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) May 15, 1998
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of 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 May 15 and 20, 1998, Registrant made available the Monthly Servicer
Certificates for the Period of April 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-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: May 29, 1998 By:/s/ PHYLLIS E. COCHRAN
- ------------------------ --------------------------
Phyllis E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1994-C Owner Trust
20.1 Monthly Servicer Certificate, dated May 20, 1998
Navistar Financial 1995-A Owner Trust
20.2 Monthly Servicer Certificate, dated May 20, 1998
Navistar Financial 1995-B Owner Trust
20.3 Monthly Servicer Certificate, dated May 15, 1998
Navistar Financial 1996-A Owner Trust
20.4 Monthly Servicer Certificate, dated May 15, 1998
Navistar Financial 1996-B Owner Trust
20.5 Monthly Servicer Certificate, dated May 20, 1998
Navistar Financial 1997-A Owner Trust
20.6 Monthly Servicer Certificate, dated May 15, 1998
Navistar Financial 1997-B Owner Trust
20.7 Monthly Servicer Certificate, dated May 15, 1998
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of April, 1998
Distribution Date of May 20, 1998
Servicer Certificate #41
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $35,927,144.72
Beginning Pool Factor 0.1140436
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,019,868.40
Interest Collected $270,219.21
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $510,785.85
Total Additional Deposits $510,785.85
Repos / Chargeoffs $12,998.75
Aggregate Number of Notes Charged Off 33
Total Available Funds $4,659,243.60
Ending Pool Balance $32,035,907.43
Ending Pool Factor 0.1016916
Servicing Fee $29,939.29
Repayment of Servicer Advances $141,629.86
Reserve Account:
Beginning Balance (see Memo Item) $6,923,966.52
Target Percentage 6.50%
Target Balance $2,082,333.98
Minimum Balance $6,615,628.35
(Release) / Deposit ($308,338.17)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.417%
Current Weighted Average Remaining Term (months): 15.03
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $469,775.28 363
31 - 60 days $125,035.92 65
60+ days $81,501.52 21
Total: $676,312.72 377
Balances: 60+ days $293,427.96 21
Memo Item - Reserve Account
Prior Month $6,395,547.02
+ Invest. Income $28,511.47
+ Excess Serv. $499,908.03
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $6,923,966.52
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of April, 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 $35,927,144.72
Ending Pool Balance $32,035,907.43
Collected Principal $3,878,238.54
Collected Interest $270,219.21
Charge - Offs $12,998.75
Liquidation Proceeds / Recoveries $510,785.85
Servicing $29,939.29
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $4,629,304.31
Beginning Balance $35,614,121.56 $0.00 $32,688,046.94 $2,926,074.62
Interest Due $238,158.99 $0.00 $217,920.31 $20,238.68
Interest Paid $238,158.99 $0.00 $217,920.31 $20,238.68
Principal Due $3,891,237.29 $0.00 $3,755,043.98 $136,193.31
Principal Paid $3,891,237.29 $0.00 $3,755,043.98 $136,193.31
Ending Balance $31,722,884.27 $0.00 $28,933,002.96 $2,789,881.31
Note / Certificate Pool Factor 0.0000 0.2983 0.2529
(Ending Balance / Original Pool Amount)
Total Distributions $4,129,396.28 $0.00 $3,972,964.29 $156,431.99
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 $499,908.03
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $6,923,966.52
(Release) / Draw ($308,338.17)
Ending Reserve Acct Balance $6,615,628.35
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of April 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec-97 Jan-98 Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $52,865,691.61 $46,585,631.74 $42,736,062.58 $38,906,120.15 $35,927,144.72
A) Loss Trigger:
Principal of Contracts Charged Off $0.00 $234,457.84 $244,368.79 $11,306.85 $12,998.75
Recoveries $3,055.63 $44,036.59 $75,112.79 $63,532.92 $510,785.85
Total Charged Off (Months 5, 4, 3) $478,826.63
Total Recoveries (Months 3, 2, 1) $649,431.56
Net Loss / (Recoveries) for 3 Mos ($170,604.93)(a)
Total Balance (Months 5, 4, 3) $142,187,385.93 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.4398%
Trigger: Is Ratio > 1.5% No
Feb-98 Mar-98 Apr-98
B) Delinquency Trigger: $650,629.74 $338,002.67 $293,427.96
Balance delinquency 60+ days 1.52244% 0.86876% 0.81673%
As % of Beginning Pool Balance 1.53147% 1.20383% 1.06931%
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 - A Owner Trust
For the Month of April 1998
Distribution Date of May 20, 1998
Servicer Certificate #36
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $72,583,996.78
Beginning Pool Factor 0.1708344
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,714,268.41
Interest Collected $651,077.02
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $846,903.13
Total Additional Deposits $846,903.13
Repos / Chargeoffs $26,014.00
Aggregate Number of Notes Charged Off 37
Total Available Funds $7,888,883.09
Ending Pool Balance $66,167,079.84
Ending Pool Factor 0.1557315
Servicing Fee $60,486.66
Repayment of Servicer Advances $1,323,365.47
Reserve Account:
Beginning Balance (see Memo Item) $9,975,719.51
Target Percentage 6.00%
Target Balance $3,970,024.79
Minimum Balance $8,922,464.92
(Release) / Deposit ($1,053,254.59)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.447%
Current Weighted Average Remaining Term (months): 19.28
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $838,665.68 614
31 - 60 days $243,464.18 171
60+ days $123,960.65 56
Total: $1,206,090.51 653
Balances: 60+ days $677,615.13 56
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $39,777.85
+ Excess Serv. $1,013,476.74
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,975,719.51
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of April 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 $72,583,996.78
Ending Pool Balance $66,167,079.84
Collected Principal $6,390,902.94
Collected Interest $651,077.02
Charge - Offs $26,014.00
Liquidation Proceeds / Recoveries $846,903.13
Servicing $60,486.66
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $7,828,396.43
Beginning Balance $72,583,996.78 $0.00 $65,323,581.88 $7,260,414.90
Interest Due $398,002.75 $0.00 $356,557.88 $41,444.87
Interest Paid $398,002.75 $0.00 $356,557.88 $41,444.87
Principal Due $6,416,916.94 $0.00 $6,192,324.85 $224,592.09
Principal Paid $6,416,916.94 $0.00 $6,192,324.85 $224,592.09
Ending Balance $66,167,079.84 $0.00 $59,131,257.03 $7,035,822.81
Note / Certificate Pool Factor 0.0000 0.1792 0.4729
(Ending Balance / Original Pool Amount)
Total Distributions $6,814,919.69 $0.00 $6,548,882.73 $266,036.96
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 $1,013,476.74
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,975,719.51
(Release) / Draw ($1,053,254.59)
Ending Reserve Acct Balance $8,922,464.92
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of April 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec-97 Jan-98 Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $103,498,381.60 $93,080,172.51 $86,209,584.99 $79,351,205.60 $72,583,996.78
A) Loss Trigger:
Principal of Contracts Charged Off $1,069.66 $456,053.72 $71,697.69 $46,251.49 $26,014.00
Recoveries $305,192.54 $88,153.58 $107,486.79 $184,312.69 $846,903.13
Total Charged Off (Months 5, 4, 3) $528,821.07
Total Recoveries (Months 3, 2, 1) $1,138,702.61
Net Loss / (Recoveries) for 3 Mos ($609,881.54)(a)
Total Balance (Months 5, 4, 3) $282,788,139.10 (b)
Loss Ratio Annualized [(a/b) * (12)] -2.5880%
Trigger: Is Ratio > 1.5% No
Feb-98 Mar-98 Apr-98
B) Delinquency Trigger: $666,304.36 $578,649.10 $677,615.13
Balance delinquency 60+ days 0.77289% 0.72923% 0.93356%
As % of Beginning Pool Balance 1.00682% 0.76808% 0.81189%
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 1995 - B Owner Trust
For the Month of April 1998
Distribution Date of May 15, 1998
Servicer Certificate #31
<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 $149,863,734.61
Beginning Pool Factor 0.2854811
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,329,085.80
Interest Collected $1,290,579.23
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $301,402.14
Total Additional Deposits $301,402.14
Repos / Chargeoffs $87,825.24
Aggregate Number of Notes Charged Off 69
Total Available Funds $11,921,067.17
Ending Pool Balance $139,446,823.57
Ending Pool Factor 0.2656376
Servicing Fee $124,886.45
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,695,338.37
Target Percentage 5.50%
Target Balance $7,669,575.30
Minimum Balance $11,023,980.93
(Release) / Deposit ($671,357.44)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.854%
Current Weighted Average Remaining Term (months): 23.69
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,561,225.36 1,004
31 - 60 days $451,053.40 324
60+ days $136,774.98 66
Total: $2,149,053.74 1,019
Balances: 60+ days $1,527,740.24 66
Memo Item - Reserve Account
Prior Month $11,023,980.93
+ Invest. Income $49,234.54
+ Excess Serv. $622,122.90
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,695,338.37
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of April 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 $149,863,734.61
Ending Pool Balance $139,446,823.57
Collected Principal $10,329,085.80
Collected Interest $1,290,579.23
Charge - Offs $87,825.24
Liquidation Proceeds / Recoveries $301,402.14
Servicing $124,886.45
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $11,796,180.72
Beginning Balance $149,863,734.61 $0.00 $0.00 $138,684,057.86 $11,179,676.75
Interest Due $757,146.78 $0.00 $0.00 $699,198.79 $57,947.99
Interest Paid $757,146.78 $0.00 $0.00 $699,198.79 $57,947.99
Principal Due $10,416,911.04 $0.00 $0.00 $10,052,319.15 $364,591.89
Principal Paid $10,416,911.04 $0.00 $0.00 $10,052,319.15 $364,591.89
Ending Balance $139,446,823.57 $0.00 $0.00 $128,631,738.71 $10,815,084.86
Note / Certificate Pool Factor 0.0000 0.0000 0.4524 0.5886
(Ending Balance / Original Pool Amount)
Total Distributions $11,174,057.82 $0.00 $0.00 $10,751,517.94 $422,539.88
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 $622,122.90
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,695,338.37
(Release) / Draw ($671,357.44)
Ending Reserve Acct Balance $11,023,980.93
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of April, 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec-97 Jan-98 Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $189,740,165.51 $177,643,390.82 $168,562,493.73 $160,087,143.54 $149,863,734.61
A) Loss Trigger:
Principal of Contracts Charged Off $21,675.95 $244,474.62 $313,254.67 $41,333.74 $87,825.24
Recoveries $294,381.11 $450,213.60 $72,027.99 $583,334.83 $301,402.14
Total Charged Off (Months 5, 4, 3) $579,405.24
Total Recoveries (Months 3, 2, 1) $956,764.96
Net Loss / (Recoveries) for 3 Mos ($377,359.72)(a)
Total Balance (Months 5, 4, 3) $535,946,050.06(b)
Loss Ratio Annualized [(a/b) * (12)] -0.8449%
Trigger: Is Ratio > 1.5% No
Feb-98 Mar-98 Apr-98
B) Delinquency Trigger: $1,260,002.21 $1,150,174.46 $1,527,740.24
Balance delinquency 60+ days 0.74750% 0.71847% 1.01942%
As % of Beginning Pool Balance 0.80118% 0.76661% 0.82846%
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 - A Owner Trust
For the Month of April 1998
Distribution Date of May 15, 1998
Servicer Certificate #24
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $201,965,001.20
Beginning Pool Factor 0.4391079
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,168,153.73
Interest Collected $1,555,028.34
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $604,119.92
Total Additional Deposits $604,119.92
Repos / Chargeoffs $134,699.72
Aggregate Number of Notes Charged Off 90
Total Available Funds $11,327,301.99
Ending Pool Balance $192,662,147.75
Ending Pool Factor 0.4188819
Servicing Fee $168,304.17
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,920,402.75
Target Percentage 5.00%
Target Balance $9,633,107.39
Minimum Balance $9,658,821.26
(Release) / Deposit ($1,261,581.49)
Ending Balance $9,658,821.26
Current Weighted Average APR: 9.436%
Current Weighted Average Remaining Term (months): 29.70
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,552,246.20 1,023
31 - 60 days $366,652.87 312
60+ days $146,573.72 64
Total: $2,065,472.79 1,038
Balances: 60+ days $1,809,432.56 64
Memo Item - Reserve Account
Prior Month $10,098,250.06
+ Invest. Income $36,360.45
+ Excess Serv. $785,792.24
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,920,402.75
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of April 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 $201,965,001.20
Ending Pool Balance $192,662,147.75
Collected Principal $9,168,153.73
Collected Interest $1,555,028.34
Charge - Offs $134,699.72
Liquidation Proceeds / Recoveries $604,119.92
Servicing $168,304.17
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $11,158,997.82
Beginning Balance $201,965,001.20 $0.00 $188,999,747.93 $12,965,253.27
Interest Due $1,070,352.13 $0.00 $1,000,123.67 $70,228.46
Interest Paid $1,070,352.13 $0.00 $1,000,123.67 $70,228.46
Principal Due $9,302,853.45 $0.00 $8,884,225.04 $418,628.41
Principal Paid $9,302,853.45 $0.00 $8,884,225.04 $418,628.41
Ending Balance $192,662,147.75 $0.00 $180,115,522.89 $12,546,624.86
Note / Certificate Pool Factor 0.0000 0.5187 0.6062
(Ending Balance / Original Pool Amount)
Total Distributions $10,373,205.58 $0.00 $9,884,348.71 $488,856.87
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 $785,792.24
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,920,402.75
(Release) / Draw ($1,261,581.49)
Ending Reserve Acct Balance $9,658,821.26
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of April 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
Nov-97 Dec-97 Jan-98 Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $254,984,770.87 $245,988,899.09 $232,737,029.86 $222,045,543.52 $210,823,570.58 $201,965,001.20
A) Loss Trigger:
Principal of Contracts
Charged Off $311,380.44 $304,829.40 $454,573.67 $345,256.84 $242,578.83 $134,699.72
Recoveries $206,762.10 $413,465.80 $254,536.38 $437,872.30 $501,962.37 $604,119.92
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,104,659.91 Total Charged off (Months 1 - 6) $1,793,318.90
Total Recoveries (Months 3, 2, 1) $1,543,954.59 Total Recoveries (Months 1 - 6) $2,418,718.87
Net Loss / (Recoveries) for 3 Mos ($439,294.68)(a) Net Loss/(Recoveries) for 6 Mos. ($625,399.97)(c)
Total Balance (Months 5, 4, 3) $700,771,472.47 (b) Total Balance (Months 1 - 6) $1,368,544,815.1(d)
Loss Ratio Annualized [(a/b) * (12)] -0.7522% Loss Ratio Annualized [(c/d) (12)] -0.5484%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $1,753,541.88 $2,105,133.63 $1,809,432.56
Balance delinquency 60+ days 0.78972% 0.99853% 0.89591%
As % of Beginning Pool Balance 1.06100% 0.92753% 0.89472%
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 - B Owner Trust
For the Month of April 1998
Distribution Date of May 20, 1998
Servicer Certificate #19
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $246,172,998.69
Beginning Pool Factor 0.5060006
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,392,433.48
Interest Collected $2,091,908.69
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $2,397,242.15
Total Additional Deposits $2,397,242.15
Repos / Chargeoffs $924,170.15
Aggregate Number of Notes Charged Off 122
Total Available Funds $15,611,222.12
Ending Pool Balance $234,126,757.26
Ending Pool Factor 0.4812399
Servicing Fee $205,144.17
Repayment of Servicer Advances $270,362.20
Reserve Account:
Beginning Balance (see Memo Item) $11,822,089.89
Target Percentage 2.50%
Target Balance $5,853,168.93
Minimum Balance $9,730,147.26
(Release) / Deposit ($2,091,942.63)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.972%
Current Weighted Average Remaining Term (months): 33.12
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,624,656.37 1,296
31 - 60 days $450,827.09 344
60+ days $204,376.61 87
Total: $2,279,860.07 1,305
Balances: 60+ days $2,611,553.65 87
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $42,277.44
+ Excess Serv. $2,049,665.19
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,822,089.89
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of April 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% 0.00% 93.50% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $246,172,998.69
Ending Pool Balance $234,126,757.26
Collected Principal $11,122,071.28
Collected Interest $2,091,908.69
Charge - Offs $924,170.15
Liquidation Proceeds/Recoveries $2,397,242.15
Servicing $205,144.17
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,406,077.95
Beginning Balance $246,172,998.69 $0.00 $0.00 $223,264,869.61 $12,343,787.11 $10,564,341.97
Interest Due $1,310,171.33 $0.00 $0.00 $1,177,722.19 $66,862.18 $65,586.96
Interest Paid $1,310,171.33 $0.00 $0.00 $1,177,722.19 $66,862.18 $65,586.96
Principal Due $12,046,241.43 $0.00 $0.00 $11,263,235.74 $421,618.45 $361,387.24
Principal Paid $12,046,241.43 $0.00 $0.00 $11,263,235.74 $421,618.45 $361,387.24
Ending Balance $234,126,757.26 $0.00 $0.00 $212,001,633.87 $11,922,168.66 $10,202,954.73
Note / Certificate Pool Factor 0.0000 0.0000 0.8964 0.7002 0.6998
(Ending Balance / Original Pool Amount)
Total Distributions $13,356,412.76 $0.00 $0.00 $12,440,957.93 $488,480.63 $426,974.20
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 $2,049,665.19
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,822,089.89
(Release) / Draw ($2,091,942.63)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of April 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
Nov-97 Dec-97 Jan-98 Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $317,634,491.42 $307,339,061.17 $290,293,937.92 $271,290,173.60 $258,022,892.73 $246,172,998.69
A) Loss Trigger:
Principal of Contracts
Charged Off $427,497.73 $2,140,338.06 $1,108,101.38 $664,343.07 $619,153.90 $924,170.15
Recoveries $510,112.36 $437,340.36 $553,894.62 $825,149.66 $1,334,354.14 $2,397,242.15
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $3,912,782.51 Total Charged off (Months 1 - 6) $5,883,604.29
Total Recoveries (Months 3, 2, 1) $4,556,745.95 Total Recoveries (Months 1 - 6) $6,058,093.29
Net Loss / (Recoveries) for 3 Mos ($643,963.44)(a) Net Loss/(Recoveries) for 6 Mos. ($174,489.00)(c)
Total Balance (Months 5, 4, 3) $868,923,172.69(b) Total Balance (Months 1 - 6) $1,690,753,555.53(d)
Loss Ratio Annualized [(a/b) * (12)] -0.8893% Loss Ratio Annualized [(c/d) (12)] -0.12384%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $3,320,731.46 $2,686,177.99 $2,611,553.65
Balance delinquency 60+ days 1.22405% 1.04106% 1.06086%
As % of Beginning Pool Balance 1.60505% 1.15267% 1.10866%
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 20.6
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of April 1998
Distribution Date of May 15, 1998
Servicer Certificate #13
<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 $333,641,595.71
Beginning Pool Factor 0.6840524
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $13,699,573.71
Interest Collected $2,812,489.31
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $1,150,936.44
Total Additional Deposits $1,150,936.44
Repos / Chargeoffs $885,640.43
Aggregate Number of Notes Charged Off 115
Total Available Funds $17,528,017.32
Ending Pool Balance $319,191,363.71
Ending Pool Factor 0.6544257
Servicing Fee $278,034.66
Repayment of Servicer Advances $134,982.14
Reserve Account:
Beginning Balance (see Memo Item) $18,552,678.10
Target Percentage 5.25%
Target Balance $16,757,546.59
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,795,131.51)
Ending Balance $16,757,546.59
Current Weighted Average APR: 10.129%
Current Weighted Average Remaining Term (months): 38.53
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,239,822.07 1,706
31 - 60 days $570,148.42 454
60+ days $200,936.02 104
Total: $3,010,906.51 1,713
Balances: 60+ days $3,441,337.34 104
Memo Item - Reserve Account
Prior Month $17,516,183.77
+ Invest. Income $69,680.45
+ Excess Serv. $966,813.88
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $18,552,678.10
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of April 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 $333,641,595.71
Ending Pool Balance $319,191,363.71
Collected Principal $13,564,591.57
Collected Interest $2,812,489.31
Charge - Offs $885,640.43
Liquidation Proceeds / Recoveries $1,150,936.44
Servicing $278,034.66
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $17,249,982.66
Beginning Balance $333,641,595.71 $0.00 $140,141,595.71 $176,000,000.00 $17,500,000.00
Interest Due $1,832,936.78 $0.00 $741,582.61 $990,000.00 $101,354.17
Interest Paid $1,832,936.78 $0.00 $741,582.61 $990,000.00 $101,354.17
Principal Due $14,450,232.00 $0.00 $14,450,232.00 $0.00 $0.00
Principal Paid $14,450,232.00 $0.00 $14,450,232.00 $0.00 $0.00
Ending Balance $319,191,363.71 $0.00 $125,691,363.71 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.5675 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $16,283,168.78 $0.00 $15,191,814.61 $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 $966,813.88
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $18,552,678.10
(Release) / Draw ($1,795,131.51)
Ending Reserve Acct Balance $16,757,546.59
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of April 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec-97 Jan-98 Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $391,635,519.65 $376,878,114.73 $360,247,735.24 $346,931,674.81 $333,641,595.71
A) Loss Trigger:
Principal of Contracts Charged Off $726,667.97 $1,027,934.74 $1,376,786.24 $612,503.09 $885,640.43
Recoveries $504,699.03 $670,263.72 $752,632.58 $628,861.47 $1,150,936.44
Total Charged Off (Months 5, 4, 3) $3,131,388.95
Total Recoveries (Months 3, 2, 1) $2,532,430.49
Net Loss / (Recoveries) for 3 Mos $598,958.46 (a)
Total Balance (Months 5, 4, 3) $1,128,761,369.62 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.6368%
Trigger: Is Ratio > 1.5% No
Feb-98 Mar-98 Apr-98
B) Delinquency Trigger: $4,252,470.11 $3,065,251.46 $3,441,337.34
Balance delinquency 60+ days 1.18043% 0.88353% 1.03145%
As % of Beginning Pool Balance 1.23526% 1.12759% 1.03180%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.4357%
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 - B Owner Trust
For the Month of April 1998
Distribution Date of May 15, 1998
Servicer Certificate #7
<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 $416,657,273.79
Beginning Pool Factor 0.8333239
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,940,136.37
Interest Collected $3,426,218.55
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $1,225,572.81
Total Additional Deposits $1,225,572.81
Repos / Chargeoffs $770,176.40
Aggregate Number of Notes Charged Off 70
Total Available Funds $16,591,927.73
Ending Pool Balance $403,946,961.02
Ending Pool Factor 0.8079030
Servicing Fee $347,214.39
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $23,364,505.12
Target Percentage 5.25%
Target Balance $21,207,215.45
Minimum Balance $9,999,887.79
(Release) / Deposit ($2,157,289.67)
Ending Balance $21,207,215.45
Current Weighted Average APR: 9.961%
Current Weighted Average Remaining Term (months): 44.71
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,050,782.58 1,709
31 - 60 days $373,341.72 318
60+ days $130,128.96 70
Total: $2,554,253.26 1,714
Balances: 60+ days $2,773,770.75 70
Memo Item - Reserve Account
Prior Month $21,874,506.87
+ Invest. Income $93,706.78
+ Excess Serv. $1,396,291.47
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $23,364,505.12
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of April 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 $416,657,273.79
Ending Pool Balance $403,946,961.02
Collected Principal $11,940,136.37
Collected Interest $3,426,218.55
Charge - Offs $770,176.40
Liquidation Proceeds/Recoveries $1,225,572.81
Servicing $347,214.39
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $16,244,713.34
Beginning Balance $416,657,273.79 $23,657,273.79 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Interest Due $2,138,109.10 $112,805.77 $466,553.33 $682,000.00 $784,875.00 $91,875.00
Interest Paid $2,138,109.10 $112,805.77 $466,553.33 $682,000.00 $784,875.00 $91,875.00
Principal Due $12,710,312.77 $12,710,312.77 $0.00 $0.00 $0.00 $0.00
Principal Paid $12,710,312.77 $12,710,312.77 $0.00 $0.00 $0.00 $0.00
Ending Balance $403,946,961.02 $10,946,961.02 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.1023 1.0000 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $14,848,421.87 $12,823,118.54 $466,553.33 $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 $1,396,291.47
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $23,364,505.12
(Release) / Draw ($2,157,289.67)
Ending Reserve Acct Balance $21,207,215.45
</TABLE>
<PAGE>
Exhibit 20.7
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
Dec-97 Jan-98 Feb-98 Mar-98 Apr-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $473,462,264.08 $457,614,248.57 $445,650,559.34 $430,187,475.40 $416,657,273.79
A) Loss Trigger:
Principal of Contracts
Charged Off $290,370.34 $845,634.17 $984,569.70 $654,699.79 $770,176.40
Recoveries $125,776.80 $80,339.40 $865,568.93 $476,944.76 $1,225,572.81
Total Charged Off (Months 5, 4, 3) $2,120,574.21
Total Recoveries (Months 3, 2, 1) $2,568,086.50
Net Loss / (Recoveries) for 3 Mos ($447,512.29)(a)
Total Balance (Months 5, 4, 3) $1,376,727,071.99(b)
Loss Ratio Annualized [(a/b) * (12)] -0.39007%
Trigger: Is Ratio > 1.5% No
Feb-98 Mar-98 Apr-98
B) Delinquency Trigger: 2,784,128.37 3,029,282.80 2,773,770.75
Balance delinquency 60+ days 0.62473% 0.70418% 0.66572%
As % of Beginning Pool Balance 0.52806% 0.62880% 0.66488%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.24149%
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
