) collections Account $135,541.56
Ending Reserve Account Balance $4,915,192.33
</TABLE>
<PAGE>
Exhibit 13(c)
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
At each Distribution Date, an annualized loss percentage is
computed. If the annualized percentage exceeds 1.5%, any monthly
excess servicing is used to fund the reserve account to 10.0% of
the ending receivable balance. When the annualized loss
percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the
specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly
periods preceding the monthly period related to such
Distribution Date, minus the sum of the liquidation proceeds
for the monthly periods which are the first, second and
third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is
the sum of the remaining gross balances of all outstanding
receivables as of the last day of each of the sixth, fifth
and fourth monthly periods preceding the monthly period
related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 (.2254)% May 1996 2.2311%
December 1995 (.3233)% June 1996 1.2623%
January 1996 .0427% July 1996 (3.0982)%
February 1996 (1.0245)% August 1996 (3.4164)%
March 1996 (.8908)% September 1996 (.3977)%
April 1996 .4950% October 1996 2.6847%
</TABLE>
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any
monthly excess servicing is used to fund the reserve account to 10.0%
of the ending receivable balance. When the delinquency percentage
falls below 2.0%, the reserve account requirement returns to the
greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .53693% May 1996 .43272%
December 1995 .54864% June 1996 .84293%
January 1996 .64591% July 1996 1.13056%
February 1996 .43994% August 1996 1.17548%
March 1996 .42444% September 1996 .84685%
April 1996 .40138% October 1996 .51085%
</TABLE>
<PAGE>
Exhibit 13(d)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1994-C Owner Trust
For the Months of November 1995 to October 1996
Fiscal Year 1996
<TABLE>
<S> <C>
Cut-off Date 11/01/94
Original Pool Amount at Cut-off Date $315,029,921.60
Beginning Pool Balance $219,591,543.63
Beginning Pool Factor 0.06970498
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $86,572,331.50
Interest Collected $17,351,080.41
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $7,615,912.48
Total Additional Deposits $7,615,912.48
Repos/Chargeoffs as of 10/31/96 $6,688,000.46
Aggregate Number of Notes Charged Off 826
Total Available Funds $109,998,276.82
Ending Pool Balance as of 10/31/96 $127,872,259.24
Ending Pool Factor as of 10/31/96 0.4059051
Servicing Fee $1,774,324.44
Repayment of Servicer Advances $1,541,047.57
Reserve Account:
Beginning Balance as of 11/1/95 $13,163,364.83
Investment Income Earned during the year $562,357.89
Target Percentage 10.00%
Target Balance as of 10/31/96 $12,787,225.92
Minimum Balance
(2% of Initial Balance) $6,615,628.35
(Release)/Deposit
- Includes Investment Income ($6,770,556.40)
Transfer from/(to) Collections Account $1,317,623.68
Ending Balance as of 10/31/96 $8,272,790.00
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/96: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 998,928.89 651
31-60 days 114,297.18 108
60+ days 64,439.06 39
Total 1,177,665.13 662
Balances: 60+ days 570,483.27 39
</TABLE>
<PAGE>
Exhibit 13(d)
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Months of November 1995 to October 1996
Fiscal Year 1996
<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
Prior to A-1 Payoff 96.50% 0.000% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $219,591,543.63
Ending Pool Balance $127,872,259.24
Collected Principal $85,031,283.93
Collected Interest $17,351,080.41
Charge-Offs $7,615,912.48
Liquidation Proceeds/Recoveries $6,688,000.46
Servicing $1,774,324.44
Cash Transfer (to) Reserve Account ($1,317,623.68)
Total Collections Available
for Debt Service $105,978,416.68
Beginning Balance as of 11/1/95 $219,278,520.45 $112,924,191.91 $97,000,000.00 $9,354,328.54
Interest Due $13,940,347.69 $5,526,410.56 $7,760,000.04 $653,937.09
Interest Paid $13,940,347.69 $5,526,410.56 $7,760,000.04 $653,937.09
Principal Due $91,719,284.39 $88,509,109.44 $0.00 $3,210,174.95
Principal Paid $91,719,284.39 $88,509,109.44 $0.00 $3,210,174.95
Ending Balance as of 10/31/96 $127,559,236.06 $24,415,082.47 $97,000,000.00 $6,144,153.59
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1179472583 1.0000000000 0.5570441762
Total Distributions $105,659,632.08 $94,035,520.00 $7,760,000.04 $3,864,112.04
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 $318,784.60
Beginning Reserve Account Balance $13,163,364.83
Investment Income Earned during the year $562,357.89
(Release)/Draw Includes Investment Income ($6,770,556.40)
Transfer from/(to) collections Account $1,317,623.68
Ending Reserve Account Balance $8,272,790.00
</TABLE>
<PAGE>
Exhibit 13(d)
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
At each Distribution Date, an annualized loss percentage is
computed. If the annualized percentage exceeds 1.5%, any monthly
excess servicing is used to fund the reserve account to 10.0% of
the ending receivable balance. When the annualized loss
percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the
specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly
periods preceding the monthly period related to such
Distribution Date, minus the sum of the liquidation proceeds
for the monthly periods which are the first, second and
third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is
the sum of the remaining gross balances of all outstanding
receivables as of the last day of each of the sixth, fifth
and fourth monthly periods preceding the monthly period
related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 (.5944)% May 1996 1.5270%
December 1995 1.5288% June 1996 2.6678%
January 1996 1.6838% July 1996 (7.1686)%
February 1996 .2563% August 1996 (7.4586)%
March 1996 (3.1139)% September 1996 (.8477)%
April 1996 (.1279)% October 1996 6.7961%
</TABLE>
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any
monthly excess servicing is used to fund the reserve account to 10.0%
of the ending receivable balance. When the delinquency percentage
falls below 2.0%, the reserve account requirement returns to the
greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .87369% May 1996 .69614%
December 1995 1.07386% June 1996 1.42033%
January 1996 1.24190% July 1996 1.74970%
February 1996 .79246% August 1996 1.82335%
March 1996 .72396% September 1996 1.19442%
April 1996 .76659% October 1996 .75357%
</TABLE>
<PAGE>
Exhibit 13(e)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1995-A Owner Trust
For the Months of November 1995 to October 1996
Fiscal Year 1996
<TABLE>
<S> <C>
Cut-off Date 05/01/95
Original Pool Amount $424,879,281.80
Beginning Pool Balance $356,635,881.95
Beginning Pool Factor at Cut-off Date 0.8393817
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $127,575,967.47
Interest Collected $31,880,110.77
Additional Deposits:
Repurchase Amounts $3,072,651.59
Liquidation Proceeds/Recoveries $10,692,244.86
Total Additional Deposits $13,764,896.45
Repos/Chargeoffs as of 10/31/96 $10,418,193.20
Aggregate Number of Notes Charged Off 708
Total Available Funds $171,301,634.21
Ending Pool Balance as of 10/31/96 $217,488,410.17
Ending Pool Factor as of 10/31/96 0.5118828
Servicing Fee $2,948,526.23
Repayment of Servicer Advances $1,919,340.48
Reserve Account:
Beginning Balance as of 11/1/95 $21,398,152.92
Investment Income Earned during the year $921,509.80
Target Percentage 10.00%
Target Balance as of 10/31/96 $21,748,841.02
Minimum Balance
(2% of Initial Balance) $8,922,464.92
(Release)/Deposit
- Includes Investment Income ($10,287,409.04)
Transfer from/(to) Collections Account $2,757,164.44
Ending Balance as of 10/31/96 $14,789,418.12
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/96: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,551,529.57 1,070
31-60 days 258,134.87 210
60+ days 75,390.11 47
Total 1,885,054.55 1,076
Balances: 60+ days 1,266,260.15 47
</TABLE>
<PAGE>
Exhibit 13(e)
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Months of November 1995 to October 1996
Fiscal Year 1996
<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 Percentage
Prior to A-1 Payoff 100.00% 0.00% 0.00%
Distribution Percentage
Following A-1 Payoff 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $356,635,881.95
Ending Pool Balance $217,488,410.17
Collected Principal $128,729,278.58
Collected Interest $31,880,110.77
Charge-Offs $10,692,244.86
Liquidation Proceeds/Recoveries $10,418,193.20
Servicing $2,948,526.23
Cash Transfer to Reserve Account ($2,757,164.44)
Total Collections Available
for Debt Service $165,321,891.88
Beginning Balance as of 11/1/95 $356,635,881.95 $11,756,600.15 $330,000,000.00 $14,879,281.80
Interest Due $19,347,704.76 $73,562.68 $18,293,168.60 $980,973.48
Interest Paid $19,347,704.76 $73,562.68 $18,293,168.60 $980,973.48
Principal Due $139,147,471.78 $11,756,600.15 $124,843,659.20 $2,547,212.43
Principal Paid $139,147,471.78 $11,756,600.15 $124,843,659.20 $2,547,212.43
Ending Balance as of 10/31/96 $217,488,410.17 $0.00 $205,156,340.80 $12,332,069.37
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.6216858812 0.8288081062
Total Distributions $158,495,176.54 $11,830,162.83 $143,136,827.80 $3,528,185.91
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 $6,826,715.34
Beginning Reserve Account Balance $21,398,152.92
Investment Income Earned during the period $921,509.80
(Release)/Draw
- Includes Investment Income ($10,287,409.04)
Transfer from/(to) collections Account $2,757,164.44
Ending Reserve Account Balance $14,789,418.12
</TABLE>
<PAGE>
Exhibit 13(e)
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
At each Distribution Date, an annualized loss percentage is
computed. If the annualized percentage exceeds 1.5%, any monthly
excess servicing is used to fund the reserve account to 10.0% of
the ending receivable balance. When the annualized loss
percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the
specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly
periods preceding the monthly period related to such
Distribution Date, minus the sum of the liquidation proceeds
for the monthly periods which are the first, second and
third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is
the sum of the remaining gross balances of all outstanding
receivables as of the last day of each of the sixth, fifth
and fourth monthly periods preceding the monthly period
related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .0200% May 1996 .1650%
December 1995 .1528% June 1996 .4543%
January 1996 .6556% July 1996 (5.8247)%
February 1996 .3819% August 1996 (6.3460)%
March 1996 (.1614)% September 1996 (.5020)%
April 1996 .4972% October 1996 5.9247%
</TABLE>
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any
monthly excess servicing is used to fund the reserve account to 10.0%
of the ending receivable balance. When the delinquency percentage
falls below 2.0%, the reserve account requirement returns to the
greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .77565% May 1996 .99912%
December 1995 .88813% June 1996 1.67640%
January 1996 .97451% July 1996 2.50514%
February 1996 .72376% August 1996 2.61250%
March 1996 .89357% September 1996 1.86516%
April 1996 1.18240% October 1996 .79165%
</TABLE>
<PAGE>
Exhibit 13(f)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1995-B Owner Trust
For the Months of November 1995 to October 1996
Fiscal Year 1996
<TABLE>
<S> <C>
Cut-off Date 10/01/95
Original Pool Amount at Cut-off Date $454,499,683.43
Cut-off Date 11/01/95
Subsequent Receivables (Transferred 11/10/95) $70,451,789.39
Beginning Pool Balance as of 11/1/95 $513,553,918.42
Beginning Pool Factor as of 11/1/95 0.9749229
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $153,949,836.66
Interest Collected $43,743,148.33
Additional Deposits:
Repurchase Amounts $8,470,786.30
Liquidation Proceeds/Recoveries $6,239,706.05
Total Additional Deposits $14,710,492.35
Repos/Chargeoffs as of 10/31/96 $9,150,100.88
Aggregate Number of Notes Charged Off 721
Total Available Funds $211,476,631.53
Ending Pool Balance as of 10/31/96 $342,910,040.39
Ending Pool Factor as of 10/31/96 0.6532224
Servicing Fee $4,306,083.90
Repayment of Servicer Advances $926,845.81
Reserve Account:
Beginning Balance as of 11/1/95 $28,245,465.51
Investment Income Earned during the Year $1,186,944.12
Target Percentage 5.50%
Target Balance as if 10/31/96 $18,860,052.22
Minimum Balance
(2% of Initial Balance) $11,023,980.93
(Release)/Deposit
- Includes Investment Income ($10,572,357.41)
Transfer from/(to) Collections Account $0.00
Ending Balance as of 10/31/96 $118,860,052.22
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/96: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 2,267,255.50 1,477
31-60 days 362,424.28 291
60+ days 78,915.11 60
Total 2,708,594.89 1,478
Balances: 60+ days 1,667,390.81 60
</TABLE>
<PAGE>
Exhibit 13(f)
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Months of November 1995 to October 1996
Fiscal Year 1996
<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) 0.000% 96.500% 0.000% 3.500%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $513,553,918.42
Ending Pool Balance $342,910,040.39
Collected Principal $161,493,777.15
Collected Interest $43,743,148.33
Charge-Offs $6,239,706.05
Liquidation Proceeds/Recoveries $9,150,100.88
Servicing $4,306,083.90
Cash Transfer from Reserve Acct $0.00
Total Collections Available
for Debt Service $210,080,942.46
Beginning Balance as of 11/1/95 $513,553,918.42 $110,853,918.42 $100,000,000.00 $284,325,000.00 $18,375,000.00
Interest Due $26,210,868.81 $2,427,513.89 $5,438,767.36 $17,201,662.56 $1,142,925.00
Interest Paid $26,210,868.81 $2,427,513.89 $5,438,767.36 $17,201,662.56 $1,142,924.98
Principal Due $170,643,878.03 $110,853,918.42 $59,351,257.05 $0.00 $438,702.56
Principal Paid $170,643,878.03 $110,853,918.42 $59,351,257.05 $0.00 $438,702.56
Ending Balance as of 10/31/96 $342,910,040.39 $0.00 $40,648,742.95 $284,325,000.00 $17,936,297.44
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.406874295 1.000000000 0.9761250307
Total Distributions $196,854,746.84 $113,281,432.31 $64,790,024.41 $17,201,662.56 $1,581,627.56
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 $13,226,195.62
Beginning Reserve Account Balance $28,245,465.51
Investment Income Earned during the year $1,186,944.12
(Release)/Draw
-Includes Investment Income ($10,572,357.41)
Transfer from/(to) collections Account $0.00
Ending Reserve Account Balance $18,860,052.22
(1) Noteholders 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 13(f)
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Months of November 1995 thru October 1996
Fiscal Year 1996
At each Distribution Date, an annualized loss percentage is
computed. If the annualized percentage exceeds 1.5%, any monthly
excess servicing is used to fund the reserve account to 10.0% of
the ending receivable balance. When the annualized loss
percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the
specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly
periods preceding the monthly period related to such
Distribution Date, minus the sum of the liquidation proceeds
for the monthly periods which are the first, second and
third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is
the sum of the remaining gross balances of all outstanding
receivables as of the last day of each of the sixth, fifth
and fourth monthly periods preceding the monthly period
related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .5012% May 1996 .3493%
December 1995 .5331% June 1996 .2502%
January 1996 .2616% July 1996 .1819%
February 1996 .1651% August 1996 .3280%
March 1996 .0982% September 1996 .5550%
April 1996 .4755% October 1996 (.0553)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any
monthly excess servicing is used to fund the reserve account to 10.0%
of the ending receivable balance. When the delinquency percentage
falls below 2.0%, the reserve account requirement returns to the
greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1995 .06119% May 1996 .68279%
December 1995 .12322% June 1996 .84958%
January 1996 .22825% July 1996 1.53459%
February 1996 .44832% August 1996 1.58802%
March 1996 .59448% September 1996 1.43441%
April 1996 .74988% October 1996 .64181%
</TABLE>
<PAGE>
Exhibit 13(g)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1996-A Owner Trust
For the Months of May 1996 to October 1996
Fiscal Period 1996
<TABLE>
<S> <C>
Cut-off Date 04/30/96
Original Pool Amount at Cut-off Date $459,943,869.53
Beginning Pool Balance as of 5/31/96 $459,943,869.53
Beginning Pool Factor as of 5/31/96 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $61,565,885.46
Interest Collected $21,252,828.89
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $507,455.16
Total Additional Deposits $507,455.16
Repos/Chargeoffs as of 10/31/96 $3,510,796.36
Aggregate Number of Notes Charged Off 116
Total Available Funds $83,016,949.21
Ending Pool Balance as of 10/31/96 $395,176,408.01
Ending Pool Factor as of 10/31/96 0.8591840
Servicing Fee $2,164,394.56
Repayment of Servicer Advances $309,220.30
Reserve Account:
Beginning Balance as of 5/31/96 $22,997,193.48
Investment Income Earned during the Year $459,784.82
Target Percentage 5.00%
Target Balance as of 10/31/96 $19,758,820.40
Minimum Balance
(2% of Initial Balance) $9,658,821.26
(Release)/Deposit
- Includes Investment Income ($3,698,157.90)
Transfer from/(to) Collections Account $0.00
Ending Balance as of 10/31/96 $19,758,820.40
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/96: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,821,303.90 1,353
31-60 days 359,468.64 282
60+ days 49,120.59 40
Total 2,229,893.13 1,354
Balances: 60+ days 1,286,738.61 40
</TABLE>
<PAGE>
Exhibit 13(g)
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Months of May 1996 to October 1996
Fiscal Period 1996
<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
Prior to A-1 Payoff 100.000% 0.000% 0.000%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance as of 5/31/96 $459,943,869.53
Ending Pool Balance as of 10/31/96 $395,176,408.01
Collected Principal $61,256,665.16
Collected Interest $21,252,828.89
Charge-Offs $507,455.16
Liquidation Proceeds/Recoveries $3,510,796.36
Servicing $2,164,394.56
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $83,855,895.85
Beginning Balance as of 5/31/96 $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Interest Due $12,383,033.27 $1,530,128.17 $10,228,776.67 $624,128.43
Interest Paid $12,383,033.27 $1,530,128.17 $10,228,776.67 $624,128.43
Principal Due $64,767,461.52 $64,767,461.52 $0.00 $0.00
Principal Paid $64,767,461.52 $64,767,461.52 $0.00 $0.00
Ending Balance as of 10/31/96 $395,176,408.01 $27,232,538.48 $347,245,000.00 $20,698,869.53
Note/Certificate Pool Factor
(Ending Balance/Original Pol Amount) 0.2960058530 1.0000000000 1.0000000000
Total Distributions $77,150,494.79 $66,297,589.69 $10,228,776.67 $624,128.43
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 $6,705,401.06
Beginning Reserve Account Balance $22,997,193.48
Investment Income Earned during the period $459,784.82
(Release)/Draw
- Includes Investment Income ($3,698,157.90)
Transfer from/(to) collections Account $0.00
Ending Reserve Account Balance $19,758,820.40
</TABLE>
<PAGE>
Exhibit 13(g)
Page 3 of 3
Navistar Financial 1996-A Owner Trust
For the Months of May 1996 thru October 1996
Fiscal Year 1996
At each Distribution Date, an annualized loss percentage is
computed. If the annualized percentage exceeds 1.5%, any monthly
excess servicing is used to fund the reserve account to 10.0% of
the ending receivable balance. When the annualized loss
percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the
specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly
periods preceding the monthly period related to such
Distribution Date, minus the sum of the liquidation proceeds
for the monthly periods which are the first, second and
third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is
the sum of the remaining gross balances of all outstanding
receivables as of the last day of each of the sixth, fifth
and fourth monthly periods preceding the monthly period
related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
<TABLE>
<S> <C> <C>
May 1996 .9995%
June 1996 .0000%
July 1996 .3522%
August 1996 1.1599%
September 1996 1.1498%
October 1996 1.3180%
</TABLE>
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any
monthly excess servicing is used to fund the reserve account to 10.0%
of the ending receivable balance. When the delinquency percentage
falls below 2.0%, the reserve account requirement returns to the
greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C>
May 1996 .13770%
June 1996 .19871%
July 1996 .31864%
August 1996 .48748%
September 1996 .60961%
October 1996 .52686%
</TABLE>
<PAGE>
Exhibit 13(h)
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors
Navistar Financial Corporation
Rolling Meadows, Illinois
We have examined management's assertion about Navistar
Financial Corporation's ("NFC") compliance with the minimum
servicing standards identified in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for
Mortgage Bankers ("USAP") as of and for the year ended October
31, 1996 included in the accompanying management assertion.
Management is responsible for NFC's compliance with
those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the entity's
compliance based on our examination.
Our examination was made in accordance with standards
established by the American Institute of Certified Public
Accountants and, accordingly, included examining, on a test
basis, evidence about NFC's compliance with the minimum
servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on NFC's
compliance with the minimum servicing standards.
In our opinion, management's assertion that NFC complied
with the aforementioned minimum servicing standards as of and
for the year ended October 31, 1996 is fairly stated, in all
material respects.
/s/ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 16, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE IS NOT APPLICABLE AS THE ANNUAL SUMMARIES ATTACHED AS
EXHIBIT 13 ARE ANNUALIZED VERSIONS OF THE MONTHLY SERVICER CERTIFICATES
PREPARED BY THE SERVICER AND ARE NOT FINANCIAL STATEMENTS OF THE TRUSTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
