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) February 17, 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 February 17 and 20, 1998, Registrant made available the Monthly
Servicer Certificates for the Period of January 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: March 3, 1998 By:/s/ R. WAYNE CAIN
- ------------------------ --------------------------
R. Wayne Cain
Vice President & Treasurer
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-B Owner Trust
20.1 Monthly Servicer Certificate, dated February 17, 1998
Navistar Financial 1994-C Owner Trust
20.2 Monthly Servicer Certificate, dated February 20, 1998
Navistar Financial 1995-A Owner Trust
20.3 Monthly Servicer Certificate, dated February 20, 1998
Navistar Financial 1995-B Owner Trust
20.4 Monthly Servicer Certificate, dated February 17, 1998
Navistar Financial 1996-A Owner Trust
20.5 Monthly Servicer Certificate, dated February 17, 1998
Navistar Financial 1996-B Owner Trust
20.6 Monthly Servicer Certificate, dated February 20, 1998
Navistar Financial 1997-A Owner Trust
20.7 Monthly Servicer Certificate, dated February 17, 1998
Navistar Financial 1997-B Owner Trust
20.8 Monthly Servicer Certificate, dated February 17, 1998
<PAGE>
Exhitit 20.1
Page 1 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of January
Distribution Date of February 17, 1998
Servicer Certificate #43
<TABLE>
<S> <C>
Original Pool Amount $215,029,773.64
Beginning Pool Balance $22,937,718.86
Beginning Pool Factor 0.1066723
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,240,959.79
Interest Collected $171,603.27
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $8,458.91
Total Additional Deposits $8,458.91
Repos / Chargeoffs $43,372.27
Aggregate Number of Notes Charged Off 24
Total Available Funds $2,314,171.53
Ending Pool Balance $20,760,237.24
Ending Pool Factor 0.0965459
Servicing Fee $19,114.77
Repayment of Servicer Advances $106,850.44
Reserve Account:
Beginning Balance (see Memo Item) $4,316,837.69
Target Percentage 6.50%
Target Balance N/A
Minimum Balance $4,300,595.47
(Release) / Deposit ($18,996.39)
Ending Balance $4,297,841.30
Current Weighted Average APR: 8.741%
Current Weighted Average Remaining Term (months): 12.89
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $341,265.06 254
31 - 60 days $99,137.22 52
60+ days $140,031.24 21
Total: $580,433.52 265
Balances: 60+ days $400,538.54 21
Memo Item - Reserve Account
Prior Month $4,300,595.47
+ Invest. Income $18,996.39
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Acccount ($2,754.17)
Beginning Balance $4,316,837.69
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of January
<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 $22,937,718.86
Ending Pool Balance $20,760,237.24
Collected Principal $2,134,109.35
Collected Interest $171,603.27
Charge - Offs $43,372.27
Liquidation Proceeds / Recoveries $8,458.91
Servicing $19,114.77
Cash Transfer from Reserve Account $2,754.17
Total Collections Avail for Debt Service $2,297,810.93
Beginning Balance $22,533,993.96 $21,744,572.61 $789,421.35
Interest Due $120,329.31 $115,971.05 $4,358.26
Interest Paid $120,329.31 $115,971.05 $4,358.26
Principal Due $2,177,481.62 $2,101,269.76 $76,211.86
Principal Paid $2,177,481.62 $2,101,269.76 $76,211.86
Ending Balance $20,356,512.34 $19,643,302.85 $713,209.49
Note / Certificate Pool Factor 0.0947 0.0948
(Ending Balance / Original Pool Amount)
Total Distributions $2,297,810.93 $2,217,240.81 $80,570.12
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)
Beginning Reserve Acct Balance $4,316,837.69
(Release) / Draw ($18,996.39)
Ending Reserve Acct Balance $4,297,841.30
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994 - B Owner Trust
For the Month of January
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-97 Oct-97 Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $33,052,185.09 $30,605,645.43 $27,489,579.50 $25,277,204.21 $22,937,718.86
A) Loss Trigger:
Principal of Contracts Charged Off $11,238.97 $13,693.10 $1,840.02 ($23.93) $43,372.27
Recoveries $52,310.89 $50,124.98 $19,911.87 $17,760.41 $8,458.91
Total Charged Off (Months 5, 4, 3) $26,772.09
Total Recoveries (Months 3, 2, 1) $46,131.19
Net Loss / (Recoveries) for 3 Mos ($19,359.10)(a)
Total Balance (Months 5, 4, 3) $91,147,410.02 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.2549%
Trigger: Is Ratio > 1.5% No
Nov-97 Dec-97 Jan-98
B) Delinquency Trigger: $540,496.62 $474,316.69 $400,538.54
Balance delinquency 60+ days 1.96619% 1.87646% 1.74620%
As % of Beginning Pool Balance 2.07908% 2.03459% 1.86295%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 1.9987%
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 - C Owner Trust
For the Month of January
Distribution Date of February 20, 1998
Servicer Certificate #38
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $46,585,631.74
Beginning Pool Factor 0.1478768
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,214,935.54
Interest Collected $403,475.31
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $44,036.59
Total Additional Deposits $44,036.59
Repos / Chargeoffs $234,457.84
Aggregate Number of Notes Charged Off 40
Total Available Funds $4,062,623.22
Ending Pool Balance $42,736,062.58
Ending Pool Factor 0.1356572
Servicing Fee $38,821.36
Repayment of Servicer Advances $599,824.22
Reserve Account:
Beginning Balance (see Memo Item) $6,510,900.79
Target Percentage 6.50%
Target Balance $2,777,844.07
Minimum Balance $6,615,628.35
(Release) / Deposit ($30,348.57)
Ending Balance $6,480,552.22
Current Weighted Average APR: 9.488%
Current Weighted Average Remaining Term (months): 17.39
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $493,438.97 315
31 - 60 days $134,343.22 84
60+ days $108,477.21 26
Total: $736,259.40 338
Balances: 60+ days $568,483.32 26
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income $30,348.57
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($135,076.13)
Beginning Balance $6,510,900.79
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of January
<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 $46,585,631.74
Ending Pool Balance $42,736,062.58
Collected Principal $3,615,111.32
Collected Interest $403,475.31
Charge - Offs $234,457.84
Liquidation Proceeds / Recoveries $44,036.59
Servicing $38,821.36
Cash Transfer from Reserve Account $135,076.13
Total Collections Avail for Debt Service $4,158,877.99
Beginning Balance $46,272,608.57 $0.00 $42,973,486.91 $3,299,121.66
Interest Due $309,308.83 $0.00 $286,489.91 $22,818.92
Interest Paid $309,308.83 $0.00 $286,489.91 $22,818.92
Principal Due $3,849,569.16 $0.00 $3,714,834.24 $134,734.92
Principal Paid $3,849,569.16 $0.00 $3,714,834.24 $134,734.92
Ending Balance $42,423,039.41 $0.00 $39,258,652.67 $3,164,386.74
Note / Certificate Pool Factor 0.0000 0.4047 0.2869
(Ending Balance / Original Pool Amount)
Total Distributions $4,158,877.99 $0.00 $4,001,324.15 $157,553.84
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 $6,510,900.79
(Release) / Draw ($30,348.57)
Ending Reserve Acct Balance $6,480,552.22
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of January
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-97 Oct-97 Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $67,800,397.54 $61,603,611.48 $56,533,530.58 $52,865,691.61 $46,585,631.74
A) Loss Trigger:
Principal of Contracts Charged Off $0.00 $125,684.92 $31,000.14 $0.00 $234,457.84
Recoveries $328,951.97 $188,686.61 $14,230.76 $3,055.63 $44,036.59
Total Charged Off (Months 5, 4, 3) $156,685.06
Total Recoveries (Months 3, 2, 1) $61,322.98
Net Loss / (Recoveries) for 3 Mos $95,362.08 (a)
Total Balance (Months 5, 4, 3) $185,937,539.60 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.6154%
Trigger: Is Ratio > 1.5% No
Nov-97 Dec-97 Jan-98
B) Delinquency Trigger: $829,465.87 $978,905.50 $568,483.32
Balance delinquency 60+ days 1.46721% 1.85168% 1.22030%
As % of Beginning Pool Balance 1.93952% 1.42072% 1.51306%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0571%
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 January
Distribution Date of February 20, 1998
Servicer Certificate #33
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $93,080,172.51
Beginning Pool Factor 0.2190744
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,474,451.39
Interest Collected $822,771.94
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $88,153.58
Total Additional Deposits $88,153.58
Repos / Chargeoffs $456,053.72
Aggregate Number of Notes Charged Off 58
Total Available Funds $7,325,459.32
Ending Pool Balance $86,209,584.99
Ending Pool Factor 0.2029037
Servicing Fee $77,566.81
Repayment of Servicer Advances $59,917.59
Reserve Account:
Beginning Balance (see Memo Item) $8,830,645.58
Target Percentage 6.00%
Target Balance $5,172,575.10
Minimum Balance $8,922,464.92
(Release) / Deposit ($40,932.72)
Ending Balance $8,789,712.86
Current Weighted Average APR: 10.494%
Current Weighted Average Remaining Term (months): 20.95
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,497,403.41 709
31 - 60 days $261,184.26 193
60+ days $102,355.83 47
Total: $1,860,943.50 740
Balances: 60+ days $746,607.02 47
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $40,932.72
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($132,752.06)
Beginning Balance $8,830,645.58
</TABLE>
<PAGE>
Exhibit 20.3
page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of January
<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 $93,080,172.51
Ending Pool Balance $86,209,584.99
Collected Principal $6,414,533.80
Collected Interest $822,771.94
Charge - Offs $456,053.72
Liquidation Proceeds / Recoveries $88,153.58
Servicing $77,566.81
Cash Transfer from Reserve Account $132,752.06
Total Collections Avail for Debt Service $7,380,644.57
Beginning Balance $93,080,172.51 $0.00 $85,102,391.46 $7,977,781.05
Interest Due $510,057.05 $0.00 $464,517.22 $45,539.83
Interest Paid $510,057.05 $0.00 $464,517.22 $45,539.83
Principal Due $6,870,587.52 $0.00 $6,630,116.96 $240,470.56
Principal Paid $6,870,587.52 $0.00 $6,630,116.96 $240,470.56
Ending Balance $86,209,584.99 $0.00 $78,472,274.50 $7,737,310.49
Note / Certificate Pool Factor 0.0000 0.2378 0.5200
(Ending Balance / Original Pool Amount)
Total Distributions $7,380,644.57 $0.00 $7,094,634.18 $286,010.39
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 $8,830,645.58
(Release) / Draw ($40,932.72)
Ending Reserve Acct Balance $8,789,712.86
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of January
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-97 Oct-97 Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $126,073,877.58 $119,974,844.27 $110,699,693.64 $103,498,381.60 $93,080,172.51
A) Loss Trigger:
Principal of Contracts Charged Off $287,254.31 $61,796.64 $5,026.82 $1,069.66 $456,053.72
Recoveries $590,703.37 $487,202.48 $411,836.30 $305,192.54 $88,153.58
Total Charged Off (Months 5, 4, 3) $354,077.77
Total Recoveries (Months 3, 2, 1) $805,182.42
Net Loss / (Recoveries) for 3 Mos ($451,104.65)(a)
Total Balance (Months 5, 4, 3) $356,748,415.49 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.5174%
Trigger: Is Ratio > 1.5% No
Nov-97 Dec-97 Jan-98
B) Delinquency Trigger: $1,136,122.26 $1,496,035.00 $746,607.02
Balance delinquency 60+ days 1.02631% 1.44547% 0.80211%
As % of Beginning Pool Balance 1.34523% 1.26021% 1.09130%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0688%
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 January
Distribution Date of February 17, 1998
Servicer Certificate #28
<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 $177,643,390.82
Beginning Pool Factor 0.3383996
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,249,146.54
Interest Collected $1,471,966.81
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $450,213.60
Total Additional Deposits $450,213.60
Repos / Chargeoffs $244,474.62
Aggregate Number of Notes Charged Off 80
Total Available Funds $10,758,602.88
Ending Pool Balance $168,562,493.73
Ending Pool Factor 0.3211011
Servicing Fee $148,036.16
Repayment of Servicer Advances $412,724.07
Reserve Account:
Beginning Balance (see Memo Item) $11,705,007.28
Target Percentage 5.50%
Target Balance $9,270,937.16
Minimum Balance $11,023,980.93
(Release) / Deposit ($681,026.35)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.897%
Current Weighted Average Remaining Term (months): 26.13
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,844,063.34 1,220
31 - 60 day $461,176.47 333
60+ days $145,677.88 65
Total: $2,450,917.69 1,245
Balances: 60+ days $1,481,313.31 65
Memo Item - Reserve Account
Prior Month $11,023,980.93
+ Invest. Income $48,697.01
+ Excess Serv. $632,329.34
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,705,007.28
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of January
<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 $177,643,390.82
Ending Pool Balance $168,562,493.73
Collected Principal $8,836,422.47
Collected Interest $1,471,966.81
Charge - Offs $244,474.62
Liquidation Proceeds / Recoveries $450,213.60
Servicing $148,036.16
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $10,610,566.72
Beginning Balance $177,643,390.82 $0.00 $0.00 $165,491,426.10 $12,151,964.72
Interest Due $897,340.29 $0.00 $0.00 $834,352.61 $62,987.68
Interest Paid $897,340.29 $0.00 $0.00 $834,352.61 $62,987.68
Principal Due $9,080,897.09 $0.00 $0.00 $8,763,065.69 $317,831.40
Principal Paid $9,080,897.09 $0.00 $0.00 $8,763,065.69 $317,831.40
Ending Balance $168,562,493.73 $0.00 $0.00 $156,728,360.41 $11,834,133.32
Note / Certificate Pool Factor 0.0000 0.0000 0.5512 0.6440
(Ending Balance / Original Pool Amount)
Total Distributions $9,978,237.38 $0.00 $0.00 $9,597,418.30 $380,819.08
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 $632,329.34
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,705,007.28
(Release) / Draw ($681,026.35)
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 January
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-97 Oct-97 Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $222,431,428.51 $213,031,624.98 $197,825,082.32 $189,740,165.51 $177,643,390.82
A) Loss Trigger:
Principal of Contracts
Charged Off $271,595.69 $494,766.64 $277,587.83 $21,675.95 $244,474.62
Recoveries $316,933.22 $561,617.71 $268,885.31 $294,381.11 $450,213.60
Total Charged Off (Mos. 5, 4, 3) $1,043,950.16
Total Recoveries (Mos. 3, 2, 1) $1,013,480.02
Net Loss / (Recoveries) for 3 Mos $30,470.14(a)
Total Balance (Months 5, 4, 3) $633,288,135.81(b)
Loss Ratio Annualized [(a/b) * (12)] 0.0577%
Trigger: Is Ratio > 1.5% No
Nov-97 Dec-97 Jan-98
B) Delinquency Trigger: $1,365,172.16 $1,559,982.46 $1,481,313.31
Balance delinquency 60+ days 0.69009% 0.82217% 0.83387%
As % of Beginning Pool Balance 0.84479% 0.63850% 0.78204%
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 January
Distribution Date of February 17, 1998
Servicer Certificate #21
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $232,737,029.86
Beginning Pool Factor 0.5060118
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,471,981.55
Interest Collected $1,903,979.48
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $254,536.38
Total Additional Deposits $254,536.38
Repos / Chargeoffs $454,573.67
Aggregate Number of Notes Charged Off 82
Total Available Funds $12,395,428.53
Ending Pool Balance $222,045,543.52
Ending Pool Factor 0.4827666
Servicing Fee $193,947.52
Repayment of Servicer Advances $235,068.88
Reserve Account:
Beginning Balance (see Memo Item) $11,965,736.66
Target Percentage 5.00%
Target Balance $11,102,277.18
Minimum Balance $9,658,821.26
(Release) / Deposit ($863,459.48)
Ending Balance $11,102,277.18
Current Weighted Average APR: 9.522%
Current Weighted Average Remaining Term (months): 32.06
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,645,308.24 1,224
31 - 60 days $456,376.00 356
60+ days $166,615.80 76
Total: $2,268,300.04 1,239
Balances: 60+ days $2,314,213.08 76
Memo Item - Reserve Account
Prior Month $11,636,851.49
+ Invest. Income $52,251.04
+ Excess Serv. $276,634.13
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,965,736.66
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of January
<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 $232,737,029.86
Ending Pool Balance $222,045,543.52
Collected Principal $10,236,912.67
Collected Interest $1,903,979.48
Charge - Offs $454,573.67
Liquidation Proceeds / Recoveries $254,536.38
Servicing $193,947.52
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $12,201,481.01
Beginning Balance $232,737,029.86 $0.00 $218,387,035.30 $14,349,994.56
Interest Due $1,233,360.54 $0.00 $1,155,631.40 $77,729.14
Interest Paid $1,233,360.54 $0.00 $1,155,631.40 $77,729.14
Principal Due $10,691,486.34 $0.00 $10,210,369.45 $481,116.89
Principal Paid $10,691,486.34 $0.00 $10,210,369.45 $481,116.89
Ending Balance $222,045,543.52 $0.00 $208,176,665.85 $13,868,877.67
Note / Certificate Pool Factor 0.0000 0.5995 0.6700
(Ending Balance / Original Pool Amount)
Total Distributions $11,924,846.88 $0.00 $11,366,000.85 $558,846.03
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 $276,634.13
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,965,736.66
(Release) / Draw ($863,459.48)
Ending Reserve Acct Balance $11,102,277.18
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of January
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
Aug-97 Sep-97 Oct-97 Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $289,158,602.47 $279,497,851.07 $270,169,037.72 $254,984,770.87 $245,988,899.09 $232,737,029.86
A) Loss Trigger:
Principal of Contracts
Charged Off $425,054.70 $651,062.78 $341,088.81 $311,380.44 $304,829.40 $454,573.67
Recoveries $960,144.57 $473,254.71 $1,181,249.07 $206,762.10 $413,465.80 $254,536.38
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,303,532.03 Total Charged off (Months 1 - 6) $2,487,989.80
Total Recoveries (Months 3, 2, 1) $874,764.28 Total Recoveries (Months 1 - 6) $3,489,412.63
Net Loss / (Recoveries) for 3 Mos $428,767.75(a) Net Loss/(Recoveries) for 6 Mos. ($1,001,422.83)(c)
Total Balance (Months 5, 4, 3) $804,651,659.66(b) Total Balance (Months 1 - 6) $1,572,536,191.08(d)
Loss Ratio Annualized [(a/b) * (12)] 0.6394% Loss Ratio Annualized [(c/d) (12)] -0.7642%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $4,157,769.73 $3,441,223.14 $2,314,213.08
Balance delinquency 60+ days 1.63060% 1.39893% 0.99435%
As % of Beginning Pool Balance 1.45966% 1.28848% 1.34129%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.4138%
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 January
Distribution Date of February 20, 1998
Servicer Certificate #16
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $290,293,937.92
Beginning Pool Factor 0.5966897
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $17,895,662.94
Interest Collected $2,433,957.28
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $553,894.62
Total Additional Deposits $553,894.62
Repos / Chargeoffs $1,108,101.38
Aggregate Number of Notes Charged Off 128
Total Available Funds $20,883,514.84
Ending Pool Balance $271,290,173.60
Ending Pool Factor 0.5576281
Servicing Fee $241,911.61
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $8,796,103.08
Target Percentage 2.50%
Target Balance $6,782,254.34
Minimum Balance $9,730,147.26
(Release) / Deposit ($40,090.65)
Ending Balance $8,756,012.43
Current Weighted Average APR: 10.034%
Current Weighted Average Remaining Term (months): 35.61
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,942,648.19 1,599
31 - 60 days $531,405.90 420
60+ days $214,627.27 107
Total: $2,688,681.36 1,618
Balances: 60+ days $3,462,878.49 107
Memo Item - Reserve Account
Prior Month $8,653,197.63
+ Invest. Income $40,090.65
+ Excess Serv. $102,814.80
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $8,796,103.08
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of January
<TABLE>
<CAPTION>
NOTES
CLASS B CLASS C
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 2 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
$486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 93.50% 0.00% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $290,293,937.92
Ending Pool Balance $271,290,173.60
Collected Principal $17,895,662.94
Collected Interest $2,433,957.28
Charge - Offs $1,108,101.38
Liquidation Proceeds/Recoveries $553,894.62
Servicing $241,911.61
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $20,641,603.23
Beginning Balance $290,293,937.92 $0.00 $28,017,947.79 $236,500,000.00 $13,888,019.98 $11,887,970.15
Interest Due $1,535,024.11 $0.00 $138,455.36 $1,247,537.50 $75,226.77 $73,804.48
Interest Paid $1,535,024.11 $0.00 $138,455.36 $1,247,537.50 $75,226.77 $73,804.48
Principal Due $19,003,764.32 $0.00 $17,768,519.64 $0.00 $665,131.75 $570,112.93
Principal Paid $19,003,764.32 $0.00 $17,768,519.64 $0.00 $665,131.75 $570,112.93
Ending Balance $271,290,173.60 $0.00 $10,249,428.15 $236,500,000.00 $13,222,888.23 $11,317,857.22
Note / Certificate Pool Factor 0.0000 0.0916 1.0000 0.7765 0.7763
(Ending Balance / Original Pool Amount)
Total Distributions $20,538,788.43 $0.00 $17,906,975.00 $1,247,537.50 $740,358.52 $643,917.41
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 $102,814.80
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $8,796,103.08
(Release) / Draw ($40,090.65)
Ending Reserve Acct Balance $8,756,012.43
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of January
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
Aug-97 Sep-97 Oct-97 Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $356,384,702.80 $343,797,709.78 $332,810,807.25 $317,634,491.42 $307,339,061.17 $290,293,937.92
A) Loss Trigger:
Principal of Contracts
Charged Off $852,012.18 $982,800.70 $926,791.58 $427,497.73 $2,140,338.06 $1,108,101.38
Recoveries $620,268.66 $865,672.59 $2,424,018.23 $510,112.36 $437,340.36 $553,894.62
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,337,090.01 Total Charged off (Months 1 - 6) $6,437,541.63
Total Recoveries (Months 3, 2, 1) $1,501,347.34 Total Recoveries (Months 1 - 6) $5,411,306.82
Net Loss / (Recoveries) for 3 Mos $835,742.67(a) Net Loss/(Recoveries) for 6 Mos. $1,026,234.81(c)
Total Balance (Months 5, 4, 3) $994,243,008.45(b) Total Balance (Months 1 - 6) $1,948,260,710.34(d)
Loss Ratio Annualized [(a/b) * (12)] 1.0087% Loss Ratio Annualized [(c/d) (12)] 0.6321%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Nov-97 Dec-97 Jan-98
<S> <C> <C> <C>
B) Delinquency Trigger: $3,762,018.13 $7,370,621.77 $3,462,878.49
Balance delinquency 60+ days 1.18439% 2.39821% 1.19289%
As % of Beginning Pool Balance 1.19608% 1.49362% 1.59183%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 1.7998%
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 January
Distribution Date of February 17, 1998
Servicer Certificate #10
<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 $376,878,114.73
Beginning Pool Factor 0.7726986
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $15,602,444.75
Interest Collected $3,185,776.26
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $670,263.72
Total Additional Deposits $670,263.72
Repos / Chargeoffs $1,027,934.74
Aggregate Number of Notes Charged Off 90
Total Available Funds $19,458,484.73
Ending Pool Balance $360,247,735.24
Ending Pool Factor 0.7386020
Servicing Fee $314,065.10
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $20,326,326.59
Target Percentage 5.25%
Target Balance $18,913,006.10
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,413,320.49)
Ending Balance $18,913,006.10
Current Weighted Average APR: 10.179%
Current Weighted Average Remaining Term (months): 40.66
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,461,689.02 1,912
31 - 60 days $595,059.99 494
60+ days $212,753.06 113
Total: $3,269,502.07 1,929
Balances: 60+ days $4,970,294.66 113
Memo Item - Reserve Account
Prior Month $19,786,101.02
+ Invest. Income $87,915.46
+ Excess Serv. $452,310.11
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $20,326,326.59
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of January
<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 $376,878,114.73
Ending Pool Balance $360,247,735.24
Collected Principal $15,602,444.75
Collected Interest $3,185,776.26
Charge - Offs $1,027,934.74
Liquidation Proceeds / Recoveries $670,263.72
Servicing $314,065.10
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $19,144,419.63
Beginning Balance $376,878,114.73 $0.00 $183,378,114.73 $176,000,000.00 $17,500,000.00
Interest Due $2,061,730.03 $0.00 $970,375.86 $990,000.00 $101,354.17
Interest Paid $2,061,730.03 $0.00 $970,375.86 $990,000.00 $101,354.17
Principal Due $16,630,379.49 $0.00 $16,630,379.49 $0.00 $0.00
Principal Paid $16,630,379.49 $0.00 $16,630,379.49 $0.00 $0.00
Ending Balance $360,247,735.24 $0.00 $166,747,735.24 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.7528 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $18,692,109.52 $0.00 $17,600,755.35 $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 $452,310.11
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $20,326,326.59
(Release) / Draw ($1,413,320.49)
Ending Reserve Acct Balance $18,913,006.10
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of January
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-97 Oct-97 Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $429,123,844.62 $417,523,393.85 $403,038,476.23 $391,635,519.65 $376,878,114.73
A) Loss Trigger:
Principal of Contracts
Charged Off $646,660.05 $752,002.24 $792,482.49 $726,667.97 $1,027,934.74
Recoveries $604,242.84 $1,104,366.34 $562,328.56 $504,699.03 $670,263.72
Total Charged Off (Months 5, 4, 3) $2,191,144.78
Total Recoveries (Months 3, 2, 1) $1,737,291.31
Net Loss / (Recoveries) for 3 Mos $453,853.47 (a)
Total Balance (Months 5, 4, 3) $1,249,685,714.70 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.4358%
Trigger: Is Ratio > 1.5% No
Nov-97 Dec-97 Jan-98
B) Delinquency Trigger: $3,099,758.74 $4,725,265.60 $4,970,294.66
Balance delinquency 60+ days 0.76910% 1.20655% 1.31881%
As % of Beginning Pool Balance 0.83122% 0.81744% 1.09815%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.8777%
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 January
Distribution Date of February 17, 1998
Servicer Certificate #4
<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 $457,614,248.57
Beginning Pool Factor 0.9152388
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,118,055.06
Interest Collected $3,800,400.91
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $80,339.40
Total Additional Deposits $80,339.40
Repos / Chargeoffs $845,634.17
Aggregate Number of Notes Charged Off 46
Total Available Funds $14,998,795.37
Ending Pool Balance $445,650,559.34
Ending Pool Factor 0.8913111
Servicing Fee $381,345.21
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $24,379,653.32
Target Percentage 5.25%
Target Balance $23,396,654.37
Minimum Balance $9,999,887.79
(Release) / Deposit ($982,998.95)
Ending Balance $23,396,654.37
Current Weighted Average APR: 9.999%
Current Weighted Average Remaining Term (months): 47.13
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,192,239.99 1,731
31 - 60 days $431,202.45 351
60+ days $90,291.86 75
Total: $2,713,734.30 1,740
Balances: 60+ days $2,551,099.66 75
Memo Item - Reserve Account
Opening Balance $24,024,748.05
+ Invest. Income $112,015.51
+ Excess Serv. $242,889.76
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $24,379,653.32
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of January
<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 $457,614,248.57
Ending Pool Balance $445,650,559.34
Collected Principal $11,118,055.06
Collected Interest $3,800,400.91
Charge - Offs $845,634.17
Liquidation Proceeds/Recoveries $80,339.40
Servicing $381,345.21
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $14,617,450.16
Beginning Balance $457,614,248.57 $64,614,248.57 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Interest Due $2,410,871.17 $338,912.50 $513,208.67 $682,000.00 $784,875.00 $91,875.00
Interest Paid $2,410,871.17 $338,912.50 $513,208.67 $682,000.00 $784,875.00 $91,875.00
Principal Due $11,963,689.23 $11,963,689.23 $0.00 $0.00 $0.00 $0.00
Principal Paid $11,963,689.23 $11,963,689.23 $0.00 $0.00 $0.00 $0.00
Ending 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
Note / Certificate Pool Factor 0.4921 1.0000 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $14,374,560.40 $12,302,601.73 $513,208.67 $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 $242,889.76
(see Memo Item - Reserve Account)
Beginning Reserve Account
Balance $24,379,653.32
(Release) / Draw ($982,998.95)
Ending Reserve Acct Balance $23,396,654.37
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of January
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-97 Oct-97 Nov-97 Dec-97 Jan-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance N\A $408,527,638.36 $486,773,425.62 $473,462,264.08 $457,614,248.57
A) Loss Trigger:
Principal of Contracts Charged Off N\A $519,576.09 $933,926.21 $290,370.34 $845,634.17
Recoveries N\A $0.00 $0.00 $125,776.80 $80,339.40
Total Charged Off (Months 5, 4, 3) N\A
Total Recoveries (Months 3, 2, 1) $206,116.20
Net Loss / (Recoveries) for 3 Mos N\A(a)
Total Balance (Months 5, 4, 3) $895,301,063.98(b)
Loss Ratio Annualized [(a/b) * (12)] $0.00
Trigger: Is Ratio > 1.5% N\A
Nov-97 Dec-97 Jan-98
B) Delinquency Trigger: 894,974.02 1,903,160.28 2,551,099.66
Balance delinquency 60+ days 0.18386% 0.40197% 0.55748%
As % of Beginning Pool Balance N\A 0.29060% 0.38110%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.6794%
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
