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) October 15, 1997
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1994-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
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 October 15 and 20, 1997, Registrant made available the Monthly
Servicer Certificates for the Period of September 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 October 30, 1997 By:/s/ P. E. COCHRAN
- ----------------------- --------------------------
P. E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-A Owner Trust
20.1 Monthly Servicer Certificate, dated October 15, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated October 15, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated October 20, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated October 20, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated October 15, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated October 15, 1997
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated October 20, 1997
Navistar Financial 1997-A Owner Trust
20.8 Monthly Servicer Certificate, dated October 15, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of September
Distribution Date of October 15, 1997
Servicer Certificate #42
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $26,295,511.66
Beginning Pool Factor 0.0939053
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,026,641.75
Interest Collected $176,993.57
Additional Deposits:
Repurchase Amounts $25,794.50
Liquidation Proceeds / Recoveries $10,603.02
Total Additional Deposits $36,397.52
Repos / Chargeoffs ($11.47)
Aggregate Number of Notes Charged Off 29
Total Available Funds $2,240,032.84
Ending Pool Balance $24,243,086.88
Ending Pool Factor 0.0865758
Servicing Fee $21,912.93
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $5,689,247.14
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release) / Deposit ($88,817.71)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.271%
Current Weighted Average Remaining Term (months): 12.98
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $407,297.58 310
31 - 60 days $104,240.98 58
60+ days $36,449.89 18
Total: $547,988.45 319
Balances: 60+ days $278,255.95 18
Memo Item - Reserve Account
Prior Month $5,600,429.43
+ Invest. Income $24,921.53
+ Excess Serv. $63,896.18
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $5,689,247.14
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of September
<TABLE>
<CAPTION> NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$280,021,471.35 $89,606,000.00 $180,614,000.00 $9,801,471.35
Original Pool Amount
Distributions:
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 $26,295,511.66
Ending Pool Balance $24,243,086.88
Collected Principal $2,052,436.25
Collected Interest $176,993.57
Charge - Offs ($11.47)
Liquidation Proceeds / Recoveries $10,603.02
Servicing $21,912.93
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $2,218,119.91
Beginning Balance $20,480,235.92 $0.00 $18,325,850.16 $2,154,385.76
Interest Due $101,798.95 $0.00 $90,560.24 $11,238.71
Interest Paid $101,798.95 $0.00 $90,560.24 $11,238.71
Principal Due $2,052,424.78 $0.00 $1,960,065.66 $92,359.12
Principal Paid $2,052,424.78 $0.00 $1,960,065.66 $92,359.12
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $18,427,811.14 $0.00 $16,365,784.50 $2,062,026.64
Note / Certificate Pool Factor 0.0000 0.0906 0.2104
(Ending Balance / Original Pool Amount)
Total Distributions $2,154,223.73 $0.00 $2,050,625.90 $103,597.83
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $63,896.18
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $5,689,247.14
(Release) / Draw ($88,817.71)
Ending Reserve Acct Balance $5,600,429.43
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of September
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-97 Jun-97 Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $37,826,234.86 $34,973,376.07 $31,897,695.36 $29,255,100.86 $26,295,511.66
A) Loss Trigger:
Principal of Contracts Charged Off $197,400.82 $7,168.32 $47,734.31 $0.00 ($11.47)
Recoveries $162,860.60 $78,351.18 $264,910.55 $44,474.03 $10,603.02
Total Charged Off (Months 5, 4, 3) $252,303.45
Total Recoveries (Months 3, 2, 1) $319,987.60
Net Loss / (Recoveries) for 3 Mos ($67,684.15)(a)
Total Balance (Months 5, 4, 3) $104,697,306.29 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.7758%
Trigger: Is Ratio > 1.5% No
Jul-97 Aug-97 Sep-97
B) Delinquency Trigger: $182,697.74 $223,462.10 $278,255.95
Balance delinquency 60+ days 0.57276% 0.76384% 1.05819%
As % of Beginning Pool Balance 0.56345% 0.61091% 0.79826%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of September
Distribution Date of October 15, 1997
Servicer Certificate #39
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $33,052,185.09
Beginning Pool Factor 0.1537098
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,484,784.09
Interest Collected $238,172.64
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $52,310.89
Total Additional Deposits $52,310.89
Repos / Chargeoffs $11,238.97
Aggregate Number of Notes Charged Off 22
Total Available Funds $2,725,784.22
Ending Pool Balance $30,605,645.43
Ending Pool Factor 0.1423321
Servicing Fee $27,543.49
Repayment of Servicer Advances $49,483.40
Reserve Account:
Beginning Balance (see Memo Item) $4,397,093.20
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release) / Deposit ($96,497.73)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.737%
Current Weighted Average Remaining Term (months): 15.89
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $389,987.62 302
31 - 60 days $135,692.60 91
60+ days $104,252.76 35
Total: $629,932.98 318
Balances: 60+ days $664,327.72 35
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income $19,136.17
+ Excess Serv. $77,361.56
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $4,397,093.20
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of September
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CERTIFICATES
<S> <C> <C> <C>
$215,029,773.64 $207,503,000.00 $7,526,773.64
Original Pool Amount
Distributions:
Distribution Percentages 96.50% 3.50%
Coupon 6.400% 6.625%
Beginning Pool Balance $33,052,185.09
Ending Pool Balance $30,605,645.43
Collected Principal $2,435,300.69
Collected Interest $238,172.64
Charge - Offs $11,238.97
Liquidation Proceeds / Recoveries $52,310.89
Servicing $27,543.49
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $2,698,240.73
Beginning Balance $32,648,460.19 $31,505,032.51 $1,143,427.68
Interest Due $174,339.51 $168,026.84 $6,312.67
Interest Paid $174,339.51 $168,026.84 $6,312.67
Principal Due $2,446,539.66 $2,360,910.77 $85,628.89
Principal Paid $2,446,539.66 $2,360,910.77 $85,628.89
Ending Balance $30,201,920.53 $29,144,121.74 $1,057,798.79
Note / Certificate Pool Factor 0.1405 0.1405
(Ending Balance / Original Pool Amount)
Total Distributions $2,620,879.17 $2,528,937.61 $91,941.56
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $77,361.56
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $4,397,093.20
(Release) / Draw ($96,497.73)
Ending Reserve Acct Balance $4,300,595.47
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of September
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-97 Jun-97 Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $45,260,794.01 $42,521,808.43 $38,934,169.80 $36,106,487.04 $33,052,185.09
A) Loss Trigger:
Principal of Contracts Charged Off $3,954.37 $22,643.17 $34,640.48 $45,095.09 $11,238.97
Recoveries $2,923.21 $0.00 $95,536.23 $60,994.70 $52,310.89
Total Charged Off (Months 5, 4, 3) $61,238.02
Total Recoveries (Months 3, 2, 1) $208,841.82
Net Loss / (Recoveries) for 3 Mos ($147,603.80)(a)
Total Balance (Months 5, 4, 3) $126,716,772.24 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.3978%
Trigger: Is Ratio > 1.5% No
Jul-97 Aug-97 Sep-97
B) Delinquency Trigger: $438,643.72 $550,541.70 $664,327.72
Balance delinquency 60+ days 1.12663% 1.52477% 2.00994%
As % of Beginning Pool Balance 1.31145% 1.42151% 1.55378%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of September
Distribution Date of October 20, 1997
Servicer Certificate #34
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $67,800,397.54
Beginning Pool Factor 0.2152189
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $5,909,565.03
Interest Collected $489,042.13
Additional Deposits:
Repurchase Amounts $287,221.03
Liquidation Proceeds / Recoveries $328,951.97
Total Additional Deposits $616,173.00
Repos / Chargeoffs $0.00
Aggregate Number of Notes Charged Off 34
Total Available Funds $7,014,780.16
Ending Pool Balance $61,603,611.48
Ending Pool Factor 0.1955484
Servicing Fee $56,500.33
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $6,827,872.26
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release) / Deposit ($212,243.91)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.473%
Current Weighted Average Remaining Term (months): 20.51
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,280,562.25 456
31 - 60 days $224,147.81 156
60+ days $153,354.58 77
Total: $1,658,064.64 480
Balances: 60+ days $2,310,688.20 77
Memo Item - Reserve Account
Prior Month $6,492,277.53
+ Invest. Income $25,027.20
+ Excess Serv. $310,567.53
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $6,827,872.26
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of September
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 96.50% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $67,800,397.54
Ending Pool Balance $61,603,611.48
Collected Principal $6,196,786.06
Collected Interest $489,042.13
Charge - Offs $0.00
Liquidation Proceeds / Recoveries $328,951.97
Servicing $56,500.33
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $6,958,279.83
Beginning Balance $67,487,374.37 $0.00 $63,445,735.91 $4,041,638.46
Interest Due $450,926.24 $0.00 $422,971.57 $27,954.67
Interest Paid $450,926.24 $0.00 $422,971.57 $27,954.67
Principal Due $6,196,786.06 $0.00 $5,979,898.55 $216,887.51
Principal Paid $6,196,786.06 $0.00 $5,979,898.55 $216,887.51
Ending Balance $61,290,588.31 $0.00 $57,465,837.36 $3,824,750.95
Note / Certificate Pool Factor 0.0000 0.5924 0.3468
(Ending Balance / Original Pool Amount)
Total Distributions $6,647,712.30 $0.00 $6,402,870.12 $244,842.18
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $310,567.53
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $6,827,872.26
(Release) / Draw ($212,243.91)
Ending Reserve Acct Balance $6,615,628.35
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of September
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-97 Jun-97 Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $89,162,155.05 $84,372,089.82 $77,953,304.94 $73,190,495.38 $67,800,397.54
A) Loss Trigger:
Principal of Contracts Charged Off $980.80 $107,029.39 $164,471.73 $121,813.12 $0.00
Recoveries $113,137.61 $138,233.94 $5,720.25 $60,762.65 $328,951.97
Total Charged Off (Months 5, 4, 3) $272,481.92
Total Recoveries (Months 3, 2, 1) $395,434.87
Net Loss / (Recoveries) for 3 Mos ($122,952.95)(a)
Total Balance (Months 5, 4, 3) $251,487,549.81 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.5867%
Trigger: Is Ratio > 1.5% No
Jul-97 Aug-97 Sep-97
B) Delinquency Trigger: $907,344.23 $659,027.36 $2,310,688.20
Balance delinquency 60+ days 1.16396% 0.90043% 3.40807%
As % of Beginning Pool Balance 1.16630% 1.02719% 1.82415%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.1000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of September
Distribution Date of October 20, 1997
Servicer Certificate #29
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $126,073,877.58
Beginning Pool Factor 0.2967287
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,350,045.67
Interest Collected $1,077,235.28
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $590,703.37
Total Additional Deposits $590,703.37
Repos / Chargeoffs $287,254.31
Aggregate Number of Notes Charged Off 70
Total Available Funds $7,479,717.65
Ending Pool Balance $119,974,844.27
Ending Pool Factor 0.2823740
Servicing Fee $105,061.56
Repayment of Servicer Advances $538,266.67
Reserve Account:
Beginning Balance (see Memo Item) $9,541,983.92
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $8,922,464.92
(Release) / Deposit ($619,519.00)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.500%
Current Weighted Average Remaining Term (months): 24.39
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,333,655.04 931
31 - 60 days $424,709.29 311
60+ days $128,465.00 84
Total: $1,886,829.33 957
Balances: 60+ days $2,143,938.49 84
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $34,332.61
+ Excess Serv. $585,186.39
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,541,983.92
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of September
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$424,879,281.80 $80,000,000.00 $330,000,000.00 $14,879,281.80
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $126,073,877.58
Ending Pool Balance $119,974,844.27
Collected Principal $5,811,779.00
Collected Interest $1,077,235.28
Charge - Offs $287,254.31
Liquidation Proceeds / Recoveries $590,703.37
Servicing $105,061.56
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $7,374,656.09
Beginning Balance $126,073,877.58 $0.00 $116,941,316.85 $9,132,560.73
Interest Due $690,436.39 $0.00 $638,304.69 $52,131.70
Interest Paid $690,436.39 $0.00 $638,304.69 $52,131.70
Principal Due $6,099,033.31 $0.00 $5,885,567.14 $213,466.17
Principal Paid $6,099,033.31 $0.00 $5,885,567.14 $213,466.17
Ending Balance $119,974,844.27 $0.00 $111,055,749.71 $8,919,094.56
Note / Certificate Pool Factor 0.0000 0.3365 0.5994
(Ending Balance / Original Pool Amount)
Total Distributions $6,789,469.70 $0.00 $6,523,871.83 $265,597.87
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $585,186.39
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,541,983.92
(Release) / Draw ($619,519.00)
Ending Reserve Acct Balance $8,922,464.92
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of September
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-97 Jun-97 Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $159,355,739.45 $150,463,772.21 $143,173,241.24 $135,917,752.46 $126,073,877.58
A) Loss Trigger:
Principal of Contracts Charged Off $444,533.18 $189,414.97 $198,352.07 $400,077.17 $287,254.31
Recoveries $508,218.52 $202,738.88 $283,744.59 $236,125.71 $590,703.37
Total Charged Off (Months 5, 4, 3) $832,300.22
Total Recoveries (Months 3, 2, 1) $1,110,573.67
Net Loss / (Recoveries) for 3 Mos ($278,273.45)(a)
Total Balance (Months 5, 4, 3) $452,992,752.90 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.7372%
Trigger: Is Ratio > 1.5% No
Jul-97 Aug-97 Sep-97
B) Delinquency Trigger: $1,148,120.10 $1,297,275.03 $2,143,938.49
Balance delinquency 60+ days 0.80191% 0.95446% 1.70054%
As % of Beginning Pool Balance 0.93686% 1.00971% 1.15230%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.1000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of September
Distribution Date of October 15, 1997
Servicer Certificate #24
<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 $222,431,428.51
Beginning Pool Factor 0.4237181
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,128,207.84
Interest Collected $1,626,038.33
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $316,933.22
Total Additional Deposits $316,933.22
Repos / Chargeoffs $271,595.69
Aggregate Number of Notes Charged Off 87
Total Available Funds $11,071,179.39
Ending Pool Balance $213,031,624.98
Ending Pool Factor 0.4058120
Servicing Fee $185,359.52
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $12,650,816.38
Target Percentage 5.50%
Target Balance $11,716,739.37
Minimum Balance $11,023,980.93
(Release) / Deposit ($934,077.01)
Ending Balance $11,716,739.37
Current Weighted Average APR: 9.929%
Current Weighted Average Remaining Term (months): 29.80
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,091,685.16 1,345
31 - 60 days $568,352.81 416
60+ days $189,479.76 111
Total: $2,849,517.73 1,362
Balances: 60+ days $3,205,363.34 111
Memo Item - Reserve Account
Prior Month $12,233,728.57
+ Invest. Income $54,440.19
+ Excess Serv. $362,647.62
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $12,650,816.38
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of September
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
$525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 96.50% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $222,431,428.51
Ending Pool Balance $213,031,624.98
Collected Principal $9,128,207.84
Collected Interest $1,626,038.33
Charge - Offs $271,595.69
Liquidation Proceeds / Recoveries $316,933.22
Servicing $185,359.52
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $10,885,819.87
Beginning Balance $222,431,428.51 $0.00 $0.00 $208,711,882.48 $13,719,546.03
Interest Due $1,123,368.72 $0.00 $0.00 $1,052,255.74 $71,112.98
Interest Paid $1,123,368.72 $0.00 $0.00 $1,052,255.74 $71,112.98
Principal Due $9,399,803.53 $0.00 $0.00 $9,070,810.41 $328,993.12
Principal Paid $9,399,803.53 $0.00 $0.00 $9,070,810.41 $328,993.12
Ending Balance $213,031,624.98 $0.00 $0.00 $199,641,072.07 $13,390,552.91
Note / Certificate Pool Factor 0.0000 0.0000 0.7022 0.7287
(Ending Balance / Original Pool Amount)
Total Distributions $10,523,172.25 $0.00 $0.00 $10,123,066.15 $400,106.10
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $362,647.62
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $12,650,816.38
(Release) / Draw ($934,077.01)
Ending Reserve Acct Balance $11,716,739.37
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of September
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-97 Jun-97 Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $261,855,828.72 $252,433,095.12 $242,048,135.75 $231,978,557.43 $222,431,428.51
A) Loss Trigger:
Principal of Contracts Charged Off $275,269.95 $237,065.53 $327,326.14 $276,233.74 $271,595.69
Recoveries $405,872.33 $222,549.50 $255,453.45 $358,241.45 $316,933.22
Total Charged Off (Months 5, 4, 3) $839,661.62
Total Recoveries (Months 3, 2, 1) $930,628.12
Net Loss / (Recoveries) for 3 Mos ($90,966.50(a)
Total Balance (Months 5, 4, 3) $756,337,059.59(b)
Loss Ratio Annualized [(a/b) * (12)] -0.1443%
Trigger: Is Ratio > 1.5% No
Jul-97 Aug-97 Sep-97
B) Delinquency Trigger: $3,244,720.77 $2,781,817.29 $3,205,363.34
Balance delinquency 60+ days 1.34053% 1.19917% 1.44106%
As % of Beginning Pool Balance 1.28030% 1.26454% 1.32692%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.2320%
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 September
Distribution Date of October 15, 1997
Servicer Certificate #17
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $279,497,851.07
Beginning Pool Factor 0.6076782
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,677,750.57
Interest Collected $2,291,280.83
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $473,254.71
Total Additional Deposits $473,254.71
Repos / Chargeoffs $651,062.78
Aggregate Number of Notes Charged Off 89
Total Available Funds $11,442,286.11
Ending Pool Balance $270,169,037.72
Ending Pool Factor 0.5873957
Servicing Fee $232,914.88
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $14,423,805.30
Target Percentage 5.00%
Target Balance $13,508,451.89
Minimum Balance $9,658,821.26
(Release) / Deposit ($915,353.41)
Ending Balance $13,508,451.89
Current Weighted Average APR: 9.572%
Current Weighted Average Remaining Term (months): 35.51
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,914,746.07 1,439
31 - 60 days $508,992.15 393
60+ days $211,069.90 139
Total: $2,634,808.12 1,452
Balances: 60+ days $5,345,340.19 139
Memo Item - Reserve Account
Prior Month $13,974,892.55
+ Invest. Income $49,421.11
+ Excess Serv. $399,491.64
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $14,423,805.30
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of September
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $279,497,851.07
Ending Pool Balance $270,169,037.72
Collected Principal $8,677,750.57
Collected Interest $2,291,280.83
Charge - Offs $651,062.78
Liquidation Proceeds / Recoveries $473,254.71
Servicing $232,914.88
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $11,209,371.23
Beginning Balance $279,497,851.07 $0.00 $263,043,619.55 $16,454,231.52
Interest Due $1,481,066.24 $0.00 $1,391,939.15 $89,127.09
Interest Paid $1,481,066.24 $0.00 $1,391,939.15 $89,127.09
Principal Due $9,328,813.35 $0.00 $8,909,016.75 $419,796.60
Principal Paid $9,328,813.35 $0.00 $8,909,016.75 $419,796.60
Ending Balance $270,169,037.72 $0.00 $254,134,602.80 $16,034,434.92
Note / Certificate Pool Factor 0.0000 0.7319 0.7747
(Ending Balance / Original Pool Amount)
Total Distributions $10,809,879.59 $0.00 $10,300,955.90 $508,923.69
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $399,491.64
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $14,423,805.30
(Release) / Draw ($915,353.41)
Ending Reserve Acct Balance $13,508,451.89
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of September
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
Apr-97 May-97 Jun-97 Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $321,158,555.63 $321,158,555.63 $311,427,985.45 $298,362,233.21 $289,158,602.47 $279,497,851.07
A) Loss Trigger:
Principal of Contracts
Charged Off $912,759.79 $429,807.70 $678,399.36 $359,030.33 $425,054.70 $651,062.78
Recoveries $1,486,575.64 $755,747.07 $661,604.13 $833,081.20 $960,144.57 $473,254.71
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,467,237.39 Total Charged off (Months 1 - 6) $3,456,114.66
Total Recoveries (Months 3, 2, 1) $2,266,480.48 Total Recoveries (Months 1 - 6) $5,170,407.32
Net Loss / (Recoveries) for 3 Mos ($799,243.09)(a) Net Loss/(Recoveries) for 6 Mos. ($1,714,292.66)(c)
Total Balance (Months 5, 4, 3) $930,948,774.29 (b) Total Balance (Months 1 - 6) $1,832,020,582.63 (d)
Loss Ratio Annualized [(a/b) * (12)] -1.0302% Loss Ratio Annualized [(c/d) (12)] -1.1229%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $3,716,398.43 $3,789,077.73 $5,345,340.19
Balance delinquency 60+ days 1.24560% 1.31038% 1.91248%
As % of Beginning Pool Balance 1.10180% 1.29457% 1.48949%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.9370%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.7
Page 1 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of September
Distribution Date of October 20, 1997
Servicer Certificate #12
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $343,797,709.78
Beginning Pool Factor 0.7066650
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,004,101.83
Interest Collected $2,849,939.68
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $865,672.59
Total Additional Deposits $865,672.59
Repos / Chargeoffs $982,800.70
Aggregate Number of Notes Charged Off 122
Total Available Funds $13,719,714.10
Ending Pool Balance $332,810,807.25
Ending Pool Factor 0.6840817
Servicing Fee $286,498.09
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,878,192.28
Target Percentage 2.50%
Target Balance $8,320,270.18
Minimum Balance $9,730,147.26
(Release) / Deposit ($2,148,045.02)
Ending Balance $9,730,147.26
Current Weighted Average APR: 10.029%
Current Weighted Average Remaining Term (months): 38.82
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,312,607.88 1,957
31 - 60 days $609,009.77 515
60+ days $238,245.45 127
Total: $3,159,863.10 1,959
Balances: 60+ days $5,176,075.56 127
Memo Item - Reserve Account
Prior Month $11,196,786.66
+ Invest. Income $37,436.71
+ Excess Serv. $643,968.91
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,878,192.28
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of September
<TABLE>
<CAPTION>
NOTES
CLASS B CLASS C
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 2 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
$486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 93.50% 0.00% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $343,797,709.78
Ending Pool Balance $332,810,807.25
Collected Principal $10,004,101.83
Collected Interest $2,849,939.68
Charge - Offs $982,800.70
Liquidation Proceeds / Recoveries $865,672.59
Servicing $286,498.09
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,433,216.01
Beginning Balance $343,797,709.78 $0.00 $78,043,974.48 $236,500,000.00 $15,760,651.99 $13,493,083.31
Interest Due $1,802,344.57 $0.00 $385,667.31 $1,247,537.50 $85,370.20 $83,769.56
Interest Paid $1,802,344.57 $0.00 $385,667.31 $1,247,537.50 $85,370.20 $83,769.56
Principal Due $10,986,902.53 $0.00 $10,272,753.87 $0.00 $384,541.59 $329,607.08
Principal Paid $10,986,902.53 $0.00 $10,272,753.87 $0.00 $384,541.59 $329,607.08
Ending Balance $332,810,807.25 $0.00 $67,771,220.61 $236,500,000.00 $15,376,110.40 $13,163,476.23
Note / Certificate Pool Factor 0.0000 0.6056 1.0000 0.9030 0.9029
(Ending Balance / Original Pool Amount)
Total Distributions $12,789,247.10 $0.00 $10,658,421.18 $1,247,537.50 $469,911.79 $413,376.64
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $643,968.91
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,878,192.28
(Release) / Draw ($2,148,045.02)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of September
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
Apr-97 May-97 Jun-97 Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $403,347,664.99 $390,783,947.09 $379,446,408.45 $368,219,179.65 $356,384,702.80 $343,797,709.78
A) Loss Trigger:
Principal of Contracts
Charged Off $1,257,545.15 $872,581.99 $847,804.26 $847,658.24 $852,012.18 $982,800.70
Recoveries $750,115.55 $545,528.41 $786,549.19 $945,754.63 $620,268.66 $865,672.59
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,568,044.49 Total Charged off (Months 1 - 6) $5,660,402.52
Total Recoveries (Months 3, 2, 1) $2,431,695.88 Total Recoveries (Months 1 - 6) $4,513,889.03
Net Loss / (Recoveries) for 3 Mos $136,348.61(a) Net Loss/(Recoveries) for 6 Mos. $1,146,513.49(c)
Total Balance (Months 5, 4, 3) $1,138,449,535.19(b) Total Balance (Months 1 - 6) $2,241,979,612.76(d)
Loss Ratio Annualized [(a/b) * (12)] 0.1437% Loss Ratio Annualized [(c/d) (12)] 0.61366%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $8,970,993.38 $5,718,901.09 $5,176,075.56
Balance delinquency 60+ days 2.43632% 1.60470% 1.50556%
As % of Beginning Pool Balance 2.31858% 2.21808% 1.84886%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.8
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of September
Distribution Date of October 15, 1997
Servicer Certificate #6
<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 $429,123,844.62
Beginning Pool Factor 0.8798160
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,030,884.32
Interest Collected $3,620,906.94
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $604,242.84
Total Additional Deposits $604,242.84
Repos / Chargeoffs $646,660.05
Aggregate Number of Notes Charged Off 60
Total Available Funds $15,178,940.50
Ending Pool Balance $417,523,393.85
Ending Pool Factor 0.8560320
Servicing Fee $357,603.20
Repayment of Servicer Advances $77,093.60
Reserve Account:
Beginning Balance (see Memo Item) $23,491,060.89
Target Percentage 5.25%
Target Balance $21,919,978.18
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,571,082.71)
Ending Balance $21,919,978.18
Current Weighted Average APR: 10.203%
Current Weighted Average Remaining Term (months): 43.79
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,655,721.01 2,049
31 - 60 days $578,361.71 500
60+ days $199,552.22 109
Total: $3,433,634.94 2,053
Balances: 60+ days $5,355,051.66 109
Memo Item - Reserve Account
Prior Month $22,529,001.84
+ Invest. Income $73,378.67
+ Excess Serv. $888,680.38
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $23,491,060.89
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of September
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
$500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 100.00% 0.00% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $429,123,844.62
Ending Pool Balance $417,523,393.85
Collected Principal $10,953,790.72
Collected Interest $3,620,906.94
Charge - Offs $646,660.05
Liquidation Proceeds / Recoveries $604,242.84
Servicing $357,603.20
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $14,821,337.30
Beginning Balance $429,123,844.62 $14,123,844.62 $221,500,000.00 $176,000,000.00 $17,500,000.00
Interest Due $2,332,206.15 $68,747.81 $1,172,104.17 $990,000.00 $101,354.17
Interest Paid $2,332,206.15 $68,747.81 $1,172,104.17 $990,000.00 $101,354.17
Principal Due $11,600,450.77 $11,600,450.77 $0.00 $0.00 $0.00
Principal Paid $11,600,450.77 $11,600,450.77 $0.00 $0.00 $0.00
Ending Balance $417,523,393.85 $2,523,393.85 $221,500,000.00 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0297 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $13,932,656.92 $11,669,198.58 $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 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $888,680.38
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $23,491,060.89
(Release) / Draw ($1,571,082.71)
Ending Reserve Acct Balance $21,919,978.18
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of September
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-97 Jun-97 Jul-97 Aug-97 Sep-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $481,864,426.98 $468,447,395.87 $455,773,751.11 $442,621,361.35 $429,123,844.62
A) Loss Trigger:
Principal of Contracts
Charged Off $723,609.14 $196,160.57 $845,107.84 $1,132,211.21 $646,660.05
Recoveries $0.00 $161,723.67 $172,109.69 $556,540.30 $604,242.84
Total Charged Off (Months 5, 4, 3) $1,764,877.55
Total Recoveries (Months 3, 2, 1) $1,332,892.83
Net Loss / (Recoveries) for 3 Mos $431,984.72(a)
Total Balance (Months 5, 4, 3) $1,406,085,573.96(b)
Loss Ratio Annualized [(a/b) * (12)] 0.3687%
Trigger: Is Ratio > 1.5% No
Jul-97 Aug-97 Sep-97
B) Delinquency Trigger: $3,269,807.92 $4,380,733.99 $5,355,051.66
Balance delinquency 60+ days 0.71742% 0.98972% 1.24790%
As % of Beginning Pool Balance 0.53280% 0.75002% 0.98502%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.4942%
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
