UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended October 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
----------
Commission File Number 33-50291
----------
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on
behalf of NAVISTAR FINANCIAL 1993-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-A OWNER TRUST,
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, AND
NAVISTAR FINANCIAL 1997-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware 51-0337491
- -------------------------------------- ----------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
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
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
<PAGE>
PART I
Item 1. Business
The Navistar Financial 1993-A Owner Trust, Navistar Financial 1994-A Owner
Trust, 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 and Navistar Financial 1997-A Owner Trust (the "Trusts") were formed
pursuant to nine separate Trust Agreements dated as of November 10, 1993; May 3,
1994; August 3, 1994; December 15, 1994; May 25, 1995; November 1, 1995; May 30,
1996; November 6, 1996 and May 7, 1997, respectively, among Navistar Financial
Retail Receivables Corporation, as seller (the "Seller") and Chase Manhattan
Bank Delaware (formerly known as Chemical Bank Delaware), as owner trustee (the
"Trustee"). Retail notes (the "Retail Notes") and security interests in the
vehicles financed thereby were transferred to the Trusts in exchange for fixed
rate notes (the "Notes") and fixed rate pass-through certificates (the
"Certificates") which were registered on Registration Statement Nos. 33-50291,
33-55865 and 33-64249 and sold to the public in reliance on Rule 415 under the
Securities Act of 1933. The Seller retained ownership of approximately 1% of the
initial Certificate balance with the formation of each Trust.
Pursuant to a Pooling and Servicing Agreement (the "Agreement") for each
Trust, Navistar Financial Corporation acts as servicer (the "Servicer") and, in
that capacity, manages, services, administers and makes collections on the
Retail Notes. Navistar Financial Retail Receivables Corporation is a
wholly-owned subsidiary of Navistar Financial Corporation. Each Agreement
provides that collections shall be distributed to noteholders and
certificateholders and otherwise used in accordance with the priorities set
forth therein. Pursuant to each Agreement, the Seller established a reserve
account as credit enhancement for each Trust. Amounts on deposit in each reserve
account after payments to security holders and the Servicer are paid to the
Seller to the extent that such amounts exceed a specified reserve account target
balance. The specified reserve account target balance cannot, however, be less
than a specified minimum of the initial aggregate receivables balance for each
Trust. There is no cross collateralization between the Trusts.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving
either the Retail Notes or the Trustee, or the Seller or Servicer in respect of
the Trusts.
<PAGE>
PART I
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of holders of the Certificates during the
period of this report.
PART II
Item 5. Market for the Registrant's Common Equity and
Related Stockholder Matters
Not applicable.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
As of October 31, 1997, balances in the Trusts were as follows:
<TABLE>
<CAPTION>
Reserve
Principal Account
Dollar amounts in millions
--------------------------------------- ------------- ------------
<S> <C> <C>
Navistar Financial 1993-A Owner Trust $0.0 $0.0
Navistar Financial 1994-A Owner Trust $0.0 $0.0
Navistar Financial 1994-B Owner Trust $27.1 $4.3
Navistar Financial 1994-C Owner Trust $56.2 $6.6
Navistar Financial 1995-A Owner Trust $110.7 $8.9
Navistar Financial 1995-B Owner Trust $197.8 $11.0
Navistar Financial 1996-A Owner Trust $255.0 $12.7
Navistar Financial 1996-B Owner Trust $317.6 $9.7
Navistar Financial 1997-A Owner Trust $403.0 $21.2
</TABLE>
Note: Balances include the effect of the November 1997 distribution in
accordance with the Owner Trust Agreements.
<PAGE>
PART II
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations (cont'd.)
At October 31, 1997, the remaining shelf registration available to
Navistar Financial Retail Receivables Corporation ("NFRRC") for issuance of
asset-backed securities was $1,473.2 million. Additionally, in November 1997,
Navistar Financial Corporation sold $500.0 million of retail notes, net of
unearned finance income, through NFRRC to a 1997-B Owner Trust which in turn
sold notes to investors. A reserve account of $26.2 million was established with
the 1997-B Owner Trust as credit enhancement.
During 1997, Navistar Financial 1993-A Owner Trust and Navistar Financial
1994-A Owner Trust were repurchased in February and November, respectively.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions
Not applicable.
<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Exhibits
3 Articles of Incorporation and By-Laws
10 Material Contracts
An Annual Summary for each of the Owner Trusts listed below is
an annualized version of the monthly Servicer Certificates
prepared by the Servicer.
13(a) - Navistar Financial 1993-A Owner Trust
13(b) - Navistar Financial 1994-A Owner Trust
13(c) - Navistar Financial 1994-B Owner Trust
13(d) - Navistar Financial 1994-C Owner Trust
13(e) - Navistar Financial 1995-A Owner Trust
13(f) - Navistar Financial 1995-B Owner Trust
13(g) - Navistar Financial 1996-A Owner Trust
13(h) - Navistar Financial 1996-B Owner Trust
13(i) - Navistar Financial 1997-A Owner Trust
13(j) - Report of Independent Certified Public Accountants
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K during the three
months ended October 31, 1997:
(i) Form 8-K dated August 15, 1997
(ii) Form 8-K dated September 17, 1997
(iii) Form 8-K dated October 15, 1997
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 1993-A OWNER TRUST,
NAVISTAR FINANCIAL 1994-A OWNER TRUST,
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 AND
AND NAVISTAR FINANCIAL 1997-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/ PHYLLIS E. COCHRAN January 29, 1998
Phyllis E. Cochran
Vice President and Controller
(Principal Accounting Officer)
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT INDEX
Sequential
Exhibit No. Exhibit Page No.
<S> <C> <C>
3 Articles of Incorporation and By-Laws 7
10 Material Contracts 8
13(a) Annual Summary
- Navistar Financial 1993-A Owner Trust 12
13(b) Annual Summary
- Navistar Financial 1994-A Owner Trust 15
13(c) Annual Summary
- Navistar Financial 1994-B Owner Trust 18
13(d) Annual Summary
- Navistar Financial 1994-C Owner Trust 21
13(e) Annual Summary
- Navistar Financial 1995-A Owner Trust 24
13(f) Annual Summary
- Navistar Financial 1995-B Owner Trust 27
13(g) Annual Summary
- Navistar Financial 1996-A Owner Trust 30
13(h) Annual Summary
- Navistar Financial 1996-B Owner Trust 34
13(i) Annual Summary
- Navistar Financial 1997-A Owner Trust 38
13(j) Report of Independent Certified Public Accountants 41
</TABLE>
<PAGE>
Exhibit 3
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
ARTICLES OF INCORPORATION AND BY-LAWS
The following documents of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
3.1 Restated Certificate of Incorporation of Navistar Financial Retail
Receivables Corporation (as amended and in effect on June 5, 1995).
Filed on Registration No. 33-50291.
3.2 The By-Laws of Navistar Financial Retail Receivables Corporation.
Filed on Registration No. 33-50291.
<PAGE>
Exhibit 10
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
The following material contracts of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
10.1 Purchase Agreement dated as of May 3, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1994-A Owner Trust. Filed on Registration No. 33-50291.
10.2 Pooling and Servicing Agreement dated as of May 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-A Owner Trust, as Issuer. Filed on Registration No. 33-50291.
10.3 Trust Agreement dated as of May 3, 1994 between Navistar Financial
Retail Receivables Corporation, as Seller, and The Chase Manhattan
Bank Delaware (formerly known as Chemical Bank Delaware), as Owner
Trustee, with respect to Navistar Financial 1994-A Owner Trust.
Filed on Registration No. 33-50291.
10.4 Indenture dated as of May 3, 1994 between Navistar Financial 1994-A
Owner Trust and The Bank of New York, as Indenture Trustee, with
respect to Navistar Financial 1994-A Owner Trust. Filed on
Registration No. 33-50291.
10.5 Purchase Agreement dated as of August 3, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1994-B Owner Trust. Filed on Registration No. 33-50291.
10.6 Pooling and Servicing Agreement dated as of August 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-B Owner Trust, as Issuer. Filed on Registration No. 33-50291.
10.7 Trust Agreement dated as of August 3, 1994 between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1994-B Owner
Trust. Filed on Registration No. 33-50291.
10.8 Indenture dated as of August 3, 1994 between Navistar Financial
1994-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1994-B Owner Trust. Filed on
Registration No. 33-50291.
10.9 Purchase Agreement dated as of December 15, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1994-C Owner Trust. Filed on Registration No. 33-55865.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.10 Pooling and Servicing Agreement dated as of December 15, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1994-C Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.11 Trust Agreement dated as of December 15, 1994 between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1994-C Owner
Trust. Filed on Registration No. 33-55865.
10.12 Indenture dated as of December 15, 1994 between Navistar Financial
1994-C Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1994-C Owner Trust. Filed on
Registration No. 33-55865.
10.13 Purchase Agreement dated as of May 25, 1995, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1995-A Owner Trust. Filed on Registration No. 33-55865.
10.14 Pooling and Servicing Agreement dated as of May 25, 1995, among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1995-A Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.15 Trust Agreement dated as of May 25, 1995, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1995-A Owner
Trust. Filed on Registration No. 33-55865.
10.16 Indenture dated as of May 25, 1995, between Navistar Financial
1995-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1995-A Owner Trust. Filed on
Registration No. 33-55865.
10.17 Purchase Agreement dated as of November 1, 1995, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1995-B Owner Trust. Filed on Registration No. 33-55865.
10.18 Pooling and Servicing Agreement dated as of November 1, 1995, among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1995-B Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.19 Trust Agreement dated as of November 1, 1995, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1995-B Owner
Trust. Filed on Registration No. 33-55865.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.20 Indenture dated as of November 1, 1995, between Navistar Financial
1995-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1995-B Owner Trust. Filed on
Registration No. 33-55865.
10.21 Purchase Agreement dated as of May 30, 1996, between Navistar
Financial Corporation and Navistar Financial Receivables Corpora-
tion, as Purchaser, with respect to Navistar Financial 1996-A
Owner Trust. Filed on Registration No. 33-55865.
10.22 Pooling and Servicing Agreement dated as of May 30, 1996, among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1996-A Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.23 Trust Agreement dated as of May 30, 1996, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1996-A Owner
Trust. Filed on Registration No. 33-55865.
10.24 Indenture dated as of November 6, 1996, between Navistar Financial
1995-B Owner Trust and the Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1996-A Owner Trust. Filed on
Registration No. 33-55865.
10.25 Purchase Agreement dated as of November 6, 1996, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1996-B Owner Trust. Filed on Registration No. 33-55865.
10.26 Pooling and Servicing Agreement dated as of November 6, 1996,
among the Corporation, as servicer, and Navistar Financial Retail
Receivables Corporation, as Seller, and Navistar Financial 1996-B
Owner Trust, as issuer. Filed on Registration No. 33-55865.
10.27 Trust Agreement dated as of November 6, 1996, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1996-B Owner
Trust. Filed on Registration No. 33-55865.
10.28 Indenture dated as of November 6, 1996, between Navistar Financial
1995-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1996-B Owner Trust. Filed on
Registration No. 33-55865.
10.29 Purchase Agreement dated as of May 7, 1997, between the Corporation
and Navistar Financial Retail Receivables Corporation, as
Purchaser, with respect to Navistar Financial 1997-A Owner Trust,
as Issuer. Filed on Registration No. 33-55865.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.30 Pooling and Servicing Agreement dated as of May 7, 1997, among the
Corporation, as Servicer, Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1997-A Owner Trust,
as Issuer. Filed on Registration No. 33-55865.
10.31 Trust Agreement dated as of May 7, 1997, between Navistar Financial
Retail Receivables Corporation, as Seller, and Chase Manhattan Bank
Delaware, as Owner Trustee, with respect to Navistar Financial
1997-A Owner Trust. Filed on Registration No. 33-55865.
10.32 Indenture dated as of May 7, 1997, between Navistar Financial
1997-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1997-A Owner Trust. Filed on
Registration No. 33-55865.
10.33 Purchase Agreement dated as of November 5, 1997, between the
Corporation and Navistar Financial Retail Receivables Corporation,
as Purchaser, with respect to Navistar Financial 1997-B Owner
Trust, as Issuer. Filed on Registration No. 33-64249.
10.34 Pooling and Servicing Agreement dated as of November 5, 1997,
among the Corporation, as Servicer, Navistar Financial Retail
Receivables Corporation, as Seller, and Navistar Financial 1997-B
Owner Trust, as Issuer. Filed on Registration No. 33-64249.
10.35 Trust Agreement dated as of November 5, 1997, between Navistar
Financial Retail Receivables Corporation, as Seller, and Chase
Manhattan Bank Delaware, as owner Trustee, with respect to Navistar
Financial 1997-B Owner Trust. Filed on Registration No. 33-64249.
10.36 Indenture dated as of November 5, 1997, between Navistar Financial
1997-B Owner Trust and the Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1997-B Owner Trust. Filed on
Registration No. 33-64249.
<PAGE>
Exhibit 13(a)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1993-A Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
<TABLE>
<S> <C>
Cut-Off Date 10/01/93
Original Pool Amount at cut-off date $335,002,547.77
Beginning Pool Balance as of 11/1/96 $31,910,289.11
Beginning Pool Factor as of 11/1/96 0.0952539
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,158,318.32
Interest Collected $645,279.91
Additional Deposits:
Repurchase Amounts $0.00
Final Purchase of Receivables $22,635,314.85
Liquidation Proceeds/Recoveries $194,618.50
Total Additional Deposits $22,829,633.35
Repos/Chargeoffs $12,075.99
Aggregate Number of Notes Charged Off 84
Total Available Funds $31,587,577.94
Ending Pool Balance as of 10/31/97 $0.00
Ending Pool Factor as of 10/31/97 0.0000000
Servicing Fee $72,703.26
Repayment of Servicer Advances $45,953.64
Reserve Account:
Beginning Balance as of 11/1/96 $6,700,050.96
Investment Income Earned during the year $86,570.88
Target Percentage N/A
Target Balance as of 10/31/97 N/A
Minimum Balance (2% of initial balance) N/A
(Release)/Deposit - Includes Investment Income $(6,786,621.84)
Ending Balance as of 10/31/97 $0.00
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies as of 10/31/97:
<S> <C> <C>
Installments:
1-30 days 0.00 0
31-60 days 0.00 0
60+ days 0.00 0
Total 0.00 0
Balances: 60+ days 0.00 0
</TABLE>
<PAGE>
Exhibit 13(a)
Page 2 of 3
Navistar Financial 1993-A Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
<TABLE>
<CAPTION>
------------NOTES------------
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $335,002,547.77 $127,300,000.00 $195,976,000.00 $11,726,547.77
Distribution Percentages
Following A-1 Payoff 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 3.475% 4.475% 4.800%
Beginning Pool Balance $31,910,289.11
Ending Pool Balance $0.00
Collected Principal $30,747,679.53
Collected Interest $645,279.91
Liquidation Proceeds/Recoveries $194,618.50
Charge-Offs $12,075.99
Servicing $72,703.26
Total Collections Available
for Debt Service $31,514,874.68
Beginning Balance as of 11/1/96 $20,659,951.37 $0.00 $17,350,320.42 $3,309,630.95
Interest Due $202,069.58 $0.00 $163,881.66 $38,187.92
Interest Paid $202,069.58 $0.00 $163,881.66 $38,187.92
Principal Due $20,659,951.37 $0.00 $17,350,320.42 $3,309,630.95
Principal Paid $20,659,951.37 $0.00 $17,350,320.42 $3,309,630.95
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance as of 10/31/97 $0.00 $0.00 $0.00 $0.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.0000000000
Total Distributions $20,862,020.95 $17,514,202.08 $3,347,818.87
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $553,049.58
Excess Final Purchase Amount $10,099,804.15
Beginning Reserve Account Balance $6,700,050.96
Investment Income Earned during the year $86,570.88
(Release)/Draw
- Includes Investment Income ($6,786,621.84)
Ending Reserve Account Balance $0.00
</TABLE>
Note: Ending principal balance includes the effect of the February distribution
and final purchase.
<PAGE>
Exhibit 13(a)
Page 3 of 3
Navistar Financial 1993-A Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C>
November 1996 (.8663)%
December 1996 (.2648)%
January 1997 (.3598)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C>
November 1996 .75459%
December 1996 .61254%
January 1997 .64359%
</TABLE>
<PAGE>
Exhibit 13(b)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1994-A Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
<TABLE>
<S> <C>
Cut-off Date 04/01/94
Original Pool Amount at Cut-off Date $280,021,471.35
Beginning Pool Balance as of 11/1/96 $63,352,416.13
Beginning Pool Factor as of 11/1/96 0.2262413
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $42,280,798.80
Interest Collected $3,404,758.39
Additional Deposits:
Repurchase Amounts $35,103.54
Final Purchase of Receivables $21,527,384.88
Liquidation Proceeds/Recoveries $1,374,634.81
Total Additional Deposits $22,937,123.23
Repos/Chargeoffs $560,740.32
Aggregate Number of Notes Charged Off 384
Total Available Funds $67,458,704.44
Ending Pool Balance as of 10/31/97 $21,639,749.45
Ending Pool Factor as of 10/31/97 0.0772789
Servicing Fee $415,760.93
Repayment of Servicer Advances $1,163,975.98
Reserve Account:
Beginning Balance as of 11/1/96 $5,752,441.43
Investment Income Earned during the year $291,667.10
Target Percentage N/A
Target Balance as of 10/31/97 N/A
Minimum Balance (2% of Initial Balance) N/A
Transfer from/(to) Collections Account $6,629,304.15
(Release)/Deposit
- Includes Investment Income ($12,673,412.68)
Ending Balance as of 10/31/97 $0.00
</TABLE>
<TABLE>
<CAPTION>
Dollars Notes
Delinquencies as of 10/31/97:
<S> <C> <C>
Installments:
1-30 days 289,434.38 234
31-60 days 84,467.86 52
60+ days 21,209.48 12
Total 395,111.72 236
Balances: 60+ days 212,603.64 12
</TABLE>
<PAGE>
Exhibit 13(b)
Page 2 of 3
Navistar Financial 1994-A Owner Trust
For the Month of November 1996 thru October 1997
Fiscal Year 1997
<TABLE>
<CAPTION>
-----------NOTES-----------
CLASS A-1
TOTAL (MONEY MARKET) CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $280,021,471.35 $89,606,000.00 $180,614,000.00 $9,801,471.35
Distribution Percentages
Following A-1 Payoff 0.00% 95.50% 4.50%
Turbo Percentages 100.00% 0.00% 0.00%
Coupon 4.531% 5.930% 6.260%
Beginning Pool Balance $63,352,416.13
Ending Pool Balance $21,639,749.45
Collected Principal $62,679,311.24
Collected Interest $3,404,758.39
Liquidation Proceeds/Recoveries $1,374,634.81
Charge-Offs $560,740.32
Servicing $415,760.93
Cash Transfer (to) Reserve Account ($153,960.97)
Total Collections Available $66,888,982.54
for Debt Service
Beginning Balance as of 11/1/96 $57,537,140.40 $0.00 $53,715,193.95 $3,821,946.45
Interest Due $2,129,995.14 $0.00 $1,952,085.19 $177,909.95
Interest Paid $2,129,995.14 $0.00 $1,952,085.19 $177,909.95
Principal Due $57,537,140.40 $0.00 $53,715,193.95 $3,821,946.45
Principal Paid $57,537,140.40 $0.00 $53,715,193.95 $3,821,946.45
Turbo Principal $0.00 $0.00 $0.00 $0.00
Ending Balance as of 10/31/97 $0.00 $0.00 $0.00 $0.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.0000000000
Total Distributions $59,667,135.54 $0.00 $55,667,279.14 $3,999,856.40
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,518,935.83
Excess Final Purchase Amount $5,702,911.17
Beginning Reserve Account Balance $5,752,441.43
Investment Income Earned during the year $291,667.10
Transfer from/(to) Collections Account $6,629,304.15
(Release)/Draw
- Includes Investment Income ($12,673,412.68)
Ending Reserve Account Balance $0.00
</TABLE>
Note: Ending principal balance includes the effect of the November distribution
and final purchase.
<PAGE>
Exhibit 13(b)
Page 3 of 3
Navistar Financial 1994-A Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 10.8958 % May 1997 (1.8836)%
December 1996 (1.2669)% June 1997 (2.4792)%
January 1997 (1.2773)% July 1997 (1.5451)%
February 1997 .0066 % August 1997 (1.9161)%
March 1997 .6130 % September 1997 (.7758)%
April 1997 (1.3943)% October 1997 (1.0353)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 .51972% May 1997 .70913%
December 1996 .93066% June 1997 .76931%
January 1997 1.48839% July 1997 .56345%
February 1997 1.93896% August 1997 .61091%
March 1997 1.46268% September 1997 .79826%
April 1997 1.25993% October 1997 .89966%
</TABLE>
<PAGE>
Exhibit 13(c)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1994-B Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
<TABLE>
<S> <C>
Cut-off Date 07/01/94
Original Pool Amount at Cut-off date $215,029,773.64
Beginning Pool Balance as of 11/1/96 $69,133,032.09
Beginning Pool Factor as of 11/1/96 0.3215045
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $42,139,208.76
Interest Collected $4,323,257.21
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $792,130.59
Total Additional Deposits $792,130.59
Repos/Chargeoffs $394,149.88
Aggregate Number of Notes Charged Off 269
Total Available Funds $46,364,690.51
Ending Pool Balance as of 10/31/97 $27,489,579.50
Ending Pool Factor as of 10/31/97 0.1278408
Servicing Fee $486,990.78
Repayment of Servicer Advances $889,906.05
Reserve Account:
Beginning Balance as of 11/1/96 $4,915,192.33
Investment Income Earned during the year $228,782.72
Target Percentage 6.50%
Target Balance as of 10/31/97 N/A
Minimum Balance (2% of Initial Balance) $4,300,595.47
Transfer from/(to) Collections Account $633,349.55
(Release)/Deposit
- Includes Investment Income ($1,476,729.13)
Ending Balance as of 10/31/97 $4,300,595.47
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/97: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 342,261.68 240
31-60 days 89,556.96 60
60+ days 104,250.87 28
Total 536,069.51 248
Balances: 60+ days 692,031.85 28
</TABLE>
<PAGE>
Exhibit 13(c)
Page 2 of 3
Navistar Financial 1994-B Owner Trust
For the Months November 1996 thru October 1997
Fiscal Year 1997
<TABLE>
<CAPTION>
TOTAL NOTES CERTIFICATES
<S> <C> <C> <C>
Original Pool Amount
Distributions: $215,029,773.64 $207,503,000.00 $7,526,773.64
Distribution Percentages 96.50% 3.50%
Coupon 6.400% 6.625%
Beginning Pool Balance $69,133,032.09
Ending Pool Balance $27,489,579.50
Collected Principal $41,249,302.71
Collected Interest $4,323,257.21
Charge-Offs $394,149.88
Liquidation Proceeds/Recoveries $792,130.59
Servicing $486,990.78
Cash Transfer (to) Reserve Account ($205,030.69)
Total Collections Available
for Debt Service $45,672,669.04
Beginning Balance as of 11/1/96 $68,729,307.20 $66,323,049.87 $2,406,257.33
Interest Due $3,094,707.53 $2,982,674.21 $112,033.32
Interest Paid $3,094,707.53 $2,982,674.21 $112,033.32
Principal Due $41,643,452.60 $40,185,931.75 $1,457,520.85
Principal Paid $41,643,452.60 $40,185,931.75 $1,457,520.85
Ending Balance as of 10/31/97 $27,085,854.60 $26,137,118.12 $948,736.48
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.1259601939 0.1260482293
Total Distributions $44,738,160.12 $43,168,605.96 $1,569,554.16
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00
Excess Servicing $934,508.92
Beginning Reserve Account Balance $4,915,192.33
Investment Income Earned during the year $228,782.72
Transfer from/(to) collections Account $633,349.55
(Release)/Draw ($1,476,729.13)
Ending Reserve Account Balance $4,300,595.47
</TABLE>
Note: Ending principal balance includes the effect of the November
distribution.
<PAGE>
Exhibit 13(c)
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 2.6671 % May 1997 (.3144)%
December 1996 (.0854)% June 1997 .5122 %
January 1997 .3643 % July 1997 .0407 %
February 1997 .1110 % August 1997 (.9590)%
March 1997 (.7864)% September 1997 (1.3978)%
April 1997 (1.2334)% October 1997 (.6232)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 .44417% May 1997 .96524%
December 1996 .71253% June 1997 1.20949%
January 1997 1.02252% July 1997 1.31145%
February 1997 1.18284% August 1997 1.42151%
March 1997 .99898% September 1997 1.55378%
April 1997 .91218% October 1997 1.93194%
</TABLE>
<PAGE>
Exhibit 13(d)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1994-C Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<S> <C>
Cut-off Date 11/01/94
Original Pool Amount at Cut-off Date $315,029,921.60
Beginning Pool Balance as of 11/1/96 $127,872,259.24
Beginning Pool Factor as of 11/1/96 0.4059051
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $71,583,560.63
Interest Collected $8,966,799.76
Additional Deposits:
Repurchase Amounts $336,817.23
Liquidation Proceeds/Recoveries $1,915,920.65
Total Additional Deposits $2,252,737.88
Repos/Chargeoffs $936,962.64
Aggregate Number of Notes Charged Off 417
Total Available Funds $81,284,486.43
Ending Pool Balance as of 10/31/97 $56,533,530.58
Ending Pool Factor as of 10/31/97 0.1794545
Servicing Fee $934,529.21
Repayment of Servicer Advances $1,518,611.84
Reserve Account:
Beginning Balance as of 11/1/96 $8,272,790.00
Investment Income Earned during the year $357,451.77
Target Percentage 6.50%
Target Balance as of 10/31/97 N/A
Minimum Balance (2% of Initial Balance) $6,615,628.35
Transfer from/(to) Collections Account $664,967.11
(Release)/Deposit - Includes Investment Income ($2,679,580.53)
Ending Balance as of 10/31/97 $6,615,628.35
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/97: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 571,484.05 331
31-60 days 337,130.68 102
60+ days 110,346.22 34
Total 1,018,960.95 349
Balances: 60+ days 581,085.86 34
</TABLE>
<PAGE>
Exhibit 13(d)
Page 2 of 3
Navistar Financial 1994-C Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<CAPTION>
-----------NOTES-----------
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Distribution Percentages
Following A-1 Payoff 0.00% 96.50% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $127,872,259.24
Ending Pool Balance $56,533,530.58
Collected Principal $70,401,766.02
Collected Interest $8,966,799.76
Charge-Offs $936,962.64
Liquidation Proceeds/Recoveries $1,915,920.65
Servicing $934,529.21
Cash Transfer from Reserve Account $32,512.17
Total Collections Available
for Debt Service $80,382,469.39
Beginning Balance as of 11/1/96 $127,559,236.06 $24,415,082.47 $97,000,000.00 $6,144,153.59
Interest Due $7,448,559.97 $381,413.45 $6,657,169.93 $409,976.59
Interest Paid $7,448,559.97 $381,413.45 $6,657,169.93 $409,976.59
Principal Due $71,338,728.65 $24,415,082.47 $44,426,790.71 $2,496,855.47
Principal Paid $71,338,728.65 $24,415,082.47 $44,426,790.71 $2,496,855.47
Ending Balance as of 10/31/97 $56,220,507.41 $0.00 $52,573,209.29 $3,647,298.12
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.5419918484 0.3306730775
Total Distributions $78,787,288.63 $24,796,495.92 $51,083,960.64 $2,906,832.07
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,595,180.76
Beginning Reserve Account Balance $8,272,790.00
Investment Income Earned during the year $357,451.77
Transfer from/(to) collections Account $664,967.11
(Release)/Draw Includes Investment Income ($2,679,580.53)
Ending Reserve Account Balance $6,615,628.35
</TABLE>
Note: Ending principal balance includes the effect of the November
distribution.
<PAGE>
Exhibit 13(d)
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 7.8279 % May 1997 (1.4829)%
December 1996 (.0516)% June 1997 (1.3370)%
January 1997 .4983 % July 1997 (.3276)%
February 1997 (.1477)% August 1997 (.3401)%
March 1997 (.8362)% September 1997 (.5867)%
April 1997 (1.6763)% October 1997 (.9431)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 .64932% May 1997 .98590%
December 1996 .60717% June 1997 1.08067%
January 1997 .66350% July 1997 1.16630%
February 1997 .74522% August 1997 1.02719%
March 1997 .69564% September 1997 1.82415%
April 1997 .80028% October 1997 1.75059%
</TABLE>
<PAGE>
Exhibit 13(e)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1995-A Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<S> <C>
Cut-off Date 05/01/95
Original Pool Amount $424,879,281.80
Beginning Pool Balance as of 11/1/96 $217,488,410.17
Beginning Pool Factor as of 11/1/96 0.5118828
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $104,992,965.31
Interest Collected $17,831,025.87
Additional Deposits:
Repurchase Amounts $53,483.63
Liquidation Proceeds/Recoveries $4,331,643.52
Total Additional Deposits $4,385,127.15
Repos/Chargeoffs $3,568,953.86
Aggregate Number of Notes Charged Off 782
Total Available Funds $125,328,432.06
Ending Pool Balance as of 10/31/97 $110,699,693.64
Ending Pool Factor as of 10/31/97 0.2605439
Servicing Fee $1,660,081.81
Repayment of Servicer Advances $1,826,686.27
Reserve Account:
Beginning Balance as of 11/1/96 $14,789,418.12
Investment Income Earned during the year $553,218.20
Target Percentage 6.00%
Target Balance as of 10/31/97 N/A
Minimum Balance (2% of Initial Balance) $8,922,464.92
Transfer from/(to) Collections Account $3,690,575.56
(Release)/Deposit
- Includes Investment Income ($10,110,746.96)
Ending Balance as of 10/31/97 $8,922,464.92
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/97: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,004,799.52 702
31-60 days 234,372.12 169
60+ days 109,093.80 51
Total 1,348,265.44 715
Balances: 60+ days 1,570,284.68 51
</TABLE>
<PAGE>
Exhibit 13(e)
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<CAPTION>
-----------NOTES-----------
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $424,879,281.80 $80,000,000.00 $330,000,000.00 $14,879,281.80
Distribution Percentage
Following A-1 Payoff 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $217,488,410.17
Ending Pool Balance $110,699,693.64
Collected Principal $103,219,762.67
Collected Interest $17,831,025.87
Charge-Offs $3,568,953.86
Liquidation Proceeds/Recoveries $4,331,643.52
Servicing $1,660,081.81
Cash Transfer (to) Reserve Account ($722,948.12)
Total Collections Available
for Debt Service $122,999,402.13
Beginning Balance as of 11/1/96 $217,488,410.17 $0.00 $205,156,340.80 $12,332,069.37
Interest Due $10,905,126.69 $0.00 $10,183,803.80 $721,322.89
Interest Paid $10,905,126.69 $0.00 $10,183,803.80 $721,322.89
Principal Due $106,788,716.53 $0.00 $103,051,111.45 $3,737,605.08
Principal Paid $106,788,716.53 $0.00 $103,051,111.45 $3,737,605.08
Ending Balance as of 10/31/97 $110,699,693. $0.00 $102,105,229.35 $8,594,464.29
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.3094097859 0.5776128449
Total Distributions $117,693,843.22 $0.00 $113,234,915.25 $4,458,927.97
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $5,305,558.91
Beginning Reserve Account Balance $14,789,418.12
Investment Income Earned during the period $553,218.20
Transfer from/(to) collections Account $3,690,575.56
(Release)/Draw
- Includes Investment Income ($10,110,746.96)
Ending Reserve Account Balance $8,922,464.92
</TABLE>
Note: Ending principal balance includes the effect of the November
distribution.
<PAGE>
Exhibit 13(e)
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 7.0771 % May 1997 .1724 %
December 1996 .0854 % June 1997 .7922 %
January 1997 .3905 % July 1997 1.1816 %
February 1997 (.8154)% August 1997 1.0838 %
March 1997 (.6107)% September 1997 (.7372)%
April 1997 (.6060)% October 1997 (1.4700)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 .84319% May 1997 .93163%
December 1996 1.00033% June 1997 .94616%
January 1997 1.24500% July 1997 .93686%
February 1997 1.44054% August 1997 1.00971%
March 1997 1.37024% September 1997 1.15230%
April 1997 1.21605% October 1997 1.32128%
</TABLE>
<PAGE>
Exhibit 13(f)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1995-B Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<S> <C>
Cut-off Date 10/01/95
Original Pool Amount at Cut-off Date $454,499,683.43
Cut-off Date 11/01/95
Subsequent Receivables (Transferred 11/10/95) $70,451,789.39
Beginning Pool Balance as of 11/1/96 $342,910,040.39
Beginning Pool Factor as of 11/1/96 0.6532224
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $142,936,553.81
Interest Collected $26,831,401.06
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $6,535,751.35
Total Additional Deposits $6,535,751.35
Repos/Chargeoffs $4,402,531.51
Aggregate Number of Notes Charged Off 1,039
Total Available Funds $174,049,578.97
Ending Pool Balance as of 10/31/97 $197,825,082.32
Ending Pool Factor as of 10/31/97 0.3768445
Servicing Fee $2,729,844.72
Repayment of Servicer Advances $2,254,127.25
Reserve Account:
Beginning Balance as of 11/1/96 $18,860,052.22
Investment Income Earned during the Year $773,809.48
Target Percentage 5.50%
Target Balance as if 10/31/97 $10,880,379.53
Minimum Balance (2% of Initial Balance) $11,023,980.93
Transfer from/(to) Collections Account $3,577,123.27
(Release)/Deposit -Includes Investment Income ($12,187,004.04)
Ending Balance as of 10/31/97 $11,023,980.93
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/97: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,525,457.58 1,017
31-60 days 310,583.83 247
60+ days 83,657.82 43
Total 1,919,699.23 1,023
Balances: 60+ days 859,012.17 43
</TABLE>
<PAGE>
Exhibit 13(f)
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<CAPTION>
-----------------------------NOTES------------------------
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
Original Pool Amount Distributions: $525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Distribution Percentages 0.000% 0.00% 96.50% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $342,910,040.39
Ending Pool Balance $197,825,082.32
Collected Principal $140,682,426.56
Collected Interest $26,831,401.06
Charge-Offs $4,402,531.51
Liquidation Proceeds/Recoveries $6,535,751.35
Servicing $2,729,844.72
Total Collections Available
for Debt Service $171,319,734.25
Beginning Balance as of 11/1/96 $342,910,040.39 $0.00 $40,648,742.95 $284,325,000.00 $17,936,297.44
Interest Due $16,534,120.25 $0.00 $419,663.56 $15,151,046.94 $963,409.75
Interest Paid $16,534,120.25 $0.00 $419,663.56 $15,151,046.94 $963,409.75
Principal Due $145,084,958.07 $0.00 $40,648,742.95 $99,358,241.60 $5,077,973.52
Principal Paid $145,084,958.07 $0.00 $40,648,742.95 $99,358,241.60 $5,077,973.52
Ending Balance as of 10/31/97 $197,825,082.32 $0.00 $0.00 $184,966,758.40 $12,858,323.92
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.000000000 0.6505469389 0.6997727303
Total Distributions $161,619,078.32 $0.00 $41,068,406.51 $114,509,288.54 $6,041,383.27
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 (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $9,700,655.93
Beginning Reserve Account Balance $18,860,052.22
Investment Income Earned during the year $773,809.48
Transfer from/(to) collections Account $3,577,123.77
(Release)/Draw
-Includes Investment Income ($12,187,004.04)
Ending Reserve Account Balance $11,023,980.93
</TABLE>
Note: Ending principal balance includes the effect of the November
distribution.
<PAGE>
Exhibit 13(f)
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 .4914 % May 1997 (.9048)%
December 1996 .9754 % June 1997 .1033 %
January 1997 1.3129 % July 1997 .6512 %
February 1997 ( .4426)% August 1997 .1773 %
March 1997 (1.8028)% September 1997 (.1443)%
April 1997 (2.1606)% October 1997 (.6544)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 .72460% May 1997 .98806%
December 1996 .79871% June 1997 1.04757%
January 1997 1.01914% July 1997 1.28030%
February 1997 1.08047% August 1997 1.26454%
March 1997 1.12305% September 1997 1.32692%
April 1997 .96036% October 1997 1.01449%
</TABLE>
<PAGE>
Exhibit 13(g)
Page 1 of 4
ANNUAL SUMMARY
Navistar Financial 1996-A Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<S> <C>
Cut-off Date 04/30/96
Original Pool Amount at Cut-off Date $459,943,869.53
Beginning Pool Balance as of 11/1/96 $395,176,408.01
Beginning Pool Factor as of 11/1/96 0.8591840
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $133,962,777.68
Interest Collected $32,083,349.16
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $11,239,677.76
Total Additional Deposits $11,239,677.76
Repos/Chargeoffs $9,169,470.17
Aggregate Number of Notes Charged Off 955
Total Available Funds $174,345,193.89
Ending Pool Balance as of 10/31/97 $254,984,770.87
Ending Pool Factor as of 10/31/97 0.5543824
Servicing Fee $3,305,843.90
Repayment of Servicer Advances $2,940,610.71
Reserve Account:
Beginning Balance as of 11/1/96 $19,758,820.40
Investment Income Earned during the Year $857,908.16
Target Percentage 5.00%
Target Balance as of 10/31/97 $12,749,238.54
Minimum Balance (2% of Initial Balance) $9,658,821.26
Transfer from/(to) Collections Account $5,139,642.36
(Release)/Deposit - Includes Investment Income ($13,007,132.38)
Ending Balance as of 10/31/97 $12,749,238.54
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/97: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,479,372.49 1,092
31-60 days 368,890.57 271
60+ days 122,940.59 64
Total 1,971,203.65 1,097
Balances: 60+ days 2,258,340.43 64
</TABLE>
<PAGE>
Exhibit 13(g)
Page 2 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<CAPTION>
------------NOTES------------
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages
Following A-1 Payoff 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $395,176,408.01
Ending Pool Balance $254,984,770.87
Collected Principal $131,022,166.97
Collected Interest $32,083,349.16
Charge-Offs $9,169,470.17
Liquidation Proceeds/Recoveries $11,239,677.76
Servicing $3,305,843.90
Cash Transfer from Reserve Account $252,204.16
Total Collections Available
for Debt Service $171,291,554.15
Beginning Balance as of 11/1/96 $395,176,408.01 $27,232,538.48 $347,245,000.00 $20,698,869.53
Interest Due $20,973,737.11 $221,055.69 $19,541,744.97 $1,210,936.45
Interest Paid $20,973,737.11 $221,055.69 $19,541,744.97 $1,210,936.45
Principal Due $140,191,637.14 $27,232,538.48 $107,611,372.05 $5,347,726.61
Principal Paid $140,191,637.14 $27,232,538.48 $107,611,372.05 $5,347,726.61
Ending Balance as of 10/31/97 $254,984,770.87 $0.00 $239,633,627.95 $15,351,142.92
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.6900995780 0.7416416093
Total Distributions $161,165,374.25 $27,453,594.17 $127,153,117.02 $6,558,663.06
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $10,126,179.90
Beginning Reserve Account Balance $19,758,820.40
Investment Income Earned during the period $857,908.16
Transfer from/(to) collections Account $5,139,642.36
(Release)/Draw
- Includes Investment Income ($13,007,132.38)
Ending Reserve Account Balance $12,749,238.54
</TABLE>
Note: Ending principal balance includes the effect of the November
distribution.
<PAGE>
Exhibit 13(g)
Page 3 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 1.4394 % May 1997 (.1766)%
December 1996 1.4907 % June 1997 .7331 %
January 1997 1.8786 % July 1997 (.2576)%
February 1997 .3957 % August 1997 (.5395)%
March 1997 (.3045)% September 1997 (1.0302)%
April 1997 .0525 % October 1997 (1.5380)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<C> <C> <C> <C> <C> <C>
November 1996 .52273% May 1997 .95470%
December 1996 .89423% June 1997 1.14121%
January 1997 1.30812% July 1997 1.10180%
February 1997 1.49129% August 1997 1.29457%
March 1997 1.16934% September 1997 1.48949%
April 1997 1.10446% October 1997 1.35292%
</TABLE>
<PAGE>
Exhibit 13(g)
Page 4 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 6.0%, a Certificate Lockout Event will be deemed
to have occurred.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the Aggregate
Losses minus Liquidation Proceeds for each of the latest six
consecutive Monthly Periods ended prior to such Distribution
Date, and the denominator of which is the sum of the Remaining
Gross Balances of all outstanding Receivables as of the last
day of each of the latest six consecutive Monthly Periods
ended prior to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 1.5645 % May 1997 .1730 %
December 1996 1.6608 % June 1997 (.1883)%
January 1997 1.8786 % July 1997 (.7022)%
February 1997 1.3262 % August 1997 (1.7140)%
March 1997 .5618 % September 1997 (1.1229)%
April 1997 .5893 % October 1997 (1.3430)%
</TABLE>
<PAGE>
Exhibit 13(h)
Page 1 of 4
ANNUAL SUMMARY
Navistar Financial 1996-B Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<S> <C>
Cut-off Date 10/01/96
Original Pool Amount at Cut-off Date $486,507,362.75
Beginning Pool Balance as of 11/1/96 $471,983,852.01
Beginning Pool Factor as of 11/1/96 0.9701474
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $145,205,593.23
Interest Collected $40,501,141.00
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $8,393,654.05
Total Additional Deposits $8,393,654.05
Repos/Chargeoffs $10,211,064.35
Aggregate Number of Notes Charged Off 879
Total Available Funds $193,033,091.29
Ending Pool Balance as of 10/31/97 $317,634,491.42
Ending Pool Factor as of 10/31/97 0.6528873
Servicing Fee $4,012,535.95
Repayment of Servicer Advances $1,067,296.99
Reserve Account:
Beginning Balance as of 11/1/96 $12,162,684.06
Investment Income Earned during the Year $549,927.13
Target Percentage 2.50%
Target Balance as of 10/31/97 $7,940,862.29
Minimum Balance (2% of Initial Balance) $9,730,147.26
Transfer from/(to) Collections Account $5,486,768.24
(Release)/Deposit - Includes Investment Income ($8,469,232.17)
Ending Balance as of 10/31/97 $9,730,147.26
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/97: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 2,124,638.14 1,507
31-60 days 511,979.07 412
60+ days 166,333.35 83
Total 2,802,950.56 1,509
Balances: 60+ days 2,989,578.41 83
</TABLE>
<PAGE>
Exhibit 13(h)
Page 2 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1996 to October 1997
Fiscal Year 1997
<TABLE>
<CAPTION>
NOTES CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
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 $471,983,852.01
Ending Pool Balance $317,634,491.41
Collected Principal $144,138,296.24
Collected Interest $40,501,141.00
Charge-Offs $8,393,654.05
Liquidation Proceeds/Recoveries $10,211,064.35
Servicing $4,012,535.95
Cash Transfer (to) Reserve Acct. ($1,466,639.41)
Total Collections Available
for Debt Service $187,553,915.93
Beginning Balance as of 11/1/96 $471,983,852.00 $91,976,489.26 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Interest Due $24,915,227.70 $1,712,572.50 $6,084,088.89 $14,970,450.00 $1,084,187.64 $1,063,928.67
Interest Paid $24,915,227.70 $1,712,572.50 $6,084,088.89 $14,970,450.00 $1,084,187.64 $1,063,928.67
Principal Due $154,349,360.59 $91,976,489.26 $58,318,634.69 $0.00 $2,183,060.65 $1,871,175.99
Principal Paid $154,349,360.59 $91,976,489.26 $58,318,634.69 $0.00 $2,183,060.65 $1,871,175.99
Ending Balance as of 10/31/97 $317,634,491.41 $0.00 $53,581,365.31 $236,500,000.00 $14,844,939.35 $12,708,186.76
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount)
Total Distributions $179,264,588.29 $93,689,061.76 $64,402,723.58 $14,970,450.00 $3,267,248.29 $2,935,104.66
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
(required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $8,289,327.64
Beginning Reserve Acct Balance $12,162,684.06
Investment Income Earned
during the Period $549,927.13
Transfer from/(to)
collections Account $5,486,768.24
(Release)/Draw
Included Investment Income $(8,469,232.17)
Ending Reserve Account Balance $9,730,147.26
</TABLE>
Note: Ending principal balance includes the effect of the November
distribution.
<PAGE>
Exhibit 13(h)
Page 3 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 N/A May 1997 .5686 %
December 1996 1.0397% June 1997 .8394 %
January 1997 .3235% July 1997 .6720 %
February 1997 .6853% August 1997 .6394 %
March 1997 .4983% September 1997 .1437 %
April 1997 .7707% October 1997 (1.4809)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more
past due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 .25889% May 1997 1.29397%
December 1996 .45483% June 1997 1.83089%
January 1997 .64204% July 1997 2.31858%
February 1997 .81209% August 1997 2.21808%
March 1997 .86400% September 1997 1.84886%
April 1997 .97180% October 1997 1.33618%
</TABLE>
<PAGE>
Exhibit 13(h)
Page 4 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1996 thru October 1997
Fiscal Year 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 6.0%, a Certificate Lockout Event will be deemed
to have occurred.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the Aggregate
Losses minus Liquidation Proceeds for each of the latest six
consecutive Monthly Periods ended prior to such Distribution
Date, and the denominator of which is the sum of the Remaining
Gross Balances of all outstanding Receivables as of the last
day of each of the latest six consecutive Monthly Periods
ended prior to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1996 .8124% May 1997 1.3523 %
December 1996 1.2918% June 1997 1.0010 %
January 1997 1.3074% July 1997 .7316 %
February 1997 1.2881% August 1997 .6500 %
March 1997 1.1891% September 1997 .6137 %
April 1997 1.2145% October 1997 (.4742)%
</TABLE>
<PAGE>
Exhibit 13(i)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1997-A Owner Trust
For the Months of May 1997 to October 1997
Fiscal Period 1997
<TABLE>
<S> <C>
Cut-off Date 04/01/97
Original Pool Amount at Cut-off Date $411,613,980.45
Cut-off Date 05/01/97
Subsequent Receivables (Transferred 5/9/97) $76,128,743.83
Cut-off Date 05/17/97
Subsequent Receivables (Transferred 5/23/97) $12,254,010.44
Beginning Pool Balance as of 5/31/97 $500,000,000.00
Beginning Pool Factor as of 5/31/97 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $95,045,840.77
Interest Collected $26,160,175.38
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,598,982.84
Total Additional Deposits $2,598,982.84
Repos/Chargeoffs $4,608,287.56
Aggregate Number of Notes Charged Off 263
Total Available Funds $121,109,129.12
Ending Pool Balance as of 10/31/97 $403,038,476.23
Ending Pool Factor as of 10/31/97 0.8263342
Servicing Fee $2,589,140.12
Repayment of Servicer Advances $2,695,869.87
Reserve Account:
Beginning Balance as of 5/31/97 $26,249,828.57
Investment Income Earned during the Year $565,124.59
Target Percentage 5.25%
Target Balance as of 10/31/97 $21,159,520.00
Minimum Balance (2% of Initial Balance) $10,499,931.43
Transfer from/(to) Collections Account $4,236,223.70
(Release)/Deposit - Includes Investment Income ($9,891,656.86)
Ending Balance as of 10/31/97 $21,159,520.00
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/97: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 2,147,049.47 1,617
31-60 days 335,899.56 294
60+ days 93,453.07 57
Total 2,576,402.10 1,617
Balances: 60+ days 1,990,199.68 57
</TABLE>
<PAGE>
Exhibit 13(i)
Page 2 of 3
Navistar Financial 1997-A Owner Trust
For the Months of May 1997 to October 1997
Fiscal Period 1997
<TABLE>
<CAPTION>
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Distribution Percentages 17.42% 82.58% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance as of 5/31/97 $500,000,000.00
Ending Pool Balance as of 10/31/97 $403,038,476.23
Collected Principal $92,349,970.90
Collected Interest $26,160,175.38
Charge-Offs $4,608,287.56
Liquidation Proceeds/Recoveries $2,598,982.84
Servicing $2,589,140.12
Transfer from Negative Carry Account $180,339.10
Total Collections Available
for Debt Service $118,700,328.10
Beginning Balance as of 5/31/97 $500,000,000 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Interest Due $15,294,246.25 $1,109,907.33 $7,345,186.13 $6,204,000.00 $635,152.79
Interest Paid $15,294,246.25 $1,109,907.33 $7,345,186.13 $6,204,000.00 $635,152.79
Principal Due $96,961,523.77 $85,000,000.00 $11,961,523.77 $0.00 $0.00
Principal Paid $96,961,523.77 $85,000,000.00 $11,961,523.77 $0.00 $0.00
Ending Balance as of 10/31/97 $403,038,476.23 $0.00 $209,538,476.23 $176,000,000.00 $17,500,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.9459976353 1.000000000 1.000000000
Total Distributions $112,255,770.02 $86,109,907.33 $19,306,709.90 $6,204,000.00 $635,152.79
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 (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $6,444,558.08
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $26,249,828.57
Investment Income Earned
during the period $565,124.59
Transfer from/(to) collections Account $4,236,223.70
(Release)/Draw
Included Investment Income ($9,891,656.86)
Ending Reserve Account Balance $21,159,520.00
</TABLE>
Note: Ending principal balance includes the effect of the November
distribution.
<PAGE>
Exhibit 13(i)
Page 3 of 3
Navistar Financial 1997-A Owner Trust
For the Months of May 1997 thru October 1997
Fiscal Period 1997
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
<TABLE>
<S> <C> <C>
May 1997 N/A
June 1997 .4397 %
July 1997 .9433 %
August 1997 .3013 %
September 1997 .3687 %
October 1997 (.0805)%
</TABLE>
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more
past due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
<TABLE>
<S> <C> <C>
May 1997 N/A
June 1997 N/A
July 1997 .53280%
August 1997 .75002%
September 1997 .98502%
October 1997 .90477%
</TABLE>
<PAGE>
Exhibit 13(j)
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors
Navistar Financial Corporation
Rolling Meadows, Illinois
We have examined management's assertion about Navistar Financial
Corporation's ("NFC") compliance with the minimum servicing standards identified
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers ("USAP") as of and for the year ended October 31,
1997 included in the accompanying management assertion. Management is
responsible for NFC's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about NFC's
compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about NFC's compliance with the applicable
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide
a legal determination on NFC's compliance with the minimum servicing standards.
In our opinion, management's assertion that NFC complied with the
aforementioned minimum servicing standards as of and for the year ended
October 31, 1997 is fairly stated, in all material respects.
/s/ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 15, 1997
MANAGEMENT'S ASSERTION
As of and for the period ended October 31, 1997, Navistar Financial Corporation
has complied in all material respects with the applicable minimum servicing
standards set forth in the Mortgage Banker's Association of America's Uniform
Single Attestation Program for Mortgage Bankers.
/s/ P. E. Cochran
P. E. Cochran
Vice President and Controller
(Principal Accounting Officer)
December 15, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE IS NOT APPLICABLE AS THE ANNUAL SUMMARIES ATTACHED AS
EXHIBIT 13 ARE ANNUALIZED VERSIONS OF THE MONTHLY SERVICER CERTIFICATES
PREPARED BY THE SERVICER AND ARE NOT FINANCIAL STATEMENTS OF THE TRUSTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
