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) June 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,
NAVISTAR FINANCIAL 1997-B OWNER TRUST AND
NAVISTAR FINANCIAL 1998-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
33-55865 51-0337491
(Commission File Number) (I.R.S. Employer Identification No.)
2850 West Golf Road Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code 847-734-4000
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On June 15 and 22, 1998, Registrant made available the Monthly
Servicer Certificates for the Period of May 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,
NAVISTAR FINANCIAL 1997-B OWNER TRUST AND
NAVISTAR FINANCIAL 1998-A OWNER TRUST
(Registrant)
Date: July 15, 1998 By:/s/ P. E. COCHRAN
- ------------------------ --------------------------
P. 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 June 22, 1998
Navistar Financial 1995-A Owner Trust
20.2 Monthly Servicer Certificate, dated June 22, 1998
Navistar Financial 1995-B Owner Trust
20.3 Monthly Servicer Certificate, dated June 15, 1998
Navistar Financial 1996-A Owner Trust
20.4 Monthly Servicer Certificate, dated June 15, 1998
Navistar Financial 1996-B Owner Trust
20.5 Monthly Servicer Certificate, dated June 22, 1998
Navistar Financial 1997-A Owner Trust
20.6 Monthly Servicer Certificate, dated June 15, 1998
Navistar Financial 1997-B Owner Trust
20.7 Monthly Servicer Certificate, dated June 15, 1998
Navistar Financial 1998-A Owner Trust
20.8 Monthly Servicer Certificate, dated June 15, 1998
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of May 1998
Distribution Date of June 22, 1998
Servicer Certificate #42
<TABLE>
<S> <C>
Original Pool Amount $315,029,921.60
Beginning Pool Balance $32,035,907.43
Beginning Pool Factor 0.1016916
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,614,028.80
Interest Collected $237,411.06
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $51,717.45
Total Additional Deposits $51,717.45
Repos / Chargeoffs $42,806.59
Aggregate Number of Notes Charged Off 32
Total Available Funds $2,903,157.31
Ending Pool Balance $29,379,072.04
Ending Pool Factor 0.0932580
Servicing Fee $26,696.59
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $6,653,584.30
Target Percentage 6.50%
Target Balance $1,909,639.68
Minimum Balance $6,615,628.35
(Release) / Deposit ($37,955.95)
Ending Balance $6,615,628.35
Current Weighted Average APR: 9.392%
Current Weighted Average Remaining Term (months): 14.22
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $373,366.41 302
31 - 60 days $88,563.41 53
60+ days $72,014.11 16
Total: $533,943.93 313
Balances: 60+ days $148,548.26 16
Memo Item - Reserve Account
Prior Month $6,615,628.35
+ Invest. Income $30,513.99
+ Excess Serv. $7,441.96
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $6,653,584.30
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1994 - C Owner Trust
For the Month of May 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 $32,035,907.43
Ending Pool Balance $29,379,072.04
Collected Principal $2,614,028.80
Collected Interest $237,411.06
Charge - Offs $42,806.59
Liquidation Proceeds / Recoveries $51,717.45
Servicing $26,696.59
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $2,876,460.72
Beginning Balance $31,722,884.27 $0.00 $28,933,002.96 $2,789,881.31
Interest Due $212,183.37 $0.00 $192,886.69 $19,296.68
Interest Paid $212,183.37 $0.00 $192,886.69 $19,296.68
Principal Due $2,656,835.39 $0.00 $2,563,846.15 $92,989.24
Principal Paid $2,656,835.39 $0.00 $2,563,846.15 $92,989.24
Ending Balance $29,066,048.88 $0.00 $26,369,156.81 $2,696,892.07
Note / Certificate Pool Factor 0.0000 0.2718 0.2445
(Ending Balance / Original Pool Amount)
Total Distributions $2,869,018.76 $0.00 $2,756,732.84 $112,285.92
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 $7,441.96
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $6,653,584.30
(Release) / Draw ($37,955.95)
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 May 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan-98 Feb-98 Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $46,585,631.74 $42,736,062.58 $38,906,120.15 $35,927,144.72 $32,035,907.43
A) Loss Trigger:
Principal of Contracts Charged Off $234,457.84 $244,368.79 $11,306.85 $12,998.75 $42,806.59
Recoveries $44,036.59 $75,112.79 $63,532.92 $510,785.85 $51,717.45
Total Charged Off (Months 5, 4, 3) $490,133.48
Total Recoveries (Months 3, 2, 1) $626,036.22
Net Loss / (Recoveries) for 3 Mos ($135,902.74)(a)
Total Balance (Months 5, 4, 3) $128,227,814.47 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.2718%
Trigger: Is Ratio > 1.5% No
Mar-98 Apr-98 May-98
B) Delinquency Trigger: $338,002.67 $293,427.96 $148,548.26
Balance delinquency 60+ days 0.86876% 0.81673% 0.46369%
As % of Beginning Pool Balance 1.20383% 1.06931% 0.71640%
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 May 1998
Distribution Date of June 22, 1998
Servicer Certificate #37
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $66,167,079.84
Beginning Pool Factor 0.1557315
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,874,038.78
Interest Collected $589,354.83
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $198,574.51
Total Additional Deposits $198,574.51
Repos / Chargeoffs $77,369.90
Aggregate Number of Notes Charged Off 35
Total Available Funds $5,538,077.66
Ending Pool Balance $61,339,561.62
Ending Pool Factor 0.1443694
Servicing Fee $55,139.23
Repayment of Servicer Advances $123,890.46
Reserve Account:
Beginning Balance (see Memo Item) $9,256,120.03
Target Percentage 6.00%
Target Balance $3,680,373.70
Minimum Balance $8,922,464.92
(Release) / Deposit ($333,655.11)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.416%
Current Weighted Average Remaining Term (months): 18.39
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $789,310.07 567
31 - 60 days $229,139.70 186
60+ days $118,196.00 59
Total: $1,136,645.77 606
Balances: 60+ days $608,099.63 59
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $41,155.83
+ Excess Serv. $292,499.28
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,256,120.03
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of May 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 $66,167,079.84
Ending Pool Balance $61,339,561.62
Collected Principal $4,750,148.32
Collected Interest $589,354.83
Charge - Offs $77,369.90
Liquidation Proceeds / Recoveries $198,574.51
Servicing $55,139.23
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $5,482,938.43
Beginning Balance $66,167,079.84 $0.00 $59,131,257.03 $7,035,822.81
Interest Due $362,920.93 $0.00 $322,758.11 $40,162.82
Interest Paid $362,920.93 $0.00 $322,758.11 $40,162.82
Principal Due $4,827,518.22 $0.00 $4,658,555.08 $168,963.14
Principal Paid $4,827,518.22 $0.00 $4,658,555.08 $168,963.14
Ending Balance $61,339,561.62 $0.00 $54,472,701.95 $6,866,859.67
Note / Certificate Pool Factor 0.0000 0.1651 0.4615
(Ending Balance / Original Pool Amount)
Total Distributions $5,190,439.15 $0.00 $4,981,313.19 $209,125.96
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 $292,499.28
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,256,120.03
(Release) / Draw ($333,655.11)
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 May 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan-98 Feb-98 Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $93,080,172.51 $86,209,584.99 $79,351,205.60 $72,583,996.78 $66,167,079.84
A) Loss Trigger:
Principal of Contracts Charged Off $456,053.72 $71,697.69 $46,251.49 $26,014.00 $77,369.90
Recoveries $88,153.58 $107,486.79 $184,312.69 $846,903.13 $198,574.51
Total Charged Off (Months 5, 4, 3) $574,002.90
Total Recoveries (Months 3, 2, 1) $1,229,790.33
Net Loss / (Recoveries) for 3 Mos ($655,787.43)(a)
Total Balance (Months 5, 4, 3) $258,640,963.10 (b)
Loss Ratio Annualized [(a/b) * (12)] -3.0426%
Trigger: Is Ratio > 1.5% No
Mar-98 Apr-98 May-98
B) Delinquency Trigger: $578,649.10 $677,615.13 $608,099.63
Balance delinquency 60+ days 0.72923% 0.93356% 0.91904%
As % of Beginning Pool Balance 0.76808% 0.81189% 0.86061%
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 May 1998
Distribution Date of June 15, 1998
Servicer Certificate #32
<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 $139,446,823.57
Beginning Pool Factor 0.2656376
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,159,569.93
Interest Collected $1,146,281.19
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $247,495.63
Total Additional Deposits $247,495.63
Repos / Chargeoffs $105,061.20
Aggregate Number of Notes Charged Off 65
Total Available Funds $9,474,183.53
Ending Pool Balance $131,261,355.66
Ending Pool Factor 0.2500447
Servicing Fee $116,205.69
Repayment of Servicer Advances $79,163.22
Reserve Account:
Beginning Balance (see Memo Item) $11,539,443.79
Target Percentage 5.50%
Target Balance $7,219,374.56
Minimum Balance $11,023,980.93
(Release) / Deposit ($515,462.86)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.846%
Current Weighted Average Remaining Term (months): 22.82
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,643,482.91 1,076
31 - 60 days $451,520.65 321
60+ days $127,857.28 67
Total: $2,222,860.84 1,087
Balances: 60+ days $1,398,621.99 67
Memo Item - Reserve Account
Prior Month $11,023,980.93
+ Invest. Income $47,529.47
+ Excess Serv. $467,933.39
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,539,443.79
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of May 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 $139,446,823.57
Ending Pool Balance $131,261,355.66
Collected Principal $8,080,406.71
Collected Interest $1,146,281.19
Charge - Offs $105,061.20
Liquidation Proceeds / Recoveries $247,495.63
Servicing $116,205.69
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $9,357,977.84
Beginning Balance $139,446,823.57 $0.00 $0.00 $128,631,738.71 $10,815,084.86
Interest Due $704,576.54 $0.00 $0.00 $648,518.35 $56,058.19
Interest Paid $704,576.54 $0.00 $0.00 $648,518.35 $56,058.19
Principal Due $8,185,467.91 $0.00 $0.00 $7,898,976.53 $286,491.38
Principal Paid $8,185,467.91 $0.00 $0.00 $7,898,976.53 $286,491.38
Ending Balance $131,261,355.66 $0.00 $0.00 $120,732,762.18 $10,528,593.48
Note / Certificate Pool Factor 0.0000 0.0000 0.4246 0.5730
(Ending Balance / Original Pool Amount)
Total Distributions $8,890,044.45 $0.00 $0.00 $8,547,494.88 $342,549.57
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 $467,933.39
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,539,443.79
(Release) / Draw ($515,462.86)
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 May, 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan-98 Feb-98 Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $177,643,390.82 $168,562,493.73 $160,087,143.54 $149,863,734.61 $139,446,823.57
A) Loss Trigger:
Principal of Contracts Charged Off $244,474.62 $313,254.67 $41,333.74 $87,825.24 $105,061.20
Recoveries $450,213.60 $72,027.99 $583,334.83 $301,402.14 $247,495.63
Total Charged Off (Months 5, 4, 3) $599,063.03
Total Recoveries (Months 3, 2, 1) $1,132,232.60
Net Loss / (Recoveries) for 3 Mos ($533,169.57)(a)
Total Balance (Months 5, 4, 3) $506,293,028.09(b)
Loss Ratio Annualized [(a/b) * (12)] -1.2637%
Trigger: Is Ratio > 1.5% No
Mar-98 Apr-98 May-98
B) Delinquency Trigger: $1,150,174.46 $1,527,740.24 $1,398,621.99
Balance delinquency 60+ days 0.71847% 1.01942% 1.00298%
As % of Beginning Pool Balance 0.76661% 0.82846% 0.91362%
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 May 1998
Distribution Date of June 15, 1998
Servicer Certificate #25
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $192,662,147.75
Beginning Pool Factor 0.4188819
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,354,172.36
Interest Collected $1,501,133.50
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $385,285.54
Total Additional Deposits $385,285.54
Repos / Chargeoffs $467,682.14
Aggregate Number of Notes Charged Off 93
Total Available Funds $10,240,591.40
Ending Pool Balance $183,840,293.25
Ending Pool Factor 0.3997016
Servicing Fee $160,551.79
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,946,679.21
Target Percentage 5.00%
Target Balance $9,192,014.66
Minimum Balance $9,658,821.26
(Release) / Deposit ($287,857.95)
Ending Balance $9,658,821.26
Current Weighted Average APR: 9.427%
Current Weighted Average Remaining Term (months): 28.83
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,545,701.52 1,179
31 - 60 days $586,904.06 355
60+ days $183,029.78 87
Total: $2,315,635.36 1,199
Balances: 60+ days $1,908,134.36 87
Memo Item - Reserve Account
Prior Month $9,658,821.26
+ Invest. Income $50,745.03
+ Excess Serv. $237,112.92
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,946,679.21
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of May 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 $192,662,147.75
Ending Pool Balance $183,840,293.25
Collected Principal $8,354,172.36
Collected Interest $1,501,133.50
Charge - Offs $467,682.14
Liquidation Proceeds / Recoveries $385,285.54
Servicing $160,551.79
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $10,080,039.61
Beginning Balance $192,662,147.75 $0.00 $180,115,522.89 $12,546,624.86
Interest Due $1,021,072.19 $0.00 $953,111.31 $67,960.88
Interest Paid $1,021,072.19 $0.00 $953,111.31 $67,960.88
Principal Due $8,821,854.50 $0.00 $8,424,871.05 $396,983.45
Principal Paid $8,821,854.50 $0.00 $8,424,871.05 $396,983.45
Ending Balance $183,840,293.25 $0.00 $171,690,651.84 $12,149,641.41
Note / Certificate Pool Factor 0.0000 0.4944 0.5870
(Ending Balance / Original Pool Amount)
Total Distributions $9,842,926.69 $0.00 $9,377,982.36 $464,944.33
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 $237,112.92
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,946,679.21
(Release) / Draw ($287,857.95)
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 May 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
Dec-97 Jan-98 Feb-98 Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $245,988,899.09 $232,737,029.86 $222,045,543.52 $210,823,570.58 $201,965,001.20 $192,662,147.75
A) Loss Trigger:
Principal of Contracts
Charged Off $304,829.40 $454,573.67 $345,256.84 $242,578.83 $134,699.72 $467,682.14
Recoveries $413,465.80 $254,536.38 $437,872.30 $501,962.37 $604,119.92 $385,285.54
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,042,409.34 Total Charged off (Months 1 - 6) $1,949,620.60
Total Recoveries (Months 3, 2, 1) $1,491,367.83 Total Recoveries (Months 1 - 6) $2,597,242.31
Net Loss / (Recoveries) for 3 Mos ($448,958.49)(a) Net Loss/(Recoveries) for 6 Mos. ($647,621.71)(c)
Total Balance (Months 5, 4, 3) $665,606,143.96(b) Total Balance (Months 1 - 6) $1,306,222,192.00(d)
Loss Ratio Annualized [(a/b) * (12)] -0.8094% Loss Ratio Annualized [(c/d) (12)] -0.5950%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $2,105,133.63 $1,809,432.56 $1,908,134.36
Balance delinquency 60+ days 0.99853% 0.89591% 0.99040%
As % of Beginning Pool Balance 0.92753% 0.89472% 0.96162%
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 May 1998
Distribution Date of June 22, 1998
Servicer Certificate #20
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $234,126,757.26
Beginning Pool Factor 0.4812399
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,430,518.91
Interest Collected $1,935,621.82
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $593,326.92
Total Additional Deposits $593,326.92
Repos / Chargeoffs $540,216.26
Aggregate Number of Notes Charged Off 121
Total Available Funds $10,063,572.54
Ending Pool Balance $226,051,917.20
Ending Pool Factor 0.4646423
Servicing Fee $195,105.63
Repayment of Servicer Advances $895,895.11
Reserve Account:
Beginning Balance (see Memo Item) $10,320,825.64
Target Percentage 2.50%
Target Balance $5,651,297.93
Minimum Balance $9,730,147.26
(Release) / Deposit ($590,678.38)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.955%
Current Weighted Average Remaining Term (months): 32.20
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,734,097.48 1,422
31 - 60 days $490,160.63 377
60+ days $219,763.86 100
Total: $2,444,021.97 1,433
Balances: 60+ days $2,892,433.92 100
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $43,281.90
+ Excess Serv. $547,396.48
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,320,825.64
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of May 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 $234,126,757.26
Ending Pool Balance $226,051,917.20
Collected Principal $7,534,623.80
Collected Interest $1,935,621.82
Charge - Offs $540,216.26
Liquidation Proceeds/Recoveries $593,326.92
Servicing $195,105.63
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $9,868,466.91
Beginning Balance $234,126,757.26 $0.00 $0.00 $212,001,633.87 $11,922,168.66 $10,202,954.73
Interest Due $1,246,230.37 $0.00 $0.00 $1,118,308.62 $64,578.41 $63,343.34
Interest Paid $1,246,230.37 $0.00 $0.00 $1,118,308.62 $64,578.41 $63,343.34
Principal Due $8,074,840.06 $0.00 $0.00 $7,549,975.46 $282,619.40 $242,245.20
Principal Paid $8,074,840.06 $0.00 $0.00 $7,549,975.46 $282,619.40 $242,245.20
Ending Balance $226,051,917.20 $0.00 $0.00 $204,451,658.41 $11,639,549.26 $9,960,709.53
Note / Certificate Pool Factor 0.0000 0.0000 0.8645 0.6836 0.6832
(Ending Balance / Original Pool Amount)
Total Distributions $9,321,070.43 $0.00 $0.00 $8,668,284.08 $347,197.81 $305,588.54
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 $547,396.48
(see Memo Item - Reserve Account)
Beginning Reserve Account
Balance $10,320,825.64
(Release) / Draw ($590,678.38)
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 May 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
Dec-97 Jan-98 Feb-98 Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $307,339,061.17 $290,293,937.92 $271,290,173.60 $258,022,892.73 $246,172,998.69 $234,126,757.26
A) Loss Trigger:
Principal of Contracts
Charged Off $2,140,338.06 $1,108,101.38 $664,343.07 $619,153.90 $924,170.15 $540,216.26
Recoveries $437,340.36 $553,894.62 $825,149.66 $1,334,354.14 $2,397,242.15 $593,326.92
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $2,391,598.35 Total Charged off (Months 1 - 6) $5,996,322.82
Total Recoveries (Months 3, 2, 1) $4,324,923.21 Total Recoveries (Months 1 - 6) $6,141,307.85
Net Loss / (Recoveries) for 3 Mos ($1,933,324.86)(a) Net Loss/(Recoveries) for 6 Mos. ($144,985.03)(c)
Total Balance (Months 5, 4, 3) $819,607,004.25(b) Total Balance (Months 1 - 6) $1,607,245,821.37(d)
Loss Ratio Annualized [(a/b) * (12)] -2.8306% Loss Ratio Annualized [(c/d) (12)] -0.10825%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $2,686,177.99 $2,611,553.65 $2,892,433.92
Balance delinquency 60+ days 1.04106% 1.06086% 1.23541%
As % of Beginning Pool Balance 1.15267% 1.10866% 1.11245%
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 May 1998
Distribution Date of June 15, 1998
Servicer Certificate #14
<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 $319,191,363.71
Beginning Pool Factor 0.6544257
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,323,271.95
Interest Collected $2,661,795.11
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $446,856.23
Total Additional Deposits $446,856.23
Repos / Chargeoffs $578,731.40
Aggregate Number of Notes Charged Off 117
Total Available Funds $14,431,923.29
Ending Pool Balance $307,289,360.36
Ending Pool Factor 0.6300235
Servicing Fee $265,992.80
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $17,350,905.49
Target Percentage 5.25%
Target Balance $16,132,691.42
Minimum Balance $10,499,931.43
(Release) / Deposit ($1,218,214.07)
Ending Balance $16,132,691.42
Current Weighted Average APR: 10.114%
Current Weighted Average Remaining Term (months): 37.65
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,415,681.35 1,866
31 - 60 days $591,574.94 500
60+ days $270,974.13 114
Total: $3,278,230.42 1,882
Balances: 60+ days $3,339,966.30 114
Memo Item - Reserve Account
Prior Month $16,757,546.59
+ Invest. Income $85,902.73
+ Excess Serv. $507,456.17
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $17,350,905.49
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of May 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 $319,191,363.71
Ending Pool Balance $307,289,360.36
Collected Principal $11,323,271.95
Collected Interest $2,661,795.11
Charge - Offs $578,731.40
Liquidation Proceeds / Recoveries $446,856.23
Servicing $265,992.80
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $14,165,930.49
Beginning Balance $319,191,363.71 $0.00 $125,691,363.71 $176,000,000.00 $17,500,000.00
Interest Due $1,756,470.97 $0.00 $665,116.80 $990,000.00 $101,354.17
Interest Paid $1,756,470.97 $0.00 $665,116.80 $990,000.00 $101,354.17
Principal Due $11,902,003.35 $0.00 $11,902,003.35 $0.00 $0.00
Principal Paid $11,902,003.35 $0.00 $11,902,003.35 $0.00 $0.00
Ending Balance $307,289,360.36 $0.00 $113,789,360.36 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.5137 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $13,658,474.32 $0.00 $12,567,120.15 $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 $507,456.17
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $17,350,905.49
(Release) / Draw ($1,218,214.07)
Ending Reserve Acct Balance $16,132,691.42
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of May, 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan-98 Feb-98 Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $376,878,114.73 $360,247,735.24 $346,931,674.81 $333,641,595.71 $319,191,363.71
A) Loss Trigger:
Principal of Contracts
Charged Off $1,027,934.74 $1,376,786.24 $612,503.09 $885,640.43 $578,731.40
Recoveries $670,263.72 $752,632.58 $628,861.47 $1,150,936.44 $446,856.23
Total Charged Off (Months 5, 4, 3) $3,017,224.07
Total Recoveries (Months 3, 2, 1) $2,226,654.14
Net Loss / (Recoveries) for 3 Mos $790,569.93 (a)
Total Balance (Months 5, 4, 3) $1,084,057,524.78 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.8751%
Trigger: Is Ratio > 1.5% No
Mar-98 Apr-98 May-98
B) Delinquency Trigger: $3,065,251.46 $3,441,337.34 $3,339,966.30
Balance delinquency 60+ days 0.88353% 1.03145% 1.04638%
As % of Beginning Pool Balance 1.12759% 1.03180% 0.98712%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.3076%
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 May 1998
Distribution Date of June 15, 1998
Servicer Certificate #8
<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 $403,946,961.02
Beginning Pool Factor 0.8079030
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $13,466,980.58
Interest Collected $3,337,477.67
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $557,628.06
Total Additional Deposits $557,628.06
Repos / Chargeoffs $542,695.47
Aggregate Number of Notes Charged Off 82
Total Available Funds $17,362,086.31
Ending Pool Balance $389,937,284.97
Ending Pool Factor 0.7798833
Servicing Fee $336,622.47
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $22,237,804.43
Target Percentage 5.25%
Target Balance $20,471,707.46
Minimum Balance $9,999,887.79
(Release) / Deposit ($1,766,096.97)
Ending Balance $20,471,707.46
Current Weighted Average APR: 9.952%
Current Weighted Average Remaining Term (months): 43.86
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,278,758.40 1,913
31 - 60 days $494,509.67 393
60+ days $164,860.73 82
Total: $2,938,128.80 1,917
Balances: 60+ days $3,489,840.49 82
Memo Item - Reserve Account
Prior Month $21,207,215.45
+ Invest. Income $109,535.27
+ Excess Serv. $921,053.71
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $22,237,804.43
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of May 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 78.14% 0.00% 0.00% 0.00% 21.86%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $403,946,961.02
Ending Pool Balance $389,937,284.97
Collected Principal $13,466,980.58
Collected Interest $3,337,477.67
Charge - Offs $542,695.47
Liquidation Proceeds/Recoveries $557,628.06
Servicing $336,622.47
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $17,025,463.84
Beginning 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
Interest Due $2,094,793.83 $53,938.72 $482,105.11 $682,000.00 $784,875.00 $91,875.00
Interest Paid $2,094,793.83 $53,938.72 $482,105.11 $682,000.00 $784,875.00 $91,875.00
Principal Due $14,009,616.30 $10,946,961.02 $0.00 ($0.00) $0.00 $3,062,655.28
Principal Paid $14,009,616.30 $10,946,961.02 $0.00 $0.00 $0.00 $3,062,655.28
Ending Balance $389,937,344.72 $0.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $14,437,344.72
Note / Certificate Pool Factor 0.0000 1.0000 1.0000 1.0000 0.8250
(Ending Balance / Original Pool Amount)
Total Distributions $16,104,410.13 $11,000,899.74 $482,105.11 $682,000.00 $784,875.00 $3,154,530.28
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 $921,053.71
(see Memo Item - Reserve Account)
Beginning Reserve Account
Balance $22,237,804.43
(Release) / Draw ($1,766,096.97)
Ending Reserve Acct Balance $20,471,707.46
</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
Jan-98 Feb-98 Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $457,614,248.57 $445,650,559.34 $430,187,475.40 $416,657,273.79 $403,946,961.02
A) Loss Trigger:
Principal of Contracts
Charged Off $845,634.17 $984,569.70 $654,699.79 $770,176.40 $542,695.47
Recoveries $80,339.40 $865,568.93 $476,944.76 $1,225,572.81 $557,628.06
Total Charged Off (Months 5, 4, 3) $2,484,903.66
Total Recoveries (Months 3, 2, 1) $2,260,145.63
Net Loss / (Recoveries) for 3 Mos $224,758.03(a)
Total Balance (Months 5, 4, 3) $1,333,452,283.31(b)
Loss Ratio Annualized [(a/b) * (12)] 0.20226%
Trigger: Is Ratio > 1.5% No
Mar-98 Apr-98 May-98
B) Delinquency Trigger: $3,029,282.80 $2,773,770.75 $3,489,840.49
Balance delinquency 60+ days 0.70418% 0.66572% 0.86394%
As % of Beginning Pool Balance 0.62880% 0.66488% 0.74461%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.09439%
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 1998 - A Owner Trust
For the Month of May 1998
Distribution Date of June 15, 1998
Servicer Certificate #1
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $500,864,370.04
Beginning Pool Factor 0.0000000
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $12,300,235.36
Interest Collected $3,934,183.72
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $0.00
Total Additional Deposits $0.00
Repos / Chargeoffs $504,548.19
Aggregate Number of Notes Charged Off 0
Total Available Funds $16,234,419.08
Ending Pool Balance $488,059,586.49
Ending Pool Factor 0.9744346
Servicing Fee $417,386.98
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $19,632,575.63
Target Percentage 5.25%
Target Balance $25,623,128.29
Minimum Balance $10,017,287.40
(Release) / Deposit $0.00
Ending Balance $19,632,575.63
Current Weighted Average APR: 9.573%
Current Weighted Average Remaining Term (months): 49.46
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,203,735.30 2,041
31 - 60 days $333,039.63 290
60+ days $34,654.06 40
Total: $2,571,428.99 2,050
Balances: 60+ days $1,205,270.88 40
Memo Item - Reserve Account
Prior Month $17,530,252.95
+ Invest. Income $0.00
+ Excess Serv. $2,102,322.68
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $19,632,575.63
</TABLE>
<PAGE>
Exhibit 20.8
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of May 1998
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A CLASS B
<S> <C> <C> <C>
$500,864,370.04 $483,334,000.00 $17,530,370.04
Distributions:
Distribution Percentages 96.50% 3.50%
Coupon 5.940% 6.100%
Beginning Pool Balance $500,864,370.04
Ending Pool Balance $488,059,586.49
Collected Principal $12,300,235.36
Collected Interest $3,934,183.72
Charge - Offs $504,548.19
Liquidation Proceeds/Recoveries $0.00
Servicing $419,386.98
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $15,817,032.10
Beginning Balance $500,864,370.04 $483,334,000.00 $17,530,370.04
Interest Due $909,925.87 $877,251.21 $32,674.66
Interest Paid $909,925.87 $877,251.21 $32,674.66
Principal Due $12,804,783.55 $12,356,616.13 $448,167.42
Principal Paid $12,804,783.55 $12,356,616.13 $448,167.42
Ending Balance $488,059,586.49 $470,977,383.87 $17,082,202.62
Note / Certificate Pool Factor 0.9744 0.9744
Total Distributions $13,714,709.42 $13,233,867.34 $480,842.08
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 $2,102,322.68
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $19,632,575.63
(Release) / Draw $0.00
Ending Reserve Acct Balance $19,632,575.63
</TABLE>
<PAGE>
Exhibit 20.8
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan-98 Feb-98 Mar-98 Apr-98 May-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance N/A N/A N/A N/A $500,864,370.04
A) Loss Trigger:
Principal of Contracts
Charged Off N/A N/A N/A N/A $504,548.19
Recoveries N/A N/A N/A N/A $0.00
Total Charged Off (Months 5, 4, 3) $0.00
Total Recoveries (Months 3, 2, 1) $0.00
Net Loss / (Recoveries) for 3 Mos $0.00(a)
Total Balance (Months 5, 4, 3) $0.00(b)
Loss Ratio Annualized [(a/b) * (12)] N/A
Trigger: Is Ratio > 1.5% N/A
Mar-98 Apr-98 May-98
B) Delinquency Trigger: $0.00 $0.00 $1,205,270.88
Balance delinquency 60+ days 0.00000% 0.00000% 0.24064%
As % of Beginning Pool Balance 0.00000% 0.00000% 0.08021%
Three Month Average
Trigger: Is Average > 2.0% N/A
C) Noteholders Percent Trigger: 3.9197%
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
