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) June 16, 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
NAVISTAR FINANCIAL 1996-B OWNER TRUST AND
NAVISTAR FINANCIAL 1997-A 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 June 16 and 20, 1997, Registrant made available the
Monthly Servicer Certificates for the Period of May 1997 for
the specified Owner Trusts, which are attached as Exhibit 20
hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See attached Exhibit Index.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1994-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST
NAVISTAR FINANCIAL 1996-B OWNER TRUST AND
NAVISTAR FINANCIAL 1997-A OWNER TRUST
(Registrant)
Date July 2, 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 June 16, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated June 16, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated June 20, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated June 20, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated June 16, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated June 16, 1997
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated June 20, 1997
Navistar Financial 1997-A Owner Trust
20.8 Monthly Servicer Certificate, dated June 16, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994-A Owner Trust
For the Month of May 1997
Distribution Date of June 16, 1997
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $37,826,234.86
Beginning Pool Factor 0.1350833
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $2,763,355.43
Interest Collected $148,052.28
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $162,860.60
Total Additional Deposits $162,860.60
Repos/Chargeoffs $197,400.82
Aggregate Number of Notes Charged Off 37
Total Available Funds $2,966,370.85
Ending Pool Balance $34,973,376.07
Ending Pool Factor 0.1248953
Servicing Fee $31,521.86
Repayment of Servicer Advances $107,897.46
Reserve Account:
Beginning Balance $5,548,555.06
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release)/Deposit $(25,058.07)
Ending Balance $5,523,496.99
Current Weighted Average APR: 8.300%
Current Weighted Average Remaining Term (months): 15.55
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies:
<S> <C> <C>
Installments:
1-30 days 505,420.61 334
31-60 days 55,452.74 58
60+ days 30,060.30 21
Total 590,933.65 347
Balances: 60+ days 235,073.17 21
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income 25,058.07
+ Excess Servicing 0.00
- Transfer to Collections Account ($76,932.44)
Beginning Balance $5,548,555.06
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of May 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 $37,826,234.86
Ending Pool Balance $34,973,376.07
Collected Principal $2,655,457.97
Collected Interest $148,052.28
Charge-Offs $197,400.82
Liquidation Proceeds/Recoveries $162,860.60
Servicing $31,521.86
Cash Transfer from Reserve Account $76,932.44
Total Collections Available $3,011,781.43
for Debt Service
Beginning Balance $32,010,959.13 $0.00 $29,337,690.82 $2,673,268.30
Interest Due $158,922.64 $0.00 $144,977.09 $13,945.55
Interest Paid $158,922.64 $0.00 $144,977.09 $13,945.55
Principal Due $2,852,858.79 $0.00 $2,724,480.14 $128,378.65
Principal Paid $2,852,858.79 $0.00 $2,724,480.14 $128,378.65
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $29,158,100.33 $0.00 $26,613,210.68 $2,544,889.65
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000 0.1473485481 0.2596436352
Total Distributions $3,011,781.43 $0.00 $2,869,457.23 $142,324.20
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $5,548,555.06
(Release)/Draw $(25,058.07)
Ending Reserve Account Balance $5,523,496.99
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Month of May 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percentage Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1997 Feb 1997 Mar 1997 Apr 1997 May 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $54,961,016.61 $51,030,159.26 $45,202,827.69 $40,677,637.86 $37,826,234.86
A) Loss Trigger:
Principal of Contracts
Charged off $2,477.79 $23,693.18 $147,476.07 $1,967.50 $197,400.82
Recoveries $11,160.22 $142.69 $33,328.76 $214,778.68 $162,860.60
Total Charged off
(Months 5,4,3) $173,647.04
Total Recoveries
(Months 3,2,1) 410,968.04
Net Loss/(Recoveries)
for 3 Mos. ($237,321.00)(a)
Total Balance
(Months 5,4,3) $151,194,003.56(b)
Loss Ratio Annualized [(a/b)(12)] -1.8836%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $142,662.13 $484,196.60 $235,073.17
As % of Beginning Pool Balance 0.31560% 1.19033% 0.62146%
Three Month Average 1.46268% 1.25993% 0.70913%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 1.9725%
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 May 1997
Distribution Date of June 16, 1997
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $45,260,794.01
Beginning Pool Factor 0.2104862
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $2,735,031.21
Interest Collected $333,204.02
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,923.21
Total Additional Deposits $2,923.21
Repos/Chargeoffs $3,954.37
Aggregate Number of Notes Charged Off 19
Total Available Funds $3,071,158.44
Ending Pool Balance $42,521,808.43
Ending Pool Factor 0.1977485
Servicing Fee $37,717.33
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $4,374,759.81
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release)/Deposit ($74,164.34)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.745%
Current Weighted Average Remaining Term (months): 19.17
</TABLE>
<TABLE>
<CAPTION>
Delinquencies: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 552,751.45 369
31-60 days 107,032.13 77
60+ days 57,870.32 25
Total 717,653.90 382
Balances: 60+ days 540,688.30 25
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income 19,241.02
+ Excess Servicing 54,923.32
+ Transfer from Collection Account 0.00
Beginning Balance $4,374,759.81
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Month of May 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 $45,260,794.01
Ending Pool Balance $42,521,808.43
Collected Principal $2,735,031.21
Collected Interest $333,204.02
Charge-Offs $3,954.37
Liquidation Proceeds/Recoveries $2,923.21
Servicing $37,717.33
Cash Transfer to Reserve Account 0.00
Total Collections Available
for Debt Service $3,033,441.11
Beginning Balance $44,857,069.11 $43,286,340.11 $1,570,729.00
Interest Due $239,532.21 $230,860.48 $8,671.73
Interest Paid $239,532.21 $230,860.48 $8,671.73
Principal Due $2,738,985.58 $2,643,121.08 $95,864.50
Principal Paid $2,738,985.58 $2,643,121.08 $95,864.50
Ending Balance $42,118,083.53 $40,643,219.03 $1,474,864.50
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1959 0.1959
Total Distributions $2,978,517.79 $2,873,981.56 $104,536.23
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 $54,923.32
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $4,374,759.81
(Release)/Draw ($74,164.34)
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 May 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1997 Feb 1997 Mar 1997 Apr 1997 May 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $62,197,239.05 $58,639,688.25 $53,383,390.98 $49,061,237.52 $45,260,794.01
A) Loss Trigger:
Principal of Contracts
Charged off $30,042.33 $49,517.63 $78,951.97 $20,567.09 $3,954.37
Recoveries $4,737.98 $114,217.45 $123,879.53 $77,352.92 $2,923.21
Total Charged off
(Months 5,4,3) $158,511.93
Total Recoveries
(Months 3,2,1) 204,155.66
Net Loss/(Recoveries)
for 3 Mos. ($45,643.73)(a)
Total Balance (Months 5,4,3) $174,220,318.28(b)
Loss Ratio Annualized [(a/b)(12)] -0.3144%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $469,964.64 $402,669.01 $540,688.30
As % of Beginning Pool Balance 0.88036% 0.82075% 1.19461%
Three Month Average 0.99898% 0.91218% 0.96524%
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 May 1997
Distribution Date of June 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $89,162,155.05
Beginning Pool Factor 0.2830276
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $4,789,084.43
Interest Collected $716,700.88
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $113,137.61
Total Additional Deposits $113,137.61
Repos/Chargeoffs $980.80
Aggregate Number of Notes Charged Off 25
Total Available Funds $5,618,922.92
Ending Pool Balance $84,372,089.82
Ending Pool Factor 0.2678225
Servicing Fee $74,301.80
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $6,807,729.75
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release)/Deposit ($192,101.40)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.517%
Current Weighted Average Remaining Term (months): 23.64
</TABLE>
<TABLE>
<CAPTION>
Delinquencies: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,030,956.61 613
31-60 days 167,516.50 136
60+ days 116,525.07 50
Total 1,314,998.18 624
Balances: 60+ days 1,174,930.69 50
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income 31,070.38
+ Excess Servicing 161,031.02
+ Transfer from Collections Account 0.00
Beginning Balance $6,807,729.75
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Month of May 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 $89,162,155.05
Ending Pool Balance $84,372,089.82
Collected Principal $4,789,084.43
Collected Interest $716,700.88
Charge-Offs $980.80
Liquidation Proceeds/Recoveries $113,137.61
Servicing $74,301.80
Cash Transfer (to)/from Reserve Account $0.00
Total Collections Available
for Debt Service $5,544,621.12
Beginning Balance $88,849,131.88 $0.00 $84,059,831.92 $4,789,299.96
Interest Due $593,524.87 $0.00 $560,398.88 $33,125.99
Interest Paid $593,524.87 $0.00 $560,398.88 $33,125.99
Principal Due $4,790,065.23 $0.00 $4,622,412.95 $167,652.28
Principal Paid $4,790,065.23 $0.00 $4,622,412.95 $167,652.28
Ending Balance $84,059,066.65 $0.00 $79,437,418.97 $4,621,647.68
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.8189 0.4190
Total Distributions $5,383,590.10 $0.00 $5,182,811.83 $200,778.27
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 $161,031.02
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $6,807,729.75
(Release)/Draw ($192,101.40)
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 May 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1997 Feb 1997 Mar 1997 Apr 1997 May 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $114,162,032.78 $108,402,533.31 $101,071,799.61 $93,995,026.90 $89,162,155.05
A) Loss Trigger:
Principal of Contracts
Charged off $56,782.84 $31,177.11 $157,646.43 $20,875.63 $980.80
Recoveries $97,061.63 $127,816.00 $235,959.02 $296,437.96 $113,137.61
Total Charged off
(Months 5,4,3) $245,606.38
Total Recoveries
(Months 3,2,1) 645,534.59
Net Loss/(Recoveries)
for 3 Mos. ($399,928.21)(a)
Total Balance
(Months 5,4,3) $323,636,365.70(b)
Loss Ratio Annualized [(a/b)(12)] -1.4829%
Trigger:
Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $740,753.37 $852,598.14 $1,174,930.69
As % of Beginning Pool Balance 0.73290% 0.90707% 1.31775%
Three Month Average 0.69564% 0.80028% 0.98590%
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 May 1997
Distribution Date of June 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $159,355,739.45
Beginning Pool Factor 0.3750612
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,471,215.23
Interest Collected $1,435,713.65
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $508,218.52
Total Additional Deposits $508,218.52
Repos/Chargeoffs $444,533.18
Aggregate Number of Notes Charged Off 71
Total Available Funds $10,391,366.23
Ending Pool Balance 150,463,772.21
Ending Pool Factor 0.3541330
Servicing Fee $132,796.45
Repayment of Servicer Advances $23,781.17
Reserve Account:
Beginning Balance (See Memo Item) $10,100,463.43
Target Percentage 6.00%
Target Balance $9,027,826.33
Minimum Balance $8,922,464.92
(Release)/Deposit ($1,072,637.10)
Ending Balance $9,027,826.33
Current Weighted Average APR: 10.576%
Current Weighted Average Remaining Term (months): 27.67
</TABLE>
<TABLE>
<CAPTION
Delinquencies: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,588,999.82 969
31-60 days 293,512.58 233
60+ days 97,269.39 60
Total 1,979,781.79 986
Balances: 60+ days 1,172,732.62 60
Memo Item - Reserve Account
Prior Month $9,561,344.37
+ Invest. Income 44,907.62
+ Excess Servicing 494,211.44
+ Transfer from Collections Account 0.00
Beginning Balance $10,100,463.43
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Month of May 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 $159,355,739.45
Ending Pool Balance $150,463,772.21
Collected Principal $8,447,434.06
Collected Interest $1,435,713.65
Charge-Offs $444,533.18
Liquidation Proceeds/Recoveries $508,218.52
Servicing $132,796.45
Cash Transfer to Reserve Account $0.00
Total Collections Available
for Debt Service $10,258,569.78
Beginning Balance $159,355,739.45 $0.00 $149,058,313.56 $10,297,425.89
Interest Due $872,391.10 $0.00 $813,609.96 $58,781.14
Interest Paid $872,391.10 $0.00 $813,609.96 $58,781.14
Principal Due $8,891,967.24 $0.00 $8,580,748.39 $311,218.85
Principal Paid $8,891,967.24 $0.00 $8,580,748.39 $311,218.85
Ending Balance $150,463,772.21 $0.00 $140,477,565.17 $9,986,207.04
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.4257 0.6711
Total Distributions $9,764,358.34 $0.00 $9,394,358.35 $369,999.99
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 $494,211.44
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $10,100,463.43
(Release)/Draw ($1,072,637.10)
Ending Reserve Account Balance $9,027,826.33
(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 May 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1997 Feb 1997 Mar 1997 Apr 1997 May 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $196,665,027.07 $187,443,581.19 $178,833,989.12 $168,183,810.09 $159,355,739.45
A) Loss Trigger:
Principal of Contracts
Charged off $237,245.36 $270,748.46 $528,410.27 $520,387.27 $444,533.18
Recoveries $180,374.06 $612,940.20 $191,574.52 $255,739.37 $508,218.52
Total Charged Off (Months 5,4,3) $1,036,404.09
Total Recoveries (Months 3,2,1) 955,532.41
Net Loss/(Recoveries) for 3 Mos. $ 80,871.68(a)
Total Balance
(Months 5,4,3) $562,942,597.38(b)
Loss Ratio Annualized [(a/b)(12)] 0.1724%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance delinquency 60+ days $2,198,165.62 $1,395,601.07 $1,172,732.62
As % of Beginning Pool Balance 1.22917% 0.82981% 0.73592%
Three Month Average 1.37024% 1.21605% 0.93163%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.1248%
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 May 1997
Distribution Date of June 16, 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 $261,855,828.72
Beginning Pool Factor 0.4988191
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,147,463.65
Interest Collected $2,170,573.25
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $405,872.33
Total Additional Deposits $405,872.33
Repos/Chargeoffs $275,269.95
Aggregate Number of Notes Charged Off 78
Total Available Funds $11,723,909.23
Ending Pool Balance $252,433,095.12
Ending Pool Factor 0.4808694
Servicing Fee $218,213.19
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $15,227,148.13
Target Percentage 5.50%
Target Balance $13,883,820.23
Minimum Balance $11,023,980.93
(Release)/Deposit ($1,343,327.90)
Ending Balance $13,883,820.23
Current Weighted Average APR: 9.996%
Current Weighted Average Remaining Term (months): 33.03
</TABLE>
<TABLE>
<CAPTION>
Delinquencies: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 2,416,193.20 1,483
31-60 days 485,689.97 391
60+ days 162,014.44 110
Total 3,063,897.61 1,491
Balances: 60+ days 3,263,899.63 110
Memo Item - Reserve Account
Prior Month $14,402,070.58
+ Invest. Income 64,443.99
+ Excess Servicing 760,633.56
- Transfer to Collections Account 0.00
Beginning Balance $15,227,148.13
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Month of May 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 $261,855,828.72
Ending Pool Balance $252,433,095.12
Collected Principal $9,147,463.65
Collected Interest $2,170,573.25
Charge-Offs $275,269.95
Liquidation Proceeds/Recoveries $405,872.33
Servicing $218,213.19
Cash Transfer from Reserve Acct. $0.00
Total Collections Available
for Debt Service $11,505,696.04
Beginning Balance $261,855,828.72 $0.00 $0.00 $246,756,428.68 $15,099,400.04
Interest Due $1,322,328.88 $0.00 $0.00 $1,244,063.66 $78,265.22
Interest Paid $1,322,328.88 $0.00 $0.00 $1,244,063.66 $78,265.22
Principal Due $9,422,733.60 $0.00 $0.00 $9,092,937.92 $329,795.68
Principal Paid $9,422,733.60 $0.00 $0.00 $9,092,937.92 $329,795.68
Ending Balance $252,433,095.12 $0.00 $0.00 $237,663,490.76 $14,769,604.36
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.0000 0.8359 0.8038
Total Distributions $10,745,062.48 $0.00 $0.00 $10,337,001.58 $408,060.90
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 $760,633.56
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $15,227,148.13
(Release)/Draw ($1,343,327.90)
Ending Reserve Account Balance $13,883,820.23
(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 May 1997
Trigger Events: A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1997 Feb 1997 Mar 1997 Apr 1997 May 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance $315,057,727.83 $302,134,717.51 $287,757,278.24 $273,274,310.47 $261,855,828.72
A) Loss Trigger:
Principal of Contracts
Charged off $433,592.20 $390,842.50 $614,905.54 $440,255.43 $275,269.95
Recoveries $373,781.36 $1,213,647.41 $972,488.42 $743,300.95 $405,872.33
Total Charged off
(Months 5,4,3) $1,439,340.24
Total Recoveries
(Months 3,2,1) 2,121,661.70
Net Loss/(Recoveries)
for 3 Mos. $ (682,321.46)(a)
Total Balance
(Months 5,4,3) $904,949,723.58(b)
Loss Ratio Annualized [(a/b)(12)] -0.9048%
Trigger: Is Ratio> 1.5% No
B) Delinquency Trigger:
Balance Delinquency 60+ days $3,094,514.51 $1,755,328.71 $3,263,899.63
As a % of Beginning Pool Balance 1.07539% 0.64233% 1.24645%
Three Month Average 1.12305% 0.96036% 0.98806%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.6448%
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 May 1997
Distribution Date of June 16, 1997
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $321,158,555.63
Beginning Pool Factor 0.6982560
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $9,917,573.28
Interest Collected $2,521,979.03
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $755,747.07
Total Additional Deposits $755,747.07
Repos/Chargeoffs $429,807.70
Aggregate Number of Notes Charged Off 99
Total Available Funds $12,578,488.58
Ending Pool Balance $311,427,985.45
Ending Pool Factor 0.6771000
Servicing Fee $267,632.13
Repayment of Servicer Advances $616,810.80
Reserve Account:
Beginning Balance $16,997,008.00
Target Percentage 5.00%
Target Balance $15,571,399.27
Minimum Balance $9,658,821.26
(Release) of investment income only/Deposit ($1,425,608.73)
Ending Balance $15,571,399.27
Current Weighted Average APR: 9.659%
Current Weighted Average Remaining Term (months): 38.74
</TABLE>
<TABLE>
<CAPTION>
Delinquencies: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 2,212,736.51 1,536
31-60 days 484,337.71 359
60+ days 105,171.56 69
Total 2,802,245.78 1,538
Balances: 60+ days 2,351,123.91 69
Memo Item - Reserve Account
Opening Balance $16,057,927.78
+ Invest. Income 60,549.09
+ Excess Servicing 878,531.13
- Transfer to Collections Account 0.00
Beginning Balance $16,997,008.00
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996-A Owner Trust
For the Month of May 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 $321,158,555.63
Ending Pool Balance $311,427,985.45
Collected Principal $9,300,762.48
Collected Interest $2,521,979.03
Charge-Offs $429,807.70
Liquidation Proceeds/Recoveries $755,747.07
Servicing $267,632.13
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $12,310,856.45
Beginning Balance $321,158,555.63 $0.00 $302,829,592.41 $18,328,963.22
Interest Due $1,701,755.14 $0.00 $1,602,473.26 $99,281.88
Interest Paid $1,701,755.14 $0.00 $1,602,473.26 $99,281.88
Principal Due $9,730,570.18 $0.00 $9,292,694.52 $437,875.66
Principal Paid $9,730,570.18 $0.00 $9,292,694.52 $437,875.66
Ending Balance $311,427,985.45 $0.00 $293,536,897.89 $17,891,087.56
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.8453 0.8644
Total Distributions $11,432,325.32 $0.00 $10,895,167.78 $537,157.54
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 $878,531.13
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $16,997,008.00
(Release)/Draw $(1,425,608.73)
Ending Reserve Account Balance $15,571,399.27
(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 May 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
Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997 May 1997
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $385,359,073.57 $373,823,140.29 $362,355,746.99 $348,108,707.35 $332,415,354.80 $321,158,555.63
A) Loss Trigger:
Principal of Contracts
Charged off $1,056,449.19 $970,091.47 $1,935,375.96 $692,876.86 $912,759.79 $429,807.70
Recoveries $411,958.72 $610,689.52 $910,706.72 $1,515,564.23 $1,486,575.64 $755,747.07
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $3,598,344.29 Total Charged off (Months 1-6) $5,997,360.97
Total Recoveries (Months 3,2,1) 3,757,886.94 Total Recoveries (Months 1-6) 5,691,241.90
Net Loss/(Recoveries) for 3 Mos. $ (159,542.65)(a) Net Loss/(Recoveries) for 6 Mos. $306,119.07(c)
Total Balance (Months 5,4,3) $1,084,296,594.63(b) Total Balance (Months 1-6) $2,123,229,578.63(d)
Loss Ratio Annualized [(a/b)(12)] -0.1766% Loss Ratio Annualized [(c/d)(12)] 0.1730%
Trigger: Is Ratio> 1.5% No Trigger: Is Ratio> 6.0% No
</TABLE>
<TABLE>
<CAPTION>
B) Delinquency Trigger:
<S> <C> <C> <C> <C>
Balance delinquency 60+ days $2,674,075.50 $4,533,629.98 $2,351,123.91
As % of Beginning Pool Balance 0.76817% 1.36384% 0.73208%
Three Month Average 1.16934% 1.10446% 0.95470%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 3.3855%
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 May 1997
Distribution Date of June 20, 1997
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $390,783,947.09
Beginning Pool Factor 0.8032436
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $10,464,956.65
Interest Collected $3,260,390.44
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $545,528.41
Total Additional Deposits $545,528.41
Repos/Chargeoffs $872,581.99
Aggregate Number of Notes Charged Off 88
Total Available Funds $14,270,875.50
Ending Pool Balance $379,446,408.45
Ending Pool Factor 0.7799397
Servicing Fee $325,653.29
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $10,388,149.83
Target Percentage 2.50%
Target Balance N/A
Minimum Balance $9,730,147.26
(Release)/Deposit $(658,002.58)
Ending Balance $9,730,147.26
Current Weighted Average APR: 10.103%
Current Weighted Average Remaining Term (months): 42.24
</TABLE>
<TABLE>
<CAPTION>
Delinquencies: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 2,515,065.53 2,002
31-60 days 592,388.74 468
60+ days 218,312.38 124
Total 3,325,766.65 2,004
Balances: 60+ days 7,449,147.86 124
Memo Item - Reserve Account
Prior month $9,769,598.68
+ Invest. Income 43,428.99
+ Excess Servicing 575,122.16
- Transfer to Collections Account 0.00
Beginning Balance $10,388,149.83
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996-B Owner Trust
For the Month of May 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) 95.05% 4.63% 0.00% 0.17% 0.15%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $390,783,947.09
Ending Pool Balance $379,446,408.45
Collected Principal $10,464,956.65
Collected Interest $3,260,390.44
Charge-Offs $872,581.99
Liquidation Proceeds/Recoveries $545,528.41
Servicing $325,653.29
Cash Transfer from Reserve Acct. $0.00
Total Collections Available
for Debt Service $13,945,222.21
Beginning Balance $390,783,947.09 $10,776,584.34 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Interest Due $2,032,561.41 $49,302.87 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Interest Paid $2,032,561.41 $49,302.87 $552,972.50 $1,247,537.50 $92,235.00 $90,513.54
Principal Due $11,337,538.64 $10,776,584.34 $524,492.27 $0.00 $19,643.55 $16,818.48
Principal Paid $11,337,538.64 $10,776,584.34 $524,492.27 $0.00 $19,643.55 $16,818.48
Ending Balance $379,446,408.45 $0.00 $111,375,507.73 $236,500,000.00 $17,008,356.45 $14,562,544.27
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000 0.9953 1.0000 0.9988 0.9988
Total Distributions $13,370,100.05 $10,825,887.21 $1,077,464.77 $1,247,537.50 $111,878.55 $107,332.02
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 $575,122.16
(see Memo Item - Reserve Account)
Beginning Reserve Acct Bal $10,388,149.83
(Release)/Draw ($658,002.58)
Ending Reserve Acct Balance $9,730,147.26
(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 May 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
Dec 1996 Jan 1997 Feb 1997 Mar 1997 Apr 1997 May 1997
<S> <C> <C> <C> <C> <C> <C>
Beg. Pool Balance $462,375,764.00 $449,329,330.86 $436,095,079.95 $420,468,686.42 $403,347,664.99 $390,783,947.09
A) Loss Trigger:
Principal of Contracts
Charged off $969,247.14 $809,912.35 $878,067.63 $827,898.12 $1,257,545.15 $872,581.99
Recoveries $88,657.60 $301,836.56 $440,053.06 $601,423.50 $750,115.55 $545,528.41
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged off (Months 5,4,3) $2,515,878.10 Total Charged off (Months 1-6) $5,615,252.38
Total Recoveries (Months 3,2,1) $1,897,067.46 Total Recoveries (Months 1-6) 2,727,614.68
Net Loss/(Recoveries) for 3 Mos. $618,810.64(a) Net Loss/(Recoveries) for 6 Mos. $2,887,637.70(c)
Total Balance (Months 5,4,3) $1,305,893,097.23(b) Total Balance (Months 1-6) $2,562,400,473.31(d)
Loss Ratio Annualized [(a/b)(12)] 0.5686% Loss Ratio Annualized [(c/d)(12)] 1.3523%
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 $4,214,874.91 $3,925,656.43 $7,449,147.86
As % of Beginning
Pool Balance 1.00242% 0.97327% 1.90621%
Three Month Average 0.86400% 0.97180% 1.29397%
Trigger: Is Average> 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Acct. Balance
not less than 1% of Initial
Aggregate Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
<PAGE>
Exhibit 20.8
Page 1 of 4
Navistar Financial 1997-A Owner Trust
For the Month of May 1997
Distribution Date of June 16, 1997
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $411,613,980.45
Subsequent Receivables (transferred 5/9/97) $76,128,743.83
Subsequent Receivables (transferred 5/23/97) $12,254,010.44
Beginning Pool Balance $481,864,426.98
Beginning Pool Factor 0.9637351
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $12,693,421.97
Interest Collected $3,897,513.64
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $0.00
Total Additional Deposits $0.00
Repos/Chargeoffs $723,609.14
Aggregate Number of Notes Charged Off 14
Total Available Funds $16,590,935.61
Ending Pool Balance $468,447,395.87
Ending Pool Factor 0.9369009
Servicing Fee $401,553.69
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (See Memo Item) $25,569,422.81
Target Percentage 5.25%
Target Balance $24,593,488.28
Minimum Balance $10,499,931.43
(Release)/Deposit ($975,934.53)
Ending Balance $24,593,488.28
Current Weighted Average APR: 10.243%
Current Weighted Average Remaining Term (months): 47.02
</TABLE>
<TABLE>
<CAPTION>
Delinquencies: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 2,417,793.25 1,783
31-60 days 346,054.50 284
60+ days 41,650.88 34
Total 2,805,498.63 1,784
Balances: 60+ days 1,628,994.95 34
Memo Item - Reserve Account
Opening Balance $24,654,546.87
+ Invest. Income 41,382.64
+ Excess Servicing 230,157.75
+ 5/9/97 Transfer 643,335.55
Beginning Balance $25,569,422.81
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 4
Navistar Financial 1997-A Owner Trust
For the Month of May 1997
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Distribution Percentages (1) 100.00% 0.00% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $481,864,426.98
Ending Pool Balance $468,447,395.87
Collected Principal $12,693,421.97
Collected Interest $3,897,513.64
Charge-Offs $723,609.14
Liquidation Proceeds/Recoveries $0.00
Servicing $401,553.69
Cash Transfer from Negative Carry Acct. $0.00
Total Collections Available
for Debt Service $16,239,390.97
Beginning Balance $481,867,692.26 $66,867,692.26 $221,500,000.00 $176,000,000.00 $17,500,000.00
Interest Due(2) $2,588,936.83 $325,478.49 $1,172,104.17 $990,000.00 $101,354.17
Interest Paid $2,588,936.83 $325,478.49 $1,172,104.17 $990,000.00 $101,354.17
Principal Due $13,417,031.11 $13,417,031.11 $0.00 $0.00 $0.00
Mandatory Prepayment Class A-1 Only $3,265.28 $3,265.28
Principal Paid $13,420,296.39 $13,420,296.39 $0.00 $0.00 $0.00
Ending Balance $468,447,395.87 $53,447,395.87 $221,500,000.00 $176,000,000.00 $17,500,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.6288 1.0000 1.0000 1.0000
Total Distributions $16,009,233.22 $13,745,774.88 $1,172,104.17 $990,000.00 $101,354.17
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $230,157.75
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $25,569,422.81
(Release)/Draw ($975,934.53)
Ending Reserve Account Balance $24,593,488.28
(1) 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; Fourth 100% to the Class B Notes.
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 4
Navistar Financial 1997-A Owner Trust
For the Month of May 1997
Trigger Events: A) Loss Trigger - Reserve Account Balance
B) Delinquency Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan 1997 Feb 1997 Mar 1997 Apr 1997 May 1997
<S> <C> <C> <C> <C> <C>
Beg. Pool Balance N/A N/A N/A $411,613,980.45 $481,864,426.98
A) Loss Trigger:
Principal of Contracts
Charged off N/A N/A N/A $312,536.51 $723,609.14
Recoveries N/A N/A N/A $0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance
<S> <C>
Total Charged off (Months 5,4,3) $0.00
Total Recoveries (Months 3,2,1) 0.00
Net Loss/(Recoveries) for 3 Mos. $0.00(a)
Total Balance (Months 5,4,3) $0.00(b)
Loss Ratio Annualized [(a/b)(12)] N/A
Trigger: Is Ratio> 1.5% No
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
B) Delinquency Trigger:
Balance Delinquency 60+ days N/A $0.00 $1,628,994.95
As a % of Beginning Pool Balance N/A 0.00000% 0.33806%
Three Month Average N/A N/A N/A
Trigger: Is Average> 2.0% No
</TABLE>
<PAGE>
Exhibit 20.8
Page 4 of 4
Navistar Financial 1997-A Owner Trust
For the Period May 16, 1997 through June 16, 1997
<TABLE>
<S> <C>
Pre-Funding Account:
Beginning balance 5/15/97 $12,257,275.72
Plus Investment Earnings $46,743.77
Less 5/23/97 Transfer to Seller $11,610,674.89 (1)
Less 5/23/97 Transfer to Reserve Account $643,335.55 (2)
Less 6/16/94 Transfer to Collection Account $ 46,743.77
Subtotal $3,265.28
Less 6/13/97 Transfer to Note Distribution Account $3,265.28
(Class A-1 Noteholders Prepayment Amount)
Ending Balance $0.00
</TABLE>
<TABLE>
<S> <C>
(1) Starting Receivable Balance of
Subsequent Receivables $12,254,010.44
Less Reserve Account Initial
Deposit for Subsequent
Receivables $643,335.55
(2) 5.25% of Subsequent Receivables
</TABLE>
<TABLE>
<CAPTION>
Negative Carry Account:
<S> <C>
Beginning Balance 5/15/97 $92,216.81
Plus Investment Earnings $923.27
Less Negative Carry Amount for Monthly Period (as of 5/31/97) $ 0.00
Subtotal $93,140.08
Required Negative Carry Account Balance $0.00
Excess Released to Certificateholders $93,140.08
Ending Balance 6/16/97 $0.00
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. CAIN
R. W. CAIN
Vice President and Treasurer
