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, 1998
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST AND
NAVISTAR FINANCIAL 1998-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, 1998, Registrant made available the Monthly
Servicer Certificates for the Period of August 1998 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 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST AND
NAVISTAR FINANCIAL 1998-A OWNER TRUST
(Registrant)
Date: November 2, 1998 By:/s/ P. E. COCHRAN
- ------------------------ --------------------------
P. E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1995-A Owner Trust
20.1 Monthly Servicer Certificate, dated October 20, 1998
Navistar Financial 1995-B Owner Trust
20.2 Monthly Servicer Certificate, dated October 15, 1998
Navistar Financial 1996-A Owner Trust
20.3 Monthly Servicer Certificate, dated October 15, 1998
Navistar Financial 1996-B Owner Trust
20.4 Monthly Servicer Certificate, dated October 20, 1998
Navistar Financial 1997-A Owner Trust
20.5 Monthly Servicer Certificate, dated October 15, 1998
Navistar Financial 1997-B Owner Trust
20.6 Monthly Servicer Certificate, dated October 15, 1998
Navistar Financial 1998-A Owner Trust
20.7 Monthly Servicer Certificate, dated October 15, 1998
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of September 1998
Distribution Date of October 20, 1998
Servicer Certificate #41
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $48,298,120.37
Beginning Pool Factor 0.1136749
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,917,292.99
Interest Collected $399,680.01
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $114,848.58
Total Additional Deposits $114,848.58
Repos / Chargeoffs $64,426.55
Aggregate Number of Notes Charged Off 30
Total Available Funds $4,431,821.58
Ending Pool Balance $44,316,400.83
Ending Pool Factor 0.1043035
Servicing Fee $40,248.43
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,105,558.98
Target Percentage 6.00%
Target Balance $2,658,984.05
Minimum Balance $8,922,464.92
(Release) / Deposit ($183,094.06)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.384%
Current Weighted Average Remaining Term (months): 15.47
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $804,161.00 532
31 - 60 days $248,894.76 162
60+ days $69,821.54 32
Total: $1,122,877.30 548
Balances: 60+ days $474,686.84 32
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $38,470.29
+ Excess Serv. $144,623.77
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,105,558.98
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of September 1998
<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 $48,298,120.37
Ending Pool Balance $44,316,400.83
Collected Principal $3,917,292.99
Collected Interest $399,680.01
Charge - Offs $64,426.55
Liquidation Proceeds / Recoveries $114,848.58
Servicing $40,248.43
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $4,391,573.15
Beginning Balance $48,298,120.37 $0.00 $41,887,711.15 $6,410,409.22
Interest Due $265,229.84 $0.00 $228,637.09 $36,592.75
Interest Paid $265,229.84 $0.00 $228,637.09 $36,592.75
Principal Due $3,981,719.54 $0.00 $3,842,359.36 $139,360.18
Principal Paid $3,981,719.54 $0.00 $3,842,359.36 $139,360.18
Ending Balance $44,316,400.83 $0.00 $38,045,351.79 $6,271,049.04
Note / Certificate Pool Factor 0.0000 0.1153 0.4215
(Ending Balance / Original Pool Amount)
Total Distributions $4,246,949.38 $0.00 $4,070,996.45 $175,952.93
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 $144,623.77
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,105,558.98
(Release) / Draw ($183,094.06)
Ending Reserve Acct Balance $8,922,464.92
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of September 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-98 Jun-98 Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $66,167,079.84 $61,339,561.62 $56,826,065.47 $52,334,256.96 $48,298,120.37
A) Loss Trigger:
Principal of Contracts Charged Off $77,369.90 $59,236.11 $49,392.39 $17,175.65 $64,426.55
Recoveries $198,574.51 $171,389.27 $75,478.05 $113,251.22 $114,848.58
Total Charged Off (Months 5, 4, 3) $185,998.40
Total Recoveries (Months 3, 2, 1) $303,577.85
Net Loss / (Recoveries) for 3 Mos ($117,579.45)(a)
Total Balance (Months 5, 4, 3) $184,332,706.93 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.7654%
Trigger: Is Ratio > 1.5% No
Jul-98 Aug-98 Sep-98
B) Delinquency Trigger: $339,399.46 $670,656.84 $474,686.84
Balance delinquency 60+ days 0.59726% 1.28149% 0.98283%
As % of Beginning Pool Balance 0.81298% 0.93380% 0.95386%
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 20.2
Page 1 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of September 1998
Distribution Date of October 15, 1998
Servicer Certificate #36
<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 $105,809,154.42
Beginning Pool Factor 0.2015599
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,884,762.85
Interest Collected $833,864.96
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $125,145.16
Total Additional Deposits $125,145.16
Repos / Chargeoffs $41,554.42
Aggregate Number of Notes Charged Off 59
Total Available Funds $8,549,488.17
Ending Pool Balance $98,177,121.95
Ending Pool Factor 0.1870213
Servicing Fee $88,174.30
Repayment of Servicer Advances $294,284.80
Reserve Account:
Beginning Balance (see Memo Item) $11,367,497.85
Target Percentage 5.50%
Target Balance $5,399,741.71
Minimum Balance $11,023,980.93
(Release) / Deposit ($343,516.92)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.776%
Current Weighted Average Remaining Term (months): 20.07
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,258,167.81 740
31 - 60 days $398,125.81 213
60+ days $117,942.59 70
Total: $1,774,236.21 757
Balances: 60+ days $1,434,353.53 70
Memo Item - Reserve Account
Prior Month $11,023,980.93
+ Invest. Income $49,055.36
+ Excess Serv. $294,461.56
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,367,497.85
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of September 1998
<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 $105,809,154.42
Ending Pool Balance $98,177,121.95
Collected Principal $7,590,478.05
Collected Interest $833,864.96
Charge - Offs $41,554.42
Liquidation Proceeds / Recoveries $125,145.16
Servicing $88,174.30
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $8,461,313.87
Beginning Balance $105,809,154.42 $0.00 $0.00 $96,171,387.98 $9,637,766.44
Interest Due $534,819.84 $0.00 $0.00 $484,864.08 $49,955.76
Interest Paid $534,819.84 $0.00 $0.00 $484,864.08 $49,955.76
Principal Due $7,632,032.47 $0.00 $0.00 $7,364,911.33 $267,121.14
Principal Paid $7,632,032.47 $0.00 $0.00 $7,364,911.33 $267,121.14
Ending Balance $98,177,121.95 $0.00 $0.00 $88,806,476.65 $9,370,645.30
Note / Certificate Pool Factor 0.0000 0.0000 0.3123 0.5100
(Ending Balance / Original Pool Amount)
Total Distributions $8,166,852.31 $0.00 $0.00 $7,849,775.41 $317,076.90
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 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $294,461.56
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,367,497.85
(Release) / Draw ($343,516.92)
Ending Reserve Acct Balance $11,023,980.93
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of September 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-98 Jun-98 Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $139,446,823.57 $131,261,355.66 $120,655,534.13 $112,885,760.51 $105,809,154.42
A) Loss Trigger:
Principal of Contracts Charged Off $105,061.20 $126,322.91 $67,007.09 $118,414.21 $41,554.42
Recoveries $247,495.63 $138,992.46 $197,832.59 $178,202.18 $125,145.16
Total Charged Off (Months 5, 4, 3) $298,391.20
Total Recoveries (Months 3, 2, 1) $501,179.93
Net Loss / (Recoveries) for 3 Mos ($202,788.73)(a)
Total Balance (Months 5, 4, 3) $391,363,713.36(b)
Loss Ratio Annualized [(a/b) * (12)] -0.6218%
Trigger: Is Ratio > 1.5% No
Jul-98 Aug-98 Sep-98
B) Delinquency Trigger: $1,108,659.81 $822,884.00 $1,434,353.53
Balance delinquency 60+ days 0.91886% 0.72895% 1.35560%
As % of Beginning Pool Balance 0.84790% 0.75655% 1.00114%
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 20.3
Page 1 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of September 1998
Distribution Date of October 15, 1998
Servicer Certificate #29
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $156,645,290.26
Beginning Pool Factor 0.3405748
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,623,137.23
Interest Collected $1,182,635.89
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $312,391.83
Total Additional Deposits $312,391.83
Repos / Chargeoffs $163,166.49
Aggregate Number of Notes Charged Off 68
Total Available Funds $9,968,823.89
Ending Pool Balance $148,008,327.60
Ending Pool Factor 0.3217965
Servicing Fee $130,537.74
Repayment of Servicer Advances $149,341.06
Reserve Account:
Beginning Balance (see Memo Item) $10,070,635.25
Target Percentage 5.00%
Target Balance $7,400,416.38
Minimum Balance $9,658,821.26
(Release) / Deposit ($411,813.99)
Ending Balance $9,658,821.26
Current Weighted Average APR: 9.349%
Current Weighted Average Remaining Term (months): 25.65
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,443,537.69 906
31 - 60 days $444,951.51 293
60+ days $199,910.34 89
Total: $2,088,399.54 930
Balances: 60+ days $2,510,295.50 89
Memo Item - Reserve Account
Prior Month $9,658,821.26
+ Invest. Income $40,770.90
+ Excess Serv. $371,043.09
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,070,635.25
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of September 1998
<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 $156,645,290.26
Ending Pool Balance $148,008,327.60
Collected Principal $8,473,796.17
Collected Interest $1,182,635.89
Charge - Offs $163,166.49
Liquidation Proceeds / Recoveries $312,391.83
Servicing $130,537.74
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $9,838,286.15
Beginning Balance $156,645,290.26 $0.00 $145,719,423.99 $10,925,866.27
Interest Due $830,280.40 $0.00 $771,098.62 $59,181.78
Interest Paid $830,280.40 $0.00 $771,098.62 $59,181.78
Principal Due $8,636,962.66 $0.00 $8,248,299.34 $388,663.32
Principal Paid $8,636,962.66 $0.00 $8,248,299.34 $388,663.32
Ending Balance $148,008,327.60 $0.00 $137,471,124.65 $10,537,202.95
Note / Certificate Pool Factor 0.0000 0.3959 0.5091
(Ending Balance / Original Pool Amount)
Total Distributions $9,467,243.06 $0.00 $9,019,397.96 $447,845.10
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 $371,043.09
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,070,635.25
(Release) / Draw ($411,813.99)
Ending Reserve Acct Balance $9,658,821.26
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of September 1998
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-98 May-98 Jun-98 Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $201,965,001.20 $192,662,147.75 $183,840,293.25 $174,108,661.77 $165,506,037.27 $156,645,290.26
A) Loss Trigger:
Principal of Contracts
Charged Off $134,699.72 $467,682.14 $502,205.30 $187,160.28 $155,755.20 $163,166.49
Recoveries $604,119.92 $385,285.54 $340,779.26 $245,162.77 $167,414.42 $312,391.83
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,157,047.72 Total Charged off (Months 1 - 6) $1,610,669.13
Total Recoveries (Months 3, 2, 1) $724,969.02 Total Recoveries (Months 1 - 6) $2,055,153.74
Net Loss / (Recoveries) for 3 Mos $432,078.70(a) Net Loss/(Recoveries) for 6 Mos. ($444,484.61)(c)
Total Balance (Months 5, 4, 3) $550,611,102.77(b) Total Balance (Months 1 - 6) $1,074,727,431.50(d)
Loss Ratio Annualized [(a/b) * (12)] 0.9417% Loss Ratio Annualized [(c/d) (12)] -0.4963%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $1,449,139.68 $2,246,276.73 $2,510,295.50
Balance delinquency 60+ days 0.83232% 1.35722% 1.60253%
As % of Beginning Pool Balance 0.89068% 1.01295% 1.26402%
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 1996 - B Owner Trust
For the Month of September 1998
Distribution Date of October 20, 1998
Servicer Certificate #24
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $193,913,492.49
Beginning Pool Factor 0.3985829
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,574,555.10
Interest Collected $1,468,993.41
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $592,855.90
Total Additional Deposits $592,855.90
Repos / Chargeoffs $168,833.38
Aggregate Number of Notes Charged Off 85
Total Available Funds $13,433,348.42
Ending Pool Balance $182,373,160.00
Ending Pool Factor 0.3748621
Servicing Fee $161,594.58
Repayment of Servicer Advances $203,055.99
Reserve Account:
Beginning Balance (see Memo Item) $10,465,765.11
Target Percentage 2.50%
Target Balance $4,559,329.00
Minimum Balance $9,730,147.26
(Release) / Deposit ($735,617.85)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.890%
Current Weighted Average Remaining Term (months): 28.79
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,425,983.37 1,145
31 - 60 days $391,030.28 330
60+ days $255,105.25 97
Total: $2,072,118.90 1,168
Balances: 60+ days $3,067,788.15 97
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $36,976.54
+ Excess Serv. $698,641.31
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,465,765.11
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of September 1998
<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>
$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% 0.00% 93.50% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $193,913,492.49
Ending Pool Balance $182,373,160.00
Collected Principal $11,371,499.11
Collected Interest $1,468,993.41
Charge - Offs $168,833.38
Liquidation Proceeds/Recoveries $592,855.90
Servicing $161,594.58
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,271,753.84
Beginning Balance $193,913,492.49 $0.00 $0.00 $174,402,231.31 $10,514,704.39 $8,996,556.79
Interest Due $1,032,780.04 $0.00 $0.00 $919,971.77 $56,954.65 $55,853.62
Interest Paid $1,032,780.04 $0.00 $0.00 $919,971.77 $56,954.65 $55,853.62
Principal Due $11,540,332.49 $0.00 $0.00 $10,790,210.88 $403,911.64 $346,209.97
Principal Paid $11,540,332.49 $0.00 $0.00 $10,790,210.88 $403,911.64 $346,209.97
Ending Balance $182,373,160.00 $0.00 $0.00 $163,612,020.43 $10,110,792.75 $8,650,346.82
Note / Certificate Pool Factor 0.0000 0.0000 0.6918 0.5938 0.5933
(Ending Balance / Original Pool Amount)
Total Distributions $12,573,112.53 $0.00 $0.00 $11,710,182.65 $460,866.29 $402,063.59
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 $698,641.31
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,465,765.11
(Release) / Draw ($735,617.85)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of September 1998
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-98 May-98 Jun-98 Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $246,172,998.69 $234,126,757.26 $226,051,917.20 $213,854,882.24 $203,072,269.50 $193,913,492.49
A) Loss Trigger:
Principal of Contracts
Charged Off $924,170.15 $540,216.26 $600,037.39 $507,563.18 $737,488.15 $168,833.38
Recoveries $2,397,242.15 $593,326.92 $795,132.73 $854,323.15 $627,933.71 $592,855.90
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,647,816.83 Total Charged off (Months 1 - 6) $3,478,308.51
Total Recoveries (Months 3, 2, 1) $2,075,112.76 Total Recoveries (Months 1 - 6) $5,860,814.56
Net Loss / (Recoveries) for 3 Mos ($427,295.93)(a) Net Loss/(Recoveries) for 6 Mos. ($2,382,506.05)(c)
Total Balance (Months 5, 4, 3) $674,033,556.70(b) Total Balance (Months 1 - 6) $1,317,192,317.38(d)
Loss Ratio Annualized [(a/b) * (12)] -0.7607% Loss Ratio Annualized [(c/d) (12)] -2.17053%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $2,457,143.53 $2,928,804.15 $3,067,788.15
Balance delinquency 60+ days 1.14898% 1.44225% 1.58204%
As % of Beginning Pool Balance 1.17150% 1.24045% 1.39109%
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 20.5
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of September 1998
Distribution Date of October 15, 1998
Servicer Certificate #18
<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 $266,877,870.48
Beginning Pool Factor 0.5471694
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,658,371.83
Interest Collected $2,106,587.52
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $905,389.47
Total Additional Deposits $905,389.47
Repos / Chargeoffs $591,540.28
Aggregate Number of Notes Charged Off 126
Total Available Funds $14,542,817.53
Ending Pool Balance $254,755,489.66
Ending Pool Factor 0.5223153
Servicing Fee $222,398.23
Repayment of Servicer Advances $127,531.29
Reserve Account:
Beginning Balance (see Memo Item) $14,791,921.42
Target Percentage 5.25%
Target Balance $13,374,663.21
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,417,258.21)
Ending Balance $13,374,663.21
Current Weighted Average APR: 10.071%
Current Weighted Average Remaining Term (months): 34.52
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,272,930.23 1,585
31 - 60 days $564,719.55 427
60+ days $244,805.96 137
Total: $3,082,455.74 1,624
Balances: 60+ days $4,021,875.48 137
Memo Item - Reserve Account
Prior Month $14,011,088.20
+ Invest. Income $62,440.14
+ Excess Serv. $718,393.08
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $14,791,921.42
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of September 1998
<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 0.00% 100.00% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $266,877,870.48
Ending Pool Balance $254,755,489.66
Collected Principal $11,530,840.54
Collected Interest $2,106,587.52
Charge - Offs $591,540.28
Liquidation Proceeds / Recoveries $905,389.47
Servicing $222,398.23
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $14,320,419.30
Beginning Balance $266,877,870.48 $0.00 $73,377,870.48 $176,000,000.00 $17,500,000.00
Interest Due $1,479,645.40 $0.00 $388,291.23 $990,000.00 $101,354.17
Interest Paid $1,479,645.40 $0.00 $388,291.23 $990,000.00 $101,354.17
Principal Due $12,122,380.82 $0.00 $12,122,380.82 $0.00 $0.00
Principal Paid $12,122,380.82 $0.00 $12,122,380.82 $0.00 $0.00
Ending Balance $254,755,489.66 $0.00 $61,255,489.66 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.2765 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $13,602,026.22 $0.00 $12,510,672.05 $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 $718,393.08
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $14,791,921.42
(Release) / Draw ($1,417,258.21)
Ending Reserve Acct Balance $13,374,663.21
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of September 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-98 Jun-98 Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $319,191,363.71 $307,289,360.36 $292,787,563.78 $278,655,438.98 $266,877,870.48
A) Loss Trigger:
Principal of Contracts
Charged Off $578,731.40 $953,562.81 $443,388.53 $991,940.48 $591,540.28
Recoveries $446,856.23 $1,323,449.85 $747,914.14 $726,522.20 $905,389.47
Total Charged Off (Months 5, 4, 3) $1,975,682.74
Total Recoveries (Months 3, 2, 1) $2,379,825.81
Net Loss / (Recoveries) for 3 Mos ($404,143.07)(a)
Total Balance (Months 5, 4, 3) $919,268,287.85(b)
Loss Ratio Annualized [(a/b) * (12)] -0.5276%
Trigger: Is Ratio > 1.5% No
Jul-98 Aug-98 Sep-98
B) Delinquency Trigger: $3,154,300.72 $3,694,582.49 $4,021,875.48
Balance delinquency 60+ days 1.07733% 1.32586% 1.50701%
As % of Beginning Pool Balance 1.07292% 1.16608% 1.30340%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.7422%
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 1997 - B Owner Trust
For the Month of September 1998
Distribution Date of October 15, 1998
Servicer Certificate #12
<TABLE>
<S> <C>
Original Pool amount Initial Receivables $408,527,638.36
Subsequent Receivables (transferred 11/13/97) $91,466,751.20
Beginning Pool Balance $354,559,225.94
Beginning Pool Factor 0.7091264
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $18,417,819.67
Interest Collected $2,713,888.23
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $1,062,542.11
Total Additional Deposits $1,062,542.11
Repos / Chargeoffs $613,498.37
Aggregate Number of Notes Charged Off 120
Total Available Funds $22,194,250.01
Ending Pool Balance $335,527,907.90
Ending Pool Factor 0.6710633
Servicing Fee $295,466.02
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $19,727,102.75
Target Percentage 5.25%
Target Balance $17,615,215.16
Minimum Balance $9,999,887.79
(Release) / Deposit ($2,111,887.59)
Ending Balance $17,615,215.16
Current Weighted Average APR: 9.911%
Current Weighted Average Remaining Term (months): 40.50
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,101,240.84 1,814
31 - 60 days $504,025.21 410
60+ days $182,109.15 101
Total: $2,787,375.20 1,819
Balances: 60+ days $3,797,046.20 101
Memo Item - Reserve Account
Prior Month $18,614,359.36
+ Invest. Income $78,327.14
+ Excess Serv. $1,034,416.25
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $19,727,102.75
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of September 1998
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
$500,000,000.00 $107,000,000.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 96.50% 0.00% 0.00% 3.50%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $354,559,225.94
Ending Pool Balance $335,527,907.90
Collected Principal $18,417,819.67
Collected Interest $2,713,888.23
Charge - Offs $613,498.37
Liquidation Proceeds/Recoveries $1,062,542.11
Servicing $295,466.02
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $21,898,783.99
Beginning Balance $354,559,225.94 $0.00 $60,649,653.03 $132,000,000.00 $149,500,000.00 $12,409,572.91
Interest Due $1,833,049.70 $0.00 $301,024.44 $682,000.00 $784,875.00 $65,150.26
Interest Paid $1,833,049.70 $0.00 $301,024.44 $682,000.00 $784,875.00 $65,150.26
Principal Due $19,031,318.04 $0.00 $18,365,221.91 $0.00 $0.00 $666,096.13
Principal Paid $19,031,318.04 $0.00 $18,365,221.91 $0.00 $0.00 $666,096.13
Ending Balance $335,527,907.90 $0.00 $42,284,431.12 $132,000,000.00 $149,500,000.00 $11,743,476.78
Note / Certificate Pool Factor 0.0000 0.4498 1.0000 1.0000 0.6711
(Ending Balance / Original Pool Amount)
Total Distributions $20,864,367.74 $0.00 $18,666,246.35 $682,000.00 $784,875.00 $731,246.39
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 $1,034,416.25
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $19,727,102.75
(Release) / Draw ($2,111,887.59)
Ending Reserve Acct Balance $17,615,215.16
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-98 Jun-98 Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $403,946,961.02 $389,937,284.97 $376,910,588.41 $364,215,847.31 $354,559,225.94
A) Loss Trigger:
Principal of Contracts
Charged Off $542,695.47 $772,265.78 $802,364.56 $533,508.96 $613,498.37
Recoveries $557,628.06 $669,359.85 $472,338.50 $497,069.54 $1,062,542.11
Total Charged Off (Months 5, 4, 3) $2,117,325.81
Total Recoveries (Months 3, 2, 1) $2,031,950.15
Net Loss / (Recoveries) for 3 Mos $85,375.66(a)
Total Balance (Months 5, 4, 3) $1,170,794,834.40(b)
Loss Ratio Annualized [(a/b) * (12)] 0.08751%
Trigger: Is Ratio > 1.5% No
Jul-98 Aug-98 Sep-98
B) Delinquency Trigger: $3,631,674.49 $2,940,241.86 $3,797,046.20
Balance delinquency 60+ days 0.96354% 0.80728% 1.07092%
As % of Beginning Pool Balance 0.84949% 0.83061% 0.94725%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.52308%
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 1998 - A Owner Trust
For the Month of September 1998
Distribution Date of October 15, 1998
Servicer Certificate #5
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $446,829,125.54
Beginning Pool Factor 0.8921160
Principal and Interest Collections:
Principal Collected $14,170,423.93
Interest Collected $3,460,632.05
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $528,631.29
Total Additional Deposits $528,631.29
Repos / Chargeoffs $644,924.62
Aggregate Number of Notes Charged Off 71
Total Available Funds $18,159,687.27
Ending Pool Balance $432,013,776.99
Ending Pool Factor 0.8625365
Servicing Fee $372,357.60
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $21,807,682.39
Target Percentage 5.25%
Target Balance $22,680,723.29
Minimum Balance $10,017,287.40
(Release) / Deposit ($82,154.17)
Ending Balance $21,725,528.22
Current Weighted Average APR: 9.532%
Current Weighted Average Remaining Term (months): 46.25
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,978,995.98 1,667
31 - 60 days $400,503.22 346
60+ days $114,946.19 82
Total: $2,494,445.39 1,673
Balances: 60+ days $3,664,072.32 82
Memo Item - Reserve Account
Prior Month $20,967,436.49
+ Invest. Income $82,154.17
+ Excess Serv. $758,091.73
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $21,807,682.39
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A CLASS B
<S> <C> <C> <C>
$500,864,370.04 $483,334,000.00 $17,530,370.04
Original Pool Amount
Distributions:
Distribution Percentages 96.50% 3.50%
Coupon 5.94% 6.10%
Beginning Pool Balance $446,829,125.54
Ending Pool Balance $432,013,776.99
Collected Principal $14,170,423.93
Collected Interest $3,460,632.05
Charge - Offs $644,924.62
Liquidation Proceeds / Recoveries $528,631.29
Servicing $372,357.60
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $17,787,329.67
Beginning Balance $446,829,125.54 $431,189,989.06 $15,639,136.48
Interest Due $2,213,889.39 $2,134,390.45 $79,498.94
Interest Paid $2,213,889.39 $2,134,390.45 $79,498.94
Principal Due $14,815,348.55 $14,296,811.35 $518,537.20
Principal Paid $14,815,348.55 $14,296,811.35 $518,537.20
Ending Balance $432,013,776.99 $416,893,177.71 $15,120,599.28
Note / Certificate Pool Factor 0.8625 0.8625
(Ending Balance / Original Pool Amount)
Total Distributions $17,029,237.94 $16,431,201.80 $598,036.14
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 $758,091.73
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $21,807,682.39
(Release) / Draw ($82,154.17)
Ending Reserve Acct Balance $21,725,528.22
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-98 Jun-98 Jul-98 Aug-98 Sep-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $500,864,370.04 $488,059,586.49 $474,476,092.82 $459,034,334.29 $446,829,125.54
A) Loss Trigger:
Principal of Contract
Charged Off $504,548.19 $658,542.49 $836,278.20 $1,103,290.85 $644,924.62
Recoveries $0.00 $960.90 $47,843.20 $821,318.94 $528,631.29
Total Charged Off (Months 5, 4, 3) $1,999,368.88
Total Recoveries (Months 3, 2, 1) $1,397,793.43
Net Loss / (Recoveries) for 3 Mos $601,575.45(a)
Total Balance (Months 5, 4, 3) $1,463,400,049.35(b)
Loss Ratio Annualized [(a/b) * (12)] 0.49330%
Trigger: Is Ratio > 1.5% No
Jul-98 Aug-98 Sep-98
B) Delinquency Trigger: $1,825,245.33 $2,759,549.87 $3,664,072.32
Balance delinquency 60+ days 0.38469% 0.60116% 0.82002%
As % of Beginning Pool Balance 0.28088% 0.40105% 0.60196%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.33761%
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
