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) March 16, 1998
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of 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,
NAVISTAR FINANCIAL 1997-A OWNER TRUST AND
NAVISTAR FINANCIAL 1997-B 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 March 16 and 20, 1998, Registrant made available the Monthly
Servicer Certificates for the Period of February 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 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,
NAVISTAR FINANCIAL 1997-A OWNER TRUST AND
NAVISTAR FINANCIAL 1997-B OWNER TRUST
(Registrant)
Date: April 1, 1998 By:/s/ PHYLLIS E. COCHRAN
- ------------------------ --------------------------
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-B Owner Trust
20.1 Monthly Servicer Certificate, dated March 16, 1998
Navistar Financial 1994-C Owner Trust
20.2 Monthly Servicer Certificate, dated March 20, 1998
Navistar Financial 1995-A Owner Trust
20.3 Monthly Servicer Certificate, dated March 20, 1998
Navistar Financial 1995-B Owner Trust
20.4 Monthly Servicer Certificate, dated March 16, 1998
Navistar Financial 1996-A Owner Trust
20.5 Monthly Servicer Certificate, dated March 16, 1998
Navistar Financial 1996-B Owner Trust
20.6 Monthly Servicer Certificate, dated March 20, 1998
Navistar Financial 1997-A Owner Trust
20.7 Monthly Servicer Certificate, dated March 16, 1998
Navistar Financial 1997-B Owner Trust
20.8 Monthly Servicer Certificate, dated March 16, 1998
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of February 1998
Distribution Date of March 16, 1998
Final Servicer Certificate #44
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $20,760,237.24
Beginning Pool Factor 0.0965459
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $1,957,713.57
Interest Collected $140,201.33
Additional Deposits:
Repurchase Amounts $0.00
Final purchase of receivables $19,200,000.00
Liquidation Proceeds / Recoveries $4,832.20
Total Additional Deposits $19,204,832.20
Repos / Chargeoffs $39,359.14
Aggregate Number of Notes Charged Off 26
Total Available Funds $21,302,747.10
Ending Pool Balance $18,763,164.53
Ending Pool Factor 0.0872584
Servicing Fee $17,300.20
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $5,133,858.86
Target Percentage 6.50%
Target Balance N/A
Minimum Balance N/A
(Release) / Deposit ($5,133,858.86)
Ending Balance $0.00
Current Weighted Average APR: 8.737%
Current Weighted Average Remaining Term (months): 12.25
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $447,551.15 299
31 - 60 days $110,212.91 47
60+ days $48,000.85 13
Total: $605,764.91 307
Balances: 60+ days $175,953.85 13
Memo Item - Reserve Account
Prior Month $4,297,841.30
+ Invest. Income $15,784.79
+ Excess Serv. $820,232.77
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $5,133,858.86
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of February 1998
<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 $20,760,237.24
Ending Pool Balance $18,763,164.53
Collected Principal $21,157,713.57
Collected Interest $140,201.33
Charge - Offs $39,359.14
Liquidation Proceeds / Recoveries $4,832.20
Servicing $17,300.20
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $21,285,446.90
Beginning Balance $20,356,512.34 $19,643,302.85 $713,209.49
Interest Due $108,701.79 $104,764.28 $3,937.51
Interest Paid $108,701.79 $104,764.28 $3,937.51
Principal Due $20,356,512.34 $19,643,302.85 $713,209.49
Principal Paid $20,356,512.34 $19,643,302.85 $713,209.49
Ending Balance $0.00 $0.00 $0.00
Note / Certificate Pool Factor 0.0000 0.0000
(Ending Balance / Original Pool Amount)
Total Distributions $20,465,214.13 $19,748,067.13 $717,147.00
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 $0.00
(see Memo Item - Reserve Account)
Excess Final Purchase Amount Max $820,232.77
Beginning Reserve Acct Balance $5,133,858.86
(Release) / Draw ($5,133,858.86)
Ending Reserve Acct Balance $0.00
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of February 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct-97 Nov-97 Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $30,605,645.43 $27,489,579.50 $25,277,204.21 $22,937,718.86 $20,760,237.24
A) Loss Trigger:
Principal of Contracts Charged Off $13,693.10 $1,840.02 ($23.93) $43,372.27 $39,359.14
Recoveries $50,124.98 $19,911.87 $17,760.41 $8,458.91 $4,832.20
Total Charged Off (Months 5, 4, 3) $15,509.19
Total Recoveries (Months 3, 2, 1) $31,051.52
Net Loss / (Recoveries) for 3 Mos ($15,542.33)(a)
Total Balance (Months 5, 4, 3) $83,372,429.14(b)
Loss Ratio Annualized [(a/b) * (12)] -0.2237%
Trigger: Is Ratio > 1.5% No
Dec-97 Jan-98 Feb-98
B) Delinquency Trigger: $474,316.69 $400,538.54 $175,953.85
Balance delinquency 60+ days 1.87646% 1.74620% 0.84755%
As % of Beginning Pool Balance 2.03459% 1.86295% 1.49007%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: N/A
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% N/A
</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 - C Owner Trust
For the Month of February, 1998
Distribution Date of March 20, 1998
Servicer Certificate #39
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $42,736,062.58
Beginning Pool Factor 0.1356572
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,585,573.64
Interest Collected $321,196.91
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $75,112.79
Total Additional Deposits $75,112.79
Repos / Chargeoffs $244,368.79
Aggregate Number of Notes Charged Off 47
Total Available Funds $3,981,883.34
Ending Pool Balance $38,906,120.15
Ending Pool Factor 0.1234998
Servicing Fee $35,613.39
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $6,340,011.09
Target Percentage 6.50%
Target Balance $2,528,897.81
Minimum Balance $6,615,628.35
(Release) / Deposit ($26,742.71)
Ending Balance $6,313,268.38
Current Weighted Average APR: 9.479%
Current Weighted Average Remaining Term (months): 16.74
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $840,625.97 390
31 - 60 days $190,699.53 90
60+ days $108,938.00 33
Total: $1,140,263.50 411
Balances: 60+ days $650,629.74 33
Memo Item - Reserve Account
Prior Month $6,480,552.22
+ Invest. Income $26,742.71
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($167,283.84)
Beginning Balance $6,340,011.09
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of February, 1998
<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 $42,736,062.58
Ending Pool Balance $38,906,120.15
Collected Principal $3,585,573.64
Collected Interest $321,196.91
Charge - Offs $244,368.79
Liquidation Proceeds / Recoveries $75,112.79
Servicing $35,613.39
Cash Transfer from Reserve Account $167,283.84
Total Collections Avail for Debt Service $4,113,553.79
Beginning Balance $42,423,039.41 $0.00 $39,258,652.67 $3,164,386.74
Interest Due $283,611.36 $0.00 $261,724.35 $21,887.01
Interest Paid $283,611.36 $0.00 $261,724.35 $21,887.01
Principal Due $3,829,942.43 $0.00 $3,695,894.44 $134,047.99
Principal Paid $3,829,942.43 $0.00 $3,695,894.44 $134,047.99
Ending Balance $38,593,096.98 $0.00 $35,562,758.23 $3,030,338.75
Note / Certificate Pool Factor 0.0000 0.3666 0.2747
(Ending Balance / Original Pool Amount)
Total Distributions $4,113,553.79 $0.00 $3,957,618.79 $155,935.00
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 $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $6,340,011.09
(Release) / Draw ($26,742.71)
Ending Reserve Acct Balance $6,313,268.38
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of February 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct-97 Nov-97 Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $61,603,611.48 $56,533,530.58 $52,865,691.61 $46,585,631.74 $42,736,062.58
A) Loss Trigger:
Principal of Contracts Charged Off $125,684.92 $31,000.14 $0.00 $234,457.84 $244,368.79
Recoveries $188,686.61 $14,230.76 $3,055.63 $44,036.59 $75,112.79
Total Charged Off (Months 5, 4, 3) $156,685.06
Total Recoveries (Months 3, 2, 1) $122,205.01
Net Loss / (Recoveries) for 3 Mos $34,480.05 (a)
Total Balance (Months 5, 4, 3) $171,002,833.67 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.2420%
Trigger: Is Ratio > 1.5% No
Dec-97 Jan-98 Feb-98
B) Delinquency Trigger: $978,905.50 $568,483.32 $650,629.74
Balance delinquency 60+ days 1.85168% 1.22030% 1.52244%
As % of Beginning Pool Balance 1.42072% 1.51306% 1.53147%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0040%
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 1995 - A Owner Trust
For the Month of February 1998
Distribution Date of March 20, 1998
Servicer Certificate #34
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $86,209,584.99
Beginning Pool Factor 0.2029037
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,786,681.70
Interest Collected $709,254.50
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $107,486.79
Total Additional Deposits $107,486.79
Repos / Chargeoffs $71,697.69
Aggregate Number of Notes Charged Off 57
Total Available Funds $7,603,422.99
Ending Pool Balance $79,351,205.60
Ending Pool Factor 0.1867618
Servicing Fee $71,841.32
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,026,692.03
Target Percentage 6.00%
Target Balance $4,761,072.34
Minimum Balance $8,922,464.92
(Release) / Deposit ($104,227.11)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.476%
Current Weighted Average Remaining Term (months): 20.48
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,344,031.68 905
31 - 60 days $268,063.92 200
60+ days $127,314.85 57
Total: $1,739,410.45 941
Balances: 60+ days $666,304.36 57
Memo Item - Reserve Account
Prior Month $8,789,712.86
+ Invest. Income $36,271.87
+ Excess Serv. $200,707.30
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,026,692.03
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of February 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 $86,209,584.99
Ending Pool Balance $79,351,205.60
Collected Principal $6,786,681.70
Collected Interest $709,254.50
Charge - Offs $71,697.69
Liquidation Proceeds / Recoveries $107,486.79
Servicing $71,841.32
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $7,531,581.67
Beginning Balance $86,209,584.99 $0.00 $78,472,274.50 $7,737,310.49
Interest Due $472,494.98 $0.00 $428,327.83 $44,167.15
Interest Paid $472,494.98 $0.00 $428,327.83 $44,167.15
Principal Due $6,858,379.39 $0.00 $6,618,336.11 $240,043.28
Principal Paid $6,858,379.39 $0.00 $6,618,336.11 $240,043.28
Ending Balance $79,351,205.60 $0.00 $71,853,938.39 $7,497,267.21
Note / Certificate Pool Factor 0.0000 0.2177 0.5039
(Ending Balance / Original Pool Amount)
Total Distributions $7,330,874.37 $0.00 $7,046,663.94 $284,210.43
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 $200,707.30
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,026,692.03
(Release) / Draw ($104,227.11)
Ending Reserve Acct Balance $8,922,464.92
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of February 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct-97 Nov-97 Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $119,974,844.27 $110,699,693.64 $103,498,381.60 $93,080,172.51 $86,209,584.99
A) Loss Trigger:
Principal of Contracts Charged Off $61,796.64 $5,026.82 $1,069.66 $456,053.72 $71,697.69
Recoveries $487,202.48 $411,836.30 $305,192.54 $88,153.58 $107,486.79
Total Charged Off (Months 5, 4, 3) $67,893.12
Total Recoveries (Months 3, 2, 1) $500,832.91
Net Loss / (Recoveries) for 3 Mos ($432,939.79)(a)
Total Balance (Months 5, 4, 3) $334,172,919.51 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.5547%
Trigger: Is Ratio > 1.5% No
Dec-97 Jan-98 Feb-98
B) Delinquency Trigger: $1,496,035.00 $746,607.02 $666,304.36
Balance delinquency 60+ days 1.44547% 0.80211% 0.77289%
As % of Beginning Pool Balance 1.26021% 1.09130% 1.00682%
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 - B Owner Trust
For the Month of February 1998
Distribution Date of March 16, 1998
Servicer Certificate #29
<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 $168,562,493.73
Beginning Pool Factor 0.3211011
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,162,095.52
Interest Collected $1,377,485.72
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $72,027.99
Total Additional Deposits $72,027.99
Repos / Chargeoffs $313,254.67
Aggregate Number of Notes Charged Off 86
Total Available Funds $9,611,609.23
Ending Pool Balance $160,087,143.54
Ending Pool Factor 0.3049561
Servicing Fee $140,468.74
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,208,751.20
Target Percentage 5.50%
Target Balance $8,804,792.89
Minimum Balance $11,023,980.93
(Release) / Deposit ($184,770.27)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.881%
Current Weighted Average Remaining Term (months): 25.41
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,057,069.90 1,349
31 - 60 days $357,464.01 282
60+ days $182,829.27 65
Total: $2,597,363.18 1,369
Balances: 60+ days $1,260,002.21 65
Memo Item - Reserve Account
Prior Month $11,023,980.93
+ Invest. Income $40,492.38
+ Excess Serv. $144,277.89
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,208,751.20
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of February 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 $168,562,493.73
Ending Pool Balance $160,087,143.54
Collected Principal $8,162,095.52
Collected Interest $1,377,485.72
Charge - Offs $313,254.67
Liquidation Proceeds / Recoveries $72,027.99
Servicing $140,468.74
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $9,471,140.49
Beginning Balance $168,562,493.73 $0.00 $0.00 $156,728,360.41 $11,834,133.32
Interest Due $851,512.41 $0.00 $0.00 $790,172.15 $61,340.26
Interest Paid $851,512.41 $0.00 $0.00 $790,172.15 $61,340.26
Principal Due $8,475,350.19 $0.00 $0.00 $8,178,712.93 $296,637.26
Principal Paid $8,475,350.19 $0.00 $0.00 $8,178,712.93 $296,637.26
Ending Balance $160,087,143.54 $0.00 $0.00 $148,549,647.48 $11,537,496.06
Note / Certificate Pool Factor 0.0000 0.0000 0.5225 0.6279
(Ending Balance / Original Pool Amount)
Total Distributions $9,326,862.60 $0.00 $0.00 $8,968,885.08 $357,977.52
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 $144,277.89
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,208,751.20
(Release) / Draw ($184,770.27)
Ending Reserve Acct Balance $11,023,980.93
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of February 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct-97 Nov-97 Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $213,031,624.98 $197,825,082.32 $189,740,165.51 $177,643,390.82 $168,562,493.73
A) Loss Trigger:
Principal of Contracts Charged Off $494,766.64 $277,587.83 $21,675.95 $244,474.62 $313,254.67
Recoveries $561,617.71 $268,885.31 $294,381.11 $450,213.60 $72,027.99
Total Charged Off (Months 5, 4, 3) $794,030.42
Total Recoveries (Months 3, 2, 1) $816,622.70
Net Loss / (Recoveries) for 3 Mos ($22,592.28)(a)
Total Balance (Months 5, 4, 3) $600,596,872.81(b)
Loss Ratio Annualized [(a/b) * (12)] -0.0451%
Trigger: Is Ratio > 1.5% No
Dec-97 Jan-98 Feb-98
B) Delinquency Trigger: $1,559,982.46 $1,481,313.31 $1,260,002.21
Balance delinquency 60+ days 0.82217% 0.83387% 0.74750%
As % of Beginning Pool Balance 0.63850% 0.78204% 0.80118%
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 1996 - A Owner Trust
For the Month of February 1998
Distribution Date of March 16, 1998
Servicer Certificate #22
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $222,045,543.52
Beginning Pool Factor 0.4827666
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,876,716.10
Interest Collected $1,723,839.16
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $437,872.30
Total Additional Deposits $437,872.30
Repos / Chargeoffs $345,256.84
Aggregate Number of Notes Charged Off 85
Total Available Funds $13,038,427.56
Ending Pool Balance $210,823,570.58
Ending Pool Factor 0.4583680
Servicing Fee $185,037.95
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,609,220.28
Target Percentage 5.00%
Target Balance $10,541,178.53
Minimum Balance $9,658,821.26
(Release) / Deposit ($1,068,041.75)
Ending Balance $10,541,178.53
Current Weighted Average APR: 9.508%
Current Weighted Average Remaining Term (months): 31.36
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,928,705.84 1,419
31 - 60 days $496,939.45 359
60+ days $153,806.42 68
Total: $2,579,451.71 1,431
Balances: 60+ days $1,753,541.88 68
Memo Item - Reserve Account
Prior Month $11,102,277.18
+ Invest. Income $52,251.04
+ Excess Serv. $454,692.06
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,609,220.28
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of February 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 $222,045,543.52
Ending Pool Balance $210,823,570.58
Collected Principal $10,876,716.10
Collected Interest $1,723,839.16
Charge - Offs $345,256.84
Liquidation Proceeds / Recoveries $437,872.30
Servicing $185,037.95
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $12,853,389.61
Beginning Balance $222,045,543.52 $0.00 $208,176,665.85 $13,868,877.67
Interest Due $1,176,724.61 $0.00 $1,101,601.52 $75,123.09
Interest Paid $1,176,724.61 $0.00 $1,101,601.52 $75,123.09
Principal Due $11,221,972.94 $0.00 $10,716,984.16 $504,988.78
Principal Paid $11,221,972.94 $0.00 $10,716,984.16 $504,988.78
Ending Balance $210,823,570.58 $0.00 $197,459,681.69 $13,363,888.89
Note / Certificate Pool Factor 0.0000 0.5686 0.6456
(Ending Balance / Original Pool Amount)
Total Distributions $12,398,697.55 $0.00 $11,818,585.68 $580,111.87
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 $454,692.06
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,609,220.28
(Release) / Draw ($1,068,041.75)
Ending Reserve Acct Balance $10,541,178.53
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of February 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
Sep-97 Oct-97 Nov-97 Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $279,497,851.07 $270,169,037.72 $254,984,770.87 $245,988,899.09 $232,737,029.86 $222,045,543.52
A) Loss Trigger:
Principal of Contracts
Charged Off $651,062.78 $341,088.81 $311,380.44 $304,829.40 $454,573.67 $345,256.84
Recoveries $473,254.71 $1,181,249.07 $206,762.10 $413,465.80 $254,536.38 $437,872.30
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $957,298.65 Total Charged off (Months 1 - 6) $2,408,191.94
Total Recoveries (Months 3, 2, 1) $1,105,874.48 Total Recoveries (Months 1 - 6) $2,967,140.36
Net Loss / (Recoveries) for 3 Mos ($148,575.83)(a) Net Loss/(Recoveries) for 6 Mos. ($558,948.42)(c)
Total Balance (Months 5, 4, 3) $771,142,707.68 (b) Total Balance (Months 1 - 6) $1,505,423,132.13(d)
Loss Ratio Annualized [(a/b) * (12)] -0.2312% Loss Ratio Annualized [(c/d) (12)] -0.4455%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $3,441,223.14 $2,314,213.08 $1,753,541.88
Balance delinquency 60+ days 1.39893% 0.99435% 0.78972%
As % of Beginning Pool Balance 1.28848% 1.34129% 1.06100%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.2918%
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 - B Owner Trust
For the Month of February 1998
Distribution Date of March 20, 1998
Servicer Certificate #17
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $271,290,173.60
Beginning Pool Factor 0.5576281
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $12,602,937.80
Interest Collected $2,251,424.52
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $825,149.66
Total Additional Deposits $825,149.66
Repos / Chargeoffs $664,343.07
Aggregate Number of Notes Charged Off 136
Total Available Funds $15,679,511.98
Ending Pool Balance $258,022,892.73
Ending Pool Factor 0.5303576
Servicing Fee $226,075.14
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,543,079.04
Target Percentage 10.00%
Target Balance $25,802,289.27
Minimum Balance $9,730,147.26
(Release) / Deposit ($40,986.41)
Ending Balance $9,502,092.63
Current Weighted Average APR: 10.027%
Current Weighted Average Remaining Term (months): 34.85
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,089,832.94 1,763
31 - 60 days $549,850.42 423
60+ days $204,427.97 99
Total: $2,844,111.33 1,777
Balances: 60+ days $3,320,731.46 99
Memo Item - Reserve Account
Prior Month $8,756,012.43
+ Invest. Income $40,986.41
+ Excess Serv. $746,080.20
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,543,079.04
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of February 1998
<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% 92.24% 1.26% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $271,290,173.60
Ending Pool Balance $258,022,892.73
Collected Principal $12,602,937.80
Collected Interest $2,251,424.52
Charge - Offs $664,343.07
Liquidation Proceeds/Recoveries $825,149.66
Servicing $226,075.14
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,453,436.84
Beginning Balance $271,290,173.60 $0.00 $10,249,428.15 $236,500,000.00 $13,222,888.23 $11,317,857.22
Interest Due $1,440,075.77 $0.00 $50,649.26 $1,247,537.50 $71,623.98 $70,265.03
Interest Paid $1,440,075.77 $0.00 $50,649.26 $1,247,537.50 $71,623.98 $70,265.03
Principal Due $13,267,280.87 $0.00 $10,249,428.15 $2,155,479.46 $464,354.83 $398,018.43
Principal Paid $13,267,280.87 $0.00 $10,249,428.15 $2,155,479.46 $464,354.83 $398,018.43
Ending Balance $258,022,892.73 $0.00 $0.00 $234,344,520.54 $12,758,533.40 $10,919,838.79
Note/Certificate Pool Factor 0.0000 0.0000 0.9909 0.7493 0.7490
(Ending Balance/Original Pool Amount)
Total Distributions $14,707,356.64 $0.00 $10,300,077.41 $3,403,016.96 $535,978.81 $468,283.46
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 $746,080.20
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,543,079.04
(Release) / Draw ($40,986.41)
Ending Reserve Acct Balance $9,502,092.63
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of February 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
Sep-97 Oct-97 Nov-97 Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $343,797,709.78 $332,810,807.25 $317,634,491.42 $307,339,061.17 $290,293,937.92 $271,290,173.60
A) Loss Trigger:
Principal of Contracts
Charged Off $982,800.70 $926,791.58 $427,497.73 $2,140,338.06 $1,108,101.38 $664,343.07
Recoveries $865,672.59 $2,424,018.23 $510,112.36 $437,340.36 $553,894.62 $825,149.66
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $3,494,627.37 Total Charged off (Months 1 - 6) $6,249,872.52
Total Recoveries (Months 3, 2, 1) $1,816,384.64 Total Recoveries (Months 1 - 6) $5,616,187.82
Net Loss / (Recoveries) for 3 Mos $1,678,242.73(a) Net Loss/(Recoveries) for 6 Mos. $633,684.70(c)
Total Balance (Months 5, 4, 3) $957,784,359.84(b) Total Balance (Months 1 - 6) $1,863,166,181.14(d)
Loss Ratio Annualized [(a/b) * (12)] 2.1027% Loss Ratio Annualized [(c/d) (12)] 0.4081%
Trigger: Is Ratio > 1.5% Yes Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $7,370,621.77 $3,462,878.49 $3,320,731.46
Balance delinquency 60+ days 2.39821% 1.19289% 1.22405%
As % of Beginning Pool Balance 1.49362% 1.59183% 1.60505%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 1.9605%
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 1997 - A Owner Trust
For the Month of February 1998
Distribution Date of March 16, 1998
Servicer Certificate #11
<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 $360,247,735.24
Beginning Pool Factor 0.7386020
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,939,274.19
Interest Collected $3,120,757.60
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $752,632.58
Total Additional Deposits $752,632.58
Repos / Chargeoffs $1,376,786.24
Aggregate Number of Notes Charged Off 113
Total Available Funds $15,812,664.37
Ending Pool Balance $346,931,674.81
Ending Pool Factor 0.7113006
Servicing Fee $300,206.45
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $19,234,898.22
Target Percentage 5.25%
Target Balance $18,213,912.93
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,020,985.29)
Ending Balance $18,213,912.93
Current Weighted Average APR: 10.162%
Current Weighted Average Remaining Term (months): 40.06
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,816,303.61 2,183
31 - 60 days $622,981.03 544
60+ days $212,883.94 116
Total: $3,652,168.58 2,191
Balances: 60+ days $4,252,470.11 116
Memo Item - Reserve Account
Prior Month $18,913,006.10
+ Invest. Income $99,222.23
+ Excess Serv. $222,669.89
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $19,234,898.22
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of February 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 $360,247,735.24
Ending Pool Balance $346,931,674.81
Collected Principal $11,939,274.19
Collected Interest $3,120,757.60
Charge - Offs $1,376,786.24
Liquidation Proceeds / Recoveries $752,632.58
Servicing $300,206.45
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,512,457.92
Beginning Balance $360,247,735.24 $0.00 $166,747,735.24 $176,000,000.00 $17,500,000.00
Interest Due $1,973,727.60 $0.00 $882,373.43 $990,000.00 $101,354.17
Interest Paid $1,973,727.60 $0.00 $882,373.43 $990,000.00 $101,354.17
Principal Due $13,316,060.43 $0.00 $13,316,060.43 $0.00 $0.00
Principal Paid $13,316,060.43 $0.00 $13,316,060.43 $0.00 $0.00
Ending Balance $346,931,674.81 $0.00 $153,431,674.81 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.6927 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $15,289,788.03 $0.00 $14,198,433.86 $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 $222,669.89
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $19,234,898.22
(Release) / Draw ($1,020,985.29)
Ending Reserve Acct Balance $18,213,912.93
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of February 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Oct-97 Nov-97 Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $417,523,393.85 $403,038,476.23 $391,635,519.65 $376,878,114.73 $360,247,735.24
A) Loss Trigger:
Principal of Contracts Charged Off $752,002.24 $792,482.49 $726,667.97 $1,027,934.74 $1,376,786.24
Recoveries $1,104,366.34 $562,328.56 $504,699.03 $670,263.72 $752,632.58
Total Charged Off (Months 5, 4, 3) $2,271,152.70
Total Recoveries (Months 3, 2, 1) $1,927,595.33
Net Loss / (Recoveries) for 3 Mos $343,557.37 (a)
Total Balance (Months 5, 4, 3) $1,212,197,389.73 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.3401%
Trigger: Is Ratio > 1.5% No
Dec-97 Jan-98 Feb-98
B) Delinquency Trigger: $4,725,265.60 $4,970,294.66 $4,252,470.11
Balance delinquency 60+ days 1.20655% 1.31881% 1.18043%
As % of Beginning Pool Balance 0.81744% 1.09815% 1.23526%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.7343%
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 - B Owner Trust
For the Month of February 1998
Distribution Date of March 16, 1998
Servicer Certificate #5
<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 $445,650,559.34
Beginning Pool Factor 0.8913111
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $14,478,514.24
Interest Collected $3,588,089.48
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $865,568.93
Total Additional Deposits $865,568.93
Repos / Chargeoffs $984,569.70
Aggregate Number of Notes Charged Off 69
Total Available Funds $18,932,172.65
Ending Pool Balance $430,187,475.40
Ending Pool Factor 0.8603846
Servicing Fee $371,375.47
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $24,406,154.15
Target Percentage 5.25%
Target Balance $22,584,842.46
Minimum Balance $9,999,887.79
(Release) / Deposit ($1,821,311.69)
Ending Balance $22,584,842.46
Current Weighted Average APR: 9.985%
Current Weighted Average Remaining Term (months): 46.42
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,648,690.43 2,067
31 - 60 days $408,066.39 366
60+ days $109,006.99 70
Total: $3,165,763.81 2,075
Balances: 60+ days $2,784,128.37 70
Memo Item - Reserve Account
Prior Month $23,396,654.37
+ Invest. Income $116,384.42
+ Excess Serv. $893,115.36
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $24,406,154.15
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of February 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 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $445,650,559.34
Ending Pool Balance $430,187,475.40
Collected Principal $14,478,514.24
Collected Interest $3,588,089.48
Charge - Offs $984,569.70
Liquidation Proceeds/Recoveries $865,568.93
Servicing $371,375.47
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $18,560,797.18
Beginning Balance $445,650,559.34 $52,650,559.34 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Interest Due $2,204,597.88 $225,949.88 $419,898.00 $682,000.00 $784,875.00 $91,875.00
Interest Paid $2,204,597.88 $225,949.88 $419,898.00 $682,000.00 $784,875.00 $91,875.00
Principal Due $15,463,083.94 $15,463,083.94 $0.00 $0.00 $0.00 $0.00
Principal Paid $15,463,083.94 $15,463,083.94 $0.00 $0.00 $0.00 $0.00
Ending Balance $430,187,475.40 $37,187,475.40 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.3475 1.0000 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $17,667,681.82 $15,689,033.82 $419,898.00 $682,000.00 $784,875.00 $91,875.00
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 $893,115.36
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $24,406,154.15
(Release) / Draw ($1,821,311.69)
Ending Reserve Acct Balance $22,584,842.46
</TABLE>
<PAGE>
Exhibit 20.8
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
Oct-97 Nov-97 Dec-97 Jan-98 Feb-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $408,527,638.36 $486,773,425.62 $473,462,264.08 $457,614,248.57 $445,650,559.34
A) Loss Trigger:
Principal of Contracts Charged Off $519,576.09 $933,926.21 $290,370.34 $845,634.17 $984,569.70
Recoveries $0.00 $0.00 $125,776.80 $80,339.40 $865,568.93
Total Charged Off (Months 5, 4, 3) $1,743,872.64
Total Recoveries (Months 3, 2, 1) $1,071,685.13
Net Loss / (Recoveries) for 3 Mos $672,187.51(a)
Total Balance (Months 5, 4, 3) $1,368,763,328.06(b)
Loss Ratio Annualized [(a/b) * (12)] 0.5893%
Trigger: Is Ratio > 1.5% N\A
Dec-97 Jan-98 Feb-98
B) Delinquency Trigger: $1,903,160.28 $2,551,099.66 2,784,128.37
Balance delinquency 60+ days 0.40197% 0.55748% 0.62473%
As % of Beginning Pool Balance 0.00000% 0.38110% 0.52806%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.5170%
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
