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) July 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 July 15 and 21, 1997, Registrant made available the Monthly Servicer
Certificates for the Period of June 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: August 4, 1997 By:/s/ PHYLLIS E. COCHRAN
Phyllis E. Cochran
Vice President & Controller
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-A Owner Trust
20.1 Monthly Servicer Certificate, dated July 15, 1997
Navistar Financial 1994-B Owner Trust
20.2 Monthly Servicer Certificate, dated July 15, 1997
Navistar Financial 1994-C Owner Trust
20.3 Monthly Servicer Certificate, dated July 21, 1997
Navistar Financial 1995-A Owner Trust
20.4 Monthly Servicer Certificate, dated July 21, 1997
Navistar Financial 1995-B Owner Trust
20.5 Monthly Servicer Certificate, dated July 15, 1997
Navistar Financial 1996-A Owner Trust
20.6 Monthly Servicer Certificate, dated July 15, 1997
Navistar Financial 1996-B Owner Trust
20.7 Monthly Servicer Certificate, dated July 21, 1997
Navistar Financial 1997-A Owner Trust
20.8 Monthly Servicer Certificate, dated July 15, 1997
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of June
Distribution Date of July 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $280,021,471.35
Beginning Pool Balance $34,973,376.07
Beginning Pool Factor 0.1248953
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,068,512.39
Interest Collected $250,680.54
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $78,351.18
Total Additional Deposits $78,351.18
Repos/Chargeoffs $7,168.32
Aggregate Number of Notes Charged Off 37
Total Available Funds $3,397,544.11
Ending Pool Balance $31,897,695.36
Ending Pool Factor 0.1139116
Servicing Fee $29,144.48
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance(see Memo Item) $5,695,284.10
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $5,600,429.43
(Release)/Deposit ($94,854.67)
Ending Balance $5,600,429.43
Current Weighted Average APR: 8.298%
Current Weighted Average Remaining Term (months): 14.93
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $422,721.22 367
31 - 60 days $90,189.24 53
60+ days $31,605.60 23
Total: $544,516.06 382
Balances: 60+ days $173,517.25 23
Memo Item - Reserve Account
Prior Month $5,523,496.99
+ Invest. Income $23,857.65
+ Excess Serv. $147,929.46
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $5,695,284.10
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - A Owner Trust
For the Month of June
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 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 4.53% 5.93% 6.26%
Beginning Pool Balance $34,973,376.07
Ending Pool Balance $31,897,695.36
Collected Principal $3,068,512.39
Collected Interest $250,680.54
Charge - Offs $7,168.32
Liquidation Proceeds / Recoveries $78,351.18
Servicing $29,144.48
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $3,368,399.63
Beginning Balance $29,158,100.33 $0.00 $26,613,210.68 $2,544,889.65
Interest Due $144,789.46 $0.00 $131,513.62 $13,275.84
Interest Paid $144,789.46 $0.00 $131,513.62 $13,275.84
Principal Due $3,075,680.71 $0.00 $2,937,275.08 $138,405.63
Principal Paid $3,075,680.71 $0.00 $2,937,275.08 $138,405.63
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance $26,082,419.62 $0.00 $23,675,935.60 $2,406,484.02
Note / Certificate Pool Factor 0.0000 0.1311 0.2455
(Ending Balance / Original Pool Amount)
Total Distributions $3,220,470.17 $0.00 $3,068,788.70 $151,681.47
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 $147,929.46
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $5,695,284.10
(Release) / Draw ($94,854.67)
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 June
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb-97 Mar-97 Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $51,030,159.26 $45,202,827.69 $40,677,637.86 $37,826,234.86 $34,973,376.07
A) Loss Trigger:
Principal of Contracts Charged Off $23,693.18 $147,476.07 $1,967.50 $197,400.82 $7,168.32
Recoveries $142.69 $33,328.76 $214,778.68 $162,860.60 $78,351.18
Total Charged Off (Months 5, 4, 3) $173,136.75
Total Recoveries (Months 3, 2, 1) $455,990.46
Net Loss / (Recoveries) for 3 Mos ($282,853.71)(a)
Total Balance (Months 5, 4, 3) $136,910,624.81 (b)
Loss Ratio Annualized [(a/b) * (12)] -2.4792%
Trigger: Is Ratio > 1.5% No
Apr-97 May-97 Jun-97
B) Delinquency Trigger: $484,196.60 $235,073.17 $173,517.25
Balance delinquency 60+ days 1.19033% 0.62146% 0.49614%
As % of Beginning Pool Balance 1.25993% 0.70913% 0.76931%
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 June
Distribution Date of July 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $42,521,808.43
Beginning Pool Factor 0.1977485
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,564,995.46
Interest Collected $305,944.45
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $0.00
Total Additional Deposits $0.00
Repos / Chargeoffs $22,643.17
Aggregate Number of Notes Charged Off 20
Total Available Funds $3,870,939.91
Ending Pool Balance $38,934,169.80
Ending Pool Factor 0.1810641
Servicing Fee $35,434.84
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $4,342,130.27
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release) / Deposit ($41,534.80)
Ending Balance $4,300,595.47
Current Weighted Average APR: 8.730%
Current Weighted Average Remaining Term (months): 18.31
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $473,056.28 372
31 - 60 days $136,771.55 100
60+ days $84,832.81 37
Total: $694,660.64 385
Balances: 60+ days $685,928.55 37
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income $18,574.67
+ Excess Serv. $22,960.13
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $4,342,130.27
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of June
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 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 6.40% 6.63%
Beginning Pool Balance $42,521,808.43
Ending Pool Balance $38,934,169.80
Collected Principal $3,564,995.46
Collected Interest $305,944.45
Charge - Offs $22,643.17
Liquidation Proceeds / Recoveries $0.00
Servicing $35,434.84
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $3,835,505.07
Beginning Balance $42,118,083.53 $40,643,219.03 $1,474,864.50
Interest Due $224,906.31 $216,763.83 $8,142.48
Interest Paid $224,906.31 $216,763.83 $8,142.48
Principal Due $3,587,638.63 $3,462,071.28 $125,567.35
Principal Paid $3,587,638.63 $3,462,071.28 $125,567.35
Ending Balance $38,530,444.90 $37,181,147.75 $1,349,297.15
Note / Certificate Pool Factor 0.1792 0.1793
(Ending Balance / Original Pool Amount)
Total Distributions $3,812,544.94 $3,678,835.11 $133,709.83
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 $22,960.13
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $4,342,130.27
(Release) / Draw ($41,534.80)
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 June
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb-97 Mar-97 Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $58,639,688.25 $53,383,390.98 $49,061,237.52 $45,260,794.01 $42,521,808.43
A) Loss Trigger:
Principal of Contracts Charged Off $49,517.63 $78,951.97 $20,567.09 $3,954.37 $22,643.17
Recoveries $114,217.45 $123,879.53 $77,352.92 $2,923.21 $0.00
Total Charged Off (Months 5, 4, 3) $149,036.69
Total Recoveries (Months 3, 2, 1) $80,276.13
Net Loss / (Recoveries) for 3 Mos $68,760.56 (a)
Total Balance (Months 5, 4, 3) $161,084,316.75 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.5122%
Trigger: Is Ratio > 1.5% No
Apr-97 May-97 Jun-97
B) Delinquency Trigger: $402,669.01 $540,688.30 $685,928.55
Balance delinquency 60+ days 0.82075% 1.19461% 1.61312%
As % of Beginning Pool Balance 0.91218% 0.96524% 1.20949%
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 June
Distribution Date of July 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $84,372,089.82
Beginning Pool Factor 0.2678225
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,311,755.49
Interest Collected $687,982.13
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $138,233.94
Total Additional Deposits $138,233.94
Repos / Chargeoffs $107,029.39
Aggregate Number of Notes Charged Off 28
Total Available Funds $7,137,971.56
Ending Pool Balance $77,953,304.94
Ending Pool Factor 0.2474473
Servicing Fee $70,310.07
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $6,731,530.52
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $6,615,628.35
(Release) / Deposit ($115,902.16)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.505%
Current Weighted Average Remaining Term (months): 23.02
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $977,474.03 651
31 - 60 days $316,710.90 168
60+ days $121,475.00 42
Total: $1,415,659.93 668
Balances: 60+ days $858,221.30 42
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income $28,574.75
+ Excess Serv. $87,327.42
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $6,731,530.52
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of June
<TABLE>
<CAPTION>
NOTES
(Money Market)
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 0.00% 96.50% 3.50%
Coupon 7.65% 8.00% 8.30%
Beginning Pool Balance $84,372,089.82
Ending Pool Balance $77,953,304.94
Collected Principal $6,311,755.49
Collected Interest $687,982.13
Charge - Offs $107,029.39
Liquidation Proceeds / Recoveries $138,233.94
Servicing $70,310.07
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $7,067,661.49
Beginning Balance $84,059,066.65 $0.00 $79,437,418.97 $4,621,647.68
Interest Due $561,549.19 $0.00 $529,582.79 $31,966.40
Interest Paid $561,549.19 $0.00 $529,582.79 $31,966.40
Principal Due $6,418,784.88 $0.00 $6,194,127.41 $224,657.47
Principal Paid $6,418,784.88 $0.00 $6,194,127.41 $224,657.47
Ending Balance $77,640,281.77 $0.00 $73,243,291.56 $4,396,990.21
Note / Certificate Pool Factor 0.0000 0.7551 0.3986
(Ending Balance / Original Pool Amount)
Total Distributions $6,980,334.07 $0.00 $6,723,710.20 $256,623.87
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 $87,327.42
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $6,731,530.52
(Release) / Draw ($115,902.16)
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 June
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb-97 Mar-97 Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $108,402,533.31 $101,071,799.61 $93,995,026.90 $89,162,155.05 $84,372,089.82
A) Loss Trigger:
Principal of Contracts Charged Off $31,177.11 $157,646.43 $20,875.63 $980.80 $107,029.39
Recoveries $127,816.00 $235,959.02 $296,437.96 $113,137.61 $138,233.94
Total Charged Off (Months 5, 4, 3) $209,699.17
Total Recoveries (Months 3, 2, 1) $547,809.51
Net Loss / (Recoveries) for 3 Mos ($338,110.34)(a)
Total Balance (Months 5, 4, 3) $303,469,359.82 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.3370%
Trigger: Is Ratio > 1.5% No
Apr-97 May-97 Jun-97
B) Delinquency Trigger: $852,598.14 $1,174,930.69 $858,221.30
Balance delinquency 60+ days 0.90707% 1.31775% 1.01719%
As % of Beginning Pool Balance 0.80028% 0.98590% 1.08067%
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 June
Distribution Date of July 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $150,463,772.21
Beginning Pool Factor 0.3541330
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,101,116.00
Interest Collected $1,351,196.30
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $202,738.88
Total Additional Deposits $202,738.88
Repos / Chargeoffs $189,414.97
Aggregate Number of Notes Charged Off 74
Total Available Funds $8,655,051.18
Ending Pool Balance $143,173,241.24
Ending Pool Factor 0.3369739
Servicing Fee $125,386.48
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,482,175.93
Target Percentage 6.00%
Target Balance N/A
Minimum Balance $8,922,464.92
(Release) / Deposit ($559,711.02)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.557%
Current Weighted Average Remaining Term (months): 26.88
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,552,791.37 7,027
31 - 60 days $397,120.70 259
60+ days $135,816.79 71
Total: $2,085,728.86 1,042
Balances: 60+ days $1,915,033.48 71
Memo Item - Reserve Account
Prior Month $9,027,826.33
+ Invest. Income $38,993.85
+ Excess Serv. $415,355.75
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,482,175.93
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of June
<TABLE>
<CAPTION>
NOTES
(Money Market)
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 0.00% 96.50% 3.50%
Coupon 5.90% 6.55% 6.85%
Beginning Pool Balance $150,463,772.21
Ending Pool Balance $143,173,241.24
Collected Principal $7,101,116.00
Collected Interest $1,351,196.30
Charge - Offs $189,414.97
Liquidation Proceeds / Recoveries $202,738.88
Servicing $125,386.48
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $8,529,664.70
Beginning Balance $150,463,772.21 $0.00 $140,477,565.17 $9,986,207.04
Interest Due $823,777.98 $0.00 $766,773.38 $57,004.60
Interest Paid $823,777.98 $0.00 $766,773.38 $57,004.60
Principal Due $7,290,530.97 $0.00 $7,035,362.39 $255,168.58
Principal Paid $7,290,530.97 $0.00 $7,035,362.39 $255,168.58
Ending Balance $143,173,241.24 $0.00 $133,442,202.78 $9,731,038.46
Note / Certificate Pool Factor 0.0000 0.4044 0.6540
(Ending Balance / Original Pool Amount)
Total Distributions $8,114,308.95 $0.00 $7,802,135.77 $312,173.18
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 $415,355.75
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,482,175.93
(Release) / Draw ($559,711.02)
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 June
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb-97 Mar-97 Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $187,443,581.19 $178,833,989.12 $168,183,810.09 $159,355,739.45 $150,463,772.21
A) Loss Trigger:
Principal of Contracts Charged Off $270,748.46 $528,410.27 $520,387.27 $444,533.18 $189,414.97
Recoveries $612,940.20 $191,574.52 $255,739.37 $508,218.52 $202,738.88
Total Charged Off (Months 5, 4, 3) $1,319,546.00
Total Recoveries (Months 3, 2, 1) $966,696.77
Net Loss / (Recoveries) for 3 Mos $352,849.23 (a)
Total Balance (Months 5, 4, 3) $534,461,380.40 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.7922%
Trigger: Is Ratio > 1.5% No
Apr-97 May-97 Jun-97
B) Delinquency Trigger: $1,395,601.07 $1,172,732.62 $1,915,033.48
Balance delinquency 60+ days 0.82981% 0.73592% 1.27275%
As % of Beginning Pool Balance 1.21605% 0.93163% 0.94616%
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 June
Distribution Date of July 15, 1997
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $454,499,683.43
Subsequent Receivables (transferred 11/10/95) $70,451,789.39
Beginning Pool Balance $252,433,095.12
Beginning Pool Factor 0.4808694
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,147,893.84
Interest Collected $2,086,716.47
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $222,549.50
Total Additional Deposits $222,549.50
Repos / Chargeoffs $237,065.53
Aggregate Number of Notes Charged Off 80
Total Available Funds $12,457,159.81
Ending Pool Balance $242,048,135.75
Ending Pool Factor 0.4610867
Servicing Fee $210,360.91
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $14,530,854.15
Target Percentage 5.50%
Target Balance $13,312,647.47
Minimum Balance $11,023,980.93
(Release) / Deposit ($1,218,206.68)
Ending Balance $13,312,647.47
Current Weighted Average APR: 9.983%
Current Weighted Average Remaining Term (months): 32.33
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,375,146.24 1,573
31 - 60 days $609,518.35 426
60+ days $191,570.39 103
Total: $3,176,234.98 1,584
Balances: 60+ days $3,165,346.99 103
Memo Item - Reserve Account
Prior Month $13,883,820.23
+ Invest. Income $59,970.27
+ Excess Serv. $587,063.65
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $14,530,854.15
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of June
<TABLE>
<CAPTION>
NOTES
(Money Market)
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 0.00% 0.00% 96.50% 3.50%
Coupon 5.75% 5.94% 6.05% 6.22%
Beginning Pool Balance $252,433,095.12
Ending Pool Balance $242,048,135.75
Collected Principal $10,147,893.84
Collected Interest $2,086,716.47
Charge - Offs $237,065.53
Liquidation Proceeds/Recoveries $222,549.50
Servicing $210,360.91
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $12,246,798.90
Beginning Balance $252,433,095.12 $0.00 $0.00 $237,663,490.76 $14,769,604.36
Interest Due $1,274,775.88 $0.00 $0.00 $1,198,220.10 $76,555.78
Interest Paid $1,274,775.88 $0.00 $0.00 $1,198,220.10 $76,555.78
Principal Due $10,384,959.37 $0.00 $0.00 $10,021,485.79 $363,473.58
Principal Paid $10,384,959.37 $0.00 $0.00 $10,021,485.79 $363,473.58
Ending Balance $242,048,135.75 $0.00 $0.00 $227,642,004.97 $14,406,130.78
Note/Certificate Pool Factor 0.0000 0.0000 0.8006 0.7840
(Ending Balance / Original Pool Amount)
Total Distributions $11,659,735.25 $0.00 $0.00 $11,219,705.89 $440,029.36
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 $587,063.65
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $14,530,854.15
(Release)/Draw ($1,218,206.68)
Ending Reserve Acct Balance $13,312,647.47
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of June
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb-97 Mar-97 Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $302,134,717.51 $287,757,278.24 $273,274,310.47 $261,855,828.72 $252,433,095.12
A) Loss Trigger:
Principal of Contracts
Charged Off $390,842.50 $614,905.54 $440,255.43 $275,269.95 $237,065.53
Recoveries $1,213,647.41 $972,488.42 $743,300.95 $405,872.33 $222,549.50
Total Charged Off (Months 5, 4, 3) $1,446,003.47
Total Recoveries (Months 3, 2, 1) $1,371,722.78
Net Loss / (Recoveries) for 3 Mos. $74,280.69(a)
Total Balance (Months 5, 4, 3) $863,166,306.22(b)
Loss Ratio Annualized [(a/b) * (12)] 0.1033%
Trigger: Is Ratio > 1.5% No
Apr-97 May-97 Jun-97
B) Delinquency Trigger: $1,755,328.71 $3,263,899.63 $3,165,346.99
Balance delinquency 60+ days 0.64233% 1.24645% 1.25394%
As % of Beginning Pool Balance 0.96036% 0.98806% 1.04757%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.5360%
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 June
Distribution Date of July 15, 1997
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $311,427,985.45
Beginning Pool Factor 0.6771000
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $12,387,352.88
Interest Collected $2,484,396.53
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $661,604.13
Total Additional Deposits $661,604.13
Repos / Chargeoffs $678,399.36
Aggregate Number of Notes Charged Off 117
Total Available Funds $15,533,353.54
Ending Pool Balance $298,362,233.21
Ending Pool Factor 0.6486927
Servicing Fee $259,523.32
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $16,206,761.80
Target Percentage 5.00%
Target Balance $14,918,111.66
Minimum Balance $9,658,821.26
(Release) / Deposit ($1,288,650.14)
Ending Balance $14,918,111.66
Current Weighted Average APR: 9.643%
Current Weighted Average Remaining Term (months): 38.00
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,230,007.79 1,647
31 - 60 days $559,986.64 420
60+ days $209,405.93 107
Total: $2,999,400.36 1,653
Balances: 60+ days $4,134,876.68 107
Memo Item - Reserve Account
Prior Month $15,571,399.27
+ Invest. Income $77,494.03
+ Excess Serv. $557,868.50
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $16,206,761.80
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of June
<TABLE>
<CAPTION>
NOTES
(Money Market)
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 0.00% 95.50% 4.50%
Coupon 5.25% 6.35% 6.50%
Beginning Pool Balance $311,427,985.45
Ending Pool Balance $298,362,233.21
Collected Principal $12,387,352.88
Collected Interest $2,484,396.53
Charge - Offs $678,399.36
Liquidation Proceeds / Recoveries $661,604.13
Servicing $259,523.32
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $15,273,830.22
Beginning Balance $311,427,985.45 $0.00 $293,536,897.89 $17,891,087.56
Interest Due $1,650,209.48 $0.00 $1,553,299.42 $96,910.06
Interest Paid $1,650,209.48 $0.00 $1,553,299.42 $96,910.06
Principal Due $13,065,752.24 $0.00 $12,477,793.39 $587,958.85
Principal Paid $13,065,752.24 $0.00 $12,477,793.39 $587,958.85
Ending Balance $298,362,233.21 $0.00 $281,059,104.50 $17,303,128.71
Note / Certificate Pool Factor 0.0000 0.8094 0.8359
(Ending Balance / Original Pool Amount)
Total Distributions $14,715,961.72 $0.00 $14,031,092.81 $684,868.91
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 $557,868.50
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $16,206,761.80
(Release) / Draw ($1,288,650.14)
Ending Reserve Acct Balance $14,918,111.66
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of June
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
Jan-97 Feb-97 Mar-97 Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $362,355,746.99 $362,355,746.99 $348,108,707.35 $332,415,354.80 $321,158,555.63 $311,427,985.45
A) Loss Trigger:
Principal of Contracts
Charged Off $970,091.47 $1,935,375.96 $692,876.86 $912,759.79 $429,807.70 $678,399.36
Recoveries $610,689.52 $910,706.72 $1,515,564.23 $1,486,575.64 $755,747.07 $661,604.13
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $3,541,012.61 Total Charged off (Months 1 - 6) $5,619,311.14
Total Recoveries (Months 3, 2, 1) $2,903,926.84 Total Recoveries (Months 1 - 6) $5,940,887.31
Net Loss / (Recoveries) for 3 Mos $637,085.77 (a) Net Loss/(Recoveries) for 6 Mos. ($321,576.17)(c)
Total Balance (Months 5, 4, 3) $1,042,879,809.14 (b) Total Balance (Months 1 - 6) $2,049,289,490.51(d)
Loss Ratio Annualized [(a/b) * (12)] 0.7331% Loss Ratio Annualized [(c/d) (12)] -0.1883%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $4,533,629.98 $2,351,123.91 $4,134,876.68
Balance delinquency 60+ days 1.36384% 0.73208% 1.32772%
As % of Beginning Pool Balance 1.10446% 0.95470% 1.14121%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.2435%
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 June
Distribution Date of July 21, 1997
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $379,446,408.45
Beginning Pool Factor 0.7799397
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,379,424.54
Interest Collected $3,200,771.82
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $786,549.19
Total Additional Deposits $786,549.19
Repos / Chargeoffs $847,804.26
Aggregate Number of Notes Charged Off 97
Total Available Funds $14,366,745.55
Ending Pool Balance $368,219,179.65
Ending Pool Factor 0.7568625
Servicing Fee $316,205.34
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,605,642.62
Target Percentage 2.50%
Target Balance N/A
Minimum Balance $9,730,147.26
(Release) / Deposit ($875,495.36)
Ending Balance $9,730,147.26
Current Weighted Average APR: 10.083%
Current Weighted Average Remaining Term (months): 41.43
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,548,672.85 2,050
31 - 60 days $730,185.69 513
60+ days $351,597.24 154
Total: $3,630,455.78 2,051
Balances: 60+ days $9,915,722.93 154
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $32,639.81
+ Excess Serv. $842,855.55
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,605,642.62
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of June
<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>
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 0.00% 93.50% 0.00% 3.50% 3.00%
Coupon 5.49% 5.93% 6.33% 6.50% 7.45%
Beginning Pool Balance $379,446,408.45
Ending Pool Balance $368,219,179.65
Collected Principal $10,379,424.54
Collected Interest $3,200,771.82
Charge - Offs $847,804.26
Liquidation Proceeds/Recoveries $786,549.19
Servicing $316,205.34
Cash Transfer from Reserve Account $0.00
Total Collections Avail
for Debt Service $14,050,540.21
Beginning Balance $379,446,408.45 $0.00 $111,375,507.73 $236,500,000.00 $17,008,356.45 $14,562,544.27
Interest Due $1,980,455.86 $0.00 $550,380.63 $1,247,537.50 $92,128.60 $90,409.13
Interest Paid $1,980,455.86 $0.00 $550,380.63 $1,247,537.50 $92,128.60 $90,409.13
Principal Due $11,227,228.80 $0.00 $10,497,458.93 $0.00 $392,953.01 $336,816.86
Principal Paid $11,227,228.80 $0.00 $10,497,458.93 $0.00 $392,953.01 $336,816.86
Ending Balance $368,219,179.65 $0.00 $100,878,048.80 $236,500,000.00 $16,615,403.44 $14,225,727.41
Note/Certificate Pool Factor 0.0000 0.9015 1.0000 0.9758 0.9757
(Ending Balance/Original Pool Amount)
Total Distributions $13,207,684.66 $0.00 $11,047,839.56 $1,247,537.50 $485,081.61 $427,225.99
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 $842,855.55
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,605,642.62
(Release)/Draw ($875,495.36)
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 June
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
Jan-97 Feb-97 Mar-97 Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $449,329,330.86 $436,095,079.95 $420,468,686.42 $403,347,664.99 $390,783,947.09 $379,446,408.45
A) Loss Trigger:
Principal of Contracts
Charged Off $809,912.35 $878,067.63 $827,898.12 $1,257,545.15 $872,581.99 $847,804.26
Recoveries $301,836.56 $440,053.06 $601,423.50 $750,115.55 $545,528.41 $786,549.19
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,963,510.90 Total Charged off (Months 1 - 6) $5,493,809.50
Total Recoveries (Months 3, 2, 1) $2,082,193.15 Total Recoveries (Months 1 - 6) $3,425,506.27
Net Loss / (Recoveries) for 3 Mos $881,317.75 (a) Net Loss/(Recoveries) for 6 Mos $2,068,303.23(c)
Total Balance (Months 5, 4, 3) $1,259,911,431.36 (b) Total Balance (Months 1 - 6) $2,479,471,117.76(d)
Loss Ratio Annualized [(a/b) * (12)] 0.8394% Loss Ratio Annualized [(c/d) (12)] 1.00101%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $3,925,656.43 $7,449,147.86 $9,915,722.93
Balance delinquency 60+ days 0.97327% 1.90621% 2.61321%
As % of Beginning Pool Balance 0.97180% 1.29397% 1.83089%
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 June
Distribution Date of July 15, 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 $468,447,395.87
Beginning Pool Factor 0.9604395
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $12,477,484.19
Interest Collected $4,004,821.99
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $161,723.67
Total Additional Deposits $161,723.67
Repos / Chargeoffs $196,160.57
Aggregate Number of Notes Charged Off 21
Total Available Funds $16,644,029.85
Ending Pool Balance $455,773,751.11
Ending Pool Factor 0.9344553
Servicing Fee $390,372.83
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $25,771,989.19
Target Percentage 5.25%
Target Balance $23,928,121.93
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,843,867.26)
Ending Balance $23,928,121.93
Current Weighted Average APR: 10.238%
Current Weighted Average Remaining Term (months): 46.27
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,662,692.05 2,000
31 - 60 days $385,198.43 314
60+ days $79,630.49 64
Total: $3,127,520.97 2,000
Balances: 60+ days $2,543,242.02 64
Memo Item - Reserve Account
Prior Month $0.00
+ Invest. Income $24,593,488.28
+ Excess Serv. $122,102.19
+ Transfer (to) / from Collections Account $1,056,398.72
Beginning Balance $0.00
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of June
<TABLE>
<CAPTION>
NOTES
(Money Market)
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 100.00% 0.00% 0.00% 0.00%
Coupon 5.84% 6.35% 6.75% 6.95%
Beginning Pool Balance $468,447,395.87
Ending Pool Balance $455,773,751.11
Collected Principal $12,477,484.19
Collected Interest $4,004,821.99
Charge - Offs $196,160.57
Liquidation Proceeds/Recoveries $161,723.67
Servicing $390,372.83
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $16,253,657.02
Beginning Balance $468,447,395.87 $53,447,395.87 $221,500,000.00 $176,000,000.00 $17,500,000.00
Interest Due $2,523,613.54 $260,155.20 $1,172,104.17 $990,000.00 $101,354.17
Interest Paid $2,523,613.54 $260,155.20 $1,172,104.17 $990,000.00 $101,354.17
Principal Due $12,673,644.76 $12,673,644.76 $0.00 $0.00 $0.00
Principal Paid $12,673,644.76 $12,673,644.76 $0.00 $0.00 $0.00
Ending Balance $455,773,751.11 $40,773,751.11 $221,500,000.00 $176,000,000.00 $17,500,000.00
Note/Certificate Pool Factor 0.4797 1.0000 1.0000 1.0000
(Ending Balance/Original Pool Amount)
Total Distributions $15,197,258.30 $12,933,799.96 $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 $1,056,398.72
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $25,771,989.19
(Release) / Draw ($1,843,867.26)
Ending Reserve Acct Balance $23,928,121.93
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of June
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Feb-97 Mar-97 Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance N/A N/A $411,613,980.45 $481,864,426.98 $468,447,395.87
A) Loss Trigger:
Principal of Contracts Charged Off N/A N/A $312,536.51 $723,609.14 $196,160.57
Recoveries N/A N/A $0.00 $0.00 $161,723.67
Total Charged Off (Months 5, 4, 3) $312,536.51
Total Recoveries (Months 3, 2, 1) $161,723.67
Net Loss / (Recoveries) for 3 Mos $150,812.84(a)
Total Balance (Months 5, 4, 3) $411,613,980.45(b)
Loss Ratio Annualized [(a/b) * (12)] 0.4397%
Trigger: Is Ratio > 1.5% No
</TABLE>
<TABLE>
<CAPTION>
Apr-97 May-97 Jun-97
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $0.00 $1,628,994.95 $2,543,242.02
Balance delinquency 60+ days 0.00000% 0.33806% 0.54291%
As % of Beginning Pool Balance 0.00000% 0.11269% 0.29366%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.9059%
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
